Federal Reserve Bulletin, 1943-05

FEDERAL RESERVE BULLETIN MAY IPTPm? H7T17 F^TG*TU A IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS PAGE Review of the Month—War Loan Drive and the Money Market . 3^9~377 Guaranteed War Loans . 377 Law Department: Amendments to Federal Reserve Act—War Loan Deposit Accounts . 378 Reserves—Amendment to Regulation D . . 378-379 War Loan Financing: Guarantee Agreement 379-388 National Bank Loan Limitations. . 389 Executive Order No. 9336 . 389-390 Foreign Funds Control: Revocation of Special Regulation Issued by Federal Reserve Bank of San Francisco 390 Treasury Department Releases . . 39O-392- War Bonds, Taxes, and Economic Stability . . 393~39^ Expansion of Federal Reserve Branch Activities . 397~398 Report of the Bank of Spain . ... 399-414 Correspondence—Relation Between Currency and Bank Deposits . . 415-416 Consumer Loans of Insured Banks, December 31, 1942.. . 417-418 Current Events 419 National Summary of Business Conditions 410-411 Financial, Industrial, Commercial Statistics, U. S. (See p. 413 for list of tables).. 413-467 International Financial Statistics (See p. 469 for list of tables) 469-481 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 481 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . . 483 Map of Federal Reserve Districts 484 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 May 1945 NUMBER 5 WAR LOAN DRIVE AND THE MONEY MARKET In the Second War Loan Drive, which depositors pay for securities purchased from extended from April ix to May 1, prelimi- the Treasury by drawing on their deposit nary figures indicate that nearly 18 billion accounts, funds are transferred on the banks' dollars of United States Government securi- books from deposits that require reserves to ties were sold, 5 billion dollars more than war loan accounts that now require no rethe goal announced originally. Securities serves. In April such a shift of deposits allotted to banks were restricted to 5 billion resulted in a decline of more than a billion dollars, although subscriptions far exceeded dollars in required reserves. this amount, while sales to other investors Early in the month some additional rewere nearly 13 billion. The bulk of these serves were supplied to member banks by sales was to corporations and institutional Reserve Bank purchases of Government investors, but preliminary reports indicate securities in the open market. Later, as that sales to individuals were larger in num- their excess reserves were increased further, ber and in amount than during the Decem- banks subscribed heavily for new issues of ber drive. During the first four months of Government securities and also increased this year, including all sales made during their holdings of outstanding issues, partly the April drive, the Treasury raised Z5 through repurchase of Treasury bills prebillion dollars through the sale of securities. viously sold to Federal Reserve Banks. This amounts to over a third of the Treas- Increases in currency demand and in Treasury's estimated borrowing needs for this ury deposits at Reserve Banks caused some year. In order to meet its needs the Treas- decline in bank reserves. Nevertheless, ury will require other large-scale sales member banks generally held about z.3 bildrives, in addition to large continuous sales lion dollars of excess reserves during the of Treasury bills, Savings Bonds, and tax latter half of April, compared with an notes. average of less than 2. billion in the preced- Banks participated in the campaign not ing two months. only by subscribing to the securities offered to them, but also by actively selling securi- THE APRIL DRIVE ties to their depositors. Ability of member Investors other than banks subscribed to banks to purchase securities was increased nearly 13 billion dollars of United States during the month by a sharp rise in excess Government securities during the Second reserves, which resulted principally from War Loan Drive, according to reports for the recently enacted exemption of Treasury the period up to May 3. Additional sales war loan deposit accounts from reserve re- of Savings Bonds were reported later. quirements. Under this arrangement,when To the extent that the securities were MAY 1943 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OP THE MONTH purchased by individuals, and particularly with temporarily idle funds, were substanto the extent that they were paid for out of tially larger than in December and those of current income, thus diminishing the vol- z per cent bonds were more than double ume of funds available for bidding up com- December sales of 1 % per cent bonds. Sales modity prices, these subscriptions contrib- of tax notes, most of which were purchased ute to the fight against inflation. by corporations, were somewhat larger in Preliminary returns on the drive indicate April than in December. that sales of about 3 billion dollars were made to individuals, partnerships, and per- FIRST AND SECOND WAR LOAN DRIVES sonal trust accounts, including 400 million [In millions of dollars] dollars obtained from approximately 2.6 Second First War Loan1 War Loan million individuals through regular and Types of securities (April (Decem- 1943) ber 1942) continuous pay roll deductions. These sales compare with 1.6 billion dollars, in- Funds from nonbanking sources: J^% certificates . 3,077 1,682 cluding pay roll deductions, sold to individ- 1M% bonds 1,004 2% bonds "'2^757" 2H% bonds 3,738 2,830 uals in the December drive. During April Savings Bonds (Series E, F, and G) 1,573 1,014 Tax savings notes2 1,697 1,335 insurance companies and mutual savings Total 12,842 7,865 banks together purchased over 3 billion Funds from commercial banking sources: dollars, other corporations more than 5 Treasury bills . . 800 897 14% certificates 2,138 2,117 billion, and dealers and Government agen- 1%% bonds 2,058 2% bonds 32,039 cies over a billion dollars. The largest Total 4,977 5,072 percentage increases compared with the Total from nonbanking and banking sources 17,819 12,937 December drive were in sales to corporations, other than insurance companies, and NOTE.—Figures include only sales made in connection with the to individuals. Increased response by individuals to the latest drive is encouraging, purposes of this classification. but even more progress in this direction is ies C necessary if enough current income is to be notes in April. 3 Estimated allotment; to be delivered in May. diverted into the war effort. In both drives a variety of issues were Allotments to banks during the drive offered in order to meet the needs of various were limited to 5 billion dollars, consisting groups of investors. The table shows the of 2..1 billion each of the certificates and kinds and amounts of issues sold in the two the 2. per cent bonds and 800 million dollars drives; the figures given for the April drive of additional Treasury bills. Subscriptions are preliminary and do not include sales of from banks greatly exceeded these amounts, Savings Bonds reported after May 3. The reaching approximately 10 billion dollars larger sales of zj^ per cent bonds and of each for the certificates and the z per cent Savings Bonds reflected principally in- bonds. Banks were requested in the offercreased sales to individuals and nonfmancial ing circular not to purchase the z per cent corporations. Insurance companies in both bonds and the certificates from nonbanking periods bought large amounts of the z}^ per investors during the drive, and banks are cent bonds. Sales of certificates to non- not permitted to hold the 2.J^ per cent bonds banking investors, principally corporations until ten years after the issue date. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ORGANIZATION FOR THE DRIVE 70 billion dollars of new borrowing, not including refunding of maturing obliga- The Second War Loan Drive was conducted under the auspices of the new War tions. Finance organization which was set up early It is expected that an increasing proporin March to sell all types of Government tion of the needed funds will be raised from securities. The new organization com- nonbanking investors, particularly from bined the War Savings Staff and the Victory individuals. Part will be obtained through Fund Committees in a unified effort to in- continuing sales of Savings Bonds and tax crease and widen the distribution of Gov- notes and by a limited amount of financing ernment securities. A corps of approxi- in the market between drives. The larger mately one million volunteer workers part, however, is expected to be raised participated in the sales campaign. The through special large-scale drives similar to work of the sales organization was directed that in April. by W. M. Robbins, as Chairman of the With X5 billion dollars of additional Treasury War Finance Committee, directly securities sold in the first four months of under the Secretary of the Treasury and the this year, it is estimated that commercial Under Secretary, and in the twelve Federal banks increased their holdings by about 10 Reserve districts by the Presidents of the billion dollars, including allotments of 2. Federal Reserve Banks who were Chair- per cent bonds to be paid for in May. Holdmen of the district organizations. ings of Federal Reserve Banks increased Many forms of publicity were used during slightly in the period. Bank purchases, the drive. This publicity was carried out therefore, absorbed about 40 per cent of the through the press, the radio, theaters, increase in the public debt in the first third posters, and personal solicitation. By that of 1943, compared with about half of the means the attention of the public was fo- increase in the last four months of 1942.. It cused on the large amount of funds that will is the aim of the financing program that be necessary to finance the war and on the bank purchases in the future constitute importance of securing a wide participation much less than 40 per cent of the total. by the public in financing the war. To achieve this aim it will be necessary to sell to nonbanking investors about twice THE YEAR'S FINANCING PROGRAM as much as in I^-L. With the rapid growth Treasury financing during the first four of national income, growing out of expandmonths of this year was somewhat less than ing war activities, and the diminishing the amount raised in the last four months of supply of goods available for civilian pur- 1942. but exceeds in amount the probable chase, this volume of sales to the public needs for each of the next two four- can be reached or surpassed. Personal and month periods. Including securities sold business savings will be on a large scale and in the April drive but not paid for by the Government security offerings will be the end of April, the Treasury obtained about only large-scale new outlet for investment Z5 billion dollars in the January-April funds. period. The program for the year 1943, on Treasury estimates indicate that in the the basis of the January budget estimates last six months of i^/\i. individuals invested and existing tax laws, contemplates about in Government securities about 47 per cent MAY 1943 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of their personal savings remaining after ize banks to pay for United States Governpayments for life insurance, reduction in ment securities purchased for their own debt, and increase in savings bank deposits. account and for account of their customers This proportion increased to more than the by giving the Treasury credit in so-called 55 per cent goal set for the first four months war loan accounts. This practice is conof 1943, and the Treasury's tentative pro- venient both for the Treasury and for th*e gram calls for increases to 65 in the second banks and tends toward greater stability in four months and to 75 per cent in the last the money market. It avoids large transfers four months of the year. Under this sched- of funds from the money market to the ule individuals will add to their holdings in Reserve Banks at the time that the securities 1943 about Z5 billion dollars, including are sold. The Treasury gradually calls Savings Bonds and tax notes. upon depositary banks for such amounts as The Treasury similarly has estimated that it requires, and since these calls correspond corporations, other than banks and insur- closely to current disbursements by the ance companies, invested in Government Treasury, the effect of Treasury transactions securities 71 per cent of their newly avail- on the money market is greatly diminished. able accumulations in the last six months of Commercial banks have been encouraged 1941. In the first four months of the cur- by the Treasury and the Federal Reserve rent year they increased this proportion authorities to make full use of war loan substantially, and the Treasury program accounts. Until recently, however, a great calls for further increases, reaching 85 per many banks had not qualified for cattycent in the last four months of the year. ing such accounts. In order to encourage their use, legislation was enacted by Con- For the year as a whole corporations are exgress during April exempting war loan pected to add about 13 billion dollars to deposit accounts from Federal reserve retheir holdings of Government securities. quirements and from Federal deposit in- These purchases of Government securities surance assessments. This amendment beby individuals and businesses, added to came effective on April 13. These deposits, about 5 billion dollars expected from insurprior to the Banking Act of 1935, had been ance companies and mutual savings banks exempt from reserve requirements. and more than 4 billion from Government On April 14, in a radio address, the full investment accounts, would total 48 billion text of which is published in this BULLETIN, dollars from nonbanking sources in the cal- Chairman Eccles said, endar year, leaving 2.2. billion to be bought ''Every banker who does not already by commercial banks. For the purpose of have a war loan account for the Governcombating inflation, as well as for obtaining ment should arrange for one through the a wide distribution of the public debt, every Federal Reserve Bank of his district. He effort should be made not only to achieve can then deposit to the Government's but to surpass this goal. credit in his bank the proceeds from the Government securities purchased by his CHANGED STATUS OF WAR LOAN DEPOSIT customers as well as by his bank. The ACCOUNTS Treasury draws on these accounts gradu- Beginning with the first World War it has ally as the Government spends the been the practice of the Treasury to author- money. The money is thus returned to 371 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the community and is in turn redeposited in war loan deposits resulting from purin the banking system as rapidly as the chases of securities for account of customers, Government draws it out of the banking being accompanied by a decline in other system." deposits, have the effect of reducing reserve The number of banks qualified to handle requirements, while increases due to pursuch accounts has increased substantially chases for banks' own accounts have no in recent months and particularly since the effect on the volume of required reserves. new legislation was first recommended to When the Treasury draws upon war loan Congress. On April 2.4 a total of 8,475 accounts for the purpose of making disbursebanks—or three-fifths of all commercial ments, there will be a transfer of deposits banks—had qualified for war loan ac- from accounts that require no reserves to counts. This compares with 5,033 banks on accounts that do and consequently an December 31, 19421, and only 3,2.53 banks on increase in required reserves and a decrease October 31, 1942.. The maximum amount in excess reserves. of war loan deposits which banks were One result of the new law, therefore, is qualified to hold had increased to 14.4 that the amount of reserves which banks billion dollars on April Z4, compared with are required to hold decreases sharply 8.9 billion on December 31, 1942., and 6.1. during a large-scale drive for the sale of billion on October 31, 1942.. Data on banks Government securities, as the result of qualified for war loan deposits by Federal purchases for nonbank investors, and subse- Reserve districts are shown in the table at quently increases gradually as war loan the end of this Review. accounts are reduced. Under the former procedure sharp increases in required re- EFFECT ON EXCESS RESERVES serves occurred during the drive as the re- Increases or decreases in war loan deposits sult of bank purchases of securities on war under the new legislation have a different loan accounts. In the long run, the effect effect on the reserve position of banks than of Government financing on the money they previously had. Before the recent market under the old and under the new amendment to the Act, when all types of law depends on whether the securities are deposits were subject to reserve require- bought by banks or by others. In both ments, an increase in war loan deposits cases borrowing by the Treasury from banks resulting from purchases of securities for increases bank deposits and sooner or later the account of customers generally caused increases reserve requirements, while borno change in required reserves, because rowing from nonbanking investors shifts deposits of the customers were correspond- funds about, but has little effect on the ingly reduced and there was no change in total volume of deposits, of reserve requiretotal deposits; an increase resulting from ments, or of excess reserves. purchases of securities for the account of banks caused an increase in total deposits RECENT CHANGES IN EXCESS RESERVES and, therefore, in reserve requirements. Excess reserves of member banks, which Decreases in war loan accounts in the past have gradually declined since early 1941, generally resulted in corresponding in- in February of this year fell below 1.7 bilcreases in other deposits and, therefore, no lion dollars. As shown in the chart, there change in the total amount of required was a temporary increase in the first half of reserves. Under the amended Act, increases March, primarily as a result of purchases MAY 1943 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH by the Reserve Banks from the Treasury of reflecting cash payments for new securities, special one-day certificates issued to meet and by repurchases on the part of member Treasury payments prior to heavy tax re- banks of Treasury bills previously sold to ceipts. As these certificates were paid off the Reserve Banks under repurchase options. in the latter half of March, excess reserves As a result of all these various factors, excess declined to less than 1.6 billion dollars at reserves of member banks during most of the end of March. Early in April, prior the War Loan Drive were close to z.3 billion to the Second War Loan Drive, the Federal dollars. Reserve Banks increased their holdings of An increase in war loan deposits on April Government securities, thereby raising ex- 2,1. and again early in May, resulting from cess reserves to about 2. billion dollars. bank purchases of Government securities The change in the status of war loan de- for their own account, had no effect on the posit accounts and the transfer of several reserve position of member banks. In coming weeks, however, as the Treasury makes EXCESS RESERVES OF MEMBER BANKS withdrawals from war loan accounts, other WEEKLY AVERAGES OF DAILY FIGURES .LIONS OF DOLI .IONS OF DOLLARS deposits will expand and required reserves will increase and excess reserves decrease. EXCESS RESERVES BY CLASSES OF BANKS During recent weeks member banks in New York City and Chicago have followed the practice of maintaining their reserves close to requirements. As a result practically all the excess reserves, as shown in the chart, have been held by banks outside these centers. Even though a considerable amount of reserves was released to New York and Chicago banks, as well as to other banks, by the changed status and expansion of war loan deposit accounts in April, these funds were promptly put to use, in part to meet withdrawals and in part to repurchase Figures for all member banks and for country banks are partly Treasury bills from the Reserve Banks. estimated. Latest figures are for week ending Apr. 16, 1943. Excess reserves of New York and Chicago billion dollars from other deposits to those banks, therefore, continued at a lowT level accounts in the latter half of April caused a during most of April. decline of more than a billion dollars in Since the beginning of the year New York required reserves, but the effect of this was City banks have lost funds on balance, repartially offset by additions to deposits flecting withdrawals of Government deresulting from large increases in bank loans, posits, which were only partially offset by principally to security dealers, and pur- increases in other deposits. These banks chases of securities by banks in the market. have had a gradual decline in loans, except In addition bank reserves were reduced by for temporary fluctuations in loans to increases in currency in circulation and in brokers and dealers in securities, and also Treasury deposits at the Reserve Banks, have reduced their holdings of Treasury 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH bills, but have increased their bond hold- for further expansion of loans and investings. There was little net change in the ments, are widely distributed throughout position of Chicago banks between the end the country. In the latter half of March of December and the middle of April. country banks in the Federal Reserve Dis- Banks in leading cities outside New York tricts of Cleveland, Dallas, and Kansas City and Chicago, in contrast, have gained de- had excess reserves amounting to more than posits since the beginning of the year and 50 per cent of their required reserves, and have substantially increased their holdings those in every district showed correspondof Government securities. Excess reserves ing ratios of a third or more. of these banks declined somewhat up to the middle of April, as required reserves in- FEDERAL RESERVE SECURITY OPERATIONS creased more than the gain in total reserves. In view of the large volume of excess In most districts, however, banks in large reserves that was made available to banks as cities continued to hold substantial amounts the result of exemption of war loan accounts of excess reserves, which were further in- from reserve requirements, the Federal creased by the shift of funds to war loan Reserve Banks had no occasion during the deposits in the latter half of April. Re- April drive to make large security purchases serve city banks in the Cleveland, Dallas, as they had during December. Banks had Chicago, and Richmond Districts in the enough reserves to enable them to purchase latter half of March had excess reserves not only the volume of new securities offered amounting to more than xo per cent of their to them but also to buy additional outstandrequired reserves, while such banks in the ing securities in the market. Boston, St. Louis, and Minneapolis Dis- The Government securities market was tricts held relatively small amounts of ex- generally firm throughout the period of cess reserves. The movements in excess the drive. There was a continued demand reserves of city banks outside New York for long-term partially tax-exempt bonds, and Chicago are illustrated in the chart by and shorter issues after being in supply early the curve for reserve city banks. in the month were also in demand in the At country banks, available information second half of the month. The yield on indicates a continued substantial growth in long-term partially tax-exempt bonds dedeposits, exceeding a billion dollars in the clined from 2..05 to 1.98 per cent during the first three months of this year. These drive, and yields on other securities were banks showed only a small gain in reserve generally steady. balances, corresponding approximately to Some purchases of Treasury certificates the increase in their required reserves, and no and short bonds were made by the Federal increase in balances due from correspondent Reserve Banks early in the month, but subbanks; it may be estimated that the total sequently the System discontinued such of their loans and investments increased by purchases, while continuing to sell longer about a billion dollars in the period. bonds. The System's holdings of bills, Country banks shared in the increase in which increased sharply in the latter part excess reserves during April, and their ex- of March and early April, also declined in cess reserves of more than a billion dollars the latter part of April, as banks repurin the latter part of April were larger than chased bills previously sold to the Reserve at any previous time. These excess re- Banks under repurchase agreements. serves, which represent substantial capacity During the first four months of this year, MAY 1943 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH total holdings of Government securities more fully employed. By selling Treasury by the Federal Reserve Banks showed only a bills to the Federal Reserve Banks under small increase. In this period, however, option to repurchase, banks can obtain there were important changes in the compo- reserves promptly as needed and reacquire sition of the System's portfolio. These the bills if later they have more reserves are shown in the accompanying chart. In than they need. Federal Reserve transacresponse to a market demand, bonds and tions in Treasury bills have varied connotes were sold from the System account. siderably from day to day, with some banks Holdings of certificates were also reduced, selling bills to their Reserve Banks and largely as a result of a maturity in February. others making repurchases. On balance In March the System's portfolio was tem- fluctuations in total holdings of bills on porarily increased by Treasury borrowing option account at the Reserve Banks reflect on one-day certificates in anticipation of general money market changes. These tax receipts. The principal changes were figures are shown on the chart and, beginin holdings of Treasury bills. ning with this issue, will be regularly published in the statistical section of the GOVERNMENT SECURITY HOLDINGS BULLETIN. Holdings of each Reserve Bank, OF FEDERAL RESERVE BANKS as well as those for the System as a whole, BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS will be shown. Federal Reserve holdings of bills on option account, as shown on the chart, increased sharply at the end of December in response to year-end money market needs, and declined in January. They increased in February, reflecting largely Treasury withdrawals of funds from New York and purchases of bonds by New York banks. Early in March the special Treasury borrowing temporarily supplied banks with funds and the System's bill holdings declined. They increased sharply, however, in the latter part of March and early in April, as banks lost reserves, but declined again in the latter part of April for reasons 1943 already explained. U.S. Government security holdings include both direct and guaranteed issues. Other bills include those purchased under regular author- During the past year, since the establishity and those purchased at the buying rate, not under option. Special one-day Treasury certificates of indebtedness shown only for Sept. 16, ment of the y% per cent rate at which the 1942, Mar. 10,17, and 24,1943; there were 38 such certificates of varying amounts on dates other than Wednesdays through Apr. 28, 1943, the latest date shown. Reserve Banks stand ready to purchase all bills offered to them, the total amount of TREASURY BILLS WITH REPURCHASE OPTION Treasury bills outstanding has increased Banks throughout the country, but more from 2. billion to 10 billion dollars, and particularly in New York and Chicago, the distribution of these bills among the have made increasing use of sales and repur- various types of holders has broadened. chases of Treasury bills to keep their funds Federal Reserve Bank bill holdings showed 6 37 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH an increase in the period of z billion dollars, SPECIAL DEPOSITARIES FOR WAR LOAN DEPOSITS most of which has occurred since last Per cent Number of banks Amount Eor qualified on December. Bill holdings of New York which had quali- which qualified Apr 24, fied for war loan (In millionsof 1943,to total City banks increased from less than half a accounts dollars) commercial Federal Reserve billion to more than z billion dollars in district February and subsequently declined some- Apr. Dec. Oct. Apr. Dec. Oct. N b u e m r - A of m d t e . - 24, 31, 31, 24, 31, 31, of what. Those at Chicago banks fluctuated 1943 1942 1942 1943 1942 1942 banks posits generally at less than half a billion dollars. Banks in other leading cities have steadily Boston 316 237 169 855 480 292 61 20 NTew York 911 654 500 6,735 4.719 3,243 91 28 Philadelphia. . 585 459 299 642 386 325 67 14 increased their bill holdings to above z.5 billion dollars, and banks outside the lead- Cleveland 710 429 191 909 541 325 60 15 Richmond 628 302 173 618 288 182 60 16 ing cities now hold well over a billion dol- Atlanta 583 408 295 483 274 197 56 15 lars of bills, compared with less than zoo Chicago 1,159 563 458 1,951 983 732 48 16 St. Louis 838 291 181 500 221 170 57 16 million dollars a year ago. Other hold- Minneapolis... 1,094 731 235 352 192 79 86 17 ers-—largely corporations—have also in- Kansas City... 952 566 439 373 206 173 53 12 Dallas........ 491 290 230 404 235 194 52 15 creased their holdings of Treasury bills by San Francisco. 208 103 83 628 421 317 38 7 about a billion dollars in the past year. Total 8,475 5,033 3,25314,449 8,945 6,229 60 19 GUARANTEED WAR LOANS As announced in a press statement on April March 31, $1,866,286,000 was available to 17, a new standard form of guarantee agree- borrowers under guarantee agreements in force. ment has been adopted for uniform use in guar- About 39 per cent of all loans for which anteeing loans for war production purposes. guarantees were authorized were for amounts of The text of this new form of agreement will be not more than $50,000 and 55 per cent were for found on pages 379-388. amounts of not more than $100,000, as is shown To March 31, 1943, i.e., during the first year in the following table: of operations under Executive Order 91 11 and the Reserve Board's Regulation V, the War Per cent of Cumulative Amount of loan total number percentage Department, Navy Department, and Maritime Up to $5,000 4.6 4.6 Commission, acting through the Federal Re- $5,001 to $10,000 6.1 10.7 serve Banks, authorized 3,534 guarantees for $10,001 to $X5,ooo 13.3 2.4.0 war production loans totaling $3,72.5,2.41,000. $2.5,001 to $50,000 14.6 38.6 Advances to borrowers on guaranteed loans $50,001 to $100,000 16.6 55-2- $100,001 to $2.50,000 16.4 71.6 amounted to $1,124,704,000, of which $979,- $2.50,001 to $500,000 IO.6 82-2. 682,000 was repaid, leaving unpaid balances of $500,001 to $1,000,000 7-1 89.3 $1,145,021,000 on March 31. The guaranteed $1,000,001 to $5,000,000 8.3 97.6 portions of loans outstanding aggregated $5,000,001 to $10,000,000 1.2. 98.8 $998,774,000, or 80 per cent on the average. $10,000,001 to $i5,ooo,ooo .7 99-5 $2.5,000,001 to $50,000,000 99.8 In addition to the amounts outstanding on Over $50,000,000 100.0 MAY 1943 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Amendments to Federal Reserve Act proclamation of the President or concurrent resolution of the Congress any balance payable to War Loan Deposit Accounts the United States by any insured bank, whether The President of the United States on April represented by a deposit account or otherwise, arising solely as a result of subscriptions made 13, 1943, approved an Act of Congress amending by or through such insured bank for United Section 12.B of the Federal Reserve Act so as to States Government securities issued under aususpend until six months after the cessation of thority of the Second Liberty Bond Act, as hostilities in the present war, the provisions of amended, shall be excluded from the definition law requiring the payment of deposit insurance of 'deposit' for the purpose of determining the assessment base." assessments on balances to the credit of the SEC. x. The last sentence of section 19 of the United States Treasury arising solely as a result Federal Reserve Act (U. S. C, title ix, sec. of subscriptions for United States Government 46xa-i) be amended by substituting a colon for securities issued under the Second Liberty Bond the period at the end thereof and by adding the Act, as amended. The Act also amends section following: "Provided, That until six months after the cessation of hostilities in the present war as 19 of the Federal Reserve Act so as to suspend determined by proclamation of the President or for the same period the requirements of law for concurrent resolution of the Congress no deposit maintenance with the Federal Reserve Banks of payable to the United States by any member reserves against Treasury balances arising solely bank arising solely as the result of subscriptions as a result of subscriptions for such securities. made by or through such member bank for United States Government securities issued under The text of the Act is as follows: authority of the Second Liberty Bond Act, as amended, shall be subject to the reserve require- [PUBLIC LAW 37—78TH CONGRESS] ments of this section." [CHAPTER 62.—IST SESSION] Approved April 13, 1943. [S. 700] Reserves AN ACT Amendment to Regulation D Suspending certain provisions of sections 12.B The Board of Governors, effective April 13, and 19 of the Federal Reserve Act until six months after the cessation of hostilities in the 1943, amended Regulation D entitled Reserves present war as determined by proclamation of of Member Banks by striking out the period at the President or concurrent resolution of the the end of the first sentence of paragraph (b) Congress. of section x thereof and inserting the following: Be it enacted by the Senate and House of Repre- "and, until six months after the cessation of sentatives of the United States of America in Congress assembled, That the second sentence of paragraph hostilities in the present war as determined (1) of subsection (h) of section ixB of the by proclamation of the President or concur- Federal Reserve Act (U. S. C, title ix, sec. 164 rent resolution of the Congress, no deposit (h) (1)), as amended, is hereby further amended payable to the United States by any member by substituting a colon for the period at the end bank arising solely as the result of subscripthereof and adding the following: " And provided further. That until six months after the cessation tions made by or through such member bank of hostilities in the present war as determined by for United States Government securities 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT issued under authority of the Second Liberty (B) The word "Borrower" shall mean... Bond Act, as amended, shall be included in net demand deposits or in time deposits which are subject to reserve requirements." (Name) War Loan Financing Of (Address) Guarantee Agreement the said Borrower being engaged in a business There is set forth below the text of a new or operation which is deemed by the Guarantor standard form of guarantee agreement, dated to be necessary, appropriate or convenient for April 6, 1943, which has been adopted by the the prosecution of the war. War Department, Navy Department, and United (C) The words "the loan" shall mean a States Maritime Commission after consultation financing arrangement between the Financing with the Board of Governors of the Federal Institution and the Borrower, the terms and con- Reserve System and others, for uniform use in ditions of which are briefly described as follows : guaranteeing loans for war production purposes (The description of the loan shall include the following pursuant to the President's Executive Order items in the following order: Type of loan (straight loan or 9112. of March x6, 1942., and the Board's Regularevolving credit), principal amount (maximum amount of tion V, which were published in the 1941 credit in the case of a credit), interest rate, and maturity Federal Reserve BULLETIN at pages Z99 and 42.5, (latest maturity in the case of a credit). Provisions as to respectively. The new form of agreement in- collateral and other protective provisions prescribed by the Guarantor should also be described h.ere, or, if preferred, by corporates, in large measure, the substance of referring to an annexed loan agreement or other similar the form heretofore in use and the general intent instrument; but the terms and the provisions of such agreeof the agreement remains the same. ment or instrument should not be made a part of or incorporated in the guarantee agreement. There is no requirement by the Guarantor, however, that a loan agreement or similar (Form of April 6, 1943) No. instrument be used in any case.) GUARANTEE AGREEMENT ("War Department of the United States ] The -{Navy Department of the United States J- [United States Maritime Commission J (herein called "Guarantor"), acting through the Federal Reserve Bank of as fiscal agent of the United States in accordance with the provisions of Executive Order No. 91 iz of March 2.6, 1942-, and the Financing Institution, as hereinafter defined, hereby agree each with the other as follows: Section 1. Definitions (D) The word "obligation" shall mean the instrument or instruments evidencing the Bor- As used in this agreement— rower's indebtedness under the loan and any (A) The wTords "Financing Institution" shall renewals or extensions thereof. mean (E) The term "guaranteed percentage" shall mean (1) per cent, or (2.) the percentage specified above as increased by an adjustment thereof under section 5, section 12., or section 13 of this agreement. MAY 1943 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (F) The term "unguaranteed percentage" prior to maturity nor prior to the time when the shall mean the difference between ioo per cent amount of the ultimate losses and expenses and the guaranteed percentage. appears to be determinable with reasonable (G) The words "collateral for the loan" certainty. shall mean all collateral or security specified in (C) In determining losses under paragraph the description of the loan under paragraph (C) (A) of this section, all amounts which, on the of this section or taken or accepted in substitu- date of settlement, have not been paid shall be tion for such specified collateral or security, and regarded as losses even though they may appear any collateral or security hereafter taken or to be recoverable thereafter. All net recoveries accepted for the specific protection of the loan. realized after the date of settlement, from (H) The words "interest in the obligation" whatever source realized, shall be shared ratably shall mean the amount of the obligation owned by the Guarantor and the Financing Institution by the Guarantor or by the Financing Institu- on the basis prescribed in this section. tion, as the case may be. (D) For the purposes of this section, expenses (I) The word "Holder" shall mean the party shall mean all reasonable out-of-pocket expenses to this agreement which has possession of the (including reasonable counsel fees incurred by obligation and shall be determined in accordance the Financing Institution or the Reserve Bank with the provisions of sections 8 and 14 of this prior to but not after any purchase under this agreement. agreement) which relate to the enforcement of (J) The words "Reserve Bank" shall mean the loan or the preservation of the collateral the Federal Reserve Bank of , and which are incurred during the period of any ? as fiscal agent of the United States acting on default in the payment of principal or interest, behalf of the Guarantor in accordance with the and which have not been recovered from the provisions of Executive Order No. 9112 of March Borrower. 2-6, 1942. Section 3. Agreement to Purchase Section 2. Guarantee as to Sharing (A) Upon written demand or demands made of Losses and Expenses by the Financing Institution on the Reserve (A) All losses of principal and interest on Bank at any time prior to the date of settlement the loan, and all expenses as defined in paragraph between the Guarantor and the Financing In- (D) of this section, shall be shared ratably by stitution, the Guarantor will purchase from the the Guarantor and the Financing Institution in Financing Institution, on the tenth (10th) day accordance with the guaranteed percentage and after the receipt by the Reserve Bank of such a the unguaranteed percentage, respectively, as demand, the guaranteed percentage of the such losses, expenses and percentages exist on unpaid principal amount of the loan, less any the date of settlement between the Financing amounts which have been previously purchased Institution and the Guarantor, regardless of by the Guarantor under any provision of this whether or not any purchase has been made agreement and have not been repaid. Such under this agreement. purchases will be made by the Guarantor from (B) The date of settlement between the time to time either as a whole or in such portions Financing Institution and the Guarantor shall as may be demanded in writing as above be such date as may be agreed upon by the specified. parties or, if no such date is agreed upon, the (B) Any purchase by the Guarantor pursuant thirtieth day after the date on which either to any provision of this agreement shall be party to this agreement receives from the other made at the Reserve Bank, and the amount that party a written request for such settlement, but the Guarantor shall pay shall be the face amount no such request will be made by the Guarantor of the portion of the unpaid principal amount 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the obligation so purchased, as of the date of reason of fault of the Borrower, or (b) any other the demand, plus all unpaid accrued interest war production contract or part of such war on such portion, with appropriate adjustment production contract, which contract or part is for guarantee fees, computed as of the date of hereafter cancelled, terminated or violated bepurchase. Such purchase shall be made for cause of the cancellation or termination, in cash, except that if the Guarantor owns an whole or in part, without fault of the prime interest in any obligation which has been issued contractor, of any prime contract by any of said under a revolving credit arrangement and if, Government agencies (provided that the Borat or before the maturity of such obligation, the rower shall have been substantially observing Reserve Bank receives written demand from the the provisions of such war production contract); Financing Institution for the purchase of the (3) A "settled contract" means a cancelled same or a lesser amount of a new obligation to be contract (a) with respect to which the Borrower issued in place of such maturing obligation, has released all claims or (b) with respect to payment for the portion of the new obligation which the Borrower has received full payment purchased pursuant to such demand will be in cash, or by offset, or otherwise, of such made by the Guarantor by surrendering, at or amounts as may be payable to it as the result of before maturity, its interest in the maturing a final determination, by mutual agreement of obligation, in the amount of the demand by the the parties to such contract or by final decision Financing Institution and without regard to the of a court of competent jurisdiction from which ten day period specified in paragraph (A) of this no appeal or request for review has been or can section. be taken, or otherwise, or (c) with respect to Section 4. Cancellations of Borrower's which one year (or such longer period as the War Production Contracts Guarantor, in its sole discretion, shall consider fair under the circumstances) has elapsed after (A) For the purposes of this agreement : the date of such a final determination; (1) A "war production contract" shall mean (4) A "cancelled contract as to which no any contract (other than a contract solely for substantial investment has been made" is a the construction or acquisition of facilities to cancelled contract with respect to which the be used by the Borrower) made or order accepted Borrower's total expenditures and commitby the Borrower for the sale or furnishing by the ments to the date of cancellation are not certified Borrower of materials, equipment, supplies, by the Borrower as being in excess of 5 per cent facilities, or services or for the processing or of the sum of (a) amounts which were due and treatment by the Borrower of materials, which which would have become due on such contract (a) constitutes a prime contract with the War if completely performed, in accordance with the Department, Navy Department, or Maritime provisions of the contract as they existed imme- Commission or (b) constitutes a contract made diately prior to the date of cancellation and (b) or order accepted by the Borrower to aid all payments received on such contract prior to directly or indirectly in the performance of any such date; prime contract with any of said Government agencies; (5) An "uncancelled contract" is a war (2.) A "cancelled contract" means (a) a war production contract or part thereof which does production contract constituting a prime con- not fall within the definition of a cancelled contract with the War Department, Navy De- tract in clause (z) above; and partment, or Maritime Commission, or a part (6) "Adjustment notice date" means the date of such a war production contract, which con- of receipt by the Reserve Bank of the request for tract or part is hereafter cancelled or terminated adjustment under section 5 of this agreement, or by any of said Government agencies not by the date of receipt by the Financing Institution 381 MAY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of a request for adjustment under paragraph (A) not be effective in any case if the ratio of (x) of section 6 of this agreement. to (y) is less than one-fourth. (B) The aggregate of all amounts which were due on the Borrower's cancelled contracts, and Section 6. Protection of Borrower which would have become due on such contracts against Cancellations if completely performed, in accordance with the (A) The Borrower, from time to time but provisions of such contracts as they existed not more frequently than once every sixty (6o) immediately prior to the dates on which they days, may request the Financing Institution in were respectively cancelled (but not including writing for an adjustment under this section, and any amounts of any contracts which, on the the Financing Institution shall, within five (5) adjustment notice date, are settled contracts or days after receiving such request, advise the cancelled contracts as to which no substantial Reserve Bank in writing of the receipt thereof. investment has been made), less any payments In each such case, the ratio of (x) to (y) shall received upon such contracts between the dates be determined by the Financing Institution in on which they were respectively cancelled and agreement with the Borrower and the Reserve the adjustment notice date, shall be called (x). Bank as of the adjustment notice date and effec- The amount of (x) as thus determined plus the tive as of such date the Financing Institution aggregate of all amounts due on all uncancelled will waive interest and suspend maturity upon contracts of the Borrower, and which are to such portion of the then unpaid principal become due on all such contracts when and if amount of the obligation as is determined by completely performed, according to their promultiplying such unpaid amount by such ratio visions as they exist on the adjustment notice and by deducting from the product any portion date, shall be called (y). of the obligation upon which maturity is then in suspense pursuant to any previous request Section 5. Protection of Financing from the Borrower; but in no event shall the Institution against Cancellations amount of the obligation with respect to which The Financing Institution at any time prior interest is waived or maturity suspended purto the date of settlement between the Guarantor suant to an adjustment under this section as a and the Financing Institution may make written result of a determination of the ratio of (x) to request to the Reserve Bank for an adjustment (y) exceed (1) the amount of (x) or QL) the under this section, and thereupon the following amount of the Borrower's estimate of its claims computation shall be made by the Financing on cancelled contracts as of the adjustment Institution in agreement with the Reserve Bank notice date. No waiver of interest or suspenas of the adjustment notice date: The ratio of sion of maturity shall be made under this section (x) to (y) shall be multiplied by the then un- if the ratio of (x) to (y), as determined pursuant guaranteed percentage and the product of such to any such request by the Borrower, is less than multiplication shall constitute an additional one-fourth. percentage which shall be added to the then (B) As payments are received by the Borrower guaranteed percentage; and the sum of such on any cancelled contract after the adjustment percentages shall, effective as of the adjustment notice date, the amount of the obligation as notice date, constitute the guaranteed per- to which maturity is suspended and interest centage within the meaning of all provisions waived shall be forthwith reduced, dollar for of this agreement. After the guaranteed per- dollar, by an amount equal to each such paycentage has once been increased pursuant to the ment. When any cancelled contract has become provisions of this section, the Financing In- a settled contract after the adjustment notice stitution shall have no further rights under this date or when the Borrower has failed to file section. The provisions of this section shall claim under any cancelled contract before the 8z FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT sixtieth day (or such longer time as the Guaran- ing Institution to the Reserve Bank under section tor may grant) after the adjustment notice date, 16 hereof, or (2.) at the rate of 2.3^ Per cent Per the amount of the obligation as to which ma- annum, whichever is less. turity is suspended and interest waived shall be (F) In consideration of the execution of this forthwith reduced so that the total amount of agreement by each party hereto, the Guarantor reduction under this paragraph shall be the and the Financing Institution agree with each greater of (i) the amount as to which maturity other for the benefit of the Borrower, and also was suspended and interest waived by reason of severally promise the Borrower, that the provithe inclusion of such cancelled contract in the sions of this section shall inure directly to the last prior computation under paragraph (A) of benefit of, and shall be enforceable directly by, this section, or (2.) the amount of reduction the Borrower. No suspension of maturity or under the preceding sentence. waiver of interest under this section shall (1) (C) Upon the termination of suspension of take effect unless the Borrower shall have agreed maturity of all or any portion of the obligation, with the Reserve Bank and the Financing Inby reason of any reduction made under paragraph stitution to be bound by the provisions of this (B) of this section or failure to comply with agreement which govern suspension of maturity paragraph (F) of this section, the obligation and waiver of interest, or (2.) continue in effect or such portion thereof shall become imme- unless the Borrower shall furnish to the Reserve diately due and payable, regardless of any Bank and the Financing Institution, not less maturity date otherwise established. often than every sixty (60) days, a report as to all payments received on the Borrower's cancelled (D) In the event that the Borrower shall contracts, including full information with initiate any appeal or request for review from respect to any cancelled contract that shall have the determination by any court of the amounts become a settled contract. due under a cancelled contract, the Financing Institution will not waive interest on the por- (G) Nothing contained in this section shall tion of the obligation with respect to which impair any of the rights of the Financing Institumaturity has been suspended on account of such tion under any other provision of this agreement cancelled contract, from the date of entry of the nor any right the Financing Institution or the order or judgment from which the appeal or Guarantor may have to accelerate the maturity request is taken until the date of entry of the of the obligation, including any suspended final order or judgment on appeal or review. portion thereof, unless such acceleration is (E) So long as the Financing Institution con- based solely on a provision of the loan to the tinues to own any portion of the obligation as effect that cancellation of a contract or suspento which a waiver of interest is in effect in sion of maturity pursuant to this section is of accordance with this section, the Financing itself an event of default. Institution shall be under no obligation to pay Section 7. Ownership of Suspended any fee to the Guarantor under section 16 of this Portions of the Loan agreement on such portion of the obligation; and the Guarantor will pay to the Financing (A) Any portion of the obligation at any time