Federal Reserve Bulletin, 1943-04

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

-CONTENTS— PAGE Review of the Month—Further Shift to War Economy. . 287-2.9:1 Second War Loan Drive 293-194 Work in Evacuees' Interests by Federal Reserve Bank of San Francisco. ., 295 Government Corporations and Credit Agencies .. . 296-297 Increase in Department Store Sales and Orders... 298-299 Revised Reports of Bank Loans. . , 300-301 Current Events 302 National Summary of Business Conditions 3°3~3O4 Financial, Industrial, Commercial Statistics, U. S. (See p. 305 for list of tables) .. 305-351 International Financial Statistics (See p. 353 for list of tables) 353—365 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 366 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . . 367 Map of Federal Reserve Districts 368 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 19 April 1943 NUMBER 4 FURTHER SHIFT TO WAR ECONOMY During the first quarter of 1943, transition LABOR SUPPLY PROBLEMS of the country's economy to a war basis, In the first quarter of this year some of already further advanced than at any time the men going into the armed forces came during the first world war, continued at a from classrooms and the number drawn rapid rate. Over a million men were added from industry and agriculture was much less to the armed forces, making a total of than a million. Nevertheless, these withabout 8 million; production of the impledrawals, coming at a time when there was ments of war increased considerably; and no longer an unemployed labor surplus output of raw materials used for war rose on which to draw and when demands for further. Over 10,000 airplanes were pro- war workers were still increasing, necesduced in the first two months of the year sitated further additions to the labor force and at merchant shipyards deliveries in the and further curtailment of output of goods first quarter totaled over 3^ million tons. and services for civilians. Nevertheless, shipping continued to be a As labor shortage problems became more factor limiting the movement of troops and difficult to meet, the War Manpower Comsupplies abroad. War expenditures rose mission ordered the lengthening of hours to 7 billion in March, up a billion dollars of work outside agriculture to 48 per week, from December. and altered deferment policies to take fewer Civilian purchases of durable goods were men from farms and also to encourage those sharply curtailed, but retail sales of con- in a few selected nonessential industries to sumers' nondurable goods continued at a seek other employment. In most war inhigh level during the first quarter of the dustries hours of work were already at year. Retailers were ordering heavily for least 48 per week, so that the order affected future needs but were receiving smaller mainly other industries, which for the most amounts of goods than a year ago, and part have been producing civilian goods retail inventories declined from the high and operating on a work-week of 40 to levels of last summer and fall. Inventories 44 hours. The order is to go into effect of consumers' goods in the hands of whole- gradually, starting with war centers, as salers and manufacturers, which had already circumstances in particular areas and inbeen considerably reduced in 1941, con- dustries may demand and permit, tinued downward. Decisions of the War Labor Board APRIL 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH continued to reflect the war-time policy of other lines production for civilians is still discouraging further wage-rate increases as high as or higher than in the period now except in special cases where necessary I935~I939to promote the war effort, to raise sub- At factories and mines, where a large standard rates, or to correct serious inequi- part of war production is concentrated, ties. It was recognized that proposed output for civilians has declined about twogeneral wage increases would contribute to fifths since the summer of 1941 and about a increasing production costs as well as to fourth since the period 1935-1939- War raising consumer incomes, and would hin- production was a negligible factor in der the stabilization of commodity prices industrial production before 1939 while by and of the cost of living. Farm wage rates, March of this year, when the Board's however, which were at low levels relative index was estimated at 2.05 per cent of the to those in industry, continued free of con- 193 5-193 9 average, war production actrol as did rates paid by employers of not counted for nearly two-thirds of the total. more than eight workers. This is shown on the chart. Toward the end of the quarter there was INDUSTRIAL PRODUCTION considerable discussion of the prospect for ADJUSTED FOR SEASONAL VARIATION I935-3 withdrawal to the armed forces during the rest of this year of at least three million / additional workers; of the extent to which 180 rTOTAL these workers might be replaced by women 160 and others not now in the labor market; 140 and of possible methods by which output J WAR ^77 120 per worker might be maintained or in- CIVILIAN 100 creased notwithstanding employment of 80 many untrained workers. Crucial ques- / ^ tions before the country were those relative 60 A to the effectiveness of compulsory as against 40 / voluntary methods of recruiting and allocating labor and of minimizing absences 1936 1937 1940 1941 1942 1943 from work. PRODUCTION FOR CIVILIANS It appeared likely, in view of the program for increasing the armed forces and war A considerable part of the decline in production, that output of goods and serv- industrial output for civilians has reflected ices for civilians would be curtailed the diversion to war purposes of materials further. Currently, civilian output is previously going into output of producer's lower than in the five-year period before goods, but there have also been important the war started, and considerably below reductions in output of final products the level of the autumn of 1941. Output for consumers. In the construction indusof some types of products, especially metal try activity for some time has been almost products, has been drastically curtailed exclusively on war projects, including new since the outbreak of the war, but in some plants for war production as well as 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH cantonments, airfields, and other military Prospects are for a continued growth in projects. output of livestock products this year but, Output of farm products for civilians is owing to military requirements, supplies close to the level of the 1935—1939 period. available for civilians may be considerably Total agricultural production is up but curtailed from peak levels reached early in shipments of agricultural products for the 1942.. armed forces and lend-lease have been Transportation of goods destined for substantial. Imports of agricultural prod- civilian use is in smaller volume than ucts have declined. before the war, reflecting mostly the varied Farmers are planning to increase acreage reductions in civilian output in industry, of most major crops this year, according to construction, and agriculture. Elsewhere March 1 reports, and total prospective in the economy the situation is uneven. plantings, other than of cotton and winter There has been increased activity in some wheat, are larger than last year by 10 lines, for example, in the entertainment million acres or 4 per cent. Seedings of field, while in others, such as automobile winter wheat last fall were slightly smaller sales and services, operations have been than a year earlier, while cotton plantings sharply curtailed. will be permitted to exceed the 1943 acreage Recently the labor supply situation has allotments by 10 per cent. Largest per- come to be an increasingly important factor centage gains are indicated for high protein limiting civilian output and the prospect and oil bearing crops and some of the other is that the pressure on civilian activities crops which have risen in importance as a generally from this source will increase. result of the war program. If weather The effects of this will be felt particularly conditions should happen to be as unusually in nonessential industries and in certain favorable as last year and if difficulties service lines where pay is relatively low encountered in harvesting and in other parts and transfer to higher paid jobs fairly easy. of the farm program should not be too Furthermore, most of the restrictions imgreat, total crop production would be as posed on civilian output at earlier stages large as last year and considerably larger of the war program primarily to conserve than in the 1935-1939 period. The only metals and other materials and to utilize 1943 crop estimate made so far is the existing industrial and transport equipment December winter wheat estimate of 62.5 for war purposes continue in effect; and in million bushels, which would be 11 per cent some instances these restrictions are being less than the 194Z bumper crop. strengthened. During the first quarter, A large part of the increase in acreage however, there was an increase in the from 1942. is in feed crops, where acreage allocation of steel for manufacture of agriintentions of farmers are close to the cultural implements and in the amount of Federal goals set to support the increasing wool allowed for use in production of cloth number of livestock on farms. Acreage for civilian use; and toward the end of the intentions for food crops essential to quarter there was some indication that supplement war diets average 10 per cent output of a number of work clothing and higher than last year as compared with household items would be somewhat in- Federal goals xo per cent above last year. creased. APRIL 1943 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH chart, reached an estimated annual rate of SUPPLIES AVAILABLE TO CONSUMERS more than 134 billion dollars in March, as During the first part of 1943, as in the compared with 130 billion in December and latter part of 1942., consumers were still an average of 67 billion in the 193 5-193 9 able to buy somewhat more goods than period. Tax payments rose in the first were currently being produced for them quarter, and savings—nonspending—apparbecause they were able to draw upon stocks ently increased further. previously accumulated in the hands of producers and distributors. This was par- INCOME PAYMENTS TO INDIVIDUALS ticularly true of metal products, but was ANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS not limited to them. Supplies of certain essential civilian items like shoes, canned foods, meats, fats, and oils were reduced to such an extent, mostly as a consequence of large military requirements, that with civilian demand at a high level, rationing plans for these goods were put into effect beginning in February and March. In the middle of February, consumer buying of textile and apparel items was heavy in anticipation of possible shortages. At department stores, where such items NOTE.—Increased agricultural income represents the largest part of the rise shown since 1939 in "other payments." "Salaries and wages" include military pay. Data based on Department of Comaccount for two-thirds of total business, merce estimates. Monthly figures raised to annual rates; latest shown are Federal Reserve's estimates for March. sales in February were a third larger, in value terms, than a year ago. In view of The large volume of savings reflected to the rise in prices, the increase in physical some extent inability to buy goods which volume was considerably smaller than the were no longer available. Rationing of rise in dollar amount, but the extent of this important commodities like meats and difference is difficult to measure in a period canned goods may serve to limit somewhat like the present when changes in real prices the further upward pressure of rising money are obscured by modifications of quality. incomes on prices of such commodities, but Additional information about changes in rationing does not affect directly the factors sales at department stores is given in an making for increased costs of production article on page 2.y% of this BULLETIN. and distribution. Pressure of higher incomes on prices of such commodities as are SUPPLIES, INCOMES, AND PRICES not rationed may be expected to continue Upward pressure on prices has continued except as taxes and savings may increase. to be exerted by further reductions in sup- Meanwhile price and wage controls are plies and increases in income payments. important in limiting increases in costs as Indexes of living costs showed small well as in incomes. increases from December to February, Proposals for collection of income taxes although wholesale prices of farm products currently at the source were under discuscontinued to advance sharply. Income sion in Congress during the first quarter payments to individuals, shown in the of the year, while consideration of the 2.90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH President's request for 16 billion dollars ing many more men than before. It is of additional taxes and savings was tempo- furnishing military equipment for its own rarily deferred. Meanwhile, in the April forces and to some extent for its Allies, drive to raise 13 billion dollars, the Treasury whereas in 1918 a large part of the equipis striving to obtain as much as possible ment used by American forces was furnished from sources other than banks in order to by Britain and France. Much more equipdivert current income into the war effort ment is required this time, moreover, as and to avoid adding to the existing money warfare is much more highly mechanized. supply. The December drive raised 8 bil- Shipping requirements are a great deal lion dollars from nonbanking sources, and larger for many reasons, including the this amount has been set as a minimum greater distances involved in military opergoal for the present campaign. The ations. Merchant ships are being conamount to be obtained from commercial structed in much greater volume; the banks is limited to 5 billion dollars, about tonnage completed in the first quarter of the same as was obtained in the December this year was more than the total built in drive. Every effort will be made this all of 1918. Navy building is on a much month to reach a larger number of nonbank greater scale and production of aircraft, now buyers. It is particularly important that employing over 2. million persons, directly the maximum possible amount should be or indirectly, was extremely small in 1918. subscribed from current income, thus reducing amounts available for spending on the Additions to facilities for producing malimited supplies of goods available. A terials as well as finished products have description of the issues to be offered and been at a rate far beyond anything known the selling organization for the Second War before in this country. Loan Drive is given in another article in These achievements raise the question this BULLETIN. as to how it has been possible to carry on such a war program without more reduction WAR ECONOMY in use of consumers' goods. As has been While aggregate civilian consumption is indicated, consumers have been using goods not far below the pre-war period, especially they already owned themselves and have taking into account consumer use of houses, been drawing on stocks held by retailers, automobiles and other durable and semiwholesalers, and producers. Also, the durable goods which consumers had when reduction in output of finished products for controls were established, the economy consumers has been less than the reduction currently is on a war basis to an extent far in total output for civilians because there beyond any previous period. Eight million has been especially sharp curtailment in men, or approximately an eighth of the output of capital equipment for nonwar total labor force, are in the armed forces, uses. As a result of these various factors as compared with 4 million or a tenth the reduction in living standards has been at the peak in 1918. Nearly half of the considerably less than the decline in procurrent national output of goods and duction for civilians. War production, services is for war purposes; in the autumn meanwhile, has increased much more than of 1918 the corresponding figure was less output for civilians has declined. than one-third. The United States is train- APRIL 1943 z 9 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH SOURCES OF WAR POWER lion more. The average number of hours worked in industry was down to around Clearly the carrying on of a very large 38 per week in 1939 and could be increased war program has been made possible to a substantially—currently they are around 44 large extent by drawing on many different types of resources on an entirely new scale. —while in 1914 average hours were prob- The advanced state of the industrial and ably at least 50 per week in most lines and administrative arts and the availability of could not be increased to advantage. Emmodern capital equipment have been basic ployment on civilian projects has been refactors making possible very great expan- duced considerably more this time, as whole sion of total output. Also of importance industries have been converted to the war was the vast supply of unutilized labor program. Altogether it is clear that transiresources when war production started. tion of the economy to a war basis has gone In 1939 there were many more unemployed considerably further than at any time in to draw on than in 1914—perhaps 8 mil- 1918. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND WAR LOAN DRIVE On March 12. Secretary Morgenthau an- most of the tax savings notes, will be sold only nounced that the Treasury will borrow during to investors other than commercial banks. the month of April 13 billion dollars in the Such banks will not be permitted to acquire the Second War Loan drive, which will begin on 1.Y2 per cent bonds until ten years after the April ix and continue for several weeks. This date of issue. These bonds will be issued in amount will be raised through the continuing coupon or registered form at the option of the sale of savings bonds, tax savings notes, and buyers. The 2. per cent bonds and the % of 1 Treasury bills, together with offerings of three per cent certificates will be available to comnew issues designed for every class and type of mercial banks as well as to other investors, but investor. The Secretary stated that of the total allotments to banks will be limited to about 2. amount 8 billion dollars will come from non- billion dollars for each issue. Subscriptions banking investors and the balance, including the by commercial banks in amounts up to $100,000 increased weekly offerings of Treasury bills, will be allotted in full, while larger subscripfrom banking sources. tions will be allotted on a percentage basis. The types and terms of securities offered in Subscription books for all the new issues will the current drive are designed especially to give be opened to nonbank subscribers on April ix all classes of nonbanking investors, from the and will remain open for several weeks. For smallest wage earner to the largest institution, commercial banks, subscription books for certifian opportunity to participate in the financing cates will be open on April iz, 13, and 14, of the war by investing their current income and and for the 2. per cent bonds on April 2.8, Z9, savings in securities of the Government. The and 30. On individual subscriptions for $1,000 greater the participation by investors other than or less, no accrued interest will be charged on banks, the less will be the inflationary pressure the two bond issues during the period of the which results when Government securities are drive, but accrued interest from April 15 will be sold to commercial banks. It is particularly collected on all subscriptions in excess of that important that the maximum possible amount amount entered after that date. should be subscribed from current income. In addition to the new securities offered in Some of the issues included in the drive are the April drive, the Treasury will offer on April offered only to investors other than commercial 2.0 a J/g of 1 per cent one-year certificate dated banks; types of securities for which commercial May 1 in exchange for an issue of certificates banks may subscribe and the amounts which amounting to 1,506 million dollars and Comwill be allotted on their subscriptions are defined modity Credit Corporation notes in the amount and limited. of 2.8^ million maturing on May 1. The Treasury announcement stated that this exchange TERMS OF OFFERINGS offering should not be considered as a precedent In addition to the continuing sale of savings for future refunding operations of the Treasury. bonds, tax savings notes, and Treasury bills, three new issues are offered for the coming drive. UNITED STATES TREASURY WAR FINANCE These issues are 2.3^ per cent bonds of 1964-69, COMMITTEE 2. per cent bonds of September 1950-5X5 and J^ Early in March the Treasury organized a of 1 per cent certificates maturing on April 1, United States Treasury War Finance Committee 1944. Nonbank subscriptions for all of the new to handle the Second War Loan drive and to issues will be allotted in full. The 2.1^ Per promote the widest possible distribution of cent bonds, together with the savings bonds and Government securities. The new committee APRIL 1943 2-93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND WAR LOAN DRIVE welded the War Savings Staff, which had been body, who was director of advertising for the selling War Savings bonds, and the Victory Fund Borden Company, joined the War Finance Committees, which had been selling market organization on March n. issues, Series F and G savings bonds, and tax The Presidents of the twelve Federal Reserve notes, into a single and unified organization for Banks are in charge of district organizations the sale of all Government securities. The and have full authority and responsibility to new organization is headed by W. M. Robbins, direct the drive in their respective districts. who is on leave of absence from the General Committees similar to the one in Washington Foods Corporation where he has been the vice- have been set up in each district and serve in an president responsible for selling and marketing advisory capacity to the Presidents of the Fedactivities. As Chairman of the War Finance eral Reserve Banks. These committees are Committee, Mr. Robbins functions with the composed of representatives of the War Savings operating title of. National Director of Sales Organizations and of the Victory Fund Commitand reports to Secretary Morgenthau through tees. The functions of the two groups have been Under Secretary Bell. Mr. Robbins will have integrated in every productive way for the April an advisory committee in the formulation and campaign. The entire basket of Treasury securiexecution of plans for the sale of Government ties, including Series E bonds, will be sold by securities, on which will serve Harold N. all forces taking part in the drive. The new Graves, Assistant to the Secretary in charge of organization has expanded its personnel conthe War Savings Staff, George Buffington, siderably in each district. Several hundred Assistant to the Secretary in charge of the Vic- thousand persons, nearly all of whom are unpaid tory Fund Committees, and Stuart Peabody in volunteers, are now enlisted in this selling charge of advertising and publicity. Mr. Pea- campaign. 2-94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WORK IN EVACUEES9 INTERESTS BY FEDERAL RESERVE BANK OF SAN FRANCISCO As stated in the Federal Reserve BULLETIN the supervision of the Managing Director and for April 1942. (pages 32.1-32.1), the Secretary Assistant Manager at the branches. Offices of the Treasury after conferring with the Board outside the Bank's buildings were established of Governors, delegated to the Federal Reserve in San Francisco, Los Angeles, Portland, and Bank of San Francisco, as fiscal agent of the Seattle. Forty-nine field offices were established United States, the duty of assisting Japanese, elsewhere. Operations were at their peak in (jerman, and Italian aliens and persons of Japa- May 1942., at which time 184 persons were ennese ancestry in their evacuation from military gaged directly in the Evacuee Property Departareas under order of the Western Defense Comment, while many other members of the Bank's mand. The work entailed in discharge of these staff were indirectly or occasionally engaged. duties has now been practically completed and A total of 10,600 individual cases were handled. the Reserve Bank's duties have been transferred Problems of much complexity, including many to the War Relocation Authority. which would ordinarily end in litigation, were Representatives of the Board of Governors, settled through negotiation and compromise. the Treasury Department, and the War Depart- These settlements were often facilitated by the ment arrived in San Francisco March 7, 1941 to fact that the Bank held in reserve the "freezing" to confer with officials of the Reserve Bank, power provided by Special Regulation No. 1,* representatives of other civilian agencies, and but in no case was it necessary actually to make the military authorities of the Western Defense use of this power. Command and Fourth Army. The War Reloca- More than 108,000 persons were evacuated. tion Authority was established March 18 to The problems involved personal relations, proprovide for relocation, maintenance, and superfessions, and a wide range of properties: houses, vision of evacuees. The function of the Reserve apartments, bakeries, beauty parlors, canneries, Bank was to assist evacuees in disposing of churches, cleaning and dyeing establishments, property holdings; protect them from fraud, dry goods concerns, florist shops, garages, forced sales, and unscrupulous creditor*; and hotels, laundries, markets, newspapers, novelty arrange for orderly liquidation of business and stores, nurseries, packing concerns, and resproperty interests. Many types of business taurants. Problems involving termination of and property were involved, not including agricultural property and equipment, however, tenancy commitments, settlement of contract which came under the jurisdiction of the Farm obligations, including instalment sales contracts Security Administration. The services of the and realty purchase obligations, the realization Reserve Bank were continually available to of equities, and the collection of moneys owing evacuees; however, they were not compelled to to evacuees, were general. make use of them and were encouraged at all Throughout the evacuation, the Reserve times to make such other arrangements as they Bank received valuable counsel and assistance might desire with respect to their properties. from organizations of the Japanese, from other The Evacuee Property Department of the civilian agencies, from the military authorities, Reserve Bank was under the general supervision and from local civic organizations and the press. of a Vice President and direct supervision of an Assistant Cashier at the Head Office, and under * For the text of this special regulation, see page 308 of April 1942 BULLETIN. 195 APRIL 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1942 Government corporations and credit agencies assets of the war corporations increased by 3.5 engaged in various phases of the war program billion dollars in 1942., most of which appears showed a rapid expansion of assets in 1942.. in the table as property held for sale and ac- Holdings of commodities by the Commodity counts and other receivables. Commitments Credit Corporation increased as did loans by the outstanding at these agencies at the end of 1942. Reconstruction Finance Corporation to private were large. Total assets of the United States* businesses engaged in war activities. Liquida- Maritime Commission increased by x.8 billion tion of farm and home mortgage loans by dollars in 1941. This increase was due largely Government credit agencies continued during to payments to shipbuilders for completed ships 1941. Other outstanding loans, including short- and ships under construction under both longterm agricultural credits, of Government cor- range and emergency construction programs. porations and credit agencies showed relatively The growth in activities of the war corporations minor changes for the year. and the United States Maritime Commission since the beginning of the defense program in TOTAL ASSETS OF WAR CORPORATIONS 1940 is shown by the chart. AND U.S. MARITIME COMMISSION Holdings of United States Government securi- )NS OF DOLLARS END OF MONTH FIGURES LLIOWS OT DOLLARS ties by the Government corporations and credit 4.5 agencies increased further in 1942., reflecting additions to holdings by the Federal land banks, / 4.0 the Federal Deposit Insurance Corporation, and / / / / t 1 3.5 the Federal home loan banks. An increase of I 1 IS 300 million dollars in business property was due 3.0 1 to an expansion in holdings by the Tennessee Valley Authority and the War Shipping Admin- 2.0 istration. Property held for sale by the Com- 1.5 LOANS BY GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, OTHER THAN INTERAGENCY LOANS US MARITIME /^ [In millions of dollars] . COMMISSION ,<rf ATIONS De- De- Change Corporation or agency cember cember during 31, 194231, 1941 1942 Reconstruction Finance Corporation 1,557 1,433 +124 Home mortgage and housing agencies: Total assets, exclusive of interagency items, of Home Owners' Loan Corporation 1,568 1,777 -209 Federal home loan banks 129 219 -90 all corporations and agencies increased by 7.1 RFC Mortgage Company 94 72 +22 Federal National Mortgage Association.. 211 207 +4 billion dollars to a total of xi-7 billion at the Federal Public Housing Authority 366 367 -1 Farm mortgage loans: end of the year. About 6.3 billion dollars of Federal land banks ; 1,603 1,764 -161 Federal Farm Mortgage Corporation.... 507 597 -90 this increase was due to an expansion in assets Other farm credit loans: Federal intermediate credit banks 238 235 +3 of the war corporations and the United States Banks for cooperatives 145 113 +32 Maritime Commission and reflects largely the F C a o r m m m C od re it d y i t C A r d ed m it i n C is o tr r a p t o io ra n tion 2 2 4 3 2 7 2 2 3 5 3 0 - + 13 9 Farm Security Administration 446 467 -21 financing of construction, equipment, and ex- Rural Electrification Administration 346 323 +23 pansion of industrial plants for war production, Fxnort-ImDort Bank 122 139 -17 Other 316 291 +25 purchases of strategic and critical materials, Total 8,127 8,487 -360 and the building of ships and shipways. Total FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES modity Credit Corporation increased by 610 of these agencies over the period of rapid inmillion dollars during the year. This increase crease during the depression and of the subresulted largely from purchases of 1941 wheat sequent decrease. loans from banks and other lending institutions A total of about 2. billion dollars of guaranteed last spring and of commodities for lend-lease obligations of various agencies which matured purposes, offset in part by reductions in holdings or became callable in i94x were refunded into direct securities or were paid off in cash. This of corn and cotton. was in line with the Treasury policy inaugurated As a partial offset to the large outlays by the in October 1941 of replacing guaranteed debt agencies engaged in war programs, a number of with direct securities. During the year there other corporations continued to liquidate their was a reduction of 870 million dollars of bonds loans at a relatively rapid rate. This liquidation of the Home Owners' Loan Corporation, 910 was facilitated in 1942. by the rise in national million in Reconstruction Finance Corporation income. Home mortgage loans by the Home notes, and 340 million in Federal Farm Mortgage Owners' Loan Corporation declined by xio Corporation bonds. As a result of this procemillion dollars and foreclosed property held for dure and the growth in net assets during the sale also declined. Outstanding loans held by year the proprietary interests of the United the Corporation, which had amounted to almost States Government in the corporations and 3.0 billion dollars at their peak in 1936, had agencies increased by 6.5 billion dollars to a been reduced to 1.6 billion by the end of 1942.. total of 10.9 billion at the end of the year. The property for sale account was 2.30 million dollars at the end of i94x compared with 560 UNITED STATES GOVERNMENT CORPORATIONS AND million at the peak in 1939. Farm mortgage CREDIT AGENCIES [In millions of dollars] loans held by the Federal land banks and the Federal Farm Mortgage Corporation declined by De- De- Change Item cember cember during z^o million dollars to a total of x,no million at 31, 194231, 1941 1942 the end of 1942., of which 1,600 million were first Assets, other than inter agency items mortgage loans made by the Federal land banks. Loans 8,127 8,487 -360 Preferred stock, etc 620 680 -60 At the peak in 1936 mortgage loans held by Cash 553 496 +57 Securities: these agencies amounted to z.9 billion dollars. U. S. Government direct and guaranteed. 1,272 999 +273 Other Government agencies* 33 46 -13 The following chart shows outstanding loans Accounts and other receivables: War corporations 490 49 +441 Other agencies 595 525 +70 Business property 1,020 714 +306 Property held for sale: HOME AND FARM MORTGAGE LOANS War corporations . 3,469 703 +2,766 Commodity Credit Corporation 1,363 749 +614 GOVERNMENT CREDIT AGENCIES Home Owners' Loan Corporation 227 288 -61 Other agencies 128 151 -23 Other assets: 3.5 3.5 U. S. Maritime Commission 3,530 672 +2,858 ...•.—, Other agencies 288 101 +187 3.0 .</ FEDERAL LAND BANKS AND 3.0 Total assets 21,715 14,660 +7,055 FEDERAL FARM MORTGAGE "*s<^j.