Institution, on the dates on which interest owned by the Guarantor shall be deemed to would otherwise have been payable by the include, to the extent possible, any portion of Borrower, or at least quarterly, interest upon the obligation as to which maturity has been such portion of the obligation (1) in an amount suspended pursuant to section 6 of this agreeequal to the difference between the amount ment; and the Guarantor shall comply and the which would have been payable by the Borrower Financing Institution shall be relieved from to the Financing Institution and the amount compliance with the provisions of such section 6 which would have been payable by the Financ- relating to the waiver of interest and suspension MAY 1943 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of maturity with respect to such portion of the the account of more than one Financing Instituobligation. tion) to the Reserve Bank without recourse or (B) The Guarantor will from time to time warranty, except as to the genuineness of the purchase from the Financing Institution any signature of the Borrower to any instrument, part or all of that portion of the obligation on and shall forthwith deliver to the Reserve Bank which maturity has been suspended pursuant possession of the obligation and of the collateral to section 6 of this agreement, whether or not (or an assignment of its interest therein as above such purchase shall result in ownership by the provided). Thereupon the Reserve Bank shall Guarantor of an interest in the obligation which issue to the Financing Institution a certificate shall be in excess of the then effective guaranteed reciting that the Reserve Bank holds said percentage of the loan, but such purchase in all obligation and collateral for the account of the other respects shall be made in accordance with Financing Institution to the extent of the the provisions of section 3 hereof. If and when Financing Institution's interest therein. Therethe Financing Institution shall have obtained after the Guarantor, through the agency of the an adjustment pursuant to section 5 of this Reserve Bank, shall administer the loan and agreement, the Guarantor shall be under no shall hold said obligation and collateral for further obligation to make a purchase under this the account of the Guarantor and the Financing section. If pursuant to the provisions of this Institution as their interests in the obligation section the Guarantor shall own an amount of may appear. The Guarantor and the Financing the obligation in excess of the guaranteed per- Institution shall at all times during the existence centage following such an adjustment, the Fi- of this agreement have the right to examine and nancing Institution will forthwith repurchase inspect said obligation and collateral. such excess. Nothing in this paragraph affects (B) Whenever the Guarantor becomes the the sharing of losses on the basis prescribed in Holder of the obligation, the Financing Institusection 2. of this agreement. tion will at any time at the written request of the Guarantor furnish to the Guarantor such Section 8. Administration of Loan and instruments as may be reasonably necessary or Possession of Obligation and Collateral appropriate to enable the Guarantor to administer the loan and enforce the obligation (A) Prior to any purchase under this agreeand collateral for the loan in accordance with ment, the Financing Institution shall administer the terms of the loan. the loan and shall hold the obligation and the (C) Nothing contained in this or any other collateral for the loan. Whenever the Guaransection of this agreement shall be construed to tor becomes the owner of any part of the loan prevent the Financing Institution from offering under this agreement, the Financing Institution the obligation as collateral for advances by a shall continue to administer the loan and to Federal Reserve Bank, if such obligation is hold said obligation and collateral, and shall otherwise eligible and acceptable as collateral forthwith deliver to the Reserve Bank a certififor such advances. cate reciting that the Financing Institution holds said obligation and collateral for the Section 9. Ratable Application account of the Guarantor to the extent of the of Collections Guarantor's interest therein. In any such case, however, upon written demand by the Reserve (A) All amounts at any time paid or credited Bank, the Financing Institution shall forthwith on the obligation, from whatever source endorse the obligation to the Reserve Bank with- realized, shall be applied ratably for the benefit out recourse or warranty and shall assign the of the Financing Institution and the Guarantor collateral (or its interest therein if such col- according to their respective interests in the lateral cannot be assigned because it is held for obligation, first in accordance with such re- 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT spective interests in the unsuspended portion of Institution. If any funds on deposit, or other the obligation, and then in accordance with amounts payable to the Borrower by the Fisuch respective interests in the suspended portion nancing Institution, or other assets of the of the obligation. All amounts so paid or Borrower (except those described in clause (2.) credited upon the obligation after the date of a above) which are not specifically pledged as demand by the Financing Institution or the security for any indebtedness shall be taken or Guarantor, as the case may be, for a purchase appropriated by the Financing Institution, the under this agreement and prior to the date of Financing Institution shall apply such funds and such purchase shall be applied as above provided the proceeds of such other assets pro rata against according to such respective interests of the the then unpaid balance of the loan and the then Guarantor and the Financing Institution as unpaid balance of such other indebtedness of such interests exist immediately after such the Borrower to the Financing Institution. purchase. The Holder of the obligation and Funds on deposit, amounts payable, and other collateral shall receive all payments from the assets shall not be considered to be specifically Borrower in connection with the obligation and pledged for any indebtedness, within the meanshall promptly remit to the other party to this ing of this section, if the right of the Financing agreement such other party's share thereof. Institution to apply the proceeds thereof to such (B) In the event that the total of all amounts indebtedness exists only by virtue of the right eventually so paid or credited in accordance of banker's lien or setofF or only by virtue of a with paragraph (A) of this section is not suf- "spreader", "overlap" or "cross-lien" provision ficient to cover principal and interest in full, in any note or loan agreement. the application of such amounts shall be read- (B) There shall first be applied by the justed upon the date of settlement between the Guarantor to the full payment of the loan, be- Guarantor and the Financing Institution so that fore they are applied to the payment of other the Guarantor and the Financing Institution indebtedness of the Borrower to the Guarantor, will share all losses on the loan on the basis all proceeds obtained by the Guarantor from: prescribed in section z of this agreement. (1) accounts receivable and inventories (including finished products and work in process) Section 10. Application of Proceeds arising under the Borrower's war production of Collateral and Other Assets contracts, and (2.) any right of priority accruing to the Guarantor on account of any claim by the (A) There shall first be applied to the full Guarantor against the Borrower, and (3) any payment of the loan before they are applied to right of setofF in respect of amounts due to the the payment of other indebtedness of the Borrower on any war production contract Borrower to the Financing Institution: (1) All (except a right of setoff arising out of a claim proceeds of any collateral for the loan; and (V) under the same contract); except that the all proceeds of accounts receivable and of inforegoing shall not apply to any pledge, lien, or ventories (including finished products and work other security taken by the Guarantor as colin process) arising under the Borrower's war lateral for an advance payment or loan by the production contracts, to the extent that such Guarantor to the Borrower. accounts receivable or inventories are taken or appropriated by the Financing Institution, ex- Section 11. Actions as to Obligation cept war production contracts under which or Collateral claims may heretofore have been, or may with the written consent of the Guarantor hereafter The Holder shall not, without the prior be, specifically assigned to the Financing In- written consent of the other party to this agreestitution as security solely for other indebted- ment, (a) make or consent to any material ness of the Borrower to the Financing alteration in the terms of the loan or collateral MAY 1943 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT for the loan; (b) make or consent to any release, such request, be 100 per cent. If the Guarantor sale, transfer, further pledge, subordination or be the Holder, it may, after giving notice to the substitution of any of said collateral for the Financing Institution, exercise any option to loan; or (c) give any consent or waiver under accelerate the maturity of the obligation withany provision of the loan restricting the use of out obtaining the consent of the Financing funds of the Borrower. However, the consent Institution. of the other party shall not be necessary with Section 13. Failure to Sue or respect to any release or substitution of such Consent to Suit collateral required or authorized by the terms of the loan as such terms are described in para- The Financing Institution, if it be the Holder, graph (C) of section i of this agreement or in shall not, without the prior written consent of any instrument referred to therein, and no notice the Guarantor, bring suit to enforce payment of any such action need be given to the other of the obligation or any installment thereof, or party. The Holder, unless prior objection directly or indirectly institute bankruptcy, thereto shall have been made in writing by the receivership or insolvency proceedings against other party, may extend the term of the loan, the Borrower, or foreclose on or otherwise but, without the prior written consent of the enforce realization of the collateral by exercise other party, not more than once and for not of a power of sale or by legal proceedings; more than sixty (60) days; but notice of any but the Guarantor, if it be the Holder, after such extension shall be thereafter promptly giving notice to the Financing Institution, may transmitted to the other party. The taking of take any action specified in this sentence withadditional collateral or security shall not be out obtaining the consent of the Financing considered a material alteration in the terms of Institution. If at any time all or any portion of the loan or collateral for the loan. the principal or interest of said obligation is due and unpaid and (a), while the Financing Institu- Section iz. Refusal of Guarantor to tion is the Holder, the Guarantor fails to give its Consent to Accelerated Maturity written consent within ten (10) days after the Reserve Bank shall have received a written The Financing Institution, if it be the Holder, request from the Financing Institution to do so, shall not exercise any option to accelerate the to the taking of any action specified in the maturity of the obligation without the prior preceding sentence or (b) if the Guarantor be the written consent of the Guarantor. If such an Holder and does not, within thirty (30) days option exists (whether or not conditioned upon after the Reserve Bank shall have received a the giving of notice to the Borrower) on the written request from the Financing Institution part of the Holder to accelerate the maturity of that the Guarantor take action as aforesaid, the obligation and (a) the Guarantor fails to take the action requested or one of the other give its written consent, within ten (10) days steps specified in the preceding sentence, the after the Reserve Bank shall have received a guaranteed percentage shall thereupon in either written request from the Financing Institution event, effective ten (10) days or thirty (30) to do so, to the acceleration of the maturity days, as the case may be, after the receipt of of the obligation or (b) if the Guarantor be the such request, be 100 per cent. Holder and does not, within ten (10) days after the Reserve Bank shall have received a written Section 14. Voluntary Purchase request from the Financing Institution that the by Guarantor Guarantor do so, initiate appropriate action to accelerate the maturity of the obligation, the Whenever the Guarantor, in its sole judgment, guaranteed percentage shall thereupon, in either deems that such action is necessary in order to event, effective ten (10) days after the receipt of prevent or minimize a loss on the loan which it 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT believes to be imminent or in order to prevent Section 16. Fees Payable to Guarantor obstructions or delays in the Borrower's war In consideration of the execution of this* production, the Guarantor may purchase, and agreement by the Guarantor, the Financing the Financing Institution shall sell to it, the Institution shall pay to the Reserve Bank at guaranteed percentage of the unpaid principal the end of each monthly or quarterly period, as amount of the obligation, less any amounts fixed by the Reserve Bank, an amount equal to which have been previously purchased by the per cent of any interest payable by the Guarantor under any provision of this agreement Borrower on the average daily amounts of that and have not been repaid; but no such purchase part of the unpaid principal of said loan whichi shall be made except ninety (90) days or more the Guarantor was obligated during such period! after the original advance on the loan or shall to purchase upon demand of the Financing; become effective until ten (10) days (or such Institution under any provision of this agreelesser period as the Guarantor may specify) ment; provided that such obligation on the part after the Guarantor shall have sent to the of the Financing Institution shall terminate Financing Institution a demand for such puras to all or any portion of said loan purchased chase by telegram or registered mail. In the by the Guarantor immediately upon such purevent of any purchase under this section, the chase. Guarantor shall, at the request of the Financing Institution, or may, at its own option, imme- Section 17. Effect of Violation diately become the Holder in. the manner pro- of Agreement vided in section 8 without the written demand (A) If the Financing Institution shall violate, therein specified. or fail to comply with, any of the terms of this agreement or any of the terms or conditions of Section 15. Reports as to Borrower's the loan or shall through gross negligence make Condition a material misrepresentation of fact in the ap- The Holder shall promptly notify the other plication therefor, or in anything constituting party of any default in the payment of principal, a part of the application, it shall become liable or of any default which shall continue for ten to the Guarantor in an amount equal to the (10) days in the payment of interest, on the part damages sustained by the latter by virtue of of the Borrower. As long as the Financing such violation, failure to comply, or misrepre- Institution has any interest in the loan, each sentation; but the Guarantor shall not be reparty shall notify the other party of any other lieved by such violation, failure to comply, or default on the part of the Borrower in connec- misrepresentation from any of its obligations tion with the loan, or of any unfavorable change to the Financing Institution under the terms of in the financial condition or in the business of this agreement. the Borrower or in the collateral for the loan, (B) In the absence of gross negligence on the of which such party has acquired actual knowl- part of the Financing Institution: edge in connection with the administration of (1) No invalidity or ineffectiveness of any said loan and which in its opinion at the time collateral or of any assignment thereof is material. The Financing Institution shall, accepted by the Financing Institution; and upon the request of the Reserve Bank, furnish 00 No action or omission to act on the part to the Reserve Bank any other information re- of the Financing Institution in reliance lating to the financial condition of the Borrower on a statement signed by an appropriate and the progress of the loan which it has ac- officer or member of the Borrower with required in connection with the administration of spect to the financial condition, business said loan. or operations of the Borrower or the pur- MAY 1943 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT pose for which funds of the Borrower may be) shall certify that such computation is have been or are intended to be used; the computation that will govern the rights and shall constitute a violation of, or failure to obligations of the Financing Institution, the comply with, any of the terms of this agreement Guarantor, and the Borrower under this agreeor any of the terms or conditions of the loan ment. on the part of the Financing Institution. No Section 2.0. Prohibition Against invalidity of any provision of the loan agreement Assignment (or other similar instrument), if any, referred to herein, arising from statute or decision of This agreement shall not be assignable by any court, shall in any way relieve the Guaran- either party, but this shall not prevent the tor hereunder. Financing Institution from granting to other financing institutions participations in the Section 18. Additional War Production obligation, provided, however, that the Guar- Contracts and Advance Payments antor shall recognize and deal only with the The Financing Institution will not obtain or Financing Institution. require from the Borrower any agreement that Section 2.1. Officials Not to Benefit (a) the Borrower will not accept additional war production contracts when requested or required No member of or delegate to Congress or by the Government, or (b) the Borrower will resident commissioner shall be admitted to any not consent to the modification or amendment of share or part of this contract or to any benefit any of its war production contracts when re- that may arise therefrom, but this provision quested or required by the Government, except shall not be construed to extend to this contract that such agreement may prohibit additional if made with a corporation for its general benefit. borrowings or advance payments and may re- IN WITNESS WHEREOF, the parties have caused quire the Borrower to notify the Financing this agreement to be executed on their behalf Institution of the acceptance of any additional by their duly authorized agents this war production contracts. day of , 194 Section 19. Interpretation of Agreement WAR DEPARTMENT OF THE UNITED STATES (A) This agreement constitutes the entire NAVY DEPARTMENT OF THE UNITED STATES contract between the Guarantor and the Fi- UNITED STATES MARITIME COMMISSION nancing Institution, and no claim of waiver, By Federal Reserve Bank of modification, consent, or acquiescence with As Fiscal Agent of the United States respect to any of the provisions of this agreement shall be made against either party except on the By basis of a letter or other written instrument {Name) Of///,) executed by or on behalf of such party. (B) No provision of the loan agreement (or {Financing Institution) other similar instrument), if any, shall increase, limit or vary the rights or obligations of the By .... Financing Institution, the Guarantor or the (Name) (Title) Borrower under this agreement. [SEAL (C) Whenever a computation has been made OF under section 5 or section 6(A) of this agree- FINANCING ment, the Guarantor (acting by such person or INSTITUTION] persons as may be designated for that purpose ATTEST : by the Secretary of War, the Secretary of the Navy, or the Maritime Commission, as the case (Name) (Title) 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT National Bank Loan Limitations or shall mean each bank which is or may In connection with operations under Executive become a party to a specified loan agreement, Order No. 9112., dated March 2.6, 1942., the in either of which cases the Guarantee Agree- Board of Governors requested the opinion of ment will also contain a sentence substantially the Comptroller of the Currency as to whether as follows: the revised form of guarantee agreement dated 'The respective obligations hereunder of April 6, 1943, complies with the requirements the Guarantor and of each such Financing of the Comptroller's definition of the term Institution are several, and this agreement "unconditional" as used in Exception 10 to shall be deemed to constitute a separate Section 5200 of the Revised Statutes relating agreement between the Guarantor and each to the loan limitations applicable to national such Financing Institution to the extent of banks. In reply the Comptroller under date its portion of the loan.' of April 7, 1943, addressed the following letter Under this contemplated arrangement, the to the Board: right of each participating bank which is a "This is in reply to your letter of April 3 'Financing Institution' to require takeover with respect to the revised form of Guarantee by the Guarantor for cash, within sixty days Agreement enclosed therewith, which is after demand, would not be contingent upon identified by the words '(Form of April 6, the happening of an event or condition prece- 1943)/ You inquire whether the revised dent not within the control of such bank, nor form will comply with the definition of the subject to defeasance by a contingency or conterm 'unconditional,' as used in exception 10 dition subsequent not within its control. to section 5x00 of Rev. Stat. of 1873, as Accordingly, it is our opinion that a Guaranamended (U. S. C. title 12., sec. 84), relating tee Agreement in this revised form would be to extensions of credit by national banks. 'unconditional' with respect to participating "1. In many instances, the revised form banks having the status of 'Financing Instituwill be used in situations which involve only tions' thereunder." a single bank. It is our opinion that in such Further Executive Order Relating to situations a Guarantee Agreement in this re- Guarantees of Loans for War Production vised form would be 'unconditional' for the Purposes purposes of exception 10. There is set forth below the text of an execu= "2.. Section 2.0 of the revised form emtivc order of the President, No. 9336, dated April powers a 'Financing Institution' to grant 2.4, 1943, authorizing the Office of Lend-Lease participations to other banks, but provides Administration and the War Shipping Administhat the Guarantor shall recognize and deal tration to indemnify the War Department, the only with the Financing Institution, thereby Navy Department, and the Maritime Commislimiting the rights and powers of -participatsion in connection with guarantees made puring banks not having the status of 'Financing suant to Executive Order No. 9112, of March 2.6, Institutions.' In view of this limitation, it 1941, for the benefit or on behalf of the Office of is our opinion that a Guarantee Agreement Lend-Lease Administration or the War Shipping in this revised form would not be 'uncon- Administration. ditional' with respect to participations held by such banks. EXECUTIVE ORDER NO. 9336 "3. However, it is understood that where Authorizing Financing Arrangements to Facilitate a number of banks are to participate in a the Prosecution of the War loan, the following alternative arrangement By virtue of the authority vested in me by will be available: The Guarantee Agreement the Constitution and statutes of the United may provide that the words 'Financing In- States, and particularly by the First War Powers stitution' shall mean each bank named therein Act, 1941 (approved December 18, 1941), and MAY 1943 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as President of the United States, and in order which provided for the blocking of transactions to facilitate the prosecution of the war, it is in property of persons evacuated from military ordered as follows: areas on the Pacific Coast. Special Regulation i. The Office of Lend-Lease Administration and the War Shipping Administration are hereby No. 1 was published in the April 19^ Federal authorized, without regard to the provisions of Reserve BULLETIN at page 308. law relating to the making, performance, amendment or modification of contracts, to enter SPECIAL BLOCKED PROPERTY into guaranties, agreements of indemnification, Revocation of Special Regulation No. i Relating to Transactions agreements to provide funds, and other financing in Special Blocked Property* arrangements with the War Department, the Special Regulation No. 1, Relating to Transactions in Navy Department, and the Maritime Commis- Special Blocked Property, as therein described, heretofore sion in connection with any loans, discounts, prescribed by the Federal Reserve Bank of San Francisco, as advances, contracts, guaranties, or commit- Fiscal Agent of the United States, by virtue of the authority ments made pursuant to Executive Order No. vested in such bank pursuant to section 5 (b) of the Trading 91 ix of March 2.6, 1942., for the benefit or on with the Enemy Act, as amended by the First War Powers behalf of the Office of Lend-Lease Administra- Act, and other authority vested in such bank, is hereby tion or the War Shipping Administration, rerevoked. spectively, and to pay out funds in accordance Made at San Francisco, California, this 16th day of with the terms of any such guaranty, agree- March, 1943. ment, or other financing arrangement so en- Federal Reserve Bank of San Francisco (Fiscal Agent tered into. of the United States). z. The authority hereby conferred may be WILLIAM A. DAY, exercised by the Lend-Lease Administrator or [SEAL] President. the War Snipping Administrator or, in their discretion and by their direction respectively, Confirmed: through any other official or officials of the Randolph Paul, Office of Lend-Lease Administration or the Acting Secretary of the Treasury. War Shipping Administration. The Lend-Lease Administrator and the War Shipping Admini- Treasury Department Releases strator may confer upon any such official or officials the power to make further delegations The following releases relating to transof such powers within their respective offices. actions in foreign exchange, etc., in addition 3. Complete data shall be maintained by the to those heretofore published in the Federal Office of Lend-Lease Administration and the Reserve BULLETIN, have been issued by the War Shipping Administration as to all guaran- Office of the Secretary of the Treasury under ties, agreements, and other financing arrangeauthority of the Executive Order of April 10, ments which they respectively make pursuant to this Executive order. The Lend-Lease Admin- 1940, as amended, and the Regulations issued istrator and the War Shipping Administrator pursuant thereto: shall make available for public inspection, as they may respectively deem compatible with Treasury Department the public interest, so much of such data as does Foreign Funds Control not cover restricted, confidential, or secret February 15, 1943 transactions. PUBLIC INTERPRETATION NO. 10 FRANKLIN D. ROOSEVELT Under Executive Order No. 8339, as Amended, Executive Order No. THE WHITE HOUSE, pi PS, Sections 3(0) and j(b") of the Trading with the Enemy April 14, 1943. Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control. Foreign Funds Control Revocation of Special Regulation Issued by SUBJECT: Examination of Endorsements Appearing on Checks and Drafts Received from Abroad Federal Reserve Bank of San Francisco Inquiry has been made as to whether a banking institution There is set forth below the revocation of which receives a check or draft from a foreign country is Special Regulation No. 1 issued on March 18, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 1941, by the Federal Reserve Bank of San Pub. Law 354, 77th Cong.; E.O. 8389, April 10, 1940 as amended by E.O. 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, Francisco as Fiscal Agent of the United States, 1941, E.O. 8998, Dec. 26, 1941, E.O. 9066, Feb. 19, 1942, E.O. 9095, Mar. 11, 1942. 39° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT required to examine the endorsements thereon in order to 1. Insert the following as paragraph (3): ascertain whether any of the endorsers are named on the "(3) This General License shall also authorize any Proclaimed List of Certain Blocked Nationals. transaction engaged in by a bank within the generally The Treasury has replied that any banking institution licensed trade area pursuant to the order of or for the which henceforth receives a check or draft from abroad is account of any national of a blocked country within the required to examine the instrument to determine whether generally licensed trade area to the same extent, and the payee or any of the endorsers are named on the Proclaimed under the same circumstances, as though such trans- List. If it is found that the check or draft is drawn in favor action were solely for the account of such bank; proor bears the endorsement of a person who there is reason to vided, however, that this paragraph shall not be deemed believe is a Proclaimed List national, the instrument may not to permit any payment, transfer or withdrawal from be endorsed, presented, accepted, collected, paid, transferred, any blocked account; and provided further that the protested, returned, or otherwise dealt with except pursuant following terms and conditions are complied with: to license expressly referring to General Ruling No. n. (a) Such transaction is not by, or on behalf of, or However, the Treasury Department has stated that it will pursuant to the direction of (i) any person whose entertain applications by banking institutions for licenses name appears on "The Proclaimed List of Certain authorizing, subject to certain conditions, the presentation, Blocked Nationals," or (ii) any blocked country collection, etc., of such instruments. or national thereof not within the generally J. W. PEHLE, licensed trade area; Assistant to the Secretary. (b) Such transaction does not involve property in which (i) any person whose name appears on Treasury Department "The Proclaimed List of Certain Blocked Na- Foreign Funds Control tionals," or (ii) any blocked country or national March 8, 1943 thereof not within the generally licensed trade PUBLIC INTERPRETATION NO. II area, has at any time on or since the effective date Under Executive Order No. 8389, as Amended', Executive Order No. of the Order had any interest." 9193, Sections 3(0) and $(F) of the Trading with the Enemy x. Renumber paragraph (3) as paragraph (4). Act, as Amended by the First War Powers Act, 1941, delating RANDOLPH PAUL, to Foreign Funds Control. Acting Secretary of the Treasury. The following inquiry has been made: where several persons have an interest in a transaction or proposed transac- Treasury Department, Office of the Secretary tion prohibited by the Order, may any one of such persons April 13, 1943 file an application for a license authorizing the effecting of such transaction? GENERAL LICENSE NO. 68A, AS AMENDED The Treasury Department has replied in the affirmative. Under Executive Order No. 8389, as Amended, Executive Order Under the Order, any person having an interest in a transac- No. 9193, Sections 3(^0) and $(K) of the Trading with the tion or proposed transaction may file an application for a Enemy Act, as Amended by the First War Powers Act, 1941, license authorizing the effecting of such transaction, and Relating to Foreign Funds Control* there is no requirement that any other person having an General License No. 68A is hereby amended by the interest in such transaction shall or should join in making deletion of paragraph (5) of such general license. or filing such application. RANDOLPH PAUL, J. W. PEHLE, Acting Secretary of the Treasury. Assistant to the Secretary. Treasury Department, Office of the Secretary Treasury Department, Office of the Secretary April 13, 1943 April 13, 1943 GENERAL LICENSE NO. 85 GENERAL LICENSE NO. 53, AS AMENDED Under Executive Order No. 8389, as Amended^ Executive Order' Under Executive Order No. 8389, as Amendedy Executive Order No. 9193, Sections 3(0) and /(&) of the Trading with the Enemy No. 9193, Sections 3(0) and j(J?) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* to Foreign Funds Control* (1) A general license is hereby granted authorizing the General License No. 53, as amended, is hereby amended following transactions with respect to Mexican securities of in the following respects : the classes specified in the Decree of August 4, 1942., of the * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941. 1940, as amended June 14, 1941, and July 26, 1941. MAY 1943 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT United States of Mexico and which are held in blocked or involving other nationals of blocked countries. It does General Ruling No. 6 accounts in banking institutions within not purport to prescribe standards for concerns not located the United States, notwithstanding the fact that Form within Latin America. TFEL-x may not have been previously attached to such QL) Authorised Transactions by United States Concerns Located securities: Within Latin America. Subject to the exceptions noted in (a) The presentation of such securities to an appro- paragraph (3), United States concerns located within Latin priate registry agent within the United States pursuant America are authorized to engage in transactions involving to the terms of such Decree; blocked nationals located within the generally licensed Qy) The receipt and registration of such securities trade area, or within Spain, Portugal, Switzerland or Sweden, by such registry agent pursuant to the terms of such without further license. Such United States concerns will, Decree; and of course, be expected to comply with all local controls in (c) The performance of such other acts as are neces- engaging in such transactions. sarily incident to such registration; (3) Transactions by United States Concerns Located Within Provided, However, that any registry agent receiving anyLatin America which are not Authorized. The following transsuch security pursuant to this general license shall hold actions shall not be engaged in by any United States concern such security within the United States and subject to the located within Latin America except pursuant to general provisions of section 5OO of the Trading with the Enemy or specific licenses issued by the Treasury Department: Act, as amended, and the Order; and shall, within a reason- (a) Any transaction involving a dollar account of a able period of time after such security has been received, blocked national located outside the generally return it to the banking institution previously holding such licensed trade area, if such account is held on the security, and such banking institution shall return such books of a United States concern located within security to the account in which it wras previously held. Latin America wThich is a bank or other financial (2.) This general license shall also authorize the trans- institution; actions, above described, with respect to securities of the (b) Any transaction involving an enemy national type referred to in section 2-A(i) of the Order when such (see Public Circular No. 18). securities have been in the custody or possession of the In addition to the foregoing, the Treasury Department or same banking institution within the United States, con- any United States Mission in the other American Republics tinuously since July 2.5, 1940, notwithstanding the fact that at any time may stipulate that any particular transaction or Treasury Department Form TFEL-2. may not have been class of transactions requires a specific license. Any such previously attached to such securities. stipulation shall be binding upon all persons having notice RANDOLPH PAUL, thereof. Acting Secretary of the Treasury. (4) Filing of Applications. Applications for specific licenses to engage in any transaction may be filed with any Treasury Department, Office of the Secretary United States diplomatic and consular officer in the other April 13, 1943 American Republics or with a Federal Reserve Bank in the United States. PUBLIC CIRCULAR NO. 18A (5) Definitions. Under Executive Order No. 8389, as Amended, Executive Order (a) The term "transaction involving a blocked na- No. pips, Sections $(jz) and j(Ji) of the Trading ivith the Enemy tional" shall include any transaction with, by, on Act, as Amended by the First War Powers Act, 1941, Relating behalf of, or at the direction of a blocked country to Foreign Funds Control * or national thereof, or which involves property in (1) Subject and Scope. Public Circular No. 18 prescribes which such national or country has an interest. the standard of conduct to be observed with respect to (b) The term "United States concern located within transactions involving enemy nationals. This public cir- Latin America" shall mean any person subject to cular supplements Public Circular No. 18 and prescribes the the jurisdiction of the United States located within standard of conduct to be observed by United States concerns Latin America, and the term "person subject to located within Latin America with respect to transactions the jurisdiction of the United States" shall have the meaning prescribed in Public Circular No. 18. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; (c) The term "generally licensed trade area" shall have Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, the meaning prescribed in General License No. 53. 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, RANDOLPH PAUL, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Acting Secretary of the Treasury. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR BONDS, TAXES, AND ECONOMIC STABILITY by MARRINER S. ECCLES* The Government will spend, for war purposes most dangerous of dollars. We have been alone, approximately 90 billion dollars during creating altogether too many of them. the present calendar year. In the calendar year of 1941 the Government The goal of the Second War Loan Drive is spent about 56 billion dollars. Only about to raise 13 billion dollars, or about one-seventh one-third was raised in taxes. The rest had of the total war expenditures for this year. to be borrowed. Less than half of the borrow- The general public, exclusive of the commercial ing came from the general public. More than banks, is being asked to subscribe not less than half came from the commercial banks. As a 8 billions of this amount. Eight billions is a result, more than 2.0 billion dollars was added lot of money, yet it is less than the American to our money supply—to demand deposits and people are now receiving every three weeks in currency. Unless we do much better in the national income, consisting mainly of wages current year, 30 billion dollars more will be and salaries, including farm income. added to our money supply in the same way. The question is not whether the goal of this That would mean an increase of more than 50 campaign will be reached, but how it will be billion dollars, or a doubling of our money reached. The Government can always raise the supply, in two years. money it needs. What is of vital importance Fifty billions of these dangerous inflationary to every man, woman and child in this country dollars in two years' time! In the last war, is that the money needed to wage this war be and even at the peak of 192.9, our total money raised in a way that will not result in a dis- supply was less than 30 billions! astrous rise in the cost of living. I emphasize these figures to bring out as On the basis of our present tax laws, we will forcibly as I can why it is so important, if we collect in taxes somewhat less than one-third are to hold the line against inflation, to finance of our total Government requirements this this war to the fullest possible extent by taxayear. The balance, or about 70 billion dollars, tion and by borrowing from the current incomes will have to be borrowed. of the general public. To the extent that There are two sources from which the Govern- taxes are not provided to cover the costs of war, ment can borrow. One source is the general the money has to be borrowed. To the extent public; that is, all of the people of this nation that the money is borrowed from the general and their innumerable business concerns, to- public, the inflationary pressures of our enorgether with all the various public as well as mously expanded national income are reduced. private organizations. The other source is the To the extent that we fail to tax sufficiently, commercial banking system of the country and or fail to borrow enough from the general the Federal Reserve Banks. public, there is no alternative except to borrow The distinction between the two sources of from the commercial banks or the Federal borrowing is of critical importance in the Reserve Banks. To the extent that the money battle against inflation. Borrowing from the is borrowed from either, more purchasing power general public diverts to war purposes money is poured into the already dangerously swollen that might otherwise be spent in driving up the stream. That is the high road to inflation. cost of living. Borrowing from the commercial In other words, if the Government's expendibanks, instead of diverting existing purchasing tures were entirely financed by taxation and power to the war effort, creates entirely new borrowing from the general public, there would funds, new purchasing power. These are the be no need to turn to the inflationary method of financing through the commercial banks. The Federal Reserve, in turn, would not then be * An address on the National Radio Forum, April 14, 1943, MAY 1943 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR BONDS, TAXES, AND ECONOMIC STABILITY confronted with the necessity of supplying to the fact that this spells peril to themselves reserves for what it knows to be a dangerous and to the nation. As our war effort continues process of financing the war through the banks. to expand, it will not be enough merely to buy Let us look at the economic picture for a only what we need; we will have to scale down moment from another angle. More than half our ideas of what we need and scale up our of our total production this year is going for ideas of what we can do without. war, leaving less than half available for purchase Since the additional taxation necessary to by civilians who nevertheless are receiving reduce excessive buying power is not in immeincomes based on the total production. It is diate prospect, it is all the more important apparent, therefore, that there are not enough that it be reduced by borrowing from the goods and services available for more than public. It is all the more reason why every half of this income to purchase. To the extent effort should be made in this and subsequent that this surplus income bids for the existing drives to obtain as much as possible by the sale supply of goods, it subjects the price ceilings of Government securities to all nonbank into irresistible inflationary pressures. No vestors and as little as possible by borrowing Government edict or agency can hold prices from the commercial banks. We must do far indefinitely against such pressures. The only better than we did in the December drive, when way to reduce these pressures is to transfer the the number of nonbanking investors, excluding surplus income to the Government through the purchasers of Series "E" Savings Bonds, taxes or through borrowing from the general reached the insignificant total of less than public. The way to prevent these pressures 350,000. from growing constantly greater and more I recognize that many individuals as well as threatening is to avoid all further increases in business concerns have not shared in the general wages, salaries, profits and prices. Increasing rise in incomes resulting from war expenditures. the number of dollars we receive will not add They can not be expected to do as much as those one iota to the goods that we can buy. We are who, directly and indirectly, are the benefionly fooling ourselves by exchanging more ciaries of the enormous outpouring of funds. dollars for the same or a smaller amount of Nevertheless, they have a duty to invest to the goods. very limit of their ability. The great majority The gap between what the public is receiving of our people—except the boys in the armed in spendable income and what is available to services—are sharing in the rising tide of income. buy is constantly enlarging as more is produced Pay rolls and farm incomes, as well as many for war and less for civilians. As more is spent business profits, are at record high levels. for war, civilian incomes go up, but civilian National income, already almost 60 billions supplies go down. Accordingly, there is no above the peak of 192.9, is still expanding. sensible choice before us, if we are to ward off Young people, old people, and women previinflationary dangers, except to keep as close a ously unemployed have been added to pay rolls. balance as possible between the amount of A triple expansion of incomes is going on as a money which is bidding for civilian goods and result of increased employment, increased pay services and the available supply. This means rates, increased hours, and overtime pay. that instead of buying more, despite enlarged This great majority of our people, individuals incomes, we must of necessity buy less and less. as well as business corporations, who are the It means that, far from increasing the standard beneficiaries of our war expenditures should be of living today, we must be prepared to cut the first to subscribe to War Bonds in an amount it to the bone. Too many of our people have commensurate with their increased incomes. .already increased and are still trying to increase In some cases, incomes have expanded by more their living standards. They must be awakened than one hundred per cent. Many sincerely 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR BONDS, TAXES, AND ECONOMIC STABILITY believe that they have done their full duty when however, if the public has a better understanding they have subscribed ten per cent of their of the urgent necessity for financing this war incomes to War Bonds. If the Government is by noninflationary methods. And this, in to succeed in borrowing the amount it needs turn, will depend upon the organization and to borrow from the general public, if those who the educational and selling efforts developed have profited greatly from our war expenditures by those responsible for carrying through the are to discharge their full obligation, ten per Government's financing program. cent will not be nearly enough. Far more Several hundred thousand volunteer workers must be invested in War Bonds. are giving their time and energies to the present The ideal expressed in the familiar phrase, drive. These men and women who call on you "Take the profit out of war," should be always are volunteer workers. You do yourselves, before us, and we should strive to come as close not them, a favor by responding to the limit of to it as possible. To achieve it, we would have your ability. You are just as much a part of to recapture from the war beneficiaries through this campaign as they are. Its success is just as taxation the equivalent of every dollar expended important to you and to your future as it is for the war. We can not, of course, achieve to them. If you do not happen to be called this ideal, but we should at least do as well as upon, it does not relieve you of the duty to do other nations at war—and they are collecting your part by voluntarily subscribing. You more than one-half of their expenditures from can do so by going to the nearest bank or post taxes. We are collecting less than a third. office, or to any other issuing agency in your We must have increased taxes, and we urgently community. need, without further delay, a heavy with- Every one of us has a role to play in this and holding tax in order to collect at the source subsequent drives, for they are as necessary to potentially inflationary funds before they reach protect the home front as successive drives on the spending stream or elude the tax collector the fighting front are necessary to win this war. altogether. Every commercial bank in this country has a The success of this present drive is not meas- responsibility to urge all of its customers to buy urable by the raising of 13 billion dollars or Government securities, using their bank balmore. That in itself is no problem, since the ances as well as all currency beyond what is money can always be obtained through the absolutely necessary for pocket money. Much inflationary medium of borrowing from the more currency is outstanding today than is commercial banks or the Federal Reserve Banks. necessary. Every dollar that is needlessly idle, The measure of success of this drive will be the on deposit, in your pocket, or in some hideaway, amount of money that is subscribed by in- is not at work and not at war. To the extent dividuals and by corporations other than banks, that these dollars are not lent to your Governand the number of subscribers who participate. ment, other dollars must be found or must be The money is there to get! It is estimated that created to do the work they are not doing. Ineven after paying this year's taxes, combined vested in Government bonds, they go to war. individual savings and corporate accumulations They.become dangerous to the enemy instead will aggregate 70 billion dollars—30 billions of to us. more than in 1942.. The dollars you put into War Bonds will be In this drive, the Treasury is seeking to obtain safe and will earn interest. Your dollars are only eight of the 13 billions from nonbank always obtainable because War Bonds can be investors. In the future we must get an in- readily converted into cash. However, unless creasingly large proportion from the general urgent need arises, every effort should be made public, and rely much less upon the commercial to hold them to maturity. If they are cashed, banks. This result can only be achieved, the vital part they play in reducing excessive MAY 1943 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR BONDS, TAXES, AND ECONOMIC STABILITY buying power, as well as in financing the war, battle front. Waste of money or of man power, is undone. hoarding or squandering of materials, are Every banker who does not already have a equally incompatible with successful prosecution war loan account should arrange for one through of the war or defense of the home front. In the the Federal Reserve Bank of his district. He can gigantic effort this nation is making, some waste then deposit to the Government's credit in his is inevitable, but it should be stamped out bank the proceeds from the Government securi- wherever possible, whether in civilian or public ties purchased by his customers as well as by affairs, among military as well as civil authorihis bank. The Treasury draws on these ac- ties. Nevertheless, complaints on this score counts gradually as the Government spends the are no justification for giving less than full money. The money is thus returned to the support to your Government in this campaign community and is in turn redeposited in the and in all its war effort. Out of every dollar banking system as rapidly as the Government the Government is spending, 96 cents goes to draws it out of the banking system. fight this war and to pay interest on the public The Government bonds you buy are a claim debt. on future production—a share in the abundance This is total war, and the War Bonds we must that we can not have for civilian use when we invest in, the taxes we must pay, the interare fighting a total war, but can have in peace ferences we must endure in our normal way of times. The dollars you invest now are stored life, are inseparably bound up with the mobilizup purchasing power which you may need after ing of our maximum striking power on the our industry has been fully converted from war battle fronts. What you—what all of us do— to peace production. Then your buying power in protecting the home front not only helps to will serve to sustain employment and prevent win this war, but you and I will deserve only deflation. Every dollar you spend today be- the contempt of our fighting forces if they come yond your absolute necessities only helps to home, after winning the victory, to a land that make a breach in the line we are striving to hold we were too dull, too weak, too soft, and too against the deadly enemy of inflation. selfish to save from economic chaos. That We must all understand that paying taxes, must not happen here. buying War Bonds, refraining from a mad You—all of us—on the home front have much scramble for scarce things now, postponing to do, much more than we have yet done. If buying so far as possible while we are at war, the sacrifices of war could be apportioned with opposing wage, salary, price, and profit in- strict equity, nobody would be better off because creases, and otherwise actively supporting the he stayed at home. We, who stay at home, fight against inflation, are all part and parcel are accountable to the millions who are making of the vitally important defense of the home the real sacrifices, even to the last full measure front. of devotion. Profiteering from war is intolerable and You are asked to lend your dollars—not to unpatriotic. There is no profiteering on the give your lives—to your country. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION OF FEDERAL RESERVE BRANCH ACTIVITIES The work of the Federal Reserve Banks having Reserve branches, and it is believed that this been greatly increased by the war, it has been additional service will be of considerable benefit found advisable in recent months to extend the to owners residing in the branch zones. The established policy of decentralization in the increase in the number of redemption centers Federal Reserve System by enlarging further the will also simplify the redemption problem for the responsibilities of the Reserve Bank branches and Federal Reserve Banks. The branches are also the scale of their operations. These operations handling Series F and G Bonds and Tax Savings include the work of the Reserve Banks as fiscal Notes, and consideration is being given to an agents of the Government and the administra- expansion of their activities in connection with tion of war production loans and consumer market issues. credit regulation. In addition to fiscal agency activities, other The twelve Federal Reserve Banks and their operations of the branches are being expanded twenty-four branches provide Reserve Bank and developed wherever it appears feasible to facilities in thirty-six important cities through- do so. Particular attention has been given to out the country, and the policy long followed the expansion of branch activities in connection has been to decentralize operations so that with war production loans under Executive Federal Reserve services may be performed as Order 9112. and the Board's Regulation V, and near as possible to the places where the need for in the administration of consumer credit control them arises. The two principles being followed under Regulation W. The decentralized setup to this end are (i) expansion of branch office of the Federal Reserve Banks and their branches services and (2.) integration of branch and head with trained executive personnel made it possible office organization. for the System to accept these new responsi- Among the first steps taken has been the bilities and to put them into effect efficiently expansion, with the approval of the Treasury and promptly. Department, of the branch fiscal agency activi- While it is planned to expand the functions ties, particularly those incident to the handling and services of the branches—with particular of War Savings Bonds. While all of the Federal attention being given to those located in im- Reserve branches had previously issued War portant war-activity areas—the pattern of Savings Bonds, in many cases their operations in development will not necessarily be the same at this connection had been limited to over-the- each branch. As a matter of fact, a uniform counter sales. These activities were expanded pattern was purposely avoided in order that the to include (1) the maintenance and servicing of services and facilities of each branch may be the consignment accounts of banks and others adjusted to the needs of the time and place. that have qualified as issuing agents, and (2.) Wherever it appears feasible and desirable to the issuance of Savings Bonds for others through- have a given branch perform a particular service, out the branch territories. This has tended to the System is giving the matter careful consideraspeed up the issuance of bonds. Prior to the tion with a view to having the service installed expansion of fiscal agency activities, redemptions at that branch. of Savings Bonds were generally made at the The Federal Reserve Bank of Chicago has head offices only—a practice which usually adopted a comprehensive program in recogniresulted in a delay of several days in the case of tion of the importance of expanding its Detroit bonds turned in to the branches for redemption. Branch facilities. As announced in the Febru- The Treasury has now approved the redemption ary BULLETIN, the Chicago Bank has appointed of War Savings Bonds at a number of Federal a Vice President of the Federal Reserve Bank as MAY 1943 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION OF FEDERAL RESERVE BRANCH ACTIVITIES resident head of the Branch. The former Man- offices, many of the branches are now making aging Director at Detroit is to continue as the credit investigations and recommendations. The Federal Reserve Bank of Cleveland also chief operating officer of the Branch with the has changed the title of the heads of its Cincintitle of Manager. The Detroit Branch head is nati and Pittsburgh Branches from Managing no longer a member of the Branch board of direc- Director to Vice President, and is greatly extors, which has been reduced from seven mempanding the facilities and operations at both bers to five members. A senior examiner is now Branches. The Federal Reserve Banks of New stationed at the Detroit Branch in direct charge York and San Francisco have made considerable of examinations in Michigan. The examiner progress in decentralization and their branches will, of course, be available for consultation by now perform most of the operations performed member bankers in the Branch territory. A at the head office. Due to the volume of foreign resident attorney will be stationed at the Detroit funds control applications originating in the Branch, as well as a research economist. The Los Angeles area, the Treasury has recently Branch has already found it necessary to rent authorized an expansion of the activities of the space outside of its building in order to carry on Los Angeles Branch in issuing licenses under the expanded operations, and further expansion general authorizations. The Federal Reserve is planned as soon as space, equipment, and per- Bank of Richmond was among the first Banks to install fully the War Savings Bond operation sonnel are available. at its branches and the general activities of the War Department liaison officers are stationed Baltimore Branch especially have increased at at the Detroit and Los Angeles Branches and a rapid rate in recent months. The New Orapplications for war production loans under leans Branch of the Federal Reserve Bank of Regulation V originating in their respective Atlanta has operated on a decentralized basis areas are forwarded direct by these Branches to for many years. Other Banks have expanded the War Department in Washington. While the operations and functions of their branches applications originating at other branches are and steps toward the further development of forwarded to Washington through the head branch activities will be actively continued. 8 39 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, 1936-1941 A report on the operations of the Bank of ments were made in the Bank's liabilities and Spain, covering the six years from 1936 through assets as of December 31, 1941. All of the note 1941, was presented to the stockholders' Gen- liabilities and a large part of the deposit liabilieral Meeting at Madrid on November 2.9 and ties incurred by the Republican administration December 6, 1942., by the President of the Bank, of the Bank were formally repudiated; these and Senor Antonio Goicoechea y Cosculluela. Only other smaller adjustments reduced the total one previous stockholders' meeting had been liabilities from 46.7 to 2.4.2, billion pesetas. At held under the Nationalist administration of the the same time, claims on the Republican govern- Bank, an extraordinary meeting at Santander on ment and on gold no longer in possession of the December 18, 1938. Bank were written off; after other minor changes During the period of hostilities in Spain, two had been effected, total assets had been reduced institutions were functioning under the title from 46.7 to 19.7 billion pesetas. In order to 4 'Bank of Spain," one controlled by the Govern- restore equilibrium to the balance sheet, the ment of the Spanish Republic and the other by Government issued to the Bank a special certifithe Nationalist Government. Both were issu- cate of indebtedness for 4.4 billion pesetas, the ing peseta notes and advancing them in large amount by which the Bank's adjusted assets amounts to their respective governments to fell short of its adjusted liabilities. finance domestic war expenditures; the Republi- The resulting balance sheet for December 31, can administration also expended the bulk of 1941 is the first to be published for the Bank Spain's large prewar gold reserve (over 700 of Spain since 1936. To this have been added million dollars) to meet the foreign needs of the the balance sheet figures for December 31, 1942., Republican regime. as presented to a general meeting of the stock- The present Report describes the role of the holders held in Madrid on March 7 and 14, 1943. Nationalist institution in financing the Franco The greater part of the Report, translated from regime, and discusses the reconstruction of the the official Spanish text, is given herewith. currency and central banking system in Spain The original document contains in addition after the conclusion of hostilities. It was not certain statistical statements of the Bank's until March 13, 1942-, that legislation was operations in 1939-1941 and brief sections passed enabling the Bank finally to regularize devoted to matters of only technical or adminisits accounts. To this end, sweeping adjust- trative significance. The Report and Balance Sheet for the fiscal was despoiled by the Marxist governments, and period from January 1, 1936 to December 31, to ask for your vote of confidence in order to 1941, is hereby submitted for your approval, follow the matter through to its conclusion. under the authorization of the order of the Our further purpose here is to give an account Minister of Public Finance of September 19, of our operations and a brief description of our 1942.. The Administrative Council at the work during these years. Two fundamental ordinary General Meeting called for this purpose ideas have been guiding us: strict collaboration desires to reestablish contact with the stock- with the National Government in the economic holders and to resume the statutory relationship, and financial reconstruction of the country and which was suspended during the war with the coordination and subordination of the interests exception of the special meeting held at San- of the Bank to that great task. Our path is tander on December 18, 1938. Our aim in so determined by the aim set forth by His Exceldoing is to give you an account of the steps taken lency, the Commander-in-Chief: the achieveto recover our metal reserves, of which the Bank ment of spiritual unity of our Spain, its MAY 1943 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94I sovereignty, and the complete restoration of its and Martinez Fresneda, and with the liberation economic life. To him, Gentlemen, let us of Madrid, Senores Alvarez Guerra and Prats. express our gratitude for his work, which has The fact that the vaults of the forty-four made possible a reunion at our place of business branches in the National Zone held 393 million for the first time since the beginning of those pesetas in bank notes and 1x3 million pesetas in sorrowful years, before the hope of victory silver, as stated in the minutes of September 2.3, became happy reality. 1936, eloquently bespeaks the gravity of the The Council also wishes to express to you its situation and the difficulties which had to be gratitude for the loyalty and affection for the met. All were happily overcome. The initial Bank which you showed in the hard winter of task of the Administration and of the Council 1938, when you attended a meeting in a number was to obtain with maximum speed new issues never before equalled in the life of our corpora- of bank notes. Orders were therefore sent to tion, in order to demonstrate that we were the Bradbury in London, an old source of supply of only and the legitimate Bank of Spain. And the Bank, and to the German concern Giesecke you may well feel proud of your work, for it & Devrient in order to supply the country with made the judgments of foreign tribunals recog- sufficient means of payment. The first thing nize your rights and our standing as a juridical was the stamping of the bank notes, which entity. confirmed the reality of the separation of the national monetary community from the Red FIRST PART community and found its legal expression in the Decree of November ix, 1936. This decree I. REESTABLISHMENT OF THE JURIDICAL STATUS OF ordered the stamping of the notes of the Bank THE BANK AND THE FIRST ACTS OF THE put in circulation before July 18, 1936, and set COUNCIL up for that purpose rules and time limits which On the outbreak in Spain of the "Glorious had to be prolonged until the new issues ordered Liberating Movement" on July 18, 1936, the from Giesecke & Devrient were in our posses- First Deputy Governor and the Subdirector of sion. On receipt of these, the Decree of Febru- Branch Offices, who were at Vitoria, the Alavan ary 15, 1937 was promulgated to provide for the capital, began to group and unify under their exchange of the old for the new bank notes. management the branches situated in the A scarcity of subsidiary coin developed from National Zone. When the Defense Council the shortage of silver, and the urgent needs of established itself at Burgos, they came to that the monetary circulation made necessary the city to cooperate with it, exerting all their authorization to issue bank notes of 10, 5, 2. and power toward the recovery of gold and foreign 1 peseta, in addition to the above issues. exchange and concerning themselves with money The need for both of these issues became critiand credit policies. In accordance with the cal with the liberation of additional cities. In desire of the Defense Council to convoke with- many of them, including San Sebastian, Bilbao, out delay the Council of the Bank, a meeting was Santander, Gijon, Castellon, Tortosa, Tarragona, held in Burgos on September 14, 1936, at which Reus, Valencia, Barcelona and Madrid, the Reds agreement in principle was reached on the issue in their flight took with them from the vaults of new bank notes. This was the first of the bank notes, coin, securities, and even the conperiodic sessions thereafter held in the old tents of rental boxes. Castilian capital. The meetings of September, Let me stress here the successful work done October, and November, under the presidency by the First Deputy Governor, Senor Artigas, of the First Deputy Governor, Don Pedro Pan, and by the Councillors, Senores Cespedes, Count were attended by the following eleven members: de Limpias, Aritio, and Larraz, who always Marquis de Amurrio, Aritio, Count de Heredia- went to the liberated cities immediately after Spinola, Marquis de San Nicolas de jNoras, the troops had conquered them, in order to adopt Cespedes, Marquis de Aledo, Pastor, Count de on the spot measures conducive to the normal Limpias, Count de Barbate, Coronas, and functioning of the freed branches. Viscount de San Alberto, who met in the In our account to you in December 1938 of National Zone. With a nucleus so important the first steps taken to recover the gold reserve, and so closely identified with the National we referred to the legal difficulties encountered Movement, it was not difficult for the Ad- when the courts of England and France rejected ministration of the Bank to unify the credit our suits on the grounds of our alleged lack of policy to be followed by all the branches. legal status. In view of this circumstance, and Later, the Council included Count de Gamazo since the National Government had decreed the 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, suspension of Senor Suarez de Figueroa from his powers were to be amplified according to whatpost of Second Deputy Governor, by the Decree ever action they might have to take in the of December 16, 1936, Don Ramon Artigas defense and interest of our Bank. In this man- Gracia, the Subdirector of Branch Offices, was ner the personnel of the General Council and named to replace him. In the absence of Senor directing organs of the Administration of the Pan, for reasons of health, from his post as First Bank were completed. Deputy Governor, the exceptionally difficult burden of management fell full upon Senor Arti- II. RECOVERY OF PROPERTY OUTSIDE THE gas. At his suggestion on October 30, 1937, COUNTRY Senores Barba, Costa, Garcia Victoria, and Gold. In the Report read at the Extraordi- Villarroya were named to act pro tempore as nary General Meeting held at Santander on Director and Subdirector of Branch Offices, December 18, 1938, we gave you an account of Auditor, and Specie Cashier, respectively. At the manner in which the Red governments bad the same time Don Jose Larraz was appointed despoiled the Bank of its metal reserves. We Manager of the Research Department and Senor described the joint action of the Defense Council Mendez became Assistant Secretary. in Burgos and of the Bank in protesting to the The definite appointment of a permanent exec- governments and banks of issue abroad against utive personnel for the Bank was an immediate such exploitation. Special mention was made need. The Government, therefore, issued on of our statement to the Bank of France, made on March 12., 1938, a decree, signed by His Excel- the justified assumption that the first shipments lency, the Commander-in-Chief, and by the had been consigned to it, to the effect that that Minister of Finance, conferring upon the one gold, being the reserve against the bank notes, who has the honor to sign this report in the could not be transferred by anyone, not even by name of the Council, the duties of Governor of the Bank itself, without a law giving express this Bank and Commissioner of the Official authorization. You will remember that the Banks. Don Ramon Artigas Gracia was pro- official negotiations failed. There was danger moted to First Deputy Governor to fill the place that the direct action which the Council might of Don Pedro Pan Gomez, for whom a retirement be able to take before the Courts might likewise pension was provided. Don Cesar Antonio de fail due to political considerations, which cer- Arruche y Villanueva was appointed to the tainly would prevail over all juridical criteria. office of Second Deputy Governor. On the same In view of this the Credito Navarro, a well date, at the proposal of the Minister of Public known banking institution of Navarre, offered Finance, Senores Don Jose Larraz Lopez, Don its services to us as a large shareholder of the Angel Gutierrez Martinez and Don Eduardo Bank. It presented before the courts of Paris Aunos Perez were named as Council members a declaration specifying all gold shipped by to represent the State. The Decree of June 4, steamer or plane, and the current accounts 1940, replaced Don Jose Larraz Lopez with Don opened against that gold, so as to solicit a judi- Ramon Canosa Suarez, whose place was in turn cial inquiry which, by confirming the facts of taken, upon his retirement on September 2.6, its declaration, would make possible prosecution 1941, by Don Luis Saez de Ibarra y Saez de on the grounds of the transgression of both Urabain. Don Eduardo Aunos was retired and French and Spanish law. The Credito Navarro was replaced by Don Luis Olariaga Pujana, by thus declared itself a civil party in the prothe Decree of June 4, 1940. ceedings. The Administration and the General Council At the same time, the Committee of Northern of the Bank were thus completed and the powers Banks was organized in San Sebastian and conferred on the Heads of the agencies in London invited the Bank of Spain to join it, as its chairand Paris came into force. To meet the require- man, in a suit to regain possession of the gold, ments of the rules governing law suits in Eng- the securities, the bank notes and the deposits land, powers were granted by the members of stolen from San Sebastian, Bilbao, Santander, the Council, including the representatives of and Gijon which had been shipped to La Rothe State, and by the Administration, to three chelle and Flushing. The account of these Council members, the Duke of Alba, Count de litigations would be very long. It is sufficient Gamazo and Senor Rodriguez Pastor, in order to say that the decisions of the French and Dutch that they might appear in their own and in the courts were favorable to us, returning what had Council's name in the litigation concerning been recovered to its legitimate owners. Martin's Bank, filed before the King's Bench With respect to the litigation carried on in Division of the High Court of Justice. These Paris with the Red Government and Bank of MAY 1943 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 Spain Administration, concerning the claim to de Marsan gold signified for the Bank of Spain the gold deposited at Mont de Marsan, we told the clear and definite approval of all the accounts you at our Santander meeting of our initial which had existed or might exist between it success in obtaining the rejection of the action and the Bank of France. The Commission, brought before the Referee, the latter having however, expressed the view that these accounts decreed that the parties concerned should exam- should be limited to the contracts of 1931. ine and discuss thoroughly, at proper proceed- The Governor of the Bank of France argued that ings, the question at issue—a question raised also all accounts had been fused into a single account. by the Bank of France, which alleged that, Senores Arruche and Larraz returned to San since a demand had likewise been made upon it Sebastian to confer with and receive instructions by the Bank of Spain in Burgos, it desired to from the Government; settlement was accordhave a judicial decision stating the identity of ingly reached and signed with slight changes in the party to whom the gold should be delivered. the original proposals. Delivery of the balance As we then told you, we expected the decision of Account No. 2.30 amounting to 930,84.x.36 by February 1939, but it was delayed until July francs now could be made to Senores Martin of that year by incidents created by the Reds. and Carracedo, Auditor and Manager of Opera- A verdict was then handed down rejecting the tions, respectively, of our Bank. This was pretensions of the Red Administration and of credited immediately to our current account at certain French holders of the bank notes of the the Banco Espanol de Paris. After a thorough Bank of Spain, who contended that the gold inventory, superintended by our officials, the deposited in France should be used to satisfy gold deposited at Mont de Marsan, totalling their credit claims and indemnify French subjects $i6,78x,64o1 was delivered to us. At the for damages caused by the war. intrinsic par value this is equal to 138,814,413.12. The Committee of Shareholders of the Bank gold pesetas, and with the gold premium equals of Spain, which had been formed in Paris months 496,539,191.50 paper pesetas. before by the shareholders and Council members As for the 1,596,401,003.67 gold pesetas which Count de Gamazo and Martinez Fresneda, under appeared in the Red balance sheets as being in the chairmanship of Marquis de Amurrio, custody and in the possession of the Governcontributed to our success in this case. Their ment, it was no more than a fiction. According actions were most effective and not without risk to authentic reports, that gold was sent by the for their relatives who resided in Red territory. Marxists first to Cartagena and then to Russia. The gold at Mont de Marsan was the re- Throughout the negotiations for the restitumainder of the security for the loan made by tion of the gold the decisive action of the the Bank of France in 1931 at the request of the Government was seconded enthusiastically by Minister of Public Finance of the Republic; Senor Quinones de Leon and the Ambassador it consisted of American and British coins to the Don Jose Felix Lequerica, their staffs> and other value of 2.50 million gold pesetas. The Red important and patriotic persons for whose aid Government, taking advantage of the devalu- we are most grateful. ation of the franc, liquidated this loan on Silver in France. In February 1939 the September 2.9,1937. From the above-mentioned Bank of Spain learned that a shipment of silver security, the Bank of France deducted its custody had crossed the frontier at Le Pherthus, carried fees. by fourteen trucks and seven railway cars. In Negotiations for the return of the gold having agreement with the Government and with the been initiated with the Bank of France, a Com- Spanish Embassy in Paris, urgent steps were mission under the chairmanship of Second initiated with a view to the seizure of this Deputy Governor Arruche, and of which Count merchandise, consigned to the Sociedad de de Limpias and Senores Martinez Fresneda and Metales Preciosos de Paris, which did not wish Larraz were members, was designated by the to take charge of it. Then the Sociedad Belga General Council to go to Paris with all the de Empresas Comerciales "SODECO," domiciled documents required by the Bank of France for at Antwerp, entered the proceedings with a the surrender of the gold. The Commission claim to ownership of the embargoed silver, met with Deputy Governor M. Breart and with which had been sold by the Red Government at the Governor, M. Fournier, and lively discusthe price of 300,000 pounds. The courts of sions took place concerning the terms proposed Paris (with respect to the silver deposited in Panby the Bank of France for the liquidation of tin) as well as the courts of Ceret (concerning all the accounts between the two banks. The French claimed that the delivery of the Mont 1 Valued at $20.67 per fine ounce. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 the silver held at Le Boulou) rendered a lawyers as Senores Ventosa, Cobian, Tornos, and verdict to the effect that the question of owner- Gascon y Marin, in order to prove the unconship could not be settled in urgent proceedings stitutionality of the sale, unauthorized by any but only in the manner prescribed by law. This law. A study written by the Second Deputy litigation lasted no less than two and a half Governor on the Law and Statutes of the Bank years. The representatives of the Belgian con- of Spain was also appended. All this was sent cern argued that the silver was not the prop- in due time to our representative in New York. erty of the Bank, because it consisted of bars Unfortunately, this appeal did not bring about a and according to the Spanish Banking Law decision in favor of the Bank. The Court upsilver reserves must consist of coins and not bars. held the decision rendered by the lower court. But since we could offer documentary proof The American lawyers proposed that an that the stock of silver in the Bank had been appeal should be made to the Supreme Court; claimed by the Red Government in order that but in conformity with the opinion of Senor the ' 'Direccion de Industria'' might proceed wTith Ventosa, and because of the costliness of the its melting, this argument lost all its efficacy. litigation and the improbability of a reversal Even more decisive was the proof of contract of the verdict, this step was not undertaken. forgery. The Belgian concern initiated nego- As the Government of the United States in tiations for a compromise settlement, but these making payment withheld five per cent, which failed, and the litigation proceeded to the end. amounted to 700,000 dollars, against the ex- The verdict rendered by the courts of Ceret gave penses of melting and refining, it is probable full support to the Government, which had that the settlement of these charges will leave a entered the proceedings with its claim to the balance that will permit the Bank to cover the silver, the verdict stipulating that delivery be numerous expenditures that the lawsuit has made to joint representatives of the Government caused. The reclamation of that amount is and the Bank. being attended to by the Commission established for the purpose of recovery of assets and securi- Silver sold to the United States. At the ties of all kinds held outside the country, which end of May 1938, the Council learned that a functions in the Ministry of Foreign Affairs. shipment of silver sold by the Red Government to that of the United States had left for New III. EXERCISE OF THE NOTE ISSUE PRIVILEGE York. The Manager of our London Agency AND LEGAL PROVISIONS RELATIVE TO was ordered to leave immediately for New York THE MANUFACTURE OF BANK NOTES and, in agreement with the official representa- In the first part of this Report, attention was tives of our Government, to institute the procalled to our Council's intense preoccupation ceedings necessary for the recovery of this silver. with supplying the country and our branches The speed with which all this was done and with bank notes sufficient for all needs. Hence the success in having the melting of the disthe urgent ordering of new issues, which were embarked silver suspended had the effect of impeded by the fact that the Bradbury firm did preventing further shipments. The shipments not fulfill its obligations. The first issues, which arrived in the United States in the month executed by Giesecke & Devrient, were those of June totaled Z45 million pesetas or 49 million duros,2 and the price paid by the American dated November zi, 1936, and May zo, 1938. By Decree of November iz, 1936, the Govern- Government was 14 million dollars. The first ment approved the decision of the Bank of Spain verdict was against us; Senores Arruche and not to recognize the validity of its notes— Ventosa held a conference in Paris with the including silver certificates—which had been lawyers Sullivan and Cromwell, who were put in circulation after July 18, 1936. Article defending the Bank's interests, and after hearing z of this Decree stipulated the stamping of bank the report of the above-mentioned Deputy notes put into circulation before that date, as Governor, the Council approved the filing of an the indispensable requirement for their legitiappeal. This was carefully prepared, in acmacy. Articles 3-iz established the periods cordance with the instructions of the American and manner of stamping. The periods were lawyers, and was accompanied by authentic extended until, after the receipt of the new documentary proof that the Bank had not parissues of bank notes, the exchange of the old ticipated either morally or materially in the notes for the new ones was ordered by Decree sale, and by the opinions of such outstanding of March 9 for the denominations of Z5, 50, and 100 pesetas, and by Decree of April 9 for 2 The duro is equivalent to 5 pesetas. MAY 1943 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 the denominations of 500 and 1,000 pesetas. IV. EXPLANATORY SUMMARY OF THE LAWS AND Both decrees fixed the periods for the operation REGULATIONS WHICH HAVE AFFECTED THE and the form of its execution and were clarified JURIDICAL OR ECONOMIC STATUS OF THE by later regulations. BANK The extent of the stamping operations and of Decree of November 18, 1936 and Law of the later exchange of bank notes issued prior to August 25, 1939. Clause 7 of the Banking Law November 2.1, 1936, is shown by the following provided for intervention by the Government figures, which include total exchanges up to and the Bank of Spain in the foreign exchanges December 31, 1941: and in the regulation of the money market. Through the Decree-law of June 2.5, 192-8, the Pesetas mechanism provided by the above law was put Total amount of stamped bank notes presented for exchange 2.,462.,2.67,550 into practice and the Foreign Exchange Inter- Total amount of unstamped bank vention Committee was created, with an execunotes presented for exchange 3,408,633,900 tive commission presided over by the Deputy Total exchanged up to Aug. 2.5, Governor of the Bank. In compliance with 1939 • •• • 5>87o,9OI>45o article 5 of said Decree-law, all operations ap- Amounts approved by the "Exchange Tribunal" from Aug. 2.5, proved by the Committee were to be carried out 1939, up to Dec. 31, 1941 9,508,115 through the Bank of Spain, which was to share Total exchanged 5,880,409,575 equally with the State all the profits and losses this intervention might bring about, subject to These figures fully justify the policy pursued the limitation provided in clause 7 of article 1 by the Bank of having in its vaults reasonable of the aforesaid Banking Law. stocks of new fiduciary currency with which to By Order of July 14, 1930, the Committee and meet not only these exchange needs but also the its executive commission were replaced by the requirements of an expanding circulation im- Foreign Exchange Regulating Center, which posed by circumstances. was merged into the Official Center for Currency The Council, being deeply concerned over the Contracts upon the establishment of the latter high cost of the note issues, and the Ministry by Decrees of August 31 and September 6, 1930. of Public Finance sharing this concern, under- These decrees stipulated that the funds for opertook to study the possibility of having the ations of the Official Center should be provided notes of the Bank of Spain printed at home. one-third each by the Treasury, the Bank of Once this study had been approved by the Gen- Spain, and the Banco Exterior de Espafia—a eral Council, bids were invited from leading provision modified by the Decree of December national and foreign houses. 30, 1930, article 1 of which states that all oper- Simultaneously with these negotiations, the ations of the Official Center for Currency Con- Minister of Public Finance issued a Decree, tracts shall be carried out exclusively through the Treasury and the Bank of Spain. dated April 5, 1940, authorizing the National This legal provision with reference to the func- Note Printing Company (Fabrica Nacional de tions of the Bank in currency and foreign exla Moneda) to organize the manufacture and change matters was in force from that date to stamping of notes of the bank of issue on a the Decree of November 18,1936, which modified permanent basis and to arrange for the contracts it substantially by abolishing the Official Center of supply. The Order of September 10 approved for Currency Contracts, setting up in its place the the regulations of the "Division of Valuable Foreign Currency Committee, a purely govern- Documents" and no later than October zi a mental organization which was later dissolved contract was signed with the National Note by the Law of August 2.5, 1939. This Law es- Printing Company for the manufacture of 3 tablished the Spanish Institute for Foreign million bank notes of 1,000 pesetas and another Currency, defined by article 4 of the Law as "a 3 million of 500. public law entity, endowed with legal per- The price per thousand of the bank notes sonality and subordinated to the Ministry of was 97.90 pesetas for the 1,000 peseta notes and Industry and Commerce.'' There were assigned 80.75 pesetas for the 500 peseta notes. These to this institute the functions and jurisdiction prices, compared with those of the German firm detailed in article 7, amplifying those which of Giesecke & Devrient and the Italian Cartohad been enjoyed by the Foreign Currency Comgrafia e Cartevalori, represent a saving of ap- mittee created in 1936 and confirming the elimproximately 50 per cent. ination of the Bank of Spain from the foreign 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 exchange functions. Later, by Order of May 17, Currency Center, on the pretext of their unusual 1940, a Liquidating Commission of the old and unexpected character, and it is only fair on Official Center for Currency Contracts was es- th'e other hand that the participation of the tablished; in July 1941, it presented to the Min- Bank in the profits should be limited to the ister of Public Finance a balance sheet as of April amount of the above-mentioned balance of the 1, 1939, and by law of February zo, 1942., the special reserve prescribed by the Law of 192.1, or rules governing liquidation were laid down. to the amount of the risk assumed by the Bank in This law, like that of March 13, 194Z, was the operations of the Center in question." promulgated after the fiscal year ended December 31, 1941, to which the present Report and Laws of November 9, 1939. War always Balance Sheet refer; but since the provisions of upsets the legal order. Its consequences for the both laws affect this Balance Sheet, it was neces- Bank, and even for the State itself, were the sary to refer to them in the Report. alteration of the legal aspects of its activity and Concerning the liquidation of the Official relations, until peace permitted the proclama- Center for Currency Contracts, we confine our- tion of the Laws of November 9, 1939. These selves to quoting the statement in the preamble laws, in confirming the legality of acts carried of the Law, since it explains with sufficient out during the war, created—although only clearness the views of the Government. We provisionally—a new legal status in the relations quote: "It is true that clause 7 of the Banking of the Government and the Bank, different from Law stipulates that the profits which may orig- that established by the Banking Law of Deceminate from the financial policy of the State shall ber Z9, 19x1, as amended by the Laws of January be divided equally between the State and the 14, 192.7, and November z6, 1931. Bank of Spain; but when that law was adopted it Section z of article 1 of the Law and part C of was not possible to foresee the magnitude of section 3 were suspended. The first of these economic and political happenings which were suspensions referred to the abrogation of the to affect the life of the Center for Currency Con- limit on the note circulation, which the Law tracts from 1936 on, primarily in consequence of fixed at a maximum of six billions, and the the conditions under which Spain had to struggle note cover and metal reserves established on that for three years in search of its salvation. Nor basis. Part C of section 3 limits the amount of would it be just for the Bank of Spain in its re- credits to the Treasury to iz per cent of the lations with the State to take over half of the annual expenditures authorized in the national unexpected profits caused by the liquidation of budget. This regulation also remains suspended the Center when the above-mentioned law unless arrangements to the contrary are made. itself, by placing a limit upon the Bank's losses, These credits will not bear any interest. The makes it obvious that the possibility of such ex- obligations of the State and the increase in the traordinary profits was not taken into consider- portfolio which may legally take place, will, ation. Nor, finally, and from the strictly for the purposes of section 6, article 1, form private point of view of the Bank of Spain as an part of the offsetting entry under assets. A enterprise, would this delivery be sufficient in logical consequence of these suspensions has order to rectify the position of the bank of issue been the suspension of article z of the Law of and balance its accounts, a task which will July 14, 1891. Finally, the Law is made retronecessitate the support and protection of the active to July 18, 1936, which, naturally and State itself, and this for much larger amounts. logically, does not validate the decisions or "However, according to the above-mentioned pacts of the so-called Republican governments clause of the Banking Law, the Bank of Spain or Parliaments after the date indicated. assumes the obligation of covering, in equal part No less important, and very beneficial to the with the State, the possible losses resulting from Bank, is the Law of the same date which, taking the liquidation of the Official Center for Cur- its cue from the widespread acceptance which rency Contracts, although the participation of open-market operations of central banks have the Bank in the loss may not exceed the balance found in the economies of countries of very of the special reserve accumulated at the rate of different ideological orientation, recommends z million pesetas annually which is established in the creation in Spain of a legal framework for an section 3 of the same Law, the accumulation of operating technique already established by said reserve being compulsory and exempt from foreign banking laws. This law states that' 'inthe calculation of the participation in profit. dependently of the Government bond portfolio It would be unjust to deprive the bank of issue of existing in July 1936, the Bank may, for its own a share in the profits obtained by the abolished account, acquire in the market, possess, and MAY 1943 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94.I transfer State and Treasury securities, but that inflation brought about by the enemy; to exclude this power should be subjected to the necessary- from the process of "unblocking" the balances authorization from the Ministry of Public owned by so-called "unprotectible" interests; to Finance." maintain in an optional way for the debtor and Finally, another Law, also of the same date, compulsorily for the creditor, the last morainvokes the principle of lawful money and legal torium preceding this Law, and to establish the tender of the notes of the banks of issue in the General Commissariat for Unblocking as the principal countries, and applies this principle to executory body, a system of compensation being the full extent to our own notes as lawful means set up for losses and gains which might be caused of payment, with the natural exception of those in the banking system by this Law—from which cancelled by virtue of the Decree of November compensation, because of its nature, the Bank of ii, 1936. The credit of the notes of our Bank Spain had to be excluded. was thus confirmed by the legislature. Their This exclusion, in. the final analysis, was legal tender quality had already been recognized favorable to the Bank; nevertheless the proviin the law since the Decree-sentence of June 18, sions of the Law of March 13 last were neces- 1881. sary in order to adjust the balance sheet for the fiscal period 1936-1941. The analysis given Laws of January 20, 1939, of December 7, elsewhere in this Report of the items and figures 1939, and of November 5, 1940. The first of shown under the assets and liabilities of the these laws refers to the withdrawal of silver balance sheet, will permit you, Gentlemen, to and its compulsory exchange for the notes of appreciate the success with which, thanks to the Bank of Spain. In fulfillment of this law, the above-mentioned Law, this adjustment was we must hold in our vaults all the silver coin achieved. collected, which remains at the disposal of the As for the Law of November 5,1940, concern- Treasury, and is credited in a special account ing contracts in the Red Zone, it has for its entitled "Silver property of the Ministry of purpose the cancellation of agreements which Public Finance" which will also include silver lack the most elementary conditions for their which we receive from abroad. validity and an equitable distribution between The Laws of October 13, 1938, of April 1, creditors and debtors through release and respite September 9, and December 7, 1939, and of No- agreements which, after taking account of acvember 5, 1940, are the fundamental measures crued interest, would establish appropriate conwith which the National State has sought the tractual relationships. Of great importance is solution of the problems created by war damage article 9 of this Law, which regulates the payand the Marxist devastation. ment of interest and establishes with precision The first was intended to lessen the effects of the cases in which 50 per cent of the amount may the Red inflation on demand deposits, and fol- be remitted, as a rule imposed by a sense of lowed the line initiated by the measure taken for justice. the blocking of the balances after July 18, 1936, The Law of September 9, 1939, like that of in accordance with the Order of April 1 of that November 5, 1940, has affected and is seriously year. This was supplemented by the Law re- affecting the Bank. The former affected the ferred to (promulgated after July 18) in connec- Bank with respect to those cases in which the tion with the general blocking of obligations in Bank's own debtors, in order to assure their pesetas, in so far as they originated after July 18, solvency and secure their commercial borrow- 1936, and had not been extinguished at the time ings, gave mortgages to the Bank in accordance the cities subjugated by Marxism were liberated. with the provisions of article 18 of our Statutes. The Law of April 1,1939, extended the applica- As for the law of November 5, 1940, the effect tion of the preceding Law to nonbanking obliga- has been even greater, since various claims have tions; the Law of September 9 was limited in been submitted, some for important amounts, purpose to the alleviation of damages caused by seeking in particular the cancellation of notes the war to real property. and open credits. The Administration, follow- It is needless to emphasize the importance to ing the tradition of the Bank, as regards both our national economy of the Law of December 7, the cases in which the obligation was claimed governing the "unblocking." Its purposes to be invalid and cases in which only the rewere: gradually to lift the suspension which was mission of interest was at issue, has proceeded ordered by the Laws of October 13, 1938, and according to law. In the case of debtors who April 1, 1939, for certain current accounts in were killed bv the Reds and whose fortunes order to protect the national economy from the were seized, leaving their heirs virtually ruined, 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 the Bank has proceeded with all possible gen- Spain. Furthermore, by the Law of March 13 erosity. In other cases, where there were no of this year, an annual credit has been included such reasons, and where the remission of in- in the budget of the State for the amortization of terest likewise was not justified by law, it has these advances and since that date the Treasury been defending itself against such claims and in has maintained in the Bank a current cash acthe majority of cases the courts have found us count which has always exceeded 1,500 million. right, recognizing the temerity of the complain- The war having victoriously ended, the ants' action. As yet, it is impossible to state in economic needs of the postwar period have figures the results of the application of these forced the Spanish Treasury to engage in im- Laws. portant issues of short and long term obligations. In view of the provisions of article 11 of the The first such issues were purely for the purpose Law of March 13, 1941, the governing body of of improving the money market, suffering from a the Bank of Spain is constituted by the Com- plethora of funds which it was advisable to abmissioner of the Official Banking Institutions sorb in the national interest. These operations and two technical advisers. Of the latter, one were begun with the issue on September 19, shall be appointed by the Government on the 1939, of 1,000 million pesetas in Treasury obligaproposal of the Minister of Public Finance; by tions at 3 per cent, for 3 years, dated October 1, the Decree of April 11, Don Francisco Cardenas 1939. The Bank of Spain organized the prode la Torre has been appointed. The second cedure for public subscriptions, the totals of shall be the Director of Banks and Stock Ex- which were as follows: changes, which post is held by Don Luis Saez de Ibarra y Saez de Urabain. Number of subscriptions Pesetas SECOND PART In Madrid 1,667-, 2., 566,178,500 I. GENERAL SURVEY OF THE BANK'S OPERATIONS At the branches... 11,806 3,016,406,500 DURING THE FlSCAL PERIOD I936-I94I Total i3>474 5,581,585,000 Any outline of the banking activity of this The issue was oversubscribed 1.791 times, but institution during this period should show first since subscriptions of less than 5,000 pesetas, of all, in view of their importance and their under the law, could not be prorated, the allotsignificance, the operations carried out in the ment ratio was 35.2.3 per cent and resulted in a direct and immediate service of the public in- surplus slightly in excess of one-half million terest. During the period covered by this pesetas. Report, the Bank has lent to the Treasury Supplementing the above operation and in whatever funds it needed, in order to meet the order to adjust the position of the whole Treasrequirements of national defense and carry out ury debt, the Ministry of Public Finance was the all-important services of national interest. authorized by the law of September 13, 1939, to Operations with the Treasury. It is pos- renew and convert all Treasury obligations sible to distinguish in this period two distinct issued prior to the war of liberation for which phases of the operations of the Bank of Spain the owners did not request reimbursement before in relation to the national Treasury; the first, October 8 of that year. The Treasury issues during the war of liberation, and the second, in thus retired totalled 1,465 million pesetas. meeting the needs of Spain's postwar recon- In order to restore the situation on the money struction. market, which was still burdened by an excess of The financing of the war of liberation was done funds, and although the situation of the Treasby the State with funds furnished by the Bank of ury did not make it necessary, the Law of June Spain, which turned over to the State against n, 1940, authorized the Minister of Public Treasury notes the amount of 10,100 million Finance to issue, without advance stipulation of pesetas, without interest; these operations were the amount, 5-year Treasury obligations at 3 not legally approved until November 1939. per cent. Once the result of the applications These advances began in Burgos in the spring was known, the Law of July 13 fixed the total of 1937, and 19 of them were extended in that amount of the issue at 1,750 million pesetas, of city, for the amount of 9,100 million pesetas. which 150 million was reserved for the Bank of The last note, for 1,000 million pesetas, was Spain in order that it might be prepared to carry agreed on in Madrid on September 14, 1939; out open-market operations which it was authorsince that date the State has ceased its policy of ized to perform by the Law of November 9,1939. borrowing in this manner from the Bank of The subscription to this issue, which took place MAY 1943 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94I on July 8, showed numerous peculiarities in General operations. On December 31, 1941, comparison to the previous one, since there was the circulation of bank notes amounted to 13,no prorating of any applications made by indi- 535,848,914 pesetas, representing a substantial viduals or juridical persons other than banks, increase over the amount shown in the balance bankers, or savings banks, or of those filed by sheet published with the report of 1935, due to the latter establishments by order and for ac- circumstances which it is superfluous to describe. count of their customers. The needs of the State have absorbed a good The result of this operation may be sum- part of these new funds and another part has marized as follows: been absorbed by the typical banking operations which are explained below. But first of all, it must be remembered that Ex p e r m or p a t t in fr g om S p u r b o j r e a c t t i n to g Total during the Burgos era, the Bank, following the orientation and wishes of the authorities and by AP- Ap- Ap- virtue of flexible, courageous interpretation of its p ca h - - Pesetas p c h a - - Pesetas p ca h - - Pesetas regulations, relieved through personal credits tions tions tions the situation of those evacuees from the Red Madrid... 2,395 711,504,000 24 2,095,015,000 419 2!,806,519,000 Zone who momentarily lacked their customary Branches. 7,123 377,280,000 182 899,397,000 305 1.,276,677,000 means of living, and that this liberal credit Total... 9,518 1,088,784,000 206 2,994,412,000 9,724 4,083,196,000 policy aided economic restoration by enabling hundreds upon hundreds of well-to-do persons Since the amount of the issue was ^.,750 million rapidly to reconstruct their undertakings and pesetas and allotment to nonbank subscribers businesses. The Bank of Spain may say with had to be made in full for an amount of about pride that the confidence which it placed in this 1,089 million, there remained the difference be- special clientele has been magnificently justified tween this amount and 1,750 million to be al- by the beneficiaries of these credits. located among the amounts requested by the All branches having been reunited under a banks and savings banks for their own port- common directorate, figures of operations emfolios, in strict proportion to the credit balances bracing the whole of the Bank are available in their current accounts with the Bank of since April 1939. These show a rise over these Spain. This prorating having been effected, three years in discounts on Madrid, in transacthere was allotted 1,661 million pesetas, plus a tions in towns and villages, in credits secured by small amount which was applied to the Pension commercial paper and, especially, in the typical Fund of the Bank. operations of the Bank: credits against securities In July 1941, the Ministry of Public Finance (valores mobiliarios) and credits with personal realized the necessity of increasing the funded guaranty. On the other hand, there has been a debt, in view of the large amount of amortizable slight decrease in the discounts on other cities, in obligations- The Law of June 2.4 of that year loans against securities (valores), and in credits authorized the issuance of z,ooo million pesetas, on merchandise, due to economic and legal cirface value, of "Perpetual Internal Bonds" at an cumstances well known to all. However, our interest rate of 4 per cent, to be issued at a price portfolio position during the present year, of 90. hundreds of millions in excess of the amount in Subscriptions were opened at the Bank of Spain the last normal year—1935—permits a predicon July 5 against payment in cash of the corre- tion of further growth in our active operations— sponding amount, with the following results: a good proof of the renewed loyalty of our customers and of their confidence in the solidarity Number of and prosperity of the first credit establishment of subscriptions Pesetas the Nation. Madrid I?3I9 1,068,443,000 The volume of current accounts has shown a Branches 14,013 1,431,046,000 notable increase, which indicates greater circu- Total 15,332. 1,500,489,000 lation of bank money in step with the success of the policy imposed by the State of normalizing The 2,000 million were prorated against the the money market. above total at the rate of 80 per cent and the small remainder—a little more than one million —was allotted to the Bank of Spain. Operations in the 'public interest. During These were the most important Treasury oper- all this time, and in execution of Government ations of this period. instructions, the Bank has given effect to various 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, 1936-1941 agreements reducing the fares of interest on its Tarrasa Zone and arranged the operations active operations. necessary for the rapid relief of that situation. On December 1, 1938, the Government ap- Likewise, the principal Spanish local bodies have proved a reduction of 1 per cent in the discount found in the Bank of Spain the urgently needed rate, thus fixing it at 4 per cent, the rate which relief for the financial requirements of rehabilitahas been in force since that time. Since Octo- tion of their services and a remedy for the ber 10, 1939, loans on all public securities have failure of the market at times to absorb their carried a rate of 4 per cent, with the exception of securities. loans secured by obligations of the Treasury, on Moreover, when the Decree of November 18, which 3 per cent is charged. Consequently, on 1936, established the Foreign Currency Com- October 15, 1940, as a continuation of this mittee, this organization found its principal process of cheapening money, the interest rate support in the Bank of Spain. It received from on credits secured by industrial securities was our institution not only financial, but also mareduced to 4^5 per cent; on current account terial aid, inasmuch as it operated in the Bank's credit, secured by commercial paper or mer- offices, almost all of its personnel was drawn chandise, to 4.50 per cent; and on personal from our own staff, and the resources necessary credits to 4.75 per cent. for the protection of our currency were furnished From its first meetings at Burgos, the Council it by the Bank of Spain. agreed to authorize the renewal of loan and An account was opened, without interest credit operations collateraled by all classes of charge, against which the Foreign Currency securities issued by the State or by public or in- Committee could draw in order to provide itself dustrial corporations, assigning to such securities with the funds necessary for its purchases or the same valuation which they had had on the payments of foreign exchange. For account of maturity of the original loan, in spite of any this body, the Bank of Spain transacted a very subsequent depreciation which they might pos- considerable number of purchases of gold coin sibly have suffered. This policy of strengthen- and exchange through operating accounts the ing public credit was continued until the opening balances in which were advanced by the Bank of the unofficial security markets and, later, of without interest. Likewise, many deposits of the stock exchanges, permitted the renewal of gold coin and bars were made, in connection security dealings and the establishment of new with which the Bank, without contract or quotations for the appraisal of this collateral. previous arrangement, disinterestedly furnished Furthermore, in close and generous coopera- the best service to the State and to Spain. tion with the national authorities, the Bank There were so many cases of this kind (guarexempted from the payment of interest and com- antees of foreign credits, etc.) that it is immission all public and social welfare institutions possible to enumerate them, and if they are and all those recently liberated local bodies mentioned here, it is not due to vanity or praise which were suffering economic distress. Thus of our own conduct, but merely in order to make transfers of funds, drafts, and payments for cur- it clear that the Bank of Spain has known how to rent account credit in other cities in amounts coordinate respect for its Laws and Statutes with totaling more than 1,000 million pesetas were the action which was necessary in the best inhandled by the Bank without commission or terests of Spain, thus following its well proved other profit. tradition of constant watchfulness for the well- In a similar manner, credit operations for being and glory of the country. numerous farmers for account of the State, as well as for local bodies and semi-public under- Research Department. The activity of the takings, were the object of all sorts of allowances Research Department increased in view of the or exemptions from commissions and charges. abnormal circumstances and the unusual prob- Wherever a crisis or an unusual need has re- lems which faced our institution during this quired it since the war, the Bank of Spain, either time. Among the outstanding tasks performed on its own initiative or at the suggestion of have been a report which was produced in higher authority, has given its assistance in Burgos on "The Restoration of the National order to remedy the situation. Monetary Community," a study on "External For example, when the Catalan industrial Reconstruction Loans," one on "Damages and zone, due to the scarcity of raw materials, was Consequences of the Red Inflation Sustained by suffering from severe unemployment, and the the Bank of Spain" which was requested offiwool industry needed credit on special terms, a cially by the Ministry of Public Finance in committee of the Bank's Council visited the preparation for the "unblocking" legislation, MAY 1943 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 on "Determination of Percentages in siderable inflation, nevertheless there were as- Unblocking," etc., etc. pects of the problem of the Bank of Spain and its The Bank's Council decided some time ago on future development which it was urgent to solve. the establishment of a Research Committee In order to remedy this situation and to make which coordinates all the work of the Research possible publication of the balance sheet of the Department and determines the work to be done. bank of issue and communication with its shareholders by means of this General Meeting, the II. ANALYSIS AND EXPLANATION OF THE BALANCE Law of March 13 last (Official Bulletin of March SHEET 14) was passed, containing regulations for the If the Law of March 13 of this year (Official liquidation of the accounts existing between the Bulletin of March 2.4) had not been put into State and the Bank of Spain during the fiscal effect, the balance sheet of the Bank presented at period 1936-1941, and its presentation in the the General Meeting would have been very balance sheet of December 31 of last year. different, since it was possible only by means of The technique of the Law of March 13 has been, this law to eliminate the depredations of the roughly, as follows: To free the Bank of Spain Marxist governments. of all the obligations in Red money appearing As soon as the war of liberation had come to under its liabilities; of some, entirely, as in the its victorious end, the Auditor General's Office case of the notes of the Bank issued in what was was quickly able to present a balance sheet as of the occupied territory after July 18, 1936; of March 31,1939, covering the changes which had others, partially, as in the case of its obligations been made in our institution by three years of to those of its current account holders who had Marxist government. As of December 31, 1941, increased their balances after July 18, 1936, with of assets nominally totaling 46,670 million Red money. pesetas, more than half were unrealizable. All these reductions in its liabilities the Bank Credits to the Red Treasury amounted to 2.3,158 of Spain transferred, in accordance with article million and gold in the amount of 1,596 million 6 of the Law, to a special liquidation account had been taken from our vaults without any ex- entitled: "Results of Liquidation 1936-1941," planation, so that it was necessary to set up a and the total balance thereof, together with the bookkeeping entry for this amount as "Gold in profits allocated to the Bank by article 1 of the Custody of the Red Treasury," while in the form same Law, have been fully utilized in adjusting of credits to the State there had been an outflow asset items, the amounts of which were purely of gold in the amount of more than 500 million nominal—for instance, the gold—or which reppesetas. Silver owned by the Bank suffered the resented claims on debtors who, being Marxist same fate. Only that part of it was saved that bodies (such as the Red State itself, the Generwas held in the branches where the National alship of Catalonia, the so-called Government of Uprising triumphed during its first days, while Euzkadi, the various Popular Fronts, etc., etc.), that kept in Madrid and cities subjugated by the could not be proceeded against for nonpayment, Popular Front had to be surrendered: 356,180,000 so that claims against them had to be regarded pesetas in the form of loans to the Government, as suspense accounts. and the remainder without any knowledge of its As all cancellations under liabilities were not destination. sufficient to meet the writing-down of the assets, In the same manner, the liabilities of the Bank the difference was made up by the Spanish State. were enormously increased, the circulation of Through article 7 of the Law the Government Red pesetas amounting to 18,661 million and has created a special certificate, which, incorthe "Various Liability Accounts" of the Central porated in the Bank's portfolio of public funds, Administration to 7,361 million. As the result, serves to adjust the assets of our organization to therefore, of the demands and impositions of the its liabilities. governments of Madrid, Valencia, and Barcel- Thanks to these measures of the Public Power, ona, the balance sheet of the Bank of Spain the Bank has reestablished its balance of ac- (Central Administration) registered a deficit, counts and has been able, in following the genand the consequences thereof threatened to eral provisions laid down for all banks, to offer become very disquieting. Although the can- its shareholders some economic compensation cellation of the Red bank notes and the blocking during these last years. The Government's of current accounts into which such notes had comprehension has permitted the Bank to esbeen paid prevented the aggravation of the exist- tablish its dividends on a parallel with those of ing monetary troubles and almost completely the private banks, and the increase in our bankbarred the economic consequences of this con- ing business emphasizes the prestige which the 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94I Bank has always merited among productive was drawn from the Bank by the Red Governelements and reaffirms the position which our ment for its war financing, has been reduced to institution has always occupied in the structure the status of July 18, 1936, and the difference— of the Spanish economy. more than 2.2_,ooo million—passes into the The effects of the execution of this Law on our liquidation with the State and disappears from balance sheet may be clearly seen from the the balance sheet. Statement of Position on pages 412. and 413. The silver loans likewise disappear, as do all A quick analysis of each section of the assets of the gold loans made after July 18, 1936, thus easily explains the mechanism of the Law and its leaving only the accounts which show operaeconomic and bookkeeping effects as shown in tions with the National Government. the third column of the above-mentioned table. With respect to the account Furniture and There is no change in the credit of 2. million Fixtures, the Bank has been indemnified for the pesetas, under ' 'Cash," for the silver delivered to material damages or lootings to which its the Mint for recoining more than eight years buildings were subjected during the war. Unago, while the gold and silver taken over by the der Sundry Accounts, there have been stricken Red Treasury disappear completely, i.e., being from the assets the suspense account covering fictitious assets, they are carried to the liquida- the National Zone; the balance of 4.8 million tion account. The item for specie (gold, silver, pesetas resulting from the unblocking of the subsidiary coin, and Red bank notes) is reduced active accounts of the head office, and an analto the balance of national money (gold from ogous balance of 77.7 million pesetas in the ac- Mont de Marsan, small silver coin, subsidiary counts of the branches, both of which were coin and daily maturing bills) and there appears transferred to the Adjustment Account; and a a new account: the balance produced by the balance of 91.1 million pesetas representing the revaluation of the gold at the rate fixed by the net asset value of more than forty accounts, Customs authorities during the last ten days of some credit and some debit, of undetermined or December last for determining the relationship intermediate character which previously had not between payments in paper pesetas and pay- been transferred to Profit and Loss Account. ments in gold pesetas. From the gold in the Claims against the Red Treasury created possession of correspondents abroad, the amounts through operations of the Official Center for Curstill due to the bank by foreign pseudo-Soviet rency Contracts have been eliminated from the concerns have been deducted and transferred to assets. On the other hand, there have been the Liquidation Account, inasmuch as these included the benefits which the Law allowed the amounts can not be recovered. There remain in Bank by assigning to it the Compensation Fund the balance sheet only the credits of undeniable for Unblocking which dealt with credit and insolvency. surance institutions; also the benefit assigned to In the portfolio, the operations with the the Bank from the liquidation of the Official National Treasury obviously have not undergone Center for Currency Contracts, equal to the any change; from the commercial portfolio amount of the special reserve for exchange credits such as that to the Government of Euz- fluctuations. kadi and others of a similar nature, in the The asset side of our balance sheet has been amount of 388 million pesetas, were written off. put in sound condition by all these changes, In the portfolio of public funds, the only change since more than 2.6,000 million of doubtful has been the revaluation of the 4 per cent Amor- credits have disappeared from it. The balances tizable Debt of 1918, which was formerly valued in the third column of the assets in the Statement at the purchase price and now appears at the of Position (page 4121) are those which, grouped nominal value. in a slightly different manner for purely formal This portfolio increases by 4,438 million reasons, constitute the assets of the balance pesetas, representing the balance of the Special sheet which you are asked to approve. Debt Certificate to which article 7 of the Law The same procedure has been adopted in rerefers, the amount of which it has been possible ducing the liability side. to reduce somewhat due to the revaluation of the There was taken out of the reserves and trans- Bank's gold and of the public funds in its securi- ferred to the Liquidation Account 17 million ties portfolio. pesetas of Red money by which the reserves had It is in the accounts with the public Treasury been increased in 1938, also the special reserve (it could not be otherwise) that the most im- was wiped out, since the Law of March 13 exportant write offs appear: its entire current pressly provides that the balance thereof, in the account—in excess of 13,000 million—which amount of 19.8 million pesetas, be transferred to MAY 1943 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94I STATEMENT OF POSITION OF THE BANK OF SPAIN DECEMBER 31, 1941 ASSETS {In thousands of pesetas] st B a a te la m n e c 1 n e 9 s t 4 1 D as e p c. e 3 r 1, tr L a A i n A q s m u c f c i e o d o r u a r u n e t n i t d o s t n to Ad M a j s u a s p r t . e e d r 1 3 l , a b w a 19 l a 4 o n 2 f ces Cash Mint, recoinage of silver 2,000 2,000 Specie in transit 285 265 20 Cash held by branches—specie : 2,079,821 1,897,496 182,325 Gold in coin and bars received for custody 1,596,401 1,596,401 Coined silver received for custody 23,563 23,563 Revaluation of gold owned by Bank X332,239 332,239 Gold with foreign correspondents 28,097 2,569 25,527 Portfolio Branch portfolio Treasury obligations 10,100,000 10,100,000 Treasury bills 69,998 69,998 Commercial credit instruments 6,119,326 387,636 5,731,690 Perpetual 4% internal debt of July 5, 1941 938 938 4% sinking fund obligations of 1928, tax free, property of the Bank 344,384 X24,929 369,312 3% Treasury obligations of July 10, 1940 123,957 123,957 Shares of Compania Arrendataria de Tabacos, property of the Bank 10,500 10,500 Gold shares of the State Bank of Morocco, property of the Bank 1,155 1,155 Shares of the Banco Exterior de Espana, property of the Bank 11,250 11,250 Fund for the reserve of the Pension Fund, Royal Decree of July 4,1921 135,291 135,291 Treasury Treasury current account (Red) 23,158,219 22,740,110 418,119 Operations abroad from July 1, 1932 to Jan. 31, 1939 38,702 36,394 2,308 Operations abroad during January 1941 2,808 2,808 Advance to the Treasury, Law of July 14, 1891 150,000 150,000 Acknowledged balances of contributions 1,759 1,759 Subscriptions to 4% Treasury obligations of July 7, 1936 144 144 Subscriptions to 4% Treasury obligations of Apr. 11, 1936 134 67 67' Subscriptions to 3H% Treasury obligations of July 18, 1938 11 11 Interest and sinking fund payments on State debts 195,585 195,585* Silver loans (Red) 356,180 356,180 Gold loans (Red) 321,437 233,181 8,255 Furniture and fixtures Head office 456 456 Branches 102,248 3,804 8,444 Sundry accounts Sinking fund obligations in accordance with the agreement of Dec. 10, 1881 5,733 5,733 Various head office accounts 1,240,401 92,127 1,148,275 Suspense account. National Zone 12,013 12,013 Adjustment of unblocking of asset accounts, head office 4,800 4,800 Adjustments of unblocking of asset accounts, branches ^ 77,674 77,674 Compensation fund for the unblocking of credit and insurance institutions. *350,000 350,000 Various asset accounts, representing preferred claims of the Bank against the Treasury in connection with the liquidation of the Official Center for Currency Contracts 211,500 211,500 Anticipated yield of the liquidation of the Official Center for Currency Contracts ^29,799 29,799 Pension Fund 142,756 142,756 Dividend distribution in January 1942 for the fiscal year 1941 , "'7', 784" 27,784 Subtotal . ; 46,669,522 26,947,197 19,722,326 Balance equal to the amount of the note mentioned in Article 7 of the Law of Mar. 13, 1942 l4, 437,782 4,437,782 Total. 46,669,522 22,509,415 24,160,108 1 Credit item. z Minus figure. the Liquidation Account. The latter likewise year when the Auditor's Office revised all its absorbs the remainder of the Profit and Loss statements on Red bank notes in order to comply Account as of December 31, 1941. with the provisions of the law. There is no change under liabilities in the There are no changes in the balances of current amount shown under Bank Notes in Circulation, accounts and deposits, and of the liability acthe notes which had been put into circulation in counts of the Treasury only those relating to the occupied zone after July 18 being cancelled the Marxist Government are included in the —both the so-called large type series and the liquidation, such as the tax reserves of that silver certificates, the former in the amount of period, the remnants from subscriptions to Red n.,755 million and the latter amounting to loans, and deposits and current accounts es- 496 million pesetas. Under liabilities has like- tablished in the currency which the Law has wise been cancelled an item of 1,2.36 million definitively voided. pesetas, representing the further amount of Red Under the group Sundry Accounts, one account bank notes in circulation which showed up this covering differences in exchange has been closed, 412- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I94I STATEMENT OF POSITION OF THE BANK OF SPAIN, DECEMBER 31, 1941 LIABILITIES [In thousands of pesetas] Amounts Balances as per transferred to Adjusted balances statement Dec. 31, Liquidation as per law of 1941 Mar. 13, 1942 Account Capital 177,000 177,000 Reserve 50,000 17,000 33,000 Reserve for contingencies 18,000 18,000 Special reserve, Sections 3 and 7 of the Law of Dec. 29, 1921 29,799 29^799 Profit and loss 117,483 117,483 Notes in circulation (National) 13,535,849 13.535,849 Notes in circulation (Red) 12,754,930 12,754.930' Silver certificates in circulation (Red) 496,304 496,304 Current accounts 5,512,555 5,512,555 Current accounts (gold) 5,245 5,245 Deposits in specie 28,444 28,444 Treasury Current account for loans on agricultural products 17,772 17,772 Interest on the above 996 996 Loans for the regulation of the wheat market 666 666 Interest on the above 31 31 Refund and interest of Treasury gold bonds, 6%—Decree of Aug. 1, 1935. 159 159 Reserve for contributions (Red account) 8,929 8,929 Account for funds earmarked for the payment of returns on securities 12,452 12,452' Gold deposits for the account of the Government, Decree of Feb. 13, 1937... 237 237 Silver deposits, property of the Red Treasury 1,070 1,070 Current account of the National Treasury 2,012,512 2,012,512 Subscriptions to the 3}4% Treasury obligations of Mar. 24, 1938 687 Subscriptions to the 3V2% Treasury obligations of Oct. 23, 1937 2,165 2,165 Current account for payment of debt service 4,005 4,005 Treasury current account—gold (new account) 12 12 Treasury current account—gold 11,298 11,298 Sundry accounts Treasury, securities account (new account) 3,929 3,929 Treasury, securities account 28,464 28,464 Board established by Article 9 of Law of July 21, 1876 for adjustment of the public debt 102 102 Securities convertible into sinking fund debt at 4% 5,733 5,733 Various branch accounts 11,511,818 7,443,204 4,068,614 Foreign exchange differences (Red account) 40,716 40,716 Guarantee fund for losses through compulsory compensation 2,236 2,236" Statements (invoices) of sinking fund and interest payment for government debts.< 135,169 135,169 Increased amount of notes in circulation (Red) based upon revised estimates prepared after Dec. 31, 1941 1,235,591 11,235,591 P S e e n t s a i s o i n d e f u f n o d r Unprotectible Balances (not yet established) 142,756 350,000 l3 1 5 4 0 2 f0 ,7 0 5 0 6 Total. 46,669,522 22,509,415 24,160,108 1 Minus figure. and its balance of 40.7 million pesetas has main at the Bank's disposal, as it represents been transferred to the Liquidation Account, blocked accounts the owners of which are claswhile from the various accounts of the branches sified as "unprotectible," which means that the disappear 7,443 million pesetas, made up almost Bank will be legally exempt from settling with entirely of the adjustment account in connection these current account holders. with unblocking, i.e., of the deductions made This ends the enumeration of the reductions from the amounts due to holders of blocked curachieved in the liabilities of our balance sheet, in rent accounts in accordance with the application compliance with the Law of March 13, amountof percentages in unblocking. This adjustment ing to no less than 2^,509 million pesetas. Once account has a passive balance of 6,62.6 million, the assets and liabilities had been placed on a i.e., almost the total amount of the item. The remainder is made up of numerous intermediate sound basis, the balance sheet of our institution accounts not yet transferred to Profit and Loss as of December 31, 1941, was drawn up in a form Account, such as interest on the current account more concise and clear than that of the Stateof the Red Treasury—395 million pesetas; differ- ment of Position. ences connected with the sales of gold sent to Concluding the above exposition, the Council Paris—165 million; etc., etc. submits for your approval this Report in justi- There is included among the liabilities a fund fication of its stewardship and of the appended of 350 million pesetas which is expected to re- balance sheet. MAY 1943 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE BANK OF SPAIN, I936-I941 BALANCE SHEET OF THE BANK OF SPAIN tin thousands of pesetas] ASSETS Cash December 31, 1941 December 31, 19421 Gold ... 461,682 463,344 30.060 493.404 Specie and daily maturing credit documents 54,882 516,564 Gold and exchange with correspondents Value at official rates 25,527 23,414 Silver belonging to the Government 616,159 623,806 Portfolio Commercial loans and discounts Discounts 1,021,101 Credits Personal loans Authorized less unused... 382,245 Secured credits Authorized less unused 1,398,738 Secured notes 2,892 Other documents in portfolio... 48,596 2,853,571 % 067,296 Treasury obligations 10,100,000 10,100,000 69,998 13,237,293 Treasury bills 69,998 13,023,569 Perpetual 4% internal debt of July 5, 1941 938 3,470 4% tax exempt sinking fund debt of 1928 369,312 10,791 3% Treasury obligations of July 10, 1940 123,957 367,071 Shares of the Compania Arrendataria de Tabacos 10,500 10,500 Shares of the State Bank of Morocco 1,155 1,155 Shares of the Banco Exterior de Espana. 11,250 11,250 Fund for the reserve of the Pension Fund, Royal Decree of July 4, 1921 135,291 135,291 Special debt created by Article 7 of the Law of Mar. 13, 1942, set aside for the guarantee of the fiduciary circulation 4,437,782 18,113,754 4,416,533 18,193,353 Treasury Operations abroad 5,115 5,115 Advances account, Law of July 14, 1891 150,000 150,000 Payment of interest and amortization of government debts.... 195,585 301,415 Gold loans 88,255 88,255 Other Treasury accounts 1,826 440,781 1,857 546,642 Furniture and fixtures 98,444 98,201 Sundry accounts 2,544,328 2,323,063 Prospective proceeds of liquidation of the Official Center for Currency Contracts 29,799 29,799 Prospective receipts from adjustment of unblocking—Credit and insurance institutions 350,000 350,000 Prospective yield of "unprotectible" accounts to be liquidated 350,000 350,000 23,085,358 23,031,683 PER CONTRA ACCOUNTS Assets in custody 17,985,489 18,674,121 Fit currency 35,086,935 38,083,324 Unfit currency 4,545,066 5,023,862 Currency, the equivalent of which has been turned over to the Treasury 5,262 5,208 Currency on deposit 8,826,390 48,463,653 6,150,843 49,263,236 66,449,142 67.937,357 LIABILITIES Capital 177,000 177,000 Reserve 33,000 33,000 Contingency reserve 18,000 18,000 Notes in circulation 13,535,849 15,738,352 Current accounts Free 3,653,110 3,450,170 Unblocked 2,497,973 6,151,083 769,445 4,219,615 Specie deposits 28,444 23,011 Treasury Current account of loans on agricultural products 19,464 19,464 Treasury current account 1,598,398 1,022,770 Other Treasury accounts 32,563 1,650,425 29,451 1,071,685 Sundry accounts 1,491,557 1,,751,020 Total.. 23,085,358 _23,031,683 PER CONTRA ACCOUNTS All types of deposits in paper currency 12,684,136 13,606,087 Deposits in jewelry 26,655 27,674 Collateral of loans and discounts on public securities 4,274,513 4,390,246 Securities accounts 983,744 633,589 Sundry accounts in paper currency 16,442 17,985,489 16,525 18,,674,121 Unissued currency 48,463,653 49,,263,236 66,449.142 67,937,357 1 Balance sheet for Dec. 31, 1942 presented to stockholders' meeting held Mar. 7 and 14, 1943. 2 Total commercial loans and discounts; distribution not available. 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Relation between Currency and Bank Deposits QUESTION: How can banks have 85 billion of deposits and the extent to which it is held in dollars of bank deposits when the amount of the form of currency is determined by the desires actual currency in circulation is only 16 billion? of the public. Currency is preferable for some (1) Does the difference represent the creation of money by banks? (2.) In such a situation how purposes, deposits for others; by far the largest could banks count on meeting all the possible amount is held in the form of bank deposits. demands of their depositors? The total of currency and bank deposits increases or decreases as the result of expansion or These questions arise from certain misconcepcontraction of bank credit or of changes in certions regarding the functioning of our money tain other factors. When a bank extends system: they assume that the difference between credit—makes a loan or purchases a security— the deposit liabilities of banks and the amount the borrower, or the seller of the security, has of currency in actual circulation must in some the option of obtaining either a bank deposit or way represent credit extended by banks; and currency. In either case, the addition to the that in meeting demands of their depositors money supply has resulted from an expansion of banks can draw only on the existing supply of bank credit. In most cases the credit takes the currency. form of a deposit—either a credit on the books (1) The fact is that currency and bank deof the lending bank or a check which is deposits are two forms of money and supplement posited in some other bank. But if the borrower each other. The supply of each of them in the requires currency, for example to meet a pay possession of the public originates from the roll, then the resulting extension of credit will same source. They are used interchangeably be reflected in a growth of money in circulation. for much the same purposes, and a transaction Thus, both currency and deposits result from resulting in an increase or decrease in the credit extension. volume of currency in circulation frequently In addition to extension of credit by banks, results in an opposite change in the volume of which is the largest source of new money, the deposits. When a depositor brings currency to total of deposits and currency may also be a bank to add to his account bank deposits increased as a result of increases in monetary increase and currency in actual circulation outgold stock or the issuance of currency by the side banks decreases.1 The bank may pay out Treasury. The issuance of currency by Federal the currency thus obtained to meet other cur- Reserve Banks, however, does not in and of itrent demands for cash, may hold it in its vaults, self increase the total supply of money. It or may turn it in to the Federal Reserve Bank merely reflects conversion of a deposit into cash. and receive in exchange an increase in its reserve Except for gold, the uses of which are restricted, balance. When a depositor withdraws curthe various forms of money—bank deposits, rency from a bank, deposits decrease and money Treasury currency, and Federal Reserve currency in circulation increases. The bank paying out —are freely interchangeable. the currency obtains it, in the final analysis, (2.) The amount of currency in circulation has from the Federal Reserve Bank, which issues no bearing on the ability of banks to meet currency under a procedure established by law. deposit withdrawals. Currency in circulation The extent to which money is held in the form outside banks belongs to its various holders 1 Money in circulation, as defined for statistical purposes, com- and is not available to banks to meet deposit prises paper currency and coin outstanding outside of the Treasury withdrawals. The ability of a bank to meet and the Federal Reserve Banks; it therefore includes currency held as vault cash by commercial banks, but the amount of such currency depositors' demands for currency rests on the is relatively small and has not changed much in recent years. MAY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO RRESPONDENCE character of assets that the bank has and on the powers: (i) the power to issue Federal Reserve power of the monetary authorities to lend on or notes and (2.) the power to extend credit, either buy these assets and issue new currency. In order by making loans to member banks or by buying to remain in operation, banks must be able at bills and securities in the open market. Under all times to pay out cash to their depositors. existing provisions of law member banks may But this does not mean that they must hold borrow from the Reserve Banks on any sound large amounts of cash in idleness; nor does it assets and the Reserve Banks in turn may issue mean that their ability to pay their depositors notes against gold, Government securities, or depends primarily upon the amount of cash they certain classes of paper representing member hold. It is their assets as a whole—including bank borrowing; these three classes comprise mainly their loans and investments—that stand most of the assets of the Reserve Banks. As a behind their deposit liabilities. If a bank result of these provisions, the deposits in banks carried all its assets in currency, it would have with sound assets could be readily converted to charge large fees for providing a deposit and into currency, should there be such a demand. checking service, whereas at present it is able Such a demand, however, on an all inclusive to furnish these services in large part out of scale can hardly occur so long as the economy the earnings on its loans and investments. The continues to function. reserves which banks are required by law to The important points to keep in mind are that hold provide an immediately available fund currency and deposits both represent money in upon which they can draw to obtain currency. the hands of the public; that they are freely Under the Federal Reserve System a member interchangeable; that the division of the money bank is able within a short time to convert all supply between deposits and currency is deterits sound assets into reserves or into currency mined by the public's wishes as to the form in to meet depositors' demands. which it wants to hold or use its money; that It is one of the purposes and achievements of the Federal Reserve banking system is in a posithe Federal Reserve System to assure free con- tion to provide any additional currency that vertibility between deposits and currency. may be needed; and that it therefore assures This convertibility is provided through two ready convertibility of deposits into currency. 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER LOANS OF INSURED BANKS DECEMBER 31, 1942 Personal and retail instalment paper reported regularly in the BULLETIN (see pages 461-463 of by all insured commercial banks on December this issue), indicate that the decline during the 31, i94x amounted to i billion dollars, a de- six months period was 46 per cent in retail crease of .4 billion or 31 per cent as compared automobile instalment, 19 per cent in other with June 30, 1942.. Single-payment loans to retail instalment paper, and 2.6 per cent in individuals as reported by insured commercial personal instalment cash loans. banks on December 31, 194Z amounted to 1.3 The figures for personal loans and retail instalbillion dollars. ment paper reported as of December 31, 1941 As discussed on pages 300-301 of the April are shown in detail by States in the table on 1943 BULLETIN, consumer credit figures col- the following page. lected in the December report are not com- NOTE.—These figures were obtained by the Comptroller of the parable with figures previously collected, par- Currency for national banks, the Board of Governors for State member banks, and the Federal Deposit Insurance Corporation for insured ticularly in the case of single-payment loans to nonmember banks. Detailed instructions were given to the banks for their guidance in reporting consumer loans to individuals. Folindividuals where the December figure appears lowing are excerpts from these instructions: Item 4, "Consumer loans to individuals." Under this caption to show an increase over June 30. Another should be reported all loans to individuals except the following: Business loans, agricultural loans, loans for the purpose of purchasing or carrying important difference is that consumer instalment securities, and real-estate loans. Include retail instalment sales paper purchased by the bank from dealers, finance companies, and loans are now reported on a gross basis, whereas others. Do not include loans made to dealers and finance companies on their own promissory notes, secured by the pledge of instalment they were previously reported net, i.e., after paper. Do not deduct bona fide deposits accumulated by borrowers for the payment of loans. deducting deposits accumulated for repayment Item 4(a), "Retail automobile instalment paper" should represent the unpaid balance of instalment loans to individuals, both direct of the loans. After adjusting the June instal- loans and purchased paper, arising from the retail sale or and secured by automobiles. ment figures on an estimated basis (applying Item 4(b), "Other retail instalment paper and repair and modernization instalment loans" should represent the unpaid balance of 90 per cent of the accumulated deposits against instalment loans to individuals, both direct loans and purchased paper, (1) arising from the retail sale of and secured by household appliances, personal instalment cash loans and 5 per cent furniture, clothing, jewelry, etc., i.e., by goods other than automobiles, and (2) to finance alterations and improvements to existing completed each* against retail automobile instalment and properties, unless such loans are secured by real estate. Item 4(c), "Personal instalment cash loans" should represent the other retail and instalment paper), a rough unpaid balance of all secured and unsecured loans, regardless of size, which are made to individuals and are by their terms repayable in comparison may be made. This indicates that instalments, except the following: Retail instalment paper, repair and modernization instalment loans, business loans, agricultural loans retail automobile instalment paper declined loans for the purpose of purchasing or carrying securities, and realestate loans. The proceeds of personal instalment cash loans are approximately 45 per cent, other retail instal- ordinarily used for consolidation of debts, medical attention, general personal expenditures, etc., and are sometimes secured by life inment paper and repair and modernization instal- surance policies or other collateral. Item 4(d), "Single-payment loans to individuals" should represent ment loans x6 per cent, and personal instalment the unpaid balance of all secured and unsecured loans, regardless of size, which are made to individuals and are by their terms repayable cash loans Z3 per cent. Monthly estimates of in full on demand or at maturity, except the following: Business loans, agricultural loans, loans for the purpose of purchasing or carrying consumer loans compiled from data reported by a securities, and real-estate loans. Single-payment loans to be reported against item 4(d) may be similar in purpose to any of the three classes sample of reporting banks, which are published of instalment loans required to be reported against items 4 (a), 4(b), and 4(c). MAY 1943 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER LOANS OF INSURED BANKS CONSUMER LOANS OF INSURED BANKS, DECEMBER 31, 1942 [In thousands of dollars] Other retail Classes of banks and geographic divisions l T oa o i n t n a s s l t a a p n l e m d r s e r o n e n t ta a i l l a in u s t R o ta e m l t m a o i b l e i n l t e i r p n e a s p p t a a e i l r r m a a e n n n d d t in P s e t r a s l o m n e a n l t Sing lo le a - n p s a y to ment paper paper modernization cash loans individuals instalment loans All insured commercial banks.. 12,269,025 280,422 329,307 402,720 1,256,576 Member banks—Total 1,847,172 211,425 277,685 284,876 1,073,186 Central reserve city banks. 365,715 13,069 59,983 46,264 246,399 Other reserve city banks 807,786 108,555 126,335 93,315 479,581 Country banks 673,671 89,801 91,367 145,297 347,206 Insured nonmember banks.. 421,853 68,997 51,622 117,844 183,390 New England 174,335 9,243 18,668 25,332 121,092 Maine 6,655 708 392 901 4,654 New Hampshire 4,396 293 242 969 2,892 Vermont 6,657 884 436 1,069 4,268 Massachusetts 127,736 5,825 13,725 13,494 94,692 Rhode Island 4,538 543 555 911 2,529 Connecticut 24,353 990 3,318 7,988 12,057 Middle Atlantic 800,084 41,987 122,004 148,572 487,521 New York 474,775 18,200 73,779 84,702 298,094 New Jersey 94,865 6,670 17,652 22,488 48,055 Pennsylvania 230,444 17,117 30,573 41,382 141,372 East North Central 396,952 58,388 63,534 70,840 204.190 Ohio 142,789 20,613 15,951 33,891 72,334 TnHiana 35,635 5,593 4,732 4,907 20,403 Illinois 122,868 13,103 22,120 18,702 68,943 Michigan 63,248 15,958 16,953 9,175 21,162 Wisconsin 32,412 3,121 3,778 4,165 21,348 West North Central 189,397 31,711 37,636 21,731 98,319 Minnesota 53,807 8,214 19,911 6,788 18,894 Iowa 28,135 6,304 4,703 3,758 13,370 Missouri 75,072 9,277 8,100 6,394 51,301 North Dakota 3,178 957 590 641 990 South Dakota 4,129 1,270 664 577 1,618 Nebraska 9,196 1,635 1,735 1,510 4,316 Kansas 15,880 4,054 1,933 2,063 7,830 South Atlantic 258,864 33,477 26,230 58,426 140,731 Delaware 11,498 346 392 6,656 4,104 Maryland 32,753 2,435 3,607 4,414 22,297 District of Columbia.. 24,554 4,047 2,202 6,616 11,689 Virginia 77,130 12,864 9,295 15,593 39,378 West Virginia 17,288 1,691 703 3,659 11,235 North Carolina 38,085 3,105 1,955 9,562 23,463 South Carolina 5,674 726 590 1,221 3,137 Georgia 38,045 6,241 5,098 7,746 18,960 Florida 13,837 2,022 2,388 2,959 * 6,468 East South Central 104,409 10,087 10,984 16,486 66,852 Kentucky 31,628 2,250 1,517 4,148 23,713 Tennessee 41,679 4,775 6,642 6,866 23,396 Alabama 23,359 2,190 1,998 3,557 15,614 Mississippi 7,743 872 827 1,915 4,129 West South Central 110,800 17,484 8,779 22,965 61,572 Arkansas 9,310 1,301 583 1,115 6,311 Louisiana 16,292 1,140 1,372 3,277 10,503 Oklahoma 22,087 4,064 1,794 5,536 10,693 Texas 63,111 10,979 5,030 13,037 34,065 Mountain 28,858 6,752 6,287 6,203 9,616 Montana 2,711 555 507 713 936 Idaho 1,942 490 417 259 776 Wyoming 1,907 391 185 515 816 Colorado 8,390 2,073 948 1,689 3,680 New Mexico 2,064 309 380 453 922 Arizona 5,682 999 2,203 1,545 935 Utah 4,266 1,560 1,082 670 954 Nevada 1,896 375 565 359 597 Pacific 205,326 71,293 35,185 32,165 66,683 Washington 24,422 10,085 4,910 4,450 4,977 Oregon 24,275 6,497 2,129 1,848 13,801 California 156,629 54,711 28,146 25,867 47,905 1 Includes approximately $136,000,000 held by insured Morris Plan and other "industrial" banks. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Branch Directors Bank of Atlanta for the unexpired portion of On April 8, 1943 the Federal Reserve Bank the term ending December 31, 1945. of Dallas appointed Mr. John K. Hicks, Admissions of State Banks to Membership in the President and Manager of the Hicks-Hayward Federal Reserve System Company, El Paso, Texas, a director of the The following State banks were admitted to El Paso Branch for the unexpired portion of membership in the Federal Reserve System the term ending December 31, 1945. during the period March 16, 1943 to April 15, The Federal Reserve Bank of Cleveland, on 1943, inclusive: April 2.z, 1943, appointed Mr. Archie J. McFarland, President of the Wheeling Steel Illinois Corporation, Wheeling, West Virginia, a di- Hartsburg—Hartsburg State Bank rector of the Pittsburgh Branch for the unexpired portion of the term ending December 31, Kentucky 1943. Greensburg—The People's Bank The Board of Governors of the Federal Reserve System on April 13, 1943 announced the Ohio appointment of Mr. John J. Shaffer, Jr., sugar Defiance—The State Bank of Defiance Company planter of Ellendale, Louisiana, as a director of Fort Loramie—The Loramie Banking Company the New Orleans Branch of the Federal Reserve Marion—The Fahey Banking Company MAY 1943 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled April 20 and released for publication April 22. Figures shown on charts may differ from preliminary figures used in text. Industrial activity increased slightly in March ary level as new pipeline facilities for transport and prices of commodities advanced further. of petroleum products to the East Coast were Retail trade in March and the first half of April completed. was in large volume, although reduced from the Output of important nondurable manufactures February peak. was maintained in March. In most branches of the wool textile industry production in- INDUSTRIAL PRODUCTION creased to new high levels in February and The Board's seasonally adjusted index of March following a Federal order allowing an industrial production advanced from 2.02. per increase in wool consumption for the manufaccent of the 1935-39 average in February to 103 ture of civilian fabrics. in March. The rise in total output continued The value of construction contracts awarded to reflect chiefly increased production in the in March, according to figures of the F. W. machinery and transportation equipment indus- Dodge Corporation, continued at a level contries producing armaments. At merchant ship- siderably lower than that for the year 1941, yards 146 ships were delivered in March. Com- reflecting chiefly the fact that the construction pletions totaled 1,516,000 deadweight tons, an phase of the war program has been largely comannual rate of more than 18,000,000 tons. pleted. Awards for residential building de- Steel mills operated at peak levels. Produc- clined for the third consecutive month, while tion of lumber, however, increased less than contracts for public works were higher than in usual in March, continuing the gradual down- February. ward trend of production which began a year DISTRIBUTION ago. Retail sales, which generally increase from Output of fuels reached a new peak in March. February to March, showed little change this Bituminous coal production rose further. Crude year, following the buying wave that swept the petroleum output likewise exceeded the Febru- CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION 1 200 i 80 NONDURABLE / MANUFACTURES J / 180 TOTALj / 160 / OTHER t/J \A/'MACHINER^ a 140 - 120 MINERALS 100 V •v BO 1939 1941 1943 1939 1941 1943 Federal Reserve index. Monthly figures, latest shown is for March. 42.O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS country in February. At department stores, BANK CREDIT where increases in February had been particu- Excess reserves at all member banks, which delarly marked, sales declined in March and the creased during the latter half of March from 2..2. Board's seasonally adjusted index dropped from billion dollars to 1.5 billion, subsequently rose 167 to 135 per cent of the 192.3-15 average. to z.6 billion on April 19. In the first week of Despite this decline, the index continued above April, the increase resulted largely from subthe high level that prevailed in the latter part stantial Reserve Bank purchases of Government of last year. In the first half of April depart- securities; subsequently excess reserves were ment store sales increased by about the usual made available by a decline of a billion dollars seasonal amount, making allowance for the late in required reserves, which resulted primarily date of Easter this year. from large payments for Government securities Freight car loadings in March remained at the sold to bank customers. This shifted funds February level and other transportation activity from customers' deposits, subject to reserve, to was also maintained in large volume. exempted Government deposits. Government security holdings at reporting COMMODITY PRICES banks in 101 leading cities increased substan- Wholesale commodity prices averaged higher tially during the first two weeks of April followin March and the early part of April. Prices in ing declines in the latter part of March, which retail markets also increased further from had resulted mainly from bill sales by banks in February to March, with relatively sharp ad- New York and Chicago. Holdings of certifivances in food prices. cates, notes, and bonds increased over the four- On April 8 an Executive Order was issued week period ended April 14. Commercial loans directing that ceiling prices be placed on all at all reporting banks declined by about 2.10 commodities affecting the cost of living, that million. At New York City banks loans to further increases in ceilings be prevented except brokers and dealers increased steadily over the to the minimum extent required by law, and period, especially in the week of the fourteenth that excessively high prices be reduced. Fol- at the beginning of the War Loan Drive. Delowing this and announcements of particular posits, other than those of the U. S. Govern- Federal actions to safeguard the stabilization of ment, increased further in March and the early prices, including an order reducing railroad part of April, but were drawn down sharply freight rates, wholesale prices of some commodi- around the middle of April for purchases of ties declined and on April 16 were lower than at Government securities. the beginning of the month. MEMBER BANKS IN LEADING CITIES MEMBER BANK RESERVES AND RELATED ITEMS 24 1 - """""GOLD STOC 20 16 MEMBER BANK 12 - +~ MONEY IN CIRCUL^ ^" 1- '-'•"' 4 1939 1940 1941 1942 1943 JURY DEPOSITS . j^. \ 0 Demand deposits (adjusted) exclude U. S. Government and inter- 1938 1939 1940 1941 1942 bank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Wednesday figures, latest shown are for Apr. 21. Apr. 21. MAY 1943 42-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 42.5 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 42.6 Federal Reserve Bank statistics 42-7-43 x Guaranteed war production loans 431 Reserve position of member banks; deposits in larger and smaller centers 432. Money in circulation 433 Gold stock; Postal Savings System; bank suspensions; bank debits... 434 All banks in the United States, number, deposits, loans and investments - 435 Condition of all member banks 436-437 Weekly reporting member banks 438-441 Commercial paper, bankers' acceptances, and brokers' balances 442. Money rates and bond yields 443 Security markets , 444-445 Corporate profits 446 Treasury finance 447-449 Government corporations and credit agencies , 450 Business indexes 451-459 Department store statistics 460-461 Consumer credit statistics 462.-463 Wholesale prices 464 Employment in nonagricultural establishments. . 465 Current statistics for Federal Reserve chart book... 466-467 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 trie 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 o£ the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. MAY 1943 42.3 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 J 0 16 MEMBER BANK RESERVE BALANCES 12 1937 1938 1939 1940 1941 1942 1943 Latest figures for Apr. 21. See page 425. 4M 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 Date c B o d e i u i l d s n l - s t- T U ot . a S l . se G T cu o r a b u e r v n i r i a l e d y t l s i r s e - n s me o A n th t l e l r o A th l e l r1 Total s G to o c ld k T s r t r c i e u o a e n u n r u n a g y c r t d - s y - - - M i c n t u o io c l n a n i e r - y - T c i h r u n a o e g r s l a y h s d s - - u F T B p r e w s y r o d a R e e i s e r n e d t a i v - h r k t e s e a s s - - l b m p N e o e r o m s n d i - t - e s - c O s F o e e a R t e u r r c h e v d a - n - e e l - t r s Tot b a a l lanc E e x s cess2 certificates Monthly averages of daily figures: 1942—Jan 4 2,251 7 2,244 148 2,402 22,741 3,252 11,105 2,209 467 1,389 12,936 3,446 Feb.. 4 2,249 2,249 136 2,389 22,729 3,263 11,328 2,189 377 1,292 12,908 3,309 Mar 6 2,252 2,252 134 2,393 22,696 3,272 11,507 2,172 244 1,318 291 12,827 3,147 1943-Jan 8 5,953 1^852' 4,102 360 6,321 22,706 3,724 15,399 2,192 310 1,250 2^6 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 Mar 10 6,105 2,871 3,234 372 6,487 22,618 3,975 16,148 2,217 1,164 13,255 1,884 End of month figures: 1942-Jan. 31 4 2,243 2,243 123 2,369 22,747 3,259 11,175 2,196 361 1,428 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 Mar. 31. .. . 9 2,244 2,244 102 2,355 22,687 3,277 11,566 2,190 289 1,405 296 12,575 3,073 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 Mar. 31. ... 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Wednesday figures: 1942—June 3 6 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 1,358 293 12,653 2,783 June 10 6 2,568 252 2,316 135 2,708 22,717 3,310 12,176 2,213 92 1,333 293 12,629 2,782 June 17 5 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,189 160 1,277 304 12,706 2,791 June 24 5 2,583 254 2,329 110 2,698 22,735 3,313 12,231 2,191 139 1,358 303 12.523 2,648 July 1 3 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 1,341 297 12,192 2,259 July 8 3 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 1,353 297 12,246 2,322 July 15. 