^ CORPORATION Liabilities, other than interagency items 2.5 * HOME OWNER Bonds, notes, and debentures: LOAN CORPORAT Fully guaranteed by United States 4,301 6,324 -2,023 2.0 / Otherl 1,414 1,392 +22 Other liabilities: War corporations 1,200 70 +1,130 1.5 U. S. Maritime Commission 1,531 489 +1,042 1 1 Other agencies 1,899 1,490 +409 y 1.0 Total liabilities 10,345 9,765 +580 Excess of assets over liabilities 11,370 4,895 +6,475 .5 1 U. S. Government interest 10,931 4,464 +6,467 Privately owned interest 439 431 +8 0 CLUDING PROPERTY OR SALE 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. APRIL 1943 2-97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCREASE IN DEPARTMENT STORE SALES AND ORDERS Department store sales in February were tially higher this year. Weekly figures for unusually large for this time of year—33 per March indicate a decline in sales from the cent greater than in February last year—and February level, whereas a substantial increase is the Board's seasonally adjusted index of value customary. of sales rose to a new high level of 167 per cent Outstanding orders for merchandise at departof the I92-3-X5 average. Previous peaks were ment stores rose further in February to a new 143 in January and 138 in November and January peak level, as is shown in the accompanying 1941. The large sales in February reflected a chart. The unusually large volume of orders at new buying wave that began early in the month the end of February probably reflected both and centered chiefly in clothing items. Sales orders placed as a result of the large sales and at apparel shops, principally those specializing a tendency for stores to place orders for merin women's clothing, also were exceptionally chandise further ahead than ordinarily in large in February. Physical volume of sales anticipation of delays that might result from did not increase as much compared with a year shortages of goods and transportation difficulago as value of sales, since prices are substan- ties. It is possible that some portion of the goods on order will not be delivered. Orders outstanding at the end of February amounted to DEPARTMENT STORE SALES, STOCKS, AND ORDERS about two and a half months' sales at the January-February rate—more than double the more usual relationship in years when sales in those months were relatively smaller. Stocks on hand at the end of February were somewhat smaller than a month earlier, although usually there is an increase at this time of year. During the latter part of 1941 and the early part of 1942- stocks had increased sharply, notwithstanding a high level of sales. By the end of May 1941 stocks had reached an exceptionally high level. This was maintained until the autumn and Christmas season when sales expanded sharply, receipts of new merchandise by the stores increased less than seasonally, and stocks therefore declined. At the end of February stocks amounted to about two and three-quarters months' sales at the January- February rate as compared with a customary ratio for this time of year of about three and a half months' sales. Consideration of plans for control of inventories and the announcement of a control program to be inaugurated at the beginning of the second quarter of 1943 undoubtedly played a part in the reduction in Based on data for 296 independent department stores. Figures for •stocks and orders are as of the end of the month; those for sales and inventories that has occurred since last summer. receipts are monthly totals. The "Receipts" series is derived from sales and changes in stocks and represents approximately the new The unusually large sales volume in recent merchandise received by the stores in each month. The data shown are not adjusted for seasonal variation. Latest figures shown are for months and inability to secure many items, February. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCREASE IN DEPARTMENT STORE SALES AND ORDERS particularly consumers' durable goods, however, increased generally since 1940 as is shown in have been more important factors. Table II. In all districts orders have risen much more than sales, reflecting a variety of circum- REGIONAL CHANGES stances, such as transportation difficulties, All parts of the country reported sharp in- lengthening delivery dates, fears of merchandise crease in sales in February. Taking January and shortages, and the like. Increases in stocks February together, however, sales in the north- have not been so large as sales increases and, eastern part of the country were not much larger consequently, the ratio of stocks to sales has than a year ago while those in the southern and declined from the more usual relationships western regions showed particularly marked in- prevailing in 1940. As is shown in the table, creases, as is indicated in Table I showing data only in the Boston and New York districts did by Federal Reserve districts. The table also stocks on February 2.8 approximate the 1940 brings out the fact that since 1940 sales increases relationship. In all other districts the ratios of have been greatest in middle western, western, stocks to sales showed considerable declines, the and southern regions where the combination of most pronounced occurring in the Richmond, activity generated by exceedingly favorable agri- Kansas City, Dallas, and San Francisco districts cultural conditions and by the bringing into where sales have increased the most. In general operation of large new munitions plants has where sales have shown the largest increases, resulted in marked increases in income. ratios of stocks to sales are smallest. Stocks and outstanding orders have also TABLE II TABLE I DEPARTMENT STORE STOCKS AND OUTSTANDING ORDERS DEPARTMENT STORE SALES By Federal Reserve Districts By Federal Reserve Districts January-February averages Percentage sto R ck a s ti o en o d f of ord R e a r t s i o en o d f of increase Feb. Feb. to Jan- Feb. to Jan.- Federal Reserve January I - n F d e e b x r u n a u r m y b 1 e 9 r 4 s 0 = 100 Pe in rc c e re n a t s a e ge Fede d r i a s l t R ri e c s t erve 29, 2 1 8 9 ,1 4 9 0 4 - 3 Feb. Feb. s a a l v e e s rage Feb. s a a v le e s rage district 1942-1943 1943 1942 1941 Stocks Orders 1943 1940 1943 1940 Boston 148 143 110 3 Boston 33 201 3.0 3.3 1.6 0.8 New York 142 138 108 2 New York 39 166 3.1 3.2 1.9 1.0 Philadelphia 159 152 111 5 Philadelphia 40 280 2.9 3.6 2.0 0.9 Cleveland 168 150 111 12 Cleveland 29 265 2.7 3.5 2,2 1.0 Richmond 191 162 116 18 Richmond 42 341 2.7 3.6 2.4 0.9 Atlanta 171 131 111 31 Atlanta 20 284 2.1 2.8 2.4 1.1 Chicago 159 143 110 12 Chicago 35 343 2.5 3.1 2.3 0.9 St. Louis 177 150 114 18 St. Louis 38 234 2.7 3.4 2.3 1.2 Minneapolis 154 131 104 17 Minneapolis 16 184 2.7 3.4 2.3 1.2 Kansas City 193 138 110 39 Kansas City 18 329 2.3 3.7 2.4 1.1 Dallas 193 134 112 45 Dallas 23 304 2.1 3.4 2.4 1.2 San Francisco 182 144 110 27 San Francisco 27 540 2.5 3.6 4.0 1.1 United States 165 143 110 15 United States ... 33 298 2.7 3.4 2.4 1.0 APRIL 1943 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED REPORTS OF BANK LOANS In order to lighten the task of reporting and Previously loans to producers of agricultural to improve the classification of statistical infor- commodities covered by Commodity Credit mation obtained from banks, the Comptroller Corporation agreements to purchase the loans of the Currency, the Federal Deposit Insurance upon request of the financing institutions were Corporation, and the Board of Governors of the included in agricultural loans, while a small Federal Reserve System, with the cooperation portion, made to non-farmers and covered only of the National Association of Supervisors of indirectly by Commodity Credit Corporation State Banks, have made some revisions in the purchase agreements, probably were classified banks' periodic condition reports. The revised as commercial and industrial loans. Since an report form, which reduces the volume of increasing amount of these loans is of the type information required from banks, was used for that might have been reported with commercial the first time for the December 31, 1942. call.1 loans, the revision of the form eliminates a The principal changes were a revision of the possible source of confusion in reporting and classification of loans and a considerable reduc- analyzing the figures. Further, the revision tion in the amount of detail reported in the segregates all agricultural loans covered by classification of investments. Commodity Credit Corporation agreements from Changes in the loan classification are: (1) other agricultural loans. the omission of separate figures for various types Consumer credit figures obtained in the of open-market paper and their inclusion in December report differ in several respects from commercial and industrial loans; (z) the addition those previously reported on a separate schedule of a separate category for loans on agricultural (Schedule A-i) and discussed on pages 995-996 commodities covered directly or indirectly by of the October 1941 BULLETIN. purchase agreements with the Commodity Credit (1) Instalment loans are now reported on a Corporation, and the reporting of other agri- gross basis whereas previously they were recultural loans as another item; and (3) the ad- ported net, that is, excluding deposits acdition of items for four separate classes of cumulated at the lending bank specifically consumer loans, formerly included (with some for repayment of the loan. exceptions) in "all other loans" in the loan (2.) Most of the consumer loans formerly schedule of the call report, but reported separeported on Schedule A-i were included on the rately on somewhat different basis in another face of the regular loan schedule as "other schedule. loans." However, a few instalment loans on The table shows the amount of loans outtractors and other farm equipment from Schedstanding in each of the new categories on ule A-i were reported in the regular loan December 31, 1942., and wherever possible the schedule as agricultural loans; similarly some corresponding figure for June 30, 1942.. The Schedule A-i instalment loans on beauty parregrouping necessary to obtain reasonable comlor equipment, restaurant air-conditioning parability is indicated. Complete call report equipment, and the like, were shown in the figures by classes of banks as of December 31, regular schedule as commercial and industrial 1941, are shown in tables on pages 350-351 of loans. Under the new arrangement in order this BULLETIN, and principal items for that and to avoid duplication, these loans, though on earlier dates are given in the regular BULLETIN an instalment basis, are reported only in the tables on pages 318-319. agricultural or commercial categories and are 1 A short form of call report has been used on spring and autumn no longer included with consumer loans. calls since June 1939. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED REPORTS OF BANK LOANS (3) Partially as a result of these changed the classification by maturities of obligations instructions for reporting, many banks in of States and political subdivisions, and the December made a more careful classification classification by types of issuers and maturities of their consumer loans, particularly of single of other securities. Totals for these various payment loans to individuals where the groups continue to be reported. Also omitted December figure appears to show an increase from the report were the detailed classification over June 30. Available evidence indicates of time deposits of individuals into savings that this apparent increase was the result of accounts, certificates of deposit, and other more careful reporting of these loans by categories, and some details regarding real banks, rather than an actual increase. estate owned. (4) The number of consumer credit items MEMBER BANK LOANS reported was reduced. The consumer loans [In millions of dollars] formerly reported on Schedule A-i as "direct retail automotive loans" and "purchased automotive paper" were combined in a single O Co p m en m -m er a c r i k a e l t a p n a d p i e n r d 2 ustrial loans1 item for the December report as "retail auto- Loans secured by agricultural commodities, covered by purchase agreements of Commodity motive instalment paper." "Other retail Credit Corporation Other agricultural loans, including those secured instalment paper purchased," "other direct by livestock but excluding those secured by real estate retail instalment loans," and "repair and Loans to brokers and dealers in securities Other loans for purchasing or carrying securities... modernization loans" were also combined in Real estate loans: Secured by farm land and improvements a single item. Secured by residential properties Secured by other properties , For these reasons adjustments, based on Loans to banks All other loans, including overdrafts—Total estimates, would be necessary to make earlier Consumer loans to individuals: figures comparable with those reported for Retail automobile instalment paper Other retail instalment paper, and repair and December 31, 1942.. However, monthly esti- modernization loans Personal instalment cash loans mates of consumer loans at all commercial Single payment loans to individuals Other banks, compiled from data reported on a net Total loans and discounts. 16,928 basis by a sample of reporting banks, provide a 1 Includes open-market paper in December, reported separately in series comparable over time. These figures, June. Includes in June a small volume of loans indirectly covered by Commodity Credit Corporation purchase agreements, reported in the together with other consumer credit statistics, third item in December; also includes in June some consumer loans, reported separately in December. are published regularly in the BULLETIN; see 2 Not reported separately in December. 3 Probably includes between 50 million and 100 million dollars of pages 344-345 of this issue. loansjto producers of agricultural commodities, covered by Commodity Credit Corporation purchase agreements, reported in the third The items omitted in the new breakdown of item in December. 4 Includes consumer loans reported on gross basis in both June and investments, shown on page 351, are the detailed December. However, in June some consumer loans (particularly retail instalment paper purchased) probably were included in commerclassification by issuing agencies of securities cial and industrial loans. 5 Consumer loans reported on net basis in June 1942, not comparable guaranteed by the United States Government, with gross figures reported beginning December 1942. Net figures for June 30 shown on p. 996 of October 1942 BULLETIN. APRIL 1943 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meetings in Washington representative of the public on each branch A meeting of the Presidents of the Federal board. Reserve Banks was held in Washington on Under this arrangement Messrs. B. J. Lazar March i, and on March 2. the Presidents met and J. W. Kossin, who had been serving as with the Board of Governors. Managing Directors of the Cincinnati and On the latter date a meeting of the Federal Pittsburgh Branches, respectively, were elected Open Market Committee was held at which Vice Presidents of the Federal Reserve Bank of Marriner S. Eccles was reelected as Chairman Cleveland. On March 2.5, 1943, the appointof the Committee and Allan Sproul as Vice ment was announced of Mr. Frederick V. Geier, Chairman. The representative members of the President of The Cincinnati Milling Machine Committee elected by the Federal Reserve Banks Company, Cincinnati, Ohio, as a director of the for the period of one year beginning March 1, Cincinnati Branch for the period ending De- 1943, are W. W. Paddock, Allan Sproul, M. J. cember 31, 1943, to fill the unexpired term of Fleming, W. S. McLarin, and William A. Day, Mr. B. J. Lazar on the branch board. Presidents of the Federal Reserve Banks of Admissions of State Banks to Membership Boston, New York, Cleveland, Atlanta, and The following State banks were admitted to San Francisco, respectively. The members of membership in the Federal Reserve System durthe executive committee are Marriner S. Eccles, ing the period February 16, 1943, to March 15, Chairman; Allan Sproul, Vice Chairman; Ronald 1943, inclusive: Ransom, R. M. Evans, and W. W. Paddock. Athens, Alabama—Limestone County Bank Deaths of Directors Holgate, Ohio—The Holgate State Bank Newman, Illinois—First State Bank of Newman Max W. Babb, Chairman of the Allis-Chalmers Manufacturing Company, Milwaukee, Federal Reserve Chart Book I Wisconsin, who had served as a Class B director The Board now has available for distribution a of the Federal Reserve Bank of Chicago since completely revised edition of Federal Reserve April 15, 1930, died on March 13, 1943. Chart Book I on Bank Credit, Money Rates, and Howard Gray, New Market, Alabama, who Business. Old charts have been materially rehad served as a director of the Birmingham vised, some charts have been discontinued, and Branch of the Federal Reserve Bank of Atlanta new charts have been added. The charts include since June 2., 1937, died on March 15, 1943. all information available as of March 2., 1943. Announcement of Changes at the Cincinnati and Chart Book I, which will again be of brief- Pittsburgh Branches case size, contains about 50 charts on bank The Federal Reserve Bank of Cleveland has credit, Treasury finance, money rates, security announced that in recognition of the growing markets, and business conditions. Many of the importance of its branches and the intention of charts cover the period from 1919 to date and increasing the scope of their activities and some cover the period from 1914 to date. The responsibilities, the by-laws have been amended charts contain space for data for 1943 and 1944 to provide that the chief executive officers of the with lightly printed grids to aid in keeping them branches, heretofore designated as Managing up to date. The book includes a list of sources Directors, be Vice Presidents of the Federal for back figures and an index. Reserve Bank of Cleveland. The amendment The Federal Reserve BULLETIN will continue to the by-laws provides the same arrangement regularly to include a table of data for bringing at the Head Office where the chief executive the charts up to date; see pages 347-348 of this officer is not a member of the board of directors, issue. The price of the book is 50 cents; in and permits the appointment of an additional quantities of ten or more, 45 cents. 3Oi FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled March 22 and released for publication March 26. Figures shoivn on charts may differ from preliminary figures used in text. Industrial activity continued to advance in Output of textile products remained at the February and the early part of March. Retail high level of other recent months. Cotton sales of merchandise, particularly clothing, consumption was slightly lower than the corwere exceptionally large in February but de- responding month of the previous year, while clined somewhat in March. Wholesale prices, rayon and wool consumption were somewhat particularly of farm products, advanced further. higher than last year. Shoe production, unchanged from January, was close to the level set PRODUCTION by the War Production Board order which limits Total industrial output continued to increase output of shoes for civilians in the six months in February and the Board's adjusted index rose beginning March 1 to the number produced in to 103 per cent of the 193 5-1939 average as com- the last half of 1941. Meatpacking declined pared with 199 in January. Larger output at less than seasonally after a reduction in January, coal mines, steel mills, and armament plants was while output of most other foods was lower. chiefly responsible for the rise in the index. Coal output rose sharply in February with the February deliveries of finished munitions, in- general adoption of the six-day work week in cluding a record of 130 merchant ships, consid- the mines. Operations in the anthracite mines erably exceeded the previous month. increased to the high level of last summer while Activity at steel mills reached the peak set output of bituminous coal was the highest in last October. Operations averaged 98 per cent many years. of the mills' capacity, which has been increased The value of construction contracts awarded since that time to a figure above 90 million in February was about the same as in January tons of ingots annually. according to reports of the F. W. Dodge Cor- Lumber production, which declined in Jan- poration. Total Federal awards for war conuary owing largely to unfavorable weather, in- struction remained at a level about one-third creased in February somewhat more than is as large as during last summer. Federal awards usual at this season. for housing continued to decline in February. DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 220 - 200 / - 180 I |40 - / 160 - /1 - 140 - - ,/ 120 - 100 - ... 1937 1938 1939 1940 1941 1942 1943 1937 1938 1939 1940 1941 1942 1943 Federal Reserve index. Monthly figures, latest shown is for Federal Reserve indexes. Monthly figures latest shown are for February. February. APRIL 1943 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION sharp price increases resulting in part from the Department store sales increased considerably restrictions on retail sales of canned and dried in February and the Board's seasonally adjusted vegetables and fruits. index rose to a new high level of 167 per cent of BANK CREDIT the 192.3-2.5 average. Previous peaks had been Excess reserves of member banks remained 143 in January and 138 in January and Novemgenerally above z billion dollars during the ber 1942.. The increase in February reflected first two weeks of March, compared with an a new buying wave that began early in the average of about i.8 billion during the latter month and centered chiefly in clothing items. part of February. During the four weeks end- In the first half of March the buying wave subing March 17 total Reserve Bank holdings of sided somewhat and sales declined from the Government securities showed an increase of high level reached during February. 470 million dollars. Purchases of special Treas- Freight carloadings showed more than a ury one-day certificates moderated the effect of seasonal rise in February and the first two weeks large scale shifts of funds over the tax payment of March and the Board's adjusted index averperiod. These purchases began early in March aged 4 per cent higher than in January. and on March 17 the certificate outstanding was 980 million dollars. Holdings of other Govern- COMMODITY PRICES ment securities declined by 510 millions. Re- Prices of a number of commodities advanced flecting the payment of taxes in cash, money in further in February and in the early part of circulation rose less rapidly early in March and March. Farm products continued to show declined slightly around the middle of the the largest increases and prices received by month. The gain in reserve funds occurred farmers in the middle of March are estimated mainly at banks outside the central reserve to be about 30 per cent above a year ago. cities; at New York City and Chicago banks Fruit and vegetable prices are considerably reserves remained close to requirements. higher now than during the same season last In the four-week period ending March 17 year. Prices of bread grains and grains used for member banks in 101 leading cities increased livestock feeding have advanced sharply in their holdings of Government securities by 9x0 recent months and livestock prices have also million dollars. Prices of Government securirisen further. ties continued steady. In retail markets the largest advances have Demand deposits at banks in leading cities continued to be in food prices. In the latter increased sharply over the four-week period. part of February maximum levels were estab- Interbank deposits also increased, indicating lished for leading fresh vegetables following accumulation of funds by country banks. WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS 40 20 / 110 FARIVPRODUCTS zf- 00 OTHER* ^ 80 *->vv-J ALL COMMODITIES 60 50 * OTHER THAN FARM PROOU CTS AND FOODS. 1938 1939 1940 1941 1942 1943 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending March 20. Wednesday figures, latest shown are for March 24. 3°4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 307 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 308 Federal Reserve Bank statistics ?>o9~'b'L'h Guaranteed war production loans 313 Reserve position of member banks; deposits in larger and smaller centers 314 Money in circulation 315 Gold stock; Postal Savings System; bank suspensions; bank debits... 316 All banks in the United States, number, deposits, loans and investments 317 Condition of all member banks , 318-319 Weekly reporting member banks 310-313 Commercial paper, bankers' acceptances, and brokers' balances..., 314 Money rates and bond yields 315 Security markets 316-32.7 Corporate profits ...,,,... .., 318 Treasury finance 3 2.9—3 31 Government corporations and credit agencies 331 Business indexes 333—341 Department store statistics 342.-343 Consumer credit statistics 344-345 Wholesale prices 346 Current statistics for Federal Reserve chart book 347-348 All member banks—Assets and liabilities on Dec. 31, 1942. by classes of banks 350 All member banks—Classification of loans and United States Government direct obligations 351 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 or 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. APRIL 1943 305 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 MONEY IN CIRCULATION y TREASURY CASH AND DEPOSITS 0 t 16 12 12 1937 1938 1939 1940 1941 1942 1943 Latest figures for March 24. See page 307. 3O6 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 U. S. Government Treas- u T ry re d as e - - Other balances securities ury Money Treas- posits Non- Fed- Date B o d e i i u s l d l n - s t- Total 'r a b u e n i r a l d y l s s - 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 c i e o a n u n u n g c r t d - y - - i c n t u io c la n ir - - c i h n u a o g r s l y h s d- F B e w s d R a e i n e r e t v - h r k a e s l a p m e o r e s m i d t e s - - c s o e e R a u r r c e v a - n - e l ts Total Excess2 ertificates Monthly averages of daily figures: 1941—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 Feb 4 2,249 2,249 136 2,389 22,729 3,263 11,328 2,189 377 1,292 288 12,908 3,309 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 Feb 11 5,753 2,013 3,740 330 6,094 22,648 3,897 15,837 2,211 212 1,177 270 12,933 1,712 End of month figures: 1941—Dec. 31 3 2,254 10 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 Feb. 27 5 2,262 2,262 144 2,412 22,705 3,268 11,485 2,172 567 1,255 287 12,619 2,969 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 Feb. 27 16 5,871 2,264 3,607 410 6,296 22,644 3,946 16,088 2,221 131 1,111 269 13,067 1,925 Wednesday figures: 1942—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 2,53^ 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 Mar. 3 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10.... 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16,205 2,218 5 1,179 lit 13,122 1,877 Mar. 17 10 6,266 3,102 3,165 422 6,699 22,610 3,979 16,115 2,224 6 1,129 297 13,516 2,126 Mar. 24 10 5,950 2,883 3,067 320 6,280 22,595 3,984 16,065 2,218 6 1,185 301 13,084 1,632 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. APRIL 1943 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL^RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Government obliga- beyond one year and Other secured advances Federal Reserve Bank tions maturing or discounts of and [Sec.io(b)] callable in one year advances secured by or less (Sec. 13) eligible paper To nonmember banks To others (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective B N P C A M R K D C S S h a o t e l i h t a a i . e c n l w i s n i n l a l v h c L t n a s l o n a e m F o a d e Y a n g l t r s u a e a o a s o o a p i l . n . n s C r n p o . d k d . . c " h i l t i i i y s s a co — .. X y* O O O O O O O O O O O O c c c c c c c c c c c c t t t t t t t t t t t t . . . . . . . . . . . . 2 2 3 2 3 1 2 2 1 2 1 1 8 7 0 7 7 0 7 7 7 7 8 5 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 M M M M A A M F M S A A e e u p p p a a a a a a b p g r r r r r r r r r . . t . . . . . . . . . . 2 2 2 2 2 1 1 1 2 1 8 1 4 8 5 4 1 1 1 1 1 4 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 4 9 9 4 3 4 4 4 4 4 4 4 2 4 3 2 9 2 2 2 2 2 2 2 2 9 I 1 1 X H H O O O A M O O O O O O Se u c c c c c c c c c a p t t t t t t t g t t r . . . . . . . . . t . . . 2 3 2 3 2 2 1 1 2 1 1 1 7 0 8 0 8 2 7 9 7 4 5 7 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 A M M S A M S A S S S S e e e e e e u p p a a a p p p p p p g r r r r r . t t t . t t t . . . . . . . . . . 2 2 1 1 1 2 1 1 1 1 4 5 1 4 1 8 1 6 6 6 6 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 1 9 9 9 9 9 9 9 4 9 3 9 9 4 4 4 9 4 3 3 2 9 3 3 3 2 2 2 3 2 9 9 9 9 9 9 2 2 2 2 2 V V* 2 O O O O O O O O O O O O c c c c c c c c c c c c t t t t t t t t t t t t . . . . . . . . . . . . 2 2 2 2 3 1 1 2 1 1 2 3 7 5 7 7 7 7 8 7 8 0 7 0 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 paragraph of Section 13 is 90 days. 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 R M a a t r e . o 3 n 1 In g i e n f n fe in ct g — be- Pre r v at i e ous [In effect March 31. Per cent per annum] I To industrial or Treasury billsl H Apr. 30, 1942 commercial To financing institutions Ba 1 n - ke 9 r 0 s ' d a a c y c s eptances:2 Vi Oct. 20, 1933 1 businesses 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s % d d o o 1 Discounts o 1 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 ls y in o g ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces1 co m m O e m n n t i s t- fo p r o O w rt n h io ic n h m O a n i n r i e n - g m O i n tm c e o n m ts institu- portion MEMBER BANK RESERVE REQUIREMENTS tion is obligated [Per cent of deposits] C r b e e c a s n i e N n t t r y k r v e s a t e l de R m b e c a a s i n n t e d y k r v s d e ep C os o b i u a ts n n 1 k tr s y d m b e T a e p n ( i m o m a k l s b s l e i e ) t r s N B P R A C C h o i e l h t c e l w i s i a l h v c t a o n e m a d Y n g l ta a e o o o n l n r p d d k hia. . 2H-5 X X X X X X - - - - - - 1 l U M V V X X i i 4 (2) I ( ( 3 3 ) ) 3 X X 4 - r X 1 i W X X l i June 21, 1917-Aug. 15, 1936 13 10 7 St. Louis 23^-5 XiX X-iX Aug. 16, 1936-Feb. 28, 1937 15 10H Minneapolis.. 2^5 (2) X Mar. 1, 1937-Apr. 30, 1937 Kansas City.. 23^-5 -lX May 1, 3937-Apr. 15, 1938 26 20 14 Dallas. ...... 2H5 (2) H Apr. 16, 1938-Oct. 31, 1941 22^ 17M 12 San Francisco 23^-5 Nov. 1, 1941-Aug. 19,1942 26 20 14 A S E e f u f p g e t . c . t 2 1 iv 0 4 e , , 1 1 O 9 9 c 4 4 t 2 2 . - - S O 3 e , c p 1 t. t 9 . 4 1 2 2 3 . , , 1 1 9 9 4 4 2 2 2 2 2 0 2 4 2 2 2 0 0 0 1 1 1 4 4 4 2 1 3 R I R n a a c t t l e e u d c c h h in a a g r r g g l e e o d d a n b b s o o m r r r r o a o w d w e e e r i r 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 in . ancing institutions. 4 May charge same rate as charged borrower by financing institution, if 1 See footnote to table on p. 314 for explanation of method of computing lower. net demand deposits. 5 Financing institution is charged 34 Per cent on undisbursed portion of loan under commitment. MARGIN REQUIREMENTS^ MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that maiyy bbee ppaaiidd bbyy mmeemmbbeer rbanks as established by 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 r n n d a g o c e c f o A G rd c o a t v n e o c r f e n 1 o 9 w rs 3 i 4 t o h f t S h e e c F u e ri d ti e e r s al O A 1 c p 1 9 t 9 r . 3 . 3 6 3 7 1 - 1 , , E N f o f 1 e v 9 c 3 . t 7 i t v , e the Board of Gov/ee [ rr P nn N e oo r o rr ss v c . e uu n 1 nn t , dd 1 ee p 9 rr 3 e 3 r pp - a r ro n ov n vii u s F s m ii e oo b n 1 n . s 1 o ,1 f 9 R 3 e 5 g - ulation E f Q fective Jan. 31,1935 Dec. 31,1935 Jan. 1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 40 Savings deposits For short sales, under Regulation T 50 Postal savings deposits... For loans by banks on stocks, under Regulation U.... 40 Other deposits payable: In 6 months or more— 1 Reg. T andU limit the amount of credit that may be extended on a In 90 days to 6 months. security by prescribing a maximum loan value, which is a specified In less than 90 days... . 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. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1943 1943 1942 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Feb. 24 Feb. 17 Feb. 10 Feb. 3 Feb. Jan. Feb. Assets Gold certificates on hand and due from U. S. Treasury 20,392,664 20,406,666 20,443,178 20,,449,179 20,441,28120,442,28220,443,27720,463,78020,439,27920,487,782 20,502,518 Redemption fund—F. R. notes.. 42,104 40,835 40,972 36,232 35,889 36,296 34,606 35,177 36,591 32,677 12,399 Other cash 397,679 390,639 369,503 374,144 382,063 398,570 393,404 396,930 383,087 411,036 331,502 Total reserves 20,832,44720.838,140 20,853,65320,859,555 20,859,233 20,877,148 20,871,28720,895,887 20,858,957 20,931,495 20,846,419 Bills discounted: For member banks 7,507 7,693 6,248 9,234 7,314 5,435 9,358 4,813 11,557 9,858 4,974 For nonmember banks, etc . 2,500 2,500 2,500 2,500 4,000 4,000 4,000 4,000 4,000 4,000 Total bills discounted.... 10,007 10,193 8,748 11,734 11,314 9,435 13,355 8,813 15,557 13,858 4,974 Industrial advances 12,670 12,968 13,319 13,040 13,749 13,885 14,087 13,955 13,192 12,373 8,538 U.S. Government securities: Direct Bonds 2,056,951 2,124,145 2,227,369 2,310,619 2,411,145 2,452,124 2,517,462 2,582,068 2,367,102 2,637,104 1,566,386 Notes 968,000 998,200 1,071,300 1,152,800 1,195,125 1,210,125 1,212,725 1,253,554 1,190,125 1,275,254 692,500 Certificates 1,327,275 1,795,775 1,420,875 788,875 785,875 796,375 812,875 859,665 788,875 1,317,200 Bills 1,556,045 1,306,056 1,325,876 1,497,962 1,489,450 1,287,039 1,126,393 728,004 1,475,272 689,447 Guaranteed 42,191 42,191 44,691 49,476 49,476 49,476 49,476 51,476 49,476 49,976 3,600 Total U.S. Government securities, direct and guaranteed 5,950,462 6,266,367 6,090,111 5,799,732 5,931,071 5,795,139 5,718,931 5,474,767 5,870,850 5,968,981 2,262,486 Other Reserve Bank credit outstanding 307,250 409,182 278,315 305,653 266,866 395,987 236,376 268,658 396,492 344,056 135,939 Total Reserve Bank credit outstanding... 6,280,389 6,698,710 6,390,493 6,130,159 6,223,000 6,214,446 5,982,752 5,766.193 6,296,091 6,339,268 2,411,937 Liabilities F.R. notes in actual circulation. 12,607,68612,651,368 12,705,33612,672,08712,511,48312,428,930 12,395,55212,302,229 12,627,431 12,265,372 8,558,920 Deposits: Member bank —reserve account 13,084,369 13,515,70213,121,628 12,934,772 12,917,20513,092,93912,746,87712,941,697 13,066,51313,630,41712,618,700 U. S. Treasurer—general account 5,711 6,067 14,227 258,178 188,130 280,343 48,883 130,596 3,883 567,416 Foreign 899,682 866,617 896,820 851,281 801,531 802,332 805,906 793,547 826,581 792,213 697,822 Other deposits 285,280 262,497 282,662 289,653 368,971 356,165 407,051 361,972 284,149 378,703 557,303 Total deposits 14,275,042 14,650,88314,305,91814,089,93314,345,85514,439,56614,240,177 14,146,099 14,307,83914,805,21614,441,241 Ratio of total reserves to deposit and F.R. note liabilitiescombined (per cent) 77.5 76.3 77.2 77.9 77.7 77.7 78.4 79.0 77.4 77.3 90.6 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 ay in s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 m 1 t o o d n a 6 t y h s s 6 l m y t o e o n a t r hs 2 l y y t e e o a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Feb 24 ,. 11,314 7,320 1,300 1,956 729 9 Mar 3 11,734 8,361 765 2,466 138 4 Mar 10 8,748 1,603 5,808 1,227 108 2 Mar 17 10,193 3,787 5,263 1,130 11 2 Mar 24 Industrial advances: Feb 24 13,749 8,494 455 121 1,323 1,045 1,335 788 188 Mar. 3 ... 13,040 8,990 376 175 502 913 1,158 745 181 Mar. 10 13,319 8,964 288 174 880 919 1,148 766 180 Mar 17 12,968 8,851 224 157 654 999 1,147 757 179 Mar. 24 . .. U. S. Government securities, direct and guaranteed: 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 Mar. 3 5,799,732 210,538 294,933 727,689 588,902 426,150 351,900 225,585 1,162,970 1,811,065 Mar. 10 6,090,111 788,390 194,434 726,203 580,949 387,150 351,900 218,700 1,107,070 1,735,315 Mar. 17 6,266,367 1,107,542 30,424 838,886 635,854 388,800 440,700 360,100 832,171 1,631,890 Mar 24 APRIL 1943 309 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 k a l p in 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: Feb. 24 0,441,281 151,759 077,731 ,212,469 825,201 020,114 847,565 ,634,615 736,736 55,741 719,184 163,445 196,721 Mar. 3 !0,449,179 193,919 021,324 ,234,824 874,913 049,617 883,940 ,550,709 640,060 61,748 718,903 176,409 242,813 Mar. 10 10,443,178 182,845 085,615 ,232,663 873,207 052,389 881,262 1,565,476 636,556 :60,091 730,776 170,553 171,745 Mar. 17 10,406,666 183,407 191,403 ,218,226 856,857 026,452 869,724 1,561,654 619,958 r36,913 709,654 62,018 170,400 Mar. 24 10,392,664 183,055 159,255 ,235,728 888,439 017,299 853,528 ,562,255 615,220 431,636 703,781 63,260 167,208 Redemption Fund— Federal Reserve notes: Feb. 24 35,889 2,734 1,561 5,835 663 6,968 2,476 914 5,045 147 746 765 8,035 Mar. 3 36,23: 2,656 1,261 5,692 554 8,325 2,402 779 5,004 120 711 742 7,986 Mar. 10 40,972 2,604 1,064 5,577 485 7,694 2,355 719 10,985 113 69' 729 7,950 Mar. 17 40,835 2,548 1,852 5,453 937 7,006 2,306 652 10,962 107 681 715 7,616 Mar. 24 42,104 2,477 1,587 5,302 852 8,114 2,241 1,565 10,934 659 69' 7,578 Other cash: 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 Mar. 3 374,144 37,330 83,428 23,211 44,773 19,923 16,997 57,065 16,434 8,829 12,528 10,053 43,573 Mar. 10 369,503 38,961 84,547 22,829 45,355 20,318 15,602 53,217 15,433 8,651 11,869 9,64r 43,072 Mar. 17 390,639 43,659 86,862 26,519 44,427 20,176 18,897 53,414 17,543 8,313 11,662 9,834 49,333 Mar. 24 397,67' 44,843 90,726 26,528 44,743 19,706 18,859 53,501 18,460 8,317 12,736 10,818 48,442 Total reserves: Feb. 24 20,859,23;? 