4 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 1,302 295 12,042 2,065 July 22. 5 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 1,347 295 12,551 2,296 July 29 5 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 1,411 296 12,545 2,196 Aug. 5 5 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 1,333 295 12,602 2,246 Aug. 12 5 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 1,331 296 12,709 2,381 Aug. 19 4 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 1,344 294 12,653 2,103 Aug. 26 5 3,389 1,011 2,378 131 3,525 22,747 3,337 13,057 2,219 176 1,338 293 12,526 2,342 Sept. 2 9 3,388 996 2,392 144 3,542 22,756 3,341 13,250 2,216 146 1,318 291 12,418 2,262 Sept. 9 13 3,502 1,100 2,403 188 3,703 22,745 3,343 13,389 2,205 214 1,290 290 12,402 2,348 Sept. 16.... 10 3,573 1,212 2,361 274 3,857 22,747 3,346 13,440 2,206 6 1,239 299 12,760 3,039 Sept. 23.... 9 3,395 1,025 2,370 178 3,581 22,750 3,349 13,519 2,200 485 1,292 298 11,886 2,034 Sept. 30.... 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Oct. 7 8 3,592 1,104 2,488 184 3,784 22,756 3,356 13,830 2,235 393 1,342 295 11,801 2,291 Oct. 14 11 3,809 1,101 2,708 222 4,042 22,758 3,359 13,932 2,228 123 1,283 291 12,303 2,713 Oct. 21 7 4,225 1,111 3,114 261 4,494 22,745 3,363 13,995 2,238 521 1,254 290 12,304 2,352 Oct. 28 9 4,441 1,137 3,304 127 4,578 22,739 3,366 14,082 2,249 372 1,448 286 12,246 2,158 Nov. 4 11 4,551 1,064 3,486 119 4,680 22,739 3,369 14,312 2,260 361 1,363 283 12,211 2,118 Nov. 11 10 4,658 1,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18 8 4,695 1,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25 10 4,843 1,117 3,725 229 5,083 22,742 3,377 14,648 2,239 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 Tan. 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 1,179 276 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 Mar. 31. . 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Apr. 7 13 6,549 3.516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 1,976 Apr. 14. 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,14-4 2,158 Apr. 21.. 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,344 1 Includes industrial advances shown separately in subsequent tables 2 En__d_ o Df I mmoonnthtn aannda Wweedanneessdaaayy fnigguurreess eessttiimmaatteedd.. NOTE.—For description offigures 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 C(tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. MAY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. 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. 10(b)J callable in one year advances secured by or less (Sec. 13) eligible paper To noomember banks To others (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 N Ph e i w la d Y e o lp rk hia 2 O Oc c t t . . 3 17 0 , , 1 1 9 9 4 4 2 2 A M u a g r . . 2 25 1 , , 1 1 9 9 3 4 9 2 O O c c t t . . 3 1 0 7 , , 1 1 9 9 4 4 2 2 M Au a g r . . 2 2 1 5 , , 1 1 9 9 3 4 9 2 2 2 Y& O O c c t t . . 3 1 0 7 , , 1 1 9 9 4 4 2 2 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Yi Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 2Vo Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 2 Oct. 15, 1942 C St h . ic L a o g u o is O O c c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 M Fe a b r . . 2 1 8 4 , , 1 1 9 9 4 4 2 2 M Au a g r . . 1 2 4 9 , , 1 1 9 9 4 4 2 2 1 1 S S e e p p t t . . 1 1 6 , , 1 1 9 9 3 3 9 9 2 2 O Oc c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 M K D Sa a a i n n n l l n s a F a e s r s a . a p n C o c i l i t i s . y s co ... O O O O c c c c t t t t . . . . 2 3 2 1 8 7 0 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 M M A A p p a a r r r r . . . . 2 2 1 4 8 1 1 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 O O O O c c c c t t t t . . . . 2 3 2 1 8 0 7 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 ^ 2 2 2 2 1 1 1 L M S S A e e p a p p r r t . t . . . 2 1 1 4 8 6 6 , , , , 1 1 1 1 9 9 9 9 4 4 3 3 2 2 9 9 2 2 2H O O O O c c c c t t t t . . . . 3 2 2 1 0 8 7 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 Federal Farm Mortis of Federal Inter- Federal Reserve Act toe^a=n^^^^ and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last 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 A a p t r e . o 3 n 0 In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect April 30. Per cent per annum] To industrial or Treasury billsl Apr. 30, 1942 commercial To financing institutions Bankers' acceptances :2 businesses 1- 90 days Oct. 20, 1933 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s 1 d d o o Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M r i e n a i s m u u ry m b b il u l y s in o g ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces co m m O e m n n t i s t- fo p r o O w rt h n io ic n h m O a n i n r i e n - g m O it n m c e o n m ts institu- portion MEMBER BANK RESERVE REQUIREMENTS tion is obligated [Per cent of deposits! Boston Net demand deposits1 Time New York deposits Philadelphia.. YrVA C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co ba u n n k tr s y m ba e n ( m a k l b s l e ) r R A C C i h l t c e l i a h v c n a m e g l t a a o o n n d d Y K 2 i - M VA St. Louis June 21, 1917-Aug. 15, 1936.. 13 10 Aug. 16, 1936-Feb. 28,1937.. 193^ 15 Minneapolis.. Mar. 1, 1937-Apr. 30, 1937.. 22M 17 Kansas City.. 2lA-5 May 1, 1937-Apr. 15, 1938 . 26 20 14 Dallas Apr. 16, 1938-Oct. 31, 1941 . 22^ 17 12 San Francisco 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 4 c 4 t 2 2 . - - S 3 O e , c p t 1 . t . 9 1 4 2 3 2 , , . 1 19 9 4 4 2 2. . 2 2 2 0 4 2 2 2 0 0 1 1 1 4 4 4 2 3 1 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 . le p s a s r c ti o c m ip m at i i t o m n e n w t i t 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. 432 for explanation of method of computing lower. net demand deposits. 5 Financing institution is charged XA per cent on undisbursed portion of loan under commitment. MARGIN REQUIREMENTS^ MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by 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 g a o e c f c A o G r c d o t a v n e o c r f n e 1 o 9 r w s 3 i 4 o th 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 ff o 1 e 9 v c 3 . t 7 i 1 v , e the Board of Gove [ r P n N e o r o r s v c . e u n 1 n t , d 1 p e 9 r e 3 r p 3 a r - o n v n i u s F m i e o b ] n . s 1 o , f 1 R 93 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 55 40 Savings deposits 18 For short sales, under Regulation T 2 50 Postal savings deposits... For loans by banks on stocks, under Regulation U.... 40 Ot I h n e r 6 d m ep o o n s th it s s o p r a y m a o bl r e e : — 2Y2 2JI 1 Regulations T and U limit the amount of credit that may be extended on In 90 days to 6 months. 2Y2 a security by prescribing a maximum loan value, which is a specified In less than 90 days. ... 2Y2 percentage of its market value at the time of the extension; the "margin 1 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 Regulation T was the margin "customarily re- same as those in effect for member banks. Under Regulation Q the rate quired" by the broker. 3 Regulation 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. 4x6 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 1942 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar. Feb. Mar. Assets Gold certificates on hand and due from U. S. Treasury 20,274,91520,294,41720,337,416 2200,,371,41220,392,664 3,406,666 3,443,17820,449,17920,371,41220,439,279 20,481,915 Redemption fund—F. R. notes.. 41,083 42,245 40,708 41,990 42,104 40,835 40,972 36,232 41,990 36,591 12,947 Other cash 353,514 359,266 361,702 371,270 397,679 390,639 369,503 374,144 371,270 383,087 325,868 Total reserves 20,669,51220,695,928 20,739,82620,784,67220,832,44720,838,14020,853,65320,859,55520,784,67220,858,95720,820,730 Bills discounted: For member banks 11,133 10,938 12,280 10,221 7,507 7,693 6,248 9,234 10,221 11,557 1,851 Fornonmember banks, etc. 1,000 1,000 2,500 2,500 2; 500 2,500 2,500 2,500 4,000 Total bills discounted.... 11,133 11,938 13,280 12,721 10,007 10,193 8,748 11,734 12,721 15,557 1,851 Industrial advances 14,590 13,771 12,947 12,658 12,670 12,968 13,319 13,040 12,658 13,192 S.802 U.S. Government securities: Direct: Bonds 2,016,551 2,034,351 2,027,251 1,983.651 2,056,951 2,124,145 2,227,369 2,310,619 1,983,651 2,367,102 1,550,136 Notes 956,700 956,700 953,200 957,100 968,000 998,200 1,071,300 1,152,800 957,100 1,190,125 690,500 Certificates: Special one-day.. 512,000 981.000 632,000 Other 997,375 997,375 983,375 "849^675 815,275 814,775 788,875 788,875 849,675 788,875 Bills: Under repurchase option 1,182,459 1,545,071 1,473,027 1,240,286 893,654 718,464 824,601 895,412 1,240,286 859,849 Other 1,122,338 1,117,690 1,059,977 846,227 662,391 587,592 501,275 602,550 846,227 615,423 Guaranteed 53,491 53,491 52,191 42,191 42,191 42,191 44,691 49,476 42,191 49,476 3,600 Total U.S. Government securities, direct and guaranteed 6,328,914 6,704,678 6,549,021 5,919,130 5,950,462 6,266,367 6,090,111 5,799,732 5,919,130 5,870,850 2,244,236 Other Reserve Bank credit outstanding 360,237 373,357 272,514 246,942 307,290 409,182 278,315 305,653 246,942 396,492 93,009 Total Reserve Bank credit outstanding... 6,714,874 7,103,744 6,847,762 6,191,451 6,280,429 6,698,710 6,390,493 6,130,159 6,191,451 6,296,091 2,354,1 Liabilities F.R. notes in actual circulation. 12,969,90612,905,49412,839,09212,758,496 12,607,686 12,651,36812,705,33612,672,08712,758,496 12,627,431 8,634,683 Deposits: Member bank—reserve account 12,318,15613,143,680 13,110,156 12,759,300 13,084,369 13,515,70213,121,62812,934,77212,759,30013,066,51312,574,520 U. S. Treasurer—general account 471,488 128,040 213,257 54,843 5,711 6,067 4,808 14,227 54,843 130,596 289,193 Foreign 911,865 915,252 876,420 879,395 899,682 866,617 896,820 851,281 879,395 826,581 776,301 Other deposits 460,489 460,874 298,964 287,085 285,280 262,497 282,662 289,653 287,085 284,149 628,236 Total deposits 14,161,99814,647,84614,498,79713,980,62314,275,04214,650,88314,305,91814,089,933 13,980,623 14,307,839 14,268,250 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 76.2 75.1 75.9 76.3 77.2 77.9 77.7 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollarsl Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o d n a t y h s s 6 1 m y o e n a th r s 2 1 y y e e a a r r s 2 5 y y e e a a r r s s 5 O y v e e a r rs Bills discounted: Mar. 24 10,007 8,758 1,049 200 Mar. 31 12,721 11 422 999 300 Apr. 7 13,280 5,653 6,752 175 700 Apr. 14 11,938 6 533 5 305 100 Apr. 21 11,133 7,703 2,630 100 700 Industrial advances: Mar. 24 12,670 8,857 242 145 569 1,023 955 699 180 Mar. 31 12,658 9,199 173 144 326 1,155 795 685 181 \\)v. 7 12,947 9 619 279 206 242 1,016 733 675 177 Apr. 14 13,771 9,544 220 223 1,230 1,000 713 663 178 Apr. 21.. 14,590 11,330 156 239 218 992 827 650 178 U. S. Government securities, direct and guaranteed: Mar. 24.. .... 5,950,462 652,794 104,452 907,262 766,977 351.010 441,200 352,500 808,571 1,565,696 Mar. 31 I 5,919,130 92,956 268,140 1,171,939 822,318 475,010 446,700 348,500 820,671 1,472,896 Apr. 7 6,549,021 226,539 588,967 935,628 1,026,770 524,050 562,400 348,100 877,621 1,458,946 Apr. 14 6,704,678 285,155 646,362 856,216 1,213,640 437,338 571,400 351,100 883,221 1,460,246 Apr. 21 6,328,914 489,839 463,130 865,785 947,743 314,250 571,400 351,100 883,221 1,442,446 MAY 1943 42-7 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 Lo St u . is M a i p n o n l e i; 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: Mar. 24... 20,392,66- 1,183,0556,159,255 ,235,72* 1,888,43( 1,017,299 853,528 3,562,25: 615,220443,636 703,781563.26C2,167,208 Mar. 31 20,371,41! 1,187,6806,074,631 ,234,19* 1,892,1201,028,803 887,4313,536,642 614,024472,181 733,480576,41 2,133,806 Apr. 7 20,337,41* 1,179,45! 6,003,81 ,249,92. 1,863,3741,029,808 871,9553,630,732 610,322462,290 732,146582,9442,120,644 Apr. 14 20,294,41' 1,286,2855,485,847 ,281,21' 1,892,4931,059,935 894,07i 3,647,023 623,446477,151 764,640596,9952,285,309 Apr. 21 20,274,91^ 1,226,7865,464,037 ,322,12*1,893, 1,067,044 884,7323,697,950 634,698466,360 751,934 596,1202,269,241 Redemption Fund— Federal Reserve notes: Mar. 24 42,104 2,477 1,587 5,302 852 8,11 2,241 1,565 10,934 98 659 69' 7,578 Mar. 31 41,990 2,41 1,385 6,182 786 7,415 2,186 1,495 10,912 341 642 683 7,544 Apr. 7 40,708 2,359 1,165 6,072 719 6,822 2,129 1,417 10,891 333 625 666 7,510 Apr. 14 42,245 2,298 1,920 5,93 646 8,101 2,070 1,340 10,867 327 609 650 7,480 Apr. 21 41,08. 2,248 1,723 5,832 584 7,542 2,019 1,279 10,845 320 596 638 7,457 Other cash: Mar. 24 397,679 44,843 90,726 26,528 44,743 19,706 18,859 53,501 18,460 8,317 12,736 10,818 48,442 Mar. 31 371,270 40,146 86,032 24,944 42,799 20,125 18,009 49,854 16,977 8,457 12,075 9,626 42,226 Apr. 7 361,702 35,680 86,946 25,144 42,745 18,136 15,633 48,191 16,833 7,821 12,386 9,515 42,672 Apr. 14 359,266 34,928 87,816 24,478 39,876 19,229 17,302 46,404 15,807 7,742 11,623 10,351 43,710 Apr. 21 353,51 33,271 88,667 23,730 39,366 18,24' 17, 44,479 16,077 7,703 11,409 9,593 43,892 Total reserves: Mar. 24 20,832,44' 1,230,3756,251,5681,267,5581,934,034 1,045,119 874,6283,617,321 644,614452,051 717,176574,7752,223,228 Mar. 31 20,784,672 1,230,2456,162,0481,265,3241,935,7051,056,343 907,6253,587,991 641,913480,979 746,197586,7262,183,576 Apr. 7 20,739,821 1,217,4986,091,9281,281,14 1,906,8381,054,766 889,7173,680,340 638,046470,444 745,157593,1252,170,826 Apr. 14 20,695,9281,323,5115,575,583 1,311,6321,933,01 1,087,265 913,4483,694,767 650,120485,220 776,872607,9962,336,499 Apr. 21 20,669,512 1,262,3055,554,4271,351,6901,933,8351,092,833 903,8313,743,708 661,620474,383 763,939606,3512,320,590 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Mar. 24 7,505 3,440 3,650 150 125 Mar. 31 10,220 2,525 5,315 215 1,000 1,000 125 Apr. 7 12,280 1,775 7,825 465 50 2,000 12. Apr. 14 10,938 2,625 7,428 565 100 55 125 Apr. 21 11,133 1,750 4,528 385 250 55 4,000 125 Other bills discounted: Mar. 24 2,502 1,068 238 230 108 88 305 190 Mar. 31 2,501 1,068 238 230 108 305 190 Apr. 7 1,000 427 95 92 43 122 76 Apr. 14 1,000 427 95 92 43 122 76 Apr. 21 Total bills discounted: Mar. 24 10,007 3,440 4,718 388 270 208 88 305 200 190 Mar. 31 12,721 2,525 6,383 453 270 108 1,087 1,305 200 190 Apr. 7 13,280 1,775 8,252 560 132 93 2,035 122 155 76 Apr. 14 11,938 2,625 7,855 660 132 143 90 122 155 76 Apr. 21 11,133 1,750 4,528 385 40 250 55 4,000 125 Industrial advances: Mar. 24 12,670 991 4,506 1,199 514 367 290 369 3,711 Mar. 31 12,658 1,461 4,299 1,181 512 370 215 134 3,773 Apr. 7 12,94 1,452 4,67 1,151 492 371 224 44 3,823 Apr. 14 13,771 1,452 608 4,614 1,099 491 355 184 1,043 3,821 Apr. 21... 14,590 1,548 606 4,495 1,202 491 353 210 1,563 4,025 U. S. Government securities, direct and guaranteed: Bonds: Mar. 24... 2,081,667 153,831 549,002 163,011 195,510 128,678 94,102 259,900 100,339 60,562 98,806 81,868 196,058 Mar. 31 2,008,367 148,372 530,958 157,468 188,?0 123,731 90,640 250,156 96,685 58,494 95,351 78,945 188,664 Apr. 7 2,051,967 149,629 512,899 155,599 197,022 127,745 104,102 267,265 97,526 61,274 98,066 81,674 199,166 Apr. 14 2,060,36' 150,252 516,219 156,435 197,913 128,015 104,248 267,831 97,880 61,535 98,471 81,968 199,600 Apr. 21 2,042,567 148,954 511,634 155,064 196,195 126,935 103,376 265,571 97,038 61,001 97,620 81,264 197,915 Notes: Mar. 24 985,475 72,824 259,903 77,168 92,555 60,919 44,549 123,036 47,502 28,669 46,776 38,758 92,816 Mar. 31 974,57. 72,001 257,653 76,414 91,667 60,040 43,982 121,389 46,917 28,384 46,272 38,306 91,550 Apr. 7 980,675 71,510 245,125 74,362 94,161 61,053 49,752 127,730 46,609 29,283 46,870 39,035 95,185 Apr. 14 984,175 71,771 246,582 74,726 94,539 61,149 49,797 127,933 46,753 29,391 47,037 39,155 95,342 Apr. 21 984,175 71,769 246,522 74,71 94,533 61,162 49,811 127,960 46,757 29,393 47,037 39,157 95,359 Certificates: Mar. 24 1,327,275 98,083 350,045 103,937 124,658 82,045 59,999 165,713 63,976 38,614 62,999 52,199 125,007 Mar. 31 849,675 62,771 224,631 66,619 79,919 52,347 38,347 105,833 40,904 24,747 40,340 33,399 79,818 Apr. 7 983,375 71,708 245,799 74,568 94,420 61,220 49,890 128,083 46,738 29,365 46,996 39,141 95,447 Apr. 14 997,375 72,734 249, J 75,727 95,805 61,969 50,464 129,651 47,381 29,788 47,667 39,678 96,622 Apr. 21 997,375 72,734 249,828 75,717 95,801 61,982 50,478 129,677 47,383 29,787 47,667 39,680 96,641 Bills: Mar. 24 1,556,045 69,141 566,249 58,434 67,000 53,399 31,792 355,570 154,494 31,031 53,384 25,962 89,589 Mar. 31 2,086,513 89,329 863,157 82,006 89,734 69,568 48,744 338,442 188,744 31,142 70,371 33,197 182,079 Apr. 7 2,533,004 107,407 ,049,742 97,274 111,415 86,997 63,049 491,532 188,991 34,698 71,930 41,792 188,177 Apr. 14 2,662,761 91,330 ,335,709 110,830 121,131 87,110 63,558 336,186 191,713 34,584 64,659 44,249 181,702 Apr. 21 2,304,797 86,410 051,399 100,419 111,485 81,986 63,907 317,679 185,772 34,889 76,354 44,593 149.904 4x8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C s a a it n s y - Dallas F c S r is a a c n n o - Under repurchase option: Mar. 24.... 893,654 18,108 392,149 6,740 5,000 12,592 1,950 273,150 122,675 11,825 22,050 27,415 Mar. 31 1,240,286 26,938 639,887 15,790 10,300 16,838 9,630 233,250 148,088 6,545 30,275 102,745 Apr. 7 1,473,027 30,843 787,295 17,655 10,600 21,631 9,780 344,775 139,088 3,345 21,750 86,265 Apr. 14 1,545,071 10,218 ,057,033 26,380 14,100 13,802 7,280 190,800 138,643 1,365 11,500 73,950 Apr. 21... Other bills: Mar. 24 662,391 51,033 174,100 51,694 62,000 40,807 29,842 82,420 31,819 19,206 31,334 25,962 62,174 Mar. 31 846,227 62,391 223,270 66,216 79,434 52,730 39,114 105,192 40,656 24,597 40,096 33,197 79,334 Apr. 7 1,059,977 76,564 262,447 79,619 100,815 65,366 53,269 146,757 49,903 31,353 50,180 41,792 101,912 Apr. 14 1,117,690 81,112 278,676 84,450 107,031 73,308 56,278 145,386 53,070 33,219 53,159 44,249 107,752 Apr. 21... CJ. S. Government securities, direct and guaranteed: Total 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 Mar. 31 5,919,130 372,4731,876,399 382,507 450,223 305,686 221,713 815,820 373,250142,767 252,334183,847 542,111 Apr. 7 6,549,021 400,2542,053,565 401,803 497,018 337,015 266,7931,014,610 379,864154,620 263,862201,642 577,975 Apr. 14 6,704,678 386,0872,348,399 417,718 509,388 338,243 268,067 861,601 383,727155,298 257,834205,050 573,266 Apr. 21 6,328,914 379,8672,059,383 405,915 498,014 332,065 267,572 840,887 376,950155,070 268,678204,694 539,819 Total bills and securities: Mar. 24 5,973,139 398,3101,730,525 407,444 481,192 325,763 230,897 904,603 366,393159,221 262,404199,016 507,371 Mar. 31 5,944,509 376,4591,883,390 387,259 451,674 306,306 223,170 817,194 373,332143,037 252,538184,076 546,074 Apr. 7 6,575,248 403,4812,062,425 407,040 498,301 337,600 269,1991,014,801 379,901154,866 263,934201,826 581,874 Apr. 14 6,730,387 390,1642,356,862 422,992 510,619 338,877 268,512 861,792 383,764155,504 258,905205,233 577,163 Apr. 21 6,354,637 383,1652,064,517 410,795 499,256 332,806 267,980 844,956 376,950155,280 270,241204,847 543,844 Due from foreign banks: Mar. 24 47 3 *18 5 4 2 2 6 1 1 1 4 Mar. 31 47 *18 4 6 1 1 1 4 Apr. 7 47 3 J18 4 2 1 6 1 1 1 4 Apr. 14 47 *18 5 4 1 1 6 1 1 1 4 Apr. 21 47 3 *18 5 4 2 2 6 1 1 1 4 Federal Reserve notes of other banks: Mar. 24... 70,613 1,457 11,538 2,197 3,271 8,538 6,860 8,683 5,433 2,696 6,567 2,258 11,115 Mar. 31 65,143 1,572 9,707 2,181 2,432 7,971 5,922 7,355 4,579 1,583 7,069 2,288 12,484 Apr. 7 51,676 1,349 5,464 1,736 1,980 7,112 4,137 8,195 3,647 1,615 6,604 2,215 7,622 Apr. 14 53,726 1,208 8,003 1,788 2,320 6,494 5,244 6,405 4,649 1,358 6,247 2,908 7,102 Apr. 21 54,183 1,059 8,562 2,039 2,629 5,638 5,143 6,214 4,838 1,694 6,690 2,945 6,732 Uncollected items: Mar. 24 1,594,956 128,100 344,539 84,914 174,108 124,347 89,612 217,929 64,815 35,893 82,002 70,224 178,473 Mar. 31 1,438,578 125,804 320,719 84,378 180,338 108,612 67,705 202,691 64,463 29,131 69,587 50,967 134,183 Apr. 7 1,351,059 125,633 292,321 75,250 145,593 96,976 63,230 192,012 60,397 31,129 73,744 51,475 143,299 Apr. 14 1,897,936 197,160 411,352 121,459 241,918 132,289 102,511 258,426 83,250 37,596 78,249 67,140 166,586 Apr. 21 1,660,233 153,931 333,664 81,525 193,693 114,989 104,515 248,303 77,927 35,368 73,779 69,232 173,307 Bank premises: 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 Mar. 31 39,05 2,708 9,788 4,719 4,298 3,030 1,715 2,902 2,099 1,302 2,790 1,033 2 673 Apr. 7 39,03 2,708 9,768 4,719 4,298 3,030 1,715 2,902 2,099 1,302 2,784 1,033 2^673 Apr. 14 39,00 2,708 9,768 4,719 4,298 3,030 1,685 2,902 2,099 1,302 2,784 1,033 2,673 Apr. 21 38,99 2,708 9,768 4,719 4,289 3,030 1,684 2,902 2,099 1,302 2,784 1,033 2,673 Other assets: 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,c29 Mar. 31 74,62 5,038 18,835 5,657 8,257 4,744 3,250 9,606 3,535 2,213 3,647 2,988 6,853 Apr. 7 76,76 5,167 18,654 5,690 8,724 4,913 3,701 9,802 3,623 2,304 3,687 3,149 7,354 Apr. 14 79,96 5,251 19,338 6,407 8,897 5,236 3,790 9,960 3,667 2,347 3,772 3,757 7,538 Apr. 21 74,29 4,817 17,963 5,451 8,447 4,967 3,560 9,308 3,406 2,279 3,476 3,038 7,579 Total assets: Mar. 21 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 Mar. 31 28,346,62 1,741,8298,404,5051,749,5232,582,7081,487,0081,209,3894,627,7451,089,922658,2451,081,829828,0792,885,847 Apr. 7 28,833,65 1,755,8398,480,5781,775,5812,565,7381,504,3991,231,7014,908,0581,087,714661,6601,095,911852,8242,913,652 Apr. 14 29,496,98 1,920,00. 8,380,9241,869,0022,701,0711,573,1931,295,1924,834,2581,127,550683,3271,126,830888,0683,097,565 Apr. 21 28,851,89 1,807,9887,988,9191,856,2242,642,1531,554,2651,286,7154,855,397 1,126,841670,3061,120,910887,4473,054,729 Liabilities Federal Reserve notes in actual circulation: 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 Mar. 31 12,758,49 925,6862,821,925 899,8201,176,539 821,352 619,5512,506,261 544,324323,086 455,875284,8901,379,187 Apr. 7 12,839,09 930,5562,839,415 905,3721,181,474 825,203 629,3882,519,578 546,794325,779 458,459284,8811,392,193 Apr. 14 12,905,49 934,4142,853,286 910,9031,190,599 826,962 630,2732,542,432 548,334327,580 458,436281,1081,401,167 Apr. 21.... 12,969,90 952,6352,863,376 921,0121,197,313 831,441 626,5972,559,890 547,695329,325 458,453281,7531,400,416 Deposits: Member bank—reserve account: Mar. 24.... 13,084,369 684,1294,617,116 677,7521,120,432 530,009 504,6981,941,249 444,572269,208 521,229483,6591,290,316 Mar. 31... 12,759,300 649,8814,590,346 654,4491,109,260 507,625 491,4311,791,026 442,434276,045 526,606465,4601,254,737 Apr. 7 13,110,156 666,2034,521,142 683,9671,107,666 527,628 510,3262,077,413 439,769276,721 535,351490,1051,273,865 Apr. 14.... 13,143,680 768,9534,327,945 721,7801,130,483 559,984 528,1971,907,479 448,683286,284 563,078511,1341,389,680 Apr. 21. 12,318,156 640,5343,930,936 705,1811,115,575 523,464 514,0961,877,297 427,767252,644 526,858492,1541,311,650 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks. MAY 1943 4x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Kan- San 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 Lo S u t. is M ap in o n li e s - C sa it s y Dallas F ci r s a c n o - U. S. Treasurer—general ac M co a u r n . t: 24 5,711 531 17 176 513 587 269 1,028 566 277 561 563 623 Mar. 31 54,843 515 50,382 98 563 526 252 837 247 248 294 193 688 Apr. 7 213,257 248 208,838 162 561 237 274 1,039 516 271 503 111 497 Apr. 14 128,040 256 123,266 373 306 586 307 552 589 243 560 1,002 Apr. 21 471,488 33,464 133,092 30,736 42,878 30,786 17,356 47,891 25,521 20,553 21,141 16,073 51,997 Foreign: Mar. 24 899,682 26,142 *440,085 71,829 69,561 32,512 26,463 92,244 22,683 16,634 21,171 22,683 57,675 Mar. 31 879,395 27,116 *431,615 69,716 67,514 31,556 25,685 89,530 22,015 16,145 20,548 22,015 55,940 Apr. 7 876,420 30,226 *414337 71,568 69,307 32,394 26,367 91,908 22,600 16,574 21,094 22,600 57,445 Apr. 14 915,252 23,237 H35',360 75,665 73,275 34,248 27,877 97,170 23,894 17,522 22,301 23,894 60,809 Apr. 21 911,865 25,388 922 75,987 73,587 34,394 27,995 97,583 23,996 17,597 22,396 23,894 61,126 Other deposits: Mar. 24 285,780 6,633 112,839 12,972 55,638 11,810 3,344 2,757 12,108 9,805 7,637 4,699 45,038 Mar. 31 287,085 5,984 115,995 12,899 57 161 12,182 3,376 3,098 10,229 9,799 11,065 3,472 41,825 Apr. 7 298,964 6,646 125,297 11,150 54339 13,179 3,621 5,579 11,388 9,340 3,139 2,673 52,613 Apr. 14 460,874 9,668 177,076 30,670 92457 14,115 11,305 9,011 24,055 13,371 4,095 3,520 71,531 Apr. 21 460,489 7,512 257,633 17,953 36,784 15,490 8,381 8,500 28,299 13,825 8,670 3,663 53,779 Total deposits: Mar. 24 14,275,042 717,435=5,170,057 762,7291,246 144 574,918 534,7742,037,278 479,929 295,924 550,598511,6041,393,652 Mar. 31 13980 623 683,4965,188 338 737 1621,234 498 551,889 520,744 1,884,491 474,925 302,237 558,513491,140 1,353,190 Apr. 7 14498 797 703,3235,269,614 766,8471,231 873 573,438 540,588 2,175,939 474,273302,906 560,087515,489 1,384,420 Apr 14 14647,846 802,1145,063,647 828,4881,296 521 608,933 567,6862,014,212 497,221317,420 590,034538,548 1,523,022 Apr. 21 14161998 706,8984,749,583 829 8571,268 824 604,134 567,8282,031,271 505,583304,619 579,065535,784 1,478,552 Deferred availability items: Mar. 24 1287 713 92,767 261 248 77515 146617 109,165 63,116 181,020 57,721 25,946 64,601 56,171 151,828 Mar. 31 1 191683 103,749 253030 75035 132912 95,172 53,775 183,539 56,964 22,022 53,973 39,106 122,406 Apr. 7 1078 592 93,019 229 774 65 738 113442 87,144 46,341 158,836 52,915 22,032 64,045 39,444 105,862 Apr. 14 1524 626 154,482 321 760 91 323 174902 118,533 81,814 223,820 68,189 27,365 64,862 55,391 142,185 Apr. 21 1300043 119,403 233,423 67 598 136966 99,977 76,827 210,424 59,783 25,380 68,958 56,824 144,480 Other liabilities, including accrued dividends: Mar. 24 8 837 4,328 1056 363 497 430 208 813 191 171 266 200 314 Mar. 31 5 582 689 1265 377 475 487 197 739 241 158 456 127 371 Apr. 7 6 138 694 1,576 431 573 463 231 901 224 175 287 164 419 Apr. 14 7667 737 1,902 1074 632 603 251 957 282 187 497 167 378 Apr. 21 7319 728 1,804 446 478 476 237 841 201 170 1,382 199 357 Total liabilities: Mar. 24 281792781,738,0648,228 0441,735 7112,567 2781,493,627 1,192,0354,708,345 1,073,538642,749 1,061,764837,6642,899,959 Mar. 31 279363841,713,6208,264 5581,712 3942,544 4241,468,9001,194,2674,575,030 1,076,454647,503 1,068,817815,2632,855,154 Apr. 7 28422 6191,727 5928,340 3791,738 3882,527 3621,486,2481,216,5484,855,254 1,074,206650,892 1,082,878839,9782,882,894 Apr. 14 29085 6331,891 7478,240 5951,831 7882,662 6541,555,0311,280,0244,781,421 1,114,026672,552 1,113,829875,2143,066,752 Apr. 21 28439 2661,779 6647,848 1861,818 9132,603 5811,536,0281,271,4894,802,426 1,113,262659,494 1,107,858874,5603,023,805 Capital accounts Capital paid in: Mar. 21 146911 9 530 53667 11681 15226 5,934 5,270 16,432 4,600 3,165 4,793 4,493 12,120 Mar. 31 146911 9520 53667 11685 15226 5,934 5,271 16,434 4,600 3,166 4,794 4,494 12,120 Apr. 7 146906 9 519 53654 11685 15229 5,934 5,271 16,435 4,600 3,166 4,795 4,494 12,124 Apr. 14 146927 9 519 53655 11685 15245 5,934 5,276 16,434 4,600 3,166 4,795 4,494 12,124 Apr. 21 146995 9 519 53 660 11685 15281 5,937 5,285 16,435 4,612 3,167 4,795 4,493 12,126 Surplus (section 7): Mar. 24 160411 11160 58001 15670 14 767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Mar. 31 160411 11 160 58 001 15670 14767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Apr. 7 160411 11160 58 001 15670 14767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Apr. 14 160411 11 160 58001 15670 14767 5,236 5,725 22,925 4,966 3,221 3,613 4,084 11,044 Apr. 21 160411 11160 58001 15670 14767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Surplus (section 13b): Mar. 24 26829 2874 7070 4 393 1007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Mar. 31 26,829 2874 7070 4 393 1007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Apr. 7 26,829 2874 7070 4 393 1007 3,244 717 1,429 530 1,000 1,137 1.307 2,121 Apr. 14 . 26829 2874 7,070 4 393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Apr. 21 26,829 2 874 7070 4 393 1007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: Mar. 24 71,416 4,278 19,912 4,995 6848 3,441 3,205 11,402 3,162 3,224 3,220 2,774 4,955 Mar. 31 76,094 4,655 21,209 5,381 7,284 3,694 3,409 11,927 3,372 3,355 3,468! 2,932 5,408 Apr. 7 76,890 4,694 21,474 5,445 7,373 3,737 3,440 12,015 3,412 3,381 3,488 2,962 5,469 Apr. 14 77,185 4,705 21,603 5,466 • 7,398 3,748 3,450 12,049 3,428 3,388 3,456| 2,970 5,524 Apr. 21 78,393 4,771 22002 5,563 7,517 3,820 3,499 12,182 3,471 3,424 3,507 3,004 5,633 Total liabilities and capita accounts: Mar. 24 28,584,84 1,765,9068,366,6941,772,4502,605,1261,511,482 1,206,9524,761,033 1,086,796653,359 1,074,527850,3212,930,199 Mar. 31 28,346,62 1,741,8298,404,5051,749,5232,582,7081,487,0081,209,3894,627,745 1,089,922658,245 1,081,829828,0792,885,847 Apr. 7 28,833,65 1,755,8398,480,5781,775,5812,565,7381,504,3991,231,7014,908,058 1,087,714t(A, 66C1,095,911852,8242,913,652 Apr. 14 29,496,98 1,920,0058,380,924 1,869,0022,701,0711,573,1931,295,1924,834,258 1,127,550683', 3271,126,830888,0683,097,565 Apr. 21 28,851,89 1,807,9887,988,9191,856,2242,642,153 1,554,2651,286,7154,855,397 1,126,841670,306 1,120,910887,4473,054,729 Commitments to make industrial advances: Mar. 24 11,76 86 2 1,316 561 1,039 110 1,685 2,706 4,233 Mar. 31 13,14 1,024 2 1,497 544 1,042 108 1,685 2,941 4,275 Apr. 7 13,32 1,01 2 1,514 530 1,092 108 1,783 3,031 4,220 Apr. 14 12,33 1,01 2 1,509 54. 1,10 10 1,783 2,031 4,215 Apr. 21 11,66 918 2 2,052 24( 1,147 10 1,783 1.51C 3,878 1 After deducting $456,060,000 participations of other Federal Reserve Banks on Mar. 24; $443,508,000 on Mar. 31; $455,166,000 on Apr. 7; $478- 833,000 on Apr. 14; and $480,319,000 on Apr. 21. 43° 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: Mar. 24 13,253,160 971,8972,937,547 923,6031,220,477 846,457 650,8692,570,298 568,169 327,595 466,891 300,070 1,469,287 Mar. 31 13,314,525 976,7742,944,992 926,706 1,222,707 850,236 661,0082,576,955 571,632 329,277 469,484 309,706 1,475,048 Apr. 7 13,369,115 975,0842,957,986 930,9041,224,978 852,486 666,1612,589,489 573,321 331,764 472,729 311,5981,482,615 Apr. 14 13,429,537 975,705 2,966,642 937, 9^58 1,230,381 856,397 671,936 2,602,739 575,428 333,843 474,399 312,5271,491,582 Apr. 21 13,491,418 990,5652,974,222 946,472 1,237,530 860,542 676,7372,612,972 574,574 335,298 474,325 311,5991,496,582 Held by Federal Reserve Bank: 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 Mar. 31 556,029 51,088 123,057 26,886 46,168 28,884 41,457 70,694 27,308 6,191 13,609 24,816 95,861 Apr. 7 530,023 44,528 118,571 25,532 43,504 27,283 36,773 69,911 26,527 5,985 14,270 26,717 90,422 Apr. 14 524,043 41,291 113,356 27,055 39,782 29,435 41,663 60,307 27,094 6,263 15,963 31,419 90,415 Apr. 21 521,512 37,930 110,846 25,460 40,217 29,101 50,140 53,082 26,879 5,973 15,872 29,846 96,166 In actual circulation:1 Mar. 24 12,607,686 923,5342,795,683 895,106 1,174,020 809,114 593,9372,489,734 535,697 320,708 446,299 269,689 1,354,165 Mar. 31 12,758.496 925,686 2,821,925 899,820 ,176,539 821,352 619,5512,506,261 544,324 323,086 455,875 284,890 1,379,187 Apr. 7 12,839,092 930, ,839,415 905,3721,181,474 825,203 629,388 2,519,578 546,794 325,779 458,459 284,8811,392,193 A A p p r r . . 2 1 1 4 1 1 2 2 , , 9 9 6 0 9 5 , . 9 4 0 9 6 4 9 9 5 3 2 4 , ,4142, , 8 8 5 6 3 3 , , 2 3 8 7 6 6 9 9 2 1 1 0 , , 0 9 1 0 2 3 1 1 , , 1 1 9 9 7 0 , , 3 5 1 9 3 9 8 8 3 2 1 6 , ,9 4 6 4 2 1 6 63 2 0 6 , ,5 2 9 7 7 3 2 2 , , 5 5 5 4 9 2 , , 8 4 9 3 0 2 5 5 4 4 7 8 , , 6 3 9 3 5 4 3 3 2 2 7 9 , , . 325 4 4 5 5 8 8 , , 4 43 5 6 3 2 2 8 8 1 1 , , 7 10 5 8 3 1 1, , 4 4 0 0 0 1 , , 4 1 1 6 6 7 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 24... 12,953,000 936 ,960,000 850,000 ,230,000 737,000 630,000 2,620,000 400,000 330,000 470,000 306,0001,484,000 Mar. 31 12,998,000 936,0002,960,000 850,0001,230,000 737,000 645,000 2,620,000 400,000 330,000 470,000 316,000 1,504,000 Apr. 7 13,046,000 936, ,985,000 850,0001,230,000 747,000 645,0002,620,000 400,000 335,000 475,000 319,0001,504,000 Apr. 14 13,076,000 936, ,985,000 850,000 1,240,000 747,000 645,0002,640,000 400,000 335,000 475,000 319,0001,504,000 Apr. 21 13,146,000 941,000 3,000,000 850,0001,240,000 757 000 660,0002,640,000 400,000 340,000 475,000 319,000 1,524,000 Eligible paper: Mar. 24 7,340 3,440 3,650 150 100 Mar. 31 8,055 2,525 5,315 215 Apr. 7 10,115 1,77. 7,825 465 50 Apr. 14.... 10,719 2,625 7,429 565 100 Apr. 21 6,913 1,750 4,528 385 250 U. S. Government securities: Mar. 24 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Mar. 31 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Apr. 7 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Apr. 14 505,000 50,000 100,000 125,000 30,000 195,000 5,000 Apr. 21 525,000 50,000 100,000 125,000 50,000 195,000 5,000 Total collateral: Mar. 24 13,465,340 989, ,963,650 950, 150 1,230,000 862,100 660,0002,620,000 595,000 330,000 475,000 306,0001,484,000 Mar. 31 13,511,055 988,5252,965,315 950,2151,230,000 862,000 675,0002,620,000 595,000 330,000 475,000 316,0001,504,000 Apr. 7 13,561,115 987, 775 2,,992,825 950,4651,230,000 872,050 675,0002,620,000 595,000 335,000 480,000 319,0001,504,000 Apr. 14 13,591,719 988,625 2,992,429 950,5651,240,000 872,100 675,0002,640,000 595,000 335,000 480,000 319,0001,504,000 Apr. 21 13,677,913 992,7503,004,528 950,3851,240,000 882,250 710,0002,640,000 595,000 340,000 480,000 319,0001,524,000 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 l D e a d s a p t n t e e e d r s i a o ( d y l d a a ) y o s t f or Nu A m p a b p p e l r p i r c o a v A ti e o m d n o s unt ' b a p p m c u r l A o e t o o m P t v n u e - e - o d n d t 1 t) s ( t a v a m a o A n n o u d d c u t i - - e n n s g t) 2 s a t ! m a m o o n m e o u d n u m t i - t n n s i g t t ) - ( s P a p t m a a a o r t n u o t i d i o t u - c i n n n i s - t g ) BAN [A K G m S u o a u a r U n u a t t N n s h t o D e n r e E i d z t R h e l d o o u a R s n E a s n G ds U G o L u f A a o d r u T a o t n s I ll t O t a a e r n N e s d d ] in l V o g ans a A v d ai d l i a t b io le n a t l o borrowers 1934 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 7 5 6 2 1 2 , , , 9 2 4 9 0 8 3 6 0 1 1 1 2 3 5 4 9 0 , , , 4 8 9 9 2 8 3 9 7 1 8 3 1 , , , 2 3 5 2 6 48 9 6 3 2 2 2 0 5 , , , 4 2 5 9 1 2 3 6 6 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 7 2 2 7 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 (*) t1) June 25 3,067 238,505 8,090 10,549 13,072 14,011 June 30 565 310,680 81,108 69,674 137,888 Dec. 31 3,202 279,860 8,294 10,337 14,597 19,600 J A u u ly g u 3 st 1 31 1,3 9 2 3 9 2 5 70 0 5 9 , , 8 0 4 1 2 2 2 1 9 5 4 1 , , 7 1 2 5 0 4 2 1 4 3 4 1 , ,0 5 9 3 7 2 2 1 0 5 6 8 , , 6 3 0 4 9 0 1942 September 30 1,658 944,204 427,918 356,677 230,720 Mar. 25 3,261 297,945 17,698 9,312 14,364 19,086 October 31 2,023 2,227,704 527,186 439,989 1,308,168 June 24 3,352 338,822 26,346 11,265 16,832 26,430 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 December 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 January 31 2,961 2,999,731 974,083 768,249 1,440,943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 February 28 3,198 r3,479,172 1,040,828 828,221 1,706,849 Feb. 27.... 3,440 446,319 5,882 13,717 12,117 23,177 March 31 3,534 3,725,2411,245,022 998,774 1,866,286 Mar. 31.... 3,443 459,296 5,164 13,182 13,143 20,316 r Revised. 1 Includes applications approved conditionally by the Federal Reserve 1 Not available. Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial advances past due 3 months or more, which are not of loans outstanding and amounts available to borrowers under guarantee included in industrial advances outstanding in weekly statement of condi- agreements outstanding represents amounts repaid, guarantees available tion of Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. MAY 1943 43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MARCH 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 Gross Net Federal Reserve All city banks Re- Coun- Cl a a n ss d e s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d T p d o im e s - i e ts Banks b m a b e n e m k r s - 1 New Chi- b s c a e i r n t v y k e s ba t n ry ks1 posits posits1 qu R ir e e - d Held E ce x s - s York cago Total reserves held: All member banks 65,420 56,606 13,214 11,371 13,255 1,884 1942—March 12,827 5,188 1,157 4,279 2,204 Central reserve city banks: April ,12,649 5,028 1,140 4,293 2,188 New York 20,165 19,299 769 3,906 4,001 96 May 12,510 4,870 1,049 4,325 2,265 Chicago 4,471 4,153 458 858 892 34 June 12,624 4,859 979 4,448 2,338 July 12,409 4,609 1,000 4,447 2,353 Reserve city banks: August 12,623 4,616 1,009 4,574 2,423 Boston district 1,850 1,719 93 349 365 16 September 12,299 4,150 944 4,676 2,529 New York district 401 354 148 80 89 9 October 12,234 4,093 834 4,711 2,597 Philadelphia district 2,019 1,824 134 373 423 51 November 12,618 4,086 859 4,990 2,684 December 13,152 4,303 877 5,122 2,850 Cleveland district 3,237 2,791 721 601 809 207 1943—January 13,344 4,352 898 5,190 2,905 Richmond district 1,473 1,266 249 268 337 69 February 12,933 3,999 875 5,141 2,918 Atlanta district 1,536 1,255 185 262 305 43 March 13,255 4,001 892 5,319 3.042 Week ending (Friday): Chicago district 3,075 2,525 833 555 691 136 1943—Mar. 5 13,062 3,946 889 5,243 2,983 St. Louis district 1,587 1,371 175 285 299 14 Mar. 12 13,344 4,002 898 5.362 3,081 Minneapolis district 775 664 85 138 151 13 Mar. 19 13,554 4,031 887 5,474 3,162 Mar. 26. . .. 13,246 4,042 879 5,283 3.042 Kansas City district 2,015 1,550 164 320 377 57 Apr. 2 12,857 3,961 834 5,115 2.947 Dallas district 1,464 1,152 136 239 305 66 Apr. 9 12,946 3,916 832 5,212 2,985 San Francisco district .. 4,952 4,299 2,303 998 1,170 172 Apr. 16 13,150 3,803 841 5,357 3,149 Excess reserves: Total 24,386 20,770 5,228 4,468 5,319 852 1942—March 3,147 962 255 1,190 740 April 2,951 795 262 1,175 718 May 2,667 546 178 1,171 in Country banks: June 2,704 556 89 1,232 827 Boston district 1,705 1,426 608 236 316 80 July 2,237 269 64 1,105 799 New York district 2,587 2,205 1,601 405 543 138 August 2,248 286 60 1,091 812 Philadelphia district 1,211 974 869 189 262 74 September 2,300 302 73 1,069 857 October 2,328 557 27 921 823 Cleveland district 1,409 1,067 785 197 321 124 November 2,362 455 45 1,035 827 Richmond district 1,355 961 423 160 215 55 December 2,376 416 35 1,020 904 Atlanta district 1,324 933 287 148 210 62 1943—January 2,132 337 22 913 860 February 1,712 97 10 784 820 Chicago district 2,075 1,552 974 276 409 133 March 1,884 96 34 852 903 St. Louis district. 914 647 269 107 149 42 Week ending (Friday): Minneapolis district 684 512 307 90 125 35 1943—Mar. 5 1,845 102 26 857 860 Mar. 12 2,012 122 29 911 950 Kansas City district 1,015 660 162 102 154 52 Mar. 19 2,080 88 16 956 1,021 Dallas district 1,229 814 97 120 185 66 Mar. 26 1.813 106 25 788 895 San Francisco district.. 890 634 375 111 154 43 Apr. 2.. pl,559 55 35 670 p-jgg Apr. 9... pl,672 39 37 758 ^838 Total 16,399 12,385 6,759 2,139 3,042 903 Apr. 16. p2,348 50 2* 931 PI,344 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. 426 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] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Boston 3,555 3,416 701 687 3,329 3,197 574 561 226 219 128 126 New York 23,153 23,124 2,518 2,502 X2,446 J2,459 11,194 11,189 543 536 556 551 Philadelphia 3,230 3,147 1,003 998 2,753 2,680 542 540 477 467 461 458 Cleveland 4,646 4,448 1,506 1,500 4,106 3,925 1,135 1,130 540 523 371 370 Richmond. 2,828 2,740 673 670 2,404 2,329 453 451 424 411 219 219 Atlanta 2,860 2,792 472 467 2,522 2,466 , 381 , 376 338 326 91 91 Chicago 9,620 9,511 2,266 2,247 *4,350 ^,210 ^,417 h,4OS 800 778 390 386 St. Louis 2,502 2,474 444 442 1,963 1,939 320 318 539. 535 124 124 Minneapolis 1,459 1,440 392 393 1,119 1,102 207 207 340 339 186 I 186 Kansas City 3,031 2,945 326 325 2,332 2,249 216 215 699 695 110 110 Dallas 2,694 2,696 233 232 2,025 2,022 192 191 669 674 40 41 San Francisco 5,842 5,752 2,679 2,651 5,561 5,477 2,552 2,525 281 275 127 126 Total. 65.420) 64,485 13,214 13,114 ^4,910 4,054' 19,106 5,875 2,804 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a o t t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i- r o T f n r u o e 1 r t y 8 a e 9 s s - 0 S s u i c a b l o r v s y i i e n d r i- M c i o n in or U S n n t o a i t t t e e e s d s R F n e e o s d e t e e r r v s a e l F R n B e e o d a s e t n e e r r k s a v l e n t b i N o o a t n a n e - a k s l i 1 1942—Janua ry 11,175 61 61 1,657 1 471 206 302 8,253 19 143 February 11,485 61 61 l', 695 1 475 206 309 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 1 488 209 309 8,76' 19 141 May 12,074 60 65 1* 745 1 496 211 316 9,022 19 140 June 12,383 59 66 1,754 1 504 213 317 9,310 19 139 July 12,739 59 67 1.764 1 510 215 315 9.650 19 138 August 13,200 59 69 1,786 1 521 218 321 10,068 18 138 September 13,703 59 71 1,754 1 537 222 324 10,580 18 137 October 14,210 59 73 1,704 1 551 225 326 11,118 18 136 November .... 14,805 58 74 1,731 1 565 227 327 11,667 18 136 December.. 15,410 58 76 1,751 1 575 228 317 12,082 188 135 1943—January... 15,590 58 77 1,700 1 567 226 312 12,152 362 135 February... 16,088 58 78 1,703 1 573 226 317 12,523 474 134 March . 16,250 58 79 1,674 1 583 228 316 12,643 534 134 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 <iollars] Total Coin and small denomination currency2 Large denomination currency2 End of month cula- - - • 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—February 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 4 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1,528 268 561 9 29 5 April •. 11,767 8 560 757 680 43 1 362 2 898 2,820 3,204 792 1 549 268 558 9 29 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 1,67S 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 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 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, MARCH*31, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral b B y R a n e F k s e e s d r e v a 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 22,576 20,471 22,105 F G e o d ld e r c a e l r R tif e i s c e a r t v e e s notes 3' 1 20 3 , , 4 3 7 1 1 5 50 "" 17,598' ' 2,8 6 1 21 5' 12,64 5 3 7' Treasury currency—total 43,989 1^958 68 371 3,549 Standard silver dollars 547 441 24 2 79 Silver bullion 1,517 1,517 Silver certificates and Treasury notes of 1890 31,958 283 1,675 Subsidiary silver coin 632 36 13 583 Minor coin 239 6 228 United States notes 347 <?* 27 316 Federal Reserve Bank notes 574 39 534 National bank notes 135 1 134 (8) Total—Mar. 31, 1943.. 339,879 $2? 429 42,224 17,598 3,808 16,250 Feb. 28, 1943.. 339,658 S2?,497 42,221 17,660 3,689 16,088 Mar. 31, 1942. . 335,020 322,519 42,190 17,679 3,586 11,566 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 425. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,663,418 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 p. 425. 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 gpld 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. MAY 1943 433 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 o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r : a i k n s e d - e d e- p D ti r c t o o i m o d g n u o e 1 l c s c - - End of month D a i n b e to a c p l e r o - s s s ' 1 - Total i C n p o a d s s e h i- - U. S s . e G cu o r v i e ti r e n s ment C se r a r e s v - h e crease (—) b t a o n r k y s Total r D ec i t - G a u n a - r- f e u t n c d .2 s teed 19342 8,238 4,202.5 1,133.9 82.6 92.9 1935 10,125 1,887.2 1,739.0 .2 110.7 1936 '11,258 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 ,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 —644.7 170.2 1936—June 1,232 ,265 203 967 800 167 95 1941 22,737 741.8 982.4 —407.7 169.1 Dec 1,260 ,296 145 1,058 892 167 93 1942 22,726 -10.3 (4) -458.4 126.0 1937—June 1,268 ,307 136 1,100 933 167 71 Dec 1,270 L,308 130 1,097 931 167 80 1942—March 22,687 -17.3 —65.5 11.3 1938—June 1,252 L,290 115 1,103 936 167 73 April 22,691 3.3 -20.1 11.4 Dec 1,252 1,291 86 1,132 965 166 73 May 22,714 23.6 -38.2 11.2 1939—June 1,262 1,304 68 1,157 1,011 146 78 June 22,737 22.3 -14.8 10.5 Dec 1,279 1,319 53 1,192 1,046 146 74 July 22,744 7.6 -24.4 12.8 1940—June 1,293 1,337 43 1,224 1,078 146 69 August 22,756 11.4 -21.8 10.2 Dec... 1,304 1,348 36 1,224 1,078 146 88 September... 22,754 -1.3 —27.8 11.8 1941—June 1,304 1,356 30 1,251 1,104 146 75 October 22,740 -14.3 -56.4 12.0 Dec. 1,314 .396 26 1,274 1,128 146 95 November... 22,743 3.3 -10.8 7.8 December.... 22,726 -17.2 -31.0 6.2 1942—Mar. 1,305 1 463 25 1 ill. 1,126 146 166 Apr 1,306 1,483 25 1,272 1,126 146 186 1943— F M Ja e a n b r u c r a h u r a y ry.... 2 2 2 2 2 2 , , , 5 6 6 4 7 8 4 6 3 — - - 6 4 3 8 3 9 . . 0 . 3 3 5- - - 5 7 6 9 3 6 . . . 0 4 1 U 4 5. . . 2 8 8 M J J u u a l n y y e 1 1 1 , , , 3 3 3 0 2 1 7 9 6 1 1 1 , , , 5 5 5 2 0 5 5 4 4 2 2 2 1 4 4 1 1 1 , , , 2 2 2 7 7 7 2 2 1 1 1 1 , , , 1 1 1 4 2 4 6 6 6 1 1 1 2 2 4 6 6 6 2 2 2 0 2 6 8 9 2 Aug. 1,344 1,575 20 1,271 1,146 126 283 Jan.-Mar. . .. 22,576 -150.5 5-198.5 ^14.8 Sept 1,358 1,415 19 1,267 1,141 126 129 Oct 1,377 1,429 18 ,266 1,140 126 146 Nov 1,396 1,444 17 ,266 1,140 126 161 f Figure carried forward. p Preliminary. Dec 1,417 1,464 16 1,345 1,220 126 102 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 471, adjusted to exclude Philippine 1943—Jan PI,445 Islands production received in United States. Feb. pl 469 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a Mar PI,492 fi»e ounce thereafter. on 4 s D T In e h c c e l . u n 3 d e 1 e t , s 1 g g 9 o 3 o ld 6 ld , i a m i n n d p t o h 1 r e , t 2 2 f I i 8 n g a u m c re t i i l s v l i e o fo n A r o c m n c o o D u n n e th t c s . a 3 m s 1 u o , b u 1 s 9 n e 3 t q i 7 n u . g e n t t o t 2 o 7 D m e i c l e li m on b e d r o 1 ll 9 a 4 r 1 s p 1 O Pr u e t l s i t m an in d a in ry g . principal, represented by certificates of deposit. Does not ha 5 v e G o n l o d t h b e e l e d n U r H el d e e a r s e e d a rm fo a r rk p u a b t li F c e a d ti e o r n al . Reserve Banks for foreign account inc 2 l I u n d c e l u a d c e c s r u w ed o rk in in te g r e c s a t sh n o w r i o th u ts p t o a s n t d m in a g st e s r a s v , in 5 g -p s e r s ta c m en p t s. reserve fund and amounted to 2,872.3 million dollars on Mar. 31, 1943. miscellaneous working funds with the Treasurer of the United States, NOTE.—For back figures through 1937, see Annual Report for 1937 accrued interest on bond investments, and accounts due from late (table 29). postmasters. Back figures—See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS^ Member Nonmember Total, banks banks all BANK DEBITS banks ti N o a n - al State su I r n e - d2 in N su o r t ed Debits to deposit accounts except interbank accounts [In millions of dollars] Number of banks suspended: 1934 57 1 8 48 Total, 133 1935 34 4 22 8 all New 140 other 1 1 9 93 3 7 6 4 5 4 9 4 1 2 4 4 7 0 3 6 Year and month re i p n o g rt- Y C o it r y k ce o n th te e r r s1 r c e e p n o t r e t r i s n 2 g 1938 55 1 1 47 6 centers 1939 .... 42 4 3 25 10 1940 22 1 18 3 1929 982,531 603,089 331,938 47.504 1941 8 4 3 1 1937 ... 469,463 197,836 235,206 36,421 1942 9 6 3 1938 405,929 168,778 204,745 32,406 1943—Jan.-Mar 2 1 1 1939 423,932 171,382 218,298 34,252 1940 445,863 171,582 236,952 37,329 Deposits of suspended banks 1941 537,343 197,724 293,925 45,694 (in thousands of dollars):3 1942 607,071 210,961 342,430 53,679 1934 36,937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1942—March 49,161 17,056 27,764 4,341 1936 11,306 507 10,207 592 April 46,613 16,023 26,451 4,138 1937 19,723 7,379 " "i,"708 10,156 480 May 48,342 16,985 27,241 4,116 1938 13,012 36 211 11,721 1,044 June 50,107 17,394 28,292 4,421 1939 34,998 1,341 24,629 6,589 2,439 July 50 087 17,110 28,505 4 472 1940 5,943 256 5,341 346 August 49,179 17,051 27,847 4,282 1941 3,726 3,144 503 79 September 52,712 18,593 29,530 4,589 1942 1,702 1,375 327 October 55,056 18.323 31,627 5,105 1943—Jan.-Mar 1,629 ""'862' 767 November 50,673 17,016 29,040 4,616 December 64,991 23,921 35,562 5,508 1943—January . . 54,779 19,877 30,263 4,639 1 Represents banks which, during the periods shown, closed temporarily February r51,875 19,635 28,005 r4,235 or permanently on account of financial difficulties; does not include banks March. . 62,230 22,373 34,707 5,150 whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). r Revised. 2 Federal deposit insurance became operative Jan. 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmember banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions were Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning reported. with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. 434 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 Eanking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks2 Nonmember Member banks2 Nonmember banks banks Call date Total Other Call date All Other Total ti N on a a - l State M s b a a v u n i t n u k g s a s l m n b o e e n m r - - banks Total ti N on a a - l State M s b a a v u n i t n u k g a s l s m n b e o e m n 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. 31^ 14,680 6,679 5,081 1,598 543 7,458 Dec. 31^ 88,437 67,277 43,069 24,208 10,656 10,504 For footnotes see table below. For footnotes seetable below. LOANS AND INVESTMENTS [In millions of dollars} All banks Member banks2 Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29. 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 .. . 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24,322 31,825 38,983 15,878 23,104 10,276 4,954 5,322 6,889 3,490 3,399 June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59,296 26,187 33,109 41,943 17,546 24,397 10,348 4,949 5,399 7,005 3,692 3,313 Dec. 31 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4.903 5,470 7,205 3,692 3,513 1942—June 30 5 63,976 25,078 38,897 46,800 16,928 29,872 10,353 4,819 5,534 6,822 3.331 3,492 Dec. 31^ 78,138 23,863 54,275 59,263 16,088 43,175 10,740 4,695 6,045 8,135 3,080 5,055 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 te. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank stracts. ion reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respec- 5 Decreases i.n„ "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the F'eedderal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. NOTE.—Begwininnniinngg wwiimth mthee nAppir.. t4, , ±19y4±2& c atlul,n s, psr^inugu ^a nemd uf.all figures are not being compiled for "All banks." Back figures.——SSeeee AAnnnnuuaall RReeppoorrtt ffoorr 11993377 ((ttaabblleess 4488--4499)).. MAY 1943 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS In"millions 0 dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- o s r e c c u ar p r t y ip i ' n c g Direct gat o i f ons Call date i m n a v e n e n d s t t s - Total1 m a c n i e a d r l - O m k p a e e r t n - - A t c u g u r r l - i - - To t R a e e t s e - a - l l O o t a h n e s r 4 Total H ic e a r t t e i s - Guar- S p a o ta n li t d t e i s - O se t c h u e - r indus- paper al2 brok- To loans Total of an- cal rities trial2 ers Bills in- Notes Bonds teed suband 3 debt- divideal- ers ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5^386' 455 730' 790 700 2,957 2,944 19,979 4,328 563 2,223 8,398 3^144 2,692 2,959 1940—June 29 34,451 13,969 5,538 450 736 447 668 3,069 3,062 20,482 4,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 865 642 652 3,228 3,273 21,805 5,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,270 537 738 575 635 3,365 3,609 23,930 8,078 ,127 2,631 10 4813,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 607 972 594 598 3,494 3,692 25,500 9,539 971 3,007 11,729 3,832 3,090 2,871 1942—Apr. 4 44,287 17,834 26,453 0,449 3,471 3,173 2.831 June 30 .... 46,800 16,928 7^888 495 "726" "554' "562' 3,501 3,203' 29,872 4,098 1,509' 1,872 3,546' 14," 485'2,685 2,934 2,840 J Dec. 31 59,263 16,088 V 7,3Y87 1,089 934 538 3,423 2,717 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 New York City& 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 1^768 120 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,801 103 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 100 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,405 97 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,716 91 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 4 13,123 4,173 8,950 7,381 1,515 773 796 June 30 14,019 4,066 2^775" ' 66' "Q 430 " 167" 121 "499' 9,953 8,550 "462" "663" 1J746 4,572" 1,166 623 781 Dec. 31 17,957 4,116 s 2,5 Y 46 21 787 193 117 451 13,841 2,547 1,855 2,144 2,056 5,420 1,071 593 701 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 in 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 3,116 906 697 15 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31.... 3,973 832 v 6 Y 58 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 "MOO" 155 22i 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 78 177 1,524 1,315 9,971 8,188 579 674 981 5449 806 925 858 Dec. 31.... 20,915 6,102 S 2,9 Y 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 M5l' 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—June 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 i98 "562 "'l6' 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 v y 772 17 161 1,797 1,066 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1,226 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 Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. .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. . / Th\? 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. 