188,876 ,164,763 ,241,126 ,872,369 ,045,824 868,29: ,696,583 758,605464,88: 733,039 575,728 ,249,146 Mar. 3 20,859,55. 233,905 ,106,013 ,263,72 ,920,240 ,077,865 903,339 ,608,553 661,498470,69' 732,142 187,204 294,372 Mar. 10 20,853,65.5 224,410 ,171,226 ,261,069 ,919,04" ,080,401 899,219 ,619,41" 662,974 468,!855 743,342 180,931 222,767 Mar. 17 20,838,14C 229,614 ,280,117 250,198 ,902,221 ,053,634 890,92" ,615,720 648,463445,333 721,997 172,567 227,349 Mar. 24 20,832,44r 230,375 ,251,568 267,558 ,934,034 ,045,119 874,628 ,617,321 644,614452,051 717,176 74,775 ,223,228 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Feb. 24 :.. 7,29C 520 5,530 200 790 125 125 Mar. 3 9,21C 1,500 5,220 200 540 125 1,500 12: Mar. 10 6.28C 50 5,935 50 40 25 125 Mar. 17 5,17i 4,905 100 40 125 Mar. 24 7,50: 3J440 3,650 150 40 100 125 Other bills discounted: Feb. 24 4,02< 1,708 380 392 172 140 488 120 304 Mar. 3 2,524 1,068 238 252 108 88 305 75 190 Mar. 10 2,46* 1,068 238 251 108 88 305 75 190 Mar. 17 5,02;: 2.50C 1,068 238 25: 108 88 305 75 190 Mar. 24 2,50: 1,068 238 230 108 305 75 190 Total bills discounted: Feb. 24 11,31 52C 7,238 580 1,182 14C 488 304 Mar. 3 11,73' l,50C 6,288 438 792 1,58? 305 190 Mar. 10 8.74J 5( 7,003 288 29: 8* 305 190 Mar. 17 10,19, 2,50C 5,973 338 29: 30. 190 Mar. 24 10,00' 3.44C 4,718 388 27( 30. 190 Industrial advances: Feb. 24 13,745 966 4,5i: 1,25' 58. 103 1,205 3,711 Mar. 3 13,04C 964 4,87( 1,06* 565 364 3,711 Mar. 10 13,315 963 4,83$ l,09( 564 73< 3,711 Mar. 17 12,96* 963 4,661 1,225 564 44< 3,711 Mar. 24 12.67C 991 4,50* 1,195 51- 36< 3,711 U. S. Government securities direct and guaranteed: Bonds: Feb. 24 2,435,86 179,83C 647,96; 191,60: 229,97: 148,77: 109,47: 301,567 116,887 71,14 115,72. 95,61 227,305 Mar. 3 2,335,33, 172,45= 619,73. 183,46( 220,16 143,11 105,12: 289,80* 112,204 68,13. 110,91< 91,71! 218,489 Mar. 10 2,252,08 166,393 594,93; 176,50: 211,721 138,89 101,691 280,722 108,460 65,57. 106,91 88,53( 211,734 Mar. 17 2,148,86 158,785 566,97 168,31 201,87. 132,751 97,105 268,171 103,554 62,531 102,00 84,50: 202,289 Mar. 24 2,081,66 153,831 549,00: 163,01 195,51 128,67J 94,102 259,90C 100,33( 60,56: 98,80 81,86 196,058 Notes: Feb. 24 1,219,88 90,05' 324,503 95,95' 115,17 74,501 54,822 151,02. 58,53' 35,631 57,95 47,88. 113,833 Mar. 3 1,177,56 86,95( 312,49i 92,50i 111,01^ 72,16: 53,005 146.13C 56,57' 34,35. 55,93 46,24< 110,172 Mar. 10 1,091,2' 80,62' 288,28^ 85,521 102,59; 67,30: 49,277 136,025 52,55 31,77 51,80 42,901 102,598 Mar. 17 1,015,67 75,05: 267,98* 79,55^ 95,42( 62,74: 45,90: 126,752 48,94: 29,55. 48,21i 39,94 95,614 Mar. 24 985,4" 72,82^ 259,903 77,16* 92,55. 60,91 44,54? 123,03( 47,50: 28,66! 46, 77i 38,7: 92,816 Certificates: Feb. 24 785,87i 58,01! 209,05( 61,81. 74,19. 48,00C 35,31 97,29' 37,71 22,954 37,33. 30,84! 73,335 Mar. 3 788,87: 58,25. 209,34C 61,97; 74,371 48,34<: 35,51 97,89 37,902 23,01 37,46' 30,98 73,806 Mar. 10 1,420,87: 104,981 375,35: in,36: 133,583 87,63 64,151 177,11 68,425 41,36( 67,45. 55,86i 133,587 Mar. 17 1,795,7 132,69/ 473,81 140,65( 168,704 110,93 81,153 224,10* 86,53< 52,25: 85,24^ 70,615 169,050 Mar. 24 1,327,27 98,083 350,04: 103,93' 124,65 82,04. 59,995 165,71 63,97. 38,61 62,995 52,195 125,007 Bills: Feb. 24 1,489,45' 59,15: 648,88; 57,445 69,94! 46,51; 30,401 357,925 52,05: 26,88. 41,78. 24,26. 74,188 Mar. 3 1,497,96 49,82( 620,95* 50.09C 63,74. 43,99: 28,215 362,301 117,09; 21,21 43,05 23,63' 73,812 Mar. 10 1,325,87' 38,08. 517,168 50,20? 53,12: 38,337 23,760 348,58< 128,23( 16,69C 32,26. 19,70 59,708 Mar. 17 1,306,051 45,86 430,883 52,295 60,201 42,36(- 27,504 332,331 124,79= 21,523 35,87 23,10. 109,315 Mar. 24 1,556,04: 69,14 566,245 58,434 67,00C 53,395 31,792 355,571 154,494 31,031 53,38 25,96: 89,589 310 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 : l i 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 guaran- CFeb. 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 Mar. 3 5,799,732 367,4951,762,532 388,045 469,288 307,624 221,864 896,143 323,776146,723 247,375192,588 476,279 Mar. 10 6,090,111 390,086 1,775,735 423,604 501,033 332,165 238,886 942,452 357,676155,400 258,441207,006 507,627 Mar. 17 6,266,367 412,404 ,739,669 440,815 526,200 348,798 251,667 951,361 363,833165,863 271,325218,166 576,268 Mar. 24 5,950,462 393,8791,725,199 402,550 479,723 325,041 230,442 904,219 366,311158,876 261,965198,787 503,470 Total bills and securities: 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 Mar. 3 5824,506 369,9591,769,428 393 359 471,148 308,422 223,840 896,537 323,858147,149 247,809192,817 480,180 Mar. 10 6 112,178 3910991,783,346 428 730 502,414 332 862 239,364 942,835 357,758155,757 259,250207,235 511,528 Mar. 17 6,289,528 415 8671,746,248 445 821 527,720 349,470 252,143 951,738 363,915166,198 271,844218,395 580,169 Mar. 24 5,973,139 3983101,730,525 407 444 481,192 325,763 230,897 904,603 366,393159,221 262,404199,016 507,371 Due from foreign banks: Feb. 24 47 3 118 5 4 2 2 6 1 1 1 4 Mar. 3 47 3 X18 5 4 2 2 6 1 1 1 4 Mar. 10 47 3 Hs 5 4 2 2 6 1 1 1 4 Mar. 17 47 3 M8 4 2 2 6 1 1 1 4 Mar. 24 47 H& 5 4 2 2 6 1 1 1 4 Federal Reserve notes of other banks: 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 Mar. 3... 43,433 1021 4,206 1487 2,317 8,393 3,791 4,494 3,149 903 5,780 1,268 6,624 Mar. 10.. 42,642 1363 4,708 1478 2,464 6,900 4,407 4,245 3,736 1,022 5,123 1,561 5,635 Mar. 17 62,463 1281 8,587 2459 2,948 8,400 6,119 7,928 4,968 2,103 6,653 2,412 8,605 Mar. 24 70,613 1457 11,538 2 197 3,271 8,538 6,860 8,683 5,433 2,696 6,567 2,258 11,115 Uncollected items: Feb. 24 1521,463 146927 363,819 75932 171,836 94,437 58,475 219,949 65,026 34,834 93,591 70,108 126,529 Mar. 3 1522,253 132,079 333,485 81 745 174,481 101,227 69,912 234,488 72,036 32,267 85,419 55,465 149,649 Mar. 10... 1361,165 118554 292,025 75 750 150,241 105,373 63,017 198,513 63,306 32,786 67,548 53,541 140,511 Mar. 17... 1938,965 144931 410,700 108456 257,867 154,058 94,417 278,247 83,289 45,045 90,376 70,956 200,623 Mar. 24... 1594,956 128 100 344,539 84 914 174,108 124,347 89,612 217,929 64,815 35,893 82,002 70,224 178,473 Bank premises: 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 Mar. 3 39,111 2 712 9,787 4,731 4,308 3,034 1,719 2,906 2,101 1,305 2,790 1,039 2,679 Mar. 10 39,111 2,712 9,787 4,731 4,308 3,034 1,719 2,906 2,101 1,305 2,790 1,039 2,679 Mar. 17 39,111 2,712 9,787 4,731 4,308 3,034 1,719 2,906 2,101 1,305 2,790 1,039 2,679 Mar. 24.. 39,092 2 712 9,787 4,719 4,298 3,034 1,719 2,907 2,101 1,305 2,790 1,041 2,679 Other assets: Feb. 24.... 90,538 6,155 23,329 6,914 9,572 5,630 3,918 11,142 4,275 2,744 4,511 3,588 8,760 Mar. 3 . 90,73 6,150 23,060 6,864 9,629 5,732 4,035 11,291 4,325 2,759 4,556 3,593 8,744 Mar. 10.. 92,88 6,135 22,720 10,392 9,538 5,561 4,008 11,253 4,160 2,623 4,286 3,554 8,659 Mar. 17.. 76,02 5,172 19,215 5,745 8,357 4,731 3,299 9,625 3,493 2,222 3,646 3,056 7,465 Mar. 24. 74,55 4,949 18,719 5,613 8,219 4,679 3,234 9,584 3,439 2,193 3,587 3,006 7,329 Total assets: Feb. 24 28,511,90 1,733,8878,405,7351,741,7022,551,9121,478,0211,166,6604,842,5571,098,504662,2891,093,742850,4722,886,420 Mar. 3... 28,379,64 1,745,8298,245,9971,751,9182,582,1271,504,6751,206,6384,758,2751,066,968655,0801,078,497841,3872,942,252 Mar. 10... 28,501,68 1,744,2768,283,8301,782,1552,588,0161,534,1331,211,7364,779,1701,094,036662,3481,082,340847,8622,891,783 Mar. 17... . 29,244,28 1,799,5808,474,6721,817,4152,703,4251,573,3291,248,6264,866,1701,106,230662,2061,097,307868,4263,026,894 Mar. 24.. 28,584,84 1,765,9068,366,6941,772,4502,605,1261,511,4821,206,9524,761,0331,086,796653,3591,074,527850,3212,930,199 Liabilities Federal Reserve notes in actual circulation: Feb. 24 12,511,48 923,0262,780,128 887,4771,171,514 801,086 566,9282,496,671 524,922314,994 437,654260,4101,346,673 Mar. 3 12,672,08 927,39 2,799,187 894,1681,176,362 812,961 600,4482,508,943 536,315318,692 448,483275,9951,373,136 Mar. 10 12,705,33 929,1862,806,176 898,7431,180,459 815,797 602,5812,514,137 537,381320,610 449,862273,8481,376,556 Mar. 17 12,651,36 926,0832,797,526 897,2281,174,100 810,910 598,9542,503,572 537,232320,635 447,710272,2501,365,168 Mar. 24... 12,607,68 923,5342,795,683 895,1061,174,020 809,114 593,9372,489,734 535,697320,708 446,299269,6891,354,165 Deposits: Member bank—reserve account: Feb. 24... 12,917,20 648,1554,553,177 666,6401,057,148 528,018 495,2071,974,322 454,694265,124 522,971480,1061,271,643 Mar. 3 12,934,77 655,2434,511,195 672,1671,103,093 542,276 513,9961,918,646 423,810273,712 529,602472,1241,318,908 Mar. 10 13,121,62 666,4304,548,485 691,6311,123,081 571,746 518,7131,959,826 455,293278,425 540,388492,7141,274,896 Mar. 17 13515,70 709,9704,698,233 701,9061,171,724 570,069 533,1081,989,661 449,836275,628 538,712502,8131,374,042 Mar. 24 13084,36 684,1294,617,116 677,7521,120,432 530,009 504,6981,941,249 444,572269,208 521,229483,6591,290,316 U. S. Treasurer—genera account: Feb. 24... 258,178 430 66,852 11,265 19,111 13,992 17,241 30,647 12,703 15,319 19,148 13,931 37,539 Mar. 3 14,227 343 9,193 313 369 153 449 547 547 188 612 215 1,298 Mar. 10 4,808 539 159 147 630 578 216 26 548 555 303 110 997 Mar. 17 6,067 520 72 175 821 529 558 586 194 521 485 566 1,040 Mar. 24 5,711 531 17 176 513 587 269 1,028 566 277 561 563 623 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks. APRIL 1943 311 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: Feb.24 801,531 26,351 1367,704 67,528 65,396 30,56. 24,879 86,72 21,325 15,63! 19,90; 21,32. 54,196 Mar. 3 851,281 25,926 ^08,116 69,116 66,934 31,28' 25,464 88.76C 21,826 16,006 20,371 21,82i 55,652 Mar. 10 896,820 26,580 1437,153 71,720 69,455 32,463 26,42. 92,104 22,64' 16,609 21,135 22,64( 57,876 Mar. 17 866,617 23,812 1427,019 68,898 66,723 31,186 25,384 88,480 21,75 15,955 20,30r 21,75' 55,339 Mar. 24 899,682 26,142 ^ooss 71,829 69,561 32,512 26,46, 92,244 22,68. 16,634 21,17: 22,6S< 57,675 Other deposits: Feb. 24 368,971 5,469 201,768 6,293 57,821 9,409 4,666 3,470 14,01 11,08; 10,92= 4,37( 39,672 Mar. 3 289,653 5,768 123,061 9,631 60,90; 12,513 2,710 3,171 11,894 10,65: 2,98' 5,08 41,280 Mar. 10 282,662 4,782 124,82' 13,010 55,650 10,120 3,191 3,159 10,892 10,10^ 2,965 4,14' 39,814 Mar. 17 262,497 8,236 100,415 11,725 54,911 10,238 3,238 2,735 12,213 9,22i 3,170 5,00£ 41,382 Mar. 24 285,280 6,633 112,839 12,972 55,638 11,810 3,344 2,757 12,108 9,80= 7,637 4,695 45,038 Total deposits: Feb. 24 4,345, 680,40J 5,189,501 751,7261,199,476 581, 541,9932,095,160 502,741307,164 572,94 519,73* 1,403,050 Mar. 3 .4,089,933 687,2805,051,565 751,2271,231,299 586,226 542,6192,011,124 458,077300,558 553,574499,2U 1,417,138 Mar. 10 4,305,918 698,3315,110,626 776,5081,248,816 614,90: 548,5432,055,115 489,382305,692 564,795519,6201,373,583 Mar. 17 .4,650,883 742,5385,225,739 782,7041,294,179 612,022 562,2882,081,462 484,000301,330 562,67' 530,1441,471,803 Mar. 24 4,275,042 717,4355,170,057 762,7291,246,144 574,918 534,7742,037,278 479,929295,924 550,598511,6041,393,652 Deferred availability items: Feb. 24 1,254,644 102,75. 299,525 66,207 143,610 77,240 43,160 199,062 57,952 29,624 70,619 57,88( 107,012 Mar. 3 1,216,647 103,355 258,374 70,200 137,102 87,676 48,889 186,473 59,617 25,322 63,660 53,70' 122,272 Mar. 10 1,082,897 88,746 229,215 66,724 121,052 85,528 45,791 157,815 54,15 25,489 54,876 41,830 111,674 Mar. 17 1,529,830 97,712 312,648 100,669 197,172 132,050 72,446 228,728 71,782 29,575 73,969 53,375 159,704 Mar. 24 1,287,713 92,767 261,248 77,513 146,617 109,165 63,116 181,020 57,721 25,946 64,601 56,171 151,828 Other liabilities, including accrued dividends: Feb. 24 4,921 603 910 563 477 433 211 674 119 190 349 158 234 Mar. 3 4,714 589 920 334 396 469 196 629 159 177 449 143 253 Mar. 10 8,512 620 1,067 3,972 466 410 207 665 183 145 326 155 296 Mar. 17 10,393 5,681 1,146 364 467 710 195 663 170 165 397 136 299 Mar. 24 8,837 4,328 1,056 363 497 430 208 813 191 171 266 200 314 Total liabilities: Feb. 24 28,116,933 ,706,7878,270,064 ,705,973 ,515,077 ,460,743 ,152, ,791,567 ,085,734 651,9721,081,569838,1862,856,969 Mar. 3 27,983,381 ,718,6218,110,046 ,715,929 ,545,159 ,487,332 ,192,1524,707,169 ,054,168644,7491,066,166829,0912,912,799 Mar. 10 28,102,663 ,716,8838,147,084 ,745,947 ,550,793 ,516,642 ,197,122 44,,727,732 ,081,103651,9361,069,859835,4532,862,109 Mar. 17 28,842,474 ,772,0148,337,059 ,780,965 ,665,918 ,555,692 ,233,8834,814,425 ,093,184651,7051,084,750855,9052,996,974 Mar. 24 28,179,278 ,738,0648,228,044 ,735,7112,567,278 ,493,627 ,192,0354,708,84. ,073,538642,7491,061,764837,6642,899,959 Capital accounts Capital paid in: Feb. 24 146,822 9,529 53,672 11,688 15,235 5,932 5,234 16,406 4,587 3,16. 4,788 4,476 12,112 Mar. 3 146,856 9,532 53,676 11,694 15,229 5,934 5,235 16,417 4,589 3,164 4,788 4,486 12,112 Mar. 10 146,913 9,531 53,680 11,694 15,234 5,93, 5,257 16,429 4,591 3,165 4,789 4,495 12,115 Mar. 17 146,935 9,530 53,679 11,693 15,239 5,934 5,266 16,431 4,597 3,165 4,794 4,493 12,114 Mar. 24 146,911 9,530 53,667 11,681 15,226 5,934 5,270 16,43! 4,600 3,165 4,793 4,493 12,120 Surplus (section 7): 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 Mar. 3 160,411 11,160 58,001 15,670 14,767 5,236 5,121 22,925 4,966 '3,221 3,613 4,083 11,044 Mar. 10 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4, 11,044 Mar. 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 Mar. 24 160,41 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) Feb. 24 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,30' 2,121 Mar. 3 26,829 2,874 7,070 4,39; 1,007 3,244 71 1,429 530 1,000 1,137 1,307 2,121 Mar. 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 Mar. 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 Mar. 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: Feb. 24 60,906 3,53' 16,928 3,978 5,826 2,866 2,692 10,230 2,687 2,933 2,635 2,420 4,174 Mar. 3 62,166 3,642 17,204 4,232 5,965 2,929 2,809 10,335 2,715 2,946 2,793 2,420 4,176 Mar. 10 64,869 3,828 17,995 4,451 6,215 3,078 2,915 10,655 3,026 2,942 2,524 4,394 Mar. 17 67,631 4,002 18,863 4,694 6,494 3,223 3,035 10,960 21953 3,115 3,013 2,638 4,641 Mar. 24 71,416 4,278 19,912 4,995 6,, 3,441 3,205 11,402 3,162 3,224 3,220 2,774 4,955 Total liabilities and capital accounts: Feb. 24 28,511,901 ,733,8878,405,735 ,741,702 ,551,912 ,478,021 ,166,660 ,842,557 ,098,504662,289 ,093,742 150,472 1,886,420 Mar. 3 28,379,643 ,745,8298,245,997 ,751,918 ,582,127 ,504,675 ,206,638 ,758,275 ,066,968555, c- ,078,497 41,387 ,942,252 Mar. 10 28,501,685 ,744,2768,283,830 ,782,155 ,588,016 ,534,133 ,211,736 ,779,170 ,094,036562,348 ,082,340 347,862 ,891,783 Mar. 17 29,244,280 ,799,5808,474,672 ,817,415 ,703,425 ,573,329 ,248,626 ,866,170 106,230562,206 ,097,307 368,426 ,026,894 Mar. 24 28,584,845 ,765,906 8,366,694 ,772,450 ,605,126 ,511,482 ,206,952 ,761,033 086,796553,359 ,074,527 350,321 ,930,199 Commitments to make industrial advances: Feb. 24 11,573 2,175 398 1,005 113 1,702 1,866 4,183 Mar. 3 12,241 1,785 568 1,058 113 1,698 2,711 4,177 Mar. 10 11,925 1,831 536 1,010 110 1,685 2,336 4,300 Mar. 17 12,229 1,904 531 1,021 110 1,685 2,626 4,239 Mar. 24 11,763 1,316 561 1,039 110 1,685 2,706 4,233 1 After deducting $430,467,000 participations of other Federal Reserve Banks on Feb. 24; $440,337,000 on Mar. 3; $457,108,000 on Mar. 10; $438- 493,000 on Mar. 17; and $456,060,000 on Mar. 24. 312. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] 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 r a a n ncisco Federal Reserve Notes: Issued to F. R. Bank by F. R. Agent: Feb. 24 13,017,248 952,2642,906,206 909,4071,207,752 835,964 620,4982,539,564 553,401 322,630 450,678 288,5821,430,302 Mar. 3 13,118,481 963,7302,915,797 919,3211,213,910 840,002 631,6682,551,603 563,174 325,050 458,867 294,9501,440,409 Mar. 10 13,198,766 964,8152,920,546 926,1231,219,356 849,393 644,9672,560,806 565,400 328,058 463,110 298,9191,457,273 Mar. 17 13,231,142 964,8792,927,868 926,6311,221,352 845,536 647,8202,570,675 569,008 327,823 462,847 299,4431,467,260 Mar. 24 13,253,160 971,8972,937,547 923,6031,220,477 846,457 650,8692,570,298 568,169 327,595 466,891 300,0701,469,287 Held by Federal Reserve Bank: Feb. 24 505,765 29,238 126,078 21,930 36,238 34,878 53,570 42,893 28,479 7,636 13,024 28,172 83,629 Mar. 3 446,394 36,333 116,610 25,153 37,548 27,041 31,220 42,660 26,859 6,358 10,384 18,955 67,273 Mar. 10 493,430 35,629 114,370 27,380 38,897 33,596 42,386 46,669 28,019 7,448 13,248 25,071 80,717 Mar. 17 579,774 38,796 130,342 29,403 47,252 34,626 48,866 67,103 31,776 7,188 15,137 27,193 102,092 Mar. 24 645,474 48,363 141,864 28,497 46,457 37,343 56,932 80,564 32,472 6,887 20,592 30,381 115,122 In actual circulation:1 Feb. 24 12,511,483 923,0262,780,128 887,4771,171,514 801,086 566,9282,496,671 524,922 314,994 437,654 260,4101,346,673 Mar. 3 12,672,087 927,3972,799,187 894,1681,176,362 812,961 600,4482,508,943 536,315 318,692 448,483 275,9951,373,136 Mar. 10 12,705,336 929,1862,806,176 898,7431,180,459 815,797 602,5812,514,137 537,381 320,610 449,862 273,8481,376,556 Mar. 17 12,651,368 926,0832,797,526 897,2281,174,100 810,910 598,9542,503,572 537,232 320,635 447,710 272,2501,365,168 Mar. 24 12,607,686 923,5342,795,683 895,1061,174,020 809,114 593,9372,489,734 535,697 320,708 446,299 269,689 ,354,165 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 24 12,740,500 916,0002,915,000 820,0001,210,000 727,000 600,0002,560 000 480 000 325 000 450,000 293,500 ,444,000 Mar. 3 12,900,000 928,0002,935,000 850,0001,220,000 727,000 615,0002,590',000 480',000 33O',OOO 460|000 301,000 ',464', 000 Mar. 10 12,869,000 928,0002,935,000 850,0001,220,000 737,000 630,0002,590,000 400,000 330,000 460,000 305,000 ,484,000 Mar. 17 12,945,000 928,0002,960,000 850,0001,230,000 737,000 630,0002,620,000 400,000 330,000 470,000 306,000 ,484,000 Mar. 24 12,953,000 936,0002,960,000 850,0001,230,000 737,000 630,0002,620,000 400,000 330,000 470,000 306,000 ,484,000 Eligible paper: Feb. 24 6,375 520 5,530 200 125 Mar. 3 7,045 1,500 5,220 200 125 Mar. 10 6,060 50 5,935 50 25 Mar. 17 7,505 2,500 4,905 100 Mar. 24 7,340 3,440 3,650 150 100 U. S. Government securities: Feb. 24 395,000 50,000 100,000 125,000 30,000 85,000 5,000 Mar. 3 405,000 50,000 100,000 125,000 30,000 95,000 5,000 Mar. 10 485,000 50,000 100,000 125,000 30,000 175,000 5,000 Mar. 17 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Mar. 24 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Total collateral: Feb. 24 13,141,875 966,5202,920,530 920,2001,210,000 852,125 630,0002,560,000 565,000 325,000 455,000 293,5001,444,000 Mar. 3 13,312,045 979,5002,940,220 950,2001,220,000 852,125 645,0002,590,000 575,000 330,000 465,000 301,0001,464,000 Mar. 10 13,360,060 978,0502,940,935 950,0501,220,000 862,025 660,0002,590,000 575,000 330,000 465,000 305,0001,484,000 Mar. 17 13,457,505 980,5002,964,905 950,1001,230,000 862,000 660,0002,620,000 595,000 330,000 475,000 306,0001,484,000 Mar. 24 13,465,340 989,4402,963,650 950,1501,230,000 862,100 660,0002,620,000 595,000 330,000 475,000 306,0001,484,000 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 W D ed a n te e sd (l a a y st or Ap a p p l p i r c o a v ti e o d ns b p u r A t o p v n - e o d t va o A n u d c t - - es C m o o m e u n m t- ts it- P p a a o r t u t i i o t- c n i s - BA [ N A K m S o u U nt N s D in E t R ho u R s E an G d U s L of A d T o I ll O ar N s] V las p t e r d i a o y d ) of Number Amount (a p m le o t u ed n 1 t) s ( t a a m n o d u in n g t) 2 ( s a ta m n o d u i n ng t) ( s a t m an o d u i n n t g ) Gua a r u a t n h t o e r e i d z e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 e under guar- 1 1 19 9 9 3 3 3 7 5 6 1 2 2 , , , 9 2 4 9 8 0 3 0 6 1 1 1 2 5 3 0 4 9 , , , 9 4 8 8 2 9 7 9 3 1 8 3 1 , , , 2 3 5 2 6 4 6 9 8 3 2 2 2 5 0 , , , 5 2 4 2 1 9 6 6 3 2 2 1 0 7 2 , , , 9 6 7 5 4 8 9 9 0 8 7 7 , , , 7 2 2 7 3 0 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 - a o n u t t m e s e t e a n a 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 (X) C1) Tune 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 2,227,704 527,186 439,989 1,308,168 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 2,367,297 644,558 520,869 1,383,394 Sept. 30 3,394 364,916 8,199 15,882 12,187 23,180 Oct. 28 3,399 377,306 7,536 14,934 11,572 20,983 December 31 2,665 2,688,397 803,720 632,474 1,430,121 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 r974,083 r768,249 rl,440,943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 February 28 3,198 3,479,672 1,040,828 828,221 1,706,849 Feb. 27 3,440 446,319 5,882 13,717 12,117 23,177 1 Includes applications approved conditionally by the Federal Reserve T Revised. Banks and under consideration by applicant. 1 Not available. 2 Includes industrial advances past due 3 months or more, which are not NOTE.—The difference between guaranteed loans authorized and sum included in industrial advances outstanding in weekly statement of condi- of loans outstanding and amounts available to borrowers under guarantee tion of Federal Reserve Banks. agreements outstanding represents amounts repaid, guarantees available NOTE.—The difference between amount of applications approved and the but not completed, and authorizations expired or withdrawn. sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. APRIL 1943 3T3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, FEBRUARY 1943 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 p m G o d d r a s e e o n i - - s t d s s p m N o d d a es e . e n ~i - t t d s1i T p d o im e s - i e ts Re F - eder B a H l a e n R l k d e s serv E e x- b m a b A e n e m l k r l s - 1 Y N c o e i r w t k y ban C c k a h s g i o - b s c R a e i n r t e v y k - e s b C a o n u k n s - 1 quired cess Total reserves held: All member banks 64,485 55,804 13,114 11,221 12,933 1,712 1942—February 12 908 5,266 1,086 4,356 2 199 Central reserve city banks: March 12', 827 5,188 1,157 4', 279 2*204 New York 20,129 19,277 762 3,901 3,999 97 April 12,649 5,028 1,140 4,293 2,188 Chicago 4,523 4,189 458 865 875 10 May 12,510 4,870 1,049 4,325 2,265 June 12,624 4,859 979 4,448 2,338 Reserve city banks: July 12 409 4,609 1,000 4,447 2,353 Boston district 1,756 1,636 89 333 358 25 August 12,'623 4,616 1,009 4,574 2,423 New York district 405 358 147 80 92 12 September 12,299 4,150 944 4,676 2,529 Philadelphia district 1,973 1,780 135 364 412 47 October 12,234 4,093 834 4,711 2,597 November 12,618 4,086 859 4,990 2,684 Cleveland district 3,095 2,662 718 576 755 179 December 13,152 4,303 877 5,122 2,850 Richmond district 1,431 1,230 248 261 327 66 1943—January 13,344 4,352 898 5,190 2,905 Atlanta district 1,505 1,223 183 256 298 42 February 12,933 3,999 875 5,141 2,918 Week ending (Friday): Chicago district 2,965 2,438 824 537 647 110 1943—Feb. 5 13,143 4,202 891 5,132 2,918 St. Louis district. 1,572 1,357 174 282 306 24 Feb. 12 12,834 4,002 875 5,061 2,896 Minneapolis district 760 659 85 137 145 8 Feb. 19 12,984 3,973 877 5,190 2,944 Feb. 26 12,931 3,9*1 877 5,183 2,930 Kansas City district 1,954 1,502 163 310 366 56 Mar. 5 13,062 3,9*6 889 5,243 2,983 Dallas district 1,479 1,122 135 232 299 67 Mar. 12 13,344 4,002 898 5,362 3,081 San Francisco district .. 4,879 4,260 2,281 989 1,137 148 Mar. 19.. 13,554 4,031 887 5,474 3,162 Excess reserves: Total 23,774 20,228 5,181 4,357 5,141 784 1942—February 3,309 1,071 204 ,279 755 March 3,147 962 255 ,190 740 April 2,951 795 262 ,175 718 Country banks: May 2,667 546 178 ,171 772 Boston district 1,660 1,370 598 228 294 66 June 2,704 556 89 ,232 827 New York district 2,590 2,193 1,593 403 522 120 July 2,237 269 64 ,105 799 Philadelphia district 1,174 949 863 185 253 68 August 2,248 286 60 ,091 812 September 2,300 302 73 ,069 857 Cleveland district 1,353 1,012 782 189 296 108 October 2,328 557 27 921 823 Richmond district 1,309 942 422 157 207 50 November 2,362 455 45 ,035 827 Atlanta district 1,287 916 284 145 204 59 December 2,376 416 35 ,020 904 1943—January 2,132 337 22 913 860 Chicago district 2,023 1,495 965 267 396 129 February 1,712 97 10 784 820 St. Louis district. 901 638 269 105 146 40 Week ending (Friday): Minneapolis district 680 512 308 90 121 31 1943-Feb. 5 1,841 187 12 806 836 Feb.12 1,641 82 12 744 803 Kansas City district 990 655 162 101 147 45 Feb.19 1,775 98 15 818 845 Dallas district 1,216 809 97 119 183 63 Feb. 26 1,730 92 13 798 827 San Francisco district.. 873 618 370 109 150 41 Mar. 5 pl,864 102 26 857 ^880 Mar. 12 p2,039 122 29 911 P977 Total 16,058 12,109 6,713 2,098 2,918 820 Mar. 19 "2,117 88 16 956 pi Q5g 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. 308 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 Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston 3,416 3,431 687 680 3,197 3,215 561 557 219 215 126 124 New York 23,124 23,678 2,502 2,468 12,459 12,427 11,189 11,173 536 523 551 544 Philadelphia 3,147 3,128 998 984 2,680 2,669 540 530 467 459 458 454 Cleveland 4,448 4,360 1,500 1,480 3,925 3,847 1,130 1,112 523 513 370 368 Richmond 2 740 2 722 670 663 2 329 2,316 451 445 411 407 219 218 Atlanta ... 2,792 2,745 467 459 2,466 2,431 376 369 326 314 91 91 Chicago 9,511 9,482 2,247 2,208 14,210 14,152 1l,403 U,372 778 742 386 381 St. Louis 2,474 2,463 442 439 1,939 1,934 318 314 535 529 124 124 Minneapolis 1,440 1,460 393 389 1,102 1,126 207 206 339 334 186 183 Kansas City 2,945 2,885 325 324 2,249 2,212 215 211 695 673 110 113 Dallas 2,696 2,643 232 228 2,022 2,003 191 187 674 640 41 41 San Francisco 5,752 5,657 2,651 2,613 5,477 5,387 2,525 2,489 275 270 126 123 To'al 64,485 64,654 ,13,114 12,936 !34,054 133,719 19,106 X8,965 5,778 5,619 2,788 2,764 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 3*4 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 y 8 e 9 s s - 0 S s u i c a b l o v r s i y e i n d r i- M c i o n in or U S n n t o i a t t t e e e s d s R F e e n s d o e e t r r e a v s l e 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 N i o a o t a n n e - a k s l 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 12,082 188 135 1943—January 15,590 58 77 1,700 567 226 312 12,152 362 135 February 16,088 58 78 1,703 573 226 317 12,523 474 134 Back figures.—See Annual Report for 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 - - s U or n t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 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 L,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 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 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, FEBRUARY 28, 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 s e d r e a v r n e a d l c M irc o u n l e a y t io in n1 and silver cash Banks and Agents certificates Agents Gold 22,644 20,533 22,110 Gold certificates 320,533 17,660 2^815 58 Federal Reserve notes 13,068 55 490 12,523 Treasury currency—total 43,946 1,963 56 383 3,507 Standard silver dollars 547 447 20 2 78 Silver bullion 1,516 1,516 Silver certificates and Treasury notes of 1890 31,963 "259 1,704 Subsidiary silver coin 620 30 17 573 Minor coin 236 3 6 226 United States notes 347 27 317 Federal Reserve Bank notes 544 <6»2 71 474 National bank notes 135 (5) 1 134 Total Feb 28 1943 339,658 322,497 42,221 17,660 3,689 16,088 Jan. 31, 1943 339,253 322,547 42,199 17,705 3,760 15,590 Feb. 28, 1942 334,904 322,539 42,172 17,699 3,548 11,485 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 307. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,638,173 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 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 307. 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. APRIL 1943 3*5 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 t r o g e c o a k l s d e N im et p g o o r l t d c g r m e o c o a l r r a d s e r e i : a k n s d e ( - e — e d - ) p D ti r c t o o i m o d g n u o e 1 c l s d - - End of month D a i n b e to a c p l e r o - s s s ' 1 - Total b i C n p t a o o a n d r s s k y i e h - s - To U t . a l S s . e G c r u D o e r c v i i t - e ti r e n s m G e a u n n a t - r- C f s e u e r t a n r e c s v - d . h 2 e s 19342 8,238 4,202.5 1,133.9 82.6 92.9 teed 1935 10,125 1,887.2 1,739.0 .2 110.7 1936 311,258 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 1,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Dec 1,201 1,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June 1,232 1,265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec. 1,260 1,296 145 1,058 892 167 93 1942 22,726 -10.3 -458.4 ?'126.0 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 1,270 1,308 130 1,097 931 167 80 1942—January 22,747 10.6 -38.5 r10.4 1938—June 1,252 1,290 115 1,103 936 167 73 February.... 22,705 -42.4 -109.3 r10.4 Dec......... 1,252 1,291 86 1,132 965 166 73 March 22,687 -17.3 —65.5 r11.3 1939—June 1,262 1,304 68 1,157 1,011 146 78 April 22,691 .3.3 -20.1 r11.4 Dec. 1,279 1,319 53 1,192 1,046 146 74 May 22,714 23.6 -38.2 r11.2 1940-June 1,293 1,337 43 1,224 1,078 146 69 June 22,737 22.3 -14.8 r10.5 Dec 1,304 1,348 36 1,224 1,078 146 88 July 22,744 7.6 -24.4 r12.8 1941—June 1,304 1,356 30 1,251 1,104 146 75 August 22,756 11.4 -21.8 r10.2 Dec. 1,314 1,396 26 1,274 1,128 146 95 September.. . 22,754 -1.3 -27.8 r11.8 October 22,740 -14.3 -56.4 r12.0 1942—Feb... 1,307 1.444 25 1,274 1,128 146 145 November... 22,743 3.3 -10.8 r7.8 Mar 1,305 ,463 25 1,272 1,126 146 166 December 22,726 -17.2 -31.0 r6.2 Apr 1,306 ,483 25 1,272 1,126 146 186 May 1,307 ,504 24 1,272 1,126 146 208 L943—January 22.683 -43.3 -76.1 5.2 June 1,316 ,525 24 1,272 1,146 126 229 February.... 22,644 -39.3 5-63.4 July 1,329 ,554 21 1,271 1,146 126 262 Aug 1,344 ,575 20 1,271 1,146 126 283 Jan.-Feb 22,644 -82.5 5—139.5 Sept 1,358 .415 19 1,267 1,141 126 129 Oct 1,377 1,429 18 1,266 1,140 126 146 1 r A R n ev n i u s a e l d f . igures are estimates of the United States Mint. Monthly figures N D o ec v pl 1 ,4 ,3 1 9 5 6 1,444 17 1,266 1,140 126 161 are those published in table on page 355, adjusted to exclude Philippine Isl 2 a F nd ig s u p re ro s d b u a c s t e io d n o r n e c r e a i t v e e o d f i $ n 2 0 U .6 n 7 it e a d fi S n t e a t o e u s n . ce in January 1934, and $35 a 1943--- F J e a b n P pl I , , 4 4 6 4 9 5 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars p Preliminary. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 1 Outstanding principal, represented by certificates of deposit. Does not 4 The net gold import figures for months subsequent to December 1941 include accrued interest nor outstanding savings stamps. have not been released for publication. 2 Includes working cash with postmasters, 5-per cent reserve fund and 5 Gold held under earmark at Federal Reserve Banks for foreign account miscellaneous working funds with the Treasurer of the United States, amounted to 2,813.3 million dollars on Feb. 28, 1943. accrued interest on bond investments, and accounts due from late NOTE.—For back figures through 1937, see Annual Report for 1937 postmasters. (table 29). Back figtires.—See BULLETIN for August 1935, pp. 501-502, BANK SUSPENSIONS1 Member Nonmember Total, banks banks all banks ti N o a n - al State su I r n e - d2 in N su o r t ed Debits to deposit a B c A co N u K nt s D ex E c B ep IT t S interbank accounts [In millions of dollars] Number of banks suspended: 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 7 8 6 5 5 3 4 5 5 4 4 5 9 7 4 4 1 1 1 2 1 4 4 2 4 8 7 7 2 0 48 8 6 6 3 Year and month r c T e e o i p a n n t o l t g a l e r l t r , - s N Y C e i o t w r y k ce o n 1 t 4 h te 0 e r r s1 r c e e o p n 1 t o h 3 t r e 3 e t r r i s n 2 g 1939 42 4 3 25 10 1 1 1 1 9 9 9 9 4 4 4 4 2 1 0 3—Jan.-Feb 2 9 8 2 4 1 1 6 3 8 3 3 1 1 1 1 1 9 9 9 9 2 3 3 3 9 7 9 8 . . . . . . ! 4 4 4 9 6 0 2 8 9 5 3 2 , , , ,5 4 9 9 3 6 2 3 1 3 9 2 6 1 1 1 0 9 6 7 3 7 8 1 , , , , 0 8 7 3 8 3 7 8 9 6 8 2 3 2 2 2 0 3 3 1 4 5 1 8 , , , , 7 2 9 2 4 0 3 9 5 6 8 8 4 3 3 3 6 7 2 4 , , , , 4 4 5 2 2 0 0 5 1 6 4 2 De (i p n o 1 9 s t 3 i h t 4 o s u o s f a s n u d s s p o e f n d d e o d l la b r a s n ) k :3 s 36,937 40 1,912 34,985 1 1 1 9 9 9 4 4 4 2 1 0 ... I 4 5 6 4 3 0 5 7 7 , , , 3 0 8 4 6 7 3 3 1 2 1 1 1 9 7 0 7 1 , , , 9 5 7 6 8 2 1 2 4 2 2 3 9 3 4 3 6 2 , , , 9 9 4 2 5 3 5 2 0 4 3 5 5 7 3 , , , 6 3 6 2 9 7 9 4 9 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 4 4 4 4 9 7 8 6 5 1 0 2 3 —Jan -Feb . .. 3 1 1 1 1 3 4 5 3 0 9 1 1 , , , , , , , , 7 9 7 9 0 0 7 3 0 9 2 1 1 4 2 0 2 8 2 5 6 3 3 6 5 3 7 1 , , , , 3 3 1 3 5 2 4 1 4 7 0 3 5 1 3 4 7 9 6 6 I 24 1, , 7 6 2 0 2 1 8 9 1 1 1 1 3 6 5 0 1 0 1 , , , , , , , 7 5 3 3 2 1 7 5 7 6 4 8 0 5 2 0 5 1 3 7 9 6 1 3 2 1, , 0 4 9 4 3 5 3 4 3 9 8 3 4 2 7 4 9 2 0 9 6 7 9 1942— A M M J O N A S F u e p c o u e a a n p r t b v g y r e o i c t r u e l b u e h m s e a m t r r b y b e e r r.... , 5 4 4 4 4 4 5 5 5 5 9 2 1 8 6 9 5 0 0 0 , , , , , , , , , , 1 5 3 6 1 1 0 7 6 0 6 4 1 0 8 4 7 7 1 5 1 5 3 7 7 2 9 3 2 6 1 1 1 1 1 1 1 1 1 1 6 4 6 7 8 7 7 8 7 7 , , , , , , , , , , 9 0 2 0 3 0 3 5 0 1 8 5 4 2 2 5 9 9 1 1 5 1 2 3 3 6 4 3 6 0 2 2 2 2 3 2 2 2 2 2 3 7 7 1 9 9 8 7 6 8 , , , , , , , , , , 5 2 4 7 6 5 2 8 5 0 4 4 5 0 6 2 9 4 3 4 3 1 1 5 4 7 2 7 0 0 3 4 4 4 4 4 4 4 5 4 , , , , , , , , , , 7 1 3 1 5 1 4 2 6 4 3 6 4 0 1 2 1 8 8 7 8 1 5 6 0 1 6 9 2 2 1 Represents banks which, during the periods shown, closed temporarily December 64,991 23,921 35,562 5,508 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 February.. 51,870 19,635 28,005 4,230 (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Federal deposit insurance became operative Jan. 1, 1934. 1 National series, for which bank debit figures are available beginning as 3 o D f e d p a o t s e i s ts o o f f m su e s m pe b n e s r i o b n a , n k a s n d an d d e i p n o s s u i r t e s d o n f o n n o m n e i m ns b u e r r e d b a n n o k n s m su em sp b e e n r d e b d a a n r k e s wi 2 t h E 1 x 9 c 1 e 9 p . t 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 Jigures.See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g a s s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a a - l 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 Dec. 31p 14,680 6,679 5,081 1,598 543 7,458 Dec. 31? 88,437 67,277 43,069 24,208 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—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 3 6,696 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 305 63,976 25,078 38,897 46,800 16,928 29,872 10,353 4,819 5,534 6,822 3,331 3,492 Dec. 31p 78,138 23,863 54,275 59,263 16,088 43,175 p Preliminary. 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). APRIL 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 dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- or carrying Direct gat o i f ons Call date i m m n a v e n e n d s t t s - Total1 n m a c d n i e u a d r l - s- O p m k a p a p e e r t e n - r A t c a u g u l r r 2 l - i - - > T ro o k- r To R s o t a e a n a te s l D oa th n e s r 4 Total Total f c ic e o a r f t t e i- s G a u n a - r- S p a o t c a n l a i t d l t e i s - O r s i e t t c h ie u e s - r trial2 ers oth- Bills in- Notes Bonds teed suband debt- divdeal- ers ed- sions ers ness Total—All Member Banks 1929-Dec. 31 35,934 26,150 583 ,463 ,685 ,191 2,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 ,752 ,372 5,187 1,928 6,887 554 559 ,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5*386 455 '730' 790 700 ,957 2,944 9,979 4,328 563 ,223 8,398 , 144 2,692 2,959 1940—June 29 34,451 13,969 5,538 450 736 447 668 ,069 3,062 0,482 4,722 797 ,543 8,261 ,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 865 642 652 ,228 3,273 1,805 5,823 652 ,594 9,091 ,486 3,013 2,970 1941—June 30 40,659 16,729 7,270 537 738 575 635 ,365 3,609 3,930 8,078 ,127 ,631 0,481 ,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 607 972 594 598 ,494 3,692 5,500 9,539 971 ,007 1,729 ,832 3,090 2,871 1942—Apr. 4 44,287 17,834 6,453 0,449 ,471 3,173 2,831 June 30 .... 46,800 16,928 7^888' "495" 726' •554' 562 ,'50l" 3^203' 9,872 4,098 ,509 ,'872' ,546 4,485* ,685 2,934 2,840 v v Dec. 31 59,263 16,088 7,387 ,089 934 538 ,423 2,717 3,175 7,546 ,363 ,285 ,409 8,948 ,540 2,965 2,664 New York City& 1929—Dec. 31 8,774 6,683 195 ,257 ,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 ,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 1^768 120 ••y 611 188 133 469 6,043 4,772 315 797 2,385 ^275' 579 693 1940—June 29 9,829 3,014 1,801 103 6 320 188 137 458 6,815 5,486 421 ,092 2,650 ,324 634 695 Dec. 31 10,910 3,384 2,025 100 6 465 190 130 468 7,527 6,044 207 ,245 2,977 ,615 695 788 1941—June 30 12,493 3,778 2,405 97 3 422 186 129 536 8,715 7,268 577 ,526 3,415 ,751 651 796 Dec. 31 12,896 4,072 2,716 91 8 412 169 123 554 8,823 7,265 311 ,623 3,652 ,679 729 830 1942—Apr. 4 13,123 4,173 8,950 7 381 ,515 773 796 June 30 14,019 4,066 2,775 66 9 430 167 121 499 9,953 8,550 402 663 ,746 4,572 ,166 623 781 Dec. 31 17,957 4,116 2,546 21 787 193 117 451 3,841 2,547 ,855 ,144 ,056 5,420 ,071 593 701 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' 17 "6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 417 16 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 17 5 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 21 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 21 6 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 'J'697* 15 '"3" "29' "56 ' 22 "90 2,210 1,858 357' 'Hi' 162" 1,068 90 164 188 Dec. 31 ... 3,973 832 —•— 6 ~ 5 v 8 ' 6 34 32 23 80 3,141 2,789 397 637 391 1,282 83 166 186 Reserve City Banks 1929—Dec. 31... 12,029 9,084 168 664 2,775 1,538 3,937 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30.... 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30.... 12,272 5,329 2^ 100 155 "221 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29... . 12,160 5,365 2,134 156 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31... . 13,013 5,931 2,436 153 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30... . 14,013 6,498 2,879 202 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31.... 15,347 7,105 3,206 250 300 114 194 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 "215 ' 152 "" 78 "l77 1," 524' 1,315 9,971 8,188 "579 "674 981 5,149 806 925 858 t ' Dec. 31... 20,915 6,102 2,?57 290 97 153 1,486 1,119 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 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 1^151 163 495 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 1,187 174 546 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31.... 10,826 5,309 1,267 187 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Tune 30.... 11,446 5,607 1,377 216 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 Dec. 31... 12,518 5,890 1,431 245 659 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 1,314 198 562 16 169 1^834 1,299 7,737 5,502 "171 "355 "657 '3^696 624 1,222 1,013 Dec. 31... 16,419 5,038 126 77? 17 161 1,797 1,066 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 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. Further revision of loan classification made December 31, 1942; for explanation see p. 300 of this BULLETIN. 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). 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Call date F w ed it e h ral C i a n sh a w n i c t e h s m d a e n - d Indi- Certi- Indi- U Go .S v . - Domestic B ro o w r- - Ca a p c i - tal Re- vault do- posits viduals, States fied U. S. viduals, States banks ings counts B s a er n v k e s banks1 justed2 pa sh rt i n p e s, r- pol a i n ti d cal and Gov- pa sh rt i n p e s, r- polit- i e n m en - t Forand cor- subdi- coeffris-' ern- and cor- ical and eign 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 sa st v a - l m D an e- d3 Time banks ings Total—All Member Banks 1929—Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—Apr. 4 12,725 884 '6,276 34,670 32,602 3,285 589 2,164 11,520 395 49 '9,650 eU8 '641 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 13,072 1,019 6,147 42,570 42,139 3,318 1,142 7,923 12,366 332 56 10,101 82 816 5 6,101 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 J 5QQ Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 '192 11,335 11,235 296 154 967 751 25 '3,383 '576 •••4" 1,655 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 1,698 Dec. 31 4,388 72 82 11,899 12,501 263 448 4,186 711 23 3,209 736 1.727 City of Chicago* 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1 19 9 3 3 9 3 — — D juence . 3 3 0 0 2 9 3 9 2 3 3 4 4 2 2 28 0 3 3 1,7 9 3 12 9 1,6 8 7 70 6 1 8 6 7 7 2 1 4 6 4 8 6 0 3 48 5 3 8 1 1 0 3 6 8 2 7 5 9 9 9 2 2 2 5 0 0 4 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 '285 1,919 1,886 203 31 296 455 '1,253 eg 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31 902 39 164 2,557 2,588 178 38 665 453 2 1,105 12 304 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 L.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 '2,705 11,689 11,105 1,313 202 633 4,366 224 18 '4,235 '90 '54 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. 31 4,940 365 2,202 14,849 15,061 1,319 385 1,982 4,805 169 22 4,831 62 65 ""2" 2,028 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 '3,093 9,726 8,376 1,473 202 269 5,948 145 30 '779 '28 '2 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. 31 2,842 542 3,699 13,265 11,989 1,558 272 1,090 6,397 140 32 957 20 4 3 2,042 c 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 d.rlaotfea anmmno,,ur.nf<te.^d tt^o. $<t6A9O,0 0O0O,0O0 O0O aOn udn Hw h\wichh\ rphr inorri ntro ttoh taht atti mtiem we ewreer ree rpeonrntertde Hin in" O"tOhtehre ar sassestest."s." 2 Demand d_eeppoossii.t_s other than interbank and U. S. Government, less cash items reported as inprocess 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). APRIL 1943 3I9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U.S. Govemmen-t 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 in t t a a c r u d g i u n r u a r l a d i - s l l - , - p O m k a p e a p e t r e n - r b d a T r e e n o r a o d s k l- - ot T he o rs e l R o st e a a a n t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills f C d o i n c e f e e e a d r b i s t t n - t s e i - - - s Notes Bonds G t a e u n e a - d r- O s ri e t t h c ie e u s r ers Total—101 Cities 1942—February.... 30,570 11,331 6,860 423 451 408 1,250 35 1,904 19,239 15,542 1,247 2,335 9,243 2,717 3,697 1942—October 36,787 10,300 6,337 269 484 370 1,217 29 1,594 26,487 23,011 2,674 2,984 3,878 11,470 2,005 3,476 November... 37,865 10,254 6,301 257 533 364 1,211 30 1,558 27,611 24,288 3,083 3,368 4,263 11,662 1,912 3,323 December.. . 39,717 10,366 6,137 245 828 391 1,203 34 1,528 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 February... . 41,475 9,724 5,870 227 624 350 1,180 56 1,417 31,751 28,484 4,255 5,049 4,080 13,192 1,908 3,267 1942—Dec. 30 41,469 10,321 6,065 239 850 382 1,199 53 1,533 31,148 27,835 3,786 4,958 4,169 12,985 1,937 3,313 1943—Jan. 6 41,344 10,035 6,010 230 718 381 1,195 20 1,481 31,309 28,025 4,019 4,977 4,127 12,979 1,923 3,284 Tan. 13 41,239 9,811 5,955 228 578 370 1,192 31 1-457 31,428 28,142 4,136 4,996 4,118 12,969 1,923 3,286 Jan. 20 41,361 9,722 5,936 226 552 350 1,188 25 1,445 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 Mar. 3 41,470 9,517 5,736 227 585 342 1,176 57 1,394 31,953 28,657 4,244 5,001 4,099 13,394 1,919 3,296 Mar. 10 41,861 9,488 5,804 226 509 333 1,176 56 1,384 32,373 29,108 4,557 5,034 4,117 13,487 1,913 3,265 Mar. 17 42,198 9,559 5,802 225 572 335 1,168 74 1,383 32,639 29,343 4,692 4,996 4,146 13,583 1,926 3,296 Mar. 24 42,004 9,493 5,754 221 588 342 1,169 50 1,369 32,511 29,289 4,452 5,007 4,169 13,726 1,935 3,222 New York City 1942—February.... 12,267 3,830 2,697 79 317 149 103 32 453 8,437 6,981 413 1,447 3,642 1,479 1,456 1942—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 February... . 16,163 3,556 2,387 43 506 158 98 38 326 12,607 11,460 1,851 2,010 1,821 4,794 984 1,147 1942—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 Mar. 3 15,994 3,448 2,324 46 464 149 97 44 324 12,546 11,374 1,693 1,956 1,801 4,921 1,003 1,172 Mar. 10 16,243 3,419 2,372 46 395 140 98 50 318 12,824 11,672 1,935 1,957 1,818 4,971 991 1,152 Mar. 17 16,415 3,449 2,347 46 454 142 97 45 318 12,966 11,779 1,964 1,960 1,856 5,001 998 1,187 Mar. 24 16,335 3,449 2,327 46 471 149 99 40 317 12,886 11,757 1,877 1,956 1,866 5,057 1,001 1,129 Outside New York City 1942—February.... 18,303 7,501 4,163 344 134 259 1,147 3 1,451 10,802 8,561 834 888 5,601 1,238 2,241 1942—October 22,434 6,623 3,726 227 115 232 1,115 2 1,206 15,811 13,635 1,745 1,860 1,967 7,119 944 2,176 November... 23,014 6-558 3,709 219 112 227 1,109 2 1,180 16,456 14,309 1,805 2,079 2,266 7,243 916 2,147 December... 23,829 6,473 3,647 208 129 220 1,102 7 1,160 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 February.... 25,312 6,168 3,483 184 118 192 1,082 18 1,091 19,144 17,024 2,404 3,039 2,259 8,398 924 2,120 1942—Dec. 30 .. 24,827 6,462 3,643 198 141 204 1,098 9 1,169 18,365 16,224 1,968 2,946 2,221 8,154 935 2,141 19*43—Jan. 6 24,844 6,366 3,618 189 127 203 1,095 1 1,133 18,478 16,359 2,119 2,942 2,216 8,164 918 2,119 Jan. 13 24,886 6,293 3,580 186 117 199 1,093 1 1,117 18,593 16,469 2,189 2,943 2,224 8,191 922 2,124 Tan. 20 25,058 6,252 3,552 184 118 198 1,089 1 1,110 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 1,104 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 Mar. 3 25.476 6,069 3,412 181 121 193 1,079 13 1,070 19,407 17,283 2,551 3,045 2,298 8,473 916 2,124 Mar. 10 25,618 6,069 3,432 180 114 193 1,078 6 1,066 19,549 17,436 2,622 3,077 2,299 8,516 922 2,113 Mar. 17 25,783 6,110 3,455 179 118 193 1,071 29 1,065 19,673 17,564 2,728 3,036 2,290 8,582 928 2,109 Mar. 24 25,669 6,044 3,427 175 117 193 1,070 10 1,052 19,625 17,532 2,575 3,051 2,303 8,669 934 2,093 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. 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 s B w F e R e a e r i r e a n t d v h - l k - e s v C a i a n u sh lt m b a w a n d e n o i c s t k - e t h , i s s c j m p u o a d s a d s e t n e i - - d t d s 1 s u p p v n h c a a o a i e o n i d l r r p r r d s - t a - - s , - - , S p s d s a t i o i a u c i n o l v t a b d i n e l i t - - s s - c C c h a o f e e e i e f n t e f r r c c d i d t s - k . i ' - s m U G e e . r o S n n v . - t - s u p p v n h c a a o a i e o i n d l r r p r r s d t - a - - , s - - , S p s d s a t i o i u a c i n o v l a t b d n i e i l - t - s s - p U m G o a e s in . a s o n e r S n g t v n d 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 - ts B d i a e t n b s k 2 tions tions Total 101 Cities 1942—February 10,223 540 3,280 24,714 24,343 1,799 552 1,460 5,010 185 20 9,017 97 637 1 3,927 8,713 1942—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 February 9,412 516 2,557 30,412 30,290 1,854 577 4,240 5,284 108 28 9,204 59 729 35 4,042 10,579 1942—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 Ian. 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 9,27 529 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 9,44 539 2,592 31,129 31,150 1,842 578 3,366 5,305 106 29 9,286 56 722 41 4,046 9,702 Mar. 3 9,35 502 2,572 31,305 31,162 1,858 668 2,964 5,333 105 29 9,453 56 734 29 4,053 12,302 Mar. 10 9,550 524 2,603 32,116 31,917 1,850 584 2,716 5,340 99 29 9,505 57 723 31 4,048 9,809 Mar. 17 9,78 544 2,723 32,385 32,338 1,855 668 2,778 5,333 97 29 9,800 58 743 66 4,052 12,150 Mar. 24 9,47 523 2,561 32,128 31,954 1,831 597 2,817 5,352 88 29 9,342 57 746 26 4,057 11,771 New York City 1942-February... 4,95 78 84 10,430 10,627 249 320 736 699 28 3,461 572 1,538 3,466 1942—October 3,62 80 30 11,095 11,279 306 270 1,051 642 15 3,127 611 4 1,555 3,784 November... 3,69 82 27 11,526 11,733 309 301 1,080 652 18 3,191 622 4 1,567 3,865 December... 3,93 86 29 10,949 11,283 229 290 2,915 637 15 3,174 650 3 1,568 4,794 1943—January 3,97 78 28 11,091 11,370 216 349 3,326 656 19 3,161 651 5 1,566 4,406 February 3,65 80 23 11,574 11,850 218 313 2,372 663 22 3,052 650 33 1,576 4,486 1942—Dec. 30 .. . 3,89 86 31 10,757 11,285 245 417 3,927 628 16 3,068 657 1,561 4,713 1943—Tan. 6 4,19 80 28 10,803 11,080 227 381 3,897 650 17 3,191 659 1,565 5,031 Tan. 13 3,97 80 27 10,970 11,254 217 307 3,420 649 17 3,142 663 1,566 4,150 |an. 20 3,88 74 30 11,161 11,443 213 270 3,070 659 20 3,147 644 10 1,567 4,364 Jan. 27 3,83 80 27 11,430 11,704 206 437 2,916 666 22 3,165 639 10 1,564 4,080 Feb. 3 3,77 76 23 11,373 11,578 229 324 2,976 671 21 3,084 660 10 1,575 5,800 Feb. 10 3,61 86 21 11,479 11,709 225 302 2,479 658 22 3,020 647 67 1,576 4,181 Feb. 17 3,63 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 Mar, 3 3,54 76 28 12,002 12,252 214 377 1,597 660 21 3,101 652 27 1,580 4,891 Mar. 10 3,544 82 24 12,356 12,640 197 297 1,453 673 16 3,146 643 30 1,577 3,942 Mar. 17 3,67 79 29 12,425 12,726 226 323 1,475 675 16 3,283 662 63 1,577 4,869 Mar. 24 3,653 78 42 12,562 12,811 224 304 1,483 678 19 3,079 664 23 1,578 4,808 Outside New York City 1942—February.... 5,268 462 3,196 14,284 13,716 1,550 232 724 4,311 157 20 5,556 97 65 1 2,389 5,247 1942—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 1943j—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 February 5,757 436 2,534 18,838 18,440 1,636 264 1,868 4,621 86 28 6,152 59 79 2 2,466 6,093 1942—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 Tan. 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. 30 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 tl 2,471 5,854 Mar. 3 5,809 426 2,544 19,303 18,910 1,644 291 1,367 4,673 84 29 6,352 56 82 2 2,473 7,411 Mar. 10 6,006 442 2,579 19,760 19,277 1,653 287 1,263 4,667 83 29 6,359 57 80 1 2,471 5,867 Mar. 17 6,110 465 2,694 19,960 19,612 1,629 345 1,303 4,658 81 29 6,517 58 81 3 2,475 7,281 Mar. 24 5,819 445 2,519 19,566 19,143 1,607 293 1,334 4,674 69 29 6,263 57 82 3 2,479 6,963 1 Demand aeposus omer i 2 Debits to demand deposil APRIL 1943 ZI 3 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 d F i e s d tr e i r c a ( t 1 l 9 a R 4 n 3 e d ) s e d r a v t e e m T l v o a o e i e n a n n t s d n - a t t - s l s Total C m t c d a r i o i u n i n e a m a s d - r l - l - , - , p O m k a p p a e e t r e n - r b o p r T s r o u o e k r c c c - a u h r r a r i s y ti i i e n n s g g e l R s o e t a a a n t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills f C ic i e o a n r f t - t e i s - Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Feb. 24 2,194 649 348 14 12 72 18 120 1,545 1,437 189 291 189 704 64 108 Mar. 3 2,189 638 345 13 12 72 12 119 1,551 1,442 188 292 191 707 64 109 Mar. 10 2,210 636 352 12 12 72 5 119 1,574 1,467 204 297 190 712 64 107 Mar. 17 2,240 657 353 14 12 72 23 119 1,583 1,476 196 297 193 724 66 107 Mar. 24 2,232 630 348 12 12 72 6 117 1,602 1,498 192 305 193 740 68 104 New York (8 cities) Feb. 24 17,397 3,841 2,497 489 186 182 39 402 13,556 12,286 1,838 2,141 1,928 5,349 1,030 1,270 Mar. 3 17,429 3,785 2,461 468 181 182 44 402 13,644 12,352 1,823 2,134 1,938 5,415 1,042 1,292 Mar. 10 17,672 3,755 2,508 399 172 183 50 396 13,917 12,646 2,059 2,135 1,956 5,466 1,030 1,271 Mar. 17 17,853 3,784 2,482 458 173 182 45 396 14,069 12,764 2,133 2,107 1,994 5,492 1,038 1,305 Mar. 24 17,685 3,785 2,463 476 180 184 40 394 13,900 12,667 1,971 2,096 1,997 5,562 1,041 1,233 Philadelphia (4 cities) Feb. 24 1,813 448 225 28 11 46 122 1,365 1,135 170 162 117 617 69 230 Mar. 3 1,835 439 217 26 11 46 123 1,396 1,167 196 167 118 617 69 229 Mar. 10 1,839 438 220 25 11 46 119 1,401 1,173 198 171 118 617 69 228 Mar. 17 1,865 447 230 26 11 45 119 1,418 1,190 208 176 118 619 69 228 Mar. 24 1,871 445 231 27 11 44 117 1,426 1,198 204 177 118 630 69 228 Cleveland (10 cities) Feb. 24 3,134 740 369 14 13 177 144 2,394 2,121 177 333 286 1,195 130 273 Mar.3 3,141 725 362 13 13 177 146 2,416 2,146 188 330 288 1,208 132 270 Mar. 10 3,162 729 367 12 13 177 146 2,433 2,163 195 336 288 1,211 133 270 Mar. 17 3,183 738 371 12 13 175 148 2,445 2,177 215 322 288 1,219 133 268 Mar. 24 3,198 729 370 13 13 174 146 2,469 2,201 226 320 291 1,232 132 268 Richmond (12 cities) Feb. 24 ,301 264 129 11 51 63 1,037 970 123 129 131 532 55 67 Mar. 3 ,309 263 129 3 11 51 62 1,046 979 126 133 131 534 55 67 Mar. 10 ,316 263 127 3 11 52 63 1,053 987 130 133 131 538 55 66 Mar. 17 ,322 260 126 3 11 51 62 1,062 996 140 132 131 538 55 66 Mar. 24 ,328 257 123 3 11 50 63 1,071 1,005 148 131 131 540 55 66 Atlanta (8 cities) Feb. 24 ,225 321 196 3 7 26 81 904 791 105 177 145 315 49 113 Mar.3 ,224 318 193 3 7 26 81 906 794 105 176 148 317 48 112 Mar. 10 ,231 315 190 3 7 26 81 916 804 112 180 146 318 48 112 Mar. 17 ,235 315 188 4 7 26 82 920 808 113 180 135 331 49 112 Mar. 24 ,243 311 186 4 7 26 932 819 116 183 145 326 49 113 Chicago (12 cities)* Feb. 24 6,240 216 842 35 44 138 120 5,024 4,458 676 924 573 2,052 233 566 Mar.3 6,290 191 825 36 44 138 116 5,099 4,524 738 924 573 2,056 233 575 Mar. 10 6,315 204 842 33 44 138 116 5,111 4,537 755 918 572 2,058 234 574 Mar. 17 6,325 202 843 32 44 137 115 5,123 4,549 773 905 570 2,066 235 574 Mar. 24 6,287 196 840 29 44 137 116 5,091 4,519 722 913 572 2,077 235 572 St. Louis (5 cities) Feb. 24 1,346 376 225 3 9 65 65 970 845 129 175 113 391 37 125 Mar. 3 1,379 374 223 3 9 66 64 1,005 884 166 176 112 393 37 121 Mar. 10 1,372 367 219 3 9 66 61 1,005 884 159 175 112 397 41 121 Mar. 17 1,377 365 219 3 9 66 59 1,012 891 161 177 110 401 42 121 Mar. 24 1,346 357 212 4 9 66 58 989 139 177 110 401 42 120 Minneapolis (8 cities) Feb. 24 768 191 114 4 15 55 577 537 113 104 58 242 20 40 Mar.3 770 189 113 4 15 55 581 540 115 104 58 243 20 41 Mar. 10 772 192 114 4 15 56 580 541 116 104 58 243 20 39 Mar. 17 776 193 116 4 15 56 583 542 114 104 58 246 20 41 Mar. 24 766 194 115 4 15 55 572 532 104 103 58 247 20 40 Kansas City (12 cities) Feb. 24 ,342 353 230 2 8 33 65 989 861 184 148 153 314 62 128 Mar. 3 ,341 353 231 2 7 33 65 988 860 180 149 159 317 55 128 Mar. 10 ,363 349 228 2 7 33 64 1,014 886 189 150 162 330 55 128 Mar. 17 ,366 352 230 2 33 64 1,014 887 185 150 161 336 55 127 Mar. 24 ,360 351 229 2 33 64 1,009 883 178 148 163 338 56 126 Dallas (9 cities) Feb. 24 ,028 285 207 2 12 19 44 743 684 108 120 105 307 44 59 Mar.3 ,033 288 209 2 14 19 43 745 686 108 120 106 308 44 59 Mar. 10 ,037 288 209 2 14 19 43 749 691 109 120 106 309 47 58 Mar. 17 ,040 288 209 2 14 19 43 752 694 110 123 105 309 47 58 Mar. 24 ,046 286 208 2 14 19 42 760 702 111 127 106 310 48 58 San Francisco (7 cities) Feb. 24 3,565 959 434 12 29 352 120 2,606 2,313 341 299 277 ,276 120 293 Mar. 3 3,530 954 428 15 29 351 118 2,576 2,283 311 296 277 ,279 120 293 Mar. 10 3,572 952 428 14 29 349 120 2,620 2,329 331 315 278 ,288 117 291 Mar. 17 3,616 958 435 15 29 347 120 2,658 2,369 344 323 283 ,302 117 289 Mar. 24 3,642 952 429 15 29 349 117 2,690 2,396 341 327 285 ,323 120 294 City of Chicago* Feb. 24 4,016 803 628 29 39 24 61 3,213 2,846 462 615 390 ,295 84 367 Mar. 3 4,052 779 611 31 39 23 58 3,273 2,894 510 616 389 ,294 85 379 Mar. 10 4,058 788 624 28 39 23 58 3,270 2,890 514 609 389 ,293 85 380 Mar. 17 4,079 786 623 27 39 23 58 .3,293 2,912 554 594 386 1,293 85| 381 Mar. 24 3,982 778 617 25 39 23 59 3,204 2,825 469 592 384 1,295 85 379 * 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. 3 xz 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 Reerves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 3 e d ) s e d r a v t e e w F e R e r i e a d th - l - C va i a n u sh lt m a w n d e i c o s t e - t h i s c p m o d a a d s e n i - - t d s u p v n a a i e d l r r s - t - , - S p a t o a n l t i d e t- s C a f e i n e r d t d i- U G . o S v . - p u v n a a i e r l d r s t - - - , S p a t o a n l t d i e t s - m U G e . o e r S n n v . - t - banks For- B r in o o g w r s - - c C o i a t u a c a p n - l - ts B d i a e ts n b 2 k serve sanks usted1 ships, ical offi- ern- ships, ical and eign Banks c a o n r d - d s i u v b i - - ch c e e c rs k ' s, ment c a o n r d - d s i u v b i- - po sa s v ta - l m D a e n - d Time banks pora- sions etc. pora- sions ings tions tions Boston (6 cities) Feb. 24 463 66 136 1,894 1,876 97 34 168 238 2 317 26 1 257 501 Mar. 3 470 65 131 1,896 1,882 97 28 147 238 " "i" 2 332 27 2 257 664 Mar. 10 477 65 128 1,940 1,917 98 26 133 239 2 328 27 1 257 507 Mar. 17 514 67 138 1,986 1,976 97 30 135 239 2 354 28 3 257 628 Mar. 24 497 62 133 1,960 1,931 105 29 136 240 2 342 28 3 258 664 New York (8 cities)* 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 Mar. 3 3,776 106 132 13,163 13,183 469 405 1,676 1,039 36 7 3,181 4 654 27 1,708 5', 273 Mar. 10 3,786 113 124 13,527 13,580 458 322 1,526 1,052 31 7 3,221 4 644 30 1,706 4,237 Mar. 17 3,919 112 136 13,615 13,691 475 359 1,549 1,055 31 7 3,360 4 663 63 1,706 5,221 Mar. 24 3,874 109 142 13,640 13,747 395 328 1,558 1,059 21 7 3,153 4 666 23 1,707 5,217 Philadelphia (4 cities) Feb. 24 433 29 116 1,573 1,567 101 11 109 166 2 367 7 220 401 Mar. 3 434 27 106 1,576 1,572 101 12 100 166 2 384 7 221 562 Mar. 10 448 28 108 1,607 1,596 101 13 91 166 2 382 ' "i" 6 221 436 Mar. 17 453 29 108 1,616 1,606 103 19 100 163 2 398 1 6 221 586 Mar. 24 437 28 102 1,602 1,568 120 14 107 164 2 387 1 6 220 519 Cleveland (10 cities) Feb. 24 796 67 327 2,541 2,576 116 36 119 735 22 539 16 2 413 663 Mar. 3 837 65 323 2,580 2,592 121 38 105 736 21 556 16 2 413 853 Mar. 10 849 66 320 2,628 2,631 124 33 97 736 21 547 16 2 413 628 Mar. 17 880 70 338 2,672 2,705 118 38 98 735 21 571 16 2 413 817 Mar. 24 839 69 319 2,663 2,671 119 36 98 737 21 533 16 2 414 774 Richmond (12 cities) Feb. 24 309 35 184 1,008 982 94 14 70 208 2 6 412 5 1 107 298 Mar. 3 315 32 177 1,006 972 97 19 65 209 2 6 422 5 1 106 358 Mar. 10 344 33 181 1,038 1,003 94 19 61 209 2 6 436 5 1 103 293 Mar 17 340 34 194 1,044 1,008 93 29 62 209 2 6 442 5 1 107 359 Mar. 24 299 35 185 1,013 983 93 19 63 209 2 6 429 5 1 107 357 Atlanta (8 cities) Feb. 24 293 24 185 856 839 114 7 85 204 3 2 498 1 3 103 293 Mar. 3 306 20 191 870 836 114 9 75 205 3 2 506 1 3 103 332 Mar 10 301 23 204 880 858 113 8 70 205 3 2 520 1 3 103 279 Mar 17 310 23 212 890 870 113 10 72 205 2 1 527 1 4 103 348 Mar. 24 292 24 196 886 843 119 10 74 206 2 1 501 2 4 104 334 Chicago (12 cities)* Feb. 24 1,498 101 458 4,740 4,661 372 59 474 1,023 3 7 1,625 6 14 456 1,593 Mar. 3 1,404 91 465 4,733 4,633 380 53 423 1,024 3 7 1,633 6 14 458 1,974 Mar. 10 1,451 95 455 4,850 4,728 377 55 391 1,024 3 7 1,614 6 14 458 1,555 Mar. 17 1,465 104 476 4,839 4,740 373 73 403 1,023 3 8 1,660 6 13 457 1,870 Mar. 24 , 1,424 90 391 4,715 4,572 392 66 420 1,027 3 8 1,584 6 13 457 1,868 St. Louis (5 cities) Feb. 24 305 18 129 895 921 69 9 60 194 1 558 104 275 Mar. 3 276 16 126 901 920 67 9 57 195 1 554 104 343 Mar. 10 '.[ 301 18 127 922 938 68 8 53 196 1 557 104 268 Mar. 17 299 18 129 921 945 69 8 54 196 1 561 104 332 Mar. 24..!.'."".".'." 293 18 132 904 927 67 9 57 196 1 541 1 104 327 Minneapolis (8 cities) Feb 24 162 10 76 548 531 67 7 49 113 241 2 1 69 153 Mar". 3.'.'.'.'.'.'.'.'.'.'.'.'. 172 9 76 553 534 69 7 44 113 251 3 1 69 220 Mar 10 179 9 83 566 527 70 23 40 113 258 3 1 69 225 Mar! 17'.'.'.'.'.'.'.'.'.'.'.'. 168 10 86 555 520 74 11 45 113 261 3 1 69 203 Mar. 24 164 10 83 550 512 80 8 41 113 253 3 1 69 187 Kansas City (12 cities Feb. 24 362 19 329 982 987 119 17 73 146 1 743 5 117 351 Mar. 3 362 17 315 966 958 123 19 67 146 1 749 5 117 435 Mar. 10 375 19 312 1,010 981 125 17 63 147 1 742 5 117 339 Mar. 17 366 19 326 1,012 1,004 124 17 64 147 1 745 6 117 418 Mar. 24 353 20 309 991 981 124 16 65 147 1 730 5 118 395 Dallas (9 cities) Feb. 24 290 20 288 903 899 74 16 74 129 7 2 440 2 95 262 Mar. 3 288 19 280 908 905 80 21 67 129 7 2 436 2 95 271 Mar. 10 303 18 293 934 911 81 14 62 129 7 2 446 2 95 285 Mar. 17 309 19 308 943 937 76 20 65 129 6 2 460 2 95 294 Mar. 24 293 20 290 934 920 75 15 65 130 7 2 440 2 95 291 San Francisco (7 cities Feb. 24 702 36 242 2,198 2,236 141 41 148 1,109 28 431 17 22 402 744 Mar. 3 711 35 250 2,153 2,175 140 48 138 1,133 28 449 16 23 402 1,017 Mar. 10 736 37 268 2,214 2,247 141 46 129 1,124 28 454 16 23 402 757 Mar. 17 758 39 272 2,292 2,336 140 54 131 1,119 28 461 16 23 403 1,074 Mar. 24 707 38 279 2,270 2,299 142 47 133 1,124 28 449 15 22 404 838 City of Chicago* Feb. 24 909 43 161 2,874 2,882 170 33 343 463 2 1,160 12 298 969 Mar. 3 851 40 167 2,889 2,876 175 29 303 463 2 1,166 12 300 1,149 Mar. 10 878 41 164 2,956 2,937 172 26 278 463 2 1,153 12 300 879 Mar. 17 859 42 161 2,907 2,901 167 30 284 463 2 1,193 11 297 1,149 Mar. 24 872 35 122 2,812 2,798 170 24 298 463 2 1,143 11 298 1,105 * 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. APRIL 1943 32-3 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 I cial End of month I paper Total Accepting banks Goods stored in or { I sta O n U d V i ng 11 sta o n u d t i ng Total O bi w lls n b B ou il g ls ht Others2 I U m S i n t n p a i t o t t o e e r d s ts E U S x f n t r p a o i t o t m e e r s d ts ex D c o h l a l n ar ge U sh n i i p te p p d o ed in t b s e F i t n w or e e e ig n n States countries 1941—November.. 387 194 144 93 51 50 116 14 48 12 December.. 375 194 146 92 54 49 116 15 48 11 1942—January 381 197 154 103 52 43 116 17 51 11 February... 388 190 144 92 53 46 112 18 44 13 March 384 183 146 89 57 37 103 17 45 16 April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 June 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 45 11 August 297 139 108 71 37 31 78 41 11 September. 282 123 97 64 33 26 66 6 41 10 October.... 271 119 94 63 31 25 60 6 40 12 November . 261 116 90 61 29 26 57 6 39 12 December. 230 118 93 60 34 25 57 9 38 14 1943—January 220 120 95 60 35 24 57 12 38 12 February... 209 127 102 64 38 25 60 14 41 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 balmces in millions of dollars] Debit balances Credit balances End of month Debit Debit cre C d u it s b to a m la e n r c s e ' s1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in nd v e t s r t a m d e in n g t a in nd v e t s r t a m d e in n g t a b n a d n k i s n borrowed2 Free Other I i n n v p e a s r tm tn e e n r t s' accounts accounts (net) an a d c c t o r u a n d t i s ng an ac d c t o r u a n d t i s n g! i "* l % ne * i; £* 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940-June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—January 547 8 74 219 308 274 72 18 6 209 February 534 8 74 203 307 262 66 18 5 206 March 531 8 70 195 306 249 67 16 4 201 April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 August 6490 c300 *240 September e500 e310 e240 October e510 e310 e250 November e520 e320 e250 December 543 7 154 160 378 270 54 15 4 182 1943—January e540 c290 e280 February e55O e320 c310 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual.Report for 1937 (table 69). 32.4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. mo Y w n e e th a e , r k , or m m 4 p P - c o a e r o n i t p r m o m c t e h i r - 6 e a s , - l i a b a P d c n a e r a c 9 r i c n y s e m 0 e k ' p s s e - l t , - c S l h n c a o e t r a e o a l e x a n w - c l n - l g k - e m b G i o 3 l o - l n s v t 3 h ern d m 9 c m o e - c e e b t f r a o n o t t t n i t i e e f n t d 1 i s h s - - 2 - e - cu 3 t - a r n y i x o t t e o i a t a e e b r s s 5 l - e [Per c 1 e T n 9 t o c t p i a t e i l r e s annu Y N m C o e i ] t w r y k e E 7 N r c a n o i O s t r i t t a t e e h h n s r e - n d r 1 W e 1 r c n e S it s o i a t e u e n s r t d n hness 1934 average1 3.45 2.45 3.71 4.32 1935 average^ 2.93 1.76 3.39 3.76 1 1 1 9 9 9 4 4 4 1 0 2 a a a v v v e e e r r r a a a g g g e e e . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 1 32 1 0 6 4 3 1. . 1 7 3 6 1 1 1 9 9 9 3 3 3 7 8 6 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 . . . 6 5 5 8 9 3 1 1 1 . . . 7 6 7 2 9 3 3 2 2 . . . 0 8 7 4 8 5 3 3 3 . . . 4 2 2 0 5 6 1942—February .. .44 1.00 .250 .93 1939 average 2.78 2.07 2.87 3.51 March .44 1.00 .212 .93 1940 average 2.63 2.04 2.56 3.38 April .44 1.00 .299 .98 1941 average 2.54 1.97 2.55 3.19 May .44 1.00 .364 1.03 1942 average 2.61 2.07 2.58 3.26 June .44 1.00 .363 1.15 1939—March 2.95 2.13 3.05 3.77 July .44 1.00 .368 1.20 June 2.91 2.15 3.05 3.62 August.. .. .44 1.00 .370 1.25 September 2.68 2.04 2.78 3.31 September. .44 1.00 .370 .76 1.27 December 2.59 1.96 2.59 3.32 N O D o c e v t c o e e b m m e b r b . e e r r . . . . . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 6 1 2 3 . . 8 7 0 5 1 1 1 . . . 3 2 2 4 8 8 1940— J S M u e n p a e r t c e h mber 2 2 2 . , . 5 6 6 9 5 8 2 2 2 . . .1 0 0 4 0 3 2 2 2 . . . 4 6 5 9 7 6 3 3 3 . . . 3 3 4 8 5 3 1943—January... .44 1.00 .367 1.29 D e c e m b e r . . .. 2.59 2.00 2.53 3.36 February... .44 1.00 .372 1.24 1941—March.... 2.58 2.06 2.53 3.25 Week ending: June 2.55 1.95 2.58 3.23 M M Feb a a . r r . . 2 6 1 7 3.. .. I He 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 6 7 7 9 1 3 5. • . 7 7 5 7 5 3 1 1 1 . . . 2 2 2 5 5 5 1942— D S M e e p a c t r e e c m m h b . b . e . e r r 2 2 2 . . . 4 6 4 1 0 8 1 1 1 . . . 9 8 8 8 8 5 2 2 2 . . . 4 6 4 5 2 8 3 2 3 . . . 2 9 2 9 9 0 Mar. 20 1.00 .373 .75 61.39 June 2.62 2.07 2.56 3.34 Mar. 27 1.00 .374 .74 1.39 September 2.70 2.28 2.66 3.25 December 2.63 2.09 2.63 3.26 1 Monthly figures are averages of weekly prevailing rates. 1943-March.. ^2.77 2.36 2.76 "3.25 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to ^Preliminary. March 1941; taxable bills thereafter. l Prior to March 1939 figures were reported monthly on a basis not strictly 4 Average for Aug. 15 to 31. comparable with the current quarterly series. 8Number of issues included decreased from 2 to 1 on March 1. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description 6 Number of issues included decreased from 2 to 1 on March 15. and for back figures. 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 Munic- Corpo- Year, month, or week ipal rate By icitings By groups (high (high- Partially grade)3 grade)4 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—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 February 2.06 2.32 2.22 2.68 3.23 2.77 2.89 3.17 4.08 2.88 3.78 3.02 Week ending: 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 Mar. 6 2.06 2.33 2.21 2.71 3.21 2.77 2.89 3.16 4.02 2.88 3.74 3.01 Mar. 13 2.07 2.34 2.22 2.70 3.21 2.77 2.88 3.15 4.02 2.88 3.74 3.01 Mar. 20 62.09 2.33 2.22 2.70 3.20 2.76 2.88 3.14 4.02 2.87 3.73 3.00 Mar. 27 2.09 2.33 2.21 2.69 3.20 2.76 2.88 3.14 4.01 2.87 3.72 3.00 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. 6 Number of issues included decreased from 4 to 3 on March 15. Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin oj the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. APRIL 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices^ Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U. S. Munic- ing? Gov- ipal Medium and lower-grade Pre- in thoum er e n n - t2 g ( r h a i d g e h )3 H gr i a g d h e - Total 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 fau D lt e e - d ferreds 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 s a h n a d r s e s o ) f Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average. 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1942—February 108.9 122.6 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 March 110.2 122.2 116.7 98.8 106.1 88.6 101.8 27.6 159.8 66 67 65 61 363 April 110.5 124.5 117.8 99.3 107.1 88.4 102.3 26.7 154.8 63 65 61 57 336 May 110.7 124.5 117.7 98.9 107.4 87.1 102.2 26.4 156.3 63 65 60 57 323 June 110.7 125.7 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 68 59 59 316 July 110.2 126.7 118.9 98.9 108.4 83.9 104.5 25.5 162.0 68 71 63 58 346 August 109.9 127.6 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September 109.8 128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October 109.5 128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November 109.4 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December 108.9 127.8 118.9 103.6 115.3 86.5 109.1 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 31.7 168.0 80 82 74 69 823 February 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 Week ending: 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 Mar. 6 109.4 128.8 119.8 107.5 116.2 94.3 111.9 36.5 172.0 87 90 86 77 1,732 Mar. 13.. 109.2 128.6 119.8 107.8 116.6 94.8 112.0 38.1 171.6 87 89 84 77 1,449 Mar. 20 8108.9 128.6 119.8 107.9 116.7 95.1 112.0 40.4 171.2 87 90 85 75 1,125 Mar. 27 108.9 128.8 119.7 108.4 117.0 96.1 112.3 42.9 171.6 88 91 85 76 1,531 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 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues included decreased from 4 to 3 on March 15. 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] For 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 d e i o n g o s 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 p o o n n o t d e d r s a s te Stocks m e ( a f e i d o n g s o r d n t - - i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d n s l - 1 - Total C B o n a r o o n p n t d o e d s r 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 "si" 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 4 5 , , 8 5 0 4 3 6 2 1 , , 8 95 5 1 4 2 1 , ,9 8 4 5 8 2 5 7 1 5 8 1 1,2 4 7 6 2 1 1,0 7 6 3 2 6 6 8 0 8 1 9 1 1 3 7 5 3 2 1 2 2 , , 8 6 5 9 2 3 2 2 , , 6 8 8 5 9 2 4 43 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 2,109 1,069 1,069 342 108 618 500 118 1,040 1,040 181 440 418 410 8 1942—February.... 180 123 123 30 37 56 37 19 57 57 11 27 19 19 March 197 110 110 22 9 79 62 18 88 88 27 21 39 39 April 266 159 159 52 10 97 91 6 107 107 8 81 19 19 May 182 130 130 23 3 104 94 10 52 52 8 39 6 6 June 201 97 97 18 2 77 69 8 105 105 15 28 62 55 7 N O J S A u e c o u l p t y g v o t u e e b m s m e t r b b e e r r .. . . . 1 1 1 1 9 0 4 6 1 8 0 2 2 5 1 4 4 2 2 0 1 5 8 9 3 1 4 4 2 2 0 1 5 8 9 3 4 2 1 1 5 6 7 1 7 "i 3 i" 5 2 2 5 9 8 2 8 5 2 1 5 7 7 8 * ""2" 1 2 0 1 6 5 5 8 0 9 5 9 7 2 1 5 6 8 5 0 5 9 7 9 2 3 1 1 3 7 7 2 0 3 4 5 3 1 1 6 0 2 8 3 4 3 1 0 4 6 3 4 4 3 3 1 4 0 6 3 3 December... 145 37 37 9 17 11 9 2 108 108 9 34 65 65 1943—January 176 7 7 4 .3 3 170 80 45 27 8 8 90 February.... 102 58 58 47 11 11 44 44 11 32 2 2 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). 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 Estimated Estimated Year or month gross net New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W ca o p r i k t i a n l g 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 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71"" 170 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49) 1937 2,310 2,239 991 574 417 1,100 911 190 111 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,008 987 441 268 173 380 352 28 133 35 1941-March 262 258 68 56 12 172 163 9 14 April 184 181 42 26 17 132 110 21 2 5 May 269 262 67 54 13 189 188 1 6 June 250 246 87 75 12 142 131 10 16 "l" July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 "5" September 182 180 27 17 10 150 148 2 3 October 204 201 91 64 27 92 91 1 14 5 November 155 152 92 61 31 37 37 1 22 December 144 142 57 36 21 62 52 10 17 "6 1942—January 164 161 71 38 33 80 81 9 February 78 76 40 34 5 23 12 11"" 2 11 March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 M Ju a n y e 1 1 2 4 6 2 1 1 2 3 4 9 5 7 9 2 5 2 7 7 3 1 3 5 1 6 1 0 5 1 5 1 5"" 5 5 3 2 1 July 53 52 14 11 3 29 29 8 A Se u p g t u e s m t ber 8 6 9 2 8 6 8 0 3 2 9 3 3 8 3 1 6 5 3 2 4 8 3 2 4 6 2 '" 3 1 1 8 2 October. 