5 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Call date F B s w e R a e d i r n e t e v h - k r e s al v C a i a u n s l h t b a w a n d n i c o k t - e h s s Cl j m p u o s d a t s e n e i - d t d s 2 v p an i a s p I t d d h r i o n o t u i r d n c p n a a i e o s s - l - , r s r - , - p v s S o i u l a t s i b a i n t o t d i d e c n i s - a s l c C c h f a o e e e i f n e t e f r r c c d i d t s . - k i ' - s m U G er e o n n v S - t - p a v n a i s p I t d d h r i o n o t u i r d n p c n a a i e o s s - l - , r s r - - , v S s p i u i s t o c a b i l o a t d i e l n t i - s s - p m U G o e a s r s a o n e . n S t v d n v a - . - t - l m D a D n e- o b d3 m an e k s s T ti i c me b F e a i o n g r n k - s r B i o n o w g r s - - C c a o a p u c i - n ta ts l ings Total—A11 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—Tune 30 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—Apr. 4 12,725 884 e6,276 34,670 32,602 3,285 589 2,164 11,520 395 49 e9,650 e118 e641 14 5,930 June 30 12,295 1,022 5,770 36,966 35,646 3,230 711 1,724 11,673 400 49 9,110 109 752 6 5,991 Dec. 31 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 ,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 el92 11,335 11,235 296 154 967 751 25 e3,383 «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 L.727 Chicago* 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933-June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 C285 1,919 1,886 203 31 296 455 el,253 eg 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31 902 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 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 ...... 1,967 1942—Apr. 4 4,221 348 62,705 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 e90 e54 1,981 June 30 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57. 1,985 Dec. 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 63,093 9,726 8,376 1,473 202 269 5,948 145 30 e779 e28 e2 4 2,005 June 30 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 3 3 2,014 Dec. 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 in items reported on nana DUI not m piuccss ui i.unctuuu. 3 Beginning June 30, 1942, excludes reciprocal bank balances 4 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58), MAY 1943 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying Date or month i m n lo a v e n a e n d n s t s t s - Total i t t n c a c a u r d i g i u n r a u a r a d l l i - l s , l - , - O p m k a p e p a e t r e n - r - b d a T r e e n o s r a o e d s k l c - - uri o ti t T e h s o ers e l R o s e t 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 b r s i t t n - t s e i - - - s Notes Bonds G t a e u n e a - d r- O r s i e t t c h ie u e s - r ers Total—101 Cities 1942—March 30,941 11,408 6,976 426 435 409 1,246 28 1,888 19,533 15,803 1,107 2,348 9,637 2,711 3,730 1942-—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 March 41,784 9,502 5,758 223 574 339 1,170 58 1,380 32,282 29,021 4,340 5,006 4,146 13,602 1,927 3,261 1943—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 Mar. 31.... 41,391 9,456 5,695 217 617 344 1,162 54 1,367 31,935 28,706 3,755 4,993 4,197 13,821 1,940 3,229 Apr. 7 41,646 9,435 5,610 215 665 343 1,160 83 1.359 32,211 28,998 3,911 5,007 4,220 13,913 1,947 3,213 Apr. 14 42,250 9,564 5,594 212 814 354 1,160 82 1,348 32,686 29,475 4,149 5,140 4,192 14.040 1,954 3,211 Apr. 21 44,127 10,414 5,598 207 1,482 487 1,159 105 1,376 33,713 30,487 4,773 5,353 4,195 14,182 1,984 3,226 New York City 1942—March 12,471 3,893 2,775 79 308 148 103 26 454 8,578 7,097 334 1,457 3,821 1,485 1,481 1942—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 March 16,230 3,441 2,333 46 456 146 98 44 318 12,789 11,635 1,814 1,966 1,845 5,010 1,000 1,154 1943-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 Mar. 31. . 16,164 3,440 2,293 47 497 151 98 39 315 12,724 11,593 1,601 2,004 1,883 5,100 1,005 1,131 Apr. 7 16,196 3,443 2,255 47 536 151 98 41 315 12,753 11,632 1,599 1,948 1,912 5,165 1,008 1.121 Apr. 14 16,340 3,554 2,252 49 665 152 98 26 312 12,786 11,667 1,459 2,052 1,898 5,248 1,010 1,119 Apr. 21 17,524 4,246 2,239 47 1,262 234 98 49 317 13,278 12,172 1,786 2,152 1,877 5,332 1,025 1,106 Outside New York City 1942—March 18,470 7,515 4,201 347 127 261 1,143 2 1,434 10,955 8,706 773 891 5,816 1,226 2,249 1942—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 March 25,554 6,061 3,425 177 118 193 1,072 14 1,062 19,493 17,386 2,526 3,040 2,301 8,592 927 2,107 1943-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 Ma-.31 25,227 6,016 3,402 170 120 193 1,064 15 1,052 19,211 17,113 2,154 2,989 2,314 8,721 935 2,098 .7 25,450 5,992 3,355 168 129 192 1,062 42 1,044 19,458 17,366 2,312 3,059 2,308 8,748 939 2,092 Anr. 14 25,910 6,010 3,342 163 149 202 1,062 56 1,036 19,900 17,808 2,690 3,088 2,294 8,792 944 2,092 Apr.21 26,603 6,168 3,359 160 220 253 1,061 56 1,059 20,435 18,315 2,987 3,201 2,318 8,850 959 2,120 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June; 11993377 ((pppp.. 530-531). For back figures s^e 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. 8 43 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- 1 Domestic Date or month B s w F e e R a e r r i n e a t d v - k h l - e s v C a i a n u s l h t m b a w a n d e n i o s c t k t - e h # i s s c j m p u o a d s a d s t e n e i - - d t d s 1 s p u p v n h c a o a a i e o n i d r l r r p r d s a - t - - s , - - , S p s d s a t i o i a u c i n o l v a t d b i n e l i t - s - - s c C c h a o e f e e e i f n t e f r r c c d i d t s - . k i ' - s m U G e e . r o n n S v t - - . s p u p v n c h a o a a i o e i n l d r r p r r d s a t - - - , s - - , S p s d s a t i i o i u c a o n v l a t b d n i i e l - t - s s - p U m G o a s e in a r s n e . o n t S g v n v d a - s - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r in o o g w r s - - co C i a u t a c a n p - l t - s B d i a e t n s b k 2 tions tions Total 101 Cities 1942—March 10,195 530 3,283 24,882 24,400 1,813 538 1,815 4,976 170 20 8,846 93 635 1 3,932 9,679 1942—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 March 9,476 519 2,589 31,956 31,837 1,861 626 2,708 5,344 96 29 9,448 57 739 51 4,054 11,716 1943—Jan. 27 9,756 515 2,670 30,056 29,823 1,866 694 5,129 5,247 102 28 9,343 60 716 13 4,026 10,315 Feb. 3 9,418 494 2,512 29,743 29,434 1,888 598 5,245 5,268 112 28 9,136 61 740 12 4,037 12,603 Feb. 10 9,276 529 2,494 30,157 29,877 1,855 544 4,410 5,276 107 28 9,071 59 723 71 4,042 9,779 Feb.17 9,508 500 2,631 30,620 30,699 1,829 587 3,940 5,289 106 28 9,322 59 731 17 4,044 10,232 Feb. 24 9,445 539 2,592 31,129 31,150 1,842 578 3,366 5,305 106 29 9,286 56 722 41 4,046 9,702 Mar.3 9,351 502 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 9,781 544 2,723 32,385 32,338 1,855 668 2,778 5,333 97 29 9,800 r59 r742 66 4,052 12,150 Mar. 24 9,472 523 2,561 32,128 31,954 1,831 597 2,817 5,352 88 29 9,342 r58 r745 26 4,057 11,771 Mar. 31 9 224 500 2 488 31 848 31 815 1,913 614 2 266 5 361 89 29 9 139 56 750 102 4 059 12 550 Apr. 7 9,544 490 2,482 32,955 32,725 1,899 670 1,408 5,396 96 29 9,439 56 725 79 4,066 11,553 Apr. 14 9,285 526 2,618 32,996 33,427 1,850 749 1,639 5,384 99 30 9,708 55 726 58 4,067 13,214 Apr. 21 8,642 516 2,658 30,313 30,370 "1,782 715 5,995 5,367 117 30 9,248 55 727 110 4,069 16,763 New York City 1942—March 4,879 76 109 10,559 10,727 241 276 872 690 21 3,338 573 1,539 3,863 1942—November.... 3,698 82 27 11,526 11,733 309 301 1,080 652 18 3,191 622 4 1,567 3,865 December.... 3,934 86 29 10,949 11,283 229 290 2,915 637 15 3,174 650 3 1,568 4,794 1943—January 3,973 78 28 11,091 11,370 216 349 3,326 656 19 3,161 651 5 1,566 4,406 February 3,655 80 23 11,574 11,850 218 313 2,372 663 22 3,052 650 33 1,576 4,486 March 3 610 78 38 12 444 12,748 217 319 1 436 673 18 3,101 1 657 39 1,578 4,687 1943—Jan. 27 3,832 80 27 11,430 11,704 206 437 2,916 666 22 3,165 639 10 1,564 4,080 Feb. 3 3,776 76 23 11,373 11,578 229 324 2,976 671 21 3,084 660 10 1,575 5,800 Feb. 10 3,619 86 21 11,479 11,709 225 302 2,479 658 22 3,020 647 67 1,576 4,181 Feb. 17 3,630 75 24 11,598 11,953 211 321 2,191 659 22 3,061 653 16 1,577 4,115 Feb. 24 3,596 83 24 11,845 12,160 206 304 1 844 662 22 3,042 642 40 1,575 3,848 Mar.3. 3,542 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 3,671 79 29 12,425 12,726 226 323 1,475 675 16 3,283 r\ r661 63 1,577 4,869 Mar. 24 3,653 78 42 12,562 12,811 224 304 1,483 678 19 3,079 r663 23 1,578 4,808 Mar. 31 3 638 76 68 12 875 13 311 226 293 1 170 681 19 2 894 666 50 1 579 4 924 Apr. 7 3,594 78 40 13,090 13,316 222 393 699 687 19 3,096 645 78 1,581 5,035 Apr. 14 3,352 84 27 13,017 13,497 223 386 583 677 19 3,222 645 56 1,581 5,530 Apr. 21 3,031 77 26 11,421 11,736 194 410 3,165 658 20 3,044 644 104 1,582 7,870 Outside New York City 1942—March 5,316 454 3,174 14,323 13,673 1,572 262 943 4,286 149 20 5,508 93 62 1 2,393 5,816 1942—November.... 5,598 436 2,684 17,835 17,503 1,603 252 951 4,465 85 25 6,009 68 75 2 2,437 6,327 December.... 5,770 462 2,712 17,800 17,557 1,553 296 1,831 4,472 85 26 6,141 65 77 1 2,446 6,979 1943—January 5,813 446 2,651 18,124 17,773 1,565 263 2,468 4,562 82 28 6,200 61 76 3 2,460 6,450 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 March 5,866 441 2,551 19,512 19,089 1,644 307 1,272 4,671 78 29 6,347 56 82 12 2,476 7,029 1943—Jan. 27 5,924 435 2,643 18,626 18,119 1,660 257 2,213 4,581 80 28 6,178 60 77 3 2,462 6,235 Feb. 3 5,642 418 2,489 18,370 17,856 1,659 274 2,269 4,597 91 28 6,052 61 80 2 2,462 6,803 Feb. 10 5,657 443 2,473 18,678 18,168 1,630 242 1,931 4,618 85 28 6,051 59 76 4 2,466 5,598 Feb. 17 5,878 425 2,607 19,022 18,746 1,618 266 1,749 4,630 84 28 6,261 59 78 1 2,467 6,117 Feb. 24 5,849 456 2,568 19 284 18,990 1 636 274 1 522 4 643 84 29 6 244 56 80 1 2,471 5,854 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 Mar. 31 5,586 424 2,420 18,973 18,504 1,687 321 1,096 4,680 70 29 6,245 55 84 52 2,480 7,626 Apr. 7 5,950 412 2,442 19,865 19,409 1,677 277 709 4,709 77 29 6,343 55 80 1 2,485 6,518 Apr. 14 5,933 442 2,591 19,979 19,930 1,627 263 1,056 4,707 80 30 6,486 54 81 2 2,486 7,684 Apr. 21 5,611 439 2,632 18,892 18,634 1,588 305 2,830 4,709 97 30 6,204 54 83 6 2,487 8,893 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1943 439 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 1 Total Com- p L u o rc a h n a s s f i o n r g LL S. Government obligations 1 Federal Reserve loans rial" or carrying distric ( t 1 9 a 4 n 3 d ) date m v a e e i n n n s d - t t - s Total t d a r i u n i n a s d - - l, p O m a k p p a e e t r e n - r b T r s o o e k c - urities e l R o st e a a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills f C ic i e o a n r f t - t e i Notes Bond G a u n a - r O r s i e t t c h ie u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Mar. 24 2,232 630 348 63 12 12 72 6 117 1,602 1,498 192 305 193 740 68 104 Mar. 31 2,235 621 342 62 15 12 71 1 118 1,614 1,509 193 306 191 750 69 105 Apr. 7 2,275 650 339 63 16 12 71 30 119 1,625 1,520 200 307 191 753 69 105 Apr. 14 2,360 666 338 62 23 16 71 39 117 1,694 1,588 257 304 189 769 69 106 Apr. 21 2,448 663 334 61 36 12 71 29 120 1,785 1,678 308 325 191 784 70 107 New York (8 cities)* Mar. 24 17,685 3,785 2,463 48 476 180 184 40 394 13,900 12,667 1,971 2,096 1,997 5,562 1,041 1,233 Mar. 31 17,539 3,775 2,431 48 501 182 183 39 391 13,764 12,529 1,717 2,140 2,015 5 61? 1,045 1 235 Apr. 7 17,577 3,775 2,392 48 540 182 182 41 390 13,802 12,580 1,727 2,083 2,044 5,677 1,049 1,222 Apr. 14 17,729 3,893 2,388 50 676 184 182 26 387 13,836 12,616 1,588 2,187 2,030 5,760 1,051 1,220 Apr. 21 18,928 4,585 2,378 48 1,271 266 182 49 391 14,343 13,136 1,923 2,291 2,010 5,845 1,067 1,207 Philadelphia (4 cities) Mar. 24 1,871 445 231 15 27 11 44 117 1,426 1,198 204 177 118 630 69 228 Mar. 31 1,861 441 229 14 28 11 43 116 1,420 1,194 199 175 119 632 69 226 Apr. 7 1,864 442 229 14 28 11 44 116 1,422 1,198 199 176 120 634 69 224 Apr. 14 1,893 445 228 13 29 11 43 " 5 ' 116 1,448 1,223 214 180 123 634 72 225 Apr. 21 1,971 453 228 13 38 11 44 3 116 1,518 1,293 280 184 121 635 73 225 Cleveland (10 cities) Mar. 24.' 3,198 729 370 13 13 13 174 146 2,469 2,201 226 320 291 1,232 132 268 Mar. 31 3,225 739 369 13 14 13 174 9 147 2,486 2,218 244 303 300 1,240 131 268 Apr. 7 3,250 738 366 12 15 13 174 9 149 2,512 2,243 254 309 300 1,244 136 269 Apr. 14 3,262 738 365 12 15 14 174 9 149 2,524 2,254 266 311 289 1,251 137 270 Apr. 21 3,340 753 363 12 25 14 173 10 156 2,587 2,315 310 316 297 1,254 138 272 Richmond (12 cities) Mar. 24 1,328 257 123 6 3 11 50 1 63 1,071 1,005 148 131 131 540 55 66 Mar. 31 1,324 256 122 6 3 11 50 1 63 1,068 1,002 142 131 130 544 55 66 Apr. 7 1,324 254 122 6 3 11 51 61 1,070 1,004 138 131 130 551 54 66 Apr. 14 1,338 254 121 6 3 11 52 61 1,084 1,018 152 129 133 552 52 66 Apr. 21 1,360 268 120 6 10 18 52 62 1,092 1,026 157 132 133 552 52 66 Atlanta (8 cities) Mar. 24 1,243 311 186 8 4 7 26 80 932 819 116 183 145 326 49 113 Mar. 31 1,234 306 184 7 4 7 25 79 928 816 110 184 141 333 48 112 Apr. 7 1,236 303 182 7 5 7 25 77 933 821 113 183 132 343 50 112 Apr. 14 1,237 305 183 6 4 9 25 78 932 821 111 184 130 346 50 111 Apr. 21 1,256 315 180 5 7 11 26 86 941 830 114 189 130 347 50 111 Chicago (12 cities)* Mar. 24 6,287 1,196 840 30 29 44 137 116 5,091 4,519 722 913 572 2,077 235 572 Mar. 31 5,876 1,200 843 30 29 45 136 117 4,676 4,100 343 871 572 2,079 235 576 Apr. 7 6,005 1,179 823 30 35 43 136 112 4,826 4,249 423 939 573 2,079 235 577 Apr. 14 6,297 1,180 818 28 43 45 136 110 5,117 4,540 683 961 571 2,084 241 577 Apr. 21 6,491 1,253 838 27 72 62 136 '"V 110 5,238 4,658 727 1,004 585 2,094 248 580 St. Louis (5 cities) Mar. 24 1,346 357 212 8 4 9 66 58 989 869 139 177 110 401 42 120 Mar. 31 1,309 352 207 8 4 9 66 58 957 837 106 177 114 398 42 120 Apr. 7 1,331 350 205 8 4 9 66 58 981 862 132 177 115 396 42 119 Apr. 14 1,353 350 204 8 4 9 66 1 58 1,003 883 151 176 113 401 42 120 Apr. 21 1,371 353 204 8 4 9 66 2 60 1,018 898 160 178 114 403 43 120 Minneapolis (8 cities) Mar. 24 766 194 115 1 1 4 15 3 55 572 532 104 103 58 247 20 40 Mar. 31 763 192 112 1 1 4 15 4 55 571 530 101 103 59 247 20 41 Apr. 7 755 188 111 1 1 4 14 3 54 567 526 99 101 59 247 20 41 Apr. 14 750 190 112 1 3 4 15 2 53 560 524 96 101 58 249 20 36 Apr. 21 782 193 112 1 3 5 14 4 54 589 540 111 101 59 249 20 49 Kansas City (12 cities) MPr. 24 1,360 351 229 15 2 8 33 64 1,009 883 178 148 163 338 56 126 Mar. 31 1,359 347 226 15 2 8 33 63 1,012 885 175 148 165 341 56 127 Apr. 7 1,363 341 222 14 2 8 33 62 1,022 895 181 148 166 344 56 127 Apr. 14 1,371 339 220 14 2 8 33 62 1,032 905 184 153 166 346 56 127 Apr. 21 1,385 340 219 14 3 8 33 63 1,045 917 176 172 163 349 57 128 Dallas (9 cities) Mar. 24 1,046 286 208 1 2 14 19 42 760 702 111 127 106 310 48 58 Mar. 31 1,047 286 208 1 2 14 19 42 761 702 109 128 106 310 49 59 Apr. 7 1,046 284 205 1 1 15 19 43 762 703 109 129 106 310 49 59 Apr. 14 1,047 285 206 1 2 15 19 42 762 704 107 131 106 311 49 58 Apr. 21.. .. .... 1,061 289 206 1 2 17 19 44 772 713 107 133 106 318 49 59 San Francisco (7 cities) Mar. 24 3,642 952 429 13 15 29 349 117 2,690 2,396 341 327 285 1,323 120 294 Mar. 31 3,619 941 422 12 14 28 347 118 2,678 2,384 316 327 285 1,335 121 294 Apr. 7 3,620 931 414 11 15 28 345 118 2,689 2,397 336 324 284 1,335 118 292 Apr. 14 3,613 919 411 11 10 28 344 115 2,694 2,399 340 323 284 1,337 115 295 Apr. 21 3,734 949 416 11 11 54 343 114 2,785 2,483 400 328 286 1,352 117 302 City of Chicago* Mar. 24 3,982 778 617 15 25 39 23 59 3,204 2,825 469 592 384 1,295 85 379 Mar. 31 3,602 785 622 15 25 40 23 60 2,817 2,435 120 549 385 1,296 85 382 Apr. 7 3,744 766 604 15 30 38 23 56 2.978 2,596 212 617 386 1,296 85 382 Apr. 14 3,985 770 599 14 39 40 23 55 3,215 2,833 442 623 385 1,298 85 382 Apr. 21 4,151 833 617 13 66 51 23 8 55 3,318 2,934 483 662 399 1,304 86 384 * Separate figures forNew 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. 440 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 t d - h l - C va i a n u sh lt m a w n d e c i o s t e - t h i s c m p a d o a d e s 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 f a e i n e r d t d i- U G . o v S - . 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 r e S n n v . - t - banks For- B r i o n o w g r s - - c C o i a a t u c a p n - l - ts B d i a e t b n s2 - k serve banks usted1 ships, ical offi- ern- ships, ical and eign Banks c a o n r d - d su iv b i - - c c h e e r c s 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) Mar. 24. . .. 497 62 133 1,960 1,931 105 29 136 240 2 342 28 3 258 664 Mar. 31 469 60 122 1,946 1,924 113 30 107 241 2 350 29 1 257 643 Apr. 7..., 477 59 120 2,009 1,979 110 30 65 242 2 374 27 1 258 649 Apr. 14 544 59 164 2,028 2,072 108 35 196 242 "i" 2 417 27 2 258 945 Apr. 21 445 59 150 1,843 1,848 92 38 445 243 2 328 28 2 258 1,016 New York (8 cities)* Mar. 24. 3,874 109 142 13,640 13,747 395 328 1,558 1,059 21 7 3,153 r5 r665 23 1,707 5,217 Mar. 31 3,861 105 175 14,002 14,284 427 317 1,228 1,063 22 7 2,967 5 667 50 1,708 5,307/ Apr. 7 3,803 108 124 14,205 14,280 403 416 734 1,071 22 7 3,173 5 646 78 1,710 5,365 Apr. 14 3,589 115 122 14,147 14,495 395 417 654 1,061 22 7 3,294 5 647 56 1,710 5,882: Apr. 21 3,235 109 121 12,465 12,646 368 431 3,311 1,042 23 7 3,111 5 645 104 1,710 8,293". Philadelphia (4 cities) Mar. 24 437 28 102 1,602 1,568 120 14 107 164 2 387 1 6 220 519' Mar. 31.. 415 26 109 1,607 1,586 127 17 85 164 2 378 7 221 534 Apr. 7. 443 26 122 1,679 .1,617 146 13 51 164 2 385 6 221 562' Apr. 14.... 458 27 111 1,646 1,623 155 34 98 161 2 407 1 6 221 567 Apr. 21 446 29 129 1,583 1,538 160 12 290 161 2 364 1 6 !'!!!! 221 670- Cleveland (10 cities) Mar. 24 839 69 319 2,663 2,671 119 36 98 737 21 533 16 2 414 774 Mar. 31 S26 65 306 2,675 2,693 121 37 77 738 21 538 15 2 415 793 Apr. 7 826 63 295 2,708 2,703 125 32 47 746 28 534 15 416 714 Apr. 14 830 66 309 2,640 2 709 120 42 114 746 30 563 14 2 416 887 Apr. 21 827 66 316 2,536 2,575 105 48 304 746 49 539 14 2 :.:: : 416 1,059 Richmond (12 cities) Mar. 24 299 35 185 1,013 983 93 19 65 209 2 6 429 5 1 107 357 Mar. 31 284 33 173 1,007 973 100 17 51 210 2 6 407 5 1 107 345 Apr. 7 302 33 178 1,027 986 103 15 34 211 2 6 429 5 107 310 Apr. 14. 323 35 194 1,054 1,029 104 23 53 211 2 6 430 5 l" 107 359 Apr. 21 292 35 176 970 938 102 17 156 210 2 6 397 7 108 444 Atlanta (8 cities) Mar. 24 292 24 196 886 843 119 10 74 206 2 1 501 2 4 104 334 Mar. 31 285 21 170 872 836 121 10 58 207 2 1 489 2 3 104 334 Apr. 7 296 23 177 893 852 117 9 39 208 2 2 505 2 4 104 319 Apr. 14 303 24 192 901 878 120 11 38 208 2 3 521 2 3 104 322 Apr. 21 292 24 201 869 832 122 10 100 209 2 3 508 1 3 104 391 Chicago {12 cities)* Mar. 24 1,424 90 391 4,715 4,572 392 66 420 1,027 3 8 1,584 6 13 457 1,868 Mar. 31... 1,301 88 340 4,070 3,922 409 73 334 1,028 3 8 1,676 6 14 51 459 2,585 Apr. 7. 1,579 81 393 4,751 4,670 400 62 213 1,032 3 8 1,618 6 12 460 1,723 Apr. 14.. 1,361 94 457 4,847 4,810 371 66 272 1,035 3 8 1,610 6 13 460 2,110 Apr. 21 1,351 91 461 4,581 4,498 361 51 750 1,036 3 8 1,573 6 15 4 460 2,376 St. Louis (5 cities) Mar. 24. 293 18 132 904 927 67 9 57 196 1 1 541 104 327 Mar. 31... 294 18 161 894 910 66 10 68 196 1 1 533 104 340 Apr. 7. 285 17 152 901 924 62 9 45 197 1 1 549 105 302 Apr. 14 288 19 128 894 934 61 14 45 197 1 1 555 104 336 Apr. 21 269 19 131 830 852 60 13 127 197 1 1 544 105 438 Minneapolis (8 cities) Mar. 24 164 10 83 550 512 80 8 41 113 1 253 3 69 187 Mar. 31... . 164 9 91 557 524 79 7 37 113 1 255 3 68 189 Apr. 7 170 9 96 563 525 80 8 24 114 1 263 3 69 196 Apr. 14 173 10 97 574 536 74 22 18 113 1 260 3 1 69 262 Apr. 21 147 10 101 507 479 72 7 104 113 1 250 2 2 69 274 Kansas City (12 cities Mar. 24 353 20 309 991 981 124 16 65 147 1 1 730 5 118 395 Mar. 31 357 19 301 1,017 986 125 19 56 148 1 1 706 5 118 376 Apr. 7 362 18 304 1,010 991 123 17 40 149 1 1 739 5 118 393 Apr. 14 376 20 313 1,022 1,018 119 18 47 149 1 1 753 5 118 403 Apr. 21 336 19 321 956 961 121 16 110 149 1 1 736 5 118 482 Dallas (9 cities) Mar. 24 293 20 290 934 920 75 15 65 130 7 2 440 2 95 291 Mar. 31 283 18 257 926 900 80 17 51 130 7 2 418 2 95 272 Apr. 7 297 18 261 940 915 80 14 35 131 7 1 437 2 95 250 Apr. 14 300 19 287 946 950 74 17 40 131 7 1 456 2 96 300 Apr. 21 282 18 291 913 906 73 17 78 131 7 1 451 1 96 340 San Francisco (7 cities) Mar. 24 707 38 279 2 270 2,299 142 47 133 1,124 28 449 15 22 404 838 Mar. 31...'....!.. 685 38 283 2^275 2,277 145 60 114 1,123 28 422 15 23 403 832 Apr. 7 704 35 260 2,269 2,283 150 45 81 1,131 28 433 15 24 403 770 Apr. 14 740 38 244 2 297 2,373 149 50 64 1,130 28 442 14 23 404 841 Apr. 21 720 31 260 2,260 2,297 146 55 220 1,130 27 447 14 24 404 98(1 City of Chicago* Mar. 24 872 35 122 2,812 2,798 170 24 298 463 2 1,143 11 298 1,105 Mar. 31 768 35 65 2,181 2,138 179 45 234 463 2 1,245 11 51 300 1,766 Apr. 7 1,042 29 146 2,891 2,892 174 38 139 462 2 1,173 11 300 1,023 Apr. 14 842 41 189 2,971 3,013 175 28 159 463 2 1,168 11 300 1,225 Apr. 21 843 40 190 2,806 2,809 160 25 507 463 2 1,149 13 300 1,543 r Revised. * 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. MAY 1943 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial E*nd of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accepting banks Others2 Im i p n o to rts Ex fr p o o m rts Dollar G s o h o ip d p p s o e s d i t n o t b r s e e i d t n w i e n e n or Own Bills United United exchange Total bills bought States States United Foreign States countries 1941—December 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 144 92 53 46 112 18 2 44 13 March 384 183 146 89 57 37 103 17 2 45 16 April 373 177 139 86 53 38 97 17 1 48 14 May 354 174 133 82 51 41 101 16 1 43 13 June 315 163 122 78 44 41 94 13 (3) 52 4 July 305 156 119 77 42 38 92 8 (3) 45 11 August 297 139 108 71 37 31 78 8 (») 41 11 September 282 123 97 64 33 26 66 6 (I) 41 10 October 271 119 94 63 31 25 60 6 (!) 40 12 November 261 116 90 61 29 26 57 6 (3) 39 12 December 230 118 93 60 34 25 57 9 (3) 38 14 1943—January 220 120 95 60 35 24 57 12 (3) 38 12 February 209 127 102 64 38 25 60 14 (3) 41 12 March 201 130 101 62 39 29 69 12 (*) 39 10 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances ba ( d n l e a e b n t i ) c t 1 es a i m n n a p v d c a e c r t s o t r t n a u m d e n e r i ts n n s' g t a in n a v d c e c f t i s o r r t m u a m d n e t i s n n g t a b h n a a d n n k d i s n bo M rro o w ne e y d2 Free O (n th e e t) r I a i n n n a v d c p e c a t s o r r t u a m t n d n e t i e s n n r g t s' i a n a n v I c d e n c s t o f t r u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936 Tune 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—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 J A u u ly gust c4 4 9 9 0 1 7 95 172 * 3 3 0 0 7 0 * 2 2 3 4 8 0 57 16 4 185 September e500 e310 e240 October e510 e310 e250 November e52O e320 c250 December 543 7 154 160 378 270 54 15 4 182 1943—January e540 e290 e280 February e550 e320 e310 March e6l0 e350 e340 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). 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 | Yields on U. S. IN PRINCIPAL CITIES mo Y w n e e th a e , k r , or m m 4 p P c - o a e r o n t i p r m o m c t e h i r - 6 e a s , - l l a b a P d c n a e r a c 9 i c n r y e m 0 s e k p s ' s - e l t , - c S l h n c a o e t r a e o l a x e a n w l c - n - l g k - e m b G o i 3 o l n - l v s t 3 h ernm 9 c m - o c e e f r o t a n o t t n t i i e f n t 1 i h s - - s 2 e - cu 3 t r a n - y i x o t t e i o a t a e e b s r 5 s l - e [Per ce 1 T n 9 t o c t p i a t e l i 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 a t e t e h n h s r e - n d r 1 W e 1 r c n e S it s o i a t e e u n s r t d n hde n b e t s e s d- 1 1 9 9 3 3 5 4 a a v v e e r r a a g g e e 1 1 3 2 . . 4 9 5 3 2 1 . . 4 7 5 6 3 3 . . 3 7 9 1 3 4 . . 7 3 6 2 1936 average1 2.68 1.72 3.04 3.40 1940 average .56 .44 LOO .014 1937 average1 2.59 1.73 2.88 3.25 1941 average .54 .44 LOO .103 .76 1938 average1 2.53 1.69 2.75 3.26 1942 average .66 .44 LOO .326 1.13 1942—March .63 .44 LOO .212 .93 1939 average 2.78 2.07 2.87 3.51 April .63 .44 LOO .299 .98 1940 average 2.63 2.04 2.56 3.38 May .63 .44 LOO .364 1.03 1941 average 2.54 1.97 2.55 3.19 June .69 .44 LOO .363 1.15 1942 average 2.61 2.07 2.58 3.26 July .69 .44 LOO .368 1.20 1939—March 2.95 2.13 3.05 3.77 August .69 .44 LOO .370 4.80 1.25 June 2.91 2.15 3.05 3.62 September.. .. .69 .44 LOO .370 .76 1.27 September 2.68 2.04 2.78 3.31 October .69 .44 LOO .372 .75 1.28 December 2.59 1.96 2.59 3.32 N D o e v c e e m m b b e e r r. . . . .. . . . . . 6 6 9 9 . . 4 4 4 4 L L O O O O . . 3 3 6 7 3 1 . . 8 8 0 0 1 1. . 3 2 4 8 1940— J M un ar e ch 2 2 . . 6 5 5 9 2 2. . 0 0 0 3 2 2 . . 4 6 9 7 3 3. . 3 3 8 5 1943—January .69 .44 LOO .367 .76 1.29 September 2.68 2.14 2.56 3.43 February .69 .44 LOO .372 .73 1.24 December 2.59 2.00 2.53 3.36 March .69 .44 LOO .373 5.75 61.33 1941—March 2.58 2.06 2.53 3.25 Week A M A A A en p p p p a d r r r r r . . . . i . n 3 2 1 1 2 g 4 7 0 : 7 L L L L 1. O O O O 00 O O O O . . . . . 3 3 3 3 3 7 7 7 7 7 4 4 1 3 2 . . . . . 7 7 7 7 7 7 9 4 5 9 1 1 1 1 1 . . . . . 4 3 3 3 3 0 9 9 8 9 1942— J D J D S S M u u e e e e n n a p p c c e r e t t e c e e e m h m m m b b b b e e e r e r r r...... 2 2 2 2 2 2 2 . . . . . . . 4 7 6 6 5 6 4 1 0 3 2 5 0 8 2 2 1 1 2 1 1 . . . . . . . 9 9 0 0 8 2 8 9 7 8 5 8 8 5 2 2 2 2 2 2 2 . . . . . . . 4 5 6 4 6 5 6 5 8 2 8 3 6 6 3 3 2 3 3 3 3 . . . . . . . 2 2 2 9 3 2 2 3 9 5 9 4 0 6 1 Monthly figures are averages of weekly prevailing rates. 1943—March 2.76 2.36 2.76 3.24 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 i Prior to March 1939 figures were reported monthly on a basis not strictly March 1941; taxable bills thereafter. comparable with the current quarterly series. 4 Average for Aug. 15 to 31. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description 5Number of issues included decreased from 2 to 1 on Mar. 1. and for back figures. 6 Number of issues included decreased from 2 to 1 on Mar. 15. Back figures.—Set Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS * [Per cent per annum] Corporate (Moody's)5 U. S. Government2 Munic- Corpo- Year, month, or week ipal rate By ratings 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 3.1t 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—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 March 62.08 2.33 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 Week ending: 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 Apr. 3 2.07 2.32 2.21 2.70 3.19 2.76 2.88 3.14 3.97 2.87 3.70 3.00 Apr. 10 2.05 2.32 2.21 2.69 3.18 2.76 2.88 3.14 3.95 2.86 ' 3.68 3.00 Apr. 17 2.02 2.32 2.21 2.69 3.19 2.76 2.89 3.14 3.98 2.87 3.70 3.01 Apr. 24. 1.99 2.31 2.19 2.68 3.19 2.76 2.88 3.14 3.97 2.86 3.69 3.01 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 IT. 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 Mar. 15. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp. 21-24. Figures for U. S. Government bonds available on request. MAY 1943 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices5 Corporate4 Common (index 1935-39= 100) of trad- Year, month, or week U. S. Munic- ing7 Gov- ipal Medium and lower-grade Pre- (in thoum e e rn n - t2 g ( r h ad ig e h )3 H gr i a g d h e - Total Indus- Rail- Public fau D lt e e - d ferreds 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 s s a h n a d r s e s o ) f trial road utility 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—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 69 820 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 March 8109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 Week ending: Mar. 27 108.9 128.8 119.7 108.4 117.0 96.1 r112.2 r42.8 171.6 88 91 85 76 1,531 Apr. 3 109.2 128.8 119.7 109.1 117.3 97.2 112.7 44.3 171.2 92 95 91 78 1,799 Apr. 10 109.5 128.8 119.8 109.3 116.9 97.9 113.2 44.5 170.7 93 96 95 79 2,333 Apr. 17 109.9 128.8 119.9 109.0 116.0 97.4 113.5 42.6 171.6 90 92 90 78 1,206 Apr. 24. 110.4 129.2 120.0 109.1 115.7 97.9 113.6 44.9 171.6 91 94 93 80 1,062 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16-year bond. Prices expressed in decimals. 3 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. 8 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 Mar. 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] 1 ?or newcapital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m ( a f e d o n s o r d t - - ic Total S m a t n a u d t - e a F e g e r e a d n l - - Co B r o p n o d ra s te m ( a f e d o n s o r d t - - ic Total S a m t n a u d t - e F e e r d al - Co B r o p n o d r s ate e F ig o n r 2 eign) nici- cies Total and Stocks eign) nici- cies1 Total and Stocks pal notes pal notes 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 6(0 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,109 1,069 1,069 342 108 618 500 118 1,040 1,040 181 440 418 410 8 1942—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 July 142 41 41 11 3 28 27 102 102 37 32 33 33 August 162 103 103 45 59 57 ""2" 59 59 3 50 6 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 October 115 28 28 26 2 2 87 87 12 31 44 44 November... 98 29 29 7 "ii" 5 5' 69 69 10 46 14 13 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 March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 y • 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). 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a s t s ed Esti n m et ated New money Retirement of securities Repayment proceedsi proceeds'* of Other Total Plant and Working Total nds and Preferred other debt purposes equipment capital notes stock 384 57 32 26 231 231 84 11 2,266 208 111 96 1,865 1,794 71 170 23 4,431 858 380 478 3,368 3,143 226 154 49 2,239 991 574 417 1,100 911 190 111 36 2,110 681 504 177 1,206 1,119 87 215 7 2,115 325 170 155 1,695 1,637 59 69 26 2,615 569 424 145 1,854 1,726 128 174 19 2,623 661 207 1,583 1,483 100 144 28 987 268 173 380 352 28 133 35 1941-April 184 181 42 26 17 132 110 21 2 May 269 262 67 54 13 189 188 1 6 June 250 246 87 75 12 142 131 10 16 July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 September.. 182 180 27 17 10 150 148 2 3 October 204 201 91 64 27 92 91 1 14 November.. 155 152 92 61 31 37 37 1 22 December.. 144 142 57 36 21 62 52 10 17 1942—January.... 164 161 71 38 33 80 80 9 February... 78 76 40 34 5 23 12 11 2 March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 May 126 124 59 27 33 11 11 53 June 142 139 72 57 15 60 55 5 July 53 52 14 11 3 29 29 August 89 88 39 33 6 34 34 September. 62 60 23 15 28 26 2 October. . . 18 17 2 1 15 15 November. 27 27 2 2 24 24 December.. 26 26 1 17 13 1943—January.... 9 1 1 6 6 February... 49 49 12 10 2 34 34 March 98 96 39 6 32 48 42 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 All Total Retire- All Retire- All net New ment of other net other net New ment of other New ment of other pro- money securi- pur- pro- pur- pro- money securi- pur- noney securiceeds ties poses4 ceeds poses4 ceeds ties poses4 ties 1934 172 21 120 31 130 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 774 74 550 150 122 "46'" '"'72' 4 1936 774 139 558 77 1,987 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 47 584 188 353 43 102 9 5 1940 319 115 186 1,180 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 30 828 244 463 121 94 55 18 21 1942 47 32 15 441 27 497 272 85 140 2 2 1941—April 2 1 16 66 7 May 45 45 141 1 76 16 54 6 June 58 51 113 75 24 38 13 July 23 23 39 48 9 29 10 6 August 24 24 307 76 22 40 14 1 September.. 42 7 35 114 23 13 9 1 1 October 25 21 4 79 75 49 13 14 10 November.. 1 1 59 85 41 24 21 4 December.. 28 28 62 46 25 15 6 1942—January.... 10 10 107 43 43 February... 4 4 34 38 11 14 13 March 6 6 48 46 25 6 15 April 11 107 59 12 36 May 21 102 49 6 48 June 69 61 51 6 4 July 3 46 9 29 8 August 68 18 4 15 September. 44 15 14 1 October. . . 3 5 2 November. 15 12 2 December.. 19 3 2 1943—January.... 1 February... 2 March. 10 33 c Corrected. 1 Estii 2Gr< tion to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Swrce.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. MAY 1943 445 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 t r e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a u e o r h n t n i n e a s p t r - - - f m p N e u a r r e o c n r o t o t d n a d s u - l - s s O g d b o u t l o h r e a d e - r s t b F o a a e o b g n v o a e d e d c s r c s , - , o r p e a i O r n f n o i g i d n d l - , c I h n c tr e a d i m l a u s l s i- - O g d n o u b o t o h r l n e a d e - - r s n c s M i e e e c l o r e i l v s u a s - - s - pr N of e i t ts1 fe P r D r r e e i - d v ide C m n o d o m s 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 1,806 224 160 208 203 138 91 149 150 164 140 177 885 554 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 22 119 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 550 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.. r419 52 38 46 r851 36 19 32 35 39 39 32 204 21 134 2. r364 52 35 25 r848 32 18 32 27 35 27 34 174 23 136 3.. r458 51 36 46 r849 34 22 42 42 41 35 59 218 21 126 4.. r564 70 51 91 , 855 36 31 43 47 49 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 d 1 v s e fi 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 r674 r500 r23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 r847 228 120 1,365 163 163 Quarterly 898 -38 -43 21 175 46 39 19 259 44 42 2 906 —43 -47 23 166 37 32 19 267 49 42 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 —4 61 184 43 36 22 274 51 48 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 ... 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 r96 69 r-5 r28 201 59 43 18 295 43 44 2 1,272 r145 r103 r0 36 191 48 33 24 308 44 45 3 1,468 267 r189 r23 196 46 25 18 311 45 44 4 1,454 r166 r138 r5 r87 211 50 34 19 321 46 40 1942—1 1,483 179 90 12 29 216 63 33 19 324 47 44 2 1,797 389 199 37 35 202 53 25 19 336 48 42 3 2,047 556 283 60 34 208 57 28 19 344 46 39 4 2,139 594 387 64 98 r221 56 35 19 360 38 r Revised. 1 "Net profits" and "net income" refer to income after all charges and.taxes, andjbefore dividends. 2 Class I line-haul railroads. 3 Series revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. 8 Partly estimated. 9 Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIIS [On basis of daily statements of United States Treasury. In millions of dollars] Total Marketable public issues1 Nonmarketable public issues Fully Total interest- Non- guaran- End of month d g d i r e r o e b s c t s t b d e d i a e r r e b i c n t t g Total2 Tre b a il s l u s ry in c C d a n e e te r e b t s s t i s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U v o . i n S n d . g s s T ta r x e a n s o u t r e y s S is p s e u c e ia s l i b n e d t a e e r b r i e t n s g t- se t b t e c e e e u r a d r e r i i s i t n n t i - 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 2,471 6,982 487 6,317 1942—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 2i 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 Mar 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 1 Including amounts held by Government agencies and trust funds, which aggregated $2,826,000,000 on Feb. 28, and $2,802,000,000 (preliminary) on Mar. 31,1943. 2 Total marketable public issues includes Postal Savings and prewar 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, MARCH 31, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount eived from sales during Redemp- Issue Amount Issue Amount out- month tions Month standing Tr J e u a n s e u r 1 y 5 , b 1 o 94 n 3 d - s 471. 454 Tr S e e a p s t u . r 1 y 5 , n 1 o 9 t 4 es 4 —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 Apr. 15, 1944-46 1,519 Mar. 15, 1945 718 Dec. 15, 1944-54 1.037 Mar. 15, 1945 1,606 1941—May 4,008 370 101 38 211 14 Sept. 15, 1945-47 1,214 Dec. 15, 1945 531 June 4,314 315 103 29 183 15 Dec. 15, 1945 541 Mar. 15, 1946 503 July 4,649 342 145 27 170 18 Mar. 15, 1946-56 489 Dec. 15, 1946 3,261 Aug 4,908 266 .118 20 128 13 O D J J u u e c n n c t e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 6 6 - - - 5 4 4 2 9 8 1,0 8 7 7 3 0 1 5 6 1 9 9 Ce M A N r u t o a , g y v o . . f 1 1 1 , , i , n 1 1 1 9 d 9 9 4 4 e 4 3 3 b 3 tedness. 2 1 1 , , , 0 6 5 0 0 3 9 6 5 S O N D e c o e p t c v t 6 5 5 5 , , , , 1 1 3 6 3 4 9 2 2 0 4 0 2 5 2 2 2 7 3 3 9 1 2 4 3 1 1 1 4 0 1 2 1 5 0 3 3 2 1 1 3 3 8 9 1 1 1 1 0 2 5 0 9 5 4 5 1 1 1 1 4 3 6 4 M J M D J D D M D S S J S D D M S u u u e e e e e e e e e e a a a n n a n p p p p c c c c c c r r r e e r e t t . . . t . t . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 5 5 4 5 4 5 5 4 4 5 5 8 9 9 9 9 1 1 8 8 1 0 8 2 9 0 8 1 - - - - - - - - - - - - - 5 - 5 5 5 - 5 5 5 5 5 5 5 5 5 5 5 0 2 1 3 1 5 4 0 3 2 1 4 1 2 5 3 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 0 1 0 2 0 6 7 1 9 1 0 4 5 4 7 5 9 1 1 2 2 8 8 6 9 1 6 2 5 7 9 5 1 2 4 5 7 3 6 6 3 8 8 2 4 1 1 1 5 0 T J M M J J A M A A M J J r A F D u u u u e u p p p p a e a a a n n n a n n e r r r r y y y y b e e e e e c s . . . . . . u 5 2 2 7 2 1 9 1 1 2 3 2 1 r 1 1 , 6 1 8 2 9 4 , , , 0 y 6 3 , , , , , , , , 1 , , , 1 1 1 1 1 1 9 1 1 1 1 9 b 1 9 1 1 9 1 9 9 9 4 9 9 9 9 4 9 4 9 9 4 i 9 4 4 4 4 4 4 4 3 l 4 4 4 3 3 3 4 4 3 l 3 3 3 3 3 3 3 3 s 3 3 2 , , 8 2 6 7 7 6 7 7 7 8 8 8 7 7 7 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 1 3 0 8 5 5 2 2 2 2 2 1 19 9 4 4 2 3 — — M A O N M M D F J J F A S J J u u a a e e e c p e o u a a a l n n b n b p t c r v g y y r r e t. 1 1 1 1 1 1 1 1 1 1 8 8 9 4 5 7 2 1 6 3 1 7 7 0 7 , , , , , , , , , , , , , , , 9 0 0 5 0 4 4 7 2 3 0 1 1 8 8 6 5 7 5 7 6 5 3 4 7 8 9 8 9 9 7 1 9 0 9 1 9 6 6 8 1 8 8 1 3 1 1 1 , , , 6 9 8 9 9 7 5 5 6 6 7 0 2 0 7 3 8 9 3 0 4 5 3 5 1 3 3 6 4 0 5 7 7 5 1 4 5 1 8 4 4 3 4 1 0 , 6 4 3 4 4 5 6 5 3 5 8 6 3 7 7 5 3 4 1 6 2 3 2 0 1 3 6 9 2 2 4 2 0 5 2 3 7 8 5 8 7 8 0 4 6 4 4 4 5 4 4 6 6 6 4 5 4 7 7 7 5 1 0 2 3 1 1 1 6 8 2 4 8 4 7 3 2 2 1 3 2 1 3 2 1 1 1 1 1 1 1 1 2 6 5 8 1 0 4 7 4 7 6 8 9 6 0 2 4 3 4 9 5 8 0 8 9 0 0 1 1 2 2 3 3 4 2 2 4 1 2 5 3 1 6 7 1 2 2 4 3 2 5 0 6 3 1 5 3 6 5 June 15, 1952-55 1,501 Total direct issues.... 79,662 P P C T a o r J J o M M J S D D J S n e u s u u u n e e e e a t a a n a n n n p p v a c c s r r e e m e e t t . . e . . l u . . r a r 1 1 1 1 1 1 1 1 S 1 s 1 y 5 5 5 5 5 5 5 5 i 5 a C 5 , , o , , , , , , , v , n 1 1 n 1 1 a 1 1 1 1 1 i 1 9 9 9 o 9 9 9 9 n 9 n 9 9 5 5 6 6 5 5 5 6 t b a 5 g 6 3 4 3 0 e 8 5 6 2 6 l s o 7 - - - - s - - - - 5 5 6 6 - 6 6 6 5 - n l 5 7 5 6 b 8 5 o 3 0 7 8 d 9 2 o a . . s n n d . . s .. .. 2 1 2 2 2 1 , , , , , , 4 6 4 1 7 8 6 7 9 9 1 4 8 1 1 1 2 3 8 8 1 1 2 5 9 5 1 8 6 5 1 1 2 9 7 9 0 Gu F C F H a e e o o M M F M r M A J F d d m m a u e . e . a u a a a n n b m b e F y y r t y e . t . . h a e o O o 1 1 P r 1 1 1 1 e d 1 m 5 , r w d 5 , u , 5 i , i , t , 1 b , t y 1 n 1 1 y M 1 9 l s 1 9 1 9 e 9 i 9 4 e 4 9 9 C c 4 r 4 o 4 3 4 4 c s 4 4 5 r r 5 ' 4 4 u - - e t 5 4 - - g L r d 6 4 2 7 i a i o 4 9 t t g H i a e e C n o s u o C C s r i p o o n . r r g p p . 4 2 8 7 7 8 1 9 3 5 7 9 2 5 5 5 9 D i " n A i 1 f r m f e A e d o r t e e u n m c n c u t p e s r t r i o e o b u n n e t t t s w v r t a a e e l d n e u n e d e m i s n " p a g F t n " i u o d r n n e r d p e s v r d a e e r l s m u e e c e n p s e t t s i i e v o t x e n h c d s e e " p o d t i f a f f n b S e d o e r e r n i n m d e c s s o e n d G b t u h , e r i tw n w to g e h e i t m c n h h o e a n c i m s c th r o s u t n e a c t d t h h e . a d i n n g c a r e t e s p a s a i e n r s . June 15, 1943 . 629 Reconstruction Fin. Corp. Sept. 15, 1943 279 July 15, 1943... . 324 Dec. 15, 1943 421 Apr. 15, 1944 571 Mar. 15, 1944 515 Jan. 1, 1945 75 June 15, 1944 416 Federal Housing Admin. Various 23 Total guaranteed issues 4,272 1 Called for redemption on June 15, 1943. MAY 1943 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held Total and trust funds by Other investors End of month s i e b n c e t u e a r r r i e i t n s ie t g - s S is p s e u c e i s al P is u s b u l e i s c F R B e e a d s n e e k r r s v al e Total M b e a m nk b s er m b O c e a o t r n h c m k i e a - s r l M sa b u v a t i n n u k g a s l s I p c n a a o n s n m u c i e e r - - s M i a s a s b r u k le e e s t- m i N s a a s r b o u k l n e e e - s t- 1940—June 47,874 4,775 2,295 2,466 38,338 14,722 1,830 3,110 6,500 9,400 2,800 December 50,360 5,370 2,250 2,184 40,556 15,823 1,940 3,220 6,900 9,600 3.100 1941—June 54,747 6,120 2,362 2,184 44,081 18,078 2,020 3,430 7,000 9,400 4,200 December 63,768 6,982 2,547 2,254 51,985 19,539 2,250 3,700 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 32,030 3,180 4,280 9,800 12,900 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 ^4,560 11,000 ^15,200 21,100 1943—January 114,301 9,172 3,195 5,969 95,965 p39,070 p3,850 ^4,640 11,100 PI4,700 22,600 February. 117,126 9,565 3,126 5,871 98,564 p39,400 2*3,990 ^4,710 11,200 pl5,500 23,800 p Preliminary estimates. i Estimated figures for member banks, 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 a - l [nsur- Total m er e n n - t F e e ra d l - Com- M tu u a - l Insurout- agen- Re- mercial sav- ance Other out- agen- Re- mer- sav- ance Other tand- cies serve banks1 ings com- stand- cies serve cial ings coming and Banks >anks panies ing and Banks Danks mnks panies trust trust unds funds Totals Treasury bonds: 1941— Dec 47,878 2,547 2,254 20,589 3,641 7,858 10,990 Total: 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 1941—Dec 33,367 2,182 1,46212,174 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 1,71316,433 3,693 8,474 8,649 Nov 70,750 2,918 5,399 34,480 4,091 9,351 14,510 Oct 43,381 2,554 2,14517,357 3,765 8,591 8,969 Dec 80,685 3,202 6,189 38,759 4,471 10,76617,297 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 9,944 10,308 Feb 82,921 3,119 5,871 40,649 4,589 10,90917,784 1943—Jan 49,273 2,736 2,63719,760 4,080 9,981 10,079 Treasury bills: # Feb 49,273 2,665 2,36720,136 4,067 9,95810,081 1941—Dec 2,002 10 1,037 34 210 710 Maturing within 5 years: 1942—June 2,508 243 1,557 28 91 590 1941—Dec 3,461 289 1,398 191 531 1,053 Sept 4,619 i 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 5 383 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 Feb 8,232 12 1,475 5,302 24 63 1,355 1943—Jan 5,830 757 2,577 248 726 1,521 Certificates: Feb 5,830 665 2,686 235 715 1,526 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—Dec 7,584 757 3,452 685 1,257 1,432 Oct 6,211 22 726 3,782 90 265 1,326 1942—June 9,436 846 4,959 750 1,347 1,536 Nov 7,161 16 1,187 4,389 99 114 1,356 Sept 11,506 916 6,446 932 1,458 1,756 Dec 10,534 17 1,041 6,470 129 180 2,696 Oct 14,229 1,284 7,717 L,11O 1,710 2,409 1943—Jan 10,741 19 1,317 6,594 136 157 2,518 Nov 14,229 1,439 7,676 L,084 1,736 2,293 Feb.. 11,161 29 789 6,837 206 261 3,039 Dec 17,080 1,574 9,353 L,129 2,101 2,920 Treasury notes: 1943—Jan 17,080 1,521 9,536 1,145 2,142 2,737 1941—Dec... 5,997 53 777 3,246 166 265 1,490 Feb 17,080 1,420 9,505 1,165 2,236 2,758 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—Dec 17,253 2,116 6,044 L,856 3,309 3,924 Oct 10,095 79 1,297 5,830 204 295 2,391 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 Nov 10,095 85 1,343 5,828 196 290 2,354 Sept 17,545 2,061 6,596 L,854 3,163 3,871 Dec 9,863 92 1,324 5,670 167 283 2,327 Oct 16,786 2,124 6,310 1,756 3,037 3,558 1943—Jan 9,863 81 1,275 5,698 174 294 2,341 Nov 16,786 2,133 6,377 L.712 2,990 3,581 Feb. ... 9,863 86 1,190 5,699 183 298 2,407 Dec 16,295 2,165 6,240 i',580 2,778 3,531 Guaranteed securities: 1943—Jan 16,295 2,090 6,364 1,555 2,756 3,529 1 1 9 9 4 4 1 2 — — D Ju e n c e 4 6 , ,3 5 1 4 7 9 2 2 8 8 0 1 c t 4 2 , , 1 8 1 4 9 7 2 1 4 4 3 8 4 54 3 7 3 1,1 8 2 3 3 5 Maturi#n g F e a b fter 20 years: 16,295 1,948 6,635 1,538 2,651 3,520 Sept 4,515 293 15 2,893 132 369 814 1941—Dec 5,070 482 1,282 462 1,737 1,107 Oct 4,195 304 17 2,637 122 349 766 1942—June 6,002 593 1,258 512 2,326 1,315 Nov 4,195 310 22 2,660 116 338 750 Sept 7,238 721 1,253 631 3,073 1,560 Dec 4,196 311 37 2,665 108 333 743 Oct 7 238 764 1,231 634 3,072 1,539 1943—Jan 4,19 311 50 2,650 108 329 748 Nov 7,'238 750 1^255 618 3,042 1,?574 Feb. 4,196 294 49 2,664 107 329 753 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 Feb.. 10,069 998 1,310 1,131 4,354 2,275 * 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 nonreporting banks and insurance companies as well as of other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown in the table above. lOn Feb. 28, 1943, commercial banks reporting to the Treasury held $13,879,000,000 of United States Government securities due or callable within one year out of a total of $23,489,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 8 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change In- c n e e l o la u - s Social Total Net Inter- War T fe r r a s n t s o - T b o u t d a - l Trust G i e n n- cr I e n a - se Period come inter- secur- Other re- re- est a:tivi- trust Other get ex- Deficit ac- eral in taxes1 re n v a e l - ta it x y es ceipts ceipts2 d o e n bt ties co a u c n - ts, p t e u n re d s i- co e u t n c t 3 s, F b u a n l d - g d r e o b ss t nue1 etc ance Fiscal vear ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 5,301 331 4,968 12,711 -5,103 -148 +742 5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,598 -3,506 +358 23,461 1942—March 3,083 364 49 52 3,548 3,547 205 2,809 22 385 3,421 +126 -234 -69 39 April 335 305 43 49 732 695 77 3,238 48 390 3,753 —3 058 — 126 542 2,542 May 216 270 222 56 764 563 19 v3^560 375 3^953 -3,391 -257 -39 3^609 June 2,086 298 42 67 2,494 2,492 390 3,829 310 4,530 —2,037 — 1,635 +179 3 852 July 273 416 53 52 '794 '747 35 M98 249 378 5',160 -4Ul3 '-4 +296 4', 714 August 155 362 232 48 797 587 7 11,884 19 305 5,215 -4,628 -54 -134 4,549 September.... 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 -3,404 -245 +1,148 4,798 October 206 350 48 45 648 607 70 5,481 56 330 5,937 —5,331 —496 +594 6,420 November..... 199 337 248 45 830 601 28 ( 3 291 6,363 -5,761 +736 -1,814 3,212 December 1,972 630 50 50 2,702 2,701 353 5^825 25 297 6,500 —3,799 — 794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 —5,584 — 135 — 2^819 2,899 February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 -5,164 -122 -2]331 2,'954 March 4,732 374 50 51 5,207 5,206 262 6,744 1 347 7,354 -2,147 -549 -1,213 1,483 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 c e 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 u E n r x e d - s i- c G o m o u v n e e t n s r t n o - f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total F p e o d i s n e it r s al s p p o e i s c n i i t a s l a O s t s h e e t r s ties Total W b o a r f k - agencies Reserve deposi- ance 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 If 42—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 L,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 L,880 1,246 541 3,154 2,392 September.... 30 214 45 25 83 37 37 4,688 1021 2,411 1,256 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 November.. .. 471 170 34 -449 65 32 13 3,557 512 1,695 1,350 475 3,082 2,320 December. .. . 75 350 33 548 99 37 11,032 1516 5,166 1,350 489 10,543 9,780 1943—January .... 110 43 35 186 74 47 8 8,200 465 5,367 1,368 477 7,724 6,961 February 498 230 35 370 52 40 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 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 dollarsl Income taxes Miscellaneous internal revenue Manufac- Period Total C in u d d r u r i a v e l i n - t C c r u o a r t r r i p e o o n n - t B ta a x c e k s E p t r x a o c x f e i e s t s s s p O t r a o t x h f e i e t s r s Total C s a t t o p a c x it k al E ta s g a t x n i a f e d t t s e b A e l t v c a o e x h r e a o s g li e c b t a T a c x o c - e o s S ta ta x m es p re t e t u a x r i c e l 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—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 lune 2,131 715 766 55 584 11 284 25 86 71 3 56 42 July 222 53 83 29 53 2 459 46 114 74 3 62 160 August 164 32 53 26 49 3 340 30 123 74 3 60 51 September 2,123 662 781 23 641 17 315 1 28 111 77 3 56 39 October 220 19 109 27 58 7 348 35 119 83 3 66 42 November 185 19 67 24 73 2 478 185 27 104 79 3 47 32 December 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 1943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,952 1,026 79 1,791 21 379 62 121 80 4 47 65 MAY 1943 449 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 than interagency 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 O as 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 sale anteed Other1 guaran- cies1 ables by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 December 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—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 ,076 54 621 815 2,717 1,511 5,688 1,431 2,656 6,444 436 May 17,343 8,356 649 732 ,088 55 733 833 3,067 1,830 5,687 1,440 2,950 6,828 437 June 17,962 8,379 648 403 L.O97 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 February.... 23,437 8,022 565 590 1,375 27 1,440 1,359 5,883 4,176 4,332 1,383 5,076 12,206 440 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n ge c 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 m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t F g N io 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 F C F g a a o o e r g d r r m e p t . - . b c m i F n r a a e e e t n t e d e d d k . r i i s - - t o B fo t p a i r e v n r c 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 i t A f i i i o d c n 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—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 ,724 192 75 213 379 1,731 580 267 106 218 258 436 334 137 287 April 8,567 1,469 ,709 185 77 215 371 1,721 575 280 102 393 260 450 336 137 287 May 8,356 1,468 L.692 181 79 216 365 1,715 567 282 99 230 258 456 340 112 296 June 8,379 1,473 ,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 July 8,307 1,479 ,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 8,233 1,496 ,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 L,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November... 8,158 1,566 ,587 122 93 213 372 1,625 518 238 140 214 241 448 345 119 317 December... 8,127 1,557 ,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 ,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February.... 8,022 1,527 L.532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 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 t c io t n ion Preferred stock held Acco r u e n c t e s i v a a n b d le o s ther Property held for sale End of month Loans Loans Recon- Home Fed. land Com- s R tr e u c c o ti n o - n Com- Home Total n tu a t i o n t n i s c o f t i i i n - a - s l r r o a t a o il d - s Other Fi s C n t t i o r a o u r n n p c c . - e O C r L w a o o t n r i a p o e n o n rs - ' Other F b M e a o d C n . r k o t s F g r p a a a . g r n m e d m C r C a o o r t r d e i p o d i o t n i y - t C p w F o o i r a r n a r p a t . c i n a o o c n n r e d - s Other r c a W o ti r o a p r n o s - m C r C a o o r t r d e i p o d i o n t i y t - O C L r w a o o t n r i a p o e n o n r - s' Other 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—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 February.... 1,527 159 449 919 361 110 94 205 103 659 473 3,928 1,614 219 122 . 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 $1,839,000,000 on Feb. 28, 1943. 45° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Income In (p d h u y 1 s 9 t s r 3 i i c 5 a a - l 3 l 9 p v r o = o l u d 1 u m 0 c e 0 t ) io 2* n aw 1 a 9 r 2 c d 3 o e - n 2 d t 5 r a ( = v c a ts 1 lu 0 e 0 )3 Em 19 p 3 l 9 o y = m 1 e 0 n 0 t4 Fac- ?reight D m ep e a n r t t- W s h a o le le- Dost oi pay- tory car store com- living4 Y m ea o r n a th nd ( 1 m v = 9 a e 3 l 5 n 1 u - 0 t e 3 s 0 ) 9 1 Total Du f M a r- c a t n u u r N e d - s o u n r- - M er i a n l - s Total R d ti e e a n s l i - - o A th l e l r N t a c u g o u r r l n a - i - l - Factory 1 r 9 p o 3 1 a l 0 9 y l 0 s4 = 1 = l 9 i o n 3 a g 5 1 d s - 0 * 3 - 0 9 19 = u s ( 2 v a e 3 a l 1 ) e l - * 0 - 2 s 5 0 5 m p = r 1 o i 9 c d 1 2 e i 0 6 s t 0 y 4 1 3 9 1 9 3 0 5 0 = able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed iusted 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 0 106.1 119.8 152 111 122.5 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 November 109.7 124 126 134 117 120 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 99^6 1940 January 110.4 122 117 135 113 120 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 110.4 113 112 118 107 118 62 57 66 102.0 103.5 103.8 107.9 100 89 78.4 99^8 April 110.8 113 112 116 107 120 64 62 66 101.1 102.4 102.6 105.8 103 89 78.6 May 112.4 117 117 124 110 118 64 64 65 101.9 102.8 102.1 105.8 106 89 78.4 June 112.5 122 122 133 114 119 74 69 77 102.6 103.7 102.5 107.6 111 91 77.5 100^5 July 113.1 122 120 136 113 118 85 77 91 103.3 105.2 103.1 106.6 110 92 77.7 August 114.1 124 124 143 112 113 90 82 98 104.6 108.1 107.8 115.1 112 98 77.4 September .... 115.6 127 132 151 112 117 93 82 101 105.3 109.7 112.2 122.1 112 97 78.0 HKL4 October 117.1 131 136 155 116 114 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..... 120.6 138 136 164 124 119 115 90 • 136 109.7 116.8 117.4 134.1 119 101 80.0 100.7 1941 January 121.3 140 136 170 123 120 103 84 117 110.3 118.9 116.9 132.6 122 101 80.8 100.8 February 123.5 143 140 175 126 119 99 76 118 111.5 121.3 120.0 140.3 124 103 80.6 100.8 March 125.4 147 145 179 128 126 94 74 109 111.7 123.3 122.7 145.9 126 103 81.5 101.2 April 128.2 144 144 180 131 96 103 80 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May. 133.7 154 155 191 135 121 101 88 111 113.6 129.5 128.6 161.3 135 105 84.9 102.9 June 138.9 159 160 196 139 127 117 101 129 115.3 133.0 132.0 170.5 139 104 87.1 104.6 July 140.3 160 159 200 138 126 139 115 158 117.1 136.1 135.5 172.0 138 115 88.8 105.3 August 143.2 160 163 200 139 128 152 112 184 118.4 137.8 138.4 178.8 139 134 90.3 106.2 September 144.4 161 167 202 138 132 161 105 206 118.9 138.7 141.2 184.8 130 116 91.8 108.1 October 146.3 164 168 208 139 134 145 87 192 119.2 139.7 141.8 190.2 127 105 92.4 109.3 November 147.5 167 167 209 143 133 138 74 189 119.8 139.9 141.3 188.6 135 116 92.5 110.2 December 153.9 167 164 213 141 134 123 69 167 120.3 141.0 141.1 195.1 137 111 93.6 110.5 1942 January 155.5 171 165 221 143 133 118 82 147 120.4 142.2 139.8 200.7 140 138 96.0 112.0 February 157.4 172 167 225 142 133 128 100 151 120.8 143.7 142.3 208.2 139 126 96.7 112.9 March 159.3 172 168 230 139 126 125 95 149 121.0 145.3 144.3 215.1 r137 124 97.6 114.3 April 163.3 173 172 234 139 125 128 82 165 121.2 147.1 146.3 221.4 143 117 98.7 115.1 May 165.4 174 175 239 138 126 158 76 226 121.9 149.1 148.0 228.7 143 108 98.8 116.0 June 169.5 176 177 244 136 127 193 76 288 122.5 150.9 149.9 234.5 141 104 98.6 116.4 July 172.6 178 180 249 138 126 206 74 313 124.5 153.4 153.4 242.7 142 121 98.7 117.0 August 176.0 183 187 258 140 130 182 65 278 125.8 155.1 157.1 254.8 143 130 99.2 117.5 September 177.9 187 r193 r265 142 131 179 70 268 126.5 156.9 159.6 261.8 136 123 99.6 117.8 October 182.8 191 r195 r275 144 129 185 83 269 127.6 158.9 160.7 270.9 133 128 100.0 119.0 November 189.4 r195 195 279 r148 130 198 90 286 128.8 160.9 161.9 280.4 134 138 100.3 119.8 December 193.7 197 r194 285 r149 128 175 91 243 130.5 164.4 164.5 287.9 134 125 101.0 120.4 1943 January 196.2 199 194 291 149 126 145 79 198 130.4 167.3 165.0 r290.9 135 143 101.9 120.6 February 2*200.8 202 197 295 150 132 102 56 140 130.5 167.6 166.1 297.2 141 167 102.5 120.9 March *>203 2*200 2*298 2*148 2*134 2*80 HO 2*113 2*130.6 2*168.2 2*167.2 136 136 103.4 April . e205 6204 e303 e149 e134 e140 e103.7 p Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls 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 pay rolls 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. 460-461 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay rolls, 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. MAY 1943 451 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 Industry Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total .. 172 r172 173 174 176 178 183 187 Manufactures—Total 179 180 182 183 184 188 193 r197 Durable 225 230 234 239 244 249 258 r265 Nondurable1 142 139 139 138 136 138 140 142 Iron and Steel 194 200 199 200 198 196 197 199 Pig iron 189 192 192 192 194 192 190 194 Steel 211 218 219 219 216 216 218 219 Open hearth and Bessemer 178 182 181 182 178 175 177 179 Electric 448 477 487 488 489 506 507 503 Machinery 259 268 273 279 287 289 299 r310 Government Arsenals and Quartermaster Depots Transportation Equipment... 314 330 350 372 396 425 458 r479 Aircraft Automobile bodies, parts, and assembly 105 105 104 107 112 116 124 129 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products 187 181 177 180 186 188 191 193 Nonferrous metal smelting 157 157 161 163 Copper smelting. 141 147 155 161 Zinc smelting. 189 184 185 184 Lead production. 140 134 132 Copper deliveries... 224 208 195 205 Lead shipments.. Zinc shipments.. 151 148 145 146 Tin consumption. Lumber and Products 144 134 132 130 131 133 129 125 Lumber... 143 128 127 124 127 130 125 119 Furniture 147 147 142 143 139 137 136 136 Stone, Clay, and Glass Products 158 158 154 155 147 140 145 152 Cement 162 161 167 172 171 169' 177 Unglazed brick. . 152 133 119 104 92 90 87 Glass containers.... 178 187 176 178 163 145 153 Polished plate glass 47 43 43 35 37 32 30 Textiles and Products. 156 153 157 156 152 154 154 Textile fabrics 147 143 148 146 143 145 144 Cotton consumption — 174 169 177 175 169 166 169 Rayon deliveries 174 175 170 169 169 168 169 Silk deliveries Woo C l a te r x p t e i t l e w s ool consumpti # on 15 7 3 9 14 7 8 0 1 3 5 4 3 15 5 0 1 4 5 6 1 16 4 0 3 1 2 5 7 4 Apparel wool consumption 191 196 203 201 194 208 206 Woolen yarn 165 161 173 172 165 175 173 Worsted yarn 148 143 164 168 166 176 173 Woolen and worsted cloth 172 167 177 179 172 184 177 Leather and Products 125 124 130 126 121 116 113 Leather tanning 127 127 131 129 122 119 117 Cattle hide leathers 140 140 147 148 143 144 141 Calf and kip leathers 93 92 93 94 88 89 95 Goat and kid leathers 121 120 116 105 94 79 70 Shoes 124 122 130 124 120 115 110 Manufactured Food Products 139 136 136 134 138 143 143 Wheat flour 110 101 98 105 102 106 105 Cane sugar meltings Manufactured dairy products 146 145 150 142 138 143 143 Ice cream... ... 150 147 160 145 145 154 153 Butter 107 108 110 111 105 108 108 Cheese # 177 177 180 178 168 169 165 Canned and dried milk 198 198 187 178 168 164 172 OO • sO JO 1943 Oct. Nov. Dec. Jan. Feb. Mar. 191 r195 197 199 202 P203 r203 r207 r210 212 215 P215 r275 279 285 291 295 ?298 144 148 149 149 150 207 203 200 r204 r208 210 199 199 197 197 r201 202 229 224 221 r226 r231 233 186 182 179 182 185 188 536 527 523 r542 r560 559 r320 r329 r340 r348 352 P359 507 525 r547 r559 572 P583 135 141 146 151 155 *>158 192 197 202 200 199 P192 129 128 127, 124 129 P123 123 122 119 116 121 141 139 144 139 144 ?i« 152 153 148 163 155 PUS 184 180 165 169 156 132 " '162''"169* 171 •208- 199 197 37 39 39 38 40 39 156 156 158 156 157 160 P158 146 147 148 145 147 150 172 172 171 163 171 171 166 170 174 177 178" 180 181 181 155 156 161 163 154 166 34 43 43 44 29 39 198 205 212 218 r208 229 175 178 182 184 176 190 168 171 175 175 167 177 179 175 180 185 177 187 111 117 117 117 r122 117 P113 115 120 118 118 122 117 136 143 139 139 142 136 96 94 94 93 95 93 76 82 81 84 r89 89 108 115 116 116 122 117 PI 10 P148 P146 P152 P158 P157 p155 P152 101 108 115 126 129 130 126 p140 P139 P136 ^140 ^142 ^142 102 "'loo' ""98" " 103 107 110 110 156 145 141 138 148 148 148 167 168 156 169 166 166 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 141 144 142 140 153 146 153 159 145 147 158 145 153 154 Pork and lard 151 161 156 163 177 168 174 187 157 167 193 170 180 189 Beef 139 132 134 121 137 130 136 129 133 122 119 126 134 127 Veal 96 98 96 94 103 103 113 127 129 128 107 76 76 73 Lamb and mutton 113 128 119 105 104 116 127 137 141 156 156 122 117 108 Other manufactured foods 142 138 137 136 140 147 146 r153 152 159 165 r165 161 ^156 Alcoholic Beverages ... 130 119 111 HI 104 122 135 139 126 122 111 105 123 P114 Malt liquor 124 120 117 116 104 118 133 147 134 146 131 122 146 133 Whiskey 74 62 63 55 63 96 82 49 14 Other distilled spirits 75 44 53 80 61 83 71 35 62 62 37 42 63 Rectified spirits 242 201 153 158 163 183 223 238 226 159 159 159 161 Tobacco Products .. 130 125 127 120 122 126 130 133 141 136 160 140 131 131 Cigars 126 121 120 108 112 109 112 107 116 98 200 127 116 101 Cigarettes 144 137 140 137 136 146 152 159 166 167 166 162 153 159 Manufactured tobacco and snuff 93 94 97 89 94 89 88 91 102 98 94 94 86 87 Paper and Paper Products1 . 151 152 148 143 134 125 131 132 135 135 132 133 135 Paper and pulp 157 158 154 147 135 125 132 133 137 137 133 135 137 Pulp. . 180 189 183 184 177 164 169 162 162 159 152 147 149 Groundwood pulp 131 138 129 120 116 113 117 112. 114 111 104 103 107 Soda pulp 154 155 148 147 129 127 125 126 137 141 131 96 96 Sulphate pulp 224 239 236 245 228 211 221 211 208 200 195 199 200 Sulphite pulp 173 181 174 173 173 157 161 154 153 149 143 rl40 142 Paper 154 154 149 142 129 119 126 128 134 134 130 r133 135 Paperboard 167 168 157 141 120 109 123 131 136 137 134 137 143 "150 Fine paper 144 150 146 147 138 132 125 125 130 133 127 127 123 Newsprint production. 110 106 109 104 103 103 108 106 107 100 97 92 93 90 Printing paper 146 140 135 124 110 109 113 117 130 129 121 124 126 Tissue and absorbent paper 168 164 169 175 178 148 161 166 163 174 175 r177 169 Wrapping paper ...... .... 147 151 152 150 139 127 132 125 128 123 120 125 129 Printing and Publishing*. 125 121 117 112 104 106 111 109 116 118 114 113 113 *112 Newsprint consumption 103 103 98 100 97 103 108 101 102 110 106 102 99 97 Petroleum and Coal Products 129 122 118 116 115 118 121 122 123 123 119 117 120 Petroleum refining 124 116 111 109 108 111 114 116 117 117 112 109 113 Gasoline 121 112 104 103 101 105 109 109 111 110 104 99 102 ^99 Fuel oil 129 122 123 122 123 127 130 137 137 138 137 137 143 Lubricating oil 131 131 126 122 123 117 117 112 113 114 113 111 114 Kerosene 123 112 106 100 103 105 106 107 112 110 99 104 117 Coke 162 162 162 163 164 163 165 166 166 166 166 166 169 '^168 Byproduct coke 152 152 152 153 153 153 155 155 155 156 156 157 158 pl57 Beehive coke 510 • 504 514 508 539 502 505 523 524 500 498 485 543 P537 Chemicals 161 161 165 167 172 174 173 r179 rlS7 r197 r205 r210 213 nu Rubber Products Rubber consumption Tires and tubes .# 28 26 25 Pneumatic tires 28 26 25 Inner tubes 27 27 27 Minerals—Total 133 126 125 126 127 126 130 131 129 130 128 126 132 P134 Fuels 130 122 121 121 121 121 126 129 127 130 126 124 131 P133 Bituminous coal 141 140 150 147 144 141 140 150 145 154 143 145 157 ^161 Anthracite 121 116 122 115 117 122 118 129 117 124 105 102 129 p128 Crude petroleum 127 115 109 111 113 112 121 120 121 121 121 118 121 P123 Metals 149 153 152 157 159 155 152 145 139 133 137 138 140 p140 Metals other than gold and silver 181 184 184 193 199 197 196 189 183 181 187 189 193 Iron ore shipments 214 219 217 232 236 241 239 227 218 211 223 232 234 "235 Copper 158 162 164 174 Lead 140 134 132 Zinc 146 Gold 107 Silver ... . ... 101 106 109 106 104 98 99 88 82 74 73 73 Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1943 453 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 167 168 172 175 177 180 187 r193 r195 195 r194 194 197 P200 Manufactures—Total .. 175 177 181 183 185 189 196 r203 205 206 207 208 211 P213 Durable .... 221 228 234 240 246 251 260 r267 279 283 287 292 p297 Nondurable1 138 137 138 137 136 139 144 150 148 147 146 143 145 P145 Iron and Steel... 194 200 199 200 198 196 197 199 207 203 200 r204 r208 210 Pig iron 189 192 192 192 194 192 190 194 199 199 197 197 r201 202 Steel 211 218 219 219 216 216 218 219 229 224 221 r226 r231 233 Open hearth and Bessemer 178 182 181 182 178 175 177 179 186 182 179 182 185 188 Electric 448 477 487 488 489 506 507 503 536 527 523 r542 r560 559 Machinery. 259 268 273 279 287 289 299 r310 r320 r329 r340 r348 352 P359 Government Arsenals and Quartermaster Depots.. Transportation Equipment.. 314 330 350 372 396 425 458 r479 507 525 r547 r559 572 P583 Aircraft Automobile bodies, parts, and assembly 105 105 104 107 112 116 124 129 135 141 146 151 155 P15S Railroad car? Locomotives Shipbuilding Private yards .... Government yards Nonferrous Metals and Products... 187 181 177 180 186 188 191 193 192 197 202 200 199 V* Nonferrous metal smelting 157 156 162 164 Copper smelting 141 147 155 161 Zinc smelting. 189 184 185 184 Lead production 140 131 135 Copper deliveries 224 208 195 205 Lead shipments • • • Zinc shipments 151 148 145 146 Lumber and Products... 128 129 132 135 138 140 138 135 135 125 116 r107 114 P118 Lumber 118 120 127 131 138 141 139 134 131 118 101 91 99 ^104 Furniture 147 147 142 143 139 137 136 136 141 139 139 144 144 Stone, Clay, and Glass Products.... 132 140 151 163 158 151 160 163 163 157 138 132 P127 139 Cement 132 141 161 178 183 186 195 200 202 186 139 126 112 Unglazed brick 83 90 116 118 115 111 104 156 Glass containers 164 176 176 190 171 151 167 166 167 171 159' ' 187*" 184 " 185 Polished plate glass 47 43 43 35 37 32 30 38 37 39 39 38 40 39 Textiles and Products. 156 153 157 156 152 154 154 156 156 158 156 157 160 P158 Textile fabrics 147 143 148 146 143 145 144 146 147 148 145 147 150 Cotton consumption 174 169 177 175 169 166 169 172 172 171 163 171 171 "166 Rayon deliveries 174 175 170 169 169 168 169 170 174 177 178 180 181 181 Silk deliveries Wool textiles 153 148 153 150 151 160 154 155 156 161 163 154 166 Carpet wool consumption 79 70 34 5 46 43 27 34 43 43 44 29 39 Apparel wool consumption 191 196 203 201 194 208 206 198 205 212 218 r208 229 Woolen yarn 165 161 173 172 165 175 173 175 178 182 184 176 190 Worsted yarn 148 143 164 168 166 176 173 168 171 175 175 167 177 Woolen and worsted cloth 172 167 177 179 172 184 177 179 175 180 185 177 187 Leather and Products. 132 129 131 124 116 114 115 112 117 115 114 120 122 Leather tanning . 139 127 131 126 118 113 113 114 121 121 119 122 128 Cattle hide leathers 155 141 147 145 136 134 134 134 145 144 141 144 151 Calf and kip leathers 98 91 90 90 90 88 100 94 96 97 91 93 98 Goat and kid leathers 126 119 119 102 94 78 69 77 81 79 85 r89 93 Shoes 127 130 131 123 114 115 117 112 115 111 110 118 119 PU5 Manufactured Food Products. 121 121 123 130 139 156 165 P181 P151 P140 P135 P134 Wheat flour 109 98 92 96 95 105 106 116 118 119 121 130 129 123 Cane sugar meltings Manufactured dairy products 109 124 152 193 210 207 192 ^143 *>109 *91 ^88 *89 ^102 Ice cream 88 113 154 197 232 259 248 Butter 92 96 109 143 147 132 119 ioi * 88 78 82 86 94 "98 Cheese 142 157 189 242 241 205 185 158 134 106 101 107 119 132 Canned and dried milk 187 194 211 257 249 200 177 154 134 109 117 126 141 r Revised. p Preliminary. * Included in total and group indexes t>ut not av;lilable for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 454 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 1943 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 135 131 134 140 149 138 132 147 146 166 186 171 147 140 Pork and lard 151 145 148 163 172 151 131 150 147 200 249 221 180 171 Beef 125 120 125 121 134 131 137 144 144 128 119 126 121 115 Veal 84 93 95 98 104 102 114 140 142 131 101 73 67 69 Lamb and mutton 113 124 115 108 99 110 125 153 150 152 148 128 117 105 Other manufactured foods 124 121 121 123 133 157 173 r198 170 r161 158 145 140 Alcoholic Beverages... 117 113 113 120 116 133 140 140 123 103 94 90 110 P107 Malt liquor 109 112 124 136 134 148 152 149 121 111 105 100 128 123 Whiskey .... 96 77 69 54 50 53 45 39 13 Other distilled spirits 45 29 32 48 36 39 34 48 164 130 46 '"27" '"38" Rectified spirits 208 191 136 139 130 183 223 238 226 159 159 159 161 Tobacco Products 121 117 119 123 132 131 135 144 149 141 137 132 122 123 Cigars .... 109 111 114 107 120 113 115 123 140 117 154 103 101 93 Cigarettes 136 127 130 142 150 153 160 170 169 167 147 159 144 148 Manufactured tobacco and snuff. .. 92 96 96 89 96 91 89 98 104 97 83 91 85 89 Paper and Paper Products1. 153 155 151 144 133 122 130 134 138 134 129 r132 137 Paper and pulp 160 161 157 149 134 121 130 132 138 137 131 rl35 140 Pulp 186 194 187 186 174 156 166 159 164 159 147 rl49 154 Groundwood pulp 137 148 144 133 118 100 100 98 106 114 108 107 111 Soda pulp 158 160 152 147 127 119 125 127 137 141 127 96 99 Sulphate pulp 230 243 236 245 226 207 221 211 212 200 185 201 206 Sulphite pulp 179 185 178 173 169 150 161 154 156 151 139 r140 146 Paper 156 156 152 143 128 115 125 128 134 133 129 r132 137 Paperboard 167 168 157 141 120 109 123 131 136 137 134 137 143 150 Fine paper 155 160 159 151 135 120 118 118 130 129 124 128 132 Newsprint production 108 106 109 105 104 101 105 106 107 103 98 92 92 90 Printing paper 151 145 140 127 108 102 110 116 131 127 120 124 130 Tissue and absorbent paper 175 166 172 173 177 140 161 172 169 172 168 r172 176 Wrapping paper 147 151 152 150 139 127 132 125 128 123 120 125 129 Printing and Publishing2... 126 126 123 115 103 96 103 109 120 121 114 111 114 pU6 Newsprint consumption... 102 107 105 104 98 90 95 102 109 115 108 97 98 101 Petroleum and Coal Products... 129 122 118 117 115 117 121 122 123 123 119 116 120 Petroleum refining 124 116 111 110 108 110 114 116 117 117 112 109 113 Gasoline • . 121 112 104 103 101 105 109 109 111 110 104 99 102 P99 Fuel oil 129 122 123 122 123 127 130 137 137 138 137 137 143 Lubricating oil 129 130 131 127 123 115 116 112 113 114 112 108 113 Kerosene 129 115 108 101 97 97 101 106 112 113 102 106 123 Coke 162 162 162 163 164 163 165 166 166 166 166 166 169 Byproduct coke 152 152 152 153 153 153 155 155 155 156 156 157 158 Beehive coke 510 504 514 508 539 502 505 523 524 500 498 48 5 543 P537 Chemicals 161 166 168 166 166 167 170 r181 r192 r199 r206 r209 213 Rubber Products Rubber consumption Tires and tubes 28 26 25 Pneumatic tires 28 26 25 Inner tubes 27 27 27 Minerals—Total.. 124 118 126 131 132 131 136 137 134 132 120 117 123p125 Fuels... 130 122 121 121 121 121 126 129 127 130 126 124 131 P133 Bituminous coal 141 140 150 147 144 141 140 150 145 154 143 145 157 P161 Anthracite 121 116 122 115 117 122 118 129 117 124 105 102 129 Crude petroleum 127 115 109 111 113 112 121 120 121 121 121 118 121 Metals...... 89 97 155 190 195 192 194 184 176 143 83 74 76 *>75 Metals other than gold and silver 82 94 195 259 266 264 264 249 239 192 93 80 85 SIrrorn :o:r:e: :s:h:i:pm:e:n:t:s:::::::::::::::::::::::::: 160 1 2 6 3 5 2 1 3 6 7 9 3 1 7 7 2 4 38 * 2 39 * 3 388 35 * 8 335 229 19 140 131 135 Zinc 146 Gold 96 Silver 103 110 110 105 100 97 97 89 82 75 73 73 r Revised. v 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; btasis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE,—For description and back figures, see BULLETIN for September 1941, pp, 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882 MAY 1943 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total 142.3 144.3 161.9 164.5 165.0 166.1 167.2 200.7 208.2 215.1 280.4 257.9 r290.9 297.2 Durable goods 172.3 175.8 210.4 215.5 218.1 221.1 223.9 255.9 265.8 276.2 382.8 391.6 399.9 410.0 Nondurable goods 118.6 119.4 123.8 124.3 123.1 122.8 122.5 146.8 151.9 155.4 180.3 r186.4 184.4 186.8 Iron and Steel and Products 155.0 156.9 165.7 169.1 170.7 172.1 173.4 211.0 219.8 226.6 270.1 278.7 283.5 288.9 Blast furnaces, steel works, etc 140 140 133 r135 134 135 182 187 190 204 r204 209 212 Steel castings . .'.'.'.'.'." 227 232 269 273 276 279 326 344 355 446 453 464 476 Tin cans and other tin-ware 136 120 91 89 88 90 179 163 149 128 134 130 135 Hardware 135 136 117 118 119 120 196 203 210 211 215 215 223 Stoves and heating equipment 109 107 110 113 113 113 123 136 139 170 179 181 184 Steam, hot-water heating apparatus... 163 163 183 187 189 193 254 255 264 319 327 313 336 Stamped and enameled ware 139 140 136 139 143 149 192 196 201 231 247 256 263 Structural and ornamental metal work 155 159 190 192 190 193 208 222 233 314 324 309 324 Forgings 211 215 247 252 255 259 328 339 348 442 476 478 495 Screw machine products 241 243 286 287 288 293 353 374 390 507 516 519 533 Electrical Machinery 194.0 197.2 243.0 250.3 255.1 260.8 266.2 279.2 288.0 296.3 402.8 415.5 427.4 441.6 Machinery, except Electrical 190.1 194.6 221.0 225.1 227.5 230.1 232.8 282.0 295.9 307.8 381.5 392.9 400.2 408.8 Machinery and machine shop products 189 193 226 230 232 234 278 289 301 382 395 402 411 Tractors 140 141 151 156 154 155 169 181 184 212 223 225 239 Agricultural excluding tractors 133 136 106 110 114 120 173 178 190 172 181 196 215 Pumps 233 246 285 285 293 299 389 417 453 556 583 581 602 Refrigerators . .. 113 113 123 131 138 145 138 149 154 r190 r202 r220 237 Transportation Equipment, except Autos. . 667.8 721.41,202.8 1,259.2 1,302.2 1,343.1 1,375.2 1,042.4 1,144.6 1,237.02,275.9 2,348.0 2,406.0 2,486.5 Automobiles 108.1 104.7 147.1 152.5 156.7 159.5 162.7 188.0 167.1 167.4 261.4 255.1 277.9 282.2 Nonferrous Metals and Products 160.0 162.8 173.5 176.7 178.1 179.6 178.8 223.0 228.7 237.5 292.2 3J)3.2 307.2 308.6 Primary smelting and refining 127 127 146 r152 r154 155 166 167 170 228 '234 r239 245 Clocks and watches 129 131 128 127 127 130 188 197 205 232 232 r242 244 Lighting equipment 121 120 r106 r110 r108 111 174 166 165 r183 189 r184 187 Lumber and Timber Basic Products 129.4 129.7 125.1 122.5 116.3 113.8 112.9 154.5 163.5 165.6 188.7 181.9 166K9 177.3 Sawmills 106 106 101 98 r92 90 127 135 137 153 r144 131 139 Planing and plywood mills 120 119 121 119 115 114 141 145 145 174 177 167 180 Furniture and Lumber Products 121.2 121.1 110.5 111.4 110.2 111.0 111.3 151.9 159.9 161.7 165.0 170.6 165.9 171.8 Furniture 118 117 106 107 106 107 151 158 157 158 164 160 166 Stone, Clay, and Glass Products 126.7 127.3 125.3 125.4 123.2 122.4 121.9 153.3 159.9 162.2 179.2 181.2 178.5 179.2 Glass 126 126 117 118 119 121 155 160 159 161 166 168 174 Cement 114 116 123 121 115 109 135 136 142 169 156 150 139 Brick, tile, and terra cotta 114 115 106 104 98 94 138 142 146 152 150 138 138 Pottery and related products 138 137 138 137 135 135 153 175 177 188 188 185 186 Texti C le o -M tto il n l g a o n o d d s F e ib x e c r e p P t ro sm du a c l t l s wares 1 12 1 7 3.3 1 12 1 7 3.5 1 12 1 8 1.7 1 12 1 9 2.5 r1 1 2 1 7 2.7 1 12 1 7 1.3 110.7 1 18 5 1 1.2 1 18 5 6 3.7 1 18 5 7 5.1 1 21 7 3 5.4 2 1 1 8 8 0.8 r2 1 1 8 6 1.8 1 21 8 6 0.7 Silk and rayon goods 85 86 83 83 82 82 112 119 122 131 134 134 132 Woolen and worsted manufactures.... 120 120 118 119 118 117 180 169 171 201 208 208 207 Hosiery 86 85 78 78 77 77 96 99 97 105 107 106 108 Knitted underwear 115 118 116 117 116 116 149 153 161 179 184 185 184 Dyeing and finishing textiles 108 109 107 109 108 108 132 138 140 158 166 162 166 Carpets and rucrs wool 103 98 92 93 93 94 127 131 125 139 145 145 148 ^—'**J-^v^v^? U££\_l i. UgO, WUU1. .............. Apparel and Other Finished Textiles 119.6 121.4 112.3 112.2 112.0 113.7 114.4 133.4 155.1 161.5 152.7 154.0 155.9 169.3 Men's clothing, n.e.c 117 119 108 108 108 109 139 150 158 145 146 149 159 Shirts, collars, and nightwear 102 102 93 92 90 90 127 135 138 143 144 136 140 Women's clothing, n.e.c 101 102 91 91 91 93 107 134 137 123 124 125 1^0 Millinery '' [[ 106 109 72 73 83 94 81 120 131 76 76 103 136 Leather and Leather Products 110.7 112.9 104.7 104.9 103.1 102.4 101.0 142.3 151.3 156.7 153.4 159.5 156.1 154.2 Leather 113 113 104 106 105 104 141 145 147 153 158 154 154 Boots and shoes .[. 101 103 93 94 92 91 134 143 149 137 145 141 139 Food and Kindred Products 106.4 104.2 121.5 119.1 112.9 109.5 107.3 130.0 126.3 125.3 160.5 165.4 155.6 150.7 Slaughtering and meatpacking 136 133 146 155 154 147 170 152 149 181 214 203 186 Flour. 101 100 105 108 111 113 119 121 115 148 155 169 169 Baking 103 103 114 114 112 109 118 119 119 144 149 144 142 Sugar, beet 38 37 253 219 82 48 72 51 52 379 300 110 67 Confectionery 109 111 130 129 120 117 131 129 135 182 184 164 163 Beverages, nonalcoholic 105 104 114 114 112 112 114 112 114 128 128 124 126 M Ca a n lt n i l n i g q u a o n rs d preserving 10 7 4 4 1 6 0 4 6 1 1 0 1 1 6 1 r8 1 5 3 11 7 2 1 1 6 1 6 5 1 9 1 6 1 1 1 1 0 4 1 1 8 2 6 2 1 1 3 6 7 3 1 1 3 3 8 6 r r 1 1 3 1 4 8 1 1 4 1 4 3 Toba C C cc i i g o g a a M r r s e a t n te u s factures 1 1 1 0 0 0 3 3 1.4 1 1 1 0 0 0 4 2 1.3 1 1 9 2 0 7 9 6.8 1 1 9 3 0 6 0 6.3 1 1 9 2 0 1 5 2.4 1 1 9 2 0 0 0 0.2 99.4 1 1 1 2 3 2 0 3 3.6 1 1 1 2 2 2 5 5 2.7 1 1 12 1 1 9 1 9.4 1 1 1 4 7 5 6 9 7.4 1 1 1 8 4 5 2 8 9.6 1 1 13 7 4 3 0 7.0 1 1 1 4 3 3 4 6 8.5 Pape P r ap a e n r d a A n l d li e p d u l P p roducts 1 1 1 2 2 2 2 0 3.3 1 1 1 2 2 2 4 0 3.2 1 1 1 2 0 1 4 9 4.7 1 1 1 2 1 1 7 0 6.4 1 1 1 2 1 1 9 0 6 .6 ! 1 1 13 0 1 2 9 7.8 117.8 1 1 14 5 5 9 6 5.6 1 1 1 4 5 5 5 8 6.0 1 1 1 4 5 5 7 9 6.9 1 1 1 6 6 6 6 1 3.5 1 1 1 7 6 6 3 4 8.5 1 1 1 7 6 6 5 2 7.6 1 1 1 7 6 7 8 5 1.3 "Pptnpr ^nnns TiCC 118 117 111 114 'm | 117 143 141 140 154 162 160 167 r RReevviisseedd.. nd totals have been revised for 1941 and 1942 and are adjusted to final NOTE.—Figures for March 1943 are preliminary. Indexes for major groups and totals have been i revised h for 1h94 1 and 1942b atniable from the Bureau Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtain of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Pay Rolls—Continued [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Printing and Publishing 103.6 101.7 103.1 104.3 102.1 103.0 115.4 112.9 112.5 122.4 126.5 121.8 122.5 Newspapers and periodicals 100 99 99 100 96 95 106 106 106 111 113 107 107 Book and job 105 101 105 106 105 107 122 116 113 128 133 130 131 Chemical and Allied Products 181.4 191.1 240.3 243.7 248.0 250.3 252.7 231.7 245.4 263.4 365.3\ 383.4 391.2 399.2 Paints, varnishes, and colors 115 115 103 103 103 104 136 140 142 135 139 137 140 Drugs, medicines, and insecticides 134 133 149 152 154 156 148 153 157 190 197 203 212 Rayon and allied products 108 108 105 106 106 106 141 140 141 141 149 149 151 Chemicals, n.e.c 154 157 160 160 163 165 199 200 207 236 241 249 251 Cottonseed oil 113 103 151 143 138 128 137 141 127 243 r234 r219 198 Fertilizers 145 157 104 109 115 138 142 184 209 164 173 185 224 Products of Petroleum and Coal 116.2 117.5 117.8 117.4 116.0 115.2 114.8 138.4 144.3 145.4 165.4 165.1 r162.S 165.3 P C e o t k r e o l a e n u d m b r y e - f p in r i o n d g ucts 1 1 2 0 0 7 1 12 0 0 8 1 1 2 0 0 7 1 1 1 0 9 7 1 1 1 0 9 6 1 11 0 8 6 1 1 5 2 0 7 1 1 5 3 4 2 1 1 5 3 3 3 1 1 6 5 3 1 1 1 6 5 1 2 r1 1 4 6 9 8 1 16 5 9 2 Rubber Products 120.6 121.0 143.1 149.0 151.6 152.8 155.0 149.1 149.8 156.5 213.3 228.6 234.6 238.3 Rubber tires and inner tubes 106 107 142 147 150 151 131 130 136 205 220 227 229 Rubber boots and shoes 129 128 140 145 148 150 167 165 171 222 238 241 241 Rubber goods, other 126 124 131 135 r137 139 163 166 172 196 209 213 220 Miscellaneous Industries 141.4 145.4 151.7 r156.7 r 157.0 159.5 162.5 176.0 186.6 195.8 247.6 r261.3 r263.1 271.2 Photographic apparatus 131 131 148 151 152 157 175 177 176 223 230 233 243 Games, toys, and dolls 116 123 80 79 75 79 113 143 158 129 134 124 134 r Revised. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 143.7 145.3 147.1 149.1 150.9 153.4 155.1 156.9 158.9 160.9 164.4 167.3 167.6 168.2 Durable 173.3 176.5 180.2 184.2 188.9 193.9 198.5 201.6 2-05.6 209.6 215.4 219.3 222.2 224.6 Nondurable 120.4 120.6 121.0 121.4 121.0 121.4 120.9 121.6 122.0 122.5 124.3 126.3 124.6 123.8 NOTE.—Figures for March 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 BULLETIN and p. 259 of March 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statisticsl Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1942 1943 1942 1943 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All Manufacturing 41.7 42.4 43.6 44.0 44.4 44.2 44.5 80.1 80.3 89.3 90.5 90.1 r91.9 92.4 Durable Goods.. . 43.8 44.5 45.8 46.1 46.1 45.9 46.2 89.0 89.2 99.0 100.5 100.4 r101.7 102.1 Iron and Steel and Products 42.1 43.0 44.3 44.8 r45.3 45.0 45.7 89.1 89.6 97.9 98.4 98.6 99.8 99.6 Electrical Machinery 45.6 45.6 46.7 47.0 47.0 r47.O 46.9 86.8 87.3 93.6 94.2 r94.3 r95.1 95.3 Machinery Except Electrical 48.5 49.2 49.5 49.5 r49.6 r49.6 49.6 90.7 91.4 99.7 100.3 101.1 r102.2 103.0 Automobiles 43.0 43.1 45.2 45.5 45.5 45.7 46.2 115.8 115.4 117.2 120.2 119.8 122.2 120.5 Transportation Equipment Except Automobiles 48.1 48.0 47.1 47.7 47.5 r46.9 46.7 104.4 104.0 113.2 116.3 114.2 r114.4 115.2 Nonferrous Metals and Products 43.8 43.8 45.4 46.0 46.1 r45.9 45.8 85.1 85.8 95.6 95.9 97.6 r98.7 98.9 Lumber and Timber Basic Products 38.4 40.0 42.5 41.7 r41.3 r39.8 41.7 58.9 59.7 69.4 68.5 r67.9 r68.1 70.2 Furniture and Finished Lumber Products. 39.9 40.9 42.8 42.8 43.7 42.7 43.6 62.3 62.9 r68.5 68.5 68.9 69.5 70.2 Stone, Clay, and Glass Products 38.4 40.1 41.3 41.4 41.8 41.7 42.0 74.0 74.9 81.2 81.0 81.0 81.9 82.2 Nondurable Goods. 39.2 39.9 40.8 41.3 42.1 r41.7 42.0 68.8 68.9 75.1 75.6 76.2 76.8 77.4 Textiles—Mill and Fiber Products 39.3 40.1 40.4 40.8 41.5 41.3 41.5 57.1 57.1 63.9 64.2 64.4 r65.0 65.2 Apparel and other Finished Products 34.6 36.8 37.1 37.0 37.4 37.1 38.1 61.2 62.4 65.2 64.8 64.9 66.0 68.5 Leather and Manufacturers 38.8 39.9 38.9 39.0 40.3 40.3 40.2 64.4 65.3 70.8 71.3 71.9 71.7 71.4 Food and Kindred Products 40.8 40.5 41.6 42.4 43.9 43.2 43.0 70.2 70.2 74.4 75.1 76.1 76.8 77.2 Tobacco Manufactures 37.9 37.0 40.4 40.6 41.2 39.4 38.6 55.5 55.0 60.2 61.1 61.3 61.1 60.2 Paper and Allied^ Products 42.1 42.3 43.4 44.0 44.9 44.2 44.5 71.0 71.4 77.1 77.2 77.1 77.4 78.1 Printing, Publishing, and Allied Industries. 38.7 38.4 38.5 39.5 40.2 39.8 39.8 92.0 92.2 97.3 97.6 98.0 r97.1 97.0 Chemicals and Allied Products 41.5 41.7 43.6 43.9 r44.7 44.5 45.0 80.2 79.9 86.6 86.7 87.8 88.5 88.7 Products of Petroleum and Coal 37.9 39.2 40.5 41.8 r41.8 r41.1 42.3 102.3 102.3 108.1 109.3 109.2 r110.5 110.2 Rubber Products 39.4 40.0 42.7 43.4 44.5 r44.5 44.6 87.8 87.4 94.7 95.5 96.6 97.2 97.8 Miscellaneous Industries 42.6 42.9 44.8 45.3 r46.1 r45.7 46.0 71.4 72.5 81.1 82.9 r82.7 r83.8 84.7 r Revised. 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. 465.) MAY 1943 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b e u si i d ld e i n n t g ial an u d t il p it u i b e l s ic Month Factories Commercial Educational Other 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 February 433.6 393.5 168.0 93.3 84.5 87.7 21.8 22.7 9.2 4.2 54.2 72.7 95.9 113.0 March 610.8 219.3 112.7 36.8 10.7 71.6 159.7 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 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 ownership Private ownership 1943 1942 Month .. Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 March February March Tanuary 305 317 351 124 198 316 181 119 35 Boston 8,756 39.962 39,795 February 270 434 394 105 310 364 166 123 30 New York 26,044 31,709 29,320 March 480 611 340 269 473 304 211 138 36 Philadelphia 24,756 25,217 30,783 April 407 499 184 355 223 144 Cleveland 28,373 16,401 48,519 May 549 674 267 569 281 105 Richmond 60,530 59,639 130,782 June 539 1,190 314 1,105 225 85 Atlanta 43,110 58,801 41,072 July 577 944 348 876 229 68 Chicago.. . 58,086 26,836 140,677 August 760 721 520 633 240 88 St. Louis 21,543 14,846 65,351 September.... 623 723 403 661 220 62 Minneapolis 1,657 1,869 5,181 October 606 780 371 710 235 71 Kansas City 50,830 44,739 32,385 November 459 654 298 592 161 62 Dallas 16,013 73,498 46,934 December 432 709 288 664 144 45 Total (11 districts).. 339,698 393,517 610,799 Year 6,007 8,255 3,492 7,146 2,515 1,109 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ILoans Mortgages on 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 t i D o t s i l l e e y 4 s - h R ( o g T e u a r I n o i s n D t i t u d l n a e p l g h ( o W T V u i a s t I r l ) i - e ng End of month Total b C m c a o i n e a m r k l - s - b s M i t a n a u n v g u a k - s - l s a a s S l t a i s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - s - a c F e g i e r e e a d n s l - ! - Other2 1936—Dec 365 228 8 56 41 5 27 1935 . . 320 224 94 1 19 9 3 3 8 7 — — D D e e c c 1,1 7 9 7 9 1 4 6 3 3 0 4 3 2 8 7 1 1 1 4 0 9 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1936 557 246 309 2 1 1 1 9 9 9 3 3 3 7 9 8 4 6 9 9 9 5 5 4 4 2 1 0 6 6 8 0 0 2 1 5 3 4 4 6 2 7 6 4 3 9 4 5 1 8 1 1 1939— D Ju e n c e 1 1, , 7 4 9 7 3 8 9 7 0 5 2 9 5 7 0 1 1 1 6 9 7 2 2 34 7 2 1 1 1 3 5 7 3 1 9 3 4 3 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 "l3" 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 1942—Mar 93 10 2 68 1 12 Dec 2,409 1,162 130 224 542 201 150 M A J J A u u p u a l n r g y y e 8 9 9 9 8 3 2 9 6 7 1 1 1 1 1 3 5 0 3 1 2 2 2 1 1 5 6 6 5 6 5 0 2 6 3 1 2 1 1 2 1 2 1 1 5 4 1 6 1941— J D S M u e e n a p c e r t 2 2 3 2 , , , , 5 1 7 9 9 0 4 5 7 8 2 5 1 1 1 1 , , , , 2 3 4 4 4 6 1 0 6 5 8 0 1 1 1 1 8 4 5 7 6 6 7 1 2 2 2 2 5 4 3 3 4 6 7 0 6 6 7 7 8 6 0 2 9 8 6 2 2 2 2 2 3 2 1 2 4 5 0 0 1 1 1 1 7 5 7 6 9 4 8 0 Sept 95 10 * 48 37 1942—Mar 3,307 1,549 201 264 856 237 200 Oct 99 11 1 44 * 42 June 3,491 1,623 219 272 940 243 195 Nov 92 10 1 39 43 Dec 3,620 1,669 236 276 1,032 245 163 Dec 97 9 1 39 49 1943— F Ja e n b. . 8 6 0 4 7 5 * * 3 2 1 0 ... . „ . . 4 3 2 9 te N rm O i T n E at . e — d F m ig o u r r t e g s a g r e e s p r a e n s d e n c t as g e r s o s in s t a r m an o s u i n t t t o o o f r m b o ei r n tg g a g a e u s d i h te e d ld a , t e t x h c e l u F d e in d g - Mar 73 6 1 19 47 eral Housing Administration. 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and do Housing Corporation. not take account of principal repayments on previously insured loans. 2 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. 458 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 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 January 213 370 325 479 p698 178 242 229 254 P228 35 128 96 226 H70 February 219 347 303 478 ^679 158 2©0 234 254 ^234 61 147 69 225 P445 M arch 268 351 357 611 190 217 268 272 77 134 89 339 April 231 323 387 695 186 212 287 234 45 111 100 461 May 249 324 385 525 202 211 297 191 47 112 88 335 J une 236 350 330 618 179 211 280 215 57 138 50 403 July 230 317 365 P627 169 232 278 P2U 61 84 87' p412 August 250 351 460 P694 176 221 282 PI 84 74 130 178 P510 September 289 295 425 *718 182 195 202 PI 96 107 101 162 P522 October 332 344 3666 P776 ! 215 207 304 PI 99 117 137 3362 P577 November. 292 328 492 p750 i 235 224 281 P174 57 104 211 P576 December. 368 322 653 ^853 ; 247 253 344 P356 121 69 309 P497 Jan.-Feb 432 717 628 ^958 pl,377 336 442 462 ^507 H63 95 275 166 p451 ?)915 v 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 actuallyLexported in earlier months. .Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average = 100] RAILROADS [In millions of dollars] Total Coal Coke Grain L s i t v oc e- k p F u r e o c o s r t d t - s - Ore l M e a o i e n u l s e - - s - M c I d . h C i e a s . r e n I - . - o r p r e T e a v o r i e t a l n a t w u l i a e n y s g e T x c T l p o i e l t n a W s c l e l s V op r i e a n N r i c e l a o t w t m a i e n y g i # n N c e o t me Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 95 1940 109 111 137 101 96 114 147 110 96 1940 4,298 3,615 683 186 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 502 1942 138 135 181 121 104 155 206 146 69 1942 7,466 5,981 1,486 964 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1942—January ... 140 119 154 140 99 156 186 152 97 1942—January 495 415 80 r38 February. 139 116 150 131 95 159 187 151 100 February... 519 r423 r96 58 March r137 122 168 119 97 149 r292 143 92 March 542 446 96 52 April 143 160 200 117 101 159 289 141 80 April 584 471 113 70 May 143 164 197 115 98 155 289 142 62 May 618 487 131 88 June 141 160 199 113 103 159 183 144 60 June 627 500 128 84 July 142 155 205 95 90 172 180 149 57 July 643 519 124 79 August 143 154 208 106 106 165 176 152 57 August 669 539 130 85 September. 136 135 188 126 102 154 174 146 55 September.. 663 535 128 82 October.... 133 121 | 180 130 110 149 221 144 56 October.. . 661 533 128 81 November.. 134 176 126 114 140 221 144 58 November.. 722 563 159 120 December.. 134 177 143 117 137 210 146 59 December .. 708 554 155 109 1943—January.... 135 119 161 157 102 130 202 149 57 1943—January.... 710 577 134 92 February... 141 127 ! 154 170 113 135 193 153 61 February... 744 591 153 Pill March. 136 140 ! 182 152 117 133 216 141 61 March UNADJUSTED UNADJUSTED 1942—January ... 129 136 184 123 95 141 46 134 1942—January. 481 414 67 r24 February . 129 132 184 110 76 153 47 135 February... 462 r398 r64 24 March 129 125 175 102 77 149 r76 139 March 540 448 92 47 April 136 135 176 100 90 159 218 142 April 573 470 102 58 May 138 139 181 99 89 161 303 144 May 601 491 110 64 June 139 135 179 111 81 165 318 145 June 624 505 119 78 July.... 142 132 177 138 76 173 325 148 July 665 532 133 90 August 144 136 175 129 100 173 308 152 August 684 549 135 89 September. 152 142 184 139 135 167 304 162 September. 698 543 155 105 October... 150 138 180 139 169 158 260 163 October 746 561 185 136 November.. 140 139 186 123 144 138 206 150 November.. 690 541 149 111 December.. 126 132 193 130 113 122 59 135 December . 703 532 171 137 1943—January 124 135 193 138 98 117 50 132 1943—January 671 566 105 63 February... 130 145 189 142 90 129 48 137 February... 664 557 106 P62 March 130 144 189 131 92 133 56 138 March r Revised. r Revised. p Preliminary. NOTE.—For description and back data, see ip. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission. with weights derived from revenue data of the Interstate Commerce Commission. MAY 1943 459 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 J J M A N J M O D S F A u u a e e u o c e p a a n l n p b t g y c v r y r e u o t i r e u c e e l b u a m h m s m r e a t y S b r r b b y A e e e L r r r . ES 1 1 9 9 9 9 8 8 9 9 9 0 8 0 7 4 2 0 9 9 1 2 8 1 9 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 0 0 0 0 0 1 1 3 3 1 5 6 3 4 5 5 4 6 1 4 1 1 1 1 1 1 1 1 1 1 1 1 3 0 1 2 0 2 2 2 2 3 3 2 8 8 7 6 4 4 5 1 3 0 8 8 1 1 1 6 4 3 7 3 6 1 1 1 1 8 6 8 8 8 0 7 0 7 7 7 1 6 4 6 9 7 5 9 1 1 1 7 4 1 1 1 1 1 1 1 1 8 9 7 0 2 0 7 0 1 9 0 3 2 3 9 6 5 5 9 6 2 7 0 3 1 2 1 1 1 1 1 1 1 1 9 8 0 0 1 2 1 0 0 5 3 3 9 3 8 3 5 2 8 0 8 7 3 7 1 1 1 2 3 1 1 2 1 D O N c e o t c v . . . 2 2 2 1 1 1 3 2 1 4 2 9 7 5 8 1 4 1 8 0 3 6 . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 2 1 1 1 1 1 1 2 0 8 1 1 4 3 1 1 1 3 2 2 7 7 8 2 5 2 9 4 6 6 5 3 3 9 D O N e c o c t v . . . 3 2 2 1 2 1 1 2 1 2 7 5 0 9 3 6 4 1 2 6 8 9 1 1 2 1 2 1 1 1 1 1 1 1 1 1 2 9 5 3 4 2 1 1 2 2 3 2 7 5 7 8 2 7 4 6 5 1 2 0 3 N O D c e o t c v . . . 2 2 2 1 1 1 2 2 1 4 8 1 6 5 8 9 2 5 1 7 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . 2 1 1 1 1 1 1 2 . 6 2 1 1 1 6 3 3 3 2 3 1 9 3 7 3 4 7 9 0 0 8 8 1 5 6 7 9 8 4 u N D c e o t c v . . . 3 2 1 1 2 1 2 2 1 1 3 7 1 7 1 8 5 4 4 0 6 2 . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 2 1 1 1 1 2 3 1 7 5 5 6 7 5 6 5 6 9 3 0 6 3 9 2 7 4 3 6 8 6 9 6 3 6 1940 1941 1942 1943 Year.. 94 110 Jan. 6 ..82 Jan. 4. ..85 Jan. 3 107 Jan. 2.... .112 J F M M A a e p a a n b r y r u r i c l u a h r a S y r T y OCKS 6 6 7 7 8 8 1 0 1 1 1 1 9 2 0 1 0 5 7 9 8 2 1 9 9 0 3 0 2 6 6 7 7 7 4 9 5 6 5 1 1 1 r9 2 8 1 3 7 2 5 1 0 9 8 9 1 9 2 Feb. 2 2 1 1 1 7 0 3 3 0 7 . . . . . . . 7 8 8 8 9 3 6 2 Feb. 2 1 1 1 1 5 1 8 8 5 . . . . . . . . . . . . . . . . . 9 9 8 9 9 9 4 0 9 7 5 9 Feb. 3 2 1 1 1 7 1 4 0 7 4 1 1 1 1 1 1 1 2 1 3 1 3 4 1 9 0 6 1 Feb. 3 2 1 1 0 6 9 3 3 6 . . . . . . . . . . . . . . . . 1 1 1 1 1 1 3 2 3 3 6 1 6 1 2 8 8 9 June r68 136 73 129 24 . .82 22. ..88 21 110 20. 146 J A O N S u e c u o l p t y g v o t u e e b m s m e t r b b e e r r.... r 6 7 6 7 7 9 0 8 0 2 1 1 1 1 1 3 4 2 0 1 7 0 4 5 4 1 1 9 7 8 0 1 5 4 4 8 0 1 1 1 1 1 2 2 2 3 2 7 9 6 1 1 Mar. 3 2 1 9 2 0 3 6 . . . . . . . . . . . . . . . . . . . . 1 .9 1 8 9 9 5 3 8 8 9 Mar. 2 2 1 1 8 9 2 5 . . . . . . . . . 1 1 1 1 0 0 1 1 9 1 5 7 1 7 Mar. 2 2 2 1 7 8 8 1 4 1 1 1 1 1 2 4 1 4 3 5 7 9 0 1 Mar. 2 2 2 1 6 7 0 7 3 . . . . . . . . . . . . . . . . .. . . . . 1 1 1 1 1 5 4 3 3 4 0 2 7 4 3 December 71 100 87 94 Apr. 6— .112 Apr. 5. .131 Apr. 4 160 Apr. 3. .. .149 13... . 97 12. .136 11 120 10... .153 Year. 69 82 117 20... 99 19. .117 18 135 17... 154 27.... . 98 26. .114 25 129 24.. P B r a P R c r k e e v l i i f s m i e g d i u n . re a s r . y — . Sales, see BULLETIN for August 1936, p. 631, and subse- May 2 1 1 4 5 8 1 . . ... . . 1 1 . . 0 1 9 97 8 4 9 May 1 2 1 3 0 4 7 . . . . . . 1 1 1 1 2 1 2 1 4 7 8 0 May 2 1 2 9 3 6 . . . 1 1 1 1 3 3 1 1 4 6 4 5 May 2 1 2 5 1. quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent issues. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 r 3 . F 19 e 4 b. 3 T m 1 h 9 o r 4 e s 3 . e M 19 a 4 r 3 . F 19 e 4 b 3 . T m 1 h 9 o r 4 e s 3 . e l 9 a 4 r 3 . F 19 e 4 b 3 . T m 1 h 9 o r 4 e s 3 . e M 19 a 4 r 3 . F 19 e 4 b 3 . T m 1 h 9 o 4 r s e 3 . e United States.. +7 +33 +12 Boston +7 +21 +5 Cleveland (cont.) 'hicago (cont.) Dallas +28 +74 +39 New Haven 0 -9 Youngstown +2 +33 +10 Peoria —8r+13 2 Shreveport +8 +29 +7 Portland +52 +64 +44 Erie +9 +30 +12 Fort Wayne.... -2 +23 +4 Dallas +27 +74 +39 Boston +8 +25 +4 Pittsburgh +15 0 Indianapolis... +11 +55 +22 Fort Worth +36 r+80 +42 Springfield +1 +34 +10 Wheeling -1 +31 +5 Des Moines +17 +32 +14 Houston +26 +73 +29 Providence +6 +11 +3 Sioux City +21 +58 +29 San Antonio +31 +92 +52 Richmond +4 +38 +12 Detroit +1 +31 +9 Ne B w r id Y g o e rk port +1 + +1 1 0 7 + -8 2 W Ba a l s ti h m in o g r t e on + -1 4 + + 5 2 1 3 + + 1 5 4 F G l r i a n n t d Rapids.. XI r+ + 2 5 1 7 + + 2 6 6Sa P n h F oe ra n n ix cisco + +2 1 0 9r r+ + 4 4 9 4 + + 2 2 4 9 Newark '+6 -6 Winston-Salem... 0 +27 +10 Lansing -5 +26 +3 Tucson +48 +74 +50 Albany -12 -21 Charleston, S. C +25 +44 +29 Milwaukee — 1 +28 0 Baker sfield +38 +65 +39 Binghamton.... -6 +31 +8 Lynchburg +2 +45 +16 Fresno +15 +35 +16 Buffalo +3 +30 +9 Norfolk +10 +40 Louis +3 +39 +12 Long Beach +18 +46 +30 Elmira -11 +17 2 Richmond +11 +51 +22 Fort Smith +13 +75 +34 Los Angeles +9 '+36 +16 Niagara Falls... +18 +47 +28 Charleston.W.Va +21 +1 Little Rock.... +22 +98 +46 Oakland and New York City. +4 +20 +4 Clarksburg +27 -1 Quincy -4 +26 +6 Berkeley +16 +46 +24 Poughkeepsie... +13 0 Huntington +37 +8 Evansville +38 +82 +48 Sacramento +18 +38 +21 Rochester +16 +6 Louisville +5 +35 +15 San Diego +19 '+42 +22 Schenectady +17 0 Atlanta +14 +50 +25 St. Louis -6 +27 +2 San Francisco +16 +52 +28 Syracuse +4 +22 +6 Birmingham.... -2 +29 +9 Springfield.... +15 +32 +18 San Jose +18 +29 +20 Montgomery.... +19 +56 +31 Memphis +19 +55 +25 Santa Rosa +18 +45 +23 Philadelphia +18 +3 Jacksonville +38 +68 +45 Stockton +44 +84 +54 Trenton +8 +36 +15 Miami +14 +30 + 16Minneapolis +9 +44 +14 Vallejo and Napa +28+103 +47 Lancaster — 12 +34 0 Tampa +30 +56 +35 Boise and Philadelphia.... +19 +5 Atlanta +17 +74 +33Kansas City +22 +59 +33 Nampa +19 +39 +32 Reading +2r+21 +4 Macon +32 +88 +48 Denver +30 +59 +36 Portland +33 +46 +29 W Yo i r l k kes-Barre.... +4 c + +2 2 7 3 + + 7 4 N Ba ew to n O R rle o a u n g s e.... + + 1 1 0 8+ + 1 3 0 9 0 + + 2 4 1 6 H To u p tc ek h a inson.... + + 2 3 9 1 + + 6 6 9 1 + + 3 3 8 7 B Sa e l l t l in L g a h k a e m City.. + + 4 5 0 r+ + 6 2 0 8 + + 4 1 5 1 Jackson +11 +56 +20 Wichita +28 +66 +43 Everett +11 +23 +14 Cleveland +29 +7 Chattanooga +42 +1 Joplin -8 +35 +5 Seattle +26 +43 +22. A C k in r c o i n n nati # + + 3 4 4 0 + + 2 9 2 K N n as o h x v v i i l l l l e e + - 2 2 4 + +5 4 7 9 + +3 1 2 5 K St a . n J s o a s s e p C h ity... + + 1 1 6 1 r+ + 5 4 6 6 + +2 2 2 8 T S a p c o o k m an a e + +2 3 3 6 r ' + +5 3 9 8 + +2 4 4 1 Cleveland 2 +29 +4 Omaha +26 +65 +27 Walla Walla +53 +59 +50 Columbus +17 +56 +28 Chicago.. +3r+30 +8 Oklahoma City +38 +86 +54 Yakima .. . . +21 r+45 +22 Toledo +40 +12 Chicago.. +3 +31 +6 Tulsa +8 +42 +22 r Revised. 46O 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 Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Department o N f u s m to b r e e r s Percentage change Percentage change Feb. 'eporting Feb. 1943 Feb. 1943 Feb. 1942 Feb. 1943 Feb. 1943 Feb. 1942 from from from from from from 1943 1942 Feb. 1942 Jan. 1943 Jan. 1942 Feb. 1942 Jan. 1943 Jan.1942 GRAND TOTAL—entire store 343 +38 +16 -16 -10 -3 +16 2.6 4.0 MAIN STORE—total 343 +38 +17 -15 -10 -4 +15 2.7 4.1 Women's apparel and accessories 341 +70 +28 -15 -10 -4 +20 1.7 3.1 Women's and misses' coats and suits 320 +104 +50 -19 -11 -24' +30 0.7 1.6 Women's and misses' dresses 326 +87 +43 -10 -14 -6 +21 0.9 2.0 Blouses, skirts, sportswear, sweaters, knit apparel 303 +88 +34 -10 0 -4 +18 1.4 2.6 Juniors' and girls' wear 286 +102 +59 +2 — 7 -4 +31 1.2 2.7 Infants' wear 292 +61 +11 Q -17 +1 +21 2.1 4.1 Aprons, housedresses, uniforms 272 +70 +22 -19 -13 -8 +23 1.3 2.5 Women's underwear, slips, negligees 313 +67 +27 -22 -19 -6 +16 1.9 3.9 Corsets, brassieres 324 +21 +11 -43 +6 -7 +26 2.7 3.0 Hosiery (women's and children's) 333 +26 +22 +3 -14 -1 +22 2.5 3.7 Gloves (women's and children's) 312 +55 +13 -14 -19 +5 +19 3.6 6.9 Shoes (women's and children's) 229 +50 +16 -10 -8 +3 +17 3.5 5.8 Furs 253 +80 -9 -39 0 -12 ~5 1.5 2.7 Men's and boys' wear 311 +33 +14 -26 -5 -4 +18 4.0 5.5 Men's clothing 220 +25 +9 -37 +3 -10 +17 3.8 4.6 Men's furnishings, hats, caps 292 +35 +13 -17 -7 2 +15 4.0 5.8 Boys' clothing and furnishings 264 +56 +36 -7 -16 +4 +33 3.6 6.8 Men's and boys' shoes and slippers 158 +8 -6 -19 -9 -1 +8 6.0 7.1 Home furnishings 306 0 -3 -20 -13 -4 +12 4.4 5.0 Furniture, beds, mattresses, springs 226 7 +33 +24 -13 -9 +1 3.5 3.9 Domestic floor coverings 233 +5 +13 -6 -3 -2 +19 5.6 6.1 Draperies, curtains, upholstery 284 +22 +16 -2 -3 +4 +16 4.9 6.2 Major appliances (refrigerators, washers, stoves, etc.) 195 -72 +3 +8 -63 -11 +10 4.7 3.4 Domestics, blankets, linens, etc 284 +34 -40 -65 -7 -6 +18 3.6 5.1 China and glassware 207 +4 +9 -2 -6 -6 +2 6.1 6.7 Housewares 215 -1 +1 -9 -15 -3 +17 4.7 5.4 Piece goods (dress and coat yard goods, all materials) 277 +95 +66 _3 -14 -13 +19 1.8 4.1 Cotton wash goods 114 +116 +59 -8 -16 -15 +18 1.8 4.6 Small wares , 321 +19 +6 -9 -8 +1 +13 3.2 4.2 Notions 210 +42 +2 -22 -3 0 +21 3.2 4.1 Toilet articles, drug sundries, prescriptions 308 +13 +3 -16 ij -1 +13 3.0 3.6 Jewelry and silverware 277 +32 +17 +6 o +6 +11 3.9 5.6 Miscellaneous... 282 +29 +11 -6 -17 +1 +13 3.3 5.1 BASEMENT STORE- total 220 +37 +12 -17 -6 -2 +25 2.3 3.4 Women's apparel and accessories 198 +51 +25 -12 -3 -4 +27 1.6 2.4 Men's and boys' clothing and furnishings 156 +29 +13 -20 -9 -1 +26 3.6 5.1 Home furnishings 123 +18 — 7 -26 -6 -4 +20 3.4 4.3 Piece goods 52 +69 +35 -11 -6 -6 +30 2.1 3.9 Shoes 124 —3 -12 -13 -10 +9 +28 4.5 4.9 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, BY TYPE OF TRANSACTION Index numbers without seasona1 adjustment Percentage of total sales January 1941 = 100 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 r141 169 r119 88 137 113 50 59 7 ! 5 43 36 February r117 161 r120 194 118 98 r114 137 49 58 9 5 42 37 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 September 165 193 107 145 56 6 38 October 184 220 123 156 57 6 37 November 186 223 124 157 58 6 36 December 287 362 156 229 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. MAY 1943 461 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 r o e su d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 648 1942 Feb 8,770 5,335 3,299 1,668 1,631 2,036 1,193 1,623 619 Mar 8,594 5,108 3,103 1,513 1,590 2,005 1,186 1,677 623 Apr 8,364 4,886 2,919 1,369 1,550 1,967 1,171 1,682 625 May 7,952 4,611 2,705 1,239 1,466 1,906 1,151 1,561 629 June 7,513 4,327 2,474 1,120 1,354 1,853 1,125 1,430 631 July 7,007 4,036 2,247 1,004 1,243 1,789 1,112 1,225 6^4 Aug 6,719 3,748 2,032 874 1,158 1,716 1,102 1,232 637 Sept 6,557 3,504 1,862 769 1,093 1,642 1,095 1,320 638 Oct 6,403 3,255 1,704 664 1,040 1,551 1,088 1,419 641 Nov 6,169 3,054 1,571 573 998 1,483 1,085 1,386 644 Dec 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 1943 Jan 5,705 2,663 1,317 404 913 1,346 1,058 1,333 651 Feb "5,493 "2,468 "1,193 "351 "842 "1,275 "1,038 "1,333 "654 Mar "5,352 "2,325 ^1,073 "287 "786 "1,252 "1,022 "1,348 "657 " Preliminary. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m ar onth ex m T a c u o l o u t t t d o i a v - i l n e g D s o m m e t a r o p a n e d r a i d n e e l r r t - s t- F s u t t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s r o e t t A o t h a r l e l e i r l s m E o y n n e d t a h o r f or Total m b C e a o r n c m k i s a - 1 l p S c l a m o o n m a i a n e l - s l b I p a n c a t n o d r n k i m u i a i e s n l - s - g u C n r i e o d n i s t M l l a e n n is e d c o e e u r l s - s m i R z o l e o a a d p t n a e i d 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 1,013 254 391 130 78 160 Feb 2,036 618 521 285 198 101 313 Mar 2,005 601 521 282 196 101 304 1942 Apr 1,967 586 517 277 190 100 297 Feb 1,631 416 573 285 100 257 May 1,906 564 504 268 184 99 287 Mar 1,590 406 567 272 95 250 June 1,853 546 493 261 179 98 276 Apr 1,550 396 561 258 91 244 July 1,789 521 481 253 173 97 264 May 1,466 367 543 240 85 231 Aug 1,716 491 466 246 166 95 252 June 1,354 332 512 218 79 213 Sept 1,642 460 452 236 160 94 240 July 1,243 300 475 201 71 196 Oct 1,551 421 437 222 152 92 227 Aug 1,158 111 449 183 67 182 Nov.. 1,483 393 428 211 145 91 215 Sept 1,093 261 428 169 63 172 Dec 1,428 370 424 202 141 91 200 Oct. 1,040 253 408 154 61 164 1943 Nov 998 247 392 141 61 157 Dec 1,013 254 391 130 78 160 Jan... 1,346 345 403 193 132 89 184 Feb. "1.275 319 387 185 126 88 "170 1943 J F a e n b "8 9 4 1 2 3 " 2 2 2 1 8 0 " 3 3 5 3 9 8 " 1 1 1 0 6 3 "5 6 8 6 "1 1 3 4 3 4 " 1 P T r h e e li s m e i f n ig a u r r y e . s for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (14 million p Preliminary, dollars at the end of February 1943), which are not shown separately. 4 6x 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 dollarsl Month or year Total Aut r o e m ta o il tive c O re p h t t u a 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 P n o e s 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 I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1 1 1 1 9 9 9 9 4 4 3 4 2 1 9 0 1 1 1 , , , 3 0 5 7 4 2 8 8 0 0 8 7 3 2 3 1 0 1 9 3 0 0 6 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 6 2 4 5 0 0 6 4 3 3 2 2 4 6 8 3 0 4 0 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 6 5 4 3 4 3 3 5 6 2 1 6 8 0 3 9 3 4 4 3 4 2 2 2 0 5 8 3 0 9 4 8 4 2 1 1 4 3 6 0 4 2 3 7 5 8 1942— M M A J F u p a a e n r y b r e i c r l h uary 1 1 1 1 1 , , , , , 4 4 2 3 2 3 0 1 3 7 4 3 1 8 3 3 3 3 2 2 3 3 6 0 8 1 8 5 8 3 2 2 2 2 2 1 4 3 5 2 1 5 5 8 4 2 2 2 2 2 2 6 6 4 5 3 7 8 3 4 2 2 2 2 1 2 2 0 0 9 1 5 7 1 6 3 3 3 3 3 4 1 3 2 3 5 6 9 2 4 1 1 1 1 1 9 9 9 9 9 4 3 4 3 4 2 9 0 8 1 6 9 9 7 7 8 0 2 6 9 3 4 7 3 8 4 4 4 5 5 1 8 0 3 5 7 9 8 6 8 2 3 3 1 2 4 5 2 7 1 3 7 0 9 5 July 1,139 242 196 208 187 306 1941 O A N S D e c u o e p t c g v o t e u e e b m s m m e t r b b b e e e r r r 1,0 9 9 8 7 7 2 6 9 8 2 2 0 8 7 2 2 1 1 1 0 2 6 3 9 3 7 6 6 0 1 1 1 1 1 3 2 8 6 4 6 2 2 7 8 1 1 1 1 1 5 7 4 5 8 1 5 3 9 9 1 1 1 1 1 6 5 6 8 7 5 4 8 2 6 2 2 2 2 2 3 5 4 9 7 2 7 2 2 7 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 1 8 6 7 0 2 9 6 4 4 4 4 3 3 1 5 8 2 2 2 2 4 5 3 5 1942 1943— F J e an b u ru ar a y ry 6 7 6 2 2 6 1 10 1 1 6 1 1 0 1 0 1 1 12 3 1 6 1 13 4 5 4 2 2 0 1 5 9 J F a e n b u ru ar a y ry 6 8 6 0 6 6 5 6 4 3 0 5 1 1 9 8 Vo m lu o 1 m n 9 e t 4 h 2 : — e J S x M J M A F u u t e p e a e a l n p y n r b r y e t i c d e r l h u m e a d b r y er during 1 1 1 1 1 9 8 9 2 0 1 3 1 3 2 5 5 2 5 8 0 2 2 1 2 1 1 1 1 3 7 4 3 9 7 6 5 2 2 1 1 1 1 1 1 0 2 4 3 9 8 6 6 2 2 2 2 1 1 1 1 8 5 1 3 1 2 3 6 1 9 8 9 9 9 9 7 0 3 3 4 4 4 4 4 5 6 5 8 6 1 5 1 7 N D M J M J O A A S u u e o e c p u a a n l p c v t y r g r y e o i t e e c u l e b m m h s m e t b b r b e e e r r r 4 4 3 4 8 6 5 5 6 7 3 4 7 9 0 4 8 2 1 1 8 6 6 6 6 5 8 5 5 7 2 0 8 3 0 9 6 9 8 2 3 3 3 3 3 4 3 2 3 3 1 0 4 3 1 2 6 5 7 4 1 2 2 1 1 1 1 1 1 1 8 5 0 4 4 6 6 9 8 8 October 77 11 11 14 9 32 1943 N D o e v ce e m m b b e e r r 6 6 4 9 7 6 1 9 0 1 1 4 5 6 7 3 2 2 7 J F a e n b u ru ar a y ry 3 3 6 5 4 5 5 0 2 2 6 5 1 1 1 3 1943—January 59 6 9 4 26 February 52 6 9 4 25 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (one million NOTE.—For descriptive material and back figures, see BULLETIN for dollars in February 1943), which are not shown separately. 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 ro g m e Instalment accounts a C cc h o a u r n ge ts change from corresponding Item Feb p r m u re - o c n ed th J i a n n g u- F p e r b e m r c u e o - d n i t n h g J o a y f n e u a - r Month D s m e to p e r a n e t r 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 a e e c 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 ary ary ary 1943 1943 1943 1943 1941 December 20 11 12 23 46 Net sales: Total , +8 -45 -4 —8 1942 Cash sales +5 -54 +53 +35 January 20 12 12 19 50 Credit sales: February 19 11 12 18 45 Instalment +11 -46 -14 -15 March 22 13 13 19 46 Charge account +8 -42 +4 -11 April 21 13 13 19 47 May 22 13 13 20 50 Accounts receivable, at end of month: June 22 14 13 22 56 Total -6 -9 -39 -37 July 23 14 13 22 60 Instalment -6 Q -39 -37 August 24 16 13 25 59 September 25 16 14 26 60 Collections during month: October 29 18 15 30 65 Total -10 -6 -5 -5 November . 29 17 15 31 63 Instalment -8 -9 -7 -6 December 31 18 15 45 65 Inventories, end of month, at retail 1943 value -1 -2 -3 +4 January 28 17 15 30 61 February 28 17 16 29 61 1 Ratio of collections during month to accounts receivable at beginning of month. MAY 1943 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u m ed n c i d t - s i f n H u g r o n g u i o s s o e h - - ds 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 98.8 105.9 99.6 95.5 117.7 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. 101.9 117.0 105.2 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 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 Week ending 1943—January 2 101.2 115.4 104.2 96.2 118.4 96.7 79.9 103.9 110.0 99.5 104.1 90.4 January 9 101.4 116.1 104.4 96.2 118.4 96.7 80.0 103.9 110.0 99.5 104.1 90.4 January 16 101.6 116.6 104.8 96.3 118.4 96.7 80.1 103.9 110.0 99.5 104.1 90.5 January 23 101.7 117.2 104.7 96.3 118.4 96.8 80.1 103.9 110.0 99.5 104.1 90.5 January 30 101.8 117.7 105.0 96.3 118.4 96.8 80.1 103.9 110.1 99.5 104.1 90.5 February 6 102.0 118.2 105.1 96.4 118.4 96.8 80.4 103.9 110.1 99.5 104.1 90.5 February 13 102.1 118.6 105.5 96.4 118.4 96.8 80.4 103.9 110.1 100.0 104.1 90.6 February 20 102.4 120.0 105.7 96.4 118.4 96.8 80.5 103.9 110.0 100.3 104.1 90.7 February 27 102.7 121.2 106.0 96.5 118.4 96.8 80.7 103.9 110.0 100.3 104.1 90.9 March 6 102.9 122.0 106.4 96.6 118.4 96.8 80.9 103.9 110.1 99.9 104.1 91.0 March 13 103.2 123.5 107.0 96.6 118.4 96.8 80.7 103.9 110.4 100.0 104.2 91.2 March 20 103.0 122.4 107.1 96.6 118.4 96.8 80.8 103.9 110.4 100.0 104.2 91.2 March 27 103.3 124.2 107.6 96.6 118.4 96.8 80.8 103.9 110.4 100.0 104.2 91.2 April 3 103.4 124.7 107.8 96.7 118.4 96.8 80.8 103.9 110.4 100.1 104.2 91.2 April 10 103.5 124.3 107.9 96.7 118.4 96.9 81.1 103.9 110.3 100.1 104.2 91.3 April 17 103.5 124.4 108.3 96.8 118.4 96.9 81.1 103.9 110.3 100.1 104.2 91.4 April 24 103.4 123.9 108.5 96.8 118.4 96.9 81.1 103.9 110.2 100.1 104.2 91.4 1942 1943 1942 1943 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 93.8 100.7 107.3 108.6 112.2 Agricultural implements 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 113.8 123.9 129.2 132.8 135.7 Farm machinery 98.0 98.0 98.0 98.0 98.0 Other farm products 97.9 110.4 111.5 112.6 117.1 Iron and steel 97.1 97.2 97.2 97.2 97.2 Foods: Motor vehicles 112.7 112.8 112.8 112.8 112.8 Dairy products 94.3 111.8 113.4 113.3 113.2 Nonferrous metals 85.6 86.0 86.0 86.0 86.0 Cereal products 90.6 89.3 90.6 92.2 93.5 Plumbing and heating 98.2 90.4 90.4 90.4 90.4 Fruits and vegetables 87.7 104.3 102.6 108.5 115.6 Building Materials: Meats 109.2 113.6 115.5 115.5 115.5 Brick and tile 97.1 98.7 98.7 98.6 98.7 Other foods 89.1 95.9 96.2 94.5 96.3 Cement . 