18 17 2 2 1 15 15 November 27 27 2 2 24 24 December 26 26 8 7'"" 1 17 13 4"" 1943—January 9 8 1 1 6 6 2 February 49 49 12 io"•'" 2 34 34 3 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 securiceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 ,250 30 1,190 30 774 74 550 150 122 46' "•72" 4 1936 774 139 558 77 L,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1.340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 441 135 279 27 497 272 85 140 2 2 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 8 8 May 45 45 141 6 134 1 76 16 54 6 i" June 58 51 7 113 12 97 4 75 24 38 13 July 23 23 39 13 26 48 9 29 10 10 6 1 2 N O D A Se o c e u p t c v g o t e e u e b m m m s e t b r b b e e e r r r • 4 2 2 24 2 5 8 1 2 2 2 1 8 7 4 1 •"35 4 " 3 1 0 5 6 1 7 7 9 2 4 9 1 4 3 1 6 3 6 8 1 1 1 4 6 0 6 1 6 3 6 9 1 ""2" 1 5 1 2 8 4 7 2 7 5 6 6 3 5 2 4 4 2 1 2 9 1 5 3 4 2 1 1 9 0 4 3 5 2 1 1 6 1 1 4 4 2 6 6 6 2 1 1 4 1 1 0 1 2 2 •••• 5 5" 1942—January 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 6 48 8 40 46 25 6 15 April 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 June 9 3 6 69 17 49 3 61 51 6 4 1 i July 2 2 3 2 1 46 9 29 8 August 2 2 68 34 34 18 4 15 N D O Se o e c p c t v o t e e e b m m m e b r b b e e e r r r 9 4 1 4 1 9" 4 1 1 = 4 3 9 ; 3 7 2 1 1 2 8 4 7 •••9" 1 1 3 5 5 2 1 2 2 2 4 1 3 1 0 " 1 1943—January 8 1 6 2 February " 8 ••••-• 39 ""2" "'34. ""3" 2 2 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. Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. APRIL 1943 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 P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a r t n e o d e n l c M h er i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a u e o r h n t n i n e a p s t r - - - f m p N e u a r r e o c r n o t o t n d a d s u - l - s s O d g b o u t l h o r e a d e - r s t F b o a a e o b g n v o a e d e d c s r s c , - , o p r a e i O r n n f o i i g d d n l , - c I h n c tr e a d i m l u a s l s i- - O d g n o u b o th o r l n e a d e - - r s c n s M e i e e c l o r e i l v u s a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d iden C m d o o s m n - Number of companies 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941. 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,806 r224 r160 (10) (10) 138 91 149 150 r164 140 177 885 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 3 467 51 36 46 858 34 22 42 42 41 35 59 218 21 126 4 546 r70 r51 (10) (10) tt 31 43 47 r49 39 53 289 23 158 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r n g a u t e - i I b n n e t c c a f o o o x m r m 4 e e e All r N o e a t d s inc I o n m r s o o e a l 1 d v s e 6 nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n e c c f o o o m m re e e inc N o e m t e1 d D en iv d i s - 5 r O e p v i e e n n r g a u t e - in N co e m t e1 d D e i n v d i s - Number of companies.... 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 672 502 24 186 799 202 133 115 1,235 178 172 1942... 7,466 1,718 959 173 196 850 228 120 1,365 161 163 Quarterly I939—1 898 -38 -43 (7) 21 175 46 39 19 259 44 42 2 906 -43 -47 (7) 23 166 37 32 19 267 49 42 3 1,058 68 58 (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 S3 25 19 336 48 42 3 2,047 556 283 60 34 208 r57 28 19 344 46 39 4 2,139 594 387 64 98 224 56 35 19 360 920 38 T Revised. 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. 10 Preliminary figures for automobiles and other transportation equipment combined: fourth quarter, 1942, $128,000,000; year, 1942, $411,000,000. 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. 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e e r r t r e b i a e c n t l s t g t- Total2 Tre b M a il s l a u s r r k y eta i b n c C l d a e n e e t r e e b t p s s i t s u f e o i b d - f l - ic T is r n s e u o a e t s e s u s 1 ry Tr b e o a n s d u s ry N T o o n t m al a 2 rket s a a b U b v o l . i n e S n d . g s p s ubl T t i a c r x e a i n s s o s u u t r e e y s s S i p ss e u c e ia s l i m b n e d t N a e e r r b o i e n t n s g - t- s g e t b t e c u e e F e u a r a d u r e r r i l a i s i t l n t n n i y - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 "2,47l" 6,982 487 6,317 1942—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 Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 1,173 4,275 1 Including amounts held by Government agencies and trust funds, which aggregated $2,878,000,000 on Jan. 31, and $2,804,000,000 (preliminary) on Feb. 28, 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, FEBRUARY 28, 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 19 o 4 n 3 d -4 s 71 454 Tr S e e a p s t u . r 1 y 5 , n 1 o 9 t 4 e 4 s—Continued 283 at m e o n n d th 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 D A e p c r. . 1 1 5 5 , , 1 1 9 9 4 4 4 4 - - 4 5 6 4 1 1 , ,0 5 3 1 7 9 M M a ar r . . 1 1 5 5 , , 1 1 9 9 4 4 5 5 16 7 0 1 6 8 1941—May 4,008 237O 101 38 211 14 Sept. 15, 1945-47 1,214 Dec. 15, 1945 531 June 4,314 315 103 29 183 15 Dec. 15, 1945 541 Mar. 15, 1946 503 July 4,649 342 145 27 170 18 Mar. 15, 1946-56 489 Dec. 15, 1946 3 261 Aug 4,908 266 118 20 128 13 J O J u u c n n t e . e 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 6 6 - - - 5 4 4 2 9 8 1,0 8 7 3 1 5 6 9 9 Ce M rt a , y o 1 f , i 1 n 9 d 4 e 3 btedness. 1506 S O N e c o p t v t . . 5 5 5 , , 1 3 6 3 9 2 2 4 0 2 2 2 3 3 7 2 4 1 1 1 1 0 1 2 5 0 3 2 1 1 3 9 8 1 1 1 0 2 0 9 5 5 1 1 1 4 3 4 M M J D S u e e a a n p c r r e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 8 7 8 8 8 - - 5 5 0 1 3 1 1 , , , 1 0 2 4 7 1 2 6 5 0 5 3 2 1 1 Tr N A D F e e u a o e b c g s v u . r 1 1 1 1 y , 1 1 1 1 9 9 b 9 9 4 4 i 4 4 4 3 l 3 l 3 s 3 2 2 1 0 8 6 2 3 0 0 1 5 0 9 1 1942— F M D Ja e a e n b r c 8 6 7 7 , , , , 4 1 1 8 3 4 9 9 0 8 6 3 1,0 5 5 7 6 5 2 0 1 8 9 3 3 3 3 6 3 6 9 4 8 7 8 1 4 3 5 7 1 3 2 8 3 1 2 1 1 5 7 5 6 4 9 3 2 1 1 1 2 6 5 6 Dec. 15, 1948-50 571 Mar 3 1943 503 Apr 8,951 531 327 40 164 21 June 15, 1949-51 1,014 Mar 10 1943 505 May 9,569 634 422 43 170 22 Sept. 15, 1949-51 1,292 Mar 17 1943 601 Tune 10,188 634 433 41 160 23 Dec. 15, 1949-51 2,098 Mar 24 1943 601 July 11.078 901 508 74 319 25 Dec. 15, 1949-52 491 Mar 31 1943 603 Aug 11,751 697 454 52 191 32 Dec. 15, 1949-53 1,786 Apr 7 1943 600 Sept 12,479 755 510 61 184 34 Mar. 15, 1950-52 1,963 Apr 14 1943 602 Oct. 13 381 935 665 61 210 40 Sept. 15, 1950-52 1,186 Apr. 21, 1943 702 Nov 14,079 735 542 45 148 43 June 15, 1951-54 1,627 Apr. 28, 1943 702 Dec 15,050 1,014 726 66 222 55 Sept. 15, 1951-55 755 May 5 702 Dec. 15, 1951-53 1,118 May 12 708 1943—Jan 16,246 1,240 815 77 348 63 Dec. 15, 1951-55 510 May 19 703 Feb 17,067 887 634 48 205 76 Mar. 15, 1952-54 1,024 May 26 701 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 2 3 - - 5 5 5 5 1,5 7 0 2 1 5 Total direct issues 78,726 1 At current redemption values except Series G, which is stated at par. June 15, 1954-56 681 Guaranteed securities Difference between "Funds received" and month to month changes in Mar. 15, 1955-60 2,611 Commodity Credit Corp. "Amounts outstanding" represents the difference between accrued increases Mar. 15, 1956-58 1,449 May 1, 1943 289 Sept. 15, 1956-59 982 Feb. 15, 1945 412 in redemption values and redemptions of bonds during the month. June 15, 1958-63 919 Fed. Farm Mortgage Corp. 2 Includes series D not shown separately; this series has not bbe<een sold D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 0 2 - - 6 6 5 7 2 1, , 4 1 8 1 5 8 M M a ay r. 1 1 5 5 , , 1 1 9 9 4 4 4 4 - - 4 6 9 4 8 9 3 5 5 since April 1941. Dec. 15, 1963-68 2,831 Fed. Public Housing Sept. 15, 1967-72 2,716 Authority Postal Savings bonds.. 117 Feb. 1, 1944 114 Conversion bonds 29 Home Owners' Loan Corp Panama Canal loan 50 May 1, 1944-52 779 Treasury notes June 1, 1945-47. 755 Mar. 15, 1943 66 Reconstruction Fin. Corp. June 15, 1943 629 July 15, 1943 324 Sept. 15, 1943 279 Apr. 15, 1944 571 Dec. 15, 1943 421 Federal Housing Admin. Mar. 15, 1944 515 Various 222 June 15, 1944 416 Total guaranteed issue 4,196 1 Called for redemption on June 15, 1943. 2 Amount for January shown in March BULLETIN should be $21,000,000. 319 APRIL 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 Total ernment aerencies Held interest- and trust funds Other investors End of month se b c e u a r r i i t n ie g s S is p s e u c e i s al P is u s b u l e i s c F R B e e a d s n e e k r r s a v 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 i e a - s r l M sa b v u a i n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M a a b rk le et- m N a a r o b k n le e - tissues issues 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 3r100 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 July 81,245 8,125 2,741 3,153 67,226 25,930 2,500 4,010 9,000 11,600 14,200 August 85,811 8,262 2,884 3,426 71,239 27,600 2,640 4,130 9,600 12,100 15,200 September 90,399 8,509 2,900 3,567 75,423 29,750 2,820 4,200 9,700 12,700 16,300 October 96,509 8,585 2,922 4,667 80,335 32,020 3,180 4,280 9,800 13,000 18,100 November 99,702 8,787 2,922 5,399 82,594 33,380 3,290 4,180 9,600 12,600 19,500 December 111,591 9,032 3,207 6,189 93,163 37,546 *>3,75O H, 560 11,000 p15,200 21,100 1943—January 114,301 9,172 3,195 5,969 95,965 p39,060 p3,850 2*4,640 11,100 ^14,700 22,600 p Preliminary estimates. i 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- Total m er e n n - t F er e a d l - Com- M tu u al - [nsur- Total m er e n n - t F e e ra d l - Com- M tu u al - Insurt i a n n g d- a c a g i n e e d n s - i s a R e n r e v - k e s m ba e n rc k i s a 1 l ) i s a n a n g v k s - s p a c a o n n m c i e e - s Other st o i a n u n g t d - - a c a g i n e e d n s - B s R e a r n e v - k e s D m c a i e n a r k l - sb s i a n a n g v k s - sp a c a o n n m c i e e - s Other trust trust funds funds Totals Treasury bonds: 1941—June 4,072 2 360 2 184 19 014 3 342 6 841L0 332 Total: Dec. 47,878 2,547 2,254 20,589 3,641 7,85810,990 1941—June 30,215 2 015 1,359 10,851 2,895 5 983 7,112 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 Dec 33,367 2,182 1,462 12,174 3,197 6,836 7,517 Sept 64,916 2 877 3 567 30 707 4 114 9,513 14 138 1942—June 38 085 2 321 1 61714,828 3 442 7 766 8 110 Oct 69,204 2,993 4,667 33 084 4,199 9,62614,634 Sept 41,418 2 456 1,713 16,433 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 3573 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 1943—Jan 81,691 3,189 5,969 40,281 4,519 10,80616,927 Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Treasury bills: 1943—Jan. 49,273 2 736 2.63719,760 4 080 9 98110 079 1941—June 1,603 1,112 23 10 459 Maturing within 5 years: Dec. 2,002 10 1,037 34 210 710 1941—June 3,508 291 1,370 197 526 1,124 1942—June 2,508 243 1,557 28 91 590 Dec 3,461 289 1,398 191 531 1,053 Sept 4,619 1 657 2,884 17 123 937 1942—June 3,915 336 1,599 224 581 1,173 Oct 5,126 2 481 3 468 18 126 1,031 Sept. 5,129 472 2,137 274 781 1,464 Nov 5 721 c 383 4 216 14 93 1 010 Oct 5 129 528 2,100 264 771 1 465 Dec. 6,627 11 1,010 4 497 10 26 1,073 Nov 5 129 610 2,071 254 748 1 445 1943—Jan 7,423 9 689 5,568 21 45 1,091 Dec 5,830 754 2,565 253 726 1,531 Certificates: 1943—Jan 5,830 757 2,577 248 726 1,521 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: Sept 6,211 19 504 3,978 92 271 1,346 1941—June 7,585 776 3,367 718 1,236 1,489 Oct 6,211 22 726 3 782 90 265 1,326 Dec 7,584 757 3,452 685 1,257 1,432 Nov 7 161 16 1 187 4 389 99 114 1 356 1942—June 9,436 846 4,959 750 1,347 1,536 Dec. 10,534 17 1,041 6,470 129 180 2,696 Sept 11,506 916 6,446 932 1,458 1,756 1943—jan 10 741 19 1 317 6 594 136 157 2 518 Oct. 14,229 1 284 7,717 1 110 1 710 2,409 Treasury notes: Nov 14,229 1,439 7,676 1,084 1,736 2,293 1941—June 5,699 45 820 2,931 191 259 1,452 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Dec 5,997 53 777 3,246 166 265 1,490 1943—Jan 17,081 1,251 9,536 1,145 2,124 2,737 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Sept 7,958 75 678 4 507 181 276 2,241 1941—June 16,719 2 091 5,549 1,856 3 191 4,036 Oct 10 095 79 1 297 5 830 204 295 2 391 Dec 17 253 2 116 6 044 1 856 3 309 3 924 Nov 10,095 85 1,343 5,828 196 290 2,354 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 Dec 9,863 92 1,324 5,670 167 282 2,327 Sept 17,545 2,061 6,596 1,854 3,163 3,871 1943—Jan 9,863 81 1 275 5,698 174 294 2,341 Oct 16,786 2 124 6,310 1 756 3 037 3 558 Guaranteed securities: Nov. 16,786 2,133 6,377 1 712 2 990 3,581 1941—June 6,360 268 4,107 233 589 1,158 Dec 16,295 2,165 6,240 1,580 2,778 3,531 Dec 6,317 280 4,119 243 547 1,123 1943—Jan 16,295 2,090 6,364 1,555 2,756 3,529 1942—June 4,549 28] 2,847 148 433 835 Maturing after 20 years: Sept 4,515 293 15 2,893 132 369 814 1941—June 2,404 219 566 126 1,029 465 Oct 4 195 304 17 2 637 122 349 Dec. . . 5,070 482 1 282 462 1 737 1 107 Nov 4,195 310 22 2,660 116 338 750 1942—June 6,002 593 1,258 512 2,326 1,315 Dec 311 37 2 665 108 333 743 Sept. 7 238 721 1 253 631 3 073 1 560 1943—Jan 4* 196 311 50 2,650 108 329 748 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 1943—Jan 10,069 1,004 1,284 1,131 4,356 2,293 * 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. 1 On Jan. 31, 1943, commercial banks reporting to the Treasury held $13,729,000,000 of United States Government securities due or callable within one year out of a total of $22,145,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and pre-war bonds not shown separately below. 33° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period c I o n m - e i c n n M e e t l o i e l s a 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- T f t e r r r a u s n s s t t o - Other g T e b o t u t d a e - l x- Deficit* Tr a u c- st C G h e i r a e n a n n l g - e cre I in n a - se taxes1 nal ity ceipts ceipts2 on ties ac- pendi- etc.s' Fund gross reve- taxes debt counts, tures bal- debt nue1 etc. ance Fiscal vear ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 +742 5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,59* -3,506 +358 23,461 1942 —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 3,421 +12( -234 -69 39 April 335 305 43 49 732 695 77 3,238 48 390 3,753 -3,058 -126 -642 2,542 May 216 270 222 56 764 563 19 3,560 375 3,953 -3,391 -257 -39 3,609 Tune 2,086 298 42 67 2,494 2,492 390 3,829 1 310 4,530 -2,03' -1,635 +179 3,852 Tulv 273 416 53 52 794 747 35 4,498 249 378 5,160 -4,4L -4 +296 4,714 .'"v 155 362 232 48 797 587 7 4,884 19 305 5,215 —4,62? -54 -134 4,549 ASeupgtuesmtber. .. 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 -3,40^ -245 +1,148 4,798 October 206 350 48 45 648 607 70 5,481 56 330 5,937 -5,33 -496 +594 6,420 November.... 199 337 248 45 830 601 28 i,042 3 291 6,363 -5,76 -f-736 -1,814 3,212 December 1,972 630 50 50 2,702 2,701 353 ,825 25 297 6,500 -3,79( -794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 i,947 35 337 6,372 -5,58 -135 -2,819 2,899 February 380 352 343 115 1,190 955 35 i,770 2 312 6,119 -5,16 -122 -2,331 2,954 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 check- Total ing ac- De- De- liabilic N e r i e e p - t ts I m nv e e n s t t s - p t e E u n r x e d - s i- c G a o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - t 3 I m nv e e n s t t s - p t E e u n x r d e - i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o e p i s n c o i i s t a s i l - O as t s h e e t r s ties Total W a b i n o n a c r g l 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—February 383 177 59 35 50 5 44 3,867 748 2,054 1,064 305 3,562 2,802 March 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 2,732 April 112 15 59 189 73 9 39 3,216 522 1,579 1,115 365 2,851 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 1,162 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 2,525 August 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 2,392 September... . 30 214 45 25 83 37 37 4,688 1,021 2,411 1,256 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 November.. . . 471 170 34 -449 6f 32 13 3,557 512 1,695 1,350 475 3,082 2,320 December... . 75 350 33 548 % 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 February 498 230 35 370 52 4C -3 5,895 623 3,892 1,381 503 5,392 4,630 1 Details on collection basis given in table below. 2 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 3 Excess of receipts (+) or expenditures (-). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period C in u d d r u i r a v e l i n - t C c r u o a r t r r i p o e o n n - t B ta a x c e k s E p t r x a o c x f e i e s t s s s p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a x t i n a f e d t t s e b A e l t v c a o e x r h e a o s g l e ic b t a T a c o x c - e o s S ta ta 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—February.... 337 210 48 51 25 2 324 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 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 5 379 47 137 81 4 68 42 February.... 434 167 95 55 113 4 331 29 128 68 4 51 50 APRIL 1943 33: 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 Assets, other thaninteragency items interagency items Securities Bonds, notes, u. s. Pri- End of month 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 Total 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 etc. and agen- receiv- erty anteed Other1 guaran- cies1 ables sale 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 L942— 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 1943—January 22,643 8,086 605 605 1,284 32 1,205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 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 credit 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 r m 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 F g i N o s a e o s a n g d r o - e a t . c - l . P H A F u i o u b e n u t d l g h i s . c . - F b l e a a a d n n l e k d r s - M C F F g a a o o e r g r d r m p e t . - . c b m i F r n a a e e e n t t d e d e d k r i i . s - t - o f B o t p i a 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 o i 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 1,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December 8,487 1,433 1,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—January 8,388 1,417 1,758 206 74 210 388 1,753 590 238 111 240 249 398 327 140 289 February.... 8,396 1,464 1,742 197 75 211 352 1,746 586 251 110 230 253 420 330 141 288 March 8,407 1,470 1,724 192 75 213 379 1,731 580 267 106 218 258 436 334 137 287 April 8,567 1,469 1,709 185 77 215 371 1,721 575 280 102 393 260 450 336 137 287 May. 8,356 1,468 1,692 181 79 216 365 1,715 567 282 99 230 258 456 340 112 296 Tune 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 July 8,307 1,479 1,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 8,233 1,496 1,640 160 85 215 357 1,679 547 287 104 181 254 457 344 117 310 September... 8,190 1,527 1,622 145 88 215 360 1,663 539 270 112 173 250 456 344 117 309 October 8,159 1,533 1,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November... 8,158 1,566 1,587 122 93 213 372 1,625 518 238 140 214 241 448 345 119 317 December ... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Loans Loans Recon- Home Fed. land Com- Recon- Com- Home to fi- struc- Owners' banks and modity struction War modity Owners' 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 83 121 307 1,690 972 270 135 June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 July 1,479 143 472 864 377 162 103 226 107 144 296 2,285 1,126 258 139 August 1,496 144 472 880 372 153 101 231 35 238 349 2,561 1,226 252 138 September... 1,527 153 473 901 369 152 102 226 61 484 294 2,619 1,286 244 138 October 1,533 153 472 908 368 152 102 225 80 490 293 2,921 1,415 238 136 November.. . 1,566 169 471 926 367 152 102 213 65 497 294 3,221 1,109 231 140 December. . . 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—January 1,554 161 463 930 364 140 101 203 129 519 354 3,793 1,495 223 127 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to $1,844,000,000 on Jan. 31, 1943. z FEDERAL RESERVE BULLETIN 33 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] Income In (p d h u y 1 s 9 s tr i 3 i c 5 a a - l l 3 9 p v r o = o l u d 1 u m 0 c 0 e t ) i 2 o * n aw 1 C a 9 o r c 2 n d 3 o s e - n 2 t d t r 5 r u a ( c = v c t a t i s 1 o lu 0 n e 0 )3 E 1 m 9 p 3 l 9 o y = m 1 e 0 n 0 t4 Fac- Freight- D m ep e a n r t t- W s h a o le le- Cost of pay- tory car store com- living4 Y m ea o r n a th nd ( 1 m v = 9 a 3 e l 5 1 n u - 0 t e 3 s 0 ) 9 J Total D ab u f l M a r e - c a t n u u r N d e - s u o r n - - M er i a n ls - Total R d ti e e a n s l i - - o A th l e l r N t a c u g u o r l r n a - i - l - Factory 19 ro 3 1 l 0 9 l 0 s4 = 1 = l 9 i o n 3 g a 1 5 d s 0 -3 * - 0 9 19 = u s ( 2 v a e 3 l a ) 1 e - * l 0 2 s - 5 0 5 m p = r 1 o i 9 c d 1 2 e i 0 6 t s y 0 4 1 3 9 1 9 3 0 5 0 = able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 106^0' 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 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 77.1 99.4 1940 113.8 123 138 113 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 156 193 135 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 181 250 141 129 166 82 235 124.2 152.3 ''242.3 138 124 98.8 116.5 1939 October r109.0 121 126 129 115 119 76 68 82 102.5 104.9 108.1 112.7 114 92 79.4 November r109.7 124 126 134 117 120 83 61 101 103.1 106.6 107.7 112.0 114 93 79.2 December.. . . 110.8 125 122 138 117 114 86 60 107 103.4 107.0 107.0 113.4 110 95 79.2 99^' 1940 January.... r110.4 122 117 135 113 120 75 53 93 102.4 105.9 104.0 107.4 111 92 79.4 February 110.7 116 114 123 110 115 63 56 68 101.9 104.8 104.2 107.2 105 90 78.7 March r110.4 113 112 118 107 118 62 57 66 102.0 103.5 103.8 107.9 100 89 78.4 99.8 April r110.8 113 112 116 107 120 64 62 66 101.1 102.4 102.6 105.8 103 89 78.6 May r112.4 117 117 124 110 118 64 64 65 101.9 102.8 102.1 105.8 106 89 78.4 June.... r112.5 122 122 133 114 119 74 69 77 102.6 103.7 102.5 107.6 111 91 77.5 ioo!s July r113.1 122 120 136 113 118 85 77 91 103.3 105.2 103.1 106.6 110 92 77.7 August.. r114.1 124 124 143 112 113 90 82 98 104.6 108.1 107.8 115.1 112 98 77.4 September .... r115.6 127 132 151 112 117 93 82 101 105.3 109.7 112.2 122.1 112 97 78.0 100^4 October. r117.1 131 136 155 116 114 95 85 103 106.5 112.0 114.8 126.9 110 94 78.7 100.2 November 117.7 134 136 157 120 119 111 87 130 108.1 114.6 116.0 127.5 116 100 79.6 100.1 December.. r120.6 138 136 164 124 119 115 90 136 109.7 116.8 117.4 134.1 119 101 80.0 100.7 1941 January r121.3 140 136 170 123 120 103 84 117 110.3 118.9 116.9 132.6 122 101 80.8 100.8 February r123.5 143 140 175 126 119 99 76 118 111.5 121.3 120.0 140.3 124 103 80.6 100.8 March r125.4 147 145 179 128 126 94 74 109 111.7 123.3 122.7 145.9 126 103 81.5 101.2 April r128.2 144 144 180 131 96 103 80 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May r133.7 154 155 191 135 121 101 88 111 113.6 129.5 128.6 161.3 135 105 84.9 102.9 June r138.9 159 160 196 139 127 117 101 129 115.3 133.0 132.0 170.5 139 104 87.1 104.6 July , r140.3 160 159 200 138 126 139 115 158 117.1 136.1 135.5 172.0 138 115 88.8 105.3 August r143.2 160 163 200 139 128 152 112 184 118.4 137.8 138.4 178.8 139 134 90.3 106.2 September r144.4 161 167 202 138 132 161 105 206 118.9 138.7 141.2 184.8 130 116 91.8 108.1 October r146.3 164 168 208 139 134 145 87 192 119.2 139.7 141.8 190.2 127 105 92.4 109.3 November r147.5 167 167 209 143 133 138 74 189 119.8 139.9 141.3 188.6 135 116 92.5 110.2 December r153.9 167 164 213 141 134 123 69 167 120.3 141.0 141.1 195.1 137 111 93.6 110.5 1942 January r155.5 171 r165 221 143 r133 118 82 147 120.4 142.2 139.8 200.7 140 138 96.0 112.0 February r157.4 172 167 225 142 133 128 100 151 120.8 143.7 142.3 208.2 139 126 96.7 112.9 March r159.3 r172 168 230 139 126 125 95 149 121.0 145.3 144.3 215.1 136 124 97.6 114.3 April r163.3 173 172 234 139 125 128 82 165 121.2 147.1 146.3 221.4 143 117 98.7 115.1 May r165.4 174 175 239 138 126 158 76 226 121.9 149.1 148.0 228.7 143 108 98.8 116.0 June r169.5 176 177 244 136 127 193 76 288 122.5 150.9 149.9 234.5 141 104 98.6 116.4 July r172.6 178 180 249 138 r126 206 74 313 124.5 153.4 153.4 242.7 142 121 98.7 117.0 August r176.O 183 187 258 140 130 182 65 278 125.8 155.1 157.1 254.8 143 130 99.2 117.5 September r177.9 r187 192 264 142 131 179 70 268 126.5 156.9 159.6 261.8 136 123 99.6 117.8 October r182.8 191 194 r274 144 129 185 83 269 127.6 158.9 160.7 270.9 133 128 100.0 119.0 November r189.4 194 r195 279 147 130 198 90 286 128.8 160.9 161.9 280.4 134 138 100.3 119.8 December r193.7 197 193 285 148 r128 175 91 243 130.5 r164.4 r164.5 r287.9 134 125 101.0 120.4 1943 January *>196.5 199 194 291 149 126 145 79 198 130.4 167.3 165.0 291.2 135 143 ^101.9 120.6 February... . p203 Pi 98 ^298 2>148 pl32 p105 P61 p140 p168.1 ^166 6 141 167 p102.5 120.9 March e205 e201 e304 e149 e130 6137 e103.4 v Preliminary. * Average per working day. r Revised. e Estimated. x Department of Commerce series on value of payments to individuals 2 For indexes by groups or industries, see pp. 334-337; 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. 340 of this BULLETIN. 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 payrqlls 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. 342-343 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. APRIL 1943 333 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 average = 100] 1942 1943 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total 171 172 r172 173 174 176 178 183 r187 191 194 197 199 P203 Manufactures—Total ' 178 179 180 182 183 184 188 193 196 202 206 209 212 P215 Durable ,..,..... . .. 221 225 230 234 239 244 249 258 264 r274 279 285 291 P298 Nondurable1 143 142 139 139 138 136 138 140 142 144 147 148 149 Iron and Steel 192 194 200 199 200 198 196 197 199 207 203 200 203 207 Pig iron 189 189 192 192 192 194 192 190 194 199 199 197 197 200 Steel 209 211 218 219 219 216 216 218 219 229 224 221 225 230 Open hearth and Bessemer 176 178 182 181 182 178 175 177 179 186 182 179 181 184 Electric 449 448 477 487 488 489 506 507 503 536 527 523 539 559 Machinery. 250 259 268 273 279 287 289 299 306 316 327 338 347 P354 Government Arsenals and Quartermaster Depots Transportation Equipment 305 314 330 350 372 396 425 458 478 507 525 548 564 p586 Automobile bodies, parts, and assembly 118 105 105 104 107 112 116 124 129 135 141 146 150 P\5S Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products... 191 187 181 177 180 186 188 191 r193 r192 r197 r202 200 ViQ9 Nonferrous metal^ smelting 153 157 157 161 163 Copper smelting .. 140 141 147 155 161 Zinc smelting 184 189 184 185 184 Lead production 131 140 134 132 Copper deliveries 235 224 208 195 205 Zinc shipments 152 151 148 145 146 Tin consumption Lumber and Products 143 144 134 132 130 131 133 129 125 129 128 127 124 P128 Lumber . . 138 143 128 127 124 127 130 125 119 123 122 119 116 p120 Furniture 153 147 147 142 143 139 137 136 136 141 140 141 144 Stone, Clay, and Glass Products.. 165 158 158 154 155 147 140 145 152 152 153 163 pl 60 148 Cement 167 162 161 167 172 171 169 177 182 184 180 169 Unglazed brick .. 160 152 133 119 104 92 90 87 165 Glass containers 184 178 187 176 178 163 145 153 163 162 169 171 208 199 Polished plate glass 68 35 32 30 38 37 39 39 38 40 47 43 43 37 Textiles and Products 158 156 154 154 156 156 158 156 157 p157 156 153 157 152 Textile fabrics 148 146 145 144 146 147 148 145 147 Cotton consumption 169 114774 116493 117478 175 116493 166 169 172 172 171 163 171 171 Rayon deliveries 180 174 175 170 169 169 168 169 170 174 177 178 180 180 Wool textiles 161 153 148 153 150 151 160 154 155 156 161 163 153 Carpet wool consumption 78 79 70 34 5 46 43 27 34 43 43 r44 29 Apparel wool consumption 202 191 196 203 201 194 208 206 198 205 212 r218 207 Woolen yarn 163 165 161 173 172 165 175 173 175 178 182 184 175 Worsted yarn 173 148 143 164 168 166 176 173 168 171 175 175 166 Woolen and worsted cloth 183 172 167 177 179 172 184 177 179 175 180 185 176 Leather and Products .. 128 125 124 130 126 121 116 r113 111 117 r117 117 121 P119 Leather tanning 131 127 127 131 129 122 119 117 115 120 118 118 122 Cattle hide leathers . . 148 140 140 147 148 143 144 141 136 143 139 139 143 G Ca o l a f t a a n n d d k k i i p d l l e e a a t t h h e e r r s s. 1 8 1 6 9 12 9 1 3 1 9 2 2 0 11 9 6 3 10 9 5 4 9 8 4 8 8 7 9 9 9 7 5 0 9 7 6 6 r94 8 9 1 4 r9 8 3 4 9 9 5 1 Shoes 127 124 122 130 124 120 115 110 108 115 116 116 120 Manufactured Food Products 139 139 136 136 134 138 143 143 P14Q p146 p151 P158 P159 p157 Wheat flour 108 110 101 98 105 102 106 105 101 108 115 126 129 130 Cane sugar meltings Manufactured dairy products 149 146 145 150 142 138 143 143 *>140 P139 p136 *>140 ^141 PU2 Ice cream 155 150 147 160 145 145 154 153 Butter 105 107 108 110 111 105 108 108 102 100 98 103 107 110 Cheese 188 177 177 180 178 168 169 165 156 145 141 138 148 148 Canned and dried milk 199 198 198 187 178 168 164 172 167 168 156 169 166 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately, 1 Beginningin January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not availiable for publication separately. 334 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] 1942 1943 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 148 141 144 142 140 153 146 153 159 145 147 158 145 153 Pork and lard 165 151 161 156 163 177 168 174 187 157 167 193 170 180 Beef 138 139 132 134 121 137 130 136 129 133 122 119 126 134 Veal 96 96 98 96 94 103 103 113 127 129 128 107 76 76 Lamb and mutton 113 113 128 119 105 104 116 127 137 141 156 156 122 117 Other manufactured foods . . .... 140 142 138 137 136 140 147 146 155 152 159 165 167 PI 63 Alcoholic Beverages ...... ....137 130 119 HI 111 104 122 135 139 126 122 111 105 Malt liquor 117 124 120 117 116 104 118 133 147 134 146 131 122 Whiskey 77 74 62 63 55 63 96 82 49 14 Other distilled spirits 250 75 44 53 80 61 83 71 35 62 62 37 42 Rectified spirits 243 242 201 153 158 163 183 223 238 226 159 159 159 Tobacco Products .. 134 130 125 127 120 122 126 130 133 141 136 160 140 131 Cigars 129 126 121 120 108 112 109 112 107 116 98 200 127 116 Cigarettes 149 144 137 140 137 136 146 152 159 166 167 166 162 153 Manufactured tobacco and snuff 99 93 94 97 89 94 89 88 91 102 98 94 94 86 Paper and Paper Products1 . 153 151 152 148 143 134 125 131 132 135 135 132 131 Paper and pulp 159 157 158 154 147 135 125 132 133 137 137 133 132 Pulp 181 180 189 183 184 177 164 169 162 162 159 152 147 Groundwood pulp .. 135 131 138 129 120 116 113 117 112 114 111 104 103 Soda pulp 153 154 155 148 147 129 127 125 126 137 141 131 96 Sulphate pulp. 221 224 239 236 245 228 211 221 211 208 200 195 199 Sulphite pulp 177 173 181 174 173 173 157 161 154 153 149 143 139 Paper C156 154 154 149 142 129 119 126 128 134 134 130 129 Paperboard 168 167 168 157 141 120 109 123 131 136 137 134 137 143 Fine paper .... 151 144 150 146 147 138 132 125 125 130 133 127 127 Newsprint production 107 110 106 109 104 103 103 108 106 107 100 97 92 93 Printing paper 151 146 140 135 124 110 109 113 117 130 129 121 124 Tissue and absorbent paper . 166 168 164 169 175 178 148 161 166 163 174 175 144 Wrapping paper 147 147 151 152 150 139 127 132 125 128 123 120 125 Printing and Publishing^ 128 125 121 117 112 104 106 111 109 116 118 114 113 Newsprint consumption 104 103 103 98 100 97 103 108 101 102 110 106 102 99 Petroleum and Coal Products 133 129 122 118 116 115 118 121 122 123 123 119 117 Petroleum refining 129 124 116 111 109 108 111 114 116 117 117 112 109 Gasoline 129 121 112 104 103 101 105 109 109 111 110 104 99 2*102 Fuel oil 127 129 122 123 122 123 127 130 137 137 138 137 137 Lubricating oil 133 131 131 126 122 123 117 117 112 113 114 113 111 Kerosene 124 123 112 106 100 103 105 106 107 112 110 99 104 Coke 161 162 162 162 163 164 163 165 166 166 166 166 166 169 Byproduct coke 152 152 152 152 153 153 153 155 155 155 156 156 157 158 Beehive coke 490 510 504 514 508 539 502 505 523 524 500 498 485 543 Chemicals 156 161 161 165 167 272 174 173 174 182 192 200 207 209 Rubber Products Rubber consumption Tires and tubes 33 28 26 25 Pneumatic tires 32 28 26 25 Inner tubes 33 27 27 Minerals—Total ... r133 133 126 125 126 127 r126 130 131 129 130 r128 126 Fuels 131 130 122 121 121 121 121 126 129 127 130 126 124 P131 Bituminous coal 144 141 140 150 147 144 141 140 150 145 154 143 145 ^157 Anthracite 104 121 116 122 115 117 122 118 129 117 124 105 102 Crude petroleum 129 127 115 109 111 113 112 121 120 121 121 121 118 ^121 Metals r146 r149 r153 r152 r157 r159 r155 r152 r145 r139 r133 r137 r138 P140 Metals other than gold and silver 179 181 184 184 193 199 197 196 189 183 181 r187 189 P194 Iron ore shipments 2 1 1 6 0 1 2 1 1 5 4 8 2 1 1 6 9 2 2 1 1 6 7 4 2 1 3 7 2 4 236 2 * 41 23 * 9 227 2 * 18 211 2 * 23 232 234 131 140 134 132 Gold Zinc r1 1 0 3 1 8 r1 1 0 4 7 6 * * * * * * * * Silver 105 101 106 109 106 104 98 99 88 82 74 73 r Revised. p Preliminary. c Corrected. * 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 825-882. APRIL 1943 335 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] 1942 1943 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total. r165 167 168 172 175 177 180 187 192 194 r195 193 j 194 p198 Manufactures—Total 173 175 177 181 183 185 189 196 202 205 206 r207 | 208 P211 Durable 216 221 228 234 240 246 251 260 266 275 279 283 287 Nondurable1.. 137 138 137 138 137 136 139 144 150 148 147 145 |143 Iron and Steel.. 192 194 200 199 200 198 196 197 199 207 203 200 203 Pig iron 189 189 192 192 192 194 192 190 194 199 199 197 197 200 Steel 209 211 218 219 219 216 216 218 219 229 224 221 225 230 Open hearth and Bessemer.. 176 178 182 181 182 178 175 177 179 186 182 179 181 184 Electric 449 448 477 487 488 489 506 507 503 536 527 523 539 559 Machinery... 250 273 279 287 289 299 306 316 327 338 347 P354 Government Arsenals and Quartermaster Depots.. Transportation Equipment 305 314 330 350 372 425 458 478 507 525 548 564 P586 Aircraft Automobile bodies, parts, and assembly. 118 105 105 107 112 116 124 129 135 146 150 Railroad cars , Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products 191 187 181 177 180 186 188 191 r193 r192 r197 r202 \ 200 P199 Nonferrous metal smelting.. 153 157 156 162 164 Copper smelting 140 141 147 155 161 Zinc smelting 184 189 184 185 184 Lead production 131 140 131 135 Copper deliveries 235 224 208 195 205 Lead shipments Zinc shipments 152 151 148 145 146 Tin consumption Lumber and Products.. 122 128 129 135 138 140 135 135 i 125 108 P114 Lumber 112 118 120 127 131 138 141 139 134 131 | 118101 rn P99 Furniture. 142 147 147 142 143 139 137 136 136 141 ! 140144 141 Stone, Clay, and Glass Products.. 138 132 140 163 158 151 160 163 163 157 139 P135 138 Cement 137 132 141 161 178 183 186 195 200 202 186 156 Unglazed brick 97 83 90 116 118 115 111 104 13a Glass containers 165 164 176 176 190 171 151 167 166 167 171 159 187' 184 Polished plate glass.. 68 47 43 43 35 37 32 30 38 37 | 39 39 38 40 Textiles and Products 158 156 153 157 156 152 154 154 156 156 '158 156 157 Text C il o e tt f o a n b ri c c o s n sumpti;on 1 16 4 9 8 1 1 4 7 7 4 1 1 6 4 9 3 1 1 7 4 7 8 1 1 7 4 5 6 1 1 6 4 9 3 1 1 6 4 6 5 1 1 6 4 9 4 1 1 7 4 2 6 1 1 7 4 2 7 1 1 7 4 1 8 1 1 4 6 5 3 1 17 4 1 7 171 Rayon deliveries 180 174 175 170 169 169 168 169 170 174 177 178 180 180 Silk deliveries Wool textiles 161 153 148 153 150 151 160 154 155 156 161 163 153 Carpet wool consumption.. 78 79 70 34 5 46 43 27 34 43 43 r44 29 Apparel wool consumption. 202 191 196 203 201 194 208 206 198 205 212 r218 207 Woolen yarn 163 165 161 173 172 165 175 173 175 178 182 184 175 Worsted yarn 173 148 143 164 168 166 176 173 168 171 175 175 166 Woolen and worsted cloth.. 183 172 167 177 179 172 184 177 179 175 180 185 176 Leather and Products. 125 132 129 131 124 rll6 115 117 115 114 119 P124 Leather tanning 131 r139 127 r131 r126 118 r113 r113 r114 121 r121 119 123 Cattle hide leathers.... 149 155 r141 147 r145 r136 r134 r134 r134 r145 r144 141 I 144 Calf and kip leathers.. 84 98 91 90 90 90 100 94 96 97 91 I 93 Goat and kid leathers.. 119 r126 119 119 102 94 78 r69 77 81 79 85 I 91 Shoes 120 127 130 131 123 115 117 112 110 I 117 PU7 114 115 111 Manufactured Food Products., 124 121 121 123 130 156 165 P182 P150 j P142 P137 139 P157 P150 Wheat flour 109 109 98 92 96 105 106 116 121 i 130 129 Cane sugar meltings 95 118 119 Manufactured dairy products.. 100 109 124 152 193 210 207 192 PU3 P102 Ice cream 78 88 113 154 197 232 259 248 Butter 84 92 96 109 143 147 132 119 101 78 82 I 86 94 Cheese 135 142 157 189 242 241 205 185 158 134 106 101 107 119 Canned and dried milk.... 178 187 194 211 257 249 200 177 154 134 109 117 126 r Revised. p Preliminary. m * 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. 336 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] 1942 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 173 135 131 134 140 149 138 132 147 146 166 186 171 147 Pork and lard 214 151 145 148 163 172 151 131 150 147 200 249 221 180 Beef. 138 125 120 125 121 134 131 137 144 144 128 119 126 121 Veal 93 84 93 95 98 104 102 114 140 142 131 101 73 67 Lamb and mutton 118 113 124 115 108 99 110 125 153 150 152 148 128 117 Other manufactured foods 123 124 121 121 123 133 157 173 200 171 160 158 147 P142 Alcoholic Beverages... 117 113 113 120 116 133 140 140 123 103 94 90 Malt liquor 96 109 112 124 136 134 148 152 149 121 105 Whiskey 102 96 77 69 54 50 53 45 39 13 Other distilled spirits 163 45 29 32 48 36 39 34 48 164 130 "46 27 Rectified spirits 177 208 191 136 139 130 183 223 238 226 159 159 159 Tobacco Products 121 117 123 132 131 135 144 141 137 132 122 Cigars 104 109 111 114 107 120 113 115 123 140 117 154 103 101 Cigarettes 146 136 127 130 142 150 153 160 170 169 167 147 159 1*4 Manufactured tobacco and snuff 96 92 96 96 89 96 91 89 104 97 83 91 85 Paper and Paper Products1... 151 153 155 151 144 133 122 130 134 138 134 129 130 Paper and pulp 159 160 161 157 149 134 121 130 132 138 137 131 132 Pulp 183 186 194 187 186 174 156 166 159 164 159 147 U8 Groundwood pulp 140 137 148 144 133 118 100 100 98 106 114 108 107 Soda pulp 153 158 160 152 147 127 119 125 127 137 141 127 96 Sulphate pulp 223 230 243 236 245 226 207 221 211 212 200 185 201 Sulphite pulp 177 179 185 178 173 169 150 161 154 156 151 139 139 Paper 155 156 156 152 143 128 115 125 128 134 133 129 129 Paperboard 168 167 168 157 141 120 109 123 131 136 137 134 137 143 Fine paper 152 155 160 159 151 135 120 118 118 130 129 124 128 Newsprint production 107 108 106 109 105 104 101 105 106 107 103 98 92 92' Printing paper 151 151 145 140 127 108 102 110 116 131 127 120 124 Tissue and absorbent paper 161 175 166 172 173 177 140 161 172 169 172 168 139 Wrapping paper 147 147 151 152 150 139 127 132 125 128 123 120 125 Printing and Publishing2... 125 126 126 123 115 103 103 109 120 121 114 111 Newsprint consumption 102 107 105 104 98 90 102 109 97 98 Petroleum and Coal Products r133 129 122 118 117 115 117 121 122 123 116 Petroleum refining 128 124 116 111 110 108 110 114 116 117 117 112 109 Gasoline.. • 129 121 112 104 103 101 105 109 109 111 110 104 99 Fuel oil 127 129 122 123 122 123 127 130 137 137 138 137 137 Lubricating oil 129 129 130 131 127 123 115 116 112 113 114 112 108 Kerosene 126 129 115 108 101 97 97 101 106 112 113 102 106 Coke 161 162 162 162 163 164 163 165 166 166 166 166 166 167 Byproduct coke 152 152 152 152 153 153 153 155 155 155 156 156 157 158 Beehive coke 490 510 504 514 508 539 502 505 523 524 500 498 485 543 Chemicals 155 161 166 168 166 166 167 170 176 186 194 201 Rubber Products Rubber consumption Tires and tubes 33 28 26 25 Pneumatic tires 32 28 26 25 Inner tubes 33 27 27 27 Minerals—Total 125 124 118 126 131 132 131 136 137 134 r132 120 117 p123 Fuels 131 130 122 121 121 121 121 126 129 127 130 126 124 P131 Bituminous coal 144 141 140 150 147 144 141 140 150 145 154 143 145 p157 Anthracite 1 1 2 0 9 4 1 1 2 2 7 1 1 1 1 1 5 6 1 1 2 0 2 9 1 1 1 1 1 5 1 1 1 1 3 7 1 1 1 2 2 2 1 12 1 1 8 1 12 2 0 9 1 1 1 2 7 1 1 1 2 2 4 1 1 1 0 2 5 1 1 1 0 1 2 8 ^129 Crude petroleum Metals r155 r190 r195 r192 r194 r184 T176 T143 83 74 Metals other than gold and silver... 195 259 266 264 264 249 239 192 r93 80 S Iro f n r : o : r : e : s : h : i : p : m :: e : n : ts ::::::::::::: 2 1 3 6 7 9 3 1 7 7 2 4 382 393 388 358 335 229 19 135 Zinc Gold Silver 110 110 105 100 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 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. APRIL 1943 337 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 Annual Annual 1943 Feb. Nov. Dec. Jan. Feb. 1941 1942 Jan. Feb. Nov.Dec. Jan. Total 132.1 . 152.3 142.3 161.9 164.5 165.0 166.6 167.5 242.3 200. 208. 280.4 r287.9 291.2 Durable goods 153.8 191.5 172.3 210.4 215.5 218.1 222.0 202.3 321.3 255.9 265.8 382.8 r391.6 399.9 Nondurable goods 115.0 121.4 118.6 123.8 124.3 123.1 123.0 133.5 165.0 146.8 151.9 180.3 186.5 185.0 Iron and Steel and Products 144.2 161.1 155.0 165.7 r169.1 170.7 172. 183.3 244.3 211.0 219.8 270.1 278. 283.5 Blast furnaces, steel works, etc 135.9 138.5 140 133 134 134 171.5 194.6 182 187 204 205 209 Steel castings 184.9 248.2 227 269 273 276 246.4 391.4 326 344 446 453 464 Tin cans and other tin-ware 130.1 112.5 136 91 89 88 152.3 147.1 179 163 128 134 130 Hardware 138.8 125.5 135 117 118 119 182.2 204.2 196 203 211 215 215 Stoves and heating equipment 126.1 105.0 109 110 113 113 148.4 147.0 123 136 170 179 181 Steam, hot-water heating apparatus... 152.3 167.3 163 183 187 189 202.2 279.0 254 255 319 327 313 Stamped and enameled ware 143.3 136.5 139 136 139 143 174.2 210.7 192 196 231 247 256 Structural and ornamental metal work 149.6 173.4 155 190 192 190 186.2 268.0 208 222 314 324 309 Forgings 181.8 228.6 211 247 252 255 250.6 386.2 328 339 442 476 478 Screw machine products 190.1 264.5 241 286 287 288 257.3 440.2 353 374 507 516 519 Electrical Machinery 172.0 214.1 194.0 243.0 250.3 255.1 260.3 224.6 336.1 279.2 288.0 402.8 415.5 427.4 Machinery, except Electrical 164.5 205.5 190.1 221.0 225.1 227.5 231.0 219.8 337.9 282.0 295.9 381.5 r392.9 400.2 Machinery and machine shop products 163.1 207.9 189 226 230 232 217.7 335.6 278 289 382 395 402 Tractors 132.4 144.5 140 151 156 154 151.1 195. 169 181 212 223 225 Agricultural excluding tractors 135.5 124.3 133 106 110 114 171.9 182.7 173 178 172 181 196 Pum ps 180.7 265.4 233 285 285 293 258.8 500.3 389 417 556 583 581 136.2 108.2 113 123 131 138 159.7 155.8 205 Refrigerators 138 149 191 224 376.6 941.3 667.8 1,202.8 1,259.2 1,302.2 1,3585.260.0 1,694.1 r2,348.0 Transportation Equipment, except Autos.. ,042.41,144.62,275.9 2,406.0 141.7 126.3 108.1 147.1 r152.5 156.7 161.0 180.0 205.5 255.1 Automobiles 188.0 167.1 261.4 277.9 Nonf P L C er r i l r g i o o m h c u k t a s i s r n y g a M n s e e d m t q a u e w ls l i t a p i t a m n c n g h e d e n a s t P n r d o d re u f c i t n s ing 1 1 1 1 5 2 3 3 0 7 8 4 . . . . 3 2 2 1 1 1 1 10 6 3 3 9 6 0 4 . . . . 4 0 9 1 1 1 12 2 2 6 1 9 7 0.0 r1 1 1 1 4 0 2 7 6 5 8 3.5 r r 1 l 1 1 0 5 7 2 8 1 6 7 .7 1 1 1 1 5 2 0 7 2 7 7 8.1 180.9 1 1 1 1 8 7 5 7 9 5 0 9 . . . . 5 3 6 3 2 2 1 1 5 1 6 9 9 7 7 1 . . . . 1 5 3 1 2 1 1 1 6 8 2 7 6 8 4 3.0 2 1 1 1 6 9 6 2 7 7 6 8.7 2 2 2 1 3 2 8 9 2 8 2 2.2 r3 2 2 1 3 0 3 8 3 2 3 9 .2 3 2 2 1 3 3 0 9 8 7 7 7.2 Lumber and Timber Basic Products 127.3 129.4 129.4 r125.1 122.5 116.3 111.2 150 A 181.0 154.5 163.5 188.7 181.9 166.9 Sawmills 110.3 105.3 106 101 98 93 130.7 148.9 127 135 153 145 131 Planing and plywood mills 124.1 120.5 120 121 119 115 142.0 160.2 141 145 174 177 167 Furniture and Lumber Products 119.2 115.5 121.2 110.5 110.2 111.0 144.2 161.5 151.9 159.9 165.0 170.6 165.9 Furniture 118. 110.8 118 106 107 106 145.0 156.1 151 158 158 164 160 Stone, Clay, and Glass Products 126.4 126.7 126.7 125.3 T125.4 123.2 122.9 147.3 168.1 153.3 159.9 179.2 r181.2 178.5 Glass 125.4 121.1 126 117 118 119 147.1 156.2 155 160 161 166 168 Cement 115.4 122.0 114 123 121 115 132.2 155.3 135 136 169 156 150 Brick, tile, and terra cotta 122.9 113.6 114 106 104 98 144.6 150.1 138 142 152 150 138 Pottery and related products 132.7 135.9 138 138 137 135 150.1 174.3 153 175 188 188 185 Textile-Mill and Fiber Products 112.2 112.7 113.3 111.7 112.5 112.7 112.7 136.2 163.7 151.2 153.7 175.4 180.8 181-8 Cotton goods except small wares 120.7 127.8 127 128 129 131 153.9 198.4 181 186 213 218 222 Silk and rayon goods 91.2 85.2 85 83 83 82 109.3 126.0 112 119 131 134 134 Woolen and worsted manufactures... 124.2 120.9 120 118 119 118 159.8 189.2 180 169 201 208 208 Hosiery 92.8 80.8 86 78 78 77 98.7 97.5 96 99 105 107 106 Knitted underwear 111.6 116.8 115 116 117 116 132.2 166.3 149 153 179 184 185 Dyeing and finishing textiles 109.0 105.3 108 107 109 108 123.3 143.1 132 138 158 166 162 Carpets and rugs, wool 112.8 92.8 103 92 93 93 136.1 128.6 127 131 139 145 145 Apparel and Other Finished Textiles 114. 115.2 119.6 112.3 112.2 112.0 113.3 132.9 149.0 133.4 155.1 152.7 154.0 155.9 Men's clothing, n.e.c 114.4 113.3 117 108 108 108 135.1 147.4 139 150 145 146 149 Shirts, collars, and nightwear 102.1 97.3 102 93 92 90 124.1 137.8 127 135 143 144 136 Women's clothing, n.e.c 101.4 93.6 101 91 91 91 115.2 119.0 107 134 123 124 125 Millinery 95.0 85.7 106 72 73 83 95.6 93.5 81 120 76 76 103 Leather and Leather Products 108.1 107.6 110.7 104.7 104.9 103.1 102.6 130.3 150.7 142.3 151.3 153.4 159.5 156-1 Leather 107.5 107.0 113 104 106 105 124.4 145.6 141 145 153 158 154 Boots and shoes 99.3 97.2 101 93 94 92 122.1 139.3 134 143 137 145 141 Food and Kindred Products 110.1 117.2 106.4 121.5 112. 109.5 120.7 146.5 130.0 126.3 160.5 r165.< 155-6 Slaughtering and meatpacking 119.4 142.9 136 146 155 154 127.1 170.5 170 152 181 214 203 Flour 98. 101.9 101 105 108 111 106.7 130.2 119 121 148 155 169 Baking 102.8 108.4 103 114 114 112 111.2 131.6 118 119 144 149 144 Sugar, beet 94.9 100.3 38 253 219 82 105.7 134.7 72 51 r379 r300 110 Confectionery 110.7 112.9 109 130 129 120 123.7 144.8 131 129 182 r184 164 Beverages, nonalcoholic 119.1 113.4 105 114 114 112 126.4 127.1 114 112 128 128 124 Malt liquors 104.6 114.2 104 116 113 112 113.7 136.2 111 114 137 136 133 Canning and preserving 106.8 111.3 74 r101 r85 71 130.4 164.4 96 101 r163 138 117 Tobacco Manufactures 100.6 102.1 101.4 106.8 106.3 102.4 100.0 115.9 136.7 123.6 122.7 157.4 r159.6 147-0 Cigarettes 102.9 112.3 103 129 130 125 119.1 148.7 133 125 179 182 170 Cigars 101.7 99.1 103 97 96 91 116. 132.0 120 125 146 148 133 Paper and Allied Products 163.5 r168.5 167.6 Paper and pulp 161 164 162 Paper goods, n.e.c r166 r173 175 Paper boxes 154 162 160 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 Annual 1943 Annual 1942 1943 1941 1942 Feb. Nov. Dec. Jan. Feb. 1941 Jan. j Feb. Nov. Dec. Jan. Printing and Publishing 104.1 101.3 103.6 103.1 r104.3 102.2 102.7 111.3 114.2 115.4 112.9 122.4 r126.5 121.8 Newspapers and periodicals 102.0 98.4 100 99 100 96 106.1 107.4 106 106 111 113 107 Book and job 105.3 101.7 105 105 106 105 113.9 115.9 122 116 128 r133 130 Chemical and Allied Products 144.3 210.7 181.4 240.3 243.7 248.0 250.4 174.4 308.9 231.7 245.4 365.3 383.4 391.2 Paints, varnishes, and colors 114.0 107.9 115 103 103 103 129.7 135.1 136 140 135 139 137 Drugs, medicines, and insecticides 115.2 137.5 134 149 152 154 126.0 167.2 148 153 190 197 203 Rayon and allied products 109.3 107.0 108 105 106 106 128.2 142.4 141 140 141 149 149 Chemicals, n.e.c 140.4 158.3 154 160 r160 163 166.3 219.2 199 200 236 r241 249 Cottonseed oil 106.2 104.9 113 151 143 138 124.0 147.0 137 141 r243 235 222 Fertilizers 106.6 114.7 145 104 109 115 127.9 168.7 142 184 164 173 185 Products of Petroleum and Coal 113.5 118.8 116.2 117.8 117.4 116.0 115.3 126.3 152.7 138.4 144.3 165.4 165.1 163.7 Petroleum refining 102.8 108.5 107 107 107 106 113.2 138.4 127 132 151 152 150 Coke and by-products 120.3 122.1 120 120 119 119 139.2 158.6 150 154 163 161 168 Rubber Products 129.0 128.5 120.6 143.8 149.0 151.6 152.3 150.1 176.8 149.1 149.8 213.3 228.6 234.6 Rubber tires and inner tubes 121.9 121.3 106 142 r147 150 140.0 163.3 131 130 r205 220 227 Rubber boots and shoes 129.4 129.9 129 140 145 148 162.8 186.2 167 165 222 238 241 Rubber goods, other 133.9 123.3 126 131 135 138 159.4 174.6 163 166 196 209 213 Miscellaneous Industries 132.6 147.2 141.4 151.7 156.0 155.9 158.6 156.0 216.0 176.0 186.6 247.6 262.2 265.9 Photographic apparatus 119.3 137.8 131 148 151 152 143.4 194.1 175 177 223 230 233 Games, toys, and dolls 123.8 99.6 116 80 79 75 133.5 136.3 113 143 129 134 124 FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Tan. Feb Total 142.2 143.7 145.3 147.1 149.1 150.9 153.4 155.1 156.9 158.9 160.9 164.4 167.3 168 1 Durable 170.6 173.3 176.5 180.2 184.2 188.9 193.9 198.5 201.6 205.6 209.6 215.4 219.3 223.0 Nondurable 119.8 120.4 120.6 121.0 121.4 121.0 121.4 120.9 121.6 122.0 122.5 124.3 126.3 124.9 NOTE.—Figures for February 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see page 14 of January 1943 BULLETIN and page 259 of March 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 1943 1941 1942 1943 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All Manufacturing 41.1 41.7 42.4 43.6 44.0 44.4 44.2 78.3 80.1 89.2 89.3 90.5 90.7 91.8 Durable Goods 42.5 43.8 44.6 45.8 46.1 r46A 45.9 86.9 89.0 99.7 99.0 100.5 100.4 101.5 Iron and Steel and Products 42.1 42.1 43.0 44.3 44.8 r45.2 45.0 88.0 89.1 98.0 97.9 98.4 r98.6 99.8 Electrical Machinery 44.6 45.6 46.0 46.7 47.0 47.0 47.1 85.0 86.8 r94.9 93.6 94.2 94.4 95.0 Machinery Except Electrical 47.4 48.5 48.0 49.5 49.5 49.7 49.7 89.1 90.7 99.4 99.7 100.3 101.1 102.1 Automobiles 37.4 43.0 44.1 45.2 45.5 45.5 45.7 113.4 115.8 118.5 117.2 120.2 rll9.8 122.2 Transportation Equipment Except Automobiles 46.1 48.1 46.7 47.1 47.7 r47.5 47.0 100.6 104.4 116.1 113.2 116.3 114.2 113.8 Nonferrous Metals and Products 43.4 43.8 44.1 45.4 46.0 r46.1 45.8 83.4 85.1 95.6 95.6 95.9 97.6 99.2 Lumber and Timber Basic Products 34.7 38.4 41.0 42.5 41.7 4K4 39.9 58.5 58.9 68.2 69.4 68.5 r67.6 67.8 Furniture and Finished Lumber Products 41.3 39.9 •41.0 42.8 42.8 43.7 42.7 62.1 62.3 67.5 68.4 r68.5 r68.9 69.5 Stone, Clay, and Glass Products 39.7 38.4 39.3 41.3 41.4 41.8 41.7 74.2 74.0 r79.9 81.2 81.0 81.0 81.7 Nondurable Goods 39.6 39.2 39.7 40.8 r41.3 42.1 41.8 68.0 68.8 74.3 75.1 75.6 76.2 76.8 Textiles—Mill and Fiber Products 39.6 39.3 39.4 40.4 40.8 41.5 41.3 56.8 57.1 63.4 63.9 64.2 64.4 64.9 Apparel and other Finished Products .... 35.4 34.6 34.9 37.1 37.0 37.4 37.1 60.2 61.2 64.5 65.2 64.8 r64.9 66.0 Leather and Manufacturers 38.7 38.8 36.7 38.9 39.0 40.3 40.3 64.4 64.4 70.2 70.8 71.3 71.9 71.7 Food and Kindred Products 40.7 40.8 41.8 41.6 42.4 r43.9 43.2 68.7 70.2 71.5 74.4 75.1 r76.1 76.7 Tobacco Manufactures 39.1 37.9 38.6 40.4 40.6 41.2 39.4 53.6 55.5 59.7 60.2 61.1 61.3 61.1 Paper and Allied Products 42.7 42.1 40.8 43.4 44.0 44.9 44,2 69.5 71.0 76.7 77.1 77.2 r77.1 77.4 Printing, Publishing, and Allied Industries 39.9 38.7 38.2 38.5 39.5 r40.2 40.0 92.8 92.0 96.0 97.3 97.6 98.0 97.6 Chemicals and Allied Products 41.7 41.5 42.7 43.6 43.9 r44.8 44.5 79.6 80.2 88.1 86.6 86.7 r87.8 88.5 Products of Petroleum and Coal 38.5 37.9 39.5 40.5 41.8 41.9 41.6 101.9 102.3 108.8 108.1 109.3 109.2 110.3 M Ru is b c b e e l r l a P ne ro ou d s u c I t n s dustri : es 4 3 2 9 . . 7 0 4 3 2 9 . . 6 4 4 4 3 1 . . 6 6 4 4 4 2 . . 8 7 4 45 3 . . 3 4 r4 4 4 6 . . 5 3 4 4 4 5 . . 4 8 8 6 6 9 . . 3 5 8 7 7 1 . . 8 4 9 8 4 1 . . 5 8 9 8 4 1 . . 7 1 8 9 2 5 . . 9 5 r8 9 3 6 . . 1 6 9 8 7 4 . . 2 8 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. 349.) 339 APRIL 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] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational* Oth«rl utilitiesi 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 January 316.8 350.7 102.8 110.8 75.4 73.1 17.7 7.2 9.1 5.6 21.0 68.2 90.9 85.8 M Fe a b r r c u h a . r y .. 4 6 3 1 3 0 . . 6 8 393.5 2 1 1 68 9 . . 0 3 93.3 1 8 1 4 2 . . 5 7 87.7 2 3 1 6 . . 8 8 22.7 1 9 0 . . 2 7 4.2 5 7 4 1 . . 2 6 72.7 1 9 5 5 9 . . 9 7 113.0 April 498.7 162.1 145.1 30.9 12.4 46.5 101.7 May 673.5 148.0 178.0 23.8 10 1 86 0 227 7 June 1,190.3 185.5 271.8 46.2 15.4 234 9 436 4 July. 943.8 127.4 303.5 34.7 26.6 124 3 327 3 August 721.0 100.6 261.1 21.3 17.1 107.7 213 2 September 723.2 126.7 377.8 6.1 6.2 76.8 129 6 October 780.4 161.2 240.3 18.9 10.6 103 3 246 2 November . ... 654.2 156.7 106.7 14.1 11.6 124.1 241 0 December 708.7 159.7 70.6 30.0 8.9 168.6 271.0 Year . 8,255.1 1,817.7 2,227.5 302.2 147.9 1,219.1 2,540.6 1 Net strictly comparable with data for years before 1938 due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F- F. W. Dodge Corporation. Value of contracts in millions of dollars] W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership1 Private ownership1 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 February^ January February January 305 317 351 124 198 316 181 119 35 Boston 38,764 14,146 29,091 February 270 434 105 310 166 123 New York 32,907 28,992 50,301 March 480 611 269 473 211 138 Philadelphia 25,292 13,843 26,653 April.. 407 499 184 355 223 144 Cleveland 16,404 20,811 32,821 May.. 549 674 267 569 281 105 Richmond 59,639 42,327 80,772 June. 539 1,190 314 1,105 225 85 Atlanta 52,961 59,423 27,928 July 577 944 348 876 229 68 Chicago 28,048 36,217 72,876 August 760 721 520 633 240 88 St. Louis 13,433 34,998 49,545 September.... 623 723 403 661 220 62 Minneapolis 1,932 3,457 6,597 October ... 606 780 371 710 235 71 Kansas City 44,756 17,526 13,992 November.... 459 654 298 592 161 62 Dallas 79,381 78,921 42,981 December. ... 432 709 288 664 144 45 Total (11 districts) 393,517 350,661 433,557 Year. . 6,007 8,255 3,492 7,146 2,515 1,109 p Preliminary. 1 Data for years prior to 1932 not available. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION' INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASSES OF INSTITUTIONS1 [In"millions of dollars] Title 1Loans Mortgages c Year or month Total p P m e r i r o r m 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 - f h 1 ( a - o T m I u i t D t o s i l l e e y s 4- h R ( o g T e u r I o n i s D t u i t l n a e p l g h ( o W T V u i a s t I l r ) i e ng End of month Total b C m a c o i n e a m k r l - s - b s M ^ t a u if v u a - - l a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n n s m c u ie e r - s - a c F e g i e r e e a d s n l 2 - - Other3 1936—Dec.. 365 228 8 56 41 5 27 1937—Dec.. 771 430 27 110 118 32 53 1935 224 94 2 1938—Dec.. 1,199 634 38 149 212 77 90 1936 .:57 246 309 2 1937 495 60 424 11 1939—June. 1,478 759 50 167 271 137 94 1938 694 160 "li" 473 48 Dec. 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar.. 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June. . 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept.. 2,232 1,093 111 216 480 190 141 Dec.. . 2,409 1,162 130 224 542 201 150 1942— Feb 93 12 1 71 8 Mar 93 10 2 68 1 12 1941-Mar.. 2,598 1,246 146 230 606 210 160 M J J A u u p a l n r y y e 9 8 9 9 6 3 2 7 1 1 1 1 3 3 5 1 2 2 2 1 5 6 6 6 5 0 6 3 2 1 * 1 1 2 1 1 1 1 4 6 J D S u e e n p c e t . . . . . . . . 3 2 2 , , , 1 7 9 0 4 5 7 2 5 1 1 1, , , 4 4 3 6 0 1 5 0 8 1 1 1 8 7 5 6 1 7 2 2 2 5 4 3 4 6 7 7 6 7 8 6 2 9 8 2 . 2 2 2 3 2 2 4 5 0 1 1 17 5 7 9 4 8 N O A Se o c u p v t g t 9 9 8 9 5 9 9 2 1 1 1 1 0 0 1 0 1 1 * 1 4 4 3 5 4 8 9 2 * * 4 4 2 3 3 2 5 7 1942— J D M u e n a c r e . . . . . . . . 3 3 3 , , , 3 6 4 0 2 9 7 0 1 1 1 1 , , , 6 5 6 6 4 2 9 9 3 2 2 2 1 3 0 9 6 1 2 2 2 6 7 7 4 2 6 ,0 8 9 3 5 4 2 6 0 2 2 2 4 4 3 5 3 7 2 1 1 0 9 6 0 5 3 Dec 97 9 1 39 49 * Gross amount of mortgages held, excluding terminated mortgages and 1943—Tan. 80 7 * 31 42 cases in transit to or being audited at the Federal Housing Administration. Feb. 64 5 * 20 * 39 2 The RFC Mortgage Company, the Federal National Mortgage Associaion, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. . 3 Including mortgage companies, finance companies, industrial banks, 1 Figures represent gross insurance written during the period and do not endowed institutions, private and State benefit funds, etc. take account of principal repayments on previously insured loans. 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1938 1939 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 257 249 324 385 525 148 202 211 297 191 109 47 112 88 335 June 233 236 350 330 618 146 179 211 280 215 87 57 138 50 403 July 228 230 317 365 ?62 7 141 169 232 278 P214 87 61 84 87 P412 August 231 250 351 460 P694 166 176 221 282 ?184 65 74 130 178 *510 September 246 289 295 425 ?718 168 182 195 262 ^196 79 107 101 162 *>522 October 278 332 344 3666 p776 178 215 207 304 PI 99 100 117 137 3362 ^577 November 252 292 328 492 p75O 176 235 224 281 *>174 76 57 104 211 p576 December 269 368 322 653 P853 171 247 253 344 P356 98 121 69 309 P497 Jan.-Dec. 3,094 3,177 4,021 5,147 2*7,826 1,960 2,318 2,625 3,345 ^2,743 1,134 859 1,396 1,802 *>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 [Index numbers; 1935-39 average= 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p e ro st d- Jrc l e a e n l e - - c d h i a s n e - Total ra N i e lw t ay Net ucts ous l.c.l. railway operating income expenses income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941—December.. 137 111 167 124 101 145 246 149 1001941—December... 486 411 75 r35 1942—- M J N D J O M A A S F J u u a e e e o c p u a a l n n p b c t y v r g y r e o u i e t r c e u l e b u m a h m s m e a r t b y r b r b y e e e r r r. .. 1 1 1 1 1 1 1 1 1 1 1 1 3 3 4 3 4 4 3 3 4 3 4 4 3 4 3 4 3 0 6 9 3 6 1 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 3 1 5 6 6 1 5 6 2 1 5 6 5 9 5 0 4 6 4 0 2 2 2 1 1 1 1 2 1 1 1 1 1 7 7 8 0 0 0 5 8 9 9 5 6 7 6 0 8 5 0 4 8 7 9 0 8 1 1 1 1 1 1 1 1 1 1 1 9 4 2 3 2 1 0 4 1 1 3 1 5 3 6 0 6 5 6 0 7 3 1 9 1 1 1 1 1 1 1 9 9 9 1 1 9 9 1 0 0 0 0 8 0 9 7 0 5 7 4 2 6 1 3 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4 6 5 5 7 5 5 5 4 5 7 9 0 5 4 5 2 6 9 9 9 9 2 2 2 2 2 1 1 1 1 2 1 1 2 1 2 7 8 8 7 8 8 8 8 8 1 0 1 6 9 9 4 0 3 6 2 7 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 5 4 4 4 5 5 4 4 6 4 4 6 2 9 1 2 2 1 3 4 1 5 5 5 5 5 9 8 6 5 6 9 0 6 8 9 7 5 7 0 2 7 0 2 0 1942— N O D M A M J J A S F J u u e e o e c p u a a a l n p c b t n v r y g y r e o i t e u c r e u l e b m u h a m s m e r t a b y r b b r e e y e r r . r . . . . . . . 6 6 6 7 6 6 7 4 5 5 6 5 6 6 2 6 4 0 2 1 9 8 4 1 1 3 2 9 3 8 7 8 5 4 2 9 r 5 5 5 5 4 4 5 5 4 4 4 5 6 3 3 3 7 1 5 1 8 4 2 0 3 5 3 9 1 9 4 5 7 6 0 0 1 1 1 1 1 1 1 1 1 r 9 9 5 3 3 2 2 5 2 8 1 2 6 9 9 0 1 8 8 5 4 0 3 8 1 1 8 8 8 8 4 5 7 8 7 5 2 0 8 5 2 1 0 2 0 4 9 8 0 9 1943—January 135 119 161 157 102 130 202 149 571943—January.. 134 February 141 127 154 170 113 135 193 153 61 UNADJUSTED 1941—December... 400 79 55 UNADJUSTED 1941—December. 128 125 182] 113 97 129 69 138 96 1942—January.. . 481 r414 r67 26 February... 462 396 66 24 1942— M J A F M J u e a p a a n b n r y r e i u r c l u a h r a y ry. . . 1 1 1 1 1 1 2 2 3 3 3 2 9 9 9 6 8 9 1 1 1 1 1 1 3 3 3 3 3 2 6 5 5 2 9 5 1 1 1 1 1 1 8 7 8 7 8 7 4 6 1 9 4 5 1 1 1 1 1 9 2 1 0 0 1 9 3 1 0 2 0 9 9 8 8 7 7 0 5 9 1 6 7 1 1 1 1 1 1 5 4 6 6 5 4 9 1 1 5 3 9 3 3 2 0 1 4 4 1 7 3 8 6 7 8 3 1 1 1 1 1 1 4 3 3 4 4 3 5 5 4 2 4 9 8 9 9 6 6 9 1 3 6 2 0 2 M J A A M J u u u p a a l n y g r y r e c i u l h s . t .. 6 5 5 6 6 6 8 7 2 6 4 0 4 3 4 5 0 1 5 4 4 5 5 4 4 0 4 3 7 9 9 5 8 2 0 1 1 1 1 1 1 9 3 3 0 1 1 2 5 3 2 9 0 6 7 5 8 9 4 4 8 9 0 7 8 J A O S u e c u l p t y g o t u e b s m e t r ber. .. 1 1 1 1 4 5 5 4 4 2 0 2 1 1 1 1 3 3 3 4 8 2 6 2 1 1 1 1 7 7 8 8 5 7 0 4 1 1 1 1 2 3 3 3 9 9 8 9 1 1 1 0 3 7 6 0 5 6 9 1 1 1 1 7 7 6 5 3 3 7 8 3 3 3 2 2 0 0 6 5 8 4 0 1 1 1 1 5 6 6 4 2 3 2 8 5 5 5 5 7 7 8 7 N O S D e o c e p t c v o t e e e b m m m e b r b b e e e r r r . . . . . . 6 7 6 7 4 9 0 9 6 8 3 0 5 5 5 5 6 4 4 3 1 3 1 2 1 1 1 1 8 5 7 4 5 5 1 9 1 1 1 1 0 3 1 3 5 6 1 7 N De o c v e e m m b b e e r r 1 1 2 4 6 0 1 1 3 3 2 9 1 19 8 3 6 1 1 3 2 0 3 1 1 1 4 3 4 1 12 3 2 8 20 5 6 9 1 13 5 5 0 5 5 6 9 1943—January.. 671 566 105 1943—January 124 135 193 138 117 50 132 55 r Revised. February 130 145 189 142 129 48 137 58 •Derived from Interstate Commerce Commission data. NOTE.—Descriptive material and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. 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. APRIL 1943 341 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 Without seasonal adjustment 1940 1941 1942 1943 1940 1941 1942 1943 1939 1940 1941 1942 Sept 16 .112 Sept 14... ..123 Sept 13. ....133 Sept 12... .129 SALES 23 .107 21... ..117 20... ..131 19. ... .137 January 92 101 138 143 71 79 108 111 30 .120 28... ..120 27... ..148 26.... .155 February 90 103 126 167 71 82 99 132 Oct. 7 .123 Oct. 5... ..125 Oct. 4... ..169 Oct. 3.... .173 March 89 103 124 86 93 118 14 .112 12... ..115 11... ..130 10.... .159 April 89 104 117 86 106 115 21 .116 19... ..123 18. ....131 17... .152 May 89 105 108 89 105 108 28 .114 26... ..121 25... ..130 24.... .153 June 91 104 104 87 100 100 Nov. 4 .123 Nov. 2... .117 Nov. 1... ..138 31.... .158 July 92 115 121 64 79 83 11 .116 9... .122 8... ..139 Nov. 1.... .166 August. 98 134 130 77 106 103 18 .115 16... ..130 15. ....148 14.... .167 September 97 116 123 105 125 133 25 .107 23... ..116 22... ..128 21.... .166 October 94 105 128 101 112 137 Dec. 2 .139 30... ..147 29... .169 28.... .166 November 100 116 138 114 133 157 9 .....188 Dec. 7 ....197 Dec. 6... ..215 Dec. 5.... .236 December 101 111 125 179 197 222 16 .....235 14. ....232 13... ..236 12.... .274 23 ... .242 21... ..258 20... ..277 19... 303 Year 94 110 124 30 ..... 79 28. ....124 27... ..174 26.... .199 STOCKS 1940 1941 1942 1943 J F M A a e p a n b r r u r i c l u a h a ry ry 6 6 7 7 8 9 1 0 7 7 7 7 3 3 1 3 1 1 1 r9 0 1 0 5 9 8 2 P105 6 6 7 7 8 1 1 1 6 6 7 7 4 9 5 6 1 1 r8 9 2 1 5 8 2 1 P 2> 9 9 1 0 Jan. 2 1 6 0 3 .. ..8 8 8 3 2 6 Jan. 1 1 4 8 1.... ...9 8 9 9 5 0 Jan. 1 1 3 7 0 . . . . . . . . . . . 1 1 1 3 3 0 1 0 7 Jan. 1 9 2 6. . .. . . . 1 1 1 1 3 3 2 8 2 May 68 74 127 70 75 130 27 . .79 25 89 24 . .119 23 119 June 67 76 136 64 73 129 Feb. 3 ..86 Feb. 1.... ...94 31.'.'.'. . .121 30.'.'..'.121 Tulv 68 82 140 61 74 126 10 ..80 8.... ...95 Feb. 7.... ..114 Feb. 6. ..136 August. 69 87 137 66 84 131 17 ..82 15.... ...97 14... ..116 13.... .168 September 70 91 124 73 95 129 24 ..82 22 88 21... . .110 20.. ..146 October 71 97 114 79 108 127 Mar. 2 . .95 Mar 1.. ....101 28.... ..119 27. . ..150 November 72 95 105 83 110 121 9 . 98 8... .. 97 Mar 1.... .125 Mar. 6... .142 December 71 92 r100 66 87 r94 16.... . 99 15... ..105 14... ..131 13.... .134 23.... .113 22.... ..111 21.... ..140 20.... .137 Year 69 82 117 Apr. 3 6 0.... . . 1 1 8 2 8 Apr. 2 5 9 . . . . . . .. . 1 1 3 1 1 7 Apr. 2 4 8 . . . . .. .. . . . . 1 1 4 6 7 0 Apr. 2 3 7 . . . . . . . . p r P R r e e v l i i s m ed in . ary. 1 2 2 0 7 3... . . . 9 9 9 7 8 9 2 1 1 6 9 2 . . . . . . . . . . . . . 1 . 1 1 1 3 1 7 6 4 2 1 1 5 8 1 . . . . . . ...1 . . 1 1 3 2 2 5 0 9 2 1 1 4 0 7 . . .. . . . . . Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] F 19 e 4 b. 3 J 1 a 94 n 3 . T m 19 w o 4 o s 3 . F 19 e 4 b. 3 J 1 a 94 n 3 . T m 19 w o 4 s o 3 . F 19 e 4 b 3 . J 1 a 94 n 3 . T m 19 w o 4 s o 3 . F 19 e 4 b 3 . J 1 a 94 n 3 . m T 19 w o 4 s o 3 . United States.. +33 0 +15 N Bo e N P B N P B A B B S s w t r p o o u r o e i e l o i b n n r w r f s w d Y i v f t a t g n a l o g o a i n H h a g l d r n r e o y n f k k a e p a i d m n e v o l c r e d t e t n on... + + + + + + + + + - - + 1 6 3 2 3 1 1 3 2 3 1 2 4 4 5 0 1 0 1 7 7 1 r r - - - + - - - 1 1 1 2 + - 1 - - 2 2 0 6 2 9 2 7 4 3 6 0 5 0 + + + + - - + + + + - 1 1 1 3 1 1 3 9 4 3 2 7 9 3 4 3 2 C Ri l c e E W N P B W L W R C h v i r y e m a i o h h t i a i c l l n r a t n e a o e s h t f s n n c r s i h e o m b d d l m h t l i e l o u i n k b o o n s n r g u n t g r g ( - o t e d r c S h o g n o n a , n le t S . m ) . C ... + + + + + + + + + + + 1 2 4 3 3 4 4 5 2 5 3 5 7 4 1 0 5 0 1 3 1 8 r+ + + + + + - - 2 1 1 9 1 8 9 1 1 1 2 0 n + + + + + + + + + + + 3 1 1 2 1 3 2 1 4 2 9 7 4 8 6 8 0 3 8 S C t h . M L F F D D F G I S ic n o o a i l L a e e r i o i d n a r r s l g o t n u t t w i o r s n u t x a o M i d i a S W n s n i u C t m g ( a o R k a c p i i i o e y t a n t o y e h n n p e l t i e i s . d s ) . . . . . s . . . . . . . . + + & + + + + + + + 2 2 7 5 3 3 5 3 2 7 8 5 6 8 1 2 9 5 3 + + + - - — 2 2 1 4 5 5 9 3 0 4 | + + + + + + + + + + + 4 1 1 4 1 3 1 2 1 1 9 8 0 0 2 4 4 3 8 3 8 S D a a L n T B H P F F S D S l l o h r a u a o h o a a e n F n o k c s r r u l s t g r s e l e e s a n A a o r n v W t n o s n B o i s n e c x f n i e t p o i s o e a c r o l n o c t d r h h i t o ... . + + + + + + + + + + + + 3 6 4 6 7 9 4 7 7 7 2 7 5 7 2 6 5 3 4 0 3 4 9 4 , , { r+ + + + + + + + + - 1 + + 1 2 1 3 2 3 1 2 1 2 3 6 3 8 7 1 1 1 8 1 9 \ \ + + + + + + + + + + + 1 3 4 5 4 + 6 2 3 3 4 4 7 6 0 1 3 9 5 8 7 5 6 5 Elmira >. +17 -7 +5 Charleston.W.Va, +21 -5 +5 Little Rock +98 +26 +62 Los Angeles +35 +51 +18 N N P R S o y o e ia w u r c a g g h c a h e Y u r s k a s o t e e e r e F k r p a s C l i l e i s t . . y . . + + + + + 2 4 1 1 2 0 7 3 6 2 + - - 1 - - 2 9 8 5 1 9 + + + - + 3 1 3 2 6 7 Atl H M B C an i l u o r a t n m a n r t ^ k t i i g s n n o b g g u m h t r o a e g n m ry + + + + + 5 2 2 3 5 6 9 7 7 0 + + -1 + 2 1 7 4 3 2 < + + + + + 1 4 1 3 3 6 0 6 1 M Q E L S S t p o v u e . u r a i m L i n n i n s c p o s v g y v h u i f . i i i l i s l s l e l e e ld.... + + + + + + 2 5 8 3 3 2 5 7 2 2 5 6 , + r+ + - + - 3 9 1 8 8 7 2 + + + + + + 1 2 2 5 1 7 2 1 9 6 9 O S S S S a a a a a B n n n c k r e l D J F a r a o k m r n i s a e e d e e n l g n e a c o y t i n o s d co + + + + 4 5 3 4 6 2 8 0 | , + + + + r . + 1 2 1 | 9 1 0 4 | \ 1 + + + + + +2 2 2 2 2 3 1 9 3 1 3 6 Philadelphia +18 -7 +5 Jacksonville +68 +33 +50 Santa Rosa +451 +111 +27 Trenton +36 +2 +19 Miami +30 +3 +17 Minneapolis.. +44 -5 +17 Stockton +84 +38! +60 Lancaster +34 -12 +8 Tampa +56 +22 +39 Vallejo and Napa +103 +24! +59 P R h e i a l d a i d n e g lphia... + + 1 2 9 0 - - 8 5 + + 7 6 M At a l c a o n n ta + + 8 7 8 4 + + 1 3 5 3 + + 4 5 3 9 Ka D ns e a n s v e C r ity + +5 5 9 9 + +2 2 2 3 + +3 3 9 9 Bo N is a e m a p n a d +39 +41! +40 Cle W T A Y C C C v o e l o i k o i e l n l l r r a l e v k u c k o n d e i n m d e n o l s a b n - n u a B d s t a i rre... + + + + + + + + 5 4 2 3 2 2 4 2 6 0 9 4 7 3 0 9 + + - - - - - - 1 1 5 9 1 3 6 3 9 1 + + + + + + + + 2 1 3 1 1 1 8 5 4 5 7 0 8 2 Ch K N B N C J C ic a a h a e n a h c g w t s i o a k o c o h x t s a n t v O v o a g i i n n o R l r l l l l o e o e e o u a g n g a s e + + + + + + + + 1 4 5 5 4 3 3 0 3 2 7 6 9 1 9 0 1 + + + — + + - 3 1 5 1 1 5 7 4 6 0 9 0 + + + + + + + + 6 2 2 2 2 3 1 8 5 7 7 2 7 8 2 H T T W J K O O S o t u o u k m a . i p l p t c n l l s a J c a e h i s a o h h n h k a i a s t o i s a a e n m p C s a h o i n ty City. + + + + + + + + +4 6 3 6 6 6 5 4 8 2 9 1 5 5 6 5 6 6 1 + + + + + + + - 2 3 2 2 4 1 2 2 0 9 4 4 6 2 0 1 + + + + + + + + + 4 4 5 1 3 2 2 6 3 2 2 2 3 9 7 8 5 0 P B E T W S S S Y o a p a e v e a a l a c r l o e k t l l t t o k l r i i l t a n e m m L a a l e g t n n a W a t a e h d k a e a m lla City.. + + + + + + + + + 2 2 4 5 2 4 5 3 4 3 7 9 6 3 6 8 3 9 ( j ! | r r + + + + + 2 + + + 3 3 1 9 1 8 4 5 9 2 00 j i 1 | ! + + + + + + + + + 4 2 4 .2 4 1 1 2 2 7 1 8 0 5 6 6 . 5 4 Youngstown... +33 -3 +14 Peoria +14 -10 +2 r Revised. 342- 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) Rati t o o o s f a l s e t s ocks Department o N f um sto b r e e r s Percentage change Percentage change Jan. reporting Jan.1943 Jan. 1943 Jan. 1942 Jan.1943 Jan. 1943 Jan. 1942 from from from from from from 1943 1942 Jan. 1942 Dec. 1942 Dec. 1941 Jan.1942 Dec. 1942 Dec. 1941 GRAND TOTAL—entire store 345 0 -51 -45 +8 -3 -3 3.1 2.9 MAIN STORE—total 345 0 -52 -45 +7 -4 -3 3.2 3.0 Women's apparel and accessories 341 +13 -47 -43 +12 +1 -5 2.2 2.2 Women's and misses' coats and suits 321 +11 +21 +46 +53 -6 -8 1.4 1.0 Women's and misses' dresses 327 +18 -23 -27 +11 +17 -2 1.4 1.4 Blouses, skirts, sportswear, sweaters, knit apparel, 303 +26 -46 -43 +24 +9 -4 2.0 2.0 Juniors' and girls' wear . . . . . 286 +30 -51 -53 +27 +5 -4 2.0 2.1 Infants' wear 294 +32 -55 -55 +1 -4 2.4 3.1 Aprons, housedresses, uniforms 272 +13 -26 -25 +16 +3 -6 1.7 1.7 Women's underwear, slips, negligees 306 +2 -74 -69 0 -13 2.5 2.6 Corsets, brassieres 323 -38 +11 +73 +45 -6 -17 3.1 1.3 Hosiery (women's and children's) 326 +6 -55 -59 +6 0 -4 3.1 3.1 Gloves (women's and children's) 313 +20 -74 -73 Q -9 -6 3.8 5.0 Shoes (women's and children's) 229 +17 —31 -30 +4 +2 +4 3.9 4.4 Furs 254 +21 -14 +25 +7 -9 -18 1.6 1.8 Men's and boys' wear 312 -13 -67 -59 +17 -8 -7 4.7 3.4 Men's clothing 221 -28 -24 +8 +34 -12 -13 4.6 2.4 Men's furnishings, hats, caps . . 293 -1 -79 -76 +10 -7 -4 4.7 4.2 Boys' clothing and furnishings 265 +6 -70 -67 +7 -6 -2 4.8 4.7 Men's and boys' shoes and slippers . .... 156 -7 -63 -55 0 —2 -1 5.7 5.3 Home furnishings 310 -17 -29 -12 +2 -6 -3 4.4 3.6 Furniture, beds mattresses springs 219 -9 -22 -13 -4 -3 +3 5.2 4.9 Domestic floor coverings 233 -13 -18 +10 +17 -3 +1 6.4 4.8 Draperies, curtains, upholstery 286 +3 -40 -36 +8 -2 5.5 5.3 Major appliances (refrigerators, washers, stoves, etc.) 193 -71 -35 +23 -54 -6 +8 5.4 3.4 Domestics, blankets, linens, etc 277 -22 +7 +63 +17 -17 -24 2.3 1.5 China and glassware 207 -6 -61 -58 +3 -5 -3 7.0 6.4 Housewares 217 -11 -42 -39 +3 -5 +1 4.9 4.2 Piece goods (dress and coat yard goods, all materials) 279 +14 +17 +25 +16 +3 +3 3.4 3.3 Cotton wash goods 115 +26 +44 +27 +17 +9 +13 3.4 3.6 Small wares 323 +2 -67 -63 +2 —4 -3 3.4 3.4 Notions. .. • 213 -5 -36 -28 +17 -6 -2 3.3 2.6 Toilet articles, drug sundries, prescriptions 307 -7 -66 -57 +5 0 2 3.1 2.7 Jewelry and silverware 278 +19 -75 -77 -4 -4 -5 4.4 5.4 Miscellaneous 290 +9 -80 -9 +2 4.3 -79 -1 3.6 BAS W E o M m E e N n' T s ap S p T ar O el R a E n — d t a o c t c a e l ssories 2 1 2 9 1 7 + + 8 2 --4467 - - 4 4 3 3 + + 3 2 0 0 +-13 - - 2 2 22..70 2 1. . 7 3 Men's and boys' clothing and furnishings 156 -9 -67 -62 +16 -3 +1 4.1 3.2 Home furnishings 128 -7 -22 -10 +17 -8 -5 3.3 2.6 Piece goods 60 +9 +1 +9 +28 +4 -4 3.1 2.7 Shoes 125 -47 -41 +5 -2 3.7 3.3 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, BY TYPE OF TRANSACTION Without seasonal adjustment [ndex numbers; January 1941 = 100 Percentage of total S£des Year and month Total Cash Instalment Other credit Cash Instalment Other credit 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 January 138 138 142 169 r118 88 r137 113 50 59 7 5 43 36 February 116 119 118 113 49 9 42 March 151 155 148 148 50 8 42 April 149 154 131 147 50 7 43 May 134 149 92 126 53 6 41 June 131 153 76 117 56 5 39 July . . . 110 133 70 91 59 5 36 August 135 161 101 112 58 6 36 SeDtember 165 193 107 145 56 6 38 October 184 220 123 156 57 6 37 November 186 223 124 157 58 6 36 December r287 r362 156 r229 61 5 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. APRIL 1943 343 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 f y e m ar onth co c T n re o su 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 e l s e 2 nt a C cc h o 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 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1 581 1 122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 L,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 L,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 r9,499 5,921 3,747 1,942 1,805 2,174 1,204 rl,764 r610 1942 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 648 1942 Tan r9,147 5 609 3,509 1,812 1.697 2,100 1,202 rl,721 r615 Feb r8,77O 5,335 3,299 1,668 ,631 2,036 1,193 rl, 623 r619 Mar r8,594 r5,108 r3,103 1,513 1,590 2,005 1,186 rl,677 r623 Apr. r8,364 4,886 2,919 1,369 ,550 1,967 1,171 rl,682 r625 May r7,952 r4 611 r2,7O5 1,239 r ,466 rl,906 1,151 rl,561 r629 June r7,5l3 r4,327 r2,474 1,120 r ,354 rl,853 1,125 rl,430 r631 July r7,OO7 r4,036 r2,247 1,004 r ,243 1,789 1,112 rl,225 r634 Aug r6,719 3,748 2,032 874 ,158 1,716 1,102 rl,232 r637 Sept r6,557 3,504 1,862 769 :,093 1,642 1,095 rl,320 r638 Oct r6,403 3,255 1,704 664 1,040 1,551 1,088 rl,4l9 r64l Nov r6 169 r3 054 rl,571 573 r998 1,483 1,085 rl,386 r644 Dec 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 648 1943 Jan P5,691 *>2,662 *>1,316 ?404 P912 PI,346 pl,058 pl,320 p65l Feb. e5,505 e2,489 el,217 e351 e866 cl,272 el,042 el,320 e654 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.—N •• • - - . . . , , . - ., • w T ««„„., , « . . .. .~.~ ,, ., and Dorr 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 o#f dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y m ea o r nth ex m T a c o u l o u t t t d i o a v - i l e ng D s o m m e t a r o p n a d e r a i d n e e l r r t - s t- F s t t u u o r r r n e e i s - H s a 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 h ta r l e l e i r l s m E o y n n e d t a h o r f or Total m b C e a o r n m c k i - s a 1 l p S c l a o o m n m a i a n e - l s l b I p a n c a t n o d r n k m i u i a i e s - l n - s g u C n r i e o d n i s t M l l a e n i n s e d c o e e u r l s - s m i R z l o o e a a d p n t a e i d n a o r s i n n r houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29, 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27 1932 .... 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 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 1942 1942 1,013 254 391 r130 r78 160 Jan. 2,100 652 527 290 205 101 325 Feb 2,036 618 521 285 198 101 313 1942 Mar. 2.005 601 521 282 196 101 304 Jan 1,697 438 590 294 108 267 Apr 1,967 586 517 277 190 100 297 Feb L,631 416 573 285 100 257 May r1,906 564 504 268 184 99 r287 Mar r1,590 406 567 272 95 r250 June r1,853 546 493 261 179 98 r276 Apr L,55O 396 561 258 91 244 July 1,789 521 481 253 173 97 264 May rL,466 367 543 r240 85 231 Aug L, 716 491 466 246 166 95 252 June r1,354 332 512 r218 79 213 Sept 1,642 460 452 236 160 94 240 July r1,243 300 475 r201 71 196 Oct. L, 551 421 437 222 152 92 227 Aug 1,158 277 449 183 67 182 Nov L,483 393 428 211 145 91 215 Sept 1,093 261 428 169 63 172 Dec 1,428 370 424 202 141 91 200 Oct .040 253 408 154 61 164 Nov "r998 247 392 r141 61 157 1943 Dec 1,013 254 391 r130 r78 160 Jan V1,346 ' 345 403 193 132 89 p184 1943 r Revised. v Preliminary. Jan ?912 ?228 ^358 p116 *>66 3>144 cas 1 h T h lo e a s n e s f i a g n ur d e s r e f t o a r i l a m au o t u o n m ts o t o iv u e ts t d a i n re d c i t n g lo i a n n c s l , u w de h i o c n h l y a r p e e s r h s o o w na n l o in n s t t h a e lm f e o n l- t lowing page and a small amount of other retail direct loans (14 million r Revised. p Preliminary, dollars at the end of January 1943), which are not shown separately. 344 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 a u h a s r e i e - l r d , R e m r e a n p n o i a d d z i a - r - i s m n P o s e e n t n r a a - t l l Month or year Co b m a m nk e s rc 1 ial c S o m m a p ll a n lo ie a s n c In o 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 Ou p t e s 1 1 1 1 r t 9 i 9 9 a 9 o 4 4 4 3 n d 2 1 0 9 d : ing at end of 1 1 1 , , , 3 0 5 7 4 2 8 8 0 0 8 7 3 3 2 1 0 9 1 3 0 6 0 6 3 2 1 1 0 3 2 6 3 0 2 0 2 2 1 1 7 1 5 4 9 0 0 3 2 2 2 1 4 2 6 5 6 0 0 4 3 3 2 2 6 4 3 8 4 0 2 0 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 7 4 5 6 2 1 3 4 3 4 6 3 3 5 1 2 9 8 6 7 0 9 3 8 4 3 6 4 3 3 4 2 2 2 2 4 0 5 8 0 5 3 0 9 4 8 2 0 4 1 1 3 3 4 6 3 0 4 8 4 2 7 3 5 8 1942— F J e a b n r u u a a ry ry 1 1 , , 5 4 1 3 1 4 3 3 6 3 7 8 2 2 8 5 0 8 2 2 7 6 5 8 2 22 3 5 4 3 3 5 4 5 5 1 1 1 9 9 9 4 3 3 0 8 9 6 9 7 2 0 6 7 4 3 4 4 5 1 8 3 7 9 6 3 2 1 2 5 7 0 7 9 M Ap a r r i c l h 1 1 , , 4 3 0 3 3 8 3 3 0 3 8 1 2 2 3 4 5 5 2 2 6 5 7 4 2 20 2 7 1 3 33 3 4 9 1 1 9 9 4 4 2 1 9 7 8 9 3 8 4 55 0 8 8 3 2 4 1 3 5 May 1,273 283 224 243 201 322 June 1,211 265 211 223 196 316 1941 July 1,139 242 196 208 187 306 September... . 69 38 24 August 1,072 227 182 189 182 292 October 76 43 25 September 998 203 167 175 176 277 November 82 41 23 October 922 190 148 159 168 257 December 104 45 25 November 860 166 136 151 165 242 December 787 136 122 143 154 232 1942 1943—January 726 116 111 136 144 219 J F a e n b u ru ar a y ry 8 6 0 6 6 6 6 5 4 3 0 5 1 1 8 9 Vo m lu o m n e th : extended during M Ap a r r i c l h 8 7 0 1 8 7 6 2 4 3 2 7 2 1 5 9 1942—January 148 39 21 27 5 56 M Ju a n y e 6 6 4 1 6 5 8 8 3 3 6 4 2 1 0 8 February 115 23 19 21 7 45 July 58 63 34 18 M Ap a r r i c l h 1 1 3 2 8 5 2 1 7 9 2 2 0 2 2 2 8 3 1 9 0 4 5 8 7 A Se u p g t u e s m t ber.... 4 5 9 2 6 6 0 0 3 31 3 1 1 6 6 May 110 17 18 25 9 41 October 44 59 30 14 June 102 15 16 16 9 46 November.... 37 59 25 14 July 95 16 16 13 9 41 December 43 82 31 18 August 93 23 14 11 9 36 September 82 14 13 12 8 35 1943 N O o ct v o e b m er ber 6 7 4 7 1 7 1 1 9 1 1 1 4 4 9 7 3 2 2 7 January 36 45 25 11 December 69 6 10 15 6 32 1 These figures for loans made include only personal instalment cash 1943—January 59 6 9 14 4 26 loans and retail automotive direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (one million dollars in January 1943), which are not shown separately. NOTE.—For descriptive material and back figures, see Bulletin for October 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 ac C c h o a u r n ge ts change from corresponding Jan p u m r - e o c n ed D th i e n c g em- J p a re n m c u e o - d n i t n h D g o e y c f e e m ar - Month D s m e to p e r a n e r t s t- F s t u t 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 e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s tary ber ary ber 1943 1942 1943 1942 1941 Movember 19 12 11 18 49 Net sales: December 20 11 12 23 46 Total -45 +32 -8 0 Cash sales .... -54 +56 +35 +55 1942 Credit sales: January 20 12 r12 19 50 Instalment -46 +25 -15 -12 February 19 11 r12 18 45 Charge Account -42 +25 -11 +7 March 22 13 13 19 46 April 21 13 13 19 47 Accounts receivable, at end of month: May 22 13 13 20 50 Total -9 +1 -37 -34 June 22 14 13 22 56 Instalment -8 0 -37 -34 July 23 14 13 22 60 August 24 16 13 25 59 Collections during month: September 25 16 14 26 60 Total -6 +3 —5 +2 October 29 18 15 30 65 Instalment ... . -9 0 -6 +1 N D o ec v e e m m b b e e r r 2 3 9 1 1 1 8 7 r1 1 5 5 3 4 1 5 6 6 3 5 Inventories, end of month, at retail value -2 -9 +4 1943 January 28 17 15 30 61 r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. APRIL 1943 .345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Year, month, or week m c t o o i m e d s i - - F p u a r c o r t m d s - Foods Total H p i l r d e o a e d s t u h c a e t n r s d p T ro e d xt u i c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B aa uu tt ii e lldd ri ii a nn l gg s p c C r a a o l h l s l d e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 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 83.0 100.8 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 105.9 99.6 P95.5 117.7 96.9 78.5 ^103.8 110.2 97.1 102.4 89.7 1942—January 96.0 100.8 93.7 94.6 114.9 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 95.6 119.2 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 95.7 118.2 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 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January P101.9 117.0 105.2 ^96.0 117.8 97.3 79.3 ^103.8 109.8 100.2 102.5 90.7 February *102.5 119.0 105.8 P96.2 117.8 97.3 79.8 ^103.8 110.2 100.3 102.6 90.9 Week ending 1942—December 5. . 100.1 110.6 103.3 96.1 118.4 96.6 79.8 103.9 110.0 99.6 104. 90.0 December 12. 100.5 112.0 104.0 96.2 118.4 96.6 80.0 103.9 110.0 99.5 104. 90.3 December 19. 100.7 113.3 104.2 96.2 118.4 96.6 79.9 103.9 110.0 99.5 104. 90.4 December 26. 101.2 115.2 104.6 96.2 118.4 96.6 79.9 103.9 110.0 99.5 104. 90.4 1943—January 2 P101.2 115.4 104.2 P96.2 118.4 96.7 79.9 H03.9 110.0 99.5 104. 90.4 January 9 p101.4 116.1 104.4 P96.2 118.4 96.7 80.0 P103.9 110.0 99.5 104. 90.4 January 16... P101.6 116.6 104.8 ^96.3 118.4 96.7 80.1 P1Q3.9 110.0 99.5 104. 90.5 January 23 p101.7 117.2 104.7 P96.3 118.4 96.8 80.1 H03.9 110.0 99.5 104. 90.5 January 30 P101.8 117.7 105.0 P96.3 118.4 96.8 80.1 ^103.9 110.1 99.5 104. 90.5 February 6 P102.0 118.2 105.1 P96A 118.4 96.8 80.4 ^103.9 110.1 99.5 104. 90.5 February 13.. P102A 118.6 105.5 P96A 118.4 96.8 80.4 P103.9 110.1 100.0 104. 90.6 February 20.. P102.4 :120.0 105.7 P96.4 118.4 96.8 80.5 *103.9 no.o 100.3 104. 90.7 February 27.. P102.7 121.2 106.0 P96.5 118.4 96.8 80.7 p103.9 no.o 100.3 104.1 90.9 March 6 2*102.9 122.0 106.4 P96.6 118.4 96.8 80.9 P103.9 110.1 99.9 104.1 91.0 March 13 2*103.2 123.5 107.0 P96.6 118.4 96.8 80.7 P103.9 110.4 100.0 104.2 91.2 March 20 p103.0 122.4 107.1 P96.6 118.4 96.8 80.8 P103.9 110.4 100.0 104.2 91.2 March 27 P103.3 124.2 107.6 P96.6 118.4 96.8 80.8 p103.9 110.4 100.0 104.2 91.2 1942 1943 1942 j 1943 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 95.3 92.8 100.7 107.3 108.6 Agricultural implements... 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 109.3 121.3 123.9 129.2 132.8 Farm machinery 98.0 98.0 98.0 98.0 98.0 Foods D O : a th m ir e y r f p a r r o m d u p c r t o s ducts 9 9 7 5 . . 4 0 1 1 0 11 8 . . 2 0 1 1 1 1 1 0 . . 8 4 1 1 1 1 3 1 . . 4 5 1 1 1 1 2 3 . . 6 3 N M Ir o o o n n to f e r a r n r v d o e u h s s i t c e m l e e l e s tals 1 9 8 1 7 5 2 . . . 0 6 4 1 8 9 1 6 7 2 . . . 0 2 8 1 8 9 1 6 7 2 . . . 0 2 8 8 9 6 7 ! .2 o o 8 9 6 7 * '2 . 0 Cereal products 91.1 89.5 89.3 90.6 92.2 Plumbing and heating 97.9 93.2 90.4 90.4 90.4 Fruits and vegetables 85.2 102.0 104.3 102.6 108.5 Building Materials: Meats 104.0 112.0 113.6 115.5 115.5 Brick and tile 97.0 98.6 98.7 98.7 98.6 Other foods 89.4 95.9 95.9 96.2 94.5 Cement 93.4 94.2 94.2 94.2 94.2 Hides and Leather Products: Lumber 132.7 133.1 133.3 133.3 134.6 Shoes 121.8 126.4 126.4 126.4 126.4 Paint and paint materials.. 99.9 100.7 100.3 100.6 101.2 Hides and skins 115.5 116.0 116.0 116.0 116.0 Plumbing and heating 97.9 93.2 90.4 90.4 90.4 Leather 101.4 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 113.5 115.2 115.2 115.2 115.2 Other building materials... 103.5 102.9 103.0 102.2 102.2 Textile Products: Chemicals and Allied Products: Clothing 105.3 107.0 107.0 107.0 107.0 Chemicals 96.3 96.2 96.1 96.9 96.9 Cotton goods 111.4 112.4 112.4 112.5 112.6 Drugs and Pharmaceuticals 126.5 165.4 165.4 165.4 165.5 Hosiery and underwear 69.6 70.5 70.5 70.5 70.5 Fertilizer materials 79.3 78.6 79.0 79.0 79.0 Silk Mixed fertilizers 82.7 82.8 82.8 85.3 85.8 Rayon 30^3 "30!3* "30.3 30^3 30^3 Oils and fats 108.2 101.5 101.5 101.5 101.5 Woolen and worsted goods 104.3 111.7 112.1 112.4 112.4 IIousefurnisiting Goods: Other textile products 98.1 97.6 97.7 97.7 97.7 Furnishings 107.4 107.3 107.3 107.3 107.3 Fuel and Lighting Materials: Furniture 97.4 97.4 97.4 97.4 97.7 Anthracite 85.3 85.7 86.2 88.5 89.7 Miscellaneous: Bituminous coal 108.4 111.4 112.4 112.5 113.9 Auto tires and tubes 71.0 73.0 73.0 73.0 73.0 Coke 122.1 122.1 122.1 122.1 122.3 Cattle feed 132.8 132.1 142.1 142.8 142.1 Electricity 67.6 62.3 Paper and pulp 102.9 98.8 99.0 100.1 101.1 Gas 77.0 78.4 "76!T "l3.2 Rubber, crude 46.3 46.3 46.3 46.3 46.3 Petroleum products 58.9 60.7 60.7 60.8 "61^' Other miscellaneous 92.9 95.1 94.9 94.9 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). ^ Preliminary. r Revised. c Corrected. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK Revised Edition of Chart Book* 1943 1942 1943 Chart Chart book book page F 2 e 4 b . M 3 a r. M 1 a 0 r. Ma 1 r 7 . Ma 2 r 4 . page Dec. Jan. Feb. WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Rese U rv . e S b . a G n o k v c t. r e s d e i c t u : rities, total2 2, 4 5.93 5.80 6.09 6.27 5.95 R r e o s l e d r v s e to c b k a nk credit 5 5 2 6 2 . . 0 7 3 4 2 6 2 . . 3 7 2 1 2 6 2 . . 0 6 9 5 Bonds 4 2.44 2.34 2.25 2.15 2.08Money in circulation 5 15.12 15.40 15.84 Notes 4 1.22 1.18 1.09 1.02 .99Treasury cash 5 2.20 2.19 2.21 Bills 4 1.49 1.50 1.33 1.31 1.56Treasury deposits 5 .31 .31 .21 Certificates 4 .79 .79 .79 .82 .82Reserve balances 5, 8 13.15 13.34 12.93 Special certificates 4 .63 .98 .51Required reserves 8 10.78 11.21 11.22 Bills discounted 2 "!6i .01 .01 .01 .01Excess reserves, total 8, 9 2.38 2.13 1.71 Gold stock 2 22.64 22.64 22.64 22.61 22.60 New York City 9 .42 .34 .10 Money in circulation 2 15.95 16.15 16.21 16.12 16.07 Chicago 9 .04 .02 .01 Treasury deposits 2 .26 .01 .01 .01 .01 Reserve city banks 9 1.02 .91 .78 Nonmember deposits 2 1.17 1.14 1.18 1.13 1.18 Country banks 9 .90 .86 .82 Member bank reserves 3 12.92 12.94 13.12 13.52 13.08Money in circulation, total 10 15.41 15.59 16.09 E E x x c c e e s s s s r r e e s s e e r r v v e e s s e — totale3 3 3 1 1 . . 7 7 9 3 p1 1 . . 8 7 6 9 ^2 1 . . 0 8 4 8 P2 2 A .1 2 3 1.63 B $1 i 0 ll s a n o d f $ $ 5 2 0 0 a b n il d ls over 1 1 0 0 3 8 . . 8 1 4 5 3 8 . . 9 2 3 9 4 8 . . 0 6 3 3 New York City 3 .09 .10 .12 .09 Coins, $1, $2, and $5 bills 10 3.43 3.38 3.44 Chicago 3 .01 .03 .03 .02 Reserve city banks 3 .80 .86 .91 .96 CONSUMER CREDIT Country bankse 3 .83 *\88 P.98 PI. 06 Consumer credit, total 18 6.16 p5.69 e5.51 Single payment loans 18 1.07 p1.06 e1.04 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.51 PI .32 e1.32 Loans and investments 14 41.35 41.47 41.86 42.20 42.00 Service credit 18 .65 P.65 e.65 Demand deposits adjusted 14 31.13 31.31 32.12 32.39 32.13 Instalment credit, total 18, 19 2.92 ?2.66 e2.49 U. S. Govt. obligations 14 28.44 28.66 29.11 29.34 29.29 Instalment loans 19 1.43 PI .35 •1.27 Total loans 14 9.64 9.52 9.49 9.56 9.49 Instalment sale credit, total 19 1.50 PI.32 e1.22 Commercial loans, total 15 5.82 5.74 5.80 5.80 5.75 Automotive 19 .48 P.40 €.35 New York City 15 2.36 2.32 2.37 2.35 2.33 Other 19 1.01 P.91 '.87 100 cities outside New York 15 3.46 3.41 3.43 3.46 3.43 Brokers' loans—New York City .... 15 .48 .46 .40 .45 .47 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 11.32 11.37 11.67 11.78 11.76 ing, total interest-bearing2 20 111.59 114.30 117.13 Bonds 17 4.86 4.92 4.97 5.00 5.06 Bonds (marketable Treasury) 20 49.27 49.27 49.27 Notes and guar. securities ... 17 2.78 2.80 2.81 2.85 2.87 Notes, cert., and bills, total.... 20 27.02 28.03 29.26 Bills 17 1.72 1.69 1.94 1.96 1. Notes 21 9.86 9.86 9.86 Certificates 17 1.96 1.96 1.96 1.96 1.96 Bills 21 6.63 7.42 8.23 100 cities outside New York, total. 15 17.12 17.28 17.44 17.56 17.53 Certificates 21 10.53 10.74 11.16 Bonds 17 8.44 8.47 8.52 8.58 8.67 Savings bonds, tax notes, etc.8 20 21.79 23.36 24.56 Notes and guar. securities 17 3.21 3.21 3.22 3.22 3.24 Savings bonds 21 15.05 16.25 17.07 Bills 17 2.43 2.55 2.62 2.73 2.58 Tax notes 21 6.38 6.75 7.12 Certificates 17 3.04 3.05 3.08 3.04 3.05 Special issues 20 9.03 9.17 9.57 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 12.24 12.37 12.67 Federal Reserve Banks 22 6.19 5.97 5.87 MONEY RATES, ETC. Commercial banks 22 p41.30 P42.91 T Tr r e e a a s s u u r r y y n b o il t l e s s (n (t e a w x a i b ss le u ) es) 2 2 5 5 1. . 2 3 5 69 1. . 2 3 5 71 1 . . 3 2 7 5 3 41 . . 3 3 7 9 3 1. . 3 3 9 74 Pr c iv om ate m er h c o ia ld l e b rs a nk o s t , h t e o r tal t han 22 p51.86 P53.06 U. S. Govt. bonds: Mutual savings banks 23 H.57 p4.64 Partially tax exempt. 25, 33 2.05 2.06 2.07 42.09 2.09 Insurance companies 23 11.00 11.10 Taxable 25, 33 2.32 2.33 2.34 2.33 2.33 Other investors, total 23 2*36.30 p37.3O Corporate Aaa bonds 33 2.77 2.77 2.77 2.76 2.76 Marketable issues 23 p15.20 p14.7O Corporate Baa bonds 33 4.06 4.02 4.02 4.02 4.01 Per cent per annum In unit indicated MONEY RATES, ETC. Stock prices (1935-39 = 100): F. R. Bank discount rate, N. Y.9.. 27 .50 .50 .50 Total 35 86.5 87.3 86.9 87.2 87.8 Treasury bills (new issues) 27 .363 .367 .372 Industrial 35 89.1 89.6 89.2 89.8 90.5 Treasury notes (taxable) 27 1.34 1.29 1.24 Railroad 35 81.4 86.1 84.4 85.2 85.1 Commercial paper 29 .69 .69 .69 Public utility 35 75.9 76.6 76.5 75.1 75.5 U. S. Govt. bonds: Volume of trading (mill, shares) 35 1.65 1.73 1.45 1.13 1.5; Partially tax exemp t 33 2.09 2.06 2.06 Taxable 33 2.36 2.32 2.32 BUSINESS CONDITIONS !orporate Aaa bonds 29, 33 2.81 2.79 2.77 Steel production (per cent of capacity)5. 50 97.7 98.2 99.1 99.3 Corporate Baa bonds 33 4.28 4.16 4.08 Electric power prod. (mill. kw. hrs.)6- .. 50 3,893 3,947 3,945 3,947 3,928 Freight-car loadings (thous. cars):6 In unit indicated Total 51 782.9 748.9 769.0 768.1787.4 Miscellaneous 51 374.4 349.5 360.9 367.6 373.8 Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)6.. 52 150 142 134 137 143 Total 35 75.9 79.7 84.8 F.H.A. home mortgages, new construc- Industrial 35 78.5 82.3 87.7 tion (thous.)6 52 2.71 3.15 Railroad 35 69.3 73.7 77.5 Wholesale prices (1926 = 100): Public utility 35 65.2 69.3 73.3 Total 63 102.7 102.9 103.2 103.0103.3 Volume of trading (mill, shares)... 35 .82 .82 1.25 Farm products 63 121.2 122.0 123.5 122.4 124.2 Brokers' balances (mill, dollars): Other than farm and food 63 96.5 96.6 96.6 96.6 96.6 Credit extended customers... 37 543 e540 e550 Money borrowed 37 378 e290 e320 Customers' free credit balances. 37 270 e280 e Estimated. p Preliminary. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Includes guaranteed issues not shown separately. 3 Averages of daily figures for the week ending Friday. 4 Number of issues included decreased on March 15. 5 New series (beginning January 4, 1943) based on increased capacity; figures available for 1943 but not plotted on the chart are: Jan. 6, 95.8: Jan. 13, ge 185) and March (page 267). _, . „ ^^d depositary bonds not shown separately. 9 On advances secured by Government securities maturing or callable within one year. * Current figures are for revised edition of the Chart Book announced on page 302. Copies may be obtained at a price of 50 cents each. APRIL 1943 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Statistics for Federal Reserve Chart Book—Continued Revised Hdition of Chart Book Chart Chart book book page Dec. Jan. Feb. page Dec. Jan. Feb. MONTHLY FIGURES (cont.) In millions of dollars MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Freight-car loadings:1 3 Income payments, total1 38 10,843 n1,000 Total (1935-39 = 100) 134 135 141 Salaries and wages 38 7,584 P7,737 Coal 24.8 25.2 27.1 Other 38 3,259 P3,263 Miscellaneous 80.2 81.4 83.8 Cash farm income, total 39 1,571 1,361 ^1,210 All other 28.8 28.5 29.6 Crops 39 656 479 P37O Department store sales (1923-25 = 100)1. 125 143 167 Livestock and products 39 843 782 *761 Department store stocks (1923-25 = 100)1 100 105 Govt. payments 39 72 100 P79 Wholesale prices, total (1926 = 100)4 . . 101.0 101.9 102.5 Residential contracts awarded, total1.. 53 167 118 100 Farm products 113.8 117.0 119.0 Public 53 129 89 72 Other than farm and food 95.9 96.0 96.2 Private, total 53 38 29 28 Cost of living, all items (1935-39 = 100) 120.4 120.6 120.9 1- and 2-family dwellings 53 33 22 22 Rent 108.0 Other 53 6 7 5 Clothing 125.9 125^9 125^9 Construction contracts awarded. Food 132.7 133.0 133.6 Total 55 717 594 Residential 55 167 146 Other 55 550 448 2*318 1942 1943 Exports and imports: E E Im x x c p p e o o s r r s t t s s o f exports 6 6 6 1 1 1 p P P 4 3 8 9 5 5 6 3 6 . . . 9 2 3 J S u e l p y t - . O D c e t c . . - M Ja a n r . . - Excluding lend-lease exports.. 61 In millions of dollars QUARTERLY FIGURES In unit indicated Budget receipts and expenditures: Expenditures, total 16,307 18,800 19,845 War activities 14,766 17,348 18,460 Indu T s o tr t i a a D l l u ( p 1 ra 9 r M I o b 3 ro d 5 l a e n - u c 3 h c m 9 a t i i n n a o = d e n n r u : y s 1 f 1 t , a 0 e c 0 e e t l ) t u 3 c 4 r es . 41, 4 4 4 4 2 2 2 1 1 1 2 7 9 0 2 0 7 8 1 1 9 2 7 1 9 2 2 0 P P P 2 U 0 2 3 3 3 Inter M N I C n n o e a i d s t r l i c p v r . r o e i e d i r c v n a u e e t t a i e e n p l r u t n i s e i n n a c l c c o o o r m m e ll v e e e e c t n t t a i a u o x x e n e e s s s , total 3 3 1 1 , , , , 8 6 7 7 1 6 2 3 7 1 1 2 5 4 4 3 3 1 1 , , , , 6 3 7 7 9 1 2 8 2 0 3 9 7 9 6 6,950 Non O d T P F O u o a e t t h r h p x o a e e t e d i b r r r s l l , e e n d a s l o n u iq d a n r m a n u d b d p o u a l r r r n e , i l a u n e a b a f t n l i a t e n d h c g e t t u r o r b e a s cco. 4 4 4 4 4 4 2 2 2 2 1 2 2 6 2 1 1 1 1 9 0 7 1 6 2 2 1 7 1 1 1 0 7 0 1 6 m m Corp N N o e e r w a t t P R I p e n m u r a d o b s i o l u e c l r n i e c s o c e e t u a r y d r u d i , i s a t t i l y t l o it t i y a ss l5 ues: 2 4 2 0 7 6 3 7 0 6 7 1 4 3 6 0 3 Minerals 41, 42 19 19 Primary products (1935-39 = 100): Per cent per annum Steel 43 221 225 230 W L C C C C u o o r e o u m a m t o t l d l o b e e n e n y r t p a c e r o n tr n o s l u e m um pt ion 4 4 4 4 4 4 3 3 3 3 3 3 1 1 1 1 1 1 8 6 2 3 6 1 0 3 1 6 5 9 1 1 1 1 1 1 7 7 3 1 1 6 1 1 6 8 6 9 171 Bank T N O S o o e t r h u w t a a e t t h r e l Y , e s N r 1 o n o o r 9 n k r a c t n c h i C t u d e i i e s r t n W t s y o m a e n s e t d e r s r E n ' a l c o s i t a t e i n r e n s s : cities. 3 3 3 2 1 1 1 9 2 2 3 2 . . . . 2 7 2 6 5 0 8 6 3 2 2 2 . . . . 6 0 6 2 3 9 3 6 ^ P3 2 2 2 . . . . 2 7 3 7 5 7 6 6 Leather 43 118 122 Paper 43 130 129 Apr. 4, June 30, Dec. 31, Meats and dairy products 43 149 143 ^147 1942 1942 1942 Other manufactured foods 43 165 167 p La p b e o r r s on fo s r ): ce and employment (mill, CALL DATE FIGURES In billions of dollars Labor force 44 53.4 52.4 52.3 ALL BANKS IN THE U. S. Emp M F N A lo e g o a y m r n l m e i a a c g l e u e r n l i t t c u , u r t a l o t l u ta r l a l 4 4 4 4 4 4 4 4 4 4 5 4 3 1 8 1 3 7 4 . . . . . 9 0 9 9 0 4 3 5 1 8 2 6 1 4 . . . . . 0 3 7 3 7 4 5 3 1 8 0 2 5 5 . . . . . 8 9 9 1 0 T T D C i o u e m t m r a r e e l a n n d d c d e e y p p d o o o e s s u p i i t t t o s s s s i d i a t e s n d b a d a c n j u u k r s r s t e e n d cy , 4 8 2 1 0 0 7 0 . . . . 0 2 4 p 0 0 0 0 4 8 2 1 1 1 7 0 . . . . 9 3 8 9 3 1 4 4 P p9 1 9 3 . . 7 9 4 5 Nonagricultural employment, total (mill, persons) 45 38.8 38.8 MEMBER BANKS Manufacturing and mining 45 16.6 16.8 2*16.9 Loans and investments, total 44.29 46.80 59.26 Trade 45 6.6 6.5 U. S. Govt. obligations 20.45 24.10 37.55 Government 45 5.8 5.7 Other securities 6.00 5.77 5.63 Transportation and utilities 45 3.5 3.5 State and local obligations.. 3.17 2.93 2.97 Construction 45 2.0 1.8 n.7 Other domestic securities... (6) 2.69 72.66 Factory employment (1939 = 100) 47 164.5 165.0 Foreign securities (6) .15 (7) Factory payrolls (1939 = 100) 47 287.9 291.2 Loans, total8 17.83 16.93 16.09 Average weekly earnings (dollars) 48 40.27 40.58 Commercial loans (6) 9.11 8.48 Average hourly earnings (cents) 48 90.7 91.8 Real estate loans (6) 3.50 3.42 Average hours worked (per week) 48 44.4 44.2 Street loans (brokers'loans). (6) .43 .79 New orders, shipments, and inventories Holdings of U. S. Govt. securities: (1939 = 100): By classes of banks: New orders, total 49 224 Pm New York City 7.38 8.55 12.55 Durable 49 292 p2S3 Chicago 1.49 1.86 2.79 Nondurable 49 175 ^157 Reserve city banks 6.83 8.19 13.04 Shipments, total 49 240 P226 Country banks 4.75 5.50 9.17 Durable 49 320 ^303 By kinds of securities: Nondurable 49 178 p166 Bonds (6) 14.49 18.95 Inventories, total 49 178 pm Notes (6) 3.55 5.41 Durable 49 210 P211 Bills (6) 1.51 4.36 Nondurable 49 149 PU9 Certificates (6) 1.87 6.29 Guaranteed (6) 2.69 2.54 e Estimated. p Preliminary. 1 Adjusted for seasonal variation. 2 Three-month moving average, adjusted for seasonal variation. 3 In points in total index. 4 Estimate for March is shown on page 333. 5 Total includes industrial group "other" not shown separately on chart. 6 Figures available for June and December dates only. 7 Beginning December 31,1942, foreign securities are included with other domestic securities. 8 Total loans includes other security loans and all other loans not shown separately on the chart. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac Mining n ti s o t n r * uc- tat p io u n b l a ic nd Trade a s n e d rv i m ce is , - lo S c t a a l te g , o a v n er d n utilities cellaneous ment SEASONALLY ADJUSTED 1942—February 35,953 13,814 953 1,991 3,351 6,862 4,263 4,719 March 36,002 13,939 936 1,886 3,366 6,812 4,260 4,803 April 36,063 14,081 938 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 36,461 14,382 929 1,768 3,446 6,610 4,266 5,060 July 37,051 14,640 929 1,851 3,471 6,609 4,296 5,255 August 37,433 14,819 918 1,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 1,959 3,482 6,523 4,313 5,462 October 37,962 15,162 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6.673 4,333 5,690 December 38,842 15,687 2,004 3,535 6,635 4,331 5,766 1943—January 38,792 15,933 870 1,843 3,549 6,513 4,350 5,734 February 38,839 16,024 877 1,663 3,530 6,507 4,360 5,878 UNADJUSTED 1942—February 35,062 13,693 947 1,594 3,270 6,686 4,180 4,692 March 35,411 13,859 933 1,625 3,295 6,711 4,194 4,794 April 35,908 14,019 929 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 June 36,666 14,302 921 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 37,862 15,743 867 1,470 3,463 6,371 4,259 5,689 February 37,995 15,898 871 1,319 3,444 6,338 4,274 5,851 APEIL 1943 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-ASSETS AND LIABILITIES ON DECEMBER 31, 1942 BY CLASSES OF BANKS [Amounts in thousands of dollars] Ne C w e m n Y e tr m o a r l b k e r r e s b e a r C n v h k e i s c * c a i g ty o m R b e e a c s m n i e t k y b r s v e 1 e r C m b o e a u m n n k b t s r e 1 y r m b e a A m n ll b k e s r Al m l b e n a m a n t k b io s e n r al A m b l e l a m n S k b ta s e t r e ASSETS Loans (including overdrafts) 4,115,544 832,250 6,102,034 5,038,496 16,088,324 10,183,351 5,904,973 United States Government direct obligations 11,475,702 2,705,788 12,226,637 8,598,309 35,006,436 22,195,181 12,811,255 Obligations guaranteed by United States Government 1,070,979 83,463 811,223 574,088 2,539,753 1,548,901 990,852 Obligations of States and political subdivisions 592,894 166,131 954,088 1,252,066 2,965,179 2,017,376 947,803 Other bonds, notes, and debentures 556,174 165,222 691,111 874,186 2,286,693 1,437,294 849,399 Corporate stocks (including Federal Reserve Bank stock)... 145,283 20,554 129,622 81,487 376,946 193,757 183,189 Total loans and investments 17,956,576 3,973,408 20,914,715 16,418,632 59,263,331 37,575,860 21,687,471 Reserve with Federal Reserve Banks 4,388,001 902,216 4,940,388 2,841,753 13,072,358 8,204,834 4,867,524 Cash in vault m 72,480 39,087 365,419 541,626 1,018,612 721,246 297,366 Demand balances with banks in United States (except private banks and_ American branches of foreign banks)2 80,849 162,417 2,178,762 3,662,118 6,084,146 4,644,976 1,439,170 Other balances with banks in United States 1,250 1,464 22,838 36,819 62,371 49,467 12,904 Balances with banks in foreign countries 8,365 389 2,679 1,520 12,953 9,605 3,348 Due from own foreign branches 362 362 362 Cash items in process of collection 1,313,275 246,622 1,915,566 554,392 4,029,855 2,553,839 1,476,016 Bank premises owned and furniture and fixtures 198,825 18,267 319,341 367,697 904,130 578,656 325,474 Other real estate owned 17,819 1,228 53,007 62,792 134,846 61,039 73,807 Investments and other assets indirectly representing bank premises or other real estate 10,414 617 61,580 20,324 92,935 51,340 41,595 Customers' liability on acceptances 22,330 1,356 13,818 3,003 40,507 23,285 17,222 Income accrued but not yet collected 44,148 11,126 48,617 22,396 126,287 74,604 51,683 Other assets 12,748 5,741 31,672 23,726 73,887 42,188 31,699 Total assets.... 24,127,442 5,363,938 30,868,402 24,556,798 84,916,580 54,590,939 30,325,641 LIABILITIES Demand deposits—Total2 21,340,195 4,585,096 23,640,987 15,869,419 65,435,697 41,841,026 23,594,671 Individuals, partnerships, and corporations 12,501,442 2,587,969 15,060,803 11,989,022 42,139,236 26,669,426 15,469,810 United States Government 4,186,231 664,671 1,982,419 1,090,108 7,923,429 4,745,829 3,177,600 States and political subdivisions 262,619 177,637 1,319,254 1,558,479 3,317,989 2,414,381 903,608 Banks in United States2 3,208,852 1,105,295 4,830,532 956,627 10,101,306 6,943,223 3,158,083 Banks in foreign countries 732,836 11,862 63,182 3,559 811,439 398,873 412,566 Certified and officers' checks, cash letters of credit and travelers' checks, etc 448,215 37,662 384,797 271,624 1,142,298 669,294 473,004 Time deposits—Total . 737,844 455,278 5,058,710 6,589,142 12,840,974 8,627,436 4,213,538 Individuals, partnerships, and corporations 711,239 452,878 4,804,933 6,396,873 12,365,923 8,259,153 4,106,770 United States Government 2,250 20,270 25,155 47,675 35,565 12,110 Postal savings 1,447 7,119 8,566 7,247 1,319 States and political subdivisions 23,134 '. 150 168,605 140,044 331,933 267,935 63,998 Banks in United States 160 61,955 19,951 82,066 53,486 28,580 Banks in foreign countries 3,311 1,500 4,811 4,050 761 Total deposits2 22,078,039 5,040,374 28,699,697 22 ^458,561 78,276,671 50,468,462 27,808,209 Due to own foreign branches .•••.:-. 215,398 1,554 216,952 189,596 27,356 Bills payable, rediscounts, and other liabilities for borrowed money 2,007 2,800 4,807 3,516 1,291 Acceptances outstanding 26,050 1,568 15,557 3,000 46,175 25,999 20,176 Dividends declared but not yet payable 16,957 982 12,036 7,511 37,486 22,776 14,710 Income collected but not yet earned 7,472 1,825 23,459 13,758 46,514 30,114 16,400 Expenses accrued and unpaid 28,662 12,491 53,265 22,332 116,750 75,036 41,714 Other liabilities 27,445 3,029 32,746 7,152 70,372 46,082 24,290 Total liabilities 22,400,023 5,060,269 28,840,321 22,515,114 78,815,727 50,861,581 27,954,146 CAPITAL ACCOUNTS Capital 567,834 101,300 783,148 926,392 2,378,674 1,499,882 878,792 Surplus 865,987 126,590 803,513 702,981 2,499,071 1,435,949 1,063,122 Undivided profits 240,625 36,735 278,562 290,871 846,793 540,071 306,722 Reserves for contingencies and other capital accounts 52,973 39,044 162,858 121,440 376,315 253,456 122,859 Total capital accounts 1,727,419 303,669 2,028,081 2,041,684 6,100,853 3,729,358 2,371,495 Total liabilities and capital accounts... 24,127,442 5,363,938 30,868,402 24,556,798 84,916,580 54,590,939 30,325,641 MEMORANDA Par or face value of capital—Total 567,834 101,300 783,148 928,027 2,380,309 1,501,041 879,268 Capital notes and debentures 197 21,417 14,507 36,121 36,121 First preferred stock 8,718 1,300 76,139 110,781 196,938 133,795 63,143 Second preferred stock 2,150 14,681 16,831 12,137 4,694 Common stock 558,919 ioo.'ooo" 683,442 788,058 2,130,419 1,355,109 775,310 Retirable value of capital: First preferred stock 21,617 1,300 106,402 155,808 285,127 177,888 107,239 Second preferred stock 2,150 20,556 22,706 14,085 8,621 Net demand deposits subject to reserve 19,946,071 4,176,458 19,547,715 11,655,409 55,325,653 34,643,268 20,682,385 Demand deposits-adjusted^ 11,899,001 2,556,646 14,849,288 13,264,733 42,569,668 27,199,262 15,370,406 Reciprocal bank balances 43,415 32,550 376,872 60,334 513,171 348,964 164,207 Number of banks 37 13 354 6,275 6,679 5,081 1,598 1 Member banks are classed according to the reserves which they are required to carry. Some banks classedas "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in the outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Excludes reciprocal bank balances, shown as a memorandum item. 3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 35° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CLASSIFICATION OF LOANS AND UNITED STATES GOVERNMENT DIRECT OBLIGATIONS [In thousands of dollars] By classes of banks, December 31, 1942 Ne C w e m n Y e tr m o a r l b k e r r e s b e a r C v n e h k i s c c 1 a it g y o m R b e e a c s m n i e t k y r b v s e 1 e r C m b o e a u m n n k b t s r e * y r m b e a A m n l b l k e s r n m b a e t A a m i n o ll b k n e s a r l A m b ll e a m n S k b ta s e t r e Loans—Total 4,115,544 832,250 6,102,034 5,038,496 16,088,324 10,183,351 5,904,973 Commercial and industrial loans, including open market paper 2,546,454 657,765 2,957,136 1,225,530 7,386,885 4,742,709 2,644,176 Loans on agricultural commodities covered by purchase agreements of Commodity Credit Corporation 20,649 3,971 162,487 338,745 525,852 443,072 82,780 Other agricultural loans 90 2,523 127,524 432,782 562,919 466,702 96,217 Loans to brokers and dealers in securities 787,374 33,634 96,585 16,860 934,453 302,878 631,575 Other loans for purchasing or carrying securities 192,519 31,615 153,086 160,933 538,153 295,031 243,122 Real estate loans: On farm land 60 284 66,060 199,166 265,570 196,935 68,635 On residential property 65,460 14,841 1,116,779 1,260,599 2,457,679 1,570,788 886,891 On other properties 51,794 7,492 303,069 337,558 699,913 411,006 288,907 Loans to banks 21,133 2 3,546 1,703 26,384 10,095 16,289 Consumer loans to individuals: Retail automobile instalment paper 7,872 5,197 108,555 89,801 211,425 159,922 51,503 Other retail and repair-modernization instal. loans . 45,548 14,435 126,335 91,367 277,685 197,924 79,761 Personal instalment cash loans 37,166 9,098 93,315 145,297 284,876 193,954 90,922 Single-payment loans to individuals 212,740 33,659 479,581 347,206 1,073,186 560,339 512,847 All other loans (including overdrafts) 126,685 17,734 307,976 390,949 843,344 631,996 211,348 United States Government direct obligations—Total . 11,475,702 2,705,788 12,226,637 8,598,309 35,006,436 22,195,181 12,811,255 Treasury bills 1,854,983 396,547 1,440,825 670,954 4,363,309 2,826,020 1,537,289 Treasury certificates of indebtedness 2,144,006 636,938 2,253,147 1,251,233 6,285,324 4,050,715 2,234,609 Treasury notes 2,056,453 390,592 1,722,555 1,240,221 5,409,821 3,387,047 2,022,774 United States savings bonds 267 865 8,510 142,222 151,864 115,624 36,240 Other bonds maturing in 5 years or less 1,229,603 86,941 823,060 531,954 2,671,558 1,433,708 1,237,850 Other bonds maturing in 5 to 10 years 2,635,678 530,709 3,251,624 2,660,757 9,078,768 5,710,632 3,368,136 Bonds maturing in 10 to 20 years 1,454,531 483,326 2,349,266 1,640,807 5,927,930 3,863,267 2,064,663 Bonds maturing after 20 years 100,181 179,870 377,650 460,161 1,117,862 808,168 309,694 All member banks on selected call dates 1937 1938 1939 1940 1941 1942 1942 Dec. 31 Dec. 31 Dec. 30 Dec. 31 Dec. 31 June 30 Dec. 31 Loans—Total 13,957,823 13,207,760 13,961,820 15,320,598 18,020,904 16,928,316 16,088,324 Commercial and industrial loans, including open market paper2 ._ 5,178,739 5,840,746 6,659,572 8,671,114 8,382,635 7,386,885 Loans on agricultural commodities covered by purchase Ot a h g e r r ee a m gr e ic n u ts l t o u f r a C l o lo m a m ns odity Credit Corporation I 500,058 711,771 729,539 865,091 972,321 725,589 \ j 5 5 2 6 5 2 , , 8 9 5 1 2 9 Loans to brokers and dealers in securities 950,202 973,351 790,316 642,448 594,193 554,047 934,453 Other loans for purchasing or carrying securities3 2,752,420 774,956 700,351 652,121 597,684 562,415 538,153 Real estate loans: O O n n f r a e rm si d l e a n n t d ial property 264,924 fl,7 2 2 7 0 8 , , 4 0 3 9 4 2 1,8 2 8 8 3 8 , , 5 69 5 6 3 2,1 2 1 9 8 9 , , 4 1 7 8 5 8 2,3 2 9 9 6 4 , , 1 9 1 6 6 2 2, 2 4 9 4 2 1, , 3 0 8 63 6 2,4 2 5 6 7 5 , , 6 5 7 7 9 0 On other properties }2,282,503 \ 717,390 784,476 810,344 802,831 767,490 699,913 L C o o a n n s s u m to e r b a lo n a k n s s to indiv _ iduals: 69,943 124,785 56,350 43,106 39,023 28,873 26,384 Retail automobile instalment paper 1 211,425 O Pe th rs e o r n r a e l ta in il s t a al n m d e r n e t p a c i a r s - h m o lo d a e n r s nization instal. loans .. 7,137,773 2,728,242 2,887,793 3,230,253 3,652,660 3,173,818 2 2 8 7 4 7, , 6 8 8 7 5 6 Single payment loans to individuals 1,073,186 All other loans (including overdrafts)4 843,344 United States Government direct obligations—Total... 10,574,143 10,882,288 11,184,195 12,337,408 15,706,687 21,412,952 5,006,436 Treasury bills 661,772 285,789 562,737 651,986 970,898 1,508,974 4,363,309 Treasury certificates of indebtedness 1,872,130 6,285,324 Treasury notes 4," 277,041 3,388,961 "2, 223,' 277' 2," 594^ 269 3^007^044 3,546,373 5,409,821 U Ot n h i e te r d bo S n ta d t s e s m s a a t v u i r n in g g s b in o n 5 d s years or less 726,907 773,492 1,367,488 1,424,556 / \ l,6 1 5 4 1 3 , , 4 8 6 6 4 2 2,6 1 7 5 1 1 , , 5 8 5 64 8 Other bonds maturing in 5 to 10 years 1-5,635,330 2,453,098 3,017,960 2,885,694 3,503,734 4,947,976 9,078,768 Bonds maturing in 10 to 20 years 2,887,835 3,657,326 4,344,955 5,634,165 6,621,102 5,927,930 Bonds maturing after 20 years J [1,139,698 949,403 493,016 1,166,290 1,121,071 1,117,862 1 For footnote see preceding page. 2 Not reported separately where no figures are shown. 3 Figures prior to Dec. 31,1938 represent all loans on securities, regardless of purpose, excepting only loans to banks and to brokers and dealers. 4 This is a residual item and, because of revised loan classifications beginning Dec. 31,1938 and Dec. 31, 1942, the residual amounts are not comparable. APRIL 1943 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 354 Gold production. . 355 Gold movements... 355 Net capital movements to United States since January 2., 1935 356 Central banks.... ... 357-360 Money rates in foreign countries... 361 Commercial banks... 361 Foreign exchange rates 3 63 Price movements: Wholesale prices 364 Retail food prices and cost of living... 365 Security prices. .., 365 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 12., 1934. Back figuresm ay in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. APRIL 1943 353 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 A en r- - 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 I Greece tina 1936—Dec... 11,258 501 632 25 275 20 1937—Dec... 12,760 469 597 32 274 24 1938—Dec... 14,512 431 581 32 274 24 1939—Dec... 17,644 466 609 40 274 24 1940—Dec... 21,995 1353 2 734 51 274 24 1941—Dec... 22,737 354 734 70 274 24 1942—Mar.. 22,687 354 734 74 274 24 2,000 Apr... 22,691 355 734 74 274 24 2,000 May.. 22,714 355 734 76 274 24 2,000 June.. 22,737 355 735 78 274 24 2,000 July . 22,744 354 735 79 274 2,000 Aug.. 22,756 354 735 81 274 2,000 Sept.. 22,754 354 735 82 274 2,000 Oct... 22,740 354 735 113 274 2,000 Nov.. 22,743 354 735 114 274 2,000 Dec... 22,726 354 735 115 274 2,000 1943—Jan... 22,683 120 274 Feb... 22,644 End of month Hun- Iran Italy Japan Java Mexico Nethergary (Persia) 1936—Dec... 25 25 208 463 60 46 1937—Dec... 25 25 210 261 79 24 1938—Dec... 37 26 193 164 80 29 1939—Dec... 24 26 144 164 90 32 1940—Dec... 24 26 120 164 140 47 1941—Dec... 24 26 6164 235 47 1942—Mar.. 24 26 4216 30 Apr... 24 26 31 May.. 24 26 30 June.. 24 32 July.. 24 33 Aug.. 24 34 Sept.. 24 34 Oct... 24 36 Nov.. 37 Dec... 39 1943—Jan... 70 Feb. . 90 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g v o ia - B.I.S. c O t o r t i u h e n s e - 7 r End of month in U S n t p a i r t te e e d s viou U K d s n o i i n f m t i g e g d - ure F s rances g B iu e m l- 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 4 3 4 7 6 8 0 9 1 — — — — — — D D D D D D e e e e e e c c c c c c . . . . . . 2 2 3 3 1 2 4 4 0 2 6 2 0 4 8 1 0 3 6 6 7 5 5 6 5 5 0 4 0 6 7 0 2 9 1 5 2 2 8 2 2 9 6 9 8 9 9 2 2 2 2 , , , 5 6 6 8 8 8 9 4 9 0 1 1 7 6 6 9 7 0 7 4 9 8 0 0 »2 5 5 5 5 4 9 9 2 2 2 1 48 4 5 5 5 8 3 8 1 7 9 2 1 1 1 1 5 7 1 4 2 2 1 1 1 1 1 1 8 4 8 5 4 4 3 2 5 3 5 2 1 1 1 9 9 9 3 3 3 6 7 8 — — — D J D D J M u u e e e n n c c c a . e e r . . . . . . . . . . . . . •' • 1 8 6 4 0 9 4" 4 " 1 1 4 3 , , 7 4 3 9 5 8 9 3 9 9 5 4 "33i" 1 9 8 4 6 1 3 1 4 2 5 1 1 9 9 4 4 2 3 — — N D M J J A O A F S M J u u a e e o u p c e a l n a n b p t g v r y c y r . e . . . t . . . . . . . . . . . . 2 2 3 3 3 3 3 3 3 3 3 3 7 8 0 0 1 1 2 3 3 4 2 4 7 0 9 8 6 1 6 5 1 2 1 0 ^ ^ p P S 8 8 7 8 8 8 7 7 7 8 3 2 8 0 0 9 9 9 0 0 1 2 4 4 5 0 6 5 5 0 1 3 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 7 1 1 1 1 0 6 6 4 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 4 2 5 5 5 5 5 5 5 6 6 6 6 2 6 6 6 6 6 0 4 4 8 1 1 2 1 2 1 1 4 5 1 5 0 9 9 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 4 4 2 3 3 5 6 9 7 6 6 7 9 9 1 1 1 9 9 9 3 4 4 9 0 1 — — — M D S D J S J J S D M M M u u u e e e e e e a a a a c c p n n n p p c y r r . r t e . t e t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ""8 1 1 1 1 1 5 8 4 6 4 5 8 8 0 2 2 5 4 6 8 4 5 6 8 9 5 4 5 " '" 1 '2 , 5 7 9 1 3 5 2 2 1 ' 5 47 5 7 9 " " " " ' " 1 1 I 7 7 1 ? 1 ' ' ' 7 7 1942-Mar 12 p 1 P B re eg li i m nn in in a g r y A . pril 1940, reports on certain Argentine gold reserves no longer available. J S u e n pt e . . . . . . . 8 7 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 4 Figures relate to last official report dates for the respective countries, as follows: Greece- (Special A/c No. 1); U. K.—Exchange Equali- Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia -Feb. 28, 1941. zation Account; France—Exchange Stabilization 5 Figures for December 1936 and December 1937 are those officially reported on Aug. 1, Fund and Rentes Fund; Belgium—Treasury. 1936, and Apr.30, 1938, respectively. 2 For complete monthly series from October 1938- 6 Figure for February 1941; beginning Mar. 29,1941, goldfreserves no longer reported separately. May 1939, see BULLETIN for February 1941, 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian p. 170. i Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, 3 Figure for end of Mar. 1937, first date reported. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. J Figure for end of September. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British 5 Figure for September 1. Exchange Equalization Account during 1939. NOTE.—For details regarding special gold 9 Beginning December 1940, figures refer to gold reserves of new Central Bank only. transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. E. S. F. and the Bank of France, see BULLETIN 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported for September 1940, p. 926. figures through April 1940 appear on p. 926 in that issue. 354 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 ia - I 1 A W fri e c s a t 2 I | B C e o l n g g ia o n 3 U St n a i t t e e S d 4 I | nC anaAd a R 5 U 1 * M - e • x ico « 6 l | Co b lo ia m -1 | I I Ni g c u a a r 7 a- Au li s a t 8 r a-1 I B In ri d ti i s a h 9 $1 = 15 A grains of gold T 9 0 fine; i.e., an ounce of fine gold 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 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 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 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 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 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 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 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 9,259 7.525 51,039 9,940 1942 2*943,984 494,439 p26,555 ^29,330 r130,933 168,008 67,809 P6,235 8,273 ^42,560 8,960 1942—Jan... 104,370 r88,955 42,556 2,282 2.695 15,339 14,198 3,790 2,075 558 772 3,850 840 Feb.. 90,335 r76,01O 39,651 2,186 2,625 10,391 13,147 563 1,573 537 647 3,430 1,260 Mar.. 100,485 r85,388 42,618 2,275 2,625 11,316 15,372 3,457 1,916 596 663 3,675 875 Apr... C1) r80,283 41,491 2,320 2,555 11,415 14,728 6 1,865 540 644 3,815 910 May . r80,96O 42,539 2,288 2,520 11,164 14,881 1,719 570 694 3,745 840 June. r78,81O 42,005 2,210 2,450 10,504 14,852 1,579 611 609 3,325 665 July. r83,214: 42,784 2,226 2,450 12,754 14,864 2,006 647 827 3,990 665 Aug.. r77,21O 41,454 2,253 2,345 10,163 14,100 1,730 531 747 3,360 595 Sept.. r76,50O 40,559 2,175 2,310 11,837 13,212 1,710 441 442 3,185 630 Oct... ^78,131 41,023 2,161 2,275 12,013 13,365 1.659 401 650 P4,165 420 Nov.. ^70,294 39,144 2,089 2,240 r7,828 12,693 1,614 '401 714 p3,045 525 Dec. ?68,227 38,616 '2,089 '2,240 r6,209 12,597 1,433 '401 862 p'3,045 735 1943—Jan... P65,378 37,687 '2,089 '2,240 5,179 11,708 '1,433 '401 860 P'3,045 '735 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. v Preliminary. T Revised. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $357,131 so that aggregate for 1942 is equal to preliminary estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1941 are subject to official revision. 6 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 ar n th or 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 e m l- 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 u l s i - a 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 499870 260,223 8902 94 348 12402 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 13667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174093 573,671 3 351 71006 2 7511 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 6461 6 54452 111,480 38482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208 728 81,135 15488 163049 60 146 1363 76,315 36 472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826 403 3,798 165 122 341618 28715 86987 612,949 33610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633083 241,778 977 63 260 161489 903202,622,330 29 880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982 378 3 779 1 1 1747 899 412,056 16791 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 108609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 A \£ parr 1 1 1 7 8 1 5 9 6 9 7 2 81 2 7 1 9 2 5 0 , , 6 2 1 1 9 6 1 8 1 6 4 6 7 2 2 , , 9 2 3 3 4 2 3 3, , 5 9 8 8 7 4 6 4 , , 2 7 6 2 2 0 13 2 2 , , 7 2 8 6 8 1 3,0 3 4 1 6 3 6 2 , , 7 95 9 1 3 May 34830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 Tune 30 712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37041 542 19,224 1080 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 40440 55 16,072 1,020 2,107 3,141 6,151 200 "2,327' «9,365 D N e o c v .'.'.".'.'.'."1 5 5 2 0, , 3 8 7 9 4 6 1 1 2 6 1 3 2 2 4 0 , , 9 3 1 7 7 7 6 1,2 3 7 3 3 6 2 2 , , 1 2 1 3 0 8 5 1 , , 5 8 0 3 6 0 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 711 R 1 9 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.f $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. APRIL 1943 355 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 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 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 1,219.7 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 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 33,320.3 sl,412.0 3l,908.3 3888.8 848.2 673.3 3104.4 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central ibanks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on December 31, in millions of dollars: total foreign banking funds in United States, 3,987.5, including official funds, 2,026.5, and other funds, 1,961.0; United States banking funds abroad, 246.7; and brokerage balances (net due "foreigners") 27.2. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98; April 1939, pp. 284-296; and May 1937, pp. 394-431. 356 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 il l l i i n o g n ) s of Gold1 a O ss th 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 n c - 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—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.. .2 950.0 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9' Feb. 24. .2 950.0 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 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 d S t o e t U a l r l l t a n i e n r i s s t g ed S t h e o rm rt s - 6 ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e ion? Ch b a a r n te k r s ed D g o o m ve in rn io - n Other li O ab th il e it r ies ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448 4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—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 Feb. 27 .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 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. APRIL 1943 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an 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 F c o h e r a e x n i - g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O ia t t i b h e i s e l r i- 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 l u s 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 Oiher 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 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec 31 78 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Aug. 30 77 17,306 25 16 384 2,343 16,502 2,326 1,323 Sept. 30 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 explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through 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. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CentralBankf—Continued Central Bank 1943 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. 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 88,105 82,254 69,315 52,909 Other gold and foreign exchange... 1,021 496 Other liabilities 46,882 47,554 41,604 45,878 Negotiable Government bonds 366 376 National Bank of Denmark (millions Rediscounted paper of kroner): (Sept.)2 Other assets 283 219 Gold 98 98 Note circulation 1,627 1,412 Foreign exchange 16 26 Deposits—Member bank 764 612 Clearing accounts (net) 5l,040 853 Government 135 42 Loans and discounts . .... 50 47 Other 34 14 Securities 80 77 Foreign exchange sold forward 1 Govt. compensation account6 125 125 Other liabilities 185 86 Other assets 926 Commonwealth Bank of Australia Note circulation 847 802 (thousands of pounds): Deposits—Government 469 150 Other 1 033 987 Gold and English sterling.... 31,391 31,391 21,954 Other liabilities 213 Securities 102,056 101,142 68,953 Central Bank of Ecuador (thou- Banking department: sands of sucres): (Oct.)2 Coin, bullion, and cash 6,128 5,280 3,812 Gold 98,154 73,797 45 894 47 625 31 648 Foreign exchange (net) 85 897 42 879 21 916 20,091 35,400 Loans and discounts 88,005 86,690 Securities 164 859 158,020 101,676 Other assets 43,063 23,123 155,317 154,493 162,783 Note circulation 158,714 117.892 Note circulation 124,106 123,356 85,614 Demand deposits 123,819 74,294 National Bank of Belgium am Other liabilities 32,586 34,301 Bank of Issue of Brussels (mil National Bank of Egypt7 (thoulions of belga) i1 (Oct.)2 sands of pounds): (Nov.)2 Gold 4,337 4,331 Gold 6 251 6 251 Foreign exchange 4,538 1,986 Foreign exchange 6.271 4,400 Credits to State and public bodies 4,590 4,052 Loans and discounts 4,929 2,799 Credits to private economy 86 167 British, Egyptian, and other Gov- Reichskreditkasse 749 721 ernment securities 136,314 102,997" 556 Other assets 5,650 7,106- Note circulation 12,441 10,119 Note circulation 73,713 51,167 Demand deposits 876 724 Deposits—Government 24,485 18,398 Postal Checking Office 789 759 Other . . 48,858 41,511 210 Other liabilities 12,359 12,477 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (Sept.)2 dor (thousands of colones): Gold 1,515 Gold8 24,206 13,241 Foreign exchange 753 111 Foreign exchange 10,499 10,713 Discounts 917 840 Loans and discounts 1,516 1,451 Government debt and securities. 6,943 7,170 " (3) ' 12,828 Other assets 554 2 423 Note circulation 11,404 9,416 Note circulation 27,853 23,194 2,015 2,843 Deposits 10,072 7,580 Other liabilities 3,699 Other liabilities 5,793 4,224 Central Bank of Bolivia (thousands Bank of Finland4 of bolivianos): Bank of Greece4 Gold at home and abroad 497,407 378,555 National Bank of Hungary (millions Foreign exchange 438,353 380,991 of pengo): (Sept.)2 Loans and discounts 230,625 212,494 Gold 100 100 Securities—Government 536,565 467,562 Foreign exchange reserve 1 19 Other 40,623 11,193 Discounts 1,732 1,024 Other assets 58,537 38,724 Loans—To Treasury 761 761 Note circulation 818,299 634,773 To foreign countries 339 25.9 Deposits 797,779 689,937 Other 33 36 Other liabilities 186,032 164,809 Other assets 397 National Bank of Bulgaria4 Note circulation 2,470 1,975 Ce p n e t s r o a s l ) : Bank of Chile (millions of D Co e n m s a o n li d d a d t e ed p o f s o i r t e s ign credits of 1931 3529 37 2 7 3 Gold 187 Other liabilities 220 Discounts for member banks 276 303 Reserve Bank of India (millions of Loans to Government 725 733 rupees): Other loans and discounts 959 705 Issue department: (Nov )2 Other assets 406 65 Gold at home and abroad. .. 444 444 Note circulation 1,874 1,449 Sterling securities 3,598 2,736 Deposits—Bank . . 279 199 Indian Govt. securities 1,324 415 Other 141 106 Rupee coin 153 295 Other liabilities 259 200 Note circulation 5,404 3,797 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department... 116 93 Gold 49,757 47,339 43,756 29,236 Balances abroad 873 330 Foreign exchange 77,377 ' 71,208 64,317 14,862 Treasury bills discounted 8 Loans and discounts 15,462 16,813 13,938 40,517 Loans to Government 4 204 Government loans and securities.. 55,213 55,448 59,776 54,126 Other assets 85 150 Other assets 36,153 36,959 32,733 32,842 Deposits 913 591 Note circulation 98,977 97,959 103,600 72,796 Other liabilities 172 186 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. APRIL 1943 359 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Japan1 Bank of Sweden (millions of kronor) Bank of Java1 Gold 753 750 738 553 Ban M k e o t f a l M lic e x r i e c s o e r ( v t e h 2 ousands of pesos): 311,776 294,803r290,523 195,64 F Sw or e e d ig is n h a G ss o e v ts t . ( n s e e t c ) urities and ad- 554 535 551 693 "A ti u e t s h , o e r t iz c ed" holdings of securi- 866,594 832,808r811,152 517,48! Ot v h a e n r c d e o s m to es N ti a c ti b o il n l a s l a D nd e b a t d v O a f n f c ic e e s 6 . . 1,1 1 3 1 2 9 1,1 1 4 0 9 4 1,2 1 2 4 3 4 |895 Bills and discounts 130,548 126,46' 119,418 98,607 Other assets 802 836 845 874 Other assets 65,163 66,068 66,"'^ 68,082 Note circulation 1,916 1,913 2,015 1,598 Note circulation 789,693 758,94' 753,189 546,252 Demand deposits—Government. ... 653 514 744 649 Demand liabilities 457,412 420,374r408,905 236,317 Other 211 392 187 293 Other liabilities 126,976 140,825r125,816 97,251 Other liabilities 579 556 556 476 Netherlands Bank (millions of guil- Swiss National Bank (millions of ders) : (Sept.)3 francs): Gold 925 1,026 Gold 3,642 3,599 3,565 3,307 Silver (including subsidiary coin). 7 8 Foreign exchange 47 63 63 263 F D o is re c i o g u n n t b s ills 1,3 2 6 5 0 0 1,082 O Lo th a e n r s a a s n s d et s discounts 4 345 4 325 4247 2 1 2 4 3 0 Loans 14' Note circulation 2,532 2,515 2,637 2,213 Other assets 4 158 213 Other sight liabilities 1,522 1,492 1,290 1,442 Note circulation 2,139 Other liabilities 279 Deposits—Government 2,680 Central Bank of the Republic of Other 275 Turkey (thousands of pounds): (Aug.)3 Other liabilities 180 61 Gold 138,639 124,633 Reserve Bank of New Zealand (thou- Foreign clearing accounts 54,415 67,130 sands of pounds): Loans and discounts 603,097 506,979 Gold 2,802 2,802 2, Securities 189,961 190,709 Sterling exchange reserve 28,752 26,574 19,499 Other assets 21,063 19,926 Advances to State or State under- Note circulation 615,527 546,021 takings 31,236 28,823 32,389 Deposits—Gold 79,358 79,358 Investments ; 4,458 4,461 4,151 Other 144,840 121,071 Other assets 1,846 2,006 1,267 Other liabilities 167,449 162,929 Note circulation 29,992 30,820 23,456 Bank of the Republic of Uruguay Demand deposits... 36,026 29,975 33,876 (thousands of pesos): Other liabilities 3,075 3,871 2,775 Issue department: (Nov.)3 Bank of Norwayi Gold and silver 85,583 86,235 Central Reserve Bank of Peru (thou- Note circulation 109,973 113,007 sands of soles): (Nov.)3 Banking department: Gold and foreign exchange 112,190 56,488 Gold 58,458 66,839 Discounts 9,244 C26,467 Notes and coin 40,609 39,345 Government loans 254,260 188,314 Advances to State and to Other assets 26,890 C1O,763 government bodies 42,743 24,926 Note circulation 274,812 211,541 Other loans and discounts. ... 100,492 102,240 Deposits 104,784 51,540 Other assets 109,698 129,292 Other liabilities 22,987 18,951 Deposits 127,598 129,570 Bank of Portugal (millions of Other liabilities 224,402 233,072 escudos): (Sept.)3 Central Bank of Venezuela (thou- Gold5 1,380 1,360 sands of bolivares): Other reserves (net) 2,720 1,720 Gold 214,604 208,424 206,879 158,317 Non-reserve exchange 5,356 3,993 Foreign exchange (net) 24,534 26,571 20,847 18,491 Loans and discounts 258 309 Credits to national banks 31,230 31,230 32,230 35,230 Government debt 1,028 1,028 Other assets 7,785 10,690 12,462 14,510 Other assets 1,355 969 Note circulation— Note circulation 4,944 4,372 Central Bank 191,648 167,991 168,574 138,071 Other sight liabilities 5,942 4,225 National banks 35,497 36,958 37,526 54,394 Other liabilities 1,211 782 Deposits 44,: 65,824 60,099 25,851 National Bank of Rumania (millions Other liabilities 6,139 6,142 6,220 8,232 of. lei): (Aug.)3 National Bank of the Kingdom of Gold 41,294 37,419 Yugoslavial Special exchange accounts 22,039 11,852 Bank for International Settlements Loans and discounts 34,639 32,708 (thousands of Swiss gold francs7): (Sept.)3 Special loans (in liquidation) 421 497 Gold in bars 61,916 38,404 Government debt 21,230 9,422 Cash on hand and on current ac- Other assets 39,935 45,502 count with banks 39,692 33,727 Note circulation 100,477 96,096 Sight funds at interest 15,644 15,937 Demand deposits 41,503 30,606 Rediscountable bills and accept- Other liabilities 17,578 10,697 ances (at cost) 141,486 140,219 South African Reserve Bank (thou- Time funds at interest 20,936 21,084 sands of pounds): Sundry bills and investments 200,434 225,952 Gold 76,995 46,112 Other assets 39 142 Foreign bills 946 366 Demand deposits (gold) 33,832 29,085 Other bills and loans 2,912 25 Short-term deposits (various cur- Other assets 72,715 60,354 rencies): Note circulation 39,629 29,769 Central banks for own account. 15,464 16,326 D O e th p e o r s i l t i s a biliti # es 10 5 8 , , 4 4 7 6 5 4 7 4 2 , , 9 1 6 2 1 8 Long O - t t h e e rm r deposits: Special ac- 6,938 5,818 counts 229,001 229,001 Other liabilities 194,912 195,235 r Revised. c Corrected. an (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE- '" "!), see BULLETIN for March 1943, p. 278. * niLiuuca g"*u> auvti, auu.jvjn.16u uAtuangt luiimug icquncu ipocive (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 Includes small amount of non-Government bonds. 7 See BULLETIN for December 1936, p. 1025. 36O 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— Date effective U K n in it g e - d France Ger- Bel- Ne er t - h- Swe- Sw er it - z- b C an e k n tr o a f— l M R a 3 a r 1 t c e h ef D fe a ct t i e ve ba C n e k n t o r f a — l V R 3 I a a 1 t r e ch ef D fe a c t t e ive dom many gium lands den land In effect Oct. 2, 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 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2H Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 Moravia.... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 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 2 Canada Mar. 11, 1935 Norway 3 May 13, 1940 May 10,1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2H Colombia •* 4 2 July 18, 1933 Portugal.... Sept. 3, 1942 May 30 3 Sept. 28 3 Oct. 27 2H Nov. 25 Denmark 4 Oct. 16, 1940 Rumania 3 Sept. 12, 1940 Jan. 4, 1939 2 2 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 iMar. 29, 1939 May 11 . .. 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 .... 3 Sept. 28 3 Oct. 26 2 France \x 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 Apr. 9 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 sy Italy May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 Mar. 17, 1941 IX 2 May 29 3 June 27 2H 1 Not officially confirmed. In 1 e 9 f 4 f 3 ect March 31 2 sy 2 2 3 IK NOTE.—Changes since February 28: none. OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a e m p n o t k a n e n t r h c s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a d o n e w k p a e o n r s c s i e ' ts d P i r s r i c a v o t a e u te nt Da m y- o t n o e - y day d P i r s r i c a v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Jan 4.32 4.29 3.41 5.80 5.13 4.20 4.46 3.28 1930—Jan 4.07 4.04 3.62 6.33 6.03 2.99 2.85 2.97 1931—Jan 2.25 2.24 1.74 4.75 4.93 1.38 1.55 1.17 1932—Jan 5.52 4.94 4.20 6.94 7.86 2.24 2.37 1.68 1933—Jan .87 .76 .73 3.88 4.98 .37 1.00 1.50 1934—Jan 1.01 .90 .86 C3.88 4.74 .50 1.00 1.50 1935—Jan .36 .26 .66 3.51 3.82 .59 1.00 1.50 1936—Jan .56 .53 .75 3.00 2.81 2.21 2.29 2.48 1 1 9 9 3 3 7 8 — — an . . 5 5 6 4 . . 5 5 1 4 . . 7 7 5 5 3 2 . . 0 8 0 8 2 2 . . 5 9 4 8 . . 5 1 2 3 1. . 0 5 1 0 1 1 . . 2 0 5 0 1939—an .55 .53 .75 2.88 2.46 .13 .50 1.00 .10 1.09 1.02 2.50 2.03 1.85 2.64 1.25 1941— .03 1.01 1.00 2.25 .73 2.25 2.75 1.25 1942—Jan .03 1.01 1.04 2.13 .92 1.25 1942—Feb... .03 1.00 1.04 2.13 .75 1.25 Mar... .03 1.00 1.03 2.13 .95 1.25 Apr... .03 1.01 1.00 2.13 .96 1.25 May.. .03 1.00 1.03 2.13 .71 1.25 June. .03 1.00 1.00 2.13 .90 1.25 July.. .03 1.00 1.00 2.13 .75 1.25 Aug. . .03 1.00 1.00 2.13 .68 1.25 Sept.. .03 1.00 1.05 2.13 1.25 Oct... .03 1.00 1.04 2.13 1.25 Nov.. .03 1.00 1.00 2.13 1.25 Dec... .03 c1.01 c1.00 1.25 1943—Jan... .03 1.01 1.08 1.25 c Corrected. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. 361 APRIL 1943 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 o n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o h n l t o e a i y r c n t e d at B co il u ls n 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 ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—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 2,429 1,200 236 1943—January... 379 146 197 935 1,112 773 271 3,577 2,369 1,207 237 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 chartered banks. End of abroad Note excluding interbank deposits month figures in millions Other and net Other circula- Other of Canadian dollars) Cash Security loans due from assets tion liabilities reserves loans and dis- foreign Total Demand Time counts banks 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 ,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 ,660 843 1939—December. 292 53 ,088 132 1,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 108 159 1,531 570 80 2,805 1,163 ,641 846 1941—December. 356 32 169 168 1,759 653 71 3,105 1,436 ,669 962 1942—March 348 34 ,300 166 1,881 624 71 3,305 1,755 ,550 976 April 322 32 ,252 178 1,899 637 72 3,262 1,725 ,537 986 May 285 29 ,215 175 1,878 601 71 3,118 1,562 ,556 993 June 327 28 ,137 181 1,883 639 72 3,121 1,523 ,598 1,002 July 369 26 ,096 182 1,958 614 73 3,174 1,521 ,654 999 August... 333 24 ,064 183 2,192 595 71 3,311 1,612 ,700 1,008 September 366 27 ,050 185 2,340 594 69 3,486 1,738 ,748 1,006 October... 413 25 ,078 194 2,379 602 68 3,604 1,895 ,709 1,018 November. 395 29 ,236 194 2,304 618 64 3,680 2,050 ,630 1,032 December. 387 31 ,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—January... 347 29 ,100 242 2,302 582 58 3,494 1,772 ,723 1,050 Assets Liabilities France (End of month figures in Cash Due from Bills dis- Other Deposits Own Other millions of francs) reserves banks counted Loans assets Total Demand Time a a c n c c e e p s t- liabilities 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 18,249 624 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 1940—December 6,258 3,546 44,243 7,984 1,999 1941—January 5,704 3,297 46,294 8,064 1,396 60,323 59,820 February 5,628 3,197 48,596 8,155 1,357 62,528 62,003 March 5,661 3,191 50,401 7,784 1,403 63,998 63,465 April - 5,407 3,190 51,158 7,768 1,429 64,441 63,910 May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 September 5,790 3,241 56,788 7,640 1,464 69,763 69,269 October 6,034 3,270 55,716 8,807 1,571 70,229 69,754 November 5,840 3,287 56,837 7,719 1,693 70,070 69,619 December 6,424 3,260 57,707 7,860 1,744 71,736 71,304 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certifiec noon buying rates in New York for cable transfers. ]tn cents per unit of foreign currency] Year or month Off A ic r ia ( g p l e e n so S t E i ) p x n e p a c o ia rt l Off A ic ( u ia p s l o t u ra n l d i F ) a ree ( g b B e i l u e g m l a - ) Offi ( c c i B r a u l r z a e z ir i F o l r 1) ee B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r i v i - a ) C Of a fi n c a ia d l a (d F ol r l e a e r) O C ffi h ci i a le l (p E e x so p ) ort 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 24.6666' 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 '5^1248' 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322!80 305.16 216.880 6.0562 5.0214 30.155 290!909 85.141 5.1668 4.0000 6.000 1941 29.773 '223^704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—Mar 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 87.666 Apr 29.773 23.704 322.80 321.50 6.0580 5.1384 30.122 90.909 87.173 May 29.773 23.704 322.80 321.50 6.0580 5.1387 30.122 90.909 88.557 June 29.773 23.704 322.80 321.50 6.0580 5.1435 30.122 90.909 89.958 July 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.943 Aug 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.523 Sept 29.773 23.704 322.80 321.50 6.0580 5.1423 30.122 90.909 87.820 Oct 29.773 23.704 322.80 321.50 6.0592 5.1480 30.122 90.909 87.631 Nov 29.773 23.704 322.80 321.50 6.0600 5.1526 30.122 90.909 88.087 Dec 29.773 23.704 322.80 321.50 6.0593 5.1520 30.122 90.909 87.883 1943—Jan 29.773 23.704 322.80 321.50 6.0586 5.1316 30.122 90.909 89.640 Feb 29.773 23.704 322.80 321.50 6.0586 5.1292 30.122 90.909 90.037 Year or month C ( o p b l e i o a s m o) - s ( C l k o z o e v r c u a h n k o a 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- F (f r r a a n n c c e ) ( m m G re a a e i r c r n k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) . M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 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 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1942—Mar 57.001 20.571 322.78 Apr 57.049 20.574 322.79 May 57.005 20.567 322.78 June 57.037 20.568 322.78 July 57.059 20.567 322.78 AUK 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct 57.023 20.573 322.78 Nov 57.030 20.573 322.78 Dec 57.177 20.573 322.78 1943—Jan 57.222 20.573 322.78 Feb. 57.220 20.573 323.30 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n c th a d) ( S p p es a e i t n a) S S m (d e t e o r t n l a t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso t ) N r c o o o l n l n e - - d ( Y s d l i u a n v g a i o r a ) - 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 .... 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236^789' 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 '2403!50 " 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1942—Mar 398.00 403.50 403.48 65.830 52.717 Apr. 398.00 403.50 403.50 65.830 52.735 May 398.00 403.50 403.50 65.830 52.740 June 398 00 403.50 403.50 65.830 52.744 July 398.00 403.50 403.50 65.830 52.740 Aug 398.00 403.50 403.50 65.830 52.744 Sept 398 00 403.50 403.50 65.830 52.722 Oct 398.00 403.50 403.50 65.830 52.720 Nov 398.00 :.:::;:: 403.50 403.50 65.830 52.733 Dec 398 00 403.50 403.50 65.830 52.734 1943—Jan 398.00 403.50 403.50 65.830 52.754 Feb 398.00 403.50 403.50 65.830 52.803 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: Australia and United Kingdom, free rates, after February 1. 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. APRIL 1943 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES FIndex 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 1126 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—February 97 95 159 113 P3S2 183 205 March 98 95 159 114 184 207 April 99 95 160 114 186 208 May 99 95 161 114 187 209 June 99 96 160 114 P355 188 210 Tulv 99 96 160 115 P353 193 212 August 99 96 159 P357 192 211 September 100 96 159 P358 192 212 October 100 97 160 193 November 100 97 161 195 December ' 101 97 162 1943—January P102 97 162 P116 February pl03 98 v 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 e n - d d F f u m c a l h c l a i y t e n u f u r l a e y - n d d Foods pr I o n tr d d i u u a c s l t - s 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 d n n a i d l s s h u e r e a s m d w - i- p tr r I i i o n s a d h d l u e u f d c s i - t n s goods goods products 1926 100 100 100 100 100 130 1930 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—February 101 95 95 78 92 157 159 113 102 133 March 103 96 95 79 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 93 92 158 162 December 114 104 87 93 93 159 162 1943—January 117 105 88 93 93 160 163 February 119 106 89 94 93 ^160 p Preliminary. Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 364 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 s d ) 9 ( C = 1 a 9 1 a 3 d 0 n 5 a 0 - - ) 39 U K = d ( n 1 1 J i o 9 i u n 0 1 t m l 0 g e 4 y ) d - (1 m = G 9 1 a 1 e 0 3 n r 0 - - y 1 ) 4 N (1 = l e 9 a 1 t 1 n h 0 1 d 0 e - s 1 ) r 3 - S e = w r ( 1 1 i l J 9 0 u a t 1 n 0 n z 4 e ) d - Year or month U ( S = 19 t n 1 a 3 0 i 5 t t 0 e - e ) 3 d s 9 ( = 1 C a 9 1 a 3 d 0 5 n a 0 - - ) 39 U K = d ( n 1 J i o 9 1 i n u 1 m t 0 l g e 4 0 y - d ) (1 m = G 9 1 1 a e 0 3 n r 0 - y - ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - ) 1 s r 3 - S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e ) d - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 1942.. 117 117 200 1942—February .. 117 123 163 130 194 1942-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 2>197 November. 131 132 163 November . 120 119 200 PI 99 December. . 133 133 164 December.. 120 119 200 1943—January 133 127 164 1943-January.... 121 117 199 ^201 February... 134 127 164 February... 121 117 199 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 ( U S p d r t e n i a r c i i t t e v e e ) e s d d ( K 1 D U 9 i e 2 n n c 1 g e i = d t m 1 e o 0 d b m 0 e ) r (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p r v r m e ic r a a e g n )2 e y N la e n th d e s r 3 - U ( S 1 = 9 n t 1 a 3 i 0 5 t t 0 e - e 3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71T1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 7 84.7 100.7 8 77.9 88.1 70.8 7 120.6 114.6 9 95.0 1941 117.8 123.8 ?98.7 i°P103.0 80.0 72.5 "289.7 WP136.8 1942 118.3 127.3 69.4 75.3 p476 1942—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 2*518 142.4 September 119.0 127.8 69.4 75.7 *>511 October 119.3 128.1 74.2 78.4 p5O7 November 119.5 127.5 75.2 80.4 p529 December 118.9 127.3 75.9 80.1 ?583 1943—January 119.5 ... ... 79.7 February 120.0 84.8 : v 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^ 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. Average based on figures for 5 months; no data available June-Dec. 8 Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. 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 1935, p. 394; and February 1932, p. 121. APRIL 1943 365 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 WINGITELD, Assistant General ROBERT F. LEONARD, Director Attorney DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE 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 W. S. MCLARIN ROBERT V. FLEMING, RICHMOND DISTRICT W. W. PADDOCK H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist W. DALE CLARK, KANSAS CITY DISTRICT MALCOLM H. BRYAN; Associate Economist KENNETH H. MACKENZIE, Associate Economist NATHAN ADAMS, DALLAS DISTRICT OLIVER P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 366 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. Whitticr.. 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. Waldcn, 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 Allan M. Black1 Chicago Simeon E. Leland.... W. W. Waymack. C. S. Young H. P. Preston 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. Coffey 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 D. W. Woolley Dallas Jay Taylor.... J. B. Cozzo R. R. Gilbert. E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford W. D. Gentry* 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. Lazar3 Kansas City: Pittsburgh Branch J. W. Kossin3 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 Branch Geo. S. Vardeman, Jr. Houston Branch E. B. Austin4 Nashville Branch Joel B. Fort, Jr. San Antonio Branch L. G. Pondrom4 New Orleans Branch E. P. Paris Chicago: Detroit Branch E. C. Harris3 San Francisco: 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. 4 Manager. 367 APRIL 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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