93.6 94.2 94.2 94.2 94.2 Hides and Leather Products: Lumber 133.1 133.3 133.3 134.6 134.6 Shoes 124.3 126.4 126.4 126.4 126.4 Paint and paint materials 100.8 100.3 100.6 101.2 102.2 Hides and skins 116.6 116.0 116.0 116.0 116.0 Plumbing and heating 98.2 90.4 90.4 90.4 Leather 101.5 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107 .#3 107.3 Other leather products 113.6 115.2 115.2 115.2 115.2 Other building materials 103.8 103 !o 102! 2 102.2 102.0 Textile Products: Chemicals and Allied Products: Clothing 106.6 107.0 107.0 107.0 107.0 Chemicals 96.4 96.1 96.9 96.9 96.4 Cotton goods 112.6 112.4 112.5 112.6 112.6 Drugs and Pharmaceuticals 126.5 165.4 165.4 165.5 165.0 Hosiery and underwear 69.8 70.5 70.5 70.5 70.5 Fertilizer materials 79.5 79.0 79.0 79.0 79.0 Silk Mixed fertilizers 82.8 82.8 85.3 85.8 85.8 Rayon 30.3 "3O.3' 30.3 "30^' 30^3 Oils and fats 108.8 101.5 101.5 101.5 101.5 Woolen and worsted goods 108^7 112.1 \\2A 112.4 112.4 Housefurnishing Goods: Other textile products 98.2 97.7 97.7 97.7 97.5 Furnishings 107.7 107.3 107.3 107.3 107.3 Fuel and Lighting Materials: Furniture 97.4 97.4 97.4 97.7 97.7 Anthracite 85.2 86.2 88.5 89.7 89.8 Miscellaneous: Bituminous coal 108.4 112.4 112.5 113.9 115.2 Auto tires and tubes 71.0 73.0 73.0 73.0 73.0 Coke . . 122.1 122 A 122.1 122.3 122.4 Cattle feed 137.7 142.1 142.8 142.1 148.2 Electricity 65.3 Paper and pulp 102.9 99.0 100.1 101.1 102.7 Gas 77.1 76.1 73.2 75.8 Rubber, crude 46.3 46.3 46.3 46.3 46.3 Petroleum products 58.3 60.7 60.8 61.2 6U5 Other miscellaneous 93.3 94.9 94.9 94.9 Back figures.—Bureau of Labor Statistics, Department of Labor. 464 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 Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o v a e n r d n utilities cellaneous ment SEASONALLY ADJUSTED 1942—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 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 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 38,823 15,975 873 1,748 3,545 6,458 4,357 5,867 March 38,871 16,039 863 1,534 3,542 6,530 4,351 6,012 UNADJUSTED 1942—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 37,960 15,851 867 1,386 3,456 6,291 4,270 5,839 March 38,232 15,957 859 1,331 3,467 6,332 4,283 6,003 * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for March 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. MAY 1943 465 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 1943 Chart book page Apr. 21 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve bank credit: Reserve bank credit... 5 6.32 6.09 6.49 U. S. Govt. securities, total 2, 4 595 592 655 6.70 6.33 stock 5 22.71 22.65 22.62 Bonds 4 2.08 201 205 2.06 2.04 Vloney in circulation.... 5 15.40 15.84 16.15 Notes 4 99 97 98 .98 .98 Treasury cash 5 2.19 2.21 2.22 Certificates 4 82 85 98 1.00 1.00 reasury deposits. 5 .31 .21 .01 Bills..: 4 56 209 253 2.66 2.31 leserve balances. 5, 8 13.34 12.93 13.26 Special certificates 4 51 Required reserves 8 11.21 11.22 11.37 Bills discounted 2 .01 01 01 .01 Excess reserves, total 8, 9 2.13 1.71 1.88 Gold stock 2 22.60 2258 2254 22.50 22 AS New York City 9 .34 .10 .10 Money in circulation 2 16.07 16.25 1635 16.42 16.50 Chicago 9 .02 .01 .03 Nonmember deposits 2 118 117 118 1.38 1.37 Reserve city banks 9 .91 .78 .85 Treasury deposits 2 01 06 21 .13 .47 Country banks 9 .86 .82 .90 Member bank reserves 3 1308 1276 1311 13.14 12.32 Joney in circulation, total 10 15.59 16.09 16.25 Excess reserves6 3 163 152 198 2.16 2.34 Bills of |50 and over 10 3.93 4.03 4.13 Excess reserves (weekly average),totale. 3 181 p\ 56 n 67 P2.35 $10 and $20 bills 10 8.29 8.63 8.67 New York City 3 11 06 04 .05 Coins, $1, $2, and $5 bills 10 3.38 3.44 3.45 Chicago 3 02 03 04 .02 Reserve city banks 3 79 67 76 .93 CONSUMER CREDIT Country bankse.. 3 89 p 80 p 84 PI. 34 Consumer credit, total 18 5.71 p5.49 P5.35 Single-payment loans 18 1.06 ^1.04 PI.02 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.33 PI.33 PI. 35 Loans and investments 14 4200 4139 4165 42.25 44.13 Service credit 18 .65 P.65 P.66 Demand deposits adjusted 14 3213 3185 3296 33.00 30.32 Instalment credit, total 18, 19 2.66 P2.47 P2.33 U. S. Govt. obligations 14 2929 287129.00 29.48 30.49 Instalment loans 19 1.35 PI. 28 pl. 25 Total loans 14 949 946 944 9.56 10.41 Instalment sale credit, total 19 1.32 PI.19 P1.07 Commercial loans, total 15 575 570 5.61 5.59 5.60 Automotive 19 .40 P. 35 P.29 New York City 15 233 229 226 2.25 2.24 Other 19 .91 P.84 P. 79 100 cities outside New York 15 343 340 336 3.34 3.36 Brokers' loans—New York City 15 47 50 54 .67 .26 TREASURY FINANCE U. S. Govt. obligations: J. S. Govt. obligations outstand- New York City, total 15 1176 1159 1163 11.67 12.17 ing, total interest-bearing 20 114.30 117.13 118.64 Bonds 17 5.06 5.10 517 5.25 5.33 Bonds (marketable Treasury) .. 20 49.27 49.27 49.27 Notes and guar. securities .... 17 2.87 2.89 2.92 2.91 2.90 Notes, cert., and bills, total 20 28.03 29.26 30.19 Certificates 17 1.96 2.00 1.95 2.05 2.15 Notes 21 9.86 9.86 9.80 Bills 17 1.88 1.60 1.60 1.46 1.79 Certificates 21 10.74 11.16 11.16 100 cities outside New York, total.. 15 17.53 17.11 17.37 17.81 18.3: Bills 21 7.42 8.23 9.23 Bonds .. . 17 8.67 8.72 8.75 8.79 8.85 Savings bonds, tax notes, etc.. 20 23.36 24.56 24.62 Notes and guar. securities .... 17 3.24 3.25 3.25 3.24 3.28 Savings bonds 21 16.25 17.07 17.89 Certificates 17 3.05 2.99 3.06 3.09 3.20 Tax notes 21 6.75 7.12 6.35 Bills 17 2.58 2.15 2.31 2.69 2.99 Special issues 20 9.17 9.57 10.00 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 12.37 r12.69 P13.06 Federal Reserve Banks 22 5.97 5.87 5.92 MONEY RATES, ETC. Commercial banks 22 P42.92 P43.39 T T U r r . e e S a a s s . u u G r r y y o v n b t. i o l t l b e s o s n (n ( d t e s a w : x a i b ss le u ) e s) 2 2 5 5 1. . 3 37 9 4 1. . 3 37 9 4 1. . 4 3 0 73 1. . 3 37 9 1 1 . . 3 3 7 8 2 Pr c iv o M m ate m u t e u r h a c o l i a l s d l a e b v rs i a n n g k s o s t , b h a t e o n r t k a s l t han 2 2 2 3 P P 5 4 3 . .O 6 5 4 P P 5 4 5 . . 7 1 1 7 Partially tax exempt 25, 33 2.09 2.07 2.02 1.99 Insurance companies 23 11.10 11.20 Taxable 25, 33 2.33 2.32 2.32 2.32 2.31 Other investors, total 23 p37.30 P39.30 Corporate Aaa bonds 33 2.76 2.76 2.76 2.76 2.76 Marketable issues 23 P14.7O P15.50 Corporate Baa bonds 33 4.01 3.97 3.95 3.98 3.97 Per cent per annum In unit indicated MONEY RATES, ETC. Stock prices (1935-39 = 100): F. R. Bank discount rate, N. Y.. 27 .50 .50 .50 T In o d t u a s l. t . rial 8 9 7 0 . . 8 5 9 9 1 4 . . 9 9 9 9 5 2 . . 5 8 9 92 0 . . 4 0 9 93 1 . . 5 3 T T r r e ea a s s u u r r y y n b o il t l e s s (n (t e a w xa i b s l s e u ) es) 2 2 7 7 1. . 2 3 9 67 1. . 2 37 4 2 3 , 1. . 3 3 3 73 Railroad 85.1 91.0 95.2 90.0 93.2 Commercial paper 29 .69 .69 .69 Volu P m u e b l o ic f u tr t a i d li i t n y g (mill, shares) 75 1 . .5 5 3 77 1 . .8 5 0 7 2 9 . . 3 0 3 77 1. . 2 9 1 7 l 9 . . o 8 e U. S T P . a a G r x t o a i v a b l t l . l e y b o ta n x d s e : xempt 3 3 3 3 - 2 2 . . 3 0 2 6 2 2. . 3 0 2 6 32 2. . 3 0 3 8 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.79 2.77 2.76 Steel production (per cent of capacity).. 99.1 99.5 99.6 98.8 Corporate Baa bonds 33 4.16 4.08 4.01 Electric power prod. (mill. kw. hrs.).. •. 3,928 3,890 3,882 3,917 Freight car loadings (thous. cars): Total.. 787.4 772.1 789.0 780.9 794.2 In unit indicated Miscellaneous 373.8 383.1 381.4 376.9 377.2 Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)... 143 149 153 154 166 Total 35 79.7 84.8 88.2 F.H. t A io . n h o (t m h e o u m s. o ) r 2 tgages, new construc- I R n a d i u lr s o t a r d ial 3 3 5 5 8 7 2 3 . . 3 7 8 7 7 7 . . 7 5 9 8 0 6 . . 8 4 Wholesale prices (1926 = 100): Public utility 35 69.3 73.3 76.2 Total 103.3 103.4 103.5 103.5 103.4 Volume of trading (mill, shares).. 35 .82 1.25 1.50 Farm products 124.2 124.7 124.3 124.4 123.9 Brokers' balances (mill, dollars): Other than farm and food 96.6 96.7 96.7 96.8 96. Credit extended customers... 37 e540 e55O e610 Money borrowed 37 e290 e320 e350 Customers' free credit balances. 37 e280 e310 e340 c Estimated. v Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. " Publication discontinued. 3 Number of issues included decreased on Mar. 15. * Copies of the revised edition of the Chart Book may be obtained at a price of 50 cents each. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Statistics jor Federal Reserve Chart Book—Continued Revised Edition of Chart Book 1943 Feb. Mar. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Income payments (mill, dollars), total1 38 10,983 P11.241 Exports and imports (mill, dollars): Salaries and wages 38 7,734 ^7,894 Exports 61 ?)698.2 "678.9! Other 38 3,249 P3,347 Imports.. 61 ^228.4 ^234.31 Cash farm income (mill, dollars),total.. 39 1,361 1,205 ^1,395 Excess of exports 61 ?'469.9| ^444.6i Livestock and products 39 782 756 P893 Excluding Lend-Lease exports. 61 P—33.61P-3.S.4 Crops... 39 479 370 *410 Wholesale prices, total (1926 = 100).... 63 101.9 102.5 103.4 Indu G st o r v ia t. l p p a r y o m du e c n t t i s o . n . :1 . 39 100 79 P92 O Fa th rm er p t r h o a d n u c f t a s rm and food 6 6 3 3 1 9 1 6 7 . . 0 0) 1 1 9 1 6 9. . 0 2 J 1 9 2 6 2 . . 5 8 Total (1935-39 = 100) 11, 42 199 202 ^203 Cost of living, all items (1935-39 = 100) 65 120.6! 120.91 3 Groups (points in total index) Food. 65 133.Oi 133.6 Dura M b a le c h m in a e n r u y f , a c e t t u c res 4 4 1 2 11 7 0 2 . . 3 0 1 7 11 3 . . 9 2 ^ p 1 7 1 4 2 . . 6 8 R C e lo n t t hing ^•9! 125.9 Iron and steel 42 22.4 22.8 23.1 Other durable 42 15.9 15.9 ^15.1 Nondurable manufactures 41 69.7 70.4 P69.3 1942 Textiles and leather 42 20.4 20.7 *20.3 Paper and printing 42 r11.5 r11.5 P11.5 Foods, liquor, and tobacco 42 20.8 20.8 p20.3 Other nondurable 42 17.1 17.4 p17.3 Minerals 41, 42 19.2 20.1 2>20.4 Primary products (1935-39 = 100): In millions of dollars Steel 43 r226 r231 233 Cements ' 43 169 156 132 QUARTERLY FIGURES Lumber 43 116 121 p112 Budget receipts and expenditures: Coal 43 136 151 P154 Expenditures, total 24 16.307 18.800 19.845 Crude petroleum 43 118 121 *123 War activities. 24 14,766 17.348 18.460 W C Pa o o p t o t e l o r y n a c r o n nsumption 4 4 4 3 3 3 r r 1 1 1 3 7 7 3 2 1 1 1 1 7 3 8 1 5 4 166 Inter N C n o e a t r l p r r o e e r c v a e e t i e n p u t i s e n c c o om lle e c t t i a o x n e s s , total.... 2 2 2 4 4 4 3 3 1 , , , 8 6 7 6 2 3 1 2 5 3 3 1 . , , 9 7 7 0 2 8 9 9 7 3 6 6 . , , 6 9 3 8 5 6 6 0 4 Leather 43 122 117 Individual income taxes 24 774 616 2.234 M Ot e h a e t r s m an a d n u d f a a ir c y tu p re ro d du fo c o ts ds 4 4 3 3 r1 1 6 4 5 3 1 16 4 1 7 " P l 1 4 5 8 6 ' Corp M o i r s a c te . i s n e t c e u rn ri a t l y r i e s v s e u n e u s e : 24 1.114 1.323 1,088 Labor force and employment (mill, Net proceeds 36 2001 70 153 persons): New money, total 36 76| 13 51 Labor force 44 52.4 52.3 52.0 Industrial.... 36 27; 6 35 Employment, total 44 51.0 50.9 51.0 Railroad 36 6| 4 12 Nonagricultural... 44 42.3 42.1 42.0 Public utility 36 43 3 3 Agricultural 44 8.7 8.8 9.0 Male 44 36.3 35.9 35.8 Female 44 14.7 15.0 15.2 Per cent per annum Nonagricultural employment (mill. persons), total1 45 • 38.8 38.8 m. 9 Manufacturing and mining 45 16.8 16.8 P16.9 Bank rates on customers' loans: Trade 45 6.5 6.5 *>6.5 Total, 19 cities 29 Government 45 5.7 5.9 P6.0 New York City 31 Transportation and utilities 45 3.5 3.5 P3.5 Other Northern and Eastern cities 31 Construction 45 1.8 1.7 p1.5 Southern and Western cities 31 Factory employment and pay rolls (1939 = 100): Pay rolls 47 r290.9 297.2 Apr. 4, June 30, Dec. 31 Employment 47 165.0 166.1 ^167^2 1942 1942 Hours and earnings at factories: Weekly earnings (dollars). 48 r40.62 41.12 Hourly earnings (cents) 48 r91.9 92.4 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 44.2 44.5 New orders, shipments, and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency. . 11 e80.00 81.93 ^99.74 New orders, total... 49 217 p246 Demand deposits adjusted 11 e40.00 41.84 P48.S1 Durable 49 294 P339 Time deposits 11 e27.2O 27.31 ^28.50 Nondurable: 49 161 P179 Currency outside banks 11 c10.40 10.94 J)13.95 Shipments, total 49 226 ^256 Durable 49 298 P337 Nondurable 49 169 pl93 MEMBER BANKS Inventories, total 49 178 p176 Loans and investments, total.. 12 44.29 46.80 59.26 Durable 49 211 P210 U. S. Govt. obligations 12 20.45 24.10 37.55 Nondurable 49 149 P146 Other securities 12 6.00 5.77 5.63 Residental contracts (mill, dollars):1 State and local obligations... 13 3.17 2.93 2.97 T Pu o b ta l l ic 5 5 3 3 1 8 1 9 8 10 7 0 2 6 4 8 3 O Fo th r e e r i g d n o m se e c s u t r i i c t i s e e s curities 1 1 3 3 ( ( 2 2 ) ) 2. . 6 1 9 5 1 2 66 Private, total 53 29 28 24 Loans, total.. ... 12 17.83 16.93 16.09 1- and 2-family dwellings.. . 53 22 22 18 Commercial loans 13 9.11 8.48 Other 53 7 5 6 Real estate loans 13 3.50 3.42 Construction contracts (3-mo. moving Street loans (brokers' loans). 13 (j) .43 .79 av., mill, dollars):1 Holdings of U. S. Govt. securities: Total 55 594 420 P351 By classes of banks: Residental 55 146 103 p73 New York City 16 7.38 8.55 12.55 Other ... 55 448 317 nn Chicago.. 16 1.49 1.86 2.79 Freight car loadings:1 Reserve city banks.. . 16 6.83 8.19 13.04 Total (1935-39 = 100)...# 57 135 141 136 Country banks .. 16 4.75 5.50 9.17 Groups (points in total index) By kinds of securities: Miscellaneous 57 81.4 83.8 77.4 Bonds 16 14.49 18.95 Coal 57 25.2 27.1 29.7 Notes. 16 (2) 3.55 5.41 Departm A e l n l t o s t t h o e r r es (1923-25 = 100) :l 57 28.5 29.6 29.4 B C i e l r ls tificates 1 1 6 6 ( ( 2 2 ) ) 1 1 . .5 8 1 7 4 6 . . 3 2 6 9. Sales 59 143 167 136 Guaranteed 16 C3.47 2.69 2.54 Stocks 59 102 93 90 e Estimated. p Preliminary. r Revised. c Corrected. 1 Adjusted for seasonal variation. 2 Figures available for June and December dates only. 3 Indexes for March not yet available; rents have not been surveyed since December 1942. 467 MAY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 470 Gold production. . 471 Gold movements... , 471 Net capital movements to United States since January i, 1935 471 Central banks 473-476 Money rates in foreign countries.... 477 Commercial banks... 478 Foreign exchange rates... 479 Price movements: Wholesale prices 480 Retail food prices and cost of living 481 Security prices... 481 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 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. MAY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A e i r n n - - a g B i e u l- m Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v s z a l e k o c - i h a o- D m e a n rk - Egypt France Ger- Greece 1936—Dec. 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 I 27 26 1937—Dec. 12,760 469 597 32 274 24 184 30 16 92 • 53 55 2,564 j 28 24 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 I 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 ' 29 28 1940—Dec. 21,995 1353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Apr.. 22,691 355 734 74 274 24 6 30 16 61 44 52 2,000 May. 22,714 355 734 76 274 24 7 30 16 61 44 52 2,000 June 22,737 355 735 78 274 24 5 31 16 61 44 52 2,000 July. 22,744 354 735 79 274 31 18 61 44 52 2,000 Aug. 22,756 354 735 81 274 31 19 61 44 52 2,000 Sept. 22,754 354 735 82 274 36 21 61 44 52 2,000 Oct.. 22,740 354 735 113 274 36 23 61 44 52 2,000 Nov. 22,743 354 735 114 274 36 24 61 44 52 2,000 Dec. 22,726 354 735 115 274 36 25 61 44 2,000 1943—Jan.. 22,683 354 734 120 274 38 27 61 44 2,000 Feb.. 22,644 354 121 28 Mar. 22,576 30 End of month I Hun- P I e r r a s n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ruma- A So fr u ic th a Spain 1936—Dec. 25 25 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec. 24 26 6164 235 47 575 23 21 59 182 366 1942—Apr.. 24 26 ^216 31 537 23 21 59 203 429 May. 24 26 30 533 23 21 59 205 447 June. 24 32 528 23 21 59 210 468 July. 24 33 526 23 21 59 215 502 Aug.. 24 34 522 23 24 59 219 527 Sept. 24 34 518 23 24 59 225 551 Oct.. 24 36 514 23 24 59 234 582 Nov.. 24 37 510 23 25 59 239 610 Dec. 24 39 506 23 25 241 634 1943—Jan.. 24 70 501 23 25 241 572 Feb.. 90 23 25 523 Mar.. 110 Government gold reserves1 not included End of month S d w e e n - land T k u e r y - U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n e s - 7 r End of month in U S t n p a i r t t e e e s d viou U K d s n o in i m t g f e i - d gure F s rance2 g B iu e m l- 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 4 3 4 6 8 7 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 2 0 2 6 0 4 1 8 3 0 6 6 7 5 5 6 5 5 0 4 0 6 7 0 1 9 2 5 2 2 2 2 6 9 9 9 2 2 2 , , , 5 6 6 8 8 8 9 1 4 9 0 1 1 1 6 7 7 6 9 0 9 7 4 8 0 0 9 5 5 5 5 4 2 9 2 2 2 1 9 48 4 5 5 8 5 3 8 1 7 2 9 1 1 1 1 5 1 4 7 2 2 1 1 1 1 1 1 8 8 4 5 4 4 5 3 2 3 2 5 1 1 1 9 9 9 3 3 3 6 7 8 — — — D J D D J M u u e e e n n c c c a e . . e r . . . . . . . . . . . . . . ' i< 4 8 3 4 0 9 4 " " 1 3 4 1 , 9 7 , 4 3 3 8 5 9 4 9 9 5 "331" 1 9 8 1 4 6 3 1 5 4 2 1 1 9 9 4 4 2 3 — — M N J J A O D S M F A J u u a e e o c e u p a a l n n b p t c v y r y g r e t .. 3 3 3 3 2 3 3 3 3 3 3 3 1 0 0 1 8 3 2 2 3 4 4 4 1 9 8 6 0 1 1 6 5 2 4 0 P P P P ^ 8 8 8 7 8 8 8 8 8 7 7 8 9 0 5 0 9 9 0 1 0 4 3 2 6 0 1 5 5 5 1 3 0 2 2 4 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 2 1 7 1 1 0 1 1 6 4 4 6 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 7 7 7 7 5 4 2 5 5 5 5 6 6 5 6 6 6 7 7 6 6 6 6 0 4 6 4 8 8 0 2 1 2 1 1 2 1 5 1 5 9 0 9 10r 1 1 1 1 1 1 1 1 1 1 1 m 4 4 4 4 4 4 4 4 4 4 7 3 3 5 6 9 6 7 7 6 9 1 1 1 1 9 9 9 3 4 4 9 0 1 — — — M D J S D M J S J M S D M u u e u e e e e e a a a a p n c n p c n p r r c r y t . . . e . t e e . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ""8 1 1 1 1 1 5 5 8 6 5 4 4 8 8 0 2 2 4 6 4 6 5 8 8 9 5 4 5 ' "" 1 2 , 6 7 9 3 1 2 2 5 ' 1 i 5 47 5 7 9 1 1 1 1 7 7 7 7 1942—Mar.... 12 June... 8 Sept.... 7 Dec... 12 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equali- —Feb. 28, 1941. " ' ' ' ~ 5 Figures for December 1936 and December 1937 are those officially reported on Aug. 1, zation Account; France—Exchange Stabilization 6, and Apr.30, 1938, respectively. Fund and Rentes Fund; Belgium—Treasury. 2 For complete monthly series from October 1938- May 1939, see BULLETIN for February 1941, p. 170. 3 Figure for end of March 1937,first date reported. 4 Figure for end of September. o VJOIU rjoiamgs 01 r>anK 01 JMigmna reaucea to nominal amount by gold transfers to isritis) 5 Figure for Sept. 1. ichange Equalization Account during 1939. J Beginning Decemberl940, figures refer to gold reserves of new Central Bank only. NOTE.—For details regarding special gold 10 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. 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. 470 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 monthlyworld Year or month production Africa North and South America Other outside Total South Rho- West I Belgian INicara- Austra-1 British U.S.S.R.1 Africa desia Africa^ 1 Congo3 Chil<= lia8 I India9 $1 = 15ix grains of gold fafine; i.e.,an ounce of fine gold — $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 r187,O81 27,969 22,961 9,259 7,525 51,039 9,940 1942 *>944( 266 494,439 *>26,565 ^29,225 130,933 168,008 67,809 20,882 ^6,296 r8,623 42,525 8,960 1942—Feb 90,335 r76,019 39,651 2,186 2,625 10,391 13,147 563 1,573 537 r656 3,430 1,260 Mar.... 100,485 r85,346 42,618 2,275 2,625 11,316 15,372 3,457 1,916 596 r621 3,675 875 Apr (l) r80,263 41,491 2,320 2,555 11,415 14,728 1,865 540 r624 3,815 910 May... r80,943 42,539 2,288 2,520 11,164 14,881 1,719 570 r677 3,745 840 June... r79,106 42,005 2,210 2,450 10,504 14,852 1,579 611 r905 3,325 665 July... r83,202 42,784 2,226 2,450 * 12,754 14,864 2,006 647 r8l6 3,990 665 Aug r77,255 41,454 2,253 2,345 10,163 14,100 1,730 531 r722 3,360 595 Sept.... r76,692 40,559 2,175 2,310 11,837 13,212 1,710 441 r634 3,185 630 Oct 78,150 41,023 2,161 2,275 12,013 13,365 1,659 401 r669 4,165 420 Nov.... 70,269 39,144 2,089 2,240 7,828 12,693 1,614 432 r659 3,045 525 Dec 38,616 P2,100 2,135 6,209 12,597 1,433 '432 r906 2,940 735 1943—Jan p64,'986 37,687 •^2,135 5,179 11,708 ^1,433 A3 2 C672 '2,940 700 Feb P62,156 35,489 •^2! ioo f2 ,135 4,820 11,459 fl,433 432 647 '2,940 ^700 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. P Preliminary. r Revised. cCorrected. * 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 s of the year. Includes Philippine Islands production received n Unted States. Annual figures are estimates of United Staes n oy gures 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 1942 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 fromor net exports (-—) to: Y m e o ar n t o h r im To n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada VIexico 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 c o t o r t A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1 1 1 1 1 9 9 9 9 9 3 3 4 3 4 7 8 0 9 1 1 3 4 1 , , , , 5 7 5 9 9 8 4 7 7 8 5 4 4 3 2 , , , , , 5 4 5 1 3 0 7 6 5 7 3 2 1 9 8 1 1 , , 2 8 8 6 0 2 9 3 8 6 1 3 3 , , , , , 7 5 4 7 0 2 3 0 7 8 8 1 9 3 3 -1 2 8 4 3 3 1 1 , , , 7 , 1 7 7 1 3 9 7 0 5 8 8 1 1 9 1 6 0 5 5 , , , 8 4 1 9 5 8 2 7 9 8 2 7 1 3 1 6 4 6 6 3 1 3 , , , , 4 6 2 0 6 1 4 6 1 8 9 0 1 6 2 6 0 8 1 1 , , , , 1 7 7 4 4 4 1 8 6 5 7 9 6 5 9 8 4 0 1 6 , , , , 4 3 9 3 8 5 8 6 2 9 2 7 3 0 9 2,6 1 6 4 2 7 1 1 1 2 6 1 2 2 , , , , , 3 4 3 9 0 3 8 1 4 5 0 0 5 9 6 3 3 3 2 1 8 6 3 9 6 , , , , , 4 4 6 8 7 8 7 1 8 9 2 2 0 0 1 2 2 2 1 1 3 3 4 8 0 , , , , , 3 5 2 9 4 9 5 3 9 4 7 7 9 9 8 2 4 3 3 2 5 2 8 5 7 , , , , , 4 6 6 6 8 2 2 7 3 8 7 7 8 6 0 1 3 3 7 6 0 4 9 4 7 3 , , , , , 7 1 2 4 7 6 1 5 7 9 2 3 0 7 2 2 1 2 9 8 2 4 2 , , , 8 7 8 4 1 6 5 9 0 8 2 6 3 1 1 2 1 1 1 4 6 6 1 9 6 5 8 1 , , , , , 4 4 6 7 7 6 0 4 4 3 4 5 0 4 9 5 4 5 1 0 9 9 0 6 , , , , , 7 9 9 6 1 6 5 8 5 6 2 6 9 9 5 6 3 4 1 1 3 26 0 0 8 2 7 0 2 8 9 , , , , , 9 4 4 4 9 7 0 8 6 9 5 4 5 8 8 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 M Ju a n y e 3 3 4 0 , , 8 71 3 2 0 47^ 1 1 7 6 , , 5 3 1 0 4 6 9 8 6 0 9 0 2,794 7 3 2 , ,1 3 1 8 4 4 4 4 , , 1 5 9 9 4 3 3,59 6 4 9 "m 5 3 , , 0 58 0 9 9 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1^995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 «9,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 6 9,039 Dec 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 18,726 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 C0Un 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. MAY 1943 471 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 Tuly 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. 3t 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 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943-Jan. 30.. 5,906.0 33,470.4 31,536.1 31,934.3 3889.8 761.3 677.5 3107.0 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 oi 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 ggovernment 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 Jan. 30, in millions of dollars: total foreign banking funds in United States, 4,137.6, including official funds,2,150.6, and other funds, 1,987.0; United States banking funds abroad, 245.7; and brokerage balances (net due "foreigners") 30.2. 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. 47^ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s 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 Cash reserves a c n o D d u i s n a t d s - Se t c ie u s rition3 Deposits O lia th b e il r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. . 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. . 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. . 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. . 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. . 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. . 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. . 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. . 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27.. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. . .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31.. .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Apr. 29... .2 5830.0 .7 59.1 7.5 138.4 771.2 122.6 14.0 51.4 17.7 May 27.. .2 830.0 1.2 41.6 6.6 170.5 788.6 146.6 7.6 47.8 17.8 June 24... .2 830.0 1.3 34.2 5.5 165.8 796.0 133.6 8.0 47.3 17.8 July 29. . .2 5880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26.. .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept. 30.. .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28... .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25.. .2 880.0 1.1 10.2 2.7 206.6 870.0 148.8 7.7 46.3 17.8 Dec. 30.. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Jan. 27.. .2 950.0 .5 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24.. .2 950.0 .8 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 Mar. 31. .2 950.0 1.2 15.7 9.9 198.4 934.5 144.3 5.9 56.8 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi CC gg a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion? li O ab th il e it r ie dollars S t h e o rm rt- 6 Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935-Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .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—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 Mar. 31 .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4 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 NNootteess iissssuueedd lleessss aammoouunn ts held in bankingg ddeeppaarttmmeenntt. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank toE Exxcchhaannggee EEqquuaalliizzaattiioonn AAccccoouunntt;; oonn M Maarr. . 11,, 11993399,, a abboouutt 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939,, 2200 miilllliio n poundds ttransffde rrefd fromE Ehxch'aAnge'Account to BBaannkk;; oonn SSeepptt.. 66,,11993399,, 227799 mmiilllliioonn ppoouunnddss ttrraannssffeerrrreedd ffrroomm BBaannkk ttoo EExxcchhaannggee AAccccoouunntt.. 55 FFiidduci iary ii ssue iidn creasbe d5 b0y 5i0ll mi illion podu nds Jo n Ju1n2e 11294, 109 4A0. Ap3r0. 3A0, Au3g0. 3 0, dand 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. MAY 1943 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Advances to Domestic bills Government 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 et * Special2 Other c F u c o p o r a s o t 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 ti t b e h i s e li r - 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. 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 4l|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 4,038 183,758 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 as c l i o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1 156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 (6) 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 15,419 38 32 357 2,066 14,033 2,561 1.396 1941—Aug. 30 77 17,306 25 16 384 2,343 16,502 2,326 1,323 Sept. 30 77 18,016 25 24 383 2,260 16,918 2,511 1,357 Oct. 31 ... 77 18,456 26 20 335 2,364 17,432 2,470 L.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 L.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. 474 FEDERAL RESERVE BULLETIN 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia—Cont. Gold reported separately 1,077 1,076 1,075 Deposits 92,503 88,105 82,254 50,660 Other gold and foreign exchange. 1,090 1,036 517 Other liabilities 44,162 46,882 47,554 44,163 Negotiable Government bonds 365 366 373 National Bank of Denmark (millions (Sept. Rediscounted paper of kroner): 1942)2 Other assets 246 "245 217 Gold 98 98 Note circulation 1,609 1,594 1,440 Foreign exchange 16 26 Deposits—Member bank 799 815 580 Clearing accounts (net) 5Bl,040 904 Government 237 185 57 Loans and discounts 50 43 Other 31 30 17 Securities 80 53 Foreign exchange sold forward 2 2 3 Govt. compensation account6 125 125 Other liabilities 100 99 86 Other assets (3) 961 Commonwealth Bank of Australia Note circulation 847 815 (thousands of pounds): Deposits—Government 469 156 Issue department: Other 1,033 1,019 Gold and English sterling 32,641 31,391 24,954 Other liabilities (*) 220 Securities 103,796 102,056 75,684 Central Bank of Ecuador (thou- (Oct. Banking department: sands of sucres): 1942)2 Coin, bullion, and cash 5,164 6,128 4,IK Gold 98,154 74,563 London balances 45,357 45,894 26,21' Foreign exchange (net) 85,897 57.838 Loans and discounts 26,814 21,916 35,26< Loans and discounts 88,005 88,263 Securities 191,139 164,859 100,6k Other assets 43,063 24,418 Deposits "''.'.,'/.] 172,834 155,317 120,89 Note circulation 158,714 125,925 N6te circulation 127,106 124,106 92,36 Demand deposits 123,819 85,382 National Bank of Belgium and Other liabilities 32,586 33.776 Bank of Issue of Brussels (mil- (Oct. National Bank of Egypt7 (thou- (Nov. lions of belga):1 1942)2 sands of pounds): 1942)2 Gold 4,337 4,33 Gold 6,251 6,251 Foreign exchange 4,538 2,19 Foreign exchange 6,271 4.273 Credits to State and public bodies. 4,590 4,06 Loans and discounts \ 4,929 2,268 Credits to private economy 86 16 British, Egyptian, and other Gov- Reichskreditkasse 749 74 ernment securities 136,314 107,357 Other assets (3) 55 Other assets 5,650 6,557 Note circulation 12,441 10,38 Note circulation 73,713 52,035 Demand deposits 876 69 Deposits—Government 24,485 18,604 Postal Checking Office 789 76 Other 48,858 43,678 Other liabilities (3) 21 Other liabilities 12,359 12,388 National Bank of Bohemia and Mo- (Sept. Central Reserve Bank of El Salvaravia (millions of koruny): 1942)2 dor (thousands of colones): Gold 1,515 1,51 Gold8 24,206 24,204 13,254 Foreign exchange 753 77 Foreign exchange 20,460 15,274 12,891 Discounts 917 84 Loans and discounts 928 1,428 753 Loans Government debt and securities .. 6,765 6,926 7,027 O N t o h t e e r c a ir s c s u e l t a s tion " • 1 1 -( , 3 4 ) 0 - 4 • • 1 9 3 , , 7 2 5 3 N O o th t e e r c a ir s c s u et l s ation 32,3 6 1 7 2 8 30,2 5 1 0 9 0 2 2 3 , , 2 1 3 1 8 9 Demand deposits 2,015 2,94 Deposits 15,047 12,346 8,472 Other liabilities 3,66 Other liabilities 5,678 5,767 4,571 Central Bank of Bolivia (thousands (Dec. Bank of Finland4 of bolivianos): 1942)2 Bank of Greece4 Gold at home and abroad 497,407 378,52 National Bank of Hungary (millions (Sept. Foreign exchange 438,353 350,24 of pengo): 1942)2 Loans and discounts 230,625 228,85 Gold 100 100 Securities—Government 536,565 469,81 Foreign exchange reserve. . 1 18 Other I 40,623 11,17 Discounts 1,732 1,117 Other assets 1 58,537 51,31 Loans—To Treasury 761 760 Note circulation 818,299 658,70 To foreign countries.. . 339 267 Deposits 797,779 660,73 Other 33 36 Other liabilities 186,032 170,48 Other assets (3) 435 National Bank of Bulgaria4 Note circulation .!. 2,470 1,999 Central Bank of Chile (millions of Demand deposits 529 380 pesos): Consolidated foreign credits of 1931. (3) 23 Gold 187 14 Other liabilities (3) 331 Discounts for member banks 276 32 Reserve Bank of India (millions of Loans to Government 725 73 rupees): (Dec. o Other loans and discounts 959 80 Issue department: 1942)2 Other assets 406 7 Gold at home and abroad. 444 444 Note circulation 1,874 1,55 Sterling securities 4,048 2,129 Deposits—Bank 279 18 Indian Govt. securities 1,224 1,363 Other 141 12 Rupee coin 142 275 Other liabilities 259 20 Note circulation 5,704 4,101 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department.... 154 110 Gold 52,653 49,757 47,339 26,61 Balances abroad 71f 353 Foreign exchange 78,701 77,377 71,208 20,50 Treasury bills discounted I. 4 4 Loans and discounts 11,331 15,462 16,813 35,01 Loans to Government 6 175 Government loans and securities... 56,223 55,213 55,448 55,95 Other assets 87 174 Other assets.. 36,280 36,153 36,959 32,41 Deposits 795 637 Note circulation 98,524 98,977 97,959 75,68 Other liabilities 166 179 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. MAY 1943 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1943 Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of Ireland (thousands South African Reserve Bank—Cont. of pounds) :l Deposits 106,448 110,971 71,040 Gold 2,646 Other liabilities 5,560 5,020 11,009 Sterling funds 20,1431 Bank of Sweden (millions of kronor): Note circulation 22,789 Gold . 757 753 750 610 B B a a n n k k o o f f J J a a v p a a 2 n2 F Sw or e e d ig is n h as G s o e v ts t . ( n s e e t c ) urities and ad- 567 554 535 632 Ban M k o et f a l M lic e x r i e c s o e r ( v th e3 ousands of pesos): 336,687 311,776 294,803 199,291 Ot v h a e n r c d e o s m to e s N ti a c t i b o i n ll a s l a D nd e b a t d v O a f n fi c ce e 7 s . . . . 1,1 1 7 2 6 8 1,1 1 3 1 2 9 1,1 1 4 0 9 4 J918 "Authorized" holdings of securi- Other assets. 808 802 836 955 ties, etc 938,697 866,594 832.808J 532,420 Note circulation 1,931 1,916 1,913 1,649 Bills and discounts 130,644 130,548 126,467!114,080 Demand deposits—Government.... 653 653 514 406 Other assets 71,389 65,163 66,068 50,793 Other 244 211 392 637 Note circulation 823,552 789,693 758,947 554,458 Other liabilities 579 556 423 Demand liabilities 523,196 457,412 420,374 242,708 Swiss National Bank (millions of Other liabilities 130,668 126,976 140,825 99,417 francs): Netherlands Bank (millions of guil- (Sept. Gold 3,682 3,642 3,599 3,394 ders): 1942)4 Foreign exchange 56 47 63 183 Gold... ^ 925 1,026 Loans and discounts 345 325 146 Silver (including subsidiary coin). 7 8 Other assets () (5) 266 F D L O o o i t s h r a e c e n i o r s g u n a n s t b s s e il t l s s 1,3 2 1 6 5 5 0 0 8 1, 2 1 1 2 1 94 8 1 Cen N O O tr t t o a h h t l e e e r r B c l s i a i r i a n g c b h u k i t l l a i o l t t i i i f a e o b s n t i h li e ti e R s epublic of 2 1 5 , , 3 5 0 7 8 9 2 1 , , 5 5 3 2 2 2 ( 2 1 5 , , ) 4 5 9 1 2 5 2 1 , , 2 2 4 3 6 84 8 7 Note circulation 2,680 2,217 Turkey (thousands of pounds): (Aug. Deposits—Government 126 Gold, .... 1942)4 124,934 Other 180 168 Foreign clearing accounts 138,639 73,301 Other liabilities 61 Loans and discounts 54,415 513,972 Reserve Bank of New Zealand (thou- Securities 603,097 192,140 sands of pounds): Other assets 189,961 17,385 Gold . . . 2,802 2,802 2,802 2,802 Note circulation 21,063 566,521 Sterling exchange reserve 22,231 31,262 28,752 18,344 Deposits—Gold 615,527 79,358 Advances to State or State under- Other 79,358 116,701 takings 32,444 34,217 31,236 30,642 Other liabilities 144,840 159,152 Investments 10,458 4,458 4,458 4,153 Bank of the Republic of Uruguay 167,449 Other assets 2,350 2,393 1,846 1,067 (thousands of pesos): (Nov. Note circulation 30,348 30,033 29,992 24,132 Issue department: 1942)4 Demand deposits 36,757 41,967 36,026 30,106 Gold and silver 85,583 86,235 Other liabilities 3,180 3,131 3,075 2,770 Note circulation 109,973 119,858 Bank of Norway2 Banking department: Central Reserve Bank of Peru (thou- (Nov. Gold 58,458 66,839 sa D n G d o i s s l c d o o f a u n n s d o ts le fo s) re : ign exchange 11 9 2 , , 2 1 ; 4 9 4 0 c3 5 0 7 , ,5 l 41 A N d o g v t o e a v s n e c a r e n n s d m e c t n o o t i n b S o t d a i t e e s and to 4 4 2 0 , , 7 6 4 0 3 9 3 3 2 1, , 6 4 6 8 1 8 O G t o h v e e r r n a m ss e e n ts t loans 2 2 5 6 4 , , 8 2 9 6 0 0 1 c1 9 6 6 , , 2 57 5 5 0 O O t t h h e e r r a lo s a s n et s s and discounts.... 1 1 0 0 9 0, , 4 6 9 9 2 8 1 1 2 0 0 3 , . 1 9 0 9 3 2 Note circulation 274,812 213,906 Deposits 127,598 125,929 Deposits 104,784 65,216 Other liabilities 224,402 229,154 Other liabilities 22,987 21,416 Central Bank of Venezuela (thou- Bank of Portugal (millions of (Sept. sands of bolivares): esc G u o d ld o 6 s): 19 l 4 ,3 2) 8 4 O| 1,363 F G o o r l e d ign exchange (net) 2 3 2 2 0 , , 0 78 9 4 1 2 2 1 4 4 , , 5 6 3 0 4 4 2 2 0 6 8 , ,4 5 2 7 4 1 1 2 5 3 8 , , 6 3 2 1 1 7 Other reserves (net) 2,720 1, Credits to national banks 31,230 31,230 31,230 35,230 Nonreserve exchange 5,356 4,338 Other assets 6,492 7,785 10,690 15,590 Loans and discounts 258 302 Note circulation—Central Bank.. 201,339 191,648 167,991 138,924 Government debt 1,028 1,028 National banks.. 34,616 35,497 36,958 51,978 Other assets 1,355 859 Deposits 48,139j 44,869 65,824 32,875 Note circulation 4,944 4,388 Other liabilities 6,503 6,139 6,142 8,982 Other sight liabilities 5,942 4,459 National Bank of the Kingdom of Other liabilities 1,211 725 Yugoslavia2 National Bank of Rumania (millions (Aug. Bank for International Settlements (Sept of lei): 1942)4 (thousands of Swiss gold francs8): 1942)4 Gold 41,294 37,701 Gold in bars . 61,916 42,082 Special exchange accounts 22,039 13,295 Cash on hand and on current ac- Loans and discounts. 34,639 33,737 count with banks 39,692 32,962 Special loans (in liquidation) 421 478 Sight funds at interest 15,644 16,341 Government debt 21,230 9,421 Rediscountable bills and accept- Other assets 39,935 45,992 ances (at cost) 141,486 144,045 Note circulation 100,477 95,978 Time funds at interest 20,936 21,069 Demand deposits 41,503 33,464 Sundry bills and investments.... 200,434 219,963 Other liabilities 17,578 11,18. Other assets 39 184 South African Reserve Bank (thou- Demand deposits (gold) 33,832 29,045 sands of pounds): Short-term deposits (various cur- Gold 63,533 69,376 48,231 rencies): Foreign bills 5,619 21,032 447 Central banks for own account. 15,464 17,323 Other bills and loans 167 195 33 Other 6,938 5,833 Other assets 83,022j 64,784 62,254 Long-term deposits: Special ac- Note circulation 40,333 39,397 28,916 counts 229,001 228,909 Other liabilities 194,912 195,536 c Corrected. 1 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. 2 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE- TIN for March 1942, pp. 281-282; and from Bank of Jaya (January 1942), see BULLETIN for March 1943, p. 278. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 Latest month for which report is available for this institution. 5 Figure not available. 6 Valued at average cost beginning October 1941. 7 Includes small amount of non-Government bonds. 8 See BULLETIN for December 1936, p. 1025. 476 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— Late effective U K d n i o i n m t g e - d France m G a e n r- y g B iu el m - N la e e n r t d h - s - S d w en e- S l w a e n r it - d z- b C an e k n tr of a — l A R 3 p a 0 r te il ef D fe a ct t i e ve ba C n e k n tr o a f— l R A 3 a p 0 t r e il ef D fe a c t t e ive In effect Oct. 2, 1936 2 3 4 2 23^ 2 Albania Mar. 21. 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina 3% Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 2 Belgium 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 Bohemia and Lithuania. 6 July 15, 1939 Nov. 26 Moravia.... 3H 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 "4"" Canada 2/^ Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 Chile 3-Q/Q Dec. 16, 1936 Peru Aug. 1, 1940 M M a a y y 3 1 0 3 3 "" "3 " ' Colombia 4 July 18, 1933 Portugal Apr. 8, 1943 Sept. 28 Oct. 27 Nov. 25 2 2 Denmark 4 Oct. 16, 1940 Rumania. Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa June 2, 1941 Apr 17 El Salvador... 3 Mar. 30, 1939 Spain Dec. 1, 1938 May 11 3 Estonia 43^ Oct. 1, 1935 Sweden May 29, 1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 ••-••• Aug. 29 "3"" Sept. 28 "3 Oct. 26 2 France IX Mar. 17, 1941 Turkey July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25,1940 "2"" Greece 6 Mar. 1, 1942 dom Oct. 26, 1939 Apr 9 ••an; Hungary 3 Oct. 22, 1940 U. S. S. R... July 1, 1936 M M a a y r 1 1 7 7 1941 "iy" Italy May 18, 1936 Yugoslavia. Feb. 1, 1935 May 29 J In u 1 n 9 e e 4 f f 3 2 e 7 ct Apr. 30, 2 iX 2 "s 3 y 2 " IH ce N nt O . TE.—Changes since Mar. 31: Portugal—Apr. 8, down from 3l/2 to 3 per "3" ' OPEN MARKET RATES [ Per cent per annum] United Kingdom I Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a e m n p 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 d a o n e w p k a o e n s r c i s e t ' s d P i r s r i c a v o t a e u t n e t Day-to-day d P is r 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—Feb 5.05 4.96 4.33 y 5.80 6.33 4.39 4.78 4M-6H 3.31 1930—Feb 3.82 3.72 3.76 22 5.53 6.01 2.80 2.94 4^-6 2.71 1931—Feb 2.56 2.37 2.29 3 ~iy2 4.88 5.49 1.12 1.05 3-5 1.00 1932—Feb 4.63 4.08 3.84 4 -3 6.67 7.81 1.87 1.69 1.52 1 19 9 3 3 4 3 — -F F e e b b . . 8 9 3 5 . . 7 8 8 6 . . 7 8 3 8 a 3 3 . . 8 8 8 8 4 4 . . 7 8 8 6 . . 7 3 8 7 1 1 . . 0 0 0 0 2ys 1 1 . . 5 5 0 0 1935—Feb .38 .28 .63 3.41 3.83 .58 1.00 iy2-\y 1.50 1936—Feb .55 .53 .75 3.00 2.77 1.19 1.63 2H 2 -5 2 2.37 1937—Feb .55 .53 .75 3.00 2.47 .28 1.00 2^-5 1.18 1938—Feb .53 .50 .75 2.88 2.73 .13 .50 23^-5 1.00 1939—Feb .53 .51 .75 2 88 2.53 .13 .50 2K-5 1.00 1940—Feb 1.04 1.02 1.00 2.50 2.08 1.58 2.50 3-5 1.25 1941—Feb 1.03 1.02 1.00 2.25 1.68 2.25 2.75 3ysy 1.25 1942—Feb 1.03 1.00 1.04 2.13 1.75 2 2 1.25 1942—Mar L.03 1.00 1.03 2.13 1.95 1.25 Apr 1.03 1.01 1.00 2.13 1.96 1.25 May 1.03 1.00 1.03 2.13 1.71 1.25 Tune 1.03 1.00 1.00 2.13 1.90 1.25 July 1.03 1.00 1.00 2.13 1.75 1.25 Aug 1.03 1.00 1.00 2.13 1.68 1.25 Sept L.03 1.00 1.05 2.13 1.83 1.25 Oct 1.03 1.00 1.04 2.13 1.80 1.25 Nov 1.03 1.00 1.00 2.13 1.75 1.25 Dec L.03 1.01 1.00 2.13 1.25 1943—Jan 1.03 1.01 1.08 2.13 1.25 Feb 1.03 1.00 1.10 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MAY 1943 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i o g n 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 e o i a y r c n t e d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es [936—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—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 , 058 814 289 3,263 2,141 1,122 234 July 342 132 273 607 ,075 807 261 3,264 2,138 1,126 232 August 351 133 283 634 ,082 795 257 3,305 2.161 1,143 231 September 349 127 277 693 ,097 785 263 3,358 2,218 1,140 233 October 350 136 271 744 ,108 785 263 3,424 2,261 1,163 232 November 367 135 241 804 ,117 774 269 3,472 2,287 1,185 234 December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—January 379 146 197 935 ,112 773 271 3,577 2,369 1,207 237 February. 373 154 148 933 ,109 775 272 3,525 237 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s i n o ) d n s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o d e m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans j and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1.646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—April 322 32 1,252 178 1,899 637 72 3,262 1,725 1,537 986 May 285 29 1,215 175 1,878 601 71 3,118 1,562 1,556 993 Tune 327 28 1,137 181 1.883 639 72 3,121 1,523 1,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 1,654 999 August.... 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 October. .. 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1,018 November 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—January .. 347 29 1,100 242 2,302 582 58 3,494 1,772 1,723 1,050 February. 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 1,048 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c re s s ) in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w e ce p n s t- lia O b t i h li e t r ies 4 large banks 1936—December. 3,100 2 975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4'116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December4 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 3 large banks 1939—December. 4,499 3,520 27,512 7,155 2,170 39,647 39,271 375 786 4,423 1940—December. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 508 460 4,456 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 506 418 4,568 September 5,790 3,241 56,788 7.640 1,464 69,763 69,269 495 388 4,772 October... 6,034 3,270 55,716 8,807 1,571 70,229 69,754 475 398 4,771 November. 5,840 3,287 56,837 7,719 1,693 70,070 69,619 451 432 4,873 December. 6,424 3,260 57,707 7,860 1,744 71,736 71,304 433 393 4,865 1942—May5 5,737 3,024 62,885 9,057 1,127 76,792 76,431 361 331 4,707 June 5,901 2,976 64,313 9,592 1,249 78,876 78,514 362 334 4,821 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 \H 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. 5 No figures available January through April 1942. 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. 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in NewYork forcable transfers. In cents per unit of foreign currency] Argentina Australia Brazil (peso) (pound) Bel- (cruzeiro1) British Bul- Canada (dollar) Chile (peso) China Year or month gium India garia (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export Sh h a a n i) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 25^8788' 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5^1248 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 2322^80" 305.16 216.880 6.0562 5.0214 30.155 85 141 5.1668 4.0000 6.000 1941 29.773 322.80 321.27 6.0575 5.0705 30.137 90 909 ' 87 34.^ 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—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 i 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 1 89.640 Feb 29.773 23.704 322.80 321.50 6.0586 5.1292 30.122 90.909 90.037 Mar.. 29.773 23.704 322.80 6.0586 5.1275 30.122 90.909 : 89.923 Year or month 1 C ( o p b l e i o s a m o) - C s ( l k z o o e v r c u a h n k o a i - a ) ( m D kr e a o n r n k - e) ( F l m a k i a n a n r ) d - k- F ( r fr a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H pe u n n g - o) I ( t li 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—Apr 57.049 20.574 322.79 May 57.005 20.567 322.78 June 57.037 20.568 322.78 July 57.059 20.567 322.78 Aug 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct. 57.023 20.573 322.78 Nov 57.030 20.573 322.78 Dec 57.177 20.573 322.78 1943—Jan 57.222 20.573 322.78 Feb 57.220 20.573 323.30 Mar 57.233 20.573 324.42 1 United Kingdom Uruguay Year or month N ( o kr r o w n a e y ) P ( o z l l a o n ty 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 t C ro o ll n e - ( d peso t ) N r c o o o l n l n e - - d Y ( s d l u i a n g v a o i 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 1968 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 22.676 383.00 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 22.239T 1942 398.00 246.919 403.50 403.50 65.830 52.723 1942—Apr 398.00 403.50 403.50 65.830 52.735 398.00 403.50 403.50 65.830 52.740 June 398 00 403.50 403.:SO 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 4A3.50 403.50 65.830 52.734 1943__jan . .. 398.00 403.50 403.50 1 65.830 52.754 Feb 398.00 403.50 1 403.50 65.830 52.803 Mar 398.00 403.50 65.830 52.805 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 Kinggd,om, free rates, after Feb. 1. CChhaannggeess iinn nnoommiinnaall ssttaattuuss ((nnootteedd oonnllyy iiff aaffffeeccttiinngg qquuoottaattiioonnss ffoorr aatt l eleaasst tf ifvivee d daayys sa a m moonnthth):) :n noonne,e. For furtheerr iinnffoorrmmaattiioonn ccoonncceerrnniinngg tthhee bbaasseess aanndd nnoommiinnaall ssttaattuuss ooff eexxcchhaannggee qquuoottaattiioonns s, aanndd ccoonncceerrnniinngg 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. MAY 1943 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926... 100 100 U24 695 134 237 106 U26 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 i 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 rl59 114 189 1942—March 98 95 159 114 184 207 April 99 95 160 114 186 208 May. 99 95 161 114 187 209 June 99 96 160 114 P355 188 210 July 99 96 160 115 p353 193 212 August 99 96 159 115 192 211 September 100 96 159 115 P358 192 212 October 100 97 160 115 193 November 100 97 161 115 195 December 101 97 r161 115 195 1943—January 102 97 162 116 196 February 103 98 162 116 March. 103 99 p Preliminary. r Revised. 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 g a c o w a a t o r n u t d a u l r y s e n - d d F f u m c a g l h c o l a i y t o e n u f d a u r l s e y n - d d Foods p I ro n tr d d i u u a c l s- ts p A r g t o u r d i r u c a u c l t l s - a p t f n r r I i d i n o n a i d d l s s u u h r e a c s e m w - t d s 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 - 1926 100 100 100 100 100 100 129 130 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1942—March 103 96 95 79 88 92 158 159 113 102 133 April 105 99 96 80 89 92 160 159 113 102 133 May 104 99 96 80 89 92 163 159 115 102 133 June 104 99 96 82 91 92 160 159 115 102 134 July 105 99 96 81 90 92 159 r160 116 102 134 August 106 101 96 81 90 92 155 r160 117 102 134 September 108 102 96 84 91 92 154 161 117 102 134 October 109 103 96 86 93 92 156 162 116 102 134 November 111 104 96 86 93 92 158 162 116 102 134 December 114 104 96 87 93 93 159 162 117 102 134 1943—January 117 105 96 88 93 93 160 163 119 102 134 February 119 106 96 89 94 93 160 162 118 103 134 March 123 107 97 91 93 96 r Revised. Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 480 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] rear or m>lonth U ( S 1 = 9 n t 1 a 3 i 0 5 t t e e 0 -3 d s ) 9 ( C = 1 a 9 a 1 3 d n 0 5 0 - a - ) 39 U K = d ( n 1 J 1 i o 9 i n u 0 1 m t l g 0 e 4 y - d ) m = 1 G 9 1 a 1 e 0 n 3 r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r- 3 S e = r ( w 1 J 1 l 9 a u i 0 1 t n n 0 z 4 e d ) - Year or month U ( S = 19 n t 1 a 3 i 0 t 5 t 0 e e - ) 3 d s 9 ( = 1 C a 9 1 a d 3 0 n a 5 0 - - ) 39 U K = d ( n 1 J i o 9 i u n 1 1 t m 0 l e g 4 y 0 d - ) (1 m = G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N ( = 1 la e 9 1 t n 1 0 h 1 d 0 e - ) 1 s r 3 - S = ( w 1 J 1 9 u 0 i 1 n t 0 4 z e ) - 1932... 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933... 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934. . 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935. . 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936. 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937. 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 .. 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 . 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 . 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 .. 106 116 168 129 175 1941 105 112 199 133 174 1942... 124 127 161 132 1942 117 117 200 137 1942—March 119 124 162 131 195 1942-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... . 126 130 160 136 202 August 118 118 201 139 195 September 127 129 160 129 203 September .. 118 117 200 135 195 October. .. 130 130 162 128 October 119 118 200 135 P197 November. 131 132 163 129 November . 120 119 200 135 P199 December. 133 133 164 129 December... 120 119 200 136 1943—January... 133 127 164 131 ^209 1943-January 121 117 199 137 2*201 February.. 134 127 164 132 February.... 121 117 199 137 March .... 128 March 117 P199 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 i c i t t v e e e e ) s d 1 d ( K 1 D U 9 i e 2 n n c 1 g e i = t d 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 r a 3 l i 0 5 t t e 0 e -3 d s ) 9 K U in n g it d e o d m (1 F 9 r 2 a 6 n = c 1 e 00) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 00 - ) N umber of issues... 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1 1 9 9 3 3 4 5 1 9 0 8 5 . . 2 5 1 12 2 9 7 . . 9 5 8 83 2 . . 5 1 6 9 9 0 5 . . 7 1 1 1 1 0 3 7 . . 4 8 8 7 2 6 . . 9 6 8 85 6 . . 7 3 8 7 3 9. . 7 3 8 7 2 1 . . 9 1 5 5 5 5 1 19 9 3 3 7 6 1 1 1 0 1 9 0 . . 5 2 1 1 2 3 4 1. . 2 6 7 7 6 5 . . 3 1 9 98 5 . . 7 8 3 1 1 0 0 9 1 . . 1 8 1 1 1 1 7 7 . . 5 5 9 9 7 6 . . 0 3 9 7 7 7 . . 4 2 1 9 0 1 2 . . 6 6 1 6 0 6 4.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1 1 1 9 9 9 4 3 4 0 9 1 1 1 1 1 1 1 3 5 7 . . . 9 8 8 1 1 1 2 1 1 3 2 8 . . . 8 3 3 7 P 9 8 8 8 4 3 . . . 7 7 9 i°p1 1 0 9 0 3 9 0 . . . 0 0 7 8 9 7 0 7 . . 9 9 9 8 8 4 8 0 . . . 2 1 0 7 7 7 0 5 2 . . . 8 9 5 " 7 2 1 8 9 2 9 8 0 . . . 7 3 6 WP 1 1 9 1 3 4 4 6 . . . 1 6 8 9 9 8 5 9 . . 0 7 1942 118.3 127.3 69.4 75.3 3*476 1942—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 *>455 143.2 July 118.9 127.7 68.2 73.8 *>455 142.2 August 118.7 127.5 68.3 74.4 *>518 142.4 September... 119.0 127.8 69.4 75.7 *511 October 119.3 128.1 74.2 78.4 p5O7 November... 119.5 127.5 75.2 80.4 p529 December 118.9 127.3 75.9 80.1 P583 1943—January 119.5 129.0 79.7 82.4 February 120.0 128.9 84.8 82.2 March 119.8 88.2 p Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ 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, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 5 months; no data available June-Dec. 8 Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. ° Average based on figures for 11 months; no data available for 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. MAY 1943 481 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 THUESTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General Attorney ROBERT F. LEONARD, Director 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 482. 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 Albert M. Creighton. Henry S. Dennison. . W. W. Paddock. William Willctt. 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.... Gco. C. Brainard. .. . R. E. Klagcs. M. J. Fleming. F. J. Zurlinden. .. C. W. Arnold Wm. H. Fletcher R. B. Hays J. W. Kossin A. H. Laning1 B. J. Lazar K. H. MacKenzic W. F. Taylor Richmond. . . Robt. Lassitcr . . . W. G. Wysor. Hugh Leach. J. S. Waldcn, Jr J. G. Fry Geo. H. Keesee1 R. W. Mercer Atlanta Frank H. Nccly... J. F. Porter W.S. McLarinJr.. Malcolm H. Bryan. L. M. Clark H. F. Conniff Chicago Simeon E. Leland.. W. W. Waymack. C. S. Young H. P. Preston Allan M. Black1 J. H. Dillard Charles B. Dunn E. C. Harris A. J. Mulroney Alfred T. Sihler St. Louis Wm. T. Nardin. Oscar G. Johnston . . Chester C. Davis. F. Guy Hitt. O. M. Attebery Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffey.... Roger B. Shepard. . . J. N. Peyton O. S. Powell. A. W. Mills1 Otis R. Preston E. W. Swanson A. R. Upgren Harry I. Ziemer Kansas City.. R. B. Caldwcll. Robert L. Mchornay. H. G. Lcedy.. 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. Gentry2 San Francisco! Henry F. Grady St. George Holdcn... 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. Wiltsc Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar3 Kansas City: Pittsburgh Branch J. W. Kossins 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. Vardcman, 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. 1 Manager. MAY 1943 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w o ssssi BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^f. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 F BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis