Federal Reserve Bulletin, 1943-06

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

PAGE Review of the Month—Decline in Consumer Credit. . 485-491 Treasury Bills for Smaller Banks. . . 491 Law Department: U. S. Obligations as Collateral for Federal Reserve Notes . 493 Stabilization Fund Legislation 493 Foreign Funds Control—Treasury Department Releases . . 493-496 Loans for Purchasing or Carrying Government Obligations . , 496 Currency in Circulation. . . 497-499 Member Bank Earnings in 19^ 500 Postwar International Monetary Stabilization . . 501-511 Current Events 52.2. National Summary of Business Conditions 523-524 Financial, Industrial, Commercial Statistics, U. S. (See p. 525 for list of tables).. 525-570 International Financial Statistics (See p. 571 for list of tables) 571—583 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 584 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . , 585 Map of Federal Reserve Districts 586 Federal Reserve Publications QSee inside, of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 19 June 1943 NUMBER 6 DECLINE IN CONSUMER CREDIT During the past year and a half the vol- credit diminished pressure for higher prices. ume of consumer credit outstanding has The regulation of consumer credit has been reduced by 4^ billion dollars. Several diverted current income that otherwise factors have been responsible for this de- might have increased inflationary pressures cline. The most important has been the into liquidation of consumer debt. decline in the supply of consumer goods available for purchase; thus current pur- EVIDENCES OF DEBT LIQUIDATION chases on which new credits could be ex- That consumers are repaying their obligatended were limited. Another factor is the tions more rapidly than heretofore is evienlarged income of consumers which has denced in various ways. The volume of enabled them to reduce indebtedness pre- consumer credit outstanding at the end of viously incurred. To these economic fac- April 1943 was 5.x billion dollars, which tors working toward a reduction of con- represented a decrease of 4.5 billion since sumer credit was added the influence of September 1941. Most of this decline— governmental policy exercised through the about 3.3 billion dollars—occurred during operation of Regulation W by the Board of the calendar year 1941. According to Governors of the Federal Reserve System. current estimates almost one-half of the This regulation was put into effect in Sep- reduction was attributable to declines in tember 1941, when the total volume of credit on motor vehicles alone, but substanconsumer credit was at its all-time maxi- tial liquidation has occurred also in the mum. In May 1942., through Amendment amounts outstanding on all the other prin- 4 of the Regulation, its scope was enlarged cipal types of consumer indebtedness. All and its terms were made more restrictive. instalment cash lenders are reporting a grad- Experience during the past 18 months has ual shortening of maturities. At departbeen contrary to the usual trend in periods ment stores it now appears that the average instalment contract is completed in five or of expanding incomes. As incomes have six months, whereas a year ago it was eight grown, the number of persons incurring or nine months. Instalment accounts at debt has declined and those who have obfurniture stores, which formerly had been tained credit have retired their obligations relatively long-dated, also appear much more promptly than was customary at other shorter now. Even at jewelry stores, where times. The background of policy in regard the typical terms have always been shorter to consumer credit in wartime was the fact than the maximum maturity established that, since increased incomes were not under regulation, there has been some accompanied by expansion in consumer shortening of maturities. Charge-account goods, restriction of consumer buying on 485 JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH sales and receivables declined after they be expected during the remainder of this became subject to regulation. Although year. charge-account sales subsequently increased CHANGES .IN CONSUMER CREDIT OUTSTANDING, along with other sales, the average period BY QUARTERS of collection of such accounts has continued [Estimates of short-term credit. In millions of dollars] shorter than before regulation, and accounts Total Instalment Single- Charge con- pay- acoutstanding have declined. c s r u e m d e it r 1 c?edft Loans* l m oa e n n s t counts Rapid reduction in consumer indebtedness has been accompanied by an expansion in Increase or decrease during quarter ending: cash buying by consumers. Early partial 1941 Dec. 31. -226 -262 -59 +31 +52 returns from the 1942. Retail Credit Survey, 1942 conducted by the Federal Reserve System, Mar. 31 -905 -644 -169 -18 -87 June 30 -1,081 -629 -152 -61 -247 show that cash buying has increased in all Sept. 30 -956 -612 -211 -30 -110 Dec. 31 -401 367 -214 -23 +193 lines of trade, whether subject to the regu- 1943 lation, as in the case of department and Mar. 31... -805 -424 -176 -41 -170 Amount outstanding: furniture stores, or largely free of such regu- Sept. 30, 1941 9,725 4,009 2,233 1,173 1,712 Mar. 31, 1943 5,351 1,071 1,252 1,031 1,343 lation, as in the case of grocery stores. The Apr. 30, 1943 5,216 1,004 1,206 1,020 1,331 increase in cash buying was under way even 1 Includes service credit not shown separately. 2 Includes repair and modernization loans. prior to last spring, but the movement was NOTE.—April 1943 figures preliminary and subject to revision. given a substantial boost by the term limi- Slackening in the rate of consumer debt tation imposed on charge accounts by liquidation is inevitable as the hard core of Amendment 4 to Regulation W. At department stores, for example, cash sales in 1941 CONSUMER CREDIT were less than half of total sales. In the early months of 1942. cash buying advanced V to about half of total sales. At present the J TOTAL J \ proportion is almost three-fifths. J \ ~y^ CHANGES IN VOLUME OF CONSUMER CREDIT 6 V Since the end of 1942. there has been some iSTALMENT CREDIT/^ slackening in the rate of decline in the total volume of consumer credit. The course of 3 the major kinds of credit is shown in the 2 —_^^ CHARGE ACCOUNTS ^ ^ following table and chart. During 1941 ' SERVICE CREDIT i the monthly average rate of decline was ° nearly x8o million dollars. In the first Estimates of short-term consumer credit outstanding, by type of credit. For the period 1929 through August 1942 these estimates quarter of 1943 the average was about x65 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and were based to some exmillion dollars. Since the first quarter, tent on data prepared by the National Bureau of Economic Research. Currently basic data are collected and end-of-month estimates made for seasonal reasons, usually shows more by the Division of Research and Statistics of the Board of Governors of the Federal Reserve System. decline or less increase than other quarters of the year this represents an appreciable indebtedness is approached. Liquidation slackening in the rate of decline. Some that has already occurred in some lines is further decrease in the rate of decline may considerable. For example, total credit on 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH motor vehicles at the end of April was only INSTALMENT SALE CREDIT one-ninth of the amount outstanding at the Out- Percentage standing decline, peak. Other types of instalment sale credit Vendor A 19 p 4 r 3 . ( 3 i 0 n , S 1 e 9 p 4 t 1 . 3 to 0, millions of Apr. 30, have declined nearly three-fifths. Instal- dollars) 1943 ment cash loans have also declined substan- Automobile dealers 249 89 Other—total1 755 58 tially and are now more than 45 per cent Department stores and mail-order houses 187 58 below the peak level. Charge-account Furniture stores 319 49 Household appliance stores 79 77 credit, after sharp declines in the middle Jewelry stores 51 47 months of 1941 following its inclusion in Total instalment sale credit 1,004 75 Regulation W by Amendment 4, has stabil- 1 Includes miscellaneous vendors not shown separately. NOTE.—April 1943 figures preliminary and subject to revision. ized temporarily at the low levels of recent months and hereafter is expected to follow The decline in instalment sale credit, the general pattern of retail trade. Single- while considerable in amount, has proved payment loans have been declining slightly, smaller than might have been expected early last year, when many limitation and while service credit has increased someconversion orders were issued to prohibit what. or greatly curtail the manufacture of most As a result of differences in rate of liquidaof the durable goods on which the greater tion there has been a radical change in the part of such credit is based. That sales of composition of consumer credit outstandsuch goods have not declined as much as ing. At the peak in 1941 durable goods might have been expected has been due to were the basis, directly or indirectly, of approximately two-thirds of total consumer INSTALMENT CREDIT indebtedness. This proportion has shrunk to one-third and by the end of the year it may decline to something like one-sixth. INSTALMENT SALE CREDIT At the end of April 1943 instalment sale credit was slightly more than one billion dollars, a decline of three-fourths from the peak of over 4 billion dollars in the autumn of 1941. Credit on motor vehicles, as shown in the next chart, has accounted for a major part of this decline but the decrease of the remainder has also been sharp, about Estimates of consumer instalment credit outstanding, by principal classes of lender and vendor. 4 per cent per month. Furniture dealers several factors: (i) inventories of fabricated have become the most important originators consumer goods in the hands of retailers of instalment sale credit. This is largely and others were greater than was believed due to the fact that production has been at the time and permitted continued retail curtailed less in the case of furniture than sales at higher levels than had been exfor other types of consumer durable goods. pected; 00 inventories of semifabricated JUNE 1943 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH materials permitted the production of more INSTALMENT CASH LOANS OUTSTANDING consumer goods than had been expected; Out- Percentage standing decline, (3) manufacturers of many lines worked Lender A 19 p 4 r 3 . 3 (i 0 n , S 1 e 9 p 4 t 1 . 3 to 0, with extraordinary ingenuity and diligence millions of Apr. 30, dollars) 1943 to stretch scarce materials over a larger Commercial banks 299 59 volume of production; and (4) price rises Small loan companies 378 29 [ndustrial banking companies 179 41 have made for a greater dollar volume of Credit unions 122 46 sales on a basis of diminished physical Total1 1,206 46 transactions. 1 Includes miscellaneous lenders and repair and modernization loans not shown separately. Most of these factors, however, are such NOTE.—April 1943 figures preliminary and subject to revision. that they can not continue to be an influence Part of the decline in instalment loans in maintaining sales of goods. As the outstanding has been due to the shorter accumulated inventories are exhausted, a maturities but part has been due to the defurther considerable decline of instalment crease in volume of new loans made. sale credit may be expected. Credit ex- Some of the lenders have been affected more tended on automobiles and household ap- by maturity limitations, others more by a pliances will almost disappear by the end of decline in loan volume. As shown in the the year. In fields such as furniture, following table, commercial banks have production is likely to be sharply reduced, had very large decreases in the volume of and in the case of jewelry, limitations on loans made but only a slight decrease in supplies of precious metals, together with average maturity. On the other hand, difficulties of securing merchandise, are small loan companies appear to have been likely to reduce sales. The use of subinfluenced more by shortened maturities stitute materials and the introduction of than by diminished loan volume. Since new lines can be only a partial offset to the the comparison is made between the first other factors tending to reduce sales. quarter of this year and the first quarter of 1942., the differences are not due to changes INSTALMENT CASH LOANS in the volume of direct automotive loans, At the end of April 1943 instalment cash which had nearly stopped at the beginning loans of the principal consumer lending of 1942.. Differences in the decline of loan agencies had fallen to i,zoo million dollars, volume may be due in part to the extent to representing a decline of about 45 per cent which the various classes of lenders have from the 1941 peak. The rate of decline succeeded in promoting new business and during the first four months of 1943 was possibly, in part, to differences in the income roughly 4 per cent per month. Instalment groups with which they typically deal. cash loans for the first time have become The reduction in average maturity is prerelatively more important than instalment sumably due largely to the influence of regusale credit. The extent of decline of installation but evidence to support this point is ment loans outstanding at various types not conclusive. In addition to limiting of lending institutions since September 1941 the maturity of new loans and renewals, is shown below. As has been true for the regulation requires that monthly paysome time the fastest decline among cash ments on revised loans be maintained at lenders has been at commercial banks and the former rate. the slowest at small loan companies. 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH INSTALMENT LOANS ment stores declined and the volume of Loan volume Maturity1 charge accounts receivable was reduced. Since September, however, charge-account First First First First Lender quar- quar- Per- quar- quar- Per- sales have shared in the increase in total ter ter cent- ter ter cent- 1943 1942 age 1943 1942 age sales, and the ratio of charge-account sales ( o in f d m o i l l l l a i r o s n ) s change (in months) change to the total, although continuing less than Commercial banks 124 226 -45 9.7 11.0 -11 before May 1942., has shown no further Small loan companies. ... 181 217 -17 9.8 12.6 -22 Industrial banking companies 89 117 -24 9.5 11.9 -20 decline. The period of collection, how- Credit unions 46 62 -26 11.8 13.4 -12 ever, has remained much shorter so that 1 Derived by formula: two times geometrical reciprocal of ratio of repayments to amount outstanding minus one. charge accounts outstanding are considerably reduced. The average period of out- To some extent instalment cash loans standing department store charge accounts have declined for the same reasons that is now around 48 days. This means that a instalment sale credit has decreased, the majority of customers, probably around more important among them being that two-thifds, pay their accounts promptly there are fewer goods to purchase and more and in full when billed. cash income with which to purchase them In the following table there is shown a or to repay debt. Nevertheless, the volume division of department store sales by type, of cash lending is still large, far in excess of collection ratios for both instalment and that in 19x9 or in any depression or postcharge-account credit, and the derived madepression year until 1936. The sizeable turities for each type of credit. volume of instalment loans to pay Federal income taxes in March this year, estimated DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, at 75 million dollars, is evidence that many AND COLLECTIONS persons still borrow to meet large unit Ratio of colpayments. Ratio to total sales lections to Average period (percentage) accounts outstanding receivable There is likely to be a continued decline Year and (percentage) month i l n im c i a ta sh ti o l n o s a , n b s, u t o w pa i r n t g ic u in la p rl a y r t t o t o a r d e w gu in la d t l o in ry g s C a a le sh s m s s I a t n e a le - n l- s t C ac s h c a a o l r e u g s n e t - m s I t e n a n l - - t C co h a u a c r n - g ts e a ( I c m m n c s o e o t u n s a . n t l ) - t 2 s C ( c d o h a a u a c y n r - s g t ) s e 8 demand. All factors considered, a con- 1941—January. 49 8 43 18 49 10 62 tinued decline of instalment loans seems April 47 9 44 19 46 10 65 July.... 49 10 41 18 46 10 65 likely; probably at a slower rate than for October. 48 8 44 19 47 9 64 instalment sale credit for a time but also 1942—January. 50 7 43 20 50 9 60 April 50 7 43 21 47 8 64 probably not tending to level off quite so July.... 59 5 36 23 60 8 50 October. 58 6 36 29 65 6 46 soon. 1943—January. 59 5 36 28 61 6 50 April 60 5 35 31 63 5 48 CHARGE-ACCOUNT CREDIT 1 Ratio of collections during the month to accounts receivable at Charge-account credit is one field in the42 b D eg e i r n iv n e in d g by o f fo th rm e u m la o : n t t w h o . times geometrical reciprocal of collection ratio minus one. which the hastening of collections has been 3 Derived by dividing collection ratio into 30 days. the most influential factor in the decline of Evidence from the 1941 Retail Credit the amount outstanding. Last year follow- Survey suggests that the decline in chargeing the adoption of Amendment 4 and account credit was largely the result of roughly through August 194X5 the ratio of Regulation W. Unlike instalment sale charge-account sales to total sales at depart- credit and instalment cash loans the charge- 489 JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH account field is one in which the influence of few weeks but sales in March, April, and regulation may be to a large extent sep- May continued above the levels of previous arated statistically from other influences. years. It appears that the regulated trades had Data available on department store sales much larger declines in charge accounts out- by departments indicate the changes that standing than those not regulated. It also occurred through the first quarter of this appears that the influence of Regulation W year as compared with the corresponding was mainly to expedite collection, rather period last year. As the table shows, than to discourage sales transactions on this sales of women's clothing and accessories basis. during the first quarter of the year were Z9 per cent larger than in the corresponding RECENT TRENDS IN RETAIL TRADE period of last year and those of piece goods were 47 per cent larger. On the other hand, Although instalment sales are well below the levels of prior years and charge-account sales of men's clothing were 3 per cent sales at about early 1942. levels, the total smaller than in the first quarter of 1942., volume of retail trade in dollar terms has reflecting the fact that during the early part been larger this year than in the correspond- of last year there was a buying wave that ing period of 1942.. The increase has been was particularly marked in these items, in cash sales. Greater cash sales have whereas the buying wave this year was occurred in all lines of trade. In depart- much less apparent in men's clothing and ment stores, where monthly figures are furnishings than in women's clothing. available, current levels are almost a third The table also shows the marked decline above those of last year and almost three- DEPARTMENT STORE SALES AND STOCKS, BY MAJOR fourths above the level of 1941. DEPARTMENTS [Percentage change from corresponding period a year ago] Increase in total value of retail sales has r b e e p e r n e s d e u n e t s i n l i l t a tl r e g e c h p a a n r g t e t o i n p q ri u c a e n a t d it v y a n o c f e g s o a o n d d s Department S q a u f l a i e r r s s t t e i r n S M to a 1 c r 9 k . 4 s 3 3 1 o , n 1943 (value) (value) sold. As would be expected, sales of consumer durable goods have decreased sharply Grand total—entire store +14 -17 Main store owing to curtailment or complete cessation Women's apparel and accessories +29 -11 in the production of most such items during M Ho e m n' e s a f n u d rn p is o h y in s' g w s: ear -3 -14 Furniture, beds, mattresses, springs -3 -22 the past year. Sales of nondurable goods Draperies, curtains, upholstery +14 -14 Major household appliances -72 -66 have increased on balance, reflecting to a Domestics, blankets, linens +1 -23 Piece goods +47 -18 considerable extent price advances. Dur- Small wares +15 -16 Miscellaneous +17 -24 ing February there was a sharp rise in sales Basement store of clothing, particularly women's apparel Women's apparel and accessories +18 -7 Men's and boys' clothing and furnishings -18 and piece goods, when a buying wave swept Home furnishings +6 -23 Piece goods +33 -13 the country after the sudden announcement of shoe rationing early in the month. The that took place in sales of major household buying wave subsided somewhat after a appliances. 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH DEPARTMENT STORE SALES, STOCKS, AND ORDERS Accompanying the large sales this year stocks at department stores have not shown the customary seasonal increase and there has been a sharp rise in the amount of outstanding orders for merchandise. As is shown on the chart, at the end of April outstanding orders were at record levels and in relation to sales were about three times larger than is customary at this time of year. Stocks of merchandise were 2.6 per cent smaller than a year ago and approximated a xJ4 months' supply at the April rate of sales as compared with about a 3% months' supply last year and a customary ratio of about 1.% months' supply. Decreases in stocks over the past year have been general throughout all departments, as is shown in the table. The principal factors accounting for these decreases have been the continuing large volume of sales this year, the difficulties encountered in obtaining merchandise, and to some extent, reductions in stocks by some stores in anticipation of the consumer goods inventory Based on data for 296 independent department stores. Figures for stocks and orders are as of the end of the month; those for sales and limitation order which, for most departreceipts are monthly totals. The "Receipts" series is derived from sales and changes in stocks and represents approximately the new ment stores, became effective at the beginmerchandise received by the stores in each month. The data shown are not adjusted for seasonal variation. Latest figures shown are for ning of May. April. JUNE 1943 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY BILLS FOR SMALLER BANKS For the purpose of promoting a wider purchase these bills at any time prior to distribution of Treasury bills among smaller maturity at the same rate. Many banks banks the Treasury, beginning with the have found this provision to be very helpful issue dated May iz, inaugurated the in making adjustments to fluctuations in practice of allotting in full at a fixed price their reserve positions. When they lose all subscriptions to bills in amounts not funds they sell Treasury bills to the Federal exceeding $100,000. The price was estab- Reserve Bank and when they gain funds lished at 99.905, which gives a return of they repurchase the bills at the same rate. about ^g of 1 per cent, or $3,750 a year for With Treasury bills left in safekeeping at a million dollars invested in Treasury bills. the Federal Reserve Bank these transactions This practice is expected to be more concan be arranged on short notice. By this venient for smaller banks, many of which method banks are able to operate without do not have ready access to current informadifficulty with a small amount of excess tion regarding the money market, are not reserves. familiar with the process of bidding, and In the present circumstances it is desirable have felt in this respect at a disadvantage in both from the point of view of the individcompetition with larger banks. Under the ual bank and in the public interest for all new procedure all banks can purchase on banks to keep their funds fully invested. subscription $100,000 a week, or a total of This can be achieved now without incon- $1,300,000 over a 13-week period, with venience by investing a portion of available assurance of obtaining the full amount at a fixed price. In the first week full allot- funds in Treasury bills which for all practiments of Treasury bills at the fixed price cal purposes are equivalent to excess retotaled over 80 million dollars. The serves. The Board consequently urges all amount is expected to increase substantially banks to place tenders for Treasury bills up in succeeding weeks. to the extent consistent with their position with the objective of keeping their funds It will be recalled that under arrangeinvested as fully as possible. ments put into effect last year the Federal Reserve Banks stand ready to purchase at The Federal Reserve Banks and branches a rate of % of 1 per cent all the Treasury will gladly furnish more detailed informabills offered to them, and the sellers have tion on Treasury bills and provide subthe privilege of retaining an option to re- scription forms. 491 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. United States Obligations as Collateral [PUBLIC LAW 42.—78TH CONGRESS] for Federal Reserve Notes [CHAPTER 76—IST SESSION] There is set forth below the text of an Act of [S. 991] Congress approved May 2.5, 1943, extending until June 30, 1945, the period during which AN ACT direct obligations of the United States may be To extend the time within which the powers relating to used as collateral security for Federal Reserve the stabilization fund may be exercised. notes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress [PUBLIC LAW 58—78TH CONGRESS] assembled, That subsection (b) of section 10 of [CHAPTER 102.—IST SESSION] the Gold Reserve Act of 1934, approved Janu- [S. 1041] ary 30, 1934, as amended, is amended by insert- AN ACT ing after the second sentence thereof the following new sentence: "Such fund shall not be used To extend the period during which direct obligations of in any manner whereby direct control and custhe United States may be used as collateral security for Federal Reserve notes. tody thereof pass from the President and the Secretary of the Treasury." Be it enacted by the Senate and House of Repre- SEC. 2.. Subsection (c) of section 10 of the Gold sentatives of the United States of America in Congress Reserve Act of 1934, approved January 30, assembled, That the second paragraph of section 1934, as amended, is amended to read as follows: 16 of the Federal Reserve Act, as amended, is hereby amended by striking therefrom the "(c) All the powers conferred by this section words "until June 30, 1943" and by inserting in shall expire June 30, 1945, unless the President lieu thereof the words "until June 30, 1945." shall sooner declare the existing emergency Approved, May 2.5, 1943. ended and the operation of the stabilization fund terminated." Stabilization Fund Legislation Approved April 2.9, 1943. There is set forth below the text of an Act of Congress approved April Z9, 1943, extending the Foreign Funds Control time within which the President may exercise Treasury Department Releases his powers relating to the stabilization fund under the Gold Reserve Act of 1934, and adding The following releases relating to transaca new provision to the Act which, according to tions in foreign exchange, etc., in addition to the report of the Committee on Coinage, those heretofore published in the Federal Re- Weights, and Measures of the House of Represerve BULLETIN, have been issued by the Office sentatives "will carry out the view expressed of the Secretary of the Treasury under authority by the Secretary of the Treasury that the stabilization fund should not be included in any of the Executive Order of April 10, 1940, as international fund without the approval of the amended, and the Regulations issued pursuant Congress." thereto: JUNE 1943 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department Blocked Nationals", or (ii) any blocked country Office of the Secretary or national thereof not within the generally licensed trade area; May 18, 1943 (b) Such transaction does not involve property in which GENERAL LICENSE NO. 2.9, AS AMENDED (i) any person whose name appears on "The Proclaimed List of Certain Blocked Nationals", or (ii) Under Executive Order No. 8389, as Amended, Executive Order any blocked country or national thereof not within No. 9193, Sections 3(0) and /(£) of the Trading with the Enemy the generally licensed trade area, has at any time on Act, as Amended by the First War Powers Act, 1941, Relating or since the effective date of the Order had any to Foreign Funds Control* interest; and Application of Certain General Licenses to General Ruling (c) Any banking institution within the United States, No. 6 Accounts prior to issuing, confirming or advising letters of The provisions of the following general licenses are hereby credit, or accepting or paying drafts drawn, or reimmade applicable to General Ruling No. 6 accounts: bursing themselves for payments made, under letters (a) General License No. 2. only with respect to the of credit, or making any other payment or transfer payment or reimbursement for normal service of credit, in connection with any importation or charges (as therein defined) other than interest due; exportation pursuant to this general license, or en- (b) General License No. 4; gaging in any other transaction herein authorized, (c) General License No. 5 only with respect to the pay- shall satisfy itself (from the shipping documents ment of withholding taxes on income derived from or otherwise) that: (i) any such transaction is insecurities in General Ruling No. 6 accounts; and cident to a bona fide importation or exportation and (d) General License No. ±7; is customary in the normal course of business, and provided, however, that this general license shall not be deemed that the value of such importation or exportation to authorize the removal of any coupons for collection or reasonably corresponds with the sums of money inotherwise from any General Ruling No. 6 account unless the volved in financing such transaction; and (ii) such bonds to which such coupons relate are in such General importation or exportation is or will be made pur- Ruling No. 6 account. suant to all the terms and conditions of this license. RANDOLPH PAUL, (2.) Subject to all other terms and conditions of this Acting Secretary of the Treasury. general license any national of a blocked country doing business within the United States pursuant to a license is also Treasury Department hereby authorized, while so licensed, to engage in any trans- Office of the Secretary action referred to in paragraph (1) to the same extent that May 18, 1943 such national is licensed to engage in such transaction involving persons within the generally licensed trade area who GENERAL LICENSE NO. 53, AS AMENDED are not nationals of a blocked country. Under Executive Order No. 8389, as Amended, Executive Order No. (3) This General License shall also authorize any transac- 9193, Sections 3(^0) and j(Jf) of the Trading with the Enemy Act, tion engaged in by a bank within the generally licensed as Amended by the First War Powers Act, 1941, Relating to trade area pursuant to the order of or for the account of any Foreign Funds Control* national of a blocked country within the generally licensed (1) A general license is hereby granted licensing all transtrade area to the same extent, and under the same circumactions ordinarily incident to the importing and exporting stances, as though such transaction were solely for the of goods, wares and merchandise between the United States account of such bank; provided, however, that this paraand any of the members of the generally licensed trade area graph shall not be deemed to permit any payment, transfer or or between the members of the generally licensed trade area withdrawal from any blocked account; and provided further if (i) such transaction is by, or on behalf of, or pursuant to that the following terms and conditions are complied with: the direction of any national of a blocked country within the (a) Such transaction is not by, or on behalf of, or purgenerally licensed trade area, or (ii) such transaction involves suant to the direction of (i) any person whose name property in which any such national has at any time on or appears on ' 'The Proclaimed List of Certain Blocked since the effective date of the Order had any interest, provided Nationals", or (ii) any blocked country or national the following terms and conditions are complied with: thereof not within the generally licensed trade area; (a) Such transaction is not by, or on behalf of, or pur- (b) Such transaction does not involve property in which suant to the direction of (i) any person whose (i) any person whose name appears on "The Proname appears on "The Proclaimed List of Certain claimed List of Certain Blocked Nationals", or (ii) *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; any blocked country or national thereof not within Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, the generally licensed trade area, has at any time on 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. or since the effective date of the Order had any in- 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (4) As used in this general license: Treasury Department (a) The term "generally licensed trade area" shall Office of the Secretary mean the following: May 18, 1943 (i) the American Republics, i.e., (1) Argentina, CO Bolivia, C3) Brazil, C4) Chile, (5) Colom- GENERAL RULING NO. 6, AS AMENDED bia, (6) Costa Rica, (7) Cuba, (8) The Dominican Republic, C9) Ecuador, (10) El Salvador, Under Executive Order No. 8$8g, as Amended, Executive Order No. (11) Guatemala, (ix) Haiti, (13) Honduras, 9193. Sections $(a) and $(b) of the Trading with the Enemy (14) Mexico, CX5) Nicaragua, (16) Panama, Act, as Amended by the First War Powers Act, 1941, Relating (17) Paraguay, (18) Peru, (19) Uruguay, and to Foreign Funds Control* (2.0) Venezuela; CO The provisions of General Ruling No. 5 of June 6, (ii) the British Commonwealth of Nations, i.e., 1940, and all instructions issued pursuant thereto, are hereby (1) the United Kingdom CEngland, Wales, continued in full force and effect, -provided, that any Federal Scotland and Northern Ireland), CO tne British Reserve Bank to whom securities or evidences thereof (here- Dominions CCanada, Australia, New Zealand, inafter referred to as securities) have been forwarded under the Union of South Africa and Newfoundland), such general ruling may, as fiscal agent of the United States, C3) Eire, C4) the Isle of Man, (5) India, CO deliver the securities, at any time, under appropriate arrange- Egypt, (j) Anglo-Egyptian Soudan, C8) Iraq, ments with the addressee of the securities, to a domestic C9) all colonies and protectorates under the bank. British Crown, and Cio) all mandated territories (0 Prior to such delivery by a Federal Reserve Bank of administered by the United Kingdom or by any any such security, a complete description of the security shall British Dominion; be made or received and retained by such Federal Reserve (iii) the Union of Soviet Socialist Republics; Bank, and in any case in which a security bears a stamp, seal Civ) the Faroe Islands; or other mark not lending itself to precise description, a Cv) the Netherlands West Indies; photostat of such mark shall be made at the expense of the Cvi) the Belgian Congo and Ruanda-Urundi; addressee and retained by such Federal Reserve Bank. This Cvii) Greenland; requirement may be dispensed with in any case in which ap- Cviii) Iceland; propriate arrangements are entered into for furnishing such (ix) CO Syria and Lebanon; and CO tne New Heb- Federal Reserve Bank with this description within a reasonrides Islands; and able time after such delivery. Cx) CO French Equatorial Africa, including the C3) Upon the delivery of any such security by a Federal Cameroons; CO New Caledonia; C3) Tahiti; Bank to any domestic bank, such bank shall execute such C4) the French Establishments in India; form of receipt as may be prescribed by the Secretary of the Provided, however, that the term "generally Treasury. licensed trade area" shall not include any territory C4) Any domestic bank to which any such security shall which is controlled or occupied by the military, be delivered by a Federal Reserve Bank shall place such naval or police forces or other authority of Japan, security in a General Ruling No. 6 account in such bank. Germany, or Italy, or allies thereof. C5) Any outstanding account in which securities or the Cb) The term "member" of the generally licensed trade proceeds thereof have been placed pursuant to the provisions area shall mean any of the foreign countries or of General Ruling No. 6 prior to this amendment shall be political subdivisions comprising the generally deemed to be a General Ruling No. 6 account. licensed trade area. (6) Federal Reserve Banks shall release any security re CO The term "any national of a blocked country within ferred to in paragraph CO hereof, or shall authorize the rethe generally licensed trade area" shall mean any lease of the contents of any General Ruling No. 6 account, if national of a blocked country who was situated and wThen the Treasury Department is satisfied that no within and doing business within such area on and blocked country, or national thereof, has, at any time, on or since June 14, 1941 except that with respect to since the effective date of the Order, had any interest in such transactions authorized by paragraph C3) hereof, security or in such account. such term shall mean any national of a blocked C7) Any application for a license authorizing any transaccountry who is situated within such area. tion or dealing with respect to a General Ruling No. 6 ac- Cd) The term "The Proclaimed List of Certain Blocked count (including the contents thereof) shall specifically indi- Nationals" shall mean "The Proclaimed List of cate that such account is a General Ruling No. 6 account. Certain Blocked Nationals" as amended and supplemented promulgated pursuant to the proclamation *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; of July 17, 1941. 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, RANDOLPH PAUL, 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, Acting Secretary of the Treasury. 1940, as amended June 14, 1941, and July 26, 1941. JUNE 1943 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (8) As used in this general ruling and in any other rulings, (c) The contents of a General Ruling No. 6 account licenses, instructions, etc., the term "General Ruling No. 6 can not be transferred to a blocked account, except pur- Account" shall mean an account of the type referred to in suant to a license specifically authorizing such transfer. paragraphs (4) and (5) hereof, and no payments, transfers, Applications for licenses authorizing the transfer of the or withdrawals may be made from, and no other transaction contents of any General Ruling No. 6 account to a blocked account shall be accompanied by adequate evior dealing may be effected with respect to, any such account dence respecting the interest therein of blocked countries except pursuant to paragraph (6) above or pursuant to license, or nationals thereof. provided, that: (9) Domestic banks maintaining General Ruling No. 6 (a) No license shall be deemed to authorize transacaccounts in which securities, the proceeds of securities, or tions with respect to a General Ruling No. 6 account income derived from securities are held, shall keep detailed unless the provisions of such license are specifically made records with respect to each such General Ruling No. 6 applicable to a General Ruling No. 6 account. account which will indicate clearly and accurately the spe- (b) In the event that any security placed in a General cific security or securities with respect to which each pay- Ruling No. 6 account is sold or otherwise dealt with ment or transfer to or from such General Ruling No. 6 acunder license, except a license of the type referred to in count is made, except that the foregoing requirement shall paragraph (8) (c) below, the proceeds thereof shall be not be applicable to payments or transfers representing servplaced in a General Ruling No. 6 account in the same ice charges. domestic bank and in the same name in which the RANDOLPH PAUL, security sold or otherwise dealt with was held. Acting Secretary of the Treasury. LOANS FOR PURCHASING OR CARRYING GOVERNMENT OBLIGATIONS Beginning with March 31, 1943, weekly re- reported by New York City banks since March porting member banks in New York City have 31 are shown below. reported separate figures on loans made to brok- [In millions of dollars] ers and dealers for the purpose of purchasing or For pur- For purcarrying United States Government obligations. Total loans chasing or chasing or Wednesday to brokers carrying carrying This information was first published in the and dealers Government other obligations securities weekly member bank condition statement dated March 31 497 194 303 May 13, 1943, and it will be shown hereafter in April 7. 536 217 319 14. 665 328 337 the BULLETIN tables for weekly reporting mem- 21. 1,262 910 352 28. 1,396 1,031 365 ber banks (see page 540 of this BULLETIN). May 5.. 1,330 941 389 12. 1,188 788 400 The figures for loans to brokers and dealers 19. 1,020 584 436 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION At the end of April the amount of currency in These demands include a supply or inventory circulation—that is, outside the Treasury and for current business and personal needs, that is, Federal Reserve Banks—reached the all-time for meeting transactions settled in cash. This high of iG% billion dollars. This figure reflects supply consists largely of pocket money of an increase of almost 5 billion dollars, or about individuals, till money of businesses, and a 40 per cent, over the amount in circulation a large part of the vault cash of banks. Changes year before, and is double the amount in circula- in transaction needs for currency are reflected tion in the middle of 1940. The magnitude of mainly in the denominations of under $50, this increase is impressively shown by the shown as a separate line on the chart. The accompanying chart. A similar rise occurred extremely rapid increase during the past four during World War I, when currency in circula- years in this small denomination currency can tion rose from 3 billion dollars in 1915 to 5 be associated for the most part with the growth in income payments, particularly factory pay CURRENCY IN CIRCULATION rolls and farm income. (The Bureau of Labor END OF MONTH FIGURES Statistics index of factory pay rolls, 1939 = 100, rose to 2.91 at the end of 1942.. Cash farm income, which was estimated at 8.7 billion dollars in 1939 and 9.1 billions in 1940, totaled about 16 billion dollars in 1942..) Beyond the requirements of the public for money to take care of current transactions settled in cash, there is a varying demand for currency as a store of value. In this connection it is important to bear in mind that bank deposits and currency are alternative forms of liquid funds. Uninvested income may be held as currency or bank deposits. Thus, broadly speaking, "money" in the sense of cash or its equivalent consists of currency and deposits together.1 Currency, when regarded in this light, excludes that held by banks in their vaults, and the accompanying chart of Demand billions in 1918. After reaching a peak of 5.4 Deposits and Currency shows currency outside billion dollars in 19^0, money in circulation banks and demand deposits in banks. Roughly, fell to 4.1 billions in 192.x and then for nine currency held by banks has varied between % years remained almost constant, varying little of a billion and ij^ billion dollars during the except for seasonal fluctuations. In the latter period covered by the chart, being highest part of 1931 at the time of widespread bank before 1917, when member banks of the Federal suspensions, it rose substantially, going above 5 Reserve System were permitted to keep part of billions for the first time in ten years. Begintheir legal reserves in the form of cash in vault, ning in 1934 there has been a steady increase, and again during the past two years. The chart which has been greatly accentuated by the spectacular rise during the past four years. 1 Demand deposits in banks are meant primarily. Time deposits, share deposits in savings and loan associations and credit unions, and The amount of currency in circulation de- other highly liquid claims to cash have most of the characteristics of ' 'money, "and for some purposes should be classed as such. See article pends entirely on the demands of the public. on "Money System of United States" in Banking Studies, a publication of the Board of Governors. JUNE 1943 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION shows that currency outside banks increased 1934 shows a close relationship between these more and at a faster rate during the period two series. While the chart indicates the 1914-1910 than "currency in circulation." important role played by pay roll needs in The chart of Demand Deposits and Currency explaining the currency growth, it reflects also has been drawn on ratio-ruled paper so as to that a considerable part of income saved by show changes on a relative basis. Thus, the individuals out of salaries and wages is being increase in currency during the period 1915-1918 held in the form of cash. This is believed to is seen to have been somewhat greater relative MONEY IN CIRCULATION AND SALARIES AND WAGES to the amount outstanding prior to the increase PER CEN PE than that which has taken place in the four 600 . 3 years 1939-1941, a fact which is not revealed / j in the chart on the preceding page. A further interesting fact revealed by the chart of deposits and currency is that demand deposits and cur- 200 rency outside banks have moved in the same / direction, and generally rather closely together, MONE Y IN CIR;ULATION^*^ during the entire period with the exception of —"" SALARIES ^ND WAGES the depression years 1931-1933, when there were widespread bank suspensions and consequent hoarding of currency. Between 1930 and 1933 demand deposits fell, while currency increased; since then demand deposits have 0 1935 1936 1937 1938 1939 1940 1941 1942 1943 DEMAND DEPOSITS AND CURRENCY ALL BANKS IN THE UNITED STATES be true also of increased income payments B (R IL A L T I I O O N , S S C O A F L E D :) OLLARS JUNE 30 DATES BILLION ( S R A O T F IO D S O C LL A A L R E S ) going to farmers. These two groups contain a relatively large number of persons who have no banking connections or, because of inaccessibility of banking facilities, keep relatively large amounts of cash on hand. While there is little statistical data available to support these conclusions, it is known from reports made by banks in certain industrial centers that cash paid out for pay roll purposes, which in more normal times finds its way back to the banks in almost equivalent amount, has been returning only in part. Moreover, from studies of currency shipments and receipts made by Federal Reserve Banks it is known that the largest net outflow has been in communities where Latest figure is December 1942. Demand deposits include U. S. Government deposits. increased income payments to industrial workers risen steadily, while currency increased little have been greatest and that the largest net outuntil 1936.2 Since 1939 currency has increased flow percentagewise has been in farming comat a more rapid rate than demand deposits. munities.3 The accompanying chart of salaries and wages No discussion of currency in circulation is compared with currency in circulation since complete without the mention of hoarding. 2 There was a sharp increase in currency during the bank holiday, According to the dictionary a hoard is a store but most of it soon returned from circulation after the banks were reopened on an unrestricted basis. This fluctuation is shown in the first chart, which is based on monthly data. 3 See pp. 208-211, Federal Reserve BULLETIN, March 1943. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION laid up, or a hidden supply. While these are in the popular sense. This sort of currency rather vague definitions for purposes of analyz- holding is usually done to conceal wealth, for ing money in circulation, they do afford a the purpose of avoiding taxes or otherwise; possible basis for breaking down the increase to conceal illegal transactions; or through fear— iri currency circulation occurring since 1930. fear of bank failures, etc. While there is evi- As indicated in the preceding discussion, a sub- dence of an increase in currency holding of this stantial part of the increase in currency during type in recent years, mostly traceable to vague the past four years can be accounted for by fears generated by uneasiness due to the war, increased income payments to industrial workers the increase is not believed to bulk large in and farmers. That part of this income being aggregate amount. For the three years prior to held in the form of currency represents the use the bank holiday in 1933, currency holding of of money as a store of value, instead of bank the "fear type" was probably a large factor in deposits, and might more accurately be termed the increase in currency in circulation which currency "holding." It reflects a tendency on occurred during that period. the part of a sector of the public to use currency Various aspects of the subject of hoarding rather than bank checks as a means of effecting were discussed in the Federal Reserve BULLETINS money payments and also to some extent a of April and May 1941 and need not be repeated tendency to hold substantial amounts of savings here.4 However, it may be said that those who in the form of currency. The more important should be the most concerned about currency contributory causes of this phenomenon are as hoarding are the hoarders themselves. They follows: are taking unnecessary risks with their savings, 1. Banks now impose service charges on putting themselves to considerable inconvenichecking accounts and pay a smaller rate ence, and are losing the income their savings of interest on savings deposits than could otherwise be earning. The individual formerly. holding excess currency would be far better 2. Many people among the low income groups off investing it in War Savings Bonds or other (which are now receiving a larger propor- Government securities. To the extent that tion of the national income than formerly) currency is needlessly kept idle in a pocketbook have never had bank accounts and conor in some hideaway, it is contributing nothing tinue to get along without the benefits toward the war effort. thereof. In conclusion, it may be said that as long as 3. There has been a considerable shifting of incomes increase and the wartime factors the population, beginning in the depresencouraging the increased holding of currency sion years and intensified by the establishare present, the amount of currency in circulament of military camps and war industries, tion will expand further, although the recent with consequent disruption of banking rapid rate of expansion may not continue. connections. The use of currency as a "hidden supply"— the second dictionary definition—is "hoarding" 4 See p. 312, Federal Reserve BULLETIN, April 1942, and p. 453, Federal Reserve BULLETIN, May 1942. JUNE 1943 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1942 Member bank earnings, expenses, and net income from loans is small and income from current earnings were higher in 1942. than in securities very large in relation to total earnings. any year since the depression, but net profits Other items of income showed little change. declined slightly from 1941. As shown in the Salaries and wages paid to officers and emaccompanying table, larger gross earnings were ployees continued to increase and were higher only partially offset by larger expenses, and net than in any other year since 192.9. Interest current earnings increased xx million dollars, or payments on deposits continued to decline, and 5 per cent. Profits on securities declined con- in 1941 were at a rate of about 1.0 per cent on siderably. Losses and charge-offs also declined aggregate time deposits. Taxes increased by 10 to the lowest point since 1918 but the decline million dollars and other items of expenses were was not sufficient to offset the decline in profits also larger than in other recent years. and recoveries, with the result that net profits Net current earnings, at 451 million dollars, showed a small decline as compared with 1941. were larger than in any year since 1931 but net Reversing the trend of the past few years the profits declined slightly as compared with 1941. proportion of total earnings accounted for by For the past several years the margin between interest on loans declined in 1942.. The volume losses and charge-offs, and recoveries, profits on of loans held by banks declined during the year securities, etc., had narrowed with the result and the rate of return also declined. The de- that a greater proportion of net current earnings cline in rate of return was due at least partly to was being carried through to net profits. In the decrease in holdings of consumer instalment 194.x the margin increased and net losses and paper, which generally carries a relatively high charge-offs were 2.9 million dollars higher than interest rate. The proportion of earnings from in 1941. Dividends in 1942. declined somewhat securities increased, and the amount of earnings and amounted to 3.4 per cent of total capital from securities and banks' holdings of securities accounts and to 8.6 per cent of capital stock. were the highest in history. The rate of return Detailed figures of member bank earnings and on securities declined further in 194Z to 1.7 per related items together with selected ratios cent. As compared with predepression years, will appear in the July BULLETIN. MEMBER BANK EARNINGS, CALENDAR YEARS, 1929-1942 [Amounts in millions of dollars] Item 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 Earnings 2,399 2,158 1,841 1,554 1,237 1,244 1,207 1,271 1,321 1,274 1,296 1,323 1,417 1,487 Interest and dividends on securities 473 472 480 458 426 474 467 487 481 448 444 431 445 540 I S n e t r e v r i e c s e t c a h n a d r g d e i s s c o o n u n d t e p o o n s i l t o a a c n c s ounts 1 C , 1 5 ) 63 1 C , 1 3 ) 49 1 C , 1 0 ) 73 C1 8 ) 51 60 2 4 1 54 2 0 8 49 3 8 6 51 3 3 9 5 4 5 5 3 54 5 4 1 56 5 0 4 59 5 5 9 66 6 5 5 64 6 0 8 All other earnings 336 288 245 186 202 205 231 243 232 237 238 242 239 363 Expenses 1,684 1,604 1,335 1,143 859 849 833 872 902 890 895 921 988 1,036 Salaries and wages 464 452 413 357 306 327 334 352 372 380 388 400 426 461 Interest on time deposits2 445 451 387 302 232 227 196 175 174 171 159 147 140 128 Interest on interbank deposits 68 73 53 35 13 3 3 2 2 (2) (2) (2) (2) 2 Interest on demand deposits (excl. interbank). ... 246 225 141 98 43 12 9 7 5 (2) (2) (2) (2) () Taxes 112 113 86 67 58 62 64 81 86 82 85 100 129 149 All other expenses 348 290 256 285 207 216 226 255 263 257 262 273 293 298 Net current earnings.. 715 554 506 410 378 394 374 399 419 384 401 402 429 451 Recoveries, profits on securities, etc 137 118 127 113 125 254 376 508 255 279 327 303 278 188 Losses and charge-offs 295 365 620 778 858 873 538 442 338 398 380 356 318 256 Net profits 557 307 12-255 -356 -225 212 465 337 265 347 349 390 383 Gash dividends declared3... 387 367 335 245 150 173 187 199 201 198 207 210 211 203 Number of banks4 8,522 8,052 7,246 6,816 6,011 6,442 6,387 6,376 6,341 6,338 6,362 6,486 6,619 6,679 1 Included in "all other earnings." 2 Beginning with 1938 "interest on time deposits" comprises all interest on deposits except interest (if any) on demand deposits. 3 Includes interest on capital notes and debentures. 4 At end of year. NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance exactly. Details will be shown in the July BULLETIN; for prior figures see p. 711 of the July 1942 BULLETIN and p. 465 of the May 1940 BULLETIN) . 5OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION On April 6, 1943 the United States Treasury by the Treasury Department and the British Department made public a provisional outline Government respectively. Both plans were of a plan for postwar international monetary drawn up as a basis for discussion and exstabilization drafted by American technical exchange of views; neither Government is comperts. The next day the British Government mitted to the proposals put forward by its exissued in London tentative proposals drafted by perts. These plans have been submitted to the British experts with the same general objective. Governments of the other United and Associated The texts of these two plans (currently referred to as the White plan and the Keynes plan)— Nations, and are now being discussed with are presented below together with brief intro- technical experts from these countries. A numductory statements issued with the plans ber of modifications are under consideration. A. PLAN SUBMITTED BY UNITED STATES EXPERTS INTRODUCTORY STATEMENT It has been suggested, and with much cogency, that the task of assuring the defeat of the Axis It is still too soon to know the precise form powers would be made easier if the victims of and magnitude of postwar monetary problems. aggression, actual and potential, could have But it is certain that we shall be confronted with greater assurance that a victory of the United the task of dealing with three inseparable mone- Nations will not mean in the economic sphere a tary problems: to prevent the disruption of repetition of the exchange instability and moneforeign exchanges, to avoid the collapse of some tary collapse that followed the last war. That monetary systems, and to facilitate the restoraassurance should be given now. The people in tion and balanced growth of international trade. all of the United Nations must be encouraged to Clearly, such a formidable task can be successfeel themselves on solid ground. They must be fully handled only through international action. given to understand that a victory of the United The creation of instrumentalities adequate to Nations will not usher in another two decades deal with the inevitable postwar monetary of widespread economic disruption. The people problems should not be postponed until the end must know that we at last recognize the fundaof hostilities. It would be ill-advised if not mental truth that prosperity, like peace, is dangerous to leave ourselves unprepared at the indivisible. end of the war for the difficult task of inter- One of the appropriate agencies to deal with national monetary cooperation. We should international economic and monetary problems begin now to devise an international monetary would be an international stabilization fund agency, for the task is certain to take many with resources and powers adequate to the task months at least. Specific and practical proposals must be formulated by the experts and of helping to achieve monetary stability and to must be carefully considered by the policy- facilitate the restoration and balanced growth shaping officials of the various countries. In of international trade. A proposal drafted by each country acceptance of a definitive plan can American technical experts is appended. The follow only upon legislative or executive action. draft presents only the essential elements of an And even when a plan is finally adopted, much international stabilization fund. The provisions time will be consumed in gathering personnel of the proposal are in every sense tentative, and in establishing an organization before an intended as a basis for discussion and exchange international institution for monetary coopera- of views. Obviously, there are many details tion can begin effective work. that have b~en omitted and that can be better There is another important reason for initiat- formulated after there is agreement on the ing now concrete discussions of specific pro- general principles. posals. A plan for international monetary co- It is recognized that an international stabilioperation can be a factor in winning the war. zation fund is only one of the instrumentalities JUNE 1943 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION which may be needed in the field of international II. Composition of the Fund economic cooperation. Other agencies are also 1. The Fund shall consist of gold, currencies needed to provide capital for postwar reconof member countries, and securities of member struction and development, to provide funds for governments. rehabilitation and relief, and to promote stabil- 2.. Each of the member countries shall subity in the prices of primary international comscribe a specified amount which will be called modities. There is a strong temptation to its quota. The aggregate of quotas of the memembrace within a single international agency the ber countries shall be the equivalent of at least responsibility for dealing with these and other 5 billion dollars. international economic problems. We believe, The quota for each member country shall be however, that international economic institudetermined by an agreed upon formula. The tions can operate more effectively if they are not formula should give due weight to the important burdened with important but extraneous duties factors relevant to the determination of quotas, for which they have not been devised and for e.g., a country's holdings of gold and foreign which they are unsuited. For example, the exchange, the magnitude of the fluctuations in highly specialized nature of international moneits balance of international payments, and its tary stabilization and the provision of longnational income. term capital would seem to call for separate 3. Each member country shall provide the institutions, each designed to deal with its dis- Fund with 50 per cent of its quota on or before tinct problems. the date set by the Board of Directors of the It should be emphasized that the appended Fund on which the Fund's operations are to draft deals only with an international stabilibegin. zation fund. It is anticipated that there will 4. The initial payment of each member counalso be submitted for consideration a preliminary try (consisting of 50 per cent of its quota) shall draft of a proposal for an international agency be 12.5 per cent of its quota in gold, 12.5 per whose function will be to provide capital for cent in local currency, and 2.5 per cent in its reconstruction and development. It is hoped own (i.e., government) securities. However, that the appended draft will call forth from the any country having less than 300 million dollars experts of the United Nations, critical comment in gold need provide initially only 7.5 per cent and constructive suggestions. It is our belief of its quota in gold, and any country having that a workable and acceptable plan can emerge less than 100 million dollars in gold need proonly from the joint efforts of the United Nations. vide initially only 5 per cent of its quota in gold, the contributions of local currency being in- PRELIMINARY DRAFT OUTLINE OF PROPOSAL FOR A creased correspondingly. A country may, at UNITED AND ASSOCIATED NATIONS its option, substitute gold for its local currency STABILIZATION FUND or securities in meeting its quota requirement. I. Purposes of the Fund 5. The member countries of the Fund may be 1. To stabilize the foreign exchange rates of called upon to make further provision toward the currencies of the United Nations and nations meeting their quotas pro rat a at such times, in associated with them. such amounts, and in such form as the Board of 2. To shorten the periods and lessen the degree Directors of the Fund may determine, provided of disequilibrium in the international balance of that the proportion of gold called for shall not payments of member countries. exceed the proportions indicated in II-4 above, 3. To help create conditions under which the and provided that a four-fifths vote of the Board smooth flow of foreign trade and of productive shall be required for subsequent calls to meet capital among the member countries will be quotas. fostered. 6. Any changes in the quotas of member 4. To facilitate the effective utilization of the countries shall be made only with the approval abnormal foreign balances accumulating in some of a four-fifths vote of the Board. countries as a consequence of the war situation. III. Powers and Operations 5. To reduce the use of foreign exchange controls that interfere with world trade and the The Fund shall have the following powers: international flow of productive capital. 1. To buy, sell, and hold gold, currencies, 6. To help eliminate bilateral exchange clear- bills of exchange, and government securities of ing arrangements, multiple currency devices, and member countries; to accept deposits and to discriminatory foreign exchange practices. earmark gold; to issue its own obligations, and 5 OX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION to discount or offer them for sale in member tions prescribed by the Board of Directors. countries; and to act as a clearing house for the This provision does not apply to currencies settling of international movements of balances, acquired under III-9 below. bills of exchange, and gold. d. When a member country is exhausting its All member countries agree that all of the quota more rapidly than is warranted in local currency holdings shall be free from any the judgment of the Board of Directors, restrictions as to their use. This provision does the Board may place such conditions upon not apply to abnormal war balances acquired in additional sales of foreign exchange to accordance with the provisions of III-9, below. that country as it deems to be in the general 2.. To fix the rates at which it will buy and interest of the Fund. sell one member's currency for another, and the e. A charge at the rate of 1 per cent per rates in local currencies at which it will buy annum, payable in gold, shall be levied and sell gold. The guiding principle in the against any member country on the amount fixing of such rates shall be stability in exchange of its currency held by the Fund in excess relationships. Changes in these rates shall be of the quota of that country. Abnormal considered only when essential to correction of a war balances acquired by the Fund (in fundamental disequilibrium and be permitted accordance with III-9 below) shall not be only with the approval of four-fifths of member included in the computed balance of local votes. currency used as a basis for this charge. 3. To sell to the Treasury of any member /. When the Fund's holdings of the local country (or stabilization fund or central bank currency of a member country exceed the acting as its agent) at a rate of exchange de- quota of that country, upon request by the termined by the Fund, currency of any member member country, the Fund shall resell to country which the Fund holds, provided that: the member country the Fund's excess a. The foreign exchange demanded from the holdings of the currency of that country Fund is required to meet an adverse balance for gold or acceptable foreign exchange. of payments on current account with the 4. The right of a member country to purchase country whose currency is being demanded. foreign exchange from the Fund with its local b. The Fund's holdings of the currency of any currency for the purpose of meeting an adverse member country shall not exceed during balance of payments on current account is recogthe first year of the operation of the Fund, nized only to the extent of its quota, subject to the quota of that country; it shall not the limitation in III-3 above and III-7 below. exceed during the first two years 150 per 5. With the approval of four-fifths of the cent of such quota; and thereafter it shall member votes, the Fund in exceptional circumnot exceed 200 per cent of such quota; stances may sell foreign exchange to a member except that upon approval by four-fifths country to facilitate transfer of capital, or reof the member votes, the Fund may pur- payment or adjustment of foreign debts, when chase any local currency in excess of these in the judgment of the Board such a transfer is limits, provided that at least one of the desirable from the point of view of the general following two conditions is met: international economic situation. i. The country whose currency is being 6. When the Fund's holdings of any particular acquired by the Fund agrees to adopt currency drop below 15 per cent of the quota of and carry out measures recommended that country, and after the Fund has used for by the Fund designed to correct the additional purchases of that currency, disequilibrium in the country's balance (a) Gold in an amount equal to the country's of payments, or contribution of gold to the Fund, and ii. It is believed that the balance of pay- (b) The country's obligations originally conments of the country whose currency is tributed, being acquired by the Fund will be such the Fund has the authority and the duty to as to warrant the expectation that the render to the country a report embodying an excess currency holdings of the Fund analysis of the causes of the depletion of its can be disposed of within a reasonable holdings of that currency, a forecast of the time. prospective balance of payments in the absence c. When the Fund's net holdings of any local of special measures, and finally, recommencurrency exceed the quota for that country, dations designed to increase the Fund's holdings the country shall deposit with the Fund a of that currency. The Board member of the special reserve in accordance with regula- country in question should be a member of the JUNE I943 5°3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION Fund committee appointed to draft the report. 9. To buy from the governments of member This report should be sent to all member coun- countries, abnormal war balances held in other tries and, if deemed desirable, made public. countries, provided all the following conditions Member countries agree that they will give are met: # immediate and careful attention to recommenda- a. The abnormal war balances are in member tions made by the Fund. countries and are reported as such (for the 7. Whenever it becomes evident to the Board purpose of this provision) by the member of Directors that the anticipated demand for any government on date of its becoming a particular currency may soon exhaust the Fund's member. holdings of that currency, the Board of Direc- b. The country selling the abnormal war tors of the Fund shall inform the member coun- balances to the Fund agrees to transfer tries of the probable supply of this currency and these balances to the Fund and to repurof a proposed method for its equitable distribu- chase from the Fund 40 per cent of them tion, together with suggestions for helping to (at the same price) with gold or such free equate the anticipated demand and supply for currencies as the Fund may wish to accept, the currency.1 at the rate of 2. per cent of the transferred The Fund shall make every effort to increase balances each year for 2.0 years beginning the supply of the scarce currency by acquiring not later than 3 years after the date of that currency from the foreign balances of mem- transfer. ber countries. The Fund may make special c. The country in which the abnormal war arrangements with any member country for the balances are held agrees to the transfer to purpose of providing an emergency supply under the Fund of the balances described in (F) appropriate conditions which are acceptable to above, and to repurchase from the Fund both the Fund and the member country. 40 per cent of them (at the same price) The privilege of any country to acquire an with gold or such currencies as the Fund amount of other currencies equal to or in excess may wish to accept, at the rate of z per of its quota shall be limited by the necessity of cent of the transferred balances each year assuring an appropriate distribution among the for 10 years beginning not later than 3 various members of any currency the supply of years after the date of transfer. which is being exhausted. The Fund shall d. A charge of 1 per cent, payable in gold, apportion its sales of such scarce currency. In shall be levied against the country selling such apportionment, it shall be guided by the its abnormal war balances and against the principle of satisfying the most urgent needs country in which the balances are held. from the point of view of the general inter- In addition a charge of 1 per cent, payable national economic situation. It shall also con- in gold, shall be levied annually against sider the special needs and resources of the them on the amount of such balances reparticular countries making the request for the maining to be repurchased by each country. scarce currency. e. If the country selling abnormal war bal- 8. In order to promote the most effective use ances to the Fund asks for foreign exchange of the available and accumulating supply of rather than local currency, the request will foreign exchange resources of member countries, not be granted unless the country needs the each member country agrees that it will offer foreign exchange for the purpose of meeting to sell to the Fund, for its local currency or for an adverse balance of payments not arising foreign currencies which it needs, all foreign from the acquisition of gold, the accumulaexchange and gold it acquires in excess of the tion of foreign balances, or other capital amount it possessed immediately after joining transactions. the Fund. For the purpose of this provision, /. Either country may, at its option, increase including computations, only free foreign ex- the amount it repurchases annually. But, change and gold are considered. The Fund may in the case of the country selling abnormal accept or reject the offer. war balances to the Fund, not more than To help achieve this objective each member 2. per cent per annum of the original sum country agrees to discourage the unnecessary taken over by the Fund shall become free, accumulation of foreign balances by its nation- and only after 3 years shall have elapsed als. The Fund shall inform any memb*er coun- since the sale of the balances to the^Fund. try when, in its opinion, any further growth of g. The Fund has the privilege of disposing of privately-held foreign balances appears un- any of its holdings of abnormal war balwarranted. ances as free funds after the 2.3-year period 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION is passed, or sooner under the following to 75 per cent of the currency of that country conditions: held by the Fund, provided such loan is approved i. its holdings of the free funds of the by four-fifths of the member votes. country in which the balances are held 15. To levy upon member countries a pro fall below 15 per cent of its quota; or rata share of the expenses of operating the Fund, ii. the approval is obtained of the country payable in local currency, not to exceed ^ per in which the balances are held. cent per annum of the quota of each country. h. The country in which the abnormal war The levy may be made only to the extent that balances are held agrees not to impose any the earnings of the Fund are inadequate to meet restrictions on the use of the instalments its current expenses, and only with the approval of the 40 per cent portion gradually re- of four-fifths of the member votes. purchased by the country which sold the The Fund shall make a service charge of balances to the Fund. 3^ per cent or more on all exchange and gold i. The Fund agrees not to sell the abnormal transactions. war balances acquired under the above 16. The Fund shall deal only with or through authority, except with the permission or a. The treasuries, stabilization funds, or fiscal at the request of the country in which the agents of member governments; balances are being held. The Fund may b. The central banks, only with the consent invest these balances in ordinary or special of the member of the Board representing government securities of that country. the country in question; and The Fund shall be free to sell such securi- c. Any international banks owned predomities in any country provided that the ap- nantly by member governments. proval of the issuing government is first The Fund may, nevertheless, with the approval obtained. of the member of the Board representing the j. The Fund shall determine from time to government of the country concerned, sell its time what shall be the maximum propor- own securities, or securities it holds, directly to tion of the abnormal war balances it will the public or to institutions of member counpurchase under this provision. tries. Abnormal war balances acquired under this provision shall not be included in IV. Monetary Unit of the Fund computing the amount of foreign exchange 1. The monetary unit of the Fund shall be the available to member countries under their Unitas (UN) consisting of 137 \ grains of fine quotas. gold (equivalent to $10 U.S.). The accounts of 10. To buy and sell currencies of nonmember the Fund shall be kept and published in terms of countries, but shall not be authorized to hold Unitas. such currencies beyond sixty days after date of 2.. The value of the currency of each member purchase, except with the approval of four-fifths country shall be fixed by the Fund in terms of of the member votes. gold or Unitas and may not be altered by any 11. To borrow the currency of any member member country without the approval of fourcountry, provided four-fifths of the member fifths of the member votes. votes approve the terms of such borrowing. 3. Deposits in terms of Unitas may be ac- 12.. To sell member-country obligations cepted by the Fund from member countries upon owned by the Fund provided that the Board the delivery of gold to the Fund and shall be representative of the country in which the transferable and redeemable in gold or in the securities are to be sold approves. currency of any member country at the rate To use its holdings to obtain rediscounts or established by the Fund. The Fund shall mainadvances from the central bank of any country tain a 100 per cent reserve in gold against all whose currency the Fund requires. Unitas deposits. 13. To invest any of its currency holdings in 4. No change in the value of the currencies of government securities and prime commercial member countries shall be permitted to alter paper of the country of that currency provided the value in gold or Unitas of the assets of the four-fifths of the member votes approve, and Fund. Thus if the Fund approves a reduction provided further that the Board representative in the value of the currency of a member country of the country in which the investment is to be (in terms of gold or Unitas) or if, in the opinion made approves. of the Board, the currency of a member country 14. To lend to any member country its local had depreciated to a significant extent, that currency from the Fund for one year or less up country must deliver to the Fund when JUNE 1943 5°5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION requested an amount of its local currency equal consist of not less than eleven members. The to the decreased value of that currency held by Chairman of the Board shall be Chairman of the the Fund. Likewise, if the currency of a partic- Executive Committee, and the Managing Diular country should appreciate, the Fund must rector of the Fund shall be an ex officio member return to that country an amount (in the cur- of the Executive Committee. rency of that country) equal to the resulting The Executive Committee shall be continuincrease in the gold or Unitas value of the Fund's ously available at the head office of the Fund holdings. The same provisions shall also apply and shall exercise the authority delegated to it to the government securities of member coun- by the Board. In the absence of any member tries held by the Fund. However, this pro- of the Executive Committee, his alternate shall vision shall not apply to currencies acquired act in his place. Members of the Executive under III-9 (abnormal war balances). Committee shall receive appropriate remuneration. V. Management 4. The Board of Directors may appoint such 1. The administration of the Fund shall be other committees as it finds necessary for the vested in a Board of Directors. Each govern- work of the Fund. It may also appoint adment shall appoint a director and an alternate, visory committees chosen wholly or partially in a manner determined by it, who shall serve from persons not employed by the Fund. for a period of three years subject to the pleasure 5. The Board of Directors may at any meeting, of their government. Directors and alternates by a four-fifths vote, authorize any officers or may be reappointed. committees of the Fund to exercise any specified In all voting by the Board, the director or powers of the Board. The Board may not alternate of each member country shall be en- delegate, except to the Executive Committee, titled to cast an agreed upon number of votes. any authority which can be exercised only by a The distribution of voting power shall be closely four-fifths vote. related to the quotas of member countries, al- Delegated powers shall be exercised only until though not in precise proportion to the quotas. the next meeting of the Board, and in a manner An appropriate distribution of voting power consistent with the general policies and practices would seem to be the following: Each country of the Board. shall have 100 votes plus 1 vote for the equiva- 6. The Board of Directors may establish lent of each 100,000 Unitas (1 million dollars) procedural regulations governing the operations of its quota. of the Fund. The officers and committees of the Notwithstanding the approved formula for Fund shall be bound by such regulations. distributing voting power, no country shall be 7. The Board of Directors shall hold an anentitled to cast more than one-fourth of the nual meeting and such other meetings as it aggregate votes regardless of its quota. All may be desirable to convene. On request of decisions, except where specifically provided member countries casting one-fourth of the otherwise, shall be made by a majority of the votes, the chairman shall call a meeting of the member votes. Board for the purpose of considering any matters 2.. The Board of Directors shall select a Man- placed before it. aging Director of the Fund and one or more 8. A country failing to meet its obligations assistants. The Managing Director shall be- to the Fund may be suspended provided a macome an ex officio member of the Board and shall jority of the member votes so decides. While be chief of the operating staff of the Fund. under suspension, the country shall be denied The Managing Director and the assistants shall the privileges of membership but shall be subject hold office for two years, shall be eligible for to the same obligations as any other member of reelection, and may be removed for cause at any the Fund. At the end of two years the country time by the Board. shall be automatically dropped from member- The Managing Director of the Fund shall ship unless it has been restored to good standing select the operating staff in accordance with by a majority of the member votes. regulations established by the Board of Direc- Any country may withdraw from the Fund tors. Members of the staff may be made avail- by giving notice, and its withdrawal will take able, upon request of member countries, for effect two years from the date of such notice. consultation in connection with international During the interval between notice of witheconomic problems and policies. drawal and the taking effect of the notice, such 3. The Board of Directors shall appoint from country shall be subject to the same obligations among its members an Executive Committee to as any other member of the Fund. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION A country which is dropped or which with- The Fund may make representations to memdraws from membership shall have returned to ber countries that conditions are favorable for it an amount in its own currency equal to its the abandonment of restrictions and controls contributed quota, plus other obligations of the over foreign exchange transactions, and each Fund to the country, and minus any sum owed member country shall give consideration to such by that country to the Fund. Any losses of the representations. Fund may be deducted pro rata from the contrib- 3. To cooperate effectively with other member uted quota to be returned to the country that countries when such countries, with the aphas been dropped or has withdrawn from mem- proval of the Fund, adopt or continue controls bership. The Fund shall have five years in for the purpose of regulating international which to liquidate its obligation to such a movements of capital. Cooperation shall incountry. When any country is dropped or clude, upon recommendation by the Fund, withdraws from the Fund, the rights of the measures that can appropriately be taken: Fund shall be fully safeguarded. a. Not to accept or permit acquisition of 9. Net profits earned by the Fund shall be deposits, securities, or investments by nadistributed in the following manner: tionals of any member country imposing a. 50 per cent to reserves until the reserves restrictions on the export of capital except are equal to 10 per cent of the aggregate with the permission of the Government quotas of the Fund. of that country and the Fund; b. 50 per cent to be divided each year among b. To make available to the Fund or to the the members in proportion to their quotas. Government of any member country full Dividends distributed to each country shall information on all property in the form be paid in its own currency or in Unitas of deposits, securities and investments of at the discretion of the Fund. the nationals of that member country; and c. Such other measures as the Fund shall VI. Policies of Member Countries recommend. Each member country of the Fund undertakes 4. Not to enter upon any new bilateral foreign the following: exchange clearing arrangements, nor engage in 1. To maintain by appropriate action ex- multiple currency practices, except with the change rates established by the Fund on the approval of the Fund. currencies of other countries, and not to alter 5. To give consideration to the views of the exchange rates except with the consent of the Fund on any existing or proposed monetary or Fund and only to the extent and in the direction economic policy, the effect of which would be approved by the Fund. Exchange rates of mem- to bring about sooner or later a serious disber countries may be permitted to fluctuate equilibrium in the balance of payments of other within a specified range fixed by the Fund. countries. z. To abandon, as soon as the member country 6. To furnish the Fund with all information decides that conditions permit, all restrictions it needs for its operations and to furnish such and controls over foreign exchange transactions reports as it may require in the form and at the (other than those involving capital transfers) times requested by the Fund. with other member countries, and not to impose 7. To adopt appropriate legislation or decrees any additional restrictions without the approval to carry out its undertakings to the Fund and of the Fund. to facilitate the activities of the Fund. B. PLAN SUBMITTED BY BRITISH EXPERTS INTRODUCTORY STATEMENT value of national currency units . . . we want to In Parliament on February 2., the Chancellor free the international monetary system from of the Exchequer mentioned the need, after the those arbitrary, unpredictable and undesirable war, of "an international monetary mechanism influences which have operated in the past as a which will serve the requirements of interna- result of large scale speculative movements of tional trade and avoid any need for unilateral short-term capital.'' action in competitive exchange depreciation . . . On the directions of H. M. Government, this a system in which blocked balances and uni- problem has been under close examination by lateral clearances would be unnecessary ... an the Treasury in consultation with other Departorderly and agreed method of determining the ments. The present paper has been prepared, JUNE 1943 5°7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION and the Government has decided that it should If the principles of these measures and the be published, as a preliminary contribution to form of institutions to give effect to them can the solution of one of the problems of inter- be settled in advance, in order that they may national economic co-operation after the war. be in operation when need arises, it is possible H. M. Government is not committed to the that taken together they may help the world principles or details of the scheme. Any pro- to control the ebb and flow of the tides of ecoposals for a satisfactory international monetary nomic activity which have, in the past, demechanism after the war can only be framed stroyed security of livelihood and endangered after full consideration of all aspects of a very international peace. difficult problem. It is hoped that these pro- All these matters will need to be handled in posals will afford a basis for discussion, criticism due course. The proposal that follows relates and constructive amendment, together with only to the mechanism of currency and exchange similar plans having similar objectives which in international trading. It appears on the may be prepared by experts of other Govern- whole convenient to give it priority, because ments. some general conclusions have to be reached On these terms it has been presented for under this head before much progress can be technical examination by experts of the U. S. made with other topics. Government. On these terms also it has been In preparing these proposals care has been discussed in an informal and exploratory manner taken to regard certain conditions, which the with officials of the Governments of the Do- groundwork of an international economic sysminions and of India. These discussions were tem to be set up after the war should satisfy on the expert plane, and did not commit the if it is to prove durable. Governments concerned in any way. It has (1) There should be the least possible interalso been discussed with representatives of the ference with internal national policies, and the European Allies, and has been communicated to plan should not wander from the international representatives of the other United Nations. terrain. Since such policies may have important repercussions on international relations they PROPOSALS FOR AN INTERNATIONAL cannot be left out of account. Nevertheless, in CLEARING UNION the realm of internal policy, the authority of the governing board of the proposed institution PREFACE should be limited to recommendations, or, at Immediately after the war, all countries which most, to imposing conditions for more extended have been engaged will be concerned with the enjoyment of the facilities which the institution pressure of relief and urgent reconstruction. offers. The transition out of this into the normal world (2.) The technique of the plan must be capable of the future cannot be wisely effected unless we of application irrespective of the type and know into what we are moving. It is therefore principle of government and the economic policy not too soon to consider what is to come after. existing in the prospective member States. In the field of national activity occupied by (3) Management of the institution must be production, trade and finance, both the nature genuinely international, without preponderant of the problem and the experience of the period power of veto or enforcement lying with any between wars suggest four main lines of ap- country or group. And the rights and privileges proach. of smaller countries must be safeguarded. i. The mechanism of currency and exchange. (4) Some qualification of the right to act at 2.. The framework of a commercial policy pleasure is required by any agreement or treaty regulating conditions for exchange of goods, between Nations. But in order that such artariffs, preferences, subsidies, import regulations rangements may be fully voluntary so long as and the like. they last and terminable when they have become 3. Orderly conduct of production, distribution irksome, provision must be made for voiding the and price of primary products so as to protect obligation at due notice. If many member both producers and consumers from the loss and States were to take advantage of this, the plan risk for which extravagant fluctuations of would have broken down, but if they are free market conditions have been responsible in to escape from its provisions if necessary, they recent times. may be more willing to go on accepting them. 4. Investment aid, both medium and long (5) The plan must operate not only to the term, for countries whose economic develop- general advantage but also to the individual ment needs assistance from outside. advantage of each of the participants, and must 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION not require a special economic or financial sacri- is exercised on any country whose balance fice from certain countries. No participant of payments with the rest of the world is must be asked to do or offer anything which is departing from equilibrium in either not to his own true long-term interest. direction, so as to prevent movements It must be emphasized that it is not for the which must create for its neighbours an Clearing Union to assume the burden of long equal but opposite want of balance. term lending which is the proper task of some (e) We need an agreed plan for starting off other institution. It is also necessary for it to every country after the war with a stock have the means of restraining improvident bor- of reserves appropriate to its importance rowers. But the Clearing Union must also seek in world commerce, so that without due to discourage creditor countries from having anxiety it can set its house in order during unused large liquid balances which ought to be the transitional period to full peace-time devoted to some positive purpose. For exces- conditions. sive credit balances necessarily create excessive (f) We need a central institution, of a purely debit balances for some other party. In recog- technical and non-political character, to nising that the creditor as well as the debtor aid and support other international instimay be responsible for a want of balance, the tutions concerned with the planning and v proposed institution would be breaking new regulation of the world's economic life. ground. (g) More generally, we need a means of reassurance to a troubled world, by which I. The Objects of the Plan any country whose own affairs are con- About the primary objects of an improved ducted with due prudence is relieved of system of International Currency there is, to- anxiety, for causes which are not of its day, a wide measure of agreement:— own making, concerning its ability to (a) We need an instrument of international meet its international liabilities; and currency having general acceptability which will, therefore, make unnecessary between nations, so that blocked balances those methods of restriction and disand bilateral clearings are unnecessary; crimination which countries have adopted that is to say, an instrument of currency hitherto, not on their merits, but as used by each nation in its transactions measures of self-protection from disrupwith other nations, operating through tive outside forces. whatever national organ, such as a 2.. There is also a growing measure of agree- Treasury or a Central Bank, is most ap- ment about the general character of any solution propriate, private individuals, businesses of the problem likely to be successful. The and banks other than Central Banks, each particular proposals set forth below lay no continuing to use their own national claim to originality. They are an attempt to currency as heretofore. reduce to practical shape certain general ideas (F) We need an orderly and agreed method belonging to the contemporary climate of ecoof determining the relative exchange nomic opinion, which have been given publicity values of national currency units, so that in recent months by writers of several different unilateral action and competitive ex- nationalities. It is difficult to see how any change depreciations are prevented. plan can be successful which does not use these (/) We need a quantum of international cur- general ideas, which are born of the spirit of rency, which is neither determined in an the age. The actual details put forward below unpredictable and irrelevant manner as, are offered, with no dogmatic intention, as the for example, by the technical progress of basis of discussion for criticism and improvethe gold industry, nor subject to large ment. For we cannot make progress without variations depending on the gold reserve embodying the general underlying idea in a policies of individual countries; but is frame of actual working, which will bring out governed by the actual current require- the practical and political difficulties to be faced ments of world commerce, and is also and met if the breath of life is to inform it. capable of deliberate expansion and con- 3. In one respect this particular plan will be traction to offset deflationary and infla- found to be more ambitious and yet, at the same tionary tendencies in effective world time, perhaps more workable than some of the demand. variant versions of the same basic idea, in that (d) We need a system possessed of an internal it is fully international, being based on one stabilising mechanism, by which pressure general agreement and not on a multiplicity of JUNE 1943 5°9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION bilateral arrangements. Doubtless proposals II. The Provisions of the Plan might be made by which bilateral arrangements 6. The provisions proposed (the particular procould be fitted together so as to obtain some of portions and other details suggested being the advantages of a multilateral scheme. But tentative as a basis of discussion) are the there will be many difficulties attendant on such following:— adjustments. It may be doubted whether a (1) All the United Nations will be invited to comprehensive scheme will ever in fact be become original members of the International worked out, unless it can come into existence Clearing Union. Other States may be invited through a single act of creation made possible to join subsequently. If ex-enemy States are by the unity of purpose and energy of hope for invited to join, special conditions may be better things to come, springing from the vicapplied to them. tory of the United Nations, when they have (z) The Governing Board of the Clearing attained it, over immediate evil. That these Union shall be appointed by the Governments of proposals are ambitious is claimed, therefore to the several member States, as provided in (12.) be not a drawback but an advantage. below; the daily business with the Union and 4. The proposal is to establish a Currency the technical arrangements being carried out Union, here designated an International Clearing through their Central Banks or other appropri- Union, based on international bank-money, ate authorities. called (let us say) bancor, fixed (but not un- (3) The member States will agree between alterably) in terms of gold and accepted as the themselves the initial values of their own curequivalent of gold by the British Commonrencies in terms of bancor. A member State wealth and the United States and all the other may not subsequently alter the value of its members of the Union for the purpose of settling currency in terms of bancor without the perinternational balances. The Central Banks of mission of the Governing Board except under all member States (and also of non-members) the conditions stated below; but during the first would keep accounts with the International five years after the inception of the system the Clearing Union through which they would be Governing Board shall give special consideraentitled to settle their exchange balances with tion to appeals for an adjustment in the exchange one another at their par value as defined in terms value of a national currency unit on the ground of bancor. Countries having a favourable of unforeseen circumstances. balance of payments with the rest of the world (4) The value of bancor in terms of gold shall as a whole would find themselves in possession be fixed by the Governing Board. Member of a credit account with the Clearing Union, States shall not purchase or acquire gold, and those having an unfavourable balance would directly or indirectly, at a price in terms of their have a debit account. Measures would be national currencies in excess of the parity which necessary (see below) to prevent the piling up corresponds to the value of their currency in of credit and debit balances without limit, and terms of bancor and to the value of bancor in the system would have failed in the long run if terms of gold. Their sales and purchases of it did not possess sufficient capacity for selfgold shall not be otherwise restricted. equilibrium to secure this. (5) Each member State shall have assigned 5. The idea underlying such a Union is simple, to it a quota, which shall determine the measure namely, to generalise the essential principle of of its responsibility in the management of the banking as it is exhibited within any closed Union and of its right to enjoy the credit facilisystem. This principle is the necessary equality ties provided by the Union. The initial quotas of credits and debits. If no credits can be remight be fixed by reference to the sum of each moved outside the clearing system, but only country's exports and imports on the average of transferred within it, the Union can never be in (say) the three pre-war years, and might be any difficulty as regards the honouring of (say) 75 per cent of this amount, a special assesscheques drawn upon it. It can make what ment being substituted in cases (of which there advances it wishes to any of its members with might be several) where this formula would be, the assurance that the proceeds can only be for any reason, inappropriate. Subsequently, transferred to the clearing account of another after the elapse of the transitional period, the member. Its sole task is to see to it that its quotas should be revised annually in accordance members keep the rules and that the advances with the running average of each country's made to each of them are prudent and advisable actual volume of trade in the three preceding for the Union as a whole. years, rising to a five-year average when figures 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION for five post-war years are available. The deter- the Governing Board. If its debit balance has mination of a country's quota primarily by exceeded a quarter of its quota on the average reference to the value of its foreign trade seems of at least two years, it shall be entitled to to offer the criterion most relevant to a plan reduce the value of its currency in terms of which is chiefly concerned with the regulation bancor provided that the reduction shall not of the foreign exchanges and of a country's exceed 5 per cent without the consent of the international trade balance. It is, however, a Governing Board; but it shall not be entitled to matter for discussion whether the formula for repeat this procedure unless the Board is satisfied fixing quotas should also take account of other that this procedure is appropriate. factors. (F) The Governing Board may require from (6) Member States shall agree to accept pay- a member State having a debit balance reaching ment of currency balances, due to them from a half of its quota the deposit of suitable colother members, by a transfer of bancor to their lateral against its debit balance. Such colcredit in the books of the Clearing Union. lateral shall, at the discretion of the Governing They shall be entitled, subject to the conditions Board, take the form of gold, foreign or domesset forth below, to make transfers of bancor to tic currency or Government bonds, within the other members which have the effect of over- capacity of the member State. As a condition drawing their own accounts with the Union, of allowing a member State to increase its debit provided that the maximum debit balances thus balance to a figure in excess of a half of its created do not exceed their quota. The Clear- quota, the Governing Board may require all or ing Union may, at its discretion, charge a small any of the following measures:— commission or transfer fee in respect of trans- (i) a stated reduction in the value of the actions in its books for the purpose of meeting member's currency, if it deems that to its current expenses or any other outgoings ap- be the suitable remedy; proved by the Governing Board. (ii) the control of outward capital trans- (7) A member State shall pay to the Reserve actions if not already in force; and Fund of the Clearing Union a charge of 1 per (iii) the outright surrender of a suitable procent per annum on the amount of its average portion of any separate gold or other balance in bancor, whether it is a credit or a liquid reserve in reduction of its debit debit balance, in excess of a quarter of its quota; balance. and a further charge of 1 per cent on its average Furthermore, the Governing Board may recombalance, whether credit or debit, in excess of a mend to the Government of the member State half of its quota. Thus, only a country which any internal measures affecting its domestic keeps as nearly as possible in a state of inter- economy which may appear to be appropriate national balance on the average of the year will to restore the equilibrium of its international escape this contribution. These charges are balance. not absolutely essential to the scheme. But if (V) If a member State's debit balance has exthey are found acceptable, they would be ceeded three-quarters of its quota on the average valuable and important inducements towards of at least a year and is excessive in the opinion keeping a level balance, and a significant indica- of the Governing Board in relation to the total tion that the system looks on excessive credit debit balances outstanding on the books of the balances with as critical an eye as on excessive Clearing Union, or is increasing at an excessive debit balances, each being, indeed, the inevitable rate, it may, in addition, be asked by the concomitant of the other. Any member State Governing Board to take measures to improve in debit may, after consultation with the its position, and, in the event of its failing to Governing Board, borrow bancor from the reduce its debit balance accordingly within two balances of any member State in credit on such years, the Governing Board may declare that terms as may be mutually agreed, by which it is in default and no longer entitled to draw means each would avoid these contributions. against its account except with the permission The Governing Board may, at its discretion, of the Governing Board. remit the charges on credit balances, and in- (d) Each member State, on joining the syscrease correspondingly those on debit balances, tem, shall agree to pay to the Clearing Union if in its opinion unduly expansionist conditions any payments due from it to a country in default are impending in the world economy. towards the discharge of the latter's debit (8)—(a) A member State may not increase balance and to accept this arrangement in the its debit balance by more than a quarter of its event of falling into default itself. A member quota within a year without\he permission of State which resigns from the Clearing Union JUNE 1943 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION without making approved arrangements for the titled to appoint a permanent delegate to the discharge of any debit balance shall also be Union to maintain contact with the Board and treated as in default. to act as liaison for daily business and for the (9) A member State whose credit balance exchange of information with the Executive of has exceeded half of its quota on the average of the Union. Such delegates shall be entitled to at least a year shall discuss with the Governing be present at the Governing Board when any Board (but shall retain the ultimate decision matter is under consideration which specially in its own hands) what measures would be concerns the State he represents, and to take appropriate to restore the equilibrium of its part in the discussion. international balances, including— (13) The Governing Board shall be entitled (a) Measures for the expansion of domestic to reduce the quotas of members, all in the same credit and domestic demand. specified proportion, if it seems necessary to (F) The appreciation of its local currency in correct in this manner an excess of world purterms of bancor, or, alternatively, the chasing power. In that event, the provisions of encouragement of an increase in money 6 (8) shall be held to apply to the quotas as so rates of earnings. reduced, provided that no member shall be (V) The reduction of tariffs and other dis- required to reduce his actual overdraft at the couragements against imports. date of the change, or be entitled by reason of (tf) International development loans. this reduction to alter the value of his currency (10) A member State shall be entitled to ob- under 6 (8) (a), except after the expiry of two tain a credit balance in terms of bancor by paying years. If the Governing Board subsequently in gold to the Clearing Union for the credit of desires to correct a potential deficiency of world its clearing account. But no one is entitled to purchasing power, it shall be entitled to restore demand gold from the Union against a balance the general level of quotas towards the original of bancor, since such balance is available only level. for transfer to another clearing account. The (14) The Governing Board shall be entitled Governing Board of the Union shall, however, to ask and receive from each member State any have the discretion to distribute any gold in relevant statistical or other information, inthe possession of the Union between the mem- cluding a full disclosure of gold, external credit bers possessing credit balances in excess of a and debit balances and other external assets specified proportion of their quotas, propor- and liabilities, both public and private. So far tionately to such balances, in reduction of their as circumstances permit, it will be desirable that amount in excess of that proportion. the member States shall consult with the (11) The monetary reserves of a member Governing Board on important matters of policy State, viz., the Central Bank or other bank or likely to affect substantially their bancor bal- Treasury deposits in excess of a working bal- ances or their financial relations with other ance, shall not be held in another country members. except with the approval of the monetary (15) The executive offices of the Union shall authorities of that country. be situated in London and New York, with the (12.) The Governing Board shall be appointed Governing Board meeting alternately in London by the Governments of the member States, and Washington. those with the larger quotas being entitled to (16) Members shall be entitled to withdraw appoint a member individually, and those with from the Union on a year's notice, subject to smaller quotas appointing in convenient politi- their making satisfactory arrangements to discal or geographical groups, so that the members charge any debit balance. They would not, of would not exceed (say) 12. or 15 in number. course, be able to employ any credit balance Each representative on the Governing Board except by making transfers from it, either shall have a vote in proportion to the quotas before or after their withdrawal, to the Clearing of the State (or States) appointing him, except Accounts of other Central Banks. Similarly, that on a proposal to increase a particular quota, it should be within the power of the Governing a representative's voting power shall be meas- Board to require the withdrawal of a member, ured by the quotas of the member States ap- subject to the same notice, if the latter is in pointing him, increased by their credit balance breach of agreements relating to the Clearing or decreased by their debit balance, averaged Union. in each case over the past two years. Each (17) The Central Banks of non-member States member State, which is not individually rep- would be allowed to keep credit clearing acresented on the Governing Board, shall be en- counts with the Union; and, indeed, it would be 511 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION advisable for them to do so for the conduct of of the facilities which it now possesses for retheir trade with member States. But they ceiving payment for its exports. In the absence would have no right to overdrafts and no say of the Clearing Union a creditor country can in the management. employ the proceeds of its exports to buy goods (18) The Governing Board shall make an or to buy investments, or to make temporary annual Report and shall convene an annual advances and to hold temporary overseas bal- Assembly at which every member State shall be ances, or to buy gold in the market. All these entitled to be represented individually and to facilities will remain at its disposal. The difmove proposals. The principles and governing ference is that in the absence of the Clearingrules of the Union shall be the subject of recon- Union, more or less automatic factors come intosideration after five years' experience, if a play to restrict the volume of its exports after majority of the Assembly desire it. the above means of receiving payment for them have been exhausted. Certain countries become III. What Liabilities Ought the Plan to Place unable to buy and, in addition to this, there is on Creditor Countries? an automatic tendency towards a general slump in international trade, and, as a result, a reduc- 7. It is not contemplated that either the debit tion in the exports of the creditor country. or the credit balance of an individual country Thus, the effect of the Clearing Union is to give ought to exceed a certain maximum—let us say, the creditor country a choice between volunits quota. In the case of debit balances this tarily curtailing its exports to the same extent maximum has been made a rigid one, and, inthat they would have been involuntarily curdeed, counter-measures are called for long before tailed in the absence of the Clearing Union, or,, the maximum is reached. In the case of credit alternatively, of allowing its exports to continue balances no rigid maximum has been proposed. and accumulating the excess receipts in the form For the appropriate provision might be to of bancor balances for the time being. Unless require the eventual cancellation or compulsory the removal of a factor causing the involuntary investment of persistent bancor credit balances reduction of exports is reckoned a disadvantage, accumulating in excess of a member's quota; a creditor country incurs no burden but is, on and, however desirable this may be in principle, the contrary, relieved, by being offered the it might be felt to impose on creditor countries additional option of receiving payment for its a heavier burden than they can be asked to exports through the accumulation of a bancor accept before having had experience of the balance. benefit to them of the working of the plan as a whole. If, on the other hand, the limitation 9. If, therefore, a member State asks what were to take the form of the creditor country governs the maximum liability which it incurs not being required to accept bancor in excess of by entering the system, the answer is that this a prescribed figure, this might impair the gen- lies entirely within its own control. No more eral acceptability of bancor, whilst at the same is asked of it than that it should hold in bancor time conferring no real benefit on the creditor such surplus of its favourable balance of paycountry itself. For, if it chose to avail itself ments as it does not itself choose to employ in of the limitation, it must either restrict its any other way, and only for so long as it does exports or be driven back on some form of bi- not so choose. lateral payments agreements outside the Clear- IV. Some Advantages of the Plan ing Union, thus substituting a less acceptable asset for bancor balances which are based on the 10. The plan aims at the substitution of an collective credit of all the member States and expansionist, in place of a contractionist, presare available for payments to any of them, or sure on world trade. attempt the probably temporary expedient of 11. It effects this by allowing to each member refusing to trade except on a gold basis. State overdraft facilities of a defined amount. 8. The absence of a rigid maximum to credit Thus each country is allowed a certain margin balances does not impose on any member State, of resources and a certain interval of time within as might be supposed at first sight, an unlimited which to effect a balance in its economic relaliability outside its own control. The liability tions with the rest of the world. These faciliof an individual member is determined, not by ties are made possible by the constitution of the the quotas of the other members, but by its system itself and do not involve particular inown policy in controlling its favourable balance debtedness between one member State and of payments. The existence of the Clearing another. A country is in credit or debit with Union does not deprive a member State of any the Clearing Union as a whole. This means JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION that the overdraft facilities, whilst a relief to ferent countries may not correspond to need and some, are not a real burden to others. For the to the real requirements, which are extremely accumulation of a credit balance with the difficult to foresee. Clearing Union would resemble the importation 14. It should be much easier, and surely more of gold in signifying that the country holding it satisfactory for all of us, to enter into a general is abstaining voluntarily from the immediate and collective responsibility, applying to all use of purchasing power. But it would not countries alike, that a country finding itself in a involve, as would the importation of gold, the creditor position against the rest of the world as a withdrawal of this purchasing power from whole should enter into an arrangement not to circulation or the exercise of a deflationary and allow this credit balance to exercise a contraccontractionist pressure on the whole world, tionist pressure against world economy and, by including in the end the creditor country itself. repercussion, against the economy of the creditor Under the proposed plan, therefore, no country country itself. This would give everyone the suffers injury (but on the contrary) by the fact great assistance of multilateral clearing, wherethat the command over resources, which it does by (for example) Great Britain could offset favnot itself choose to employ for the time being, ourable balances arising out of her exports to is not withdrawn from use. The accumulation Europe against unfavourable balances due to of bancor credit does not curtail in the least its the United States or South America or elsecapacity or inducement either to produce or where. How, indeed, can any country hope to consume. to start up trade with Europe during the relief ii. In short, the analogy with a national and reconstruction period on any other terms? banking system is complete. No depositor in 15. The facilities offered will be of para local bank suffers because the balances, which ticular importance in the transitional period he leaves idle, are employed to finance the after the war, as soon as the initial shortages of business of someone else. Just as the develop- supply have been overcome. Many countries ment of national banking systems served to offset will find a difficulty in paying for their imports, a deflationary pressure which would have pre- and will need time and resources before they vented otherwise the development of modern can establish a readjustment. The efforts of industry, so by extending the same principle each of these debtor countries to preserve its into the international field we may hope to offset own equilibrium, by forcing its exports and by the contractionist pressure which might other- cutting off all imports which are not strictly wise overwhelm in social disorder and disap- necessary, will aggravate the problems of all pointment the good hopes of our modern world. the others. On the other hand, if each feels The substitution of a credit mechanism in place free from undue pressure, the volume of interof hoarding would have repeated in the inter- national exchange will be increased and everynational field the same miracle, already per- one will find it easier to re-establish equilibrium formed in the domestic field, of turning a stone without injury to the standard of life anywhere. into bread. The creditor countries will benefit, hardly less 13. There might be other ways of effecting than the debtors, by being given an interval of the same objects temporarily or in part. For time in which to adjust their economies, during example, the United States might redistribute which they can safely move at their own pace her gold. Or there might be a number of bi- without the result of exercising deflationary lateral arrangements having the effect of pro- pressure on the rest of the world, and by reperviding international overdrafts, as, for example, cussion, on themselves. an agreement by the Federal Reserve Board to 16. It must, however, be emphasized that accumulate, if necessary, a large sterling balance the provision by which the members of the at the Bank of England, accompanied by a great Clearing Union start with substantial overdraft number of similar bilateral arrangements, facilities in hand will be mainly useful, just as amounting to some hundreds altogether, be- the possession of any kind of reserve is useful, tween these and all the other banks in the to allow time and method for necessary adjustworld. The objection to particular arrange- ments and a comfortable safeguard behind which ments of this kind, in addition to their greater the unforeseen and the unexpected can be faced complexity, is that they are likely to be in- with equanimity. Obviously, it does not by fluenced by extraneous, political reasons; that itself provide any long-term solution against a they put individual countries in a position of continuing disequilibrium, for in due course the particular obligation towards others; and that more improvident and the more impecunious, the distribution of the assistance between dif- left to themselves, would have run through 5*4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION their resources. But, if the purpose of the over- some disturbances of trade and unforeseen draft facilities is mainly to give time for adjust- situations requiring special remedies. ments, we have to make sure, so far as possible, V. The Daily Management of the Exchanges that they will be made. We must have, thereunder the Plan fore, some rules and some machinery to secure that equilibrium is restored. A tentative at- 19. The Clearing Union restores unfettered tempt to provide for this has been made above. multilateral clearing between its members. Perhaps it might be strengthened and im- Compare this with the difficulties and compliproved. cations of a large number of bilateral agree- 17. The provisions suggested differ in one ments. Compare, above all, the provisions by important respect from the pre-war system be- which a country, taking improper advantage of cause they aim at putting some part of the a payments agreement (for the system is, in fact, responsibility for adjustment on the creditor a generalized payments agreement), as Germany country as well as on the debtor. This is an did before the war, is dealt with not by a single attempt to recover one of the advantages country (which may not be strong enough to which were enjoyed in the nineteenth century, act effectively in isolation or cannot afford to when a flow of gold due to a favourable balance incur the diplomatic odium of isolated action), in favour of London and Paris, which were then but by the system as a whole. If the argument the main creditor centres, immediately produced is used that the Clearing Union may have difan expansionist pressure and increased foreign ficulty in disciplining a misbehaving country lending in those markets, but which has been and in avoiding consequential loss, with what lost since New York succeeded to the position of much greater force can we urge this objection main creditor, as a result of gold movements against a multiplicity of separate bilateral failing in their effect, of the breakdown of inter- payments agreements. national borrowing and of the frequent flight 2.0. Thus we should not only obtain the adof loose funds from one depository to another. vantages, without the disadvantages, of an The object is that the creditor should not be international gold currency, but we might enjoy allowed to remain entirely passive. For if he is, these advantages more widely than was ever an intolerably heavy task may be laid on the possible in practice with the old system under debtor country, which is already for that very which at any given time only a minority of reason in the weaker position. countries were actually working with free ex- 18. If, indeed, a country lacks the productive changes . In conditions of multilateral clearing, capacity to maintain its standard of life,' then exchange dealings would be carried on as freely a reduction in this standard is not avoidable. as in the best days of the gold standard, without If its wage and price levels in terms of money its being necessary to ask anyone to accept are out of line with those elsewhere, a change in special or onerous conditions. the rate of its foreign exchange is inevitable. 2.1. The principles governing transactions are: But if, possessing the productive capacity, it first, that the Clearing Union is set up, not for lacks markets because of restrictive policies the transaction of daily business between indithroughout the world, then the remedy lies in vidual traders or banks, but for the clearing expanding its opportunities for export by re- and settlement of the ultimate outstanding moval of the restrictive pressure. We are too balances between Central Banks (and certain ready to-day to assume the inevitability of un- other super-national Institutions), such as balanced trade positions, thus making the would have been settled under the old gold opposite error to those who assumed the standard by the shipment or the earmarking of tendency of exports and imports to equality. gold, and should not trespass unnecessarily It used to be supposed, without sufficient reason, beyond this field; and, second, that its purpose that effective demand is always properly ad- is to increase freedom in international commerce justed throughout the world; we now tend to and not to multiply interferences or compulsions. assume, equally without sufficient reason, that 2.2.. Many Central Banks have found great it never can be. On the contrary, there is great advantage in centralising with themselves or force in the contention that, if active employ- with an Exchange Control the supply and dement and ample purchasing power can be sus- mand of all foreign exchange, thus dispensing tained in the main centres or the world trade, with an outside exchange market, though conthe problem of surpluses and unwanted exports tinuing to accommodate individuals through the will largely disappear, even though, under the existing banks and not directly. The further most prosperous conditions, there may remain extension of such arrangements would be JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION consonant with the general purposes of the Clear- union would merge its currency identity in that ing Union, inasmuch as they would promote of a mother country, with a quota appropriately order and discipline in international exchange adjusted to the merged currency area as a whole, transactions in detail as well as in general. The and not enjoy a separate individual membership same is true of the control of capital movements, of the Clearing Union, as, for example, the further described below, which many States are States of a Federal Union, the French colonies likely to wish to impose on their own nationals. or the British Crown Colonies. But the structure of the proposed Clearing 15. At the same time countries, which do not Union does not require such measures of centrali- belong to a special geographical or political sation or of control on the part of a member group, would be expected to keep their reserve State. It is, for example, consistent alike with balances with the Clearing Union and not with the type of Exchange Control now established one another. It has, therefore, been laid down in the United Kingdom or with the system now that balances may not be held in another operating in the United States. The Union country except with the approval of the monedoes not prevent private holdings of foreign tary authorities of that country; and, in order currency or private dealings in exchange or that sterling and dollars might not appear to international capital movements, if these have compete with bancor for the purpose of reserve been approved or allowed by the member balances, the United Kingdom and the United States concerned. Central Banks can deal States might agree together that they would not direct with one another as heretofore. No accept the reserve balances of other countries in transaction in bancor will take place except excess of normal working balances except in when a member State or its Central Bank is the case of banks definitely belonging to a exercising the right to pay in it. In no case is Sterling Area or Dollar Area group. there any direct control on capital movements VI. The Position of Gold under the Plan by the Union, even in the case of 6 (8) (F) (ii) above, but only by the member States themselves 2.6. Gold still possesses great psychological through their own institutions. Thus the value which is not being diminished by current fabric of international banking organisation, events; and the desire to possess a gold reserve built up by long experience to satisfy practical against unforeseen contingencies is likely to needs, would be left as undisturbed as possible. remain. Gold also has the merit of providing i3. It is not necessary to interfere with the in point of form (whatever the underlying discretion of countries which desire to maintain realities may be) an uncontroversial standard a special intimacy within a particular group of of value for international purposes, for which it countries associated by geographical or political would not yet be easy to find a serviceable subties, such as the existing sterling area, or stitute. Moreover, by supplying an automatic groups, like the Latin Union of former days, means for settling some part of the favourable which may come into existence covering, for balances of the creditor countries, the current example, the countries of North America or gold production of the world and the remnant those of South America, or the groups now of gold reserves held outside the United States under active discussion, including Poland and may still have a useful part to play. Nor is it Czechoslovakia or certain of the Balkan States. reasonable to ask the United States to de- There is no reason why such countries should monetise the stock of gold which is the basis not be allowed a double position, both as of its impregnable liquidity. What, in the members of the Clearing Union in their own long run, the world may decide to do with gold right with their proper quota, and also as is another matter. The purpose of the Clearing making use of another financial centre along Union is to supplant gold as a governing factor, traditional lines, as, for example, Australia but not to dispense with it. and India with London, or certain American 2.7. The international bank-money which we countries with New York. In this case, their have designated bancor is defined in terms of a accounts with the Clearing Union would be in weight of gold. Since the national currencies exactly the same position as the independent of the member States are given a defined exgold reserves which they now maintain, and. change value in terms of bancor, it follows that they would have no occasion to modify in any they would each have a defined gold content way their present practices in the conduct of which would be their official buying price for daily business. gold, above which they must not pay. The 2.4. There might be other cases, however, in fact that a member State is entitled to obtain a which a dependency or a member of a federal credit in terms of bancor by paying actual gold 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION to the credit of its clearing account, secures a Equally, there is no country that can safely steady and ascertained purchaser for the output receive fugitive funds, which constitute an of the gold-producing countries, and for coun- unwanted import of capital, yet cannot safely tries holding a large reserve of gold. Thus the be used for fixed investment. position of producers and holders of gold is 33. For these reasons it is widely held that not affected adversely, and is, indeed, improved. control of capital movements, both inward and 28. Central Banks would be entitled to retain outward, should be a permanent feature of the their separate gold reserves and ship gold to post-war system. It is an objection to this one another, provided they did not pay a price that control, if it is to be effective, probably reabove parity; they could coin gold and put it quires the machinery of exchange control for all into circulation, and, generally speaking, do transactions, even though a general permission what they liked with it. is given to all remittances in respect of current 2.9. One limitation only would be, for ob- trade. Thus those countries which have for vious reasons, essential. No member State the time being no reason to fear, and may would be entitled to demand gold from the indeed welcome, outward capital movements, Clearing Union against its balance of bancor; may be reluctant to impose this machinery, for bancor is available only for transfer to even though a general permission for capital, another clearing account. Thus between gold as well as current transactions reduces it to being and bancor itself there would be a one-way no more than a machinery of record. On the convertibility, such as ruled frequently before other hand, such control will be more difficult the war with national currencies which were to work by unilateral action on the part of those on what was called a "gold exchange standard." countries which cannot afford to dispense with This need not mean that the Clearing Union it, especially in the absence of a postal censorwould only receive gold and never pay it out. ship, if movements of capital cannot be con- It has been provided above that, if the Clearing trolled at both ends. It would, therefore, be of Union finds itself in possession of a stock of gold, great advantage if the United States, as well as the Governing Board shall have discretion to other members of the Clearing Union, would distribute the surplus between those possessing adopt machinery similar to that which the credit balances in bancor, proportionately to British Exchange Control has now gone a long such balances, in reduction of their amount. way towards perfecting. Nevertheless, the 30. The question has been raised whether universal establishment of a control of capital these arrangements are compatible with the movements cannot be regarded as essential to retention by individual member States of a full the operation of the Clearing Union; and the gold standard with two-way convertibility, so method and degree of such control should that, for example, any foreign central bank ac- therefore be left to the decision of each member quiring dollars could use them to obtain gold State. Some less drastic way might be found for export. It is not evident that a good pur- by which countries, not themselves controlling pose would be served by this. But it need not outward capital movements can deter inward be prohibited, and if any member State should movements not approved by the countries from prefer to maintain full convertibility for internal which they originate. purposes it could protect itself from any abuse 34. The position of abnormal balances in of the system or inconvenient consequences by overseas ownership held in various countries providing that gold could only be exported at the end of the war presents a problem of conunder licence. siderable importance and special difficulty. 31. The value of bancor in terms of gold is A country in which a large volume of such fixed but not unalterably. The power to vary balances is held could not, unless it is in a its value might have to be exercised if the stocks creditor position, afford the risk of having to of gold tendered to the Union were to be exces- redeem them in bancor on a substantial scale, sive. No object would be served by attempting if this would have the effect of depleting its further to peer into the future or to prophesy bancor resources at the outset. At the same the ultimate outcome. time, it is very desirable that the countries owning these balances should be able to regard VII. The Control of Capital Movements them as liquid, at any rate over and above the 32. There is no country which can, in future, amounts which they can afford to lock up under safely allow the flight of funds for political an agreed programme of funding or long-term reasons or to evade domestic taxation or in expenditure. Perhaps there should be some anticipation of the owner turning refugee. special over-riding provision for dealing with JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION the transitional period only by which, through abouts of the aggregate debtor and creditor the aid of the Clearing Union, such balances positions respectively, and an indication whether would remain liquid and convertible into it is reasonable for a particular country to adopt bancor by the creditor country whilst there special expedients as a temporary measure to would be no corresponding strain on the bancor assist in regaining equilibrium in its balance of resources of the debtor country, or, at any rate, payments, would make it possible to establish the resulting strain would be spread over a a general rule not to adopt them, subject to period. the indicated exceptions. 35. The advocacy of a control of capital 3 8. The existence of the Clearing Union would movements must not be taken to mean that the make it possible for member States contracting era of international investment should be commercial agreements to use their respective brought to an end. On the contrary, the debit and credit positions with the Clearing system contemplated should greatly facilitate Union as a test, though this test by itself would the restoration of international loans and credits not be complete. Thus, the contracting parfor legitimate purposes in ways to be discussed ties, whilst agreeing to clauses in a commercial below. The object, and it is a vital object, agreement forbidding, in general, the use of is to have a means— certain measures or expedients in their mutual (a) of distinguishing long-term loans by trade relations, might make this agreement creditor countries, which help to maintain subject to special relaxations if the state of equilibrium and develop the world's their respective clearing accounts satisfied an resources, from movements of funds out agreed criterion. For example, an agreement of debtor countries which lack the means might provide that, in the event of one of the to finance them; and contracting States having a debit balance with (F) of controlling short-term speculative the Clearing Union exceeding a specified promovements or flights of currency whether portion of its quota on the average of a period, out of debtor countries or from one it should be free to resort to import regulation, creditor country to another. to barter trade agreements, or to higher import 36. It should be emphasised that the purpose duties of a type which was restricted under of the overdrafts of bancor permitted by the the agreement in normal circumstances. Pro- Clearing Union is, not to facilitate long-term, tected by the possibility of such temporary inor even medium-term, credits to be made by dulgences, the members of the Clearing. Union debtor countries which cannot afford them, but should feel much more confidence in moving to allow time and a breathing space for adjust- towards the withdrawal of other and more ments and for averaging one period with dislocating forms of protection and discriminaanother to all member States alike, whether in tion and in accepting the prohibition of the the long run they are well-placed to develop a worst of them from the outset. In any case, forward international loan policy or whether it should be laid down that members of the their prospects of profitable new development Union would not allow or suffer among themin excess of their own resources justifies them selves any restrictions on the disposal of receipts in long-term borrowing. The machinery and arising out of current trade or "invisible" organisation of international medium-term and income. long-term lending is another aspect of post-war IX. The Use of the Clearing Union for Other economic policy, not less important than the International Purposes purposes which the Clearing Union seeks to serve, but requiring another, complementary 39. The Clearing Union might become the ininstitution. strument and the support of international policies in addition to those which it is its VIII. Relation of the Clearing Union to Comprimary purpose to promote. This deserves mercial Policy the greatest possible emphasis. The Union 37. The special protective expedients which might become the pivot of the future economic were developed between the two wars were government of the world. Without it, other sometimes due to political, social or industrial more desirable developments will find themselves reasons. But frequently they were nothing impeded and unsupported. With it, they will more than forced and undesired dodges to pro- fall into their place as parts of an ordered tect an unbalanced position of a country's scheme. No one of the following suggestions overseas payments. The new system, by help- is a necessary part of the plan. But they are ing to provide a register of the size and where- illustrations of the additional purposes of high 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION importance and value which the Union, once (5) There are various methods by which the established, might be able to serve:— Clearing Union could use its influence and its (i) The Union might set up a clearing account powers to maintain stability of prices and to in favour of international bodies charged with control the Trade Cycle. If an International post-war relief, rehabilitation and reconstruc- Economic Board is established, this Board and tion. But it could go much further than this. the Clearing Union might be expected to work For it might supplement contributions re- in close collaboration to their mutual advantage. ceived from other sources by granting pre- If an International Investment or Development liminary overdraft facilities in favour of these Corporation is also set up together with a bodies, the overdraft being discharged over a scheme of Commodity Controls for the control period of years out of the Reserve Fund of the of stocks of the staple primary products, we Union, or, if necessary, out of a levy on surplus might come to possess in these three Institutions credit balances. So far as this method is a powerful means of combating the evils of adopted it would be possible to avoid asking the Trade Cycle, by exercising contractionist any country to assume a burdensome commit- or expansionist influence on the system as a ment for relief and reconstruction, since the whole or on particular sections. This is a resources would be provided in the first instance large and important question which cannot be by those countries having credit clearing ac- discussed adequately in this paper; and need counts for which they have no immediate use not be examined at length in this place because and are voluntarily leaving idle, and in the it does not raise any important issues affecting long run by those countries which have a the fundamental constitution of the proposed chronic international surplus for which they Union. It is mentioned here to complete the have no beneficial employment. picture of the wider purposes which the founda- (2.) The Union might set up an account in tion of the Clearing Union might be made to favour of any supernational policing body serve. which may be charged with the duty of pre- 40. The facility of applying the Clearing serving the peace and maintaining international Union plan to these several purposes arises out order. If any country were to infringe its of a fundamental characteristic which is worth properly authorised orders, the policing body pointing out, since it distinguishes the plan might be entitled to request the Governors of from those proposals which try to develop the Clearing Union to hold the clearing account the same basic principle along bilateral lines of the delinquent country to its order and and is one of the grounds on which the Plan permit no further transactions on the account can claim superior merit. This might be deexcept by its authority. This would provide scribed as its "anonymous" or "impersonal" an excellent machinery for enforcing a financial quality. No particular member States have to blockade. engage their own resources as such to the (3) The Union might set up an account in support of other particular States or of any favour of international bodies charged with the of the international projects or policies adopted. management of a Commodity Control, and They have only to agree in general that, if they might finance stocks of commodities held by find themselves with surplus resources which such bodies, allowing them overdraft facilities for the time being they do not themselves wish on their accounts up to an agreed maximum. to employ, these resources may go into the By this means the financial problem of buffer general pool and be put to work on approved stocks and "ever-normal granaries" could be purposes. This costs the surplus country notheffectively attacked. ing because it is not asked to part permanently, (4) The Union might be linked up with a or even for any specified period, with such Board for International Investment. It might resources, which it remains free to expend and act on behalf of such a Board and collect for employ for its own purposes whenever it them the annual service of their loans by auto- chooses; in which case the burden of finance is matically debiting the clearing account of the passed on to the next recipient, again for only country concerned. The statistics of the clear- so long as the recipient has no use for the ing accounts of the member States would give money. As pointed out above, this merely a reliable indication as to which countries were amounts to extending to the international in a position to finance the Investment Board, sphere the methods of any domestic banking with the advantage of shifting the whole system, which are in the same sense "imsystem of clearing credits and debits nearer to personal" inasmuch as there is no call on the equilibrium. particular depositor either to support as such JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION the purposes for which his banker makes outside the resources made available by the advances or to forgo permanently the use of Clearing Union and additional to them, it his deposit. There is no countervailing ob- might be better for such specific aid to take the jection except that which applies equally to place of the proposed overdrafts during the the technique of domestic banking, namely "relief" period of (say) two years. In this that it is capable of the abuse of creating ex- case credit clearing balances would be limited cessive purchasing power and hence an inflation to the amount of gold delivered to the Union, of prices. In our efforts to avoid the opposite and the overdraft facilities created by the evil, we must not lose sight of this risk, to Union in favour of the Relief Council, the which there is an allusion in 39 (5) above. But International Investment Board or the Comit is no more reason for refusing the advantages modity Controls. Nevertheless, the immediate of international banking than the similar risk establishment of the Clearing Union would not in the domestic field is a reason to return to the be incompatible with provisional arrangements, practices of the seventeenth century goldsmiths which could take alternative forms according (which are what we are still following in the to the character of the other "relief" arrangeinternational field) and to forgo the vast ex- ments, qualifying and limiting the overdraft pansion of production which banking principles quotas. Overdraft quotas might be allowed have made possible. Where financial contribu- on a reduced scale during the transitional tions are required for some purpose of general period. Or it might be proper to provide that advantage it is a great facility not to have to countries in receipt of relief or Lend-Lease ask for specific contributions from any named assistance should not have access at the same country, but to depend rather on the anonymous time to overdraft facilities, and that the latter and impersonal aid of the system as a whole. should only become available when the former We have here a genuine organ of truly inter- had come to an end. If, on the other hand, national government. relief from outside sources looks like being inadequate from the outset, the overdraft X. The Transitional Arrangements quotas may be even more necessary at the outset 41. It would be of great advantage to agree than later on. the general principles of the Clearing Union 43. We must not be over-cautious. A rapid before the end of the war, with a view to economic restoration may lighten the tasks bringing it into operation at an early date of the diplomatists and the politicians in the after the termination of hostilities. Major resettlement of the world and the restoration plans will be more easily brought to birth in the of social order. For Great Britain and other first energy of victory and whilst the active countries outside the "relief" areas the possispirit of united action still persists, than in bility of exports sufficient to sustain their days of exhaustion and reaction from so much standard of life is bound up with good and effort which may well follow a little later. expanding markets. We cannot afford to wait Such a proposal presents, however, something too long for this, and we must not allow exof a dilemma. On the one hand, many coun- cessive caution to condemn us to perdition. tries will be in particular need of reserves of Unless the Union is a going concern, the problem overseas resources in the period immediately of proper "timing" will be nearly insoluble. after the war. On the other hand, goods will It is sufficient at this stage to point out that be in short supply and the prevention of infla- the problem of timing must not be overlooked, tionary international conditions of much more but that the Union is capable of being used so importance for the time being than the opposite. as to aid rather than impede its solution. The expansionist tendency of the plan, which is XI. Conclusion a leading recommendation of it as soon as peace-time output is restored and the productive 44. It has been suggested that so ambitious capacity of the world is in running order, might a proposal is open to criticism on the ground be a danger in the early days of a sellers' market that it requires from the members of the Union and an excess of demand over supply. a greater surrender of their sovereign rights 41. A reconciliation of these divergent pur- than they will readily concede. But no greater poses is not easily found until we know more surrender is required than in a commercial than is known at present about the means to be treaty. The obligations will be entered into adopted to finance post-war relief and recon- voluntarily and can be terminated on certain struction. If the intention is to provide conditions by giving notice. resources on liberal and comprehensive lines 45. A greater readiness to accept super- 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION national arrangements must be required in the mote indiscipline, disorder and bad-neighbourlipost-war world. If the arrangements proposed ness which, to the general disadvantage, they can be described as a measure of financial dis- have been free to exercise hitherto, armament, there is nothing here which we need 46. The plan makes a beginning at the future be reluctant to accept ourselves or to ask of economic ordering of the world between nations others. It is an advantage, and not a dis- and "the winning of the peace." It might advantage, of the scheme that it invites the help to create the conditions and the atmosphere member States to abandon that licence to pro- in which much else would be made easier. JUNE 1943 52.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS ' Federal Reserve Meetings ing the period April 16, 1943 to May 15, 1943, A meeting of the Federal Open Market Com- inclusive: mittee was held on May 15, 1943. District of Columbia The Federal Advisory Council held its second Anacostia—The Anacostia Bank, Anacostia, meeting of the year on May 2.3-2.4, 1943. On D. C. May 14 the members of the Council met with the Illinois Board of Governors. Chicago—Austin State Bank Appointment of Class C Director Forest Park—First State Bank of Forest Park The Board of Governors of the Federal Reserve Melvin—Commercial State Bank of Melvin System on May 10, 1943 announced the appoint- Sidell—Sidell State Bank ment of Mr. Lyle L. Hague, Cherokee, Okla- Indiana homa, as Class C Director of the Federal Reserve New Albany—Mutual Trust and Deposit Com- Bank of Kansas City for the unexpired portion pany of the term ending December 31, 1945. Mr. Michigan Hague owns and operates a farm in Alfalfa Leslie—The Peoples Bank of Leslie County, Oklahoma. Montana Election of Class B Director Havre—The Hill County State Bank of Havre The Federal Reserve Bank of Chicago on May New York 18, 1943 announced the election of Mr. William C. Heath, President, A. O. Smith Corporation, Gouverneur—Bank of Gouverneur Milwaukee, Wisconsin, as a Class B director of Ohio the Federal Reserve Bank of Chicago to fill the And over—The And over Bank unexpired portion of the term ending December Delta—The Farmers State Savings Bank 31* 1945- Elyria—The Lorain County Savings & Trust Company Appointment of Branch Directors Fayette—The Farmers State Bank Company On May 17, 1943 the Board of Governors of McClure—The Farmers State Bank of Mcthe Federal Reserve System announced the ap- Clure, Ohio pointment of Mr. Charles S. Lee of Oviedo, Stryker—The Farmers State Bank of Stryker Florida, as a director of the Jacksonville Branch Wauseon—The Peoples State Bank of the Federal Reserve Bank of Atlanta for the Pennsylvania unexpired portion of the term ending December Walnutport—Walnutport State Bank 31, 1945. Mr. Lee is engaged in farming and cattle raising. Texas The Board on May 14, 1943 announced the Avinger—The First State Bank appointment of Mr. W. C. Arthur, President Utah of Talon, Inc., Meadville, Pennsylvania, as a Tremonton—Bear River State Bank director of the Pittsburgh Branch of the Federal Virginia Reserve Bank of Cleveland for the unexpired Boydton—Farmers Bank of Boydton portion of the term ending December 31, 1944. Clarksville—Citizens Bank and Trust Company Admissions of State Banks to Membership of Clarksville The following State banks were admitted to Washington membership in the Federal Reserve System dur- Chelan—Miners' and Merchants' Bank FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled May ig and released for -publication May 22. Figures shoivn on charts may differ from preliminary figures used in text. Industrial activity in April and the early part in April, while output of dairy products and of May increased somewhat further, and retail other manufactured food products was maintrade was maintained in large volume. tained. Volume of output in chemical plants continued to gain. Production of other non- INDUSTRIAL PRODUCTION durable manufactures showed little change. The Board's index of total industrial output There was a decline in bituminous coal prorose slightly in April, reflecting further increases duction in the last week of April, following the in activity in war industries, while output in breaking off of negotiations for a new wage most other lines showed little change. contract, but output increased in the early part Production of armaments in the machinery of May. Production of coal in March had been and transportation equipment industries rose to at an exceptionally high level. Stocks on May new high levels. Activity at steel mills in- 1 were considerably higher than a year ago and creased somewhat further. Lumber production for bituminous coal were estimated to be showxd the usual seasonal rise in April and was equivalent to 55 days' supply for industrial purat a level about 10 per cent less than a year ago, poses. In May the Government took over the when problems of maintaining an adequate labor bituminous coal mines. supply in the industry began to develop, la Value of construction contracts awarded dethe cement industry, where production usually clined in April, reflecting reductions in contracts advances sharply during the spring months, for Federal work, according to the F. W. Dodge production has shown little change this year, Corporation. Total residential awards in reflecting chiefly the restricted volume of current March and April were at the lowest levels for construction activity. these months in a number of years. Total output of manufactured foods in April continued below the seasonally adjusted peak DISTRIBUTION level reached at the end of last year. Meat- Sales at department and variety stores inpacking and flour production showed decreases creased in April, but the rise was less than INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935 - 39 • 100 f ER CENT PER 220 220 180 200 200 |60 180 / / 180 140 160 1 60 J 120 / 140 1 40 100 1 20 f 1 2 0 80 1 00 \ 1 00 / 60 8Q 80 1 1937 1938 1939 1940 1941 1942 1943 1937 1938 1939 1940 1941 1942 Federal Reserve index. Monthly figures, latest shown is for April. Federal Reserve indexes. Monthly figures, latest shown are for April. JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS usually occurs when Easter falls late in the built up during the recent drive, there was a month. Mail-order sales, principally to per- growth of bank deposits subject to reserve resons in small towns and rural areas, showed quirements and a decrease in member bank excess about the usual seasonal rise. Value of sales reserves. Continued withdrawals of currency in April continued at a level substantially higher also reduced bank reserves. Nevertheless, the than a year ago but, with prices higher, the reserves of member banks were sufficient to enphysical volume of goods sold was probably able them to make substantial repurchases of about the same as in the corresponding period bills which had been sold to the Reserve Banks last year. under option. In addition, the Federal Reserve Carloadings of revenue freight were main- System sold some bonds in response to a market tained in large volume in April and the first demand. week of May. Ore shipments showed a seasonal Government security holdings at reporting rise beginning in the last half of April, a month member banks in 101 leading cities increased by later than in 1941 when the movement was 4.3 billion dollars in the four weeks ending unusually early. May ix. These increases reflected purchases of COMMODITY PRICES new issues during the War Loan Drive, as well Wholesale prices of most commodities showed as substantial market purchases. little change from the middle of April to the In New York City, loans to brokers and dealmiddle of May. Retail food prices continued ers for purchasing or carrying securities increased to advance sharply in the latter part of March by 860 million dollars during the three weeks of and the early part of April and the indexes the War Loan Drive, and subsequently declined showed increases of 6 per cent as compared with in the first three weeks of May; these changes January. Retail prices of most other items in reflected almost entirely activity in loans for the cost of living showed smaller increases in purchasing or carrying Government securities, that period. Plans for more effective enforcewhich on May 19 amounted to 580 million ment of price ceilings have been announced. dollars of the total 1,02.0 million dollars out- BANK CREDIT standing; other loans to brokers and dealers by During May, as the Treasury made disburse- New York City banks rose by 90 million dollars ments out of war loan accounts, which had been from the end of March to May 19. COST OF LIVING MEMBER BANK RESERVES 60 150 - - 14 40 140 J 12 130 130 j 10 / y 20 120 REQUIRE0 RESERVES} FOODS , 8 10 /f A-L ITEMS 110 6 s - 100 i 4 (CESS RESERVE - s** 1E> 90 2 80 1 - 1937 1938 1940 1941 1942 1943 Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Mid-month Breakdown between required and excess reserves partly estimated. figures, latest shown are for April. Wednesday figures, latest shown are for May 19. FEDERAL RESERVE BULLETIN 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 517 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 5x8 Federal Reserve Bank statistics 52-9—533 e Guaranteed war production loans 533 Reserve position of member banks; deposits in larger and smaller centers 534 Money in circulation 535 Gold stock; Postal Savings System; bank suspensions; bank debits... 536 All banks in the United States, number, deposits, loans and investments 537 Condition of all member banks 538—539 e Weekly reporting member banks 54°~543 Commercial paper, bankers* acceptances, and brokers' balances... 544 Money rates and bond yields , 545 Security markets 546-547 Corporate profits 548 Treasury finance 549—551 Government corporations and credit agencies 552. Business indexes 553~5^1 Department store statistics 562.-563 Consumer credit statistics 564-565 Wholesale prices 566 Employment in nonagricultural establishments. . . 567 Current statistics for Federal Reserve chart book 568-569 Condition of insured commercial banks in United States and possessions, Dec. 31, I942. and June 30, 1941 570 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. JUNE 1943 515 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 16 12 1937 1938 1939 1940 1941 1942 1943 Latest figures for May 19. See page 527. 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] Keserve tfanK credit outstanding Member bank reserve Date c B o d e i u i l d s n l - s t- T U o . t a S l s . e G T cu r o a b u e r v n i r i a l d e y t l s i r s - e n s m o e A n th t ll er ot A h l e l r i Total s G to o c ld k T s r t r c e u o i a e n n u r u n a y g c r t d - s y - - - M i c n t u o i c o l n a i n e r - - y T c i h r n u a o e g r s l a y h s d s - - u F T B p r e w s y o r d a R e e i s n e r e d t a i v - h r k t e s a e s s - - l b p N m e o r o e s m n d i - t e - s - c O s F o e e R a t e u r r c h e v d a - n - e e l - t r s To b ta a l lanc E e x s cess2 certificates Monthly averages of daily figures: 1942—Feb.... 4 2,249 2,249 136 2,389 22,729 3,263 11,328 2,189 377 1,292 288 12,908 3,309 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 Apr 7 2,275- 29 2,246 151 2,432 22,679 3,281 11,645 2,178 197 1,428 295 12,649 2,951 1943—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 g 1 164 287 13 2S5 1 884 Apr. 14 6,372 3',346 3,026 373 6*, 758 22,511 4^002 16^448 2^231 276 1,'296 303 12//17 l',949 End of month figures: 1942-Feb. 28 .... 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 Apr. 30 7 2,357 91 2,265 105 2,468 22,691 3,289 11,767 2,182 201 1,345 295 12,658 2,791 1943—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 Apr. 30 13 6,455 3,427 3,028 378 6,846 22,473 4,012 16,660 2,235 557 1,369 306 12,204 2,315 Wednesday figures: 1942-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 Julv 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 i 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 I 229 5,083 22,742 3,377 14,648 2,239 68 1,233 267 12,746 2,518 Dec. 2 9 5,140 1,217 3,923 311 5,460 22,743 3,381 14,848 2,243 94 1,300 259 12,840 2,504 Dec. 9 9 5,546 1,495 4,051 ! 258 5,813 22,743 3,383 14,986 2,192 60 1,183 252 13,267 2,804 Dec. 16 9 5,537 1,460 4,077 508 6,055 22,744 3,440 15,092 2,184 13 1,163 269 13,517 2,637 Dec. 23 10 5,627 1,515 4,112 655 6,292 22,735 3,569 15,329 2,182 497 1,191 268 13,129 2,192 Dec. 30 5 5,989 1,856 4 133 435 6,428 22,726 3,628 15,407 2,194 811 1,315 266 12, 788 1,656 1943—Jan. 6. 6,032 1,895 4 138 341 6,378 22,712 3,660 15,393 2,192 273 1,172 256 13,464 2,326 Jan. 13 7 5,975 1,841 4,' 134 292 6,274 22,712 3^697 15,322 2,190 329 1,308 255 13, 279 2,149 Jan. 20 10 5,818 1,701 4,117 367 6,195 22,703 3,747 15,354 2,196 374 1,311 255 13,156 1,998 Jan. 27 10 5,729 1,690 4,039 252 5,992 22,692 3,793 15,438 2,199 122 1,181 258 13,278 2,094 Feb. 3 9 5,475 1,588 3,887 283 5,766 22,663 3,846 15,666 2,200 49 1,156 262 12,942 1,700 Feb. 10 13 5,719 1,939 3,780 250 5,983 22,642 3,885 15,798 2,209 280 1,213 264 12,747 1,640 Feb. 17 9 5,795 2,083 3,712 410 6,214 22,642 3,915 15,845 2,221 188 1,158 268 13,093 1,992 Feb. 24 11 5,931 2,275 3,656 281 6,223 22,643 3,925 15,952 2,223 258 1,171 270 12,917 1,788 Mar. 3....... 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16,205 2,218 5 1,179 276 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 1,175 302 13,110 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 13,144 2,147 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 2,293 Apr. 28 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5....... 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. JUNE 1943 52-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Federal Reserve Bank A G d t o i v o v a n e n s r c n m e m s a e s t n u e t c r i u o n r b g e l d i o g b r a y - b m e a y t o u n r d in o g n o e r y c e a a l r l a a b n l d e Other secured advances (last par. Sec. 13) callable in one year discounts of and [Sec. 10(b)] or less (Sec. 13) advances secured by eligible paper To nonmember banks To others (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Rate Effective Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 Oct. 27, 1942 D Sa a n l l F as ra .. n ci m sco O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 21 4 , , 1 1 9 9 4 4 2 2 O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 S A e p p r t . . 1 4 6 , , 1 1 9 9 4 3 2 9 O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations ofif the Federal Farm Mortgage Corporati. on or th-e_ .H_. ome jO.,w. ner• s—'. Loan— C—o rpora.•t ion guara.n tete d a1s to pri.n.c«AiIp aAMl/4 anidnf /Min4t/e\nr4e- sKtIT b4y-UA theI tUMnf/\iHte dv rnSftoant esAI,* onri Tb yA HoIWbligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); 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 Rate on In effect be- Previous Maturity May 31 ginning- rate [In effect May 31. Per cent per annum! B Tr a 1 e n - a k s e 9 u r 0 r s y ' d a b a c i y c l s l e s p 1 tances :2 A O p c r t. . 3 2 0 0 , , 1 1 9 9 3 4 3 2 To c b o in u m s d i m u n s e e t s r r c s i e i a a s l l or To financing institutions 91-120 days do 121-180 days do Discounts o Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. On On On com- 2 Minimum buying rates on prime bankers acceptances. fo p r o w rt h io ic n h On re- mitments institu- maining MEMBER BANK RESERVE REQUIREMENTS tion is portion [Per cent of deposits] obligated Boston (3) Net demand deposits1 Time New York (3) deposits Philadelphia. (3) C r b e c e a s i n e n t r y t k v r s a e F R b e c a s i n t e y k rv s e C b o a u n n k tr s y m ba e n ( m a k l b s l e ) r A R C C i h t l c l e i a h c v n a m e g ta o l o a n n d d... 23^ ( - ) 5 ( 0 (3 3 ) ) A June21, 1917-Aug.15, 1936 13 10 7 St. Louis i-iy2 V2-I M M A Ap u a a y r g r . . . 1 1 6 1 6 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 7 7 8 - - - - F A A O e p p c b t r r . . . . 2 3 3 1 8 0 1 5 , , , , 1 1 1 1 9 9 9 9 3 3 4 3 7 7 1 8 1 2 2 2 6 9 2 2 K ^ ^ 2 1 1 1 0 5 7 7 3 ^ ^ 1 w 1 1 2 4 2 y H 2 M K D Sa a a i n n l n 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 ( ((J 2 ) ) ) Nov. 1, 1941-Aug.19, 1942 26 20 14 S A E e f u f p g e t . c . t 2 i 1 v 0 4 e , , 1 1 O 9 9 4 c 4 2 t 2 . - - S O 3 e , c p t 1 . t 9 . 4 1 2 3 2 , , 1 19 9 4 4 2 2 2 2 2 0 2 4 2 2 2 0 0 0 1 1 1 4 4 4 2 3 1 R R In a a c t t l e e u d c c h h in a a g r r g g l e e o d d a n b b s o o m r r r r o a o w d w e e e r i r n . l e p s a s r c ti o c m ip m at i i t o m n e n w t it r h a t f e i . nancing institutions. 1 See footnote to table on p. 534 for explanation of method of computing lo 4 w M er. ay charge same rate as charged borrower by financing institution, if net demand deposits. 5 Financing institution is charged M per cent on undisbursed portion of loan under commitment. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by Prescribed by Board of Governors of the Federal the Board of Governors under provisions of Regulation Q Reserve System in accordance with Securities [Per cent per annum] Exchange Act of 1934 Nov. 1,1933- Feb. 1, 1935- Effective Jan.31,1935 Dec. 31, 1935 Jan.1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T Savings deposits ^ For short sales, under Regulation T Postal savings deposits... For loans by banks on stocks, under Regulation U.... Other deposits payable: In 6 months or more 2% 1 Regulations T and U limit the amount of credit that may be extended on In 90 days to 6 months. a security by prescribing a maximum loan value, which is a specified In less than 90 days.... 1 percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective Feb. 1, 1936, are the ^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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1943 1943 1942 May 19 May 12 May 5 Apr. 28 Apr. 21 Apr. 14 Apr. 7 ar. 31 Apr. Mar. Apr. Assets Gold certificates on hand and due from U. S. Treasury 20,234,91520,234,91220,255,91520,258,91520,274,91520,294,417 10,337,41620,371,41220,257,915 10,371,412 10,495,411 Redemption fund—F. R. notes.. 44,846 46,950 47,187 45,612 41,083 42,245 40/ " " 41,990 45,298 41,990 14,551 Other cash 365,092 354,831 352,111 357,756 353,514 359,266 361,702 371,270 353,263 371,270 314,130 Total reserves. 20,644,85320,636,69320,655,21320,662,28320,669,51220,695,928 20,739,82620,784,67220,656,47620,784,672 10,824,092 Bills discounted: For member banks 10,083 25,170 25,743 11,133 10,938 12,280 10,221 13,163 10,221 7,024 For nonmember banks, etc. 1,000 1,000 2,500 2,500 1 Total bills discounted.... 10,083 25,170 15,043 25,743 11,133 11,938 13,280 12,721 13,163 12,721 7,025 Industrial advances.... 13,047 13,333 13,773 12,795 14,590 13,771 12,947 12,658 12,668 12,658 9,948 U.S. Government securities: Direct: Bonds 1,790,451 1,831,051 1,907,351 2,016,551 2,016,551 2,034,351 2,027,251 1,983,651 2,016,551 1,983,651 1,569,124 Notes 933,800 946,600 954,700 956,700 956,700 956,700 953,200 957,100 956,700 957,100 692,500 Certificates: Special one-day Other 1,099,200 1,099,200 1,066,150 997,375 997,375 997,375 983,375 849,675 997,375 849,675 Bills: Under repurchase option 1,199,029 1,232,596 1,436,326 1,270,613 1,182,459 1,545,071 1,473,027 1,240,286 1,377,02? l,240,28€ Other 961,592 1,009,389 1,114,214 1,052,173 1,122,338 1,117,690 1,059,977 846,22" 1,052,572 846,22 91,302 Guaranteed 53,616 53,616 52,116 53,491 53,491 53,491 52,191 42,191 54,49: 42,19: 3,600 Total U.S. Government securities, direct and guaranteed 6,037,688 6,172,452 6,530,857 6,346,903 6,328,914 6,704,678 6,549,021 5,919,131 6,454,718 5,919,13C 2,356,526 Other Reserve Bank credit outstanding , 373,474 314,711 290,308 269,629 360,237 373,357 272,514 246,94 365,317 246,942 94,796 To c t r a e l d m it R o e u se ts r t v a e n di B n a g n . k .. 6,434,292 6,525,666 6,849,981 6,655,070 6,714,874 7,103,744 6,847,762 6,191,45: 6,845,866 6,191,45 2,468,295 Liabilities F.R. notes in actual circulation. 13,254,74213,200,50113,158,37513,068,00212,969,90612,905,49412,839,09212,758,49i 13,127,75512,758,496 8,821,063 Deposits: Member bank—reserve account , 11,882,03311,805,32911,909,22312,148,98112,318,15613,143,68013,110,15612,759,30C 12,204,31612,759,30012,657,628 U. S. Treasurer—general account 379,051 630,214 721, 442,690 471,488 128,040 213,257 54,843 556,867 54,843 200,908 Foreign 929,595 902,319 994,295 910,841 911,865 915,25f 876,420 879,39= 899,756 879 395 958,995 Other deposits 377,860 369, 700 473,490 499,269 460,489 460,874 298,964 287,085 469,704 287, 386,471 Total deposits.. 13,568,53913,707,56214,098,87514,001,78114,161,99814,647,84614,498,79713,980,62;*14,130,64313,980,62314,204,002 Ratio of total reserves to deposit and F.R. note liabilitiescombined (per cent) 77.C 76.7 75.8 76.3 76.2 75.1 77. 77.7 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o o d n a 6 t y h s s 6 l m y t o e o n ar ths 2 l > y e t e o a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Apr 21 11,133 7,703 2,630 100 700 Apr 28 25,743 24,788 255 700 May 5 15,043 14,018 50 700 275 May 12 25,170 19,275 4,880 700 315 May 19 10,083 5,113 3,955 740 275 [ndustrial advances: Apr 21 14,590 11,330 156 239 218 992 827 650 178 Apr. 28 12,795 9,670 157 192 238 989 701 670 178 May 5 13 773 9,939 149 218 1,456 391 782 665 173 May 12 . . 13,333 6,327 4,194 224 667 355 749 661 156 May 19 13,047 10,389 39 221 654 351 579 658 156 U. S. Government securities, direct and guaranteed: Apr. 21 6,328,914 489,839 463,130 865,785 947,743 314,250 571,400 351,100 883,221 1,442,446 Apr 28 6,346,903 606,067 453,965 841,831 879,423 317,450 571,400 351,100 883,221 1,442,446 May 5 6,530,857 438,040 317,824 1,146,963 1,014,923 500,340 544,100 349,100 886,121 1,333,446 May 12 6,172,452 413,165 188,100 1,244,997 778,968 491,855 570,100 342,600 886,521 1,256,146 May 19 J,037,688 272,055 445,795 1,009,238 806,103 502,530 570,100 336,000 880,321 1,215,546 JUNE 1943 5x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S o t u . is M a i p n o n l e is - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Apr. 21 20,274,915 ,226,786 464,0371,322,1281,893,8851,067,044 884,7323,697,950 634,698 466,,360 751,934596,120 2,269,241 Apr. 28 20,258,915 ,223,677 ,571,720 ,293,2261,890,2271,072,034 883,5373,707,962 621,071458,865 728,226585,332 2,223,038 May 5 20,255,915 ,230,646 ,467,936 ,330,3731,890,"8"4"9 1,069,485 901,7923,608,440 621,560 ',734 828,851618,2982,216,951 May 12 20,234,912 ,213,618 ,611,2511,297, ',834,863 1,091,171 917,5843,620,022 586,431481,097 782,300 ,0742,192,701 May 19 20,234,915 ,180,611 ,696,729 1,269,908 1,851,4781,049,763 905,283 "3,654,494 566,345 456.!,601 758,404596,0"0"7 2,,249,292 Redemption Fund- Federal Reserve notes: Apr. 21 41,083 2,: 1,723 5,832 584 7,542 2,019 1,279 10,845 320 596 638 7,457 Apr. 28 ' 45,612 3,186 1,470 5,700 510 6,825 1,963 1,200 15,819 313 581 622 7,423 May 5 47,187 3,129 1,171 5,581 446 8,185 2,905 1,130 15,797 306 566 607 7,364 May 12 46,950 3,081 1,921 5,471 384 2,605 2,866 1,069 15,775 301 552 594 7,331 May 19 44,846 2,948 1,626 5,348 283 6,959 2,752 998 15,739 281 523 579 6,810 Other cash: Apr. 21.. 353,514 33,271 88,667 23,730 39,366 18,247 17,080 44,479 16,077 7,703 11,409 9,593 43,892 Apr. 28. 357,756 34,414 90,421 25,842 37,184 19,599 17,883 45,353 15,529 7,947 11,974 10,283 41,327 May 5.. 352,111 33,345 87,845 26,840 38,600 20,187 17,250 44,524 14,318 8,074 10,735 10,228 40,165 May 12. 354,831 33,138 87,789 25,357 35,163 35,473 17,277 42,671 14,127 7,897 10,271 10,458 35,210 May 19. 365,092 32,393 88,161 24,582 36,599 33,976 16,367 40,664 13,696 8,341 19,256 11,095 39,962 Total reserves: Apr. 21 20,669,512 ,262,3055,554,4271,351,690 1,933,8351,092,833 903,8313,743,708 661,620 474,383 763,939 606,3512,320,590 Apr. 28 20,662,283 ,261,2775,663,6111,324,7681,927,9211,098,458 903,3833,754,515 652, • ,125 740,781596;237 2,271,788 May 5 20,655,213 ,267,1205,556,9521,362,7941,929,8951,097,857 921,9473,654,094 651,675 479,,114 840,152 629,133 2,264,480 May 12 20,636,693 ,249,8375,700,9611,328, ""1,870,4101,134,249 937, 72"7 3,,663,762 616,333 489,,295 793,123617,1262,235,242 May 19 20,644,853 ,215,9525,786,5161,299,8381,888,5601,090,698 924,4023,696,156 595, ,223 778,183 607,6812,296,064 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Apr. 21 11,133 1,750 4,528 385 250 55 4,000 125 Apr. 28 25,743 850 12,618 320 200 10,993 342 125 May 5 15,043 950 7,548 225 100 5,900 225 May 12 25,170 3,330 17,798 547 2,100 500 500 225 30 May 19 10,083 3,165 4,958 515 50 500 500 225 30 Other bills discounted: Apr. 21 Apr. 28 May 5 May 12 May 19 Total bills discounted: Apr. 21 11,133 1,750 4,528 385 250 55 4,000 125 Apr. 28 25,743 850 12,618 320 200 10,993 342 250 125 May 5 15,043 950 7,548 225 100 5,900 225 May 12 25,170 3,330 17,798 547 2,100 500 500 225 30 May 19 10,083 3,165 4,958 515 50 500 500 225 30 Industrial advances: Apr. 21 14,590 1,548 606 4,495 1,202 491 353 210 1,563 4,025 Apr. 28 12,795 1,548 606 4,389 1,063 511 320 193 43 4,025 May 5 13,773 1,747 606 4,451 1,137 490 309 78 833 4,025 May 12 13,333 1,747 606 4,909 1,090 490 276 60 42 4,025 May 19 13,047 1,747 605 4,818 893 489 291 49 42 4,025 U. S. Government securities, direct and guaranteed: Bonds: 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 Apr. 28 2,042,567 148,944 510,605 154,894 196,123 127,150 103,613 266,016 97,077 60,993 97,619 81,298 198,235 May 5 1,936,467 141,211 484,403 146,902 185,959 120,477 98,156 252,058 92,023 57,827 92,548 77,066 187,837 May 12 1,861,667 135,738 463,669 140,895 178,634 116,244 94,829 243,199 88,543 55,576 88,969 74,156 181,215 May 19 1,821,067 132,765 452,224 137,602 174,648 113,986 93,067 238,472 86,661 54,353 87,027 72,584 177,678 Notes: Apr. 21 984,175 71,769 246,522 74,715 94,533 61,162 49,811 127,960 46,757 29,393 47,037 39,157 95,359 Apr. 28 984,175 71,766 246,026 74,633 94,500 61;262 49,923 128,176 46,774 29,388 47,035 39,175 95,517 May 5 977,700 71,294 244,572 74,167 93,888 60,827 49,559 127,264 46,458 29,198 46,728 38,908 94,837 May 12 969,600 70,694 241,487 73,379 93,039 60,542 49,390 126,664 46,115 28,949 46,338 38,623 94,380 May 19 956,800 69,755 '237,603 72,299 91,759 59,888 48,897 125,296 45,534 28,559 45,722 38,134 93,354 Certificates: 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 Apr. 28 997,37. 72,729 249,326 75,634 95,766 62,087 50,594 129,894 47,402 29,783 47,666 39,697 96,797 May 5 1,066,150 77,746 266,695 80,879 102,382 66,331 54,041 138,774 50,665 31,837 50,953 42,430 103,417 May 12 1,099,200 80,145 273,768 83,190 105,473 68,635 55,991 143,594 52,279 32,814 52,531 43,784 106,996 May 19 1,099,200 80,137 272,963 83,056 105,418 68,802 56,176 143,942 52,309 32,808 52,530 43,812 107,247 Bills: Under repurchase option: Apr. 21 1,182,459 4,673 770,645 15,330 3,825 10,952 7,180 171,950 132,403 1,415 22,786 41,300 Apr. 28 1,270,613 6,538 824,395 10,180 3,175 12,222 7,180 207,150 134,873 9,515 16,945 38,440 May 5 1,436,326 11,560 924,769 9,180 13,325 10,529 7,180 222,200 155,673 965 13,245 67,700 May 12 1,232,596 15,735 701,919 32,180 7,100 7,104 7,380 184,830 176,578 745 12,195 86,830 May 19 1,199,029 19,150 667,319 29,210 2,325 15,541 1,480 186,096 188,193 8,770 7,245 73,700 53° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—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- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - C sa it s y Dallas F c r is a c n o - Other bills: Apr. 21 1,122,338 81,737 280,754 85,089 107,660 71,034 56,727 145,729 53,369 33,474 53,568 44,593 108,604 Apr. 28 1,052,173 76,266 261,452 79,312 100,42^ 65,106 53,054 136,212 49,708 31,231 49,985 41,628 107,795 May 5 1,114,214 81,247 278,706 84,522 106,993 69,318 56,475 145,024 52,946 33,321 53,248 44,340 108,074 May 12 1,009,389 73,487 251,026 76,279 97,711 62,934 51,840 131,666 47,936 30,088 48,167 40,147 98,108 May 19 961,59: 70,105 238,791 72,659 92,220 60,189 49,143 125,922 45,760 28,701 45,954 38,327 93,821 U. S. Government securities, direct and guaranteed—Total: 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 Apr. 28 6,346,903 376,2432,091,804 394,653 489,988 327,827 264,364 867,448 375,834160,910 259,250201,798 536,784 May 5 6,530,857 383,0582,199,145 395,650 502,547 327,482 265,411 885,320 397,765153,148 256,722202,744 561,865 May 12 6,172,452 375,799 ,931,869 405,923 481,957 315,459 259,430 829,953 411,451148,172 248,200196,710 567,529 May 19 6,037,688 371,9121,868,900 394,826 466,370 318,406 248,763 819,728 418,457153,191 238,478192,857 545,800 Total bills and securities: Apr. 21 6,354,637 383,1652,064,517 410,795 499,256 332, 267,980 844,956 376,950155,280 270,241204,847 543,844 Apr. 28 6,385,441 378,6412,105,028 399,362 491,096 328,538 275,677 867,859 375,834 61,353 259,293 201,951 540,809 May 5 6,559,673 385,7552,207,299 400,326 503,729 328,072 271,620 885,389 397,765 53,226 257,605202,997 565,890 May 12 6,210,955 380,8761,950,273 411,379 483,087 318,049 260,206 830,522 411,501 .48,232 248,292196,954 571,584 May 19 6,060,818 376,8241,874,463 400,159 467,303 318,945 249,554 820,297 418,507153,240 238,570193,101 549,855 Due A fr p o r m . 2 f 1 oreign banks: J118 Apr. 28 May 5 ,18 May 12 May 19 1108 1108 Federal Reserve notes of other banks: 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 Apr. 28 59,678 1,354 8,853 2,271 2,717 5,702 6,031 7,018 6,096 1,765 7,190 2,510 8,171 May5 62,018 1,109 10,057 2,465 2,790 5,612 6,661 7,051 5,582 1,526 6,786 2,817 9,562 May 12 57,536 1,266 9,450 2,109 2,99; 5,765 5,864 6,534 4,513 1,391 6,836 2,904 7,907 May 19 57,""" 1,238 9,07: 2,038 3,06; 5,085 5,058 6,153 4,503 1,762 7,400 2,686 9,027 Uncollected items: 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 Apr. 28 1,564,092 136,651 328,243 90,43: 195,745 110,464 92,486 225,243 70,092 37,469 72,111 63,043 142,113 May 5 1,560,090 144,881 320,609 94,246 171,986 104,894 96,595 233,217 61,393 35,070 72,324 52,251 172,624 May 12 1,527,714 134,932 318,718 94,439 170,821 104,163 94,610 216,709 71,738 29,809 81,326 60,746 149,703 May 19 1,622,501 143,316 363,670 92,468 185,313 109,361 96,155 232,418 71,094 31,343 85,765 63,500 148,098 Bank premises: Apr. 21 38,991 2,708 9,768 4,719 4,289 3,030 1,684 2,902 2,099 1,302 2,784 1,033 2,673 Apr. 28 38,970 2,703 9,768 4,719 4,289 3,024 1,682 2,902 2,'""" 1,302 2,784 1,033 2,666 May 5 38,916 2,703 9,750 4,708 4,289 3,024 1,682 2,896 2,095 1,300 2,778 1,025 2,666 May 12 38,916 2,703 9,750 4,708 4,289 3,024 1,682 2,896 2,095 1,300 2,778 1,025 2,666 May 19 38,916 2,703 9,750 4,708 4,289 3,024 1,681 2,896 2,095 1,300 2,778 1,026 2,666 Other assets: Apr. 21 74,291 4,817 17,963 5,451 8,44! 4,967 3,560 9,308 3,406 2,279 3,476 3,038 7,579 Apr. 28 75,190 4,908 18,209 6,174 8,604 4,789 3,631 9,598 3,486 2,268 3,509 3,090 6,924 May 5 71,993 4,727 17,269 5,264 8,495 4,548 3,524 9,455 3,308 2,283 3,463 3,042 6,615 May 12 71, " 4,749 17,401 5,09" 8,194 4,653 3,603 9,550 3,326 2,293 3,363 2,973 6,684 May 19 71,879 4,734 17,461 4,922 8,356 4,611 3,577 9,236 3,337 2,343 3,379 3,094 6,829 Total assets: Apr. 21... 28,851,894 ,807,9887,988,9191,856,2242,642,1531,554,265 1,286,715 4,855,3971,126,841670,3061,120,910 887,,4473,054,729 Apr. 28 28,785,70 ,785,5378,133,7301,827,7312,630,3761,550,9771,282,892 4,867,1411,110,026671,2821,085,669867, ",972,475 May 5 28,947,950 ,806,2988,121,9~5~4 1,869,8082,621,1881,544,0091,302,0314,792,1081,121,819672,5191,183,109891,266 3,021,841 May 12 28,543,83' ,774,3668,006,6611,846,3652,539,8021,569,90.1,303, ,729,9791,109,507672,3201,135,719 881,729 2,973,790 May 19 28,496,193 ,744,7708,061,0401,804,1382,556,6921,531,7261,280,429 4: ; , 767,1612,095,317655,2111,116,076871,0893,012,543 Liabilities Federal Reserve notes in actual circulation: Apr. 21 12,969,906 952,6352,863,376 921,0121,197,313 831,441 626,597 ,559,890 547,695329,325 458,453 281,7531,400,416 Apr. 28 13,068,002 957,1382,868,866 925,1001,200,619 838,861 644,868 ,573,517 552,085330,755 463,107 287,5891,425,497 May 5 13,158,37; 960, 7"2'9 2,885,201 926,4521,200,644 849,595 659,633 ,587,505 556,071330,317 469,792296,3141,436,122 May 12 13,200,50: 963,2412,895,811 930,7851,209,582 849,880 662,809 ,596,786 557,058 331,257 469,969 229944,5941,438,729 May 19 13,254,74: 956, ,920,097 936,9981,213,697 851,221 661,634 ,616,833 558,596 332,!811 471,038292,4971,442,356 Deposits: Member bank—reserve account: Apr. 21 12,318,15* 640,534 3,,930,936 705,1811,115,575 523,464 514,0961,877,297 427,767252,644 526,858 492,1541,311,650 Apr. 28 12,148,98: 612,5514,032,669 678,9831,082,696 516,282 505,7461,882,146 411,241247,422 490,700465,7041,222,841 May 5 11,909,22- 610,9853,892,268 675,0291,054,749 508,261 497,0281,761,915 413,253253,379 550,583474,7861,216,987 May 12 11,805,325 594,6463,909,11 663,7421,022,857 513,322 490,3051,713,410 408,349235,317 531,257473,5481,249,462 May 19 11,882,03. 592,6133,966,489 637,4651,052,934 492,015 463,7251,782,994 396,582 245,727 518,566463,7221,269,201 U. S. Treasurer—general account: April 21 471,48* 33,464 133,092 30,736 42,87! 30,786 17,356 47,891 25,521 20,553 21,141 16,073 51,997 Apr. 28 442,69C 39,243 122,236 17,387 41,05: 24,701 10,736 44,414 21,760 24,105 19,514 25,198 52,341 May 5 721,86/ 49,17 215,823 50,76. 67,39, 23,425 18,075 78,512 37,116 19,615 47,942 35,449 78,581 May 12 630,21 36,083 155,648 42,69' 47,44i 55,434 28,989 72,752 37,861 44,324 36,567 30,969 41,447 May 19 379,05 26,563 76,321 15,67 26,27. 24,505 31,052 41,433 26,583 15,440 22,92^ 21,524 50,757 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks. JUNE 1943 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total 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 - K C sa i a t s n y - Dallas F c S i r s a a c n n o - Foreign: Apr. 21........ 911,865 25,388 *427,922 75, 73,587 34,394 27,995 97,583 23,996 17,597 22,396 23,894 61,126 Apr. 28 910,841 27,575 2434,958 74,281 71,935 33,622 27,367 95,392 23,457 17,202 21,893 23,457 59,702 May 5 994,295 27,463 *467,924 82,666 80,056 37,417 30,456 106,161 26,105 19,144 24,365 26,105 66,433 May 12..... 902,319 25,64 74,253 71,908 33,609 27,356 95,356 23,448 17,195 21,885 23,448 59,602 May 19........ 929,595 28,990 1438,375 76,589 74,170 34,666 28,217 98,356 24,186 17,736 22,574 24,186 61,550 Other deposits: 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 Apr. 28 499,269 6,465 290,857 15,369 46,039 16,345 8,376 8,914 29,957 13,462 6,894 4,127 52,464 May 5 473,490 5,239 300,537 16,833 38,608 15,315 4,435 5,852 21,358 12,524 7,199 3,381 42,209 May 12 369,700 5,364 254,078 12,909 16,583 11,780 2,653 4,405 10,369 9,767 3,660 2,504 35,628 May 19 377,860 5,624 267,788 11,004 12,589 11,233 1, 2,913 13,799 10,411 3,489 3,267 33,848 Total deposits: Apr. 21 14,161,998 706, ,749,583 829,8571,268,824 604,134 567,8282,031,271 505,583304,619 579,065535,7841,478,552 Apr. 28 14,001,781 685,834 4,' ',720 786,0201,241,725 590,950 552,2252,030,866 486,415302,191 539,001518,4861,387,348 May 5 14,098,875 692,858 4,,876,552 825,2931,240,806 584,418 549,9941,952,440 497,832304,662 630,089539,721 1,404,210 May 12 13,707,562 661,740 4,.747,452 793,5981,158,794 614,145 549,3031,885,923 480,027 306,603 593,369530,4691,386,139 May 19 13,568,539 653, ,748,973 740,7291,165,968 562,419 524,, 1,925,696 461,150289,314 567,556512,6991,415,356 Deferred availability items: Apr. 21 1,300,043 119,403 233,423 67,598 136,966 99,977 76,827 210,424 59,783 25,380 68,958 56,824 144,480 Apr. 28 1,294,510 113,428 241,585 78,173 148,875 102,308 70,290 208,742 57,707 27,317 69,123 48,660 128,302 May 5 1,269,829 123,538 217,325 80,234 140,515 91,226 76,895 198,154 53,992 26,511 69,176 42,128 150,135 May 12 1,213,140 120,108 219,946 83,849 131,989 86,888 75,987 193,018 58,377 23,381 58,723 43,497 117,377 May 19 ; 1,249,164 104,645 247,870 88,23! 137,504 99,126 78,278 170,346 61,502 21,973 63,809 52,666 123,207 Other liabilities, including accrued dividends: Apr. 21 7,319 728 1,804 446 478 476 237 841 201 170 1,382 199 357 Apr. 28 8,355 787 1,704 1,104 559 604 273 1,016 214 197 1,341 182 374 May 5 6,979 742 1,796 460 565 458 227 838 251 189 882 171 400 May 12 7,071 734 1,868 626 632 243 289 185 412 179 429 May 19 6,934 765 1,941 587 615 233 282; 190 438 201 420 Total liabilities: Apr. 21 28,439,266 779,664 ,848,186 ,818,913 ,603,581 ,536,028 ,271,4894,802,426 1,113,262 659,4941,107,858874,5603,023,805 Apr. 28 28,372,648 ,757,187 ,992,875 ,790,397 ,591,778 ,532,723 ,267,656 ,814,1411,096,421660,4601,072,572854,9172,941,521 May 5 28,534,058 ,777,867 ,980,874 ,832,439 ,582,530 ,525,697 ,286,749 ,738,9371,108,146 ,6791,169,939 3342,990,867 May 12 28,128,274 ,745,823 ,865,077 ,808,858 ,500,997 ,551,501 ,288,342 ,676,6131,095,751661,4261,122,473 868,,7392,942,674 May 19 28,079,379 ,716,164 ,918,881 ,766,5522,517,784 ,513,249 ,265,0344,713,6541,081,530 ,2881,102,841858,0632,981,339 ^ Capital accounts Capital paid in: Apr. 21 146,995 9,519 53,660 11,685 15,281 5,937 5,285 16,435 4,612 3,167 4,795 4,493 12,126 Apr. 28 147,014 9,519 53,660 11,687 15,282 5,943 5,285 16,439 4,612 3,169 4,796 4,494 12,128 May 5 147,060 9,519 53,662 11,687 15,295 5,943 5,285 16,457 4,622 3,169 4,796 4,495 12,130 May 12 147,071 9,520 53,659 11,679 15,298 5,943 5,285 16,455 4,626 3,174 4,799 4,495 12,138 May 19 147,371 9,520 53,905 11,679 15,310 5,961 5,285 16,471 4,630 3,178 4,799 4,495 12,138 Surplus (section 7): Apr.21 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,975 4,966 3,221 3,613 4,083 11,044 Apr. 28 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 May 5 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 May 12 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 May 19 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Surplus (section 13b): Apr. 21 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Apr. 28 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 May 5 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 May 12 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 May 19 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 533 1,000 1,137 1,307 2,121 Other capital accounts: Apr. 21 78,393 4,771 22,002 5,563 7,517 3,820 3,499 12,182 3,471 3,424 3,507 3,004 5,633 Apr. 28 78,799 4,797 22,124 5,584 7,542 3,831 3,509 12,207 3,497 3,432 3,551 3,064 5,661 May 5 79,592 4,878 22,347 5,619 7,589 3, 3,555 12,360 3,555 3,450 3,624 3,047 5,679 May 12 81,252 4,989 22,854 5,765 7, 733 3,981 3,625 12,55' 3,634 3,499 3,697 3,105 5,813 May 19 82,203 5,052 23,183 5,844 7,824 4,036 3,668 12,683 3,661 3,524 3,686 3,141 5,901 Total liabilities and capital accounts: Apr. 21..... 28,851,8941,807,9887,988,919 1,856,2242,642,1531,554,2651.286,7154,855,39! 1,126,841670,3061,120,910887,4473,054,729 Apr. 28 28,785,7011,785,5378,133,730 1,827,7312,630,3761,550,9771,282,89: 4,867,1411,110,026 671,282 1,085,669 867,865 ,972,475 May 5 28,947,9501,806,2988,121,854 1,869,8082,621,1881,544,009 1,302,0314,792,1081,121,819 6722,519 1,183,109891,2663,021,841 May 12 28,543,8371,774,3668,006,6611,846,3652,539,8021,569,905 1,303, '" ,729,9791,109, 2,320 1,135,719881,7 973,790 May 19 28,496,1931,744,7708,061,040 1,804,1382,556,6921,531,7261,280,4294,767,1621,095,317 6555,211 1,116,076871,0893,012,543 Commitments to make industrial advances: Apr. 21 11,660 918 2,052 240 1,14 1,783 1,510 3,878 Apr. 28 13,468 917 2,144 362 1,172 1,783 3,030 3,930 May 5 12,31, 717 2,206 262 1,190 1,679 2,240 3,906 May 12 12,88' 717 1,905 263 1,219 1,864 3,030 3,777 May 19 13,04. 717 1,986 435 1,17. 1,824 3,030 3, 766 1 After deducting $480,319,000 participations of other Federal Reserve Banks on Apr. 21; $469,942,000 on Apr. 28; $521,434,000 on May 5; $471,- 865,000 on May 12; and $486,390,000 on May 19. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o nn li e s - K C a i n t s y as Dallas F S r a a n ncisco Federal Reserve notes: Issued to F. R. Bank by F. R. Agent: A A M p p a r r y . . 2 2 5 1 8 1 1 3 3 3 , , , 4 6 6 9 0 6 1 2 4 , , , 4 4 6 1 4 1 8 2 6 9 9 9 9 9 9 8 0 7 , , , 9 5 2 4 6 6 6 5 5 2 2 2 , , , 9 9 9 7 8 9 4 5 5 , , , 2 3 2 2 4 1 2 9 6 9 9 9 4 5 5 6 1 5 , , , 4 8 2 7 2 1 2 5 4 t f ( 2 2 2 3 4 4 7 6 0 , , , 4 5 2 3 2 9 0 1 6 8 8 8 6 8 7 0 0 4 , , , 5 3 7 4 4 1 7 2 9 6 6 7 7 9 0 6 2 7 , , , 8 0 73 6 7 7 8 5 , , , 6 6 6 1 2 3 5 2 0 , , ,9 9 5 7 7 8 2 8 1 5 5 5 8 7 8 7 4 7 , , , 4 5 9 5 7 6 4 4 2 3 3 3 3 3 3 5 8 8 , , , 2 8 2 4 9 6 0 8 9 4 4 4 7 8 8 4 0 2 , , , 3 8 4 2 3 1 5 6 0 3 3 3 1 1 2 1 7 5 , , , 5 5 2 9 9 4 9 7 3 4 5 5 9 0 1 6 8 8 , , ,0 5 2 7 8 7 0 2 7 M M a a y y 1 1 2 9 1 1 3 3 , , 7 7 3 9 9 2 , ,9 9 0 9 9 81 1, ,0 0 1 0 0 1, ,9 6 8 0 6 0 3 3 » , 0 01 0 8 9 , ,9 5 4 8 7 3 9 96 5 4 9 , ,5 8 5 3 2 0 t2 2 5 4 3 6 , ,8 5 5 2 8 8 8 8 8 8 3 5 , , 7 5 0 4 0 9 7 7 0 1 8 1, , 9 5 1 3 7 6 , , 6 6 4 63 7 , ,8 1 5 0 1 9 5 5 8 9 9 4 , , 3 1 8 5 8 7 3 3 3 3 9 9 , ,8 3 2 86 3 4 4 8 8 9 6 , ,9 5 9 2 1 6 3 3 2 2 7 9 , ,0 3 4 8 0 8 5 5 2 4 9 1, ,4 2 1 4 5 7 Held by Federal Reserve Bank: 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 Apr. 28 534,614 41,808 116,483 26,725 39,677 35,486 48,000 52,464 35,369 8,085 17 729 30,008 82,780 May 5 506,067 36,536 110,015 28,762 45,777 31,124 47,442 43,073 31,891 7,952 12618 28929 81,948 May 12 539,497 47,745 114,136 28,767 37,276 33,820 45,727 51,065 32,330 8 129 17022 32 794 90,686 May 19 538,167 44,636 98,486 27,832 39,831 34,328 50 283 46,276 35,561 7012 18488 36 543 98,891 In actual circulation:1 Apr. 21 12969,906 952,6352 863,376 921,012 197,313 831,441 626,5972,559,890 547,695 329 325 458 453 281 753 400,416 Apr. 28 13068,002 957,1382868,866 925,100 200,619 838,861 644 8682,573,517 552,085 330 755 463 107 287 589 425 497 May 5 13 158 375 960,7292885,201 926,452 200,644 849,595 659 6332,587,505 556,071 330 317 469 792 296 314 436 122 May 12 13200 501 963,2412895,811 930,785 209,582 849,880 662 8092,596 786 557 058 331 257 469 969 294 594 438 729 May 19 13254 742 956,9642920,097 936,998 213 697 851 221 661 6342,616 833 558 596 332 811 471 038 292197 442 356 Collateral held by agent as security for notes issued to Bank* Gold certificates on hand and due from U. S. Treasury: Apr 21 13 146,000 941 0003000 000 850 0001240,000 757 000 660 0002,640 000 400 000 340 000 475,000 319 000 1524,000 Apr. 28 13264 000 961 0003000 000 875 000 1250,000 757 000 660 0002,670 000 400 000 340,000 480,000 327,0001',544,000 May 5 13297 000 961 0003 020 000 875 000 1250 000 767 000 660 0002,670 000 400 000 340,000 480,000 330,0001,544,000 May 12 13356 00 976,0003040 000 875 000 1250 000 777 000 660 0002,670 000 400 000 340,000 490,000 334,0001,544,000 # May 19 13378 00 966,0003,040 000 875 0001260 000 777 000 660,0002,700000 370 000 340,000 490,000 336,0001,564,000 Eligible paper: Apr. 21 . 691 1750 4 528 385 250 Apr. 28 1423 850 12618 320 200 250 May 5 887 950 h 548 225 100 50 May 12 . . . . 23,87 3 330 17 798 547 2 100 50 50 May 19 8,78 3 165 4 958 515 50 50 50 U. S. securities: Apr. 21 525 00 50 000 100.000 125000 50,000 195 000 5,000 Apr. 28 550,00 50 000 100 000 125000 50,000 220 000 5,000 May 5 550 00 50 000 100 000 125000 50,000 220 000 5,000 May 12 560 00 50 000 100,000 125,000 60,000 220,000 5,000 May 19 590,00 50,000 100,000 125,000 60,000 250,000 5,000 Total collateral: Apr. 21 13,677,91 992,750 3,004,528 950,3851,240,00 882,250 710,0002,640,000 595,000 340,000 480,000 319,00 1,524,000 Apr. 28 13,828,23 1,011,850 3,012,618 975,3201,250,00 882,200 710,0002,670,000 620,00 340,250 485,000 327,0001,544,000 Mav 5 13,855,87 1,011,9503,027,548 975,2251,250,00 892,100 710,0002,670,00 620,000 340,00 485,050 330,00 1,544,000 May 12 13,939,87 1,029,3303,057,798 975,54 1,250,00 904,10 720,00 2,670,00 620,05 340,00 495,05 334,00 1,544,000 May 19 13,976,78 1,019,1653,044,95 975,51 1,260,00 902,05 720,0002,700,00 620,05 340,00 495,050 336,0001,564,000 1 Includes Federal Reserve notes held by U, S. Treasury or by a Federal Reserve Bank other than the issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE Ap- BANKS UNDER REGULATION V W l D e a d s a p t n t e e e r d s i a o d ( y l d a a ) y s o t f or Nu A m p b a p p e l r p i r c o a A v ti e m o d n o s unt (a b p p m c u l r o e t o o m t v n u e e - o n d d t 1 t) s ( t a v a m a o n A n u o d d c t u i - - e n n s g t) 2 ( s C a t m o a m o n m e o u d n m u t i - t n n s i g t t ) - ( s P a p t m a a a o n r t u o t i d o i t u i - c n n n i g s t - [A G m ua o a r u u a n t n h t t s o e r e i i n d z e t l d h o o an u s sand G s u o o a f u ra d t n s o t t l a l e a n e r d d s ] in lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 19 9 9 3 3 3 7 6 5 2 2 1 , , , 9 2 4 9 8 0 3 0 6 1 1 1 5 3 2 0 9 4 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 2 3 5 2 6 4 6 9 8 3 2 2 5 0 2 , , , 5 2 4 2 1 9 6 6 3 2 2 1 0 7 2 , , , 9 6 7 5 4 8 9 9 0 8 7 7 , , , 7 2 2 3 7 0 8 8 8 Number Amount am To o t u a n l t g P u t o e a r e r ti d a o n n - o an u t t m e s e ta e n n ag t d s r i e n e g - 1938 ? 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) C1) 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 July 31 932 509,012 151,154 131,097 158,340 Aug. 31 1,329 705,842 294,720 244,532 206,609 1942 Sept. 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 Oct. 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 Nov. 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 Dec. 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 Jan. 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 Feb.28 3,198 3,479,172 1,040,828 828,221 1,706,849 Feb. 27 3,440 446,319 5,882 13,717 12,117 23,177 Mar. 31 3,534 3,725,241rl,245,711 r999,394 rl,865,606 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Apr. 30 3,773 4,058,731 1,338,4291,073,275 2,018,233 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 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. JUNE 1943 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, APRIL 1943 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Cl a a n ss d e s d i o s f t r b ic a t n s ks p m G o d d r a s e e o n i - - s t d s s p m o N d d s a e e e i n - - t t d s1 T p d o im e s - i e ts qu R ir e F e - e d der B a H l a e n R ld k e s serv E c e e x s - s b m a b A e n e m k l r l s - Y N c o e i r w t k y ban C c k a h s g i- o b s c R e a i r n t e v y k - e s b C a o t n r u y k n s - . 1 , Total reserves held: All member banks 66,469 53,40313,343 L0,769 2,717 ,949 1942—April , -12,649 5,028 1,140 4,293 2,188 Central reserve city banks: May 12,510 4,870 1,049 4,325 2,265 New York 20,711 17,798 772 3,606 3,657 51 June 12,624 4,859 979 4,448 2,338 Chicago 4,445 3, 458 785 814 29 July 12,409 4,609 1,000 4,447 2,353 August 12,623 4,616 1,009 4,574 2,423 Reserve city banks: September 12,299 4,150 944 4,676 2,529 Boston district 1,936 1,608 92 327 370 43 October 12,234 4,093 834 4,711 2,597 New York district 397 333 150 76 83 7 November 12,618 4,086 859 4! 990 2,684 Philadelphia district 2,137 1,764 131 361 438 78 December 13,152 4,303 877 5,122 2,850 1943—January 13,344 4,352 898 5,190 2,905 Cleveland district 3,318 2,703 736 585 786 201 February 12,933 3,999 875 5,141 2,918 Richmond district 1,494 1,201 251 255 324 68 March. 13,255 4,001 892 5,319 3,042 Atlanta district 1,550 1,211 188 254 301 48 April 12,717 3,657 814 5,191 3,054 Week ending (Friday): Chicago district 3,041 2,368 525 642 118 1943—Apr. 2 12,857 3,961 834 5,115 2,947 St Louis district 1,578 1,274 176 265 279 14 Apr. 9 12,946 3,916 832 5,212 2,985 Minneapolis district 785 600 85 125 142 17 Apr. 16 13,150 3,803 841 5 357 3,149 Apr. 23. 12,550 3,^434 825 5^054 3,'237 Kansas City district 2,010 1,501 166 310 371 61 Apr 30 12,229 3 393 811 5,018 3,006 Dallas district 1,483 1,116 138 232 297 65 May 7 12,098 3^329 779 4,'862 3*128 San Francisco district ... 5,095 4,262 2,323 992 1,158 166 May 14 12,017 3,341 773 4,878 3,025 Excess reserves: Total 24,823 19,942 5,284 4,306 5,191 1942—April 2,951 795 262 1,175 718 May 2,667 546 178 1,171 772 June 2,704 556 89 1,232 827 Country banks: July 2,237 269 64 1,105 799 Boston district 1,757 1,352 615 226 311 85 August 2,248 286 60 1,091 812 New York district 2,570 2,034 1,608 381 523 141 September 2,300 302 73 1,069 857 Philadelphiajdistrict 1,217 930 879 183 264 81 October 2,328 557 27 921 823 November 2,362 455 45 1,035 827 Cleveland district 1,429 1,029 809 193 332 139 December 2,376 416 35 1,020 904 Richmond district 1,35. 932 430 156 217 60 1943—January 2,132 337 22 913 860 Atlanta district 1,340 909 278 144 211 67 February 1,712 97 10 784 820 March 1,884 96 34 852 903 Chicago district 2,0 1,490 989 268 402 134 April 1,949 51 29 886 982 St. Louis district.^ 919 635 271 105 153 48 Week ending (Friday): Minneapolis district 684 492 313 127 40 1943— Apr. 2 1,560 55 35 670 799 Apr. 9.... ........ 1,678 39 37 758 844 Kansas City district 1,022 , 652 162 101 164 63 Apr. 16 2,042 50 24 931 1,038 Dallas district 1,235 795 97 117 193 76 Apr. 23 2,179 66 50 876 1,187 San Francisco district... 881 624 381 110 159 48 Apr. 30 1,987 50 45 887 1,006 May 7 p2,034 43 20 793 pl,l78 Total 16,491 11,875 6,830 2,072 3,054 982 May 14 pl,849 57 11 757 pl,025 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. 528 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Memb ( e p r l b ac a e n s k s o v in er l a 1 r 5 g , e 0 r 0 0 c ) enters Membe ( r p l b a a c n es k s u n in d e s r m 1 a 5 ll , e 0 r 0 0 c ) enters Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Boston 3,693 3,555 706 701 3,468 3,329 577 574 225 226 129 128 New York 23,678 23,153 2,530 2,518 12,428 12,446 11,197 11,194 539 543 562 556 Philadelphia ... 3,354 3,230 1,010 1,003 2,878 2,753 543 542 476 477 467 461 Cleveland 4,747 4,646 1,544 1,506 4,199 4,106 1,168 1,135 548 540 376 371 Richmond 2 849 2,828 681 673 2,424 2,404 459 453 424 424 221 219 Atlanta . 2,890 2,860 467 472 2,546 2,522 374 381 344 338 93 91 Chicago 9,568 9,620 2,295 2,266 14,323 14,350 11,441 11,417 800 800 396 390 St. Louis 2,497 2,502 447 444 1,956 1,963 323 320 541 539 124 124 Minneapolis 1 468 1,459 397 392 1,124 1,119 209 207 344 340 189 186 Kansas City 3,032 3,031 328 326 2,433 2,332 219 216 599 699 109 110 Dallas 2,718 2,694 235 233 2,058 2,025 195 192 660 669 40 40 San Francisco 5,976 5,842 2,703 2,679 5,692 5,561 2,575 2,552 283 281 129 127 Total 66,469 65,420 13,343 13,214 135,529 !34,910 19,279 19,183 5,784 5,875 2,834 2,804 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o e 1 r t a y 8 e 9 s s - 0 S s u i c a b l o v r s i y 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 s o d e t e e r r v s a e l F R n B e e d o a s e t n e e r k r s a v l e n t b i N o o a t a n n e - k a s l 1942—February.. 11,485 61 61 1,695 1 475 206 309 8,514 19 143 March 11,566 60 62 1,697 1 482 208 307 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 Tune 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 April 16,660 57 81 1,667 1 593 230 318 13,023 557 133 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and- small denomination currency2 Large denomination currencv2 End of month in cir- Lnasc ti u o l n a 1 - Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted2 1942—March........ 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1.528 268 561 9 29 S April 11,767 8,560 757 680 43 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 1,566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 1,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1,517 3,379 3,310 3,409 868 1,663 266 575 g 29 4 September.... 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November... . 14,805 11,122 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 —January....... 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 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 April.......... 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 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, APRIL 30, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral b B y R a n e F k s e s e d r e v a r e n 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 22,473 20,360 22,112 Gold certificates. s20,360 17,488 2,815 57 Federal Reserve notes 13,646 43 580 13,023 Treasury currency—total.. 44,012 1,947 79 353 3,580 Standard silver dollars 547 429 81 Silver bullion 1,518 1,518 Silver certificates and Treasury notes of 1890... 21,947 279 1 ^ 668 Subsidiary silver coin 642 37 12 593 Minor coin 241 5 6 230 United States notes 347 2 26 318 Federal Reserve Bank notes 584 5 27 557 National bank notes 134 1 133 Total—Apr. 30, 1943. 340,131 z22,307 42,235 17,488 3,749 16,660 Mar. 31, 1943.... 339,879 S22 429 42,224 17,598 3,808 16,250 Apr. 30, 1942.... 335,219 322,535 42,182 17,694 3,576 11,767 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 527. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,675,211 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. 527. 5 Less than $500,000. NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and National bank notes are in process of retirement. JUNE 1943 535 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 i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c l s d - - End of month D a i n b e to c a p l e r o - s s s ' - Total i C n p o a d s s e i h - - U. S. se G cu o r v i e ti r e n s ment C se r a r e s v - h e crease (—) tory Di- Guar- funds banks Total rect an- etc.2 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 311,258 1,132.5 1,116.6 —85.9 131.6 1934—June 1,198 1,225 695 453 418 35 76 1937 312,760 1,502.5 1,585.5 -200.4 143.9 Dec 1,207 1,237 540 597 467 130 100 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1935—June 1,205 L,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1,201 L,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June......'.. 1,232 L, 265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec 1,260 1,296 145 1,058 892 167 93 1942 22,726 -10.3 (4) -458.4 126.0 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 1,270 1,308 130 1,097 931 167 80 1942—April 22,691 3.3 —20.1 11.4 1938—June 1,252 1,290 115 1,103 936 167 73 May 22,714 23.6 -38.2 11.2 Dec 1,252 1,291 86 1,132 965 166 73 June 22,737 22.3 -14.8 10.5 1939—June 1,262 L,304 68 1,157 1,011 146 78 July 22,744 7.6 —24.4 12.8 Dec 1,279 1,319 53 1,192 1,046 146 74 August 22,756 11.4 -21.8 10.2 1940-June 1,293 1,337 43 1,224 1,078 146 69 September... 22,754 -1.3 -27.8 11.8 Dec 1,304 1,348 36 1,224 1,078 146 88 October 22,740 -14.3 -56.4 12.0 1941—June 1,304 1,356 30 1,251 1,104 146 75 November... 22,743 3.3 -10.8 7.8 Dec. 1,314 1,396 26 1,274 1,128 146 95 December.... 22,726 -17.2 -31.0 6.2 1942—Apr 1,306 1,483 25 1,272 1,126 146 186 1943—January 22,683 -43.3 -76.1 r4.7 May 1,307 1,504 24 1,272 1,126 146 208 February.. .. 22,644 -39.3 -63.4 r4.1 June 1,316 1,525 24 1,272 1,146 126 229 M Ap a r r i c l h 2 2 2 2 , , 5 4 7 7 6 3 — -6 10 8 3 .0 .1 5-1 -5 0 9 1. . 0 0 '4 4 . . 5 5 JJ AA u u l g Jy 1 1, , 3 3 4 2 4 9 1 1, , 5 5 7 5 5 4 2 2 1 0 1 1 , , 2 2 7 7 1 1 1 1 , , 1 1 4 4 6 6 1 1 2 2 6 6 2 2 6 8 2 3 Sept. 1,358 ,415 19 1,267 1,141 126 129 Jan .-Apr 22,473 —253.6 5-299.5 ?17.8 Oct 1,377 ,429 18 1,266 1,140 126 146 Nov 1,396 ,444 17 1,266 1,140 126 161 Dec 1,417 ,464 16 1,345 1,220 126 102 f Figure carried forward. p Preliminary. r Revised. 1 Annual figures are estimates of the United States Mint. Monthly figures 1943—Jan 1,445 1,493 14 1,381 1,255 126 98 are those published in table on p. 573, adjusted to exclude Philippine Feb. pl 469 Islands production received in United States. Mar 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a Apr "1,517 fine ounce thereafter. on 3 4 D T In e h c c e l . u n 3 d e 1 e t , s 1 g g 9 o o 3 l l d 6 d , i a i m n n p d t o h 1 r e t ,2 f I 2 i n 8 g a u c m r t e i i s v l l e i f o o n A r c o m c n o o u n D n t e h t c s a . m s 3 u 1 o b , u s n 1 e t 9 q i 3 n u 7 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 l 9 la 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 n e d le e a r s e ed ar m fo a r r k p u a b t l F ic e a d t e io ra n l . Reserve Banks for foreign account inc 2 lu In 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 2,973.3 million dollars on Apr. 30, 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 BANK DEBITS ba a n ll ks ti N o a n - al State su I r n e - d2 i . n N su ot red Debits to deposi [ t I n a c m co il u li n o t n s s e o x f c e d p o t ll i a n r t s e ] rbank accounts dum 1 1 1 1 b 9 9 9 9 e 3 3 3 3 r 4 7 6 5 of banks suspended: 5 3 4 5 7 4 4 9 4 4 1 1 2 4 4 2 8 0 7 2 4 8 3 6 8 Year and month r c T e e i o p a n n o t l t g a l e r l t r , - s N Y C e i o t w r y k ce o n 1 th 4 te 0 e r r s1 r c e e o p n 1 t o h 3 t r e 3 e t r r i s n 2 g 1938 55 1 1 47 6 1939 42 4 3 25 10 1929 982,531 603,089 331,938 47,504 1940 22 1 18 3 1937 469,463 197,836 235,206 36,421 1941 8 4 3 1938 405,929 168,778 204,745 32,406 1942 9 6 3 1939 423,932 171,382 218,298 34,252 1943—Jan.-Apr 3 i 2 1940 445,863 171,582 236,952 37,329 1941 537,343 197,724 293,925 45,694 Deposits of suspended banks 1942 607,071 210,961 342,430 53,679 (in thousands of dollars):3 1934 36,937 40 1,912 34,985 1942—March 49,161 17,056' 27,764 4,341 1935 10,015 5,313 3 763 939 April 46,613 16,023 26,451 4,138 1936 11,306 507 10,207 592 May 48,342 16,985 27,241 4,116 1937 19,723 7,379 1,708 10,156 480 June 50,107 17,394 28,292 4,421 1938 13,012 36 211 11,721 1,044 July 50,087 17,110 28,505 4,472 1939 34,998 1,341 24,629 6,589 2,439 August 49,179 17,051 27,847 4,282 1940 5,943 256 5,341 346 September.. 52,712 18,593 29,530 4,589 1941 3,726 3,144 503 79 October. . 55,056 18,323 31,627 5,105 1942 1,702 1,375 327 November.. 50,673 17,016 29,040 4,616 1943—Jan.-Apr 2,103 ""862* 1,241 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 M Fe a b r r c u h ar .. y . . . .. r6 5 2 1 , ,8 2 7 2 5 8 2 1 2 9 , , 3 63 7 5 3 3 2 4 8 , , 7 0 0 0 7 5 r5 4 , , 1 2 4 3 8 5 or permanently on account of financial difficulties; does not include banks April.. 70,137 27,174 37,533 5,430 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. 53 6 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. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l tate M s b a a v u n i t n u k g s a s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a- al State M s b a a u v n i t n u k g a s l s m O n b e t o h e m n r e - - r banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25, 661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4... 14,871 6,528 5,138 1,390 550 7,793 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 June 30 14,855 6,556 5,130 1,426 547 7,752 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Sept. 24 14,852 6,596 5,125 L,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 L,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 88,436 67,276 43,069 24,208 10,664 10,494 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] All banks Member banks2 Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans Invest- Total Loans Investments ments 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. 3H 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 305 63,976 25,078 38,897 46,800 16,928 29,872 10,353 4,819 5,534 6,822 3,331 3,492 Dec. 31. 78,097 23,913 54,185 59,263 16,088 43,175 10,746 4,698 6,048 8,088 3,126 4,962 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to Apr. 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. 5 Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. NOTE.—Beginning with the Apr. 4, 1942 call, spring and fall figures are not being compiled for "All banks." Back figures.—Set Annual Report for 1937 (tables 48-49). JUNE 1943 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U S. Government obligations purchasing Obli- T lo o a t n a s l Com- o s r c c c u a r r 1 r ' y ti i ^ n c g Direct gat o i f ons Call date i m m n v e a e n n s t d t s - lotal 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 f C ic e a r t t e i- s Guar- S p a o ta n li d t t e i s - O se t c h u e i t n r d ia u l s 2 - paper al2 b e ro rs k- o T t o h- loans Total Bills i o n f - Notes Bonds t a e n e - d su c b al - rities and 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 "73O' 790 700 2,957 2,944 19,979 14,328 563 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 14,722 797 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 15,823 652 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 18,078 1,127 2,631 10 481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 607 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Apr. 4 44,287 17,834' 26,453 20,449 3,471 3,173 2,831 June 30 .... 46,800 16,928 7,888 "495' "726' "554' "562' 3,'50l' 3,203' 29,872 24,098 1,509 1,872'3,546' 14,485' 2,685 2,934 2,840 Dec. 31 59,263 16,088 s Y 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 7,387 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 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 •••y 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 2i775" 66 • -9" "430' '" 167 121 "499' 9,953 8,550 "402' "663' 1 ^ 746 4,572 1,166 623 781 Dec. 31 17,957 4,116 2,546 21 787 193 117 451 13,841 12,547 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 1,203 153 176 701 172' 162 170 1940—June 29 2,205 603 417 16 8 23 61 16 62 1,602 l;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 "56' " 22' ""90' 2,210 1,858 "357' 181 162 1^068 90 164 188 Dec. 31 3,973 832 s> 65 v 8 J 6 34 32 23 80 3,141 2,789 397 637 391 1,282 83 166 186 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 3,937 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30 12,272 5,329 2^100' 155 "221' 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,134 156 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 153 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Tune 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' i, iis 9,971 8,188 579' "674" "981' 5J49 806 925 858 Dec. 31 20,915 6,102 •> v 290 97 153 1,486 1,119 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 2,957 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 1J51 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 1,314 198 562 16 169 1,834 1,299 7,737 5,502 'in' 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. 4 This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Central reserve city banks. Back figures— See Annual Report for 1937 (tables 52-58). 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Call date F B w s e R 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 m b a w a n d e n i c o s t k t - e h i s s c 1 j m p u a o s d a d t s e n e - i - d t d s 2 v p an a i s p I t d d h r i o n o t u i r d n p n c a a i e s o s - l - , r s r - , - p v s S o i u l a s t 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 e f t n e f r c r 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 t I d d h r i o n o t u i r d n p n c a a i e s o s - l - , r s r - - , v S s p i u i a s t o c a b i n o l a t d d i e l n t i s - s - p m U G o e s a s r a . o e n 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 B r i o n o w g r s - - C c a a o p c u i - n ta ts l ings Total—All Member Banks 1929—Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—Apr. 4 12,725 884 e6,276 34,670 32,602 3,285 589 2,164 11,520 395 49 e9,650 6118 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 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 e192 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 1,727 City of Chicago4 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 e285 1,919 1,886 203 31 296 455 el,253 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 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 e2,705 11,689 11,105 1,313 202 633 4,366 224 18 H, 235 e90 C54 6 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 c3,093 9,726 8,376 r,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 e Partly estimated. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Beginning June 30, 1942, excludes reciprocal bank balances. 4 Central reserve city banks. Rack figures.—See. Annual Report for 1937 (tables 52-58), JUNE 1943 539 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] Lcans Investments Loans for purchasing U. S. Government obligations Total C m o e m r- - or carrying securities Date or month i m n lo a v e n a e n n d s t s t s - Total i t n c a r d i i n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To 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 Tota Bills f C d o ic f e e a b r i t t n t e i - - Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- U.S. others ed- teed tu cu r l a - l1 Total G ob o l v i- t. ness gations Total—101 Cities 1942—April 31,095 11,288 7,323 434 402 1,244 28 1,857 19,80 16,09 1,000 365 2,360 9,684 2,681 3,717 1942—December.. 39,717 10.36C 6,382 828 391 1,203 34 1,528 29,35 26,06 3,760 3,729 4,202 12,440 1,932 3,288 1943—January.... 41,383 9,826 6,183 604 360 1,191 33 1,455 31,55 28,270 4,226 5,012 4,113 12,999 1,920 3,287 February... 41,475 9,724 6,097 624 350 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 5,981 574 339 1,170 58 1,380 32,282 29,021 4,340 5,006 4,146 13,602 1,927 3,261 April 43,449 10,013 5,822 1,153 422 1,160 88 1,368 33,436 30,217 4,419 5,507 4,199 14,123 1,969 3,219 1943—Feb. 24 41,353 9,643 6,012 607 346 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 5,963 585 342 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 6,030 509 333 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 6,027 572 335 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 5,975 588 342 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 5,912 617 344 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 5,825 665 343 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 5,806 814 354 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 5,805 1,482 487 1,159 105 1,376 33,713 30,487 4,773 5,353 4,195 14,182 1,984 3,226 Apr. 28 45,772 10,637 5,850 1,652 504 1,161 83 1,387 35,135 31,909 4,842 6,530 4,187 14,358 1,992 3,226 May 5 46,108 10,674 5,808 1,586 • 617 1,156 121 1,386 35,434 32,331 4,949 6,706 4,185 14,656 1,835 3,103 May 12 47,289 10,394 5,767 1,394 585 1,155 118 1,375 36,895 33,799 5,345 6,812 4,179 15,629 1,834 3,096 May 19 47 368 10 074 5 745 1,198 553 1,153 75 1,350 37 294 34,215 5,585 6,877 4,200 15,728 1,825 3 079 .Vew York City 1942—April 12,592 3,851 2,812 316 147 103 26 447 8,741 7,273 347 162 1,461 3,846 1,457 1,468 1942—December... 15,888 3,893 2,527 699 171 101 27 368 11,995 10,842 1,737 1,478 1,965 4,657 1,005 1,153 1943—January 16,409 3,545 2,428 486 161 99 32 339 12,864 11,703 1,976 2,074 1,890 4,768 995 1,161 February.... 16,163 3,556 2,430 506 158 98 38 326 12,607 11,460 1,851 2,010 1,821 4,794 984 1,147 March 16,230 3,441 2,379 456 146 98 44 318 12,789 11,635 1,814 1,966 1,845 5,010 1,000 1,154 April 17,025 3,906 2,298 965 622 195 98 36 314 13,119 12,007 1,641 2,175 1,888 5,285 1,018 1,112 1943—Feb 24 15 968 3 502 2 405 484 154 97 39 323 12,466 11,319 1,720 1,962 1,793 4,855 989 1,147 Mar. 3 15,994 3,448 2,370 464 149 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 2,418 395 140 98 50 318 12,824 11,672 1,935 1,957 1,818 4,971 991 1,152 Mar. 17 16,415 3,449 2,393 454 142 97 45 318 12,966 11,779 1,964 1,960 1,856 5,001 998 1,187 Mar. 24 16,335 3,449 2,373 471 149 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 2,340 497 '"194" 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 2,302 536 217 151 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 2,301 665 328 152 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 2,286 1,262 910 234 98 49 317 13,278 12,172 1,786 2,152 1,877 5,332 1,025 1,106 Apr. 28 18,038 4,380 2,301 1,396 1,031 242 99 27 315 13,658 12,557 1,720 2,549 1,863 5,396 1,029 1,101 May 5 18,144 4,422 2,272 1,330 941 337 98 69 316 13,722 12,727 1,816 2,507 1,869 5,582 953 995 May 12 18,472 4,245 2,252 1,188 788 327 99 63 316 14,227 13,235 2,045 2,484 1,868 5,890 948 992 May 19 18,330 4,015 2,243 1,020 584 312 98 26 316 14,315 13,334 2,152 2,500 1,874 5,878 930 981 Outside New York City 1942—April 18,503 7,437 4,511 118 255 1,141 2 1,410 11,066 8,817 653 203 899 5,838 1,224 2,249 1942—December... 23,829 6,473 3,855 129 220 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 3,755 118 199 1,092 1 1,116 18,693 16,567 2,250 2,938 2,223 8,231 925 2,126 February.... 25,312 6,168 3,667 118 192 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 3,602 118 193 1,072 14 1,062 19,493 17,386 2,526 3,040 2,301 8,592 927 2,107 April 26,424 6,107 3,524 188 227 1,062 52 1,054 20,317 18,210 2,778 3,332 2,311 8,838 951 2,107 1943—Feb 24 25 385 6 141 3 637 123 192 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 3,593 121 193 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 3,612 114 193 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 3,634 118 193 1,071 29 1,065 19,673 17,564 2,728 3,036 2,290 8,582 928 2,109 Mar. 24 25,669 6,04-4 3,602 117 193 1,070 10 1,052 19,625 17,532 2,575 3,051 2,303 8,669 934 2,093 Mar. 31 25,227 6,016 3,572 120 193 1,064 15 1,052 19,211 17,113 2,154 2,989 2,314 8,721 935 2,098 Apr. 7 25,450 5,992 3,523 129 192 1,062 42 1,044 19,458 17,366 2,312 3,059 2,308 8,748 939 2,092 Apr. 14 25,910 6,010 3,505 149 202 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 3,519 220 253 1,061 56 1,059 20,435 18,315 2,987 3,201 2,318 8,850 959 2,120 Apr. 28 27,734 6,257 3,549 256 262 1,062 56 1,072 21,477 19,352 3,122 3,981 2,324 8,962 963 2,125 May 5 27,964 6,252 3,536 256 280 1,058 52 1,070 21,712 19,604 3,133 4,199 2,316 9,074 882 2,108 May 12 28,817 6,149 3,515 206 258 1,056 55 1,059 22,668 20,564 3,300 4,328 2,311 9,739 886 2,104 Mav 19 29,038 6,059 3,502 178 241 1,055 49 1,034 22,979 20,881 3,433 4,377 2,326 9,850 895 2,098 1 Includes open-market paper no longer reported separately. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding tables in previous Annual Reports. 54° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures**In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e a R e r i r n e a t d v h k - l - e s v C a i a n u sh lt m b a w a n d e n i c o s t k t - e h i s s c j p m u a o d s a d s t e n e i - - t d d s 1 s p u p n v c h a o a a e i o n i r l d r p r r d s a - t - - s , - - , S p s d s a i t i o u c i a n o v l a b t d n i e i l t - s - s - c C c h o a e f e e e i f n t e f r r c c d i d t s . - k i ' - s m U G e e r . o n n S v - t . - s p u p v n c h a o a a i o e i n r l d r p r r d s a t - - - s , - - , S p s d s a i t i o u i c a o n v l a b t n d i i e l - t - s - s p m U G o s a i e n a s n o e r . g t v n S n d v a s - - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r in o o g w r s - - co C a i u t a c a n p - l t - s B d i a e t n s b » k tions tions Total 101 Cities 1942-April 9,936 514 3,277 24,845 24,304 1,963 533 1,810 4,942 173 20 8,739 91 639 5 3,935 9,166 1942—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 April 9,020 522 2,594 31,591 31,659 1,855 706 4,271 5,382 107 30 9,372 55 728 83 4,067 13,372 1943—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 59 742 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 58 745 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 Apr. 28 8,608 556 2,618 30,098 30,112 1,890 692 8,044 5,381 115 31 9,092 56 733 84 4,067 11,957 May 5 8,284 510 2,542 29,528 29,423 1,761 856 8,496 5,381 116 31 9,112 52 724 92 4,088 14,669 May 12 8,333 527 2,567 30,051 30,293 1,767 682 9,342 5,406 118 31 8,935 54 734 134 4,092 11,597 May 19 8,419 508 2,491 30,652 30,719 1,766 740 8,861 5,435 117 31 8,869 54 742 71 4,099 12,304 New York City 1942—April 4,682 78 111 10,519 10,687 282 281 940 680 20 3,250 573 1 1,541 3,557 1942—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 '"i" 650 33 1,576 4,486 March 3,610 78 38 12,444 12,748 217 319 1,436 673 18 3,101 i 657 39 1,578 4,687 April. . 3,271 80 31 12,219 12,556 217 390 2,083 674 19 3,096 646 79 1,581 5,792 1943—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 M M a a r r . . 1 1 0 7 3 3 , , 6 5 7 4 1 4 8 7 2 9 2 2 9 4 1 1 2 2 , , 4 3 2 5 5 6 1 1 2 2 , , 7 6 2 4 6 0 2 1 2 9 6 7 3 2 2 9 3 7 1 1, , 4 4 7 5 5 3 6 67 7 5 3 1 1 6 6 3 3 , , 1 2 4 8 6 3 i 6 6 6 4 1 3 3 6 0 3 1 1 , , 5 5 7 7 7 7 4 3 , , 8 94 6 2 9 Mar. 24 3,653 78 42 12,562 12,811 224 304 1,483 678 19 3,079 I 663 23 1,578 4,808 Mar. 31 3,638 76 68 12,875 13,311 226 293 1,170 681 19 2,894 l 666 50 1,579 4,924 Apr. 7 3,594 78 40 13,090 13,316 222 393 699 687 19 3,096 I 645 78 1,581 5,035 Apr. 14 3,352 84 27 13,017 13,497 223 386 583 677 19 3,222 l 645 56 1,581 5,530 Apr. 21 3,031 77 26 11,421 11,736 194 410 3,165 658 20 3,044 l 644 104 1,582 7,870 Apr. 28 3,107 84 31 11,346 11,675 230 371 3,886 675 19 3,024 l 648 76 1,578 4,733 May 5 . . ... 2,973 78 23 11,140 11,342 230 565 4,124 668 17 2,968 I 641 88 1,592 6,638 May 12 3,027 82 24 11,250 11,617 219 418 4,385 668 19 2,937 i 652 116 1,593 5,266 May 19 3,085 77 27 11,450 11,764 219 486 4,143 677 19 2,924 I 659 66 1,601 5,250 Outside New York City 1942-April 5,254 436 3,166 14,326 13,617 1,681 252 870 4,262 153 20 5,489 91 66 4 2,394 5,609 1942—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 April 5,749 442 2,563 19,372 19,103 1,638 316 2,188 4,708 88 30 6,276 54 82 4 2,486 7,580 1943—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 1,627 363 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 Apr. 28 5,501 472 2,587 18,752 18,437 1,660 321 4,158 4,706 96 31 6,068 55 85 8 2,489 7,224 May 5. . 5,311 432 2,519 18,388 18,081 1,531 291 4,372 4,713 99 31 6,144 51 83 4 2,496 8,031 May 12 5,306 445 2,543 18,801 18,676 1,548 264 4,957 4,738 99 31 5,998 53 82 18 2,499 6,331 May 19.. 5,334 431 2,464 19,202 18,955 1,547 254 4,718 4,758 98 31 5,945 53 83 5 2,498 7,054 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. JUNE 1943 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In~millions of dollars] Loans Investments Loans for U. S. Government obligations Total Com- purchasing Federal Reserve loans m ci e a r l - , o s r e c c u ar r r it y i i e n s g distric ( t 1 9 a 4 n 3 d ) date m v e i e n n s - t t - s Total t d a r i u n i n a s d - - l, b T ro o k- e l R o s e t a a a n t l s e - b L a o n a k n s s O lo t a h n e s r Total Total Bills f C ic i e o n a r f t - t e i- s Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural1 deal- ness ers Boston (6 cities) Apr. 21 „ 2,448 663 395 36 12 71 29 120 1,785 1,678 308 325 191 784 70 107 Apr. 28 2,542 659 390 39 14 71 25 120 1,883 1,776 326 389 188 801 72 107 May 5 2,572 650 389 33 12 70 27 119 1,922 1,814 335 419 189 808 63 108 May 12 2,599 634 386 21 12 70 27 118 1,965 1,858 331 426 184 852 65 107 May 19 2,613 628 385 19 12 70 26 116 1,985 1,878 330 441 184 858 65 107 New York (8 cities)* Apr. 21 , 18,928 4,585 2,426 1,271 266 182 49 391 14,343 13,136 1,923 2,291 2,010 5,845 1,067 1,207 Apr. 28 19,518 4,725 2,443 1,408 275 183 27 389 14,793 13,591 1,877 2,732 1,996 5,915 1,071 1,202 May 5 19,627 4,758 2,414 1,333 370 182 69 390 14,869 13,774 1,965 2,707 2,003 6,112 987 1,095 May 12 20,029 4,580 2,392 1,193 359 183 63 390 15,449 14,357 2,200 2,692 2,002 6,481 982 1,092 May 19 19,893 4,348 2,383 1,024 344 182 26 389 15,545 14,465 2,316 2,708 2,008 6,468 965 1,080 Philadelphia (4 cities) Apr. 21 1,971 453 241 38 11 44 3 116 1,518 1,293 280 184 121 635 73 225 Apr. 28 2,057 461 244 39 12 44 5 117 1,596 1,371 308 232 122 635 74 225 May 5 2 060 458 246 41 12 44 115 1,602 1,393 302 258 118 645 70 209 May 12.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. 2*. 124 456 244 38 12 44 3 115 1,668 1,459 280 297 118 694 70 209 May 19 2,136 448 243 35 11 44 115 1,688 1,480 290 301 118 698 73 208 Cleveland (10 cities) Apr. 21 3,340 753 375 25 14 173 10 156 2,587 2,315 310 316 297 1,254 138 272 Apr. 28 3,478 774 385 37 14 173 9 156 2,704 2,431 330 400 297 1,266 138 273 May 5 3,505 793 390 48 15 173 9 158 2,712 2,443 320 418 287 1,282 136 269 May 12 3,573 771 386 36 14 173 9 153 2,802 2,542 341 431 293 1,345 132 260 May 19 3,596 760 384 31 14 173 9 149 2,836 2,576 355 429 298 1,362 132 260 Richmond (12 cities) Apr. 21 1,360 268 126 10 18 52 62 1,092 1,026 157 132 133 552 52 66 Apr. 28. 1,414 273 128 18 52 64 1,141 1,075 170 162 136 555 52 66 May 5 1*432 267 125 9 18 51 64 1,165 1,098 170 191 135 555 47 67 Mgy 12 1^486 264 122 9 19 51 63 1,222 1,155 179 207 139 583 47 67 May 19 1,476 250 119 7 12 51 61 1,226 1,161 175 215 138 585 48 65 Atlanta (8 cities) Apr. 21 1,256 315 185 7 11 26 86 941 830 114 189 130 347 50 111 Apr. 28 1,316 320 187 9 12 26 86 996 883 108 244 130 351 50 113 May 5 . .. 1,337 325 190 8 15 26 86 1,012 902 108 262 130 355 47 110 May 12 1,392 312 185 7 12 25 83 1,080 964 129 263 130 395 47 116 Mav 19 1 408 302 181 12 25 78 1,106 994 141 261 134 407 51 112 Chicago (12 cities)* Apr. 21 6,491 1,253 865 72 62 136 8 110 5,238 4,658 727 1,004 585 2,094 248 580 Apr. 28 6,731 1,265 872 71 64 135 12 111 5,466 4,884 729 1,203 585 2,119 248 582 May 5 6,812 1,276 876 74 66 135 12 113 5,536 4,947 756 1,232 588 2,153 218 589 May 12 7,013 1,256 875 53 66 135 12 115 5,757 5,167 830 1,246 589 2,287 215 590 May 19 7,073 1,252 880 46 65 135 12 114 5,821 5,235 883 1,258 590 2,291 213 586 St. Louis (5 cities) Apr. 21 1,371 353 212 4 9 66 2 60 1,018 898 160 178 114 403 43 120 Apr. 28 1,422 356 213 5 9 68 1 60 1,066 945 170 214 110 408 43 121 May 5 1 419 352 211 5 9 66 61 1,067 946 164 224 111 412 35 121 May 12... 1^442 349 209 5 9 66 60 1,093 972 170 220 110 437 35 121 May 19 1*,438 349 210 4 9 66 60 1,089 969 163 221 110 440 35 120 Minneapolis (8 cities) Apr. 21 782 193 113 3 5 14 4 54 589 540 111 101 59 249 20 49 Apr. 28 770 186 104 3 5 14 4 56 584 541 92 120 59 250 20 43 May 5 806 182 101 4 5 14 4 54 624 582 108 135 60 261 18 42 May 12 865 190 113 2 5 14 4 52 - 675 633 124 137 60 291 21 42 May 19 864 184 111 2 5 14 2 50 680 639 120 137 59 302 21 41 Kansas City (12 cities) Apr. 21 1,385 340 233 3 8 33 63 1,045 917 176 172 163 349 57 128 Apr. 28 1,437 340 233 3 8 33 63 1,097 968 191 200 168 352 57 129 May 5 1*443 324 218 3 8 33 62 1,119 990 199 214 168 358 51 129 May 12 1,506 323 218 3 8 33 61 1,183 1,056 205 221 168 405 57 127 Mav 19 1,527 319 214 3 8 33 61 1,208 1,077 219 215 170 415 58 131 ITA <XJ *- -S .... Dallas (9 cities) Apr. 21 1,061 289 207 2 17 19 44 111 713 107 133 106 318 49 59 Apr. 28 1,125 293 209 2 18 19 45 832 774 115 184 107 319 49 58 May 5 1,121 292 205 3 18 19 47 829 772 109 190 107 319 47 57 May 12 1,178 284 199 2 18 19 46 894 836 125 197 107 358 49 58 May 19.. l|l92 285 199 2 18 19 47 907 851 128 200 109 365 49 56 San Francisco (7 cities) Apr. 21 3, 734 949 427 11 54 343 114 2,785 2,483 400 328 286 1,352 117 302 Apr. 28 3,962 985 442 25 55 343 120 2,977 2,670 426 450 289 1,387 118 307 May 5 3*974 997 443 25 69 343 117 2,977 2,670 413 456 289 1,396 116 307 May 12 4,082 975 438 25 51 342 119 3,107 2,800 431 475 279 1,501 114 307 May 19 4*, 152 949 436 19 43 341 110 3,203 2,890 465 491 282 1,537 115 313 City of Chicago* Apr. 21 4,151 833 630 66 51 23 8 55 3,318 2,934 483 662 399 1,304 86 384 Apr. 28 4,305 839 630 65 54 23 12 55 3,466 3,080 463 803 399 1,329 86 386 May 5 4,356 839 631 64 54 24 12 54 3,517 3,126 494 813 399 1,353 67 391 May 12 4,484 822 632 45 54 24 12 55 3,662 3,270 563 814 400 1,426 67 392 May 19 4,511 820 636 41 53 23 12 55 3,691 3,299 590 817 400 1,426 66 392 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 1 Includes open-market paper no longer reported separately. 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 ] I Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 3 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v - k h l - e s C va i a n u sh lt m b a w e a n d i s c n o t t e - k h i s s c j p m u o a d s a d s e t n e - i - t d d s 1 s p u p h v n c a o a a i i e o n p d l r r r r d s a - - t s - , - - , S p d s s a t i o i i u a c o n v l a t b i d n i e t l - - s - s c C c h o e a f e e e i f t n e f r c r c d i d t . s - k i ' - s m U G er e . o n S n v - . t - s p u p v h n c a a a o i o i e n l r d p r r r d s t a - - - s - , - , S p d s s a t i i o i u a c n o v l b a t d n i i e - l t - s s - p m U G i a e o s n a n o e r . s g n S v n d v t s a - . - t - l m D a e n b - d ank T s ime b e F a i o n g r n k - s B r in o o g w r s - - c C o i a t u a c a p n - l - ts B d i a e ts n b 2 k tions tions Boston (6 cities) Apr. 21 445 59 150 1,843 1,848 92 38 445 243 328 2 258 1,016 Apr. 28.. 419 60 155 1,837 1,830 99 34 544 243 312 1 257 700 May 5 416 57 143 1,839 1,827 98 27 562 243 304 1 259 738 May 12 414 57 136 1,839 1,834 99 23 589 244 1 290 3 260 674 May 19 412 55 127 1,867 1,855 108 25 555 245 1 296 4 260 685 New York (8 cities)* Apr. 21 ... 3,235 109 12,465 12,646 368 431 3,311 1,042 23 3,111 645 104 1,710 8,293 Apr. 28 3,321 117 12,402 12,584 408 401 4,103 1,059 22 3,091 649 83 1,707 5,060 May 5 3,175 108 122 12,165 12,241 385 594 4,360 1,053 20 3,038 642 91 1,721 7,098 May 12 3,221 113 136 12,307 12,548 389 454 4,659 1,054 22 3,006 654 128 1,722 5,563 May 19 3,279 107 133 12,532 12,692 399 515 4,402 1,065 21 2,993 661 66 1,730 5,597 Philadelphia (4 cities) Apr. 21 446 29 129 1,583 1,538 160 12 290 161 2 364 6 221 670 Apr. 28 431 30 147 1,587 1,521 171 14 371 160 2 370 6 221 496 May 5 423 27 100 1,505 1,504 95 12 383 160 2 385 6 222 825 May 12 428 29 101 1,554 1,555 102 12 423 160 2 368 6 223 477 May 19 407 28 100 1,562 1,556 101 13 399 161 2 371 6 222 499 Cleveland (10 cities) Apr. 21 827 66 316 2,536 2,575 105 48 304 746 49 539 2 416 1,059 Apr. 28 791 70 309 2,494 2,532 105 49 459 745 49 526 2 417 ! 882 May 5 758 65 285 2,446 2,468 106 35 482 746 49 518 2 417 I 872 May 12 745 69 280 2,489 2,547 116 35 512 748 48 499 2 418 | 698 May 19 ... 775 65 276 2,561 2,603 111 33 486 750 49 496 2 418 805 Richmond (12 cities) Apr. 21 ... 292 35 176 970 938 102 17 156 210 2 397 108 444 Apr. 28 297 37 193 975 938 96 21 237 210 2 388 108 364 May 5 292 34 185 963 929 90 22 243 210 2 395 108 381 May 12 288 35 180 984 963 92 17 271 211 2 391 108 299 May 19 276 33 179 979 955 95 17 257 212 2 390 108 335 Atlanta (8 cities) Apr. 21 292 24 201 869 832 122 10 100 209 2 508 104 391 Apr. 28 304 27 184 859 828 126 189 209 2 486 104 321 May 5... ... 281 24 194 855 814 129 201 205 2 485 105 358 May 12 280 24 205 874 849 125 243 212 2 485 105 306 May 19 258 24 209 853 127 231 212 2 481 105 336 Chicago (12 cities)* Apr. 21 . 1,351 461 4,581 4,498 361 750 1,036 3 1,573 460 2,376 Apr. 28 1,368 451 4,570 4,496 381 1,046 1,037 3 1,551 462 1,900 May 5 1,251 94 442 4,464 4,357 369 1,102 1,042 3 1,543 463 2,078 May 12 1,246 95 441 4,560 4,521 352 1,244 1,047 3 1,495 463 1,668 May 19 1,285 91 426 4,717 4,628 347 1,176 1,052 3 1,481 463 1,886 St. Louis (5 cities) Apr. 21 269 19 131 830 852 60 127 197 1 544 105 438; Apr. 28 261 20 127 821 858 60 190 197 1 530 104 326 May 5 . 257 17 124 810 831 60 191 198 527 105 352 May 12 260 19 129 825 861 63 219 198 516 104 284 May 19 254 18 114 817 849 59 209 199 104 341 Minneapolis (8 cities) Apr. 21 147 10 101 507 479 72 104 113 250 69 274 Apr. 28 147 11 103 459 442 75 150 112 244 69 249 May 5 146 10 106 470 440 73 164 113 255 69 256 May 12 132 10 102 502 476 74 187 113 243 69 196 May 19 142 10 511 485 74 178 113 238 69 204 Kansas City (12 cities) Apr. 21 336 19 321 956 961 121 110 149 1 736 118 482 Apr. 28 321 21 300 953 947 123 150 148 1 719 118 399 May 5 346 K> 331 956 941 121 150 149 1 773 119 410 May 12 349 20 317 986 977 119 190 150 1 755 119 360 May 19 341 20 306 1,006 988 124 185 150 1 743 119 401 Dallas (9 cities) Apr. 21 282 18 291 913 906 73 78 131 7 451 96 340 Apr. 28 271 22 282 899 887 74 157 130 6 435 96 328 May 5 271 18 282 875 878 60 164 130 7 443 96 337 May 12 278 19 291 905 917 59 204 131 7 447 96 255 May 19 271 19 277 917 926 56 194 132 7 436 96 307 San Francisco (7 cities) Apr. 21 720 37 260 2,260 2,297 146 220 1,130 27 447 404 Apr. 28 677 40 237 2,242 2,249 172 448 1,131 27 440 404 932 May 5 668 37 228 2,180 2,193 175 494 1,132 30 446 404 964 May 12 692 37 249 2,226 2,245 177 601 1,138 29 440 405 817 May 19 719 38 255 2,298 2,329 165 589 1,144 29 436 405 908 City of Chicago* Apr. 21 843 40 190 2,806 2,809 160 507 463 ,149 300 1,543 Apr. 28 849 42 181 2,791 2,811 167 701 463 ,125 301 1,077 May 5 763 41 184 2,720 2,711 168 735 465 ,127 302 1,281 May 12 744 43 171 2,781 2,817 160 821 466 ,076 303 955 May 19.. 787 41 166 2,901 2,901 160 775 467 ,065 303 1,121 * 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. JUNE 1943 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 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 t d n w i e n e n or Total O bi w l n ls b B o i u l g l h s t U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1942—January 381 197 154 103 52 43 116 17 51 11 February 388 190 144 92 53 46 112 18 44 13 March 384 183 146 89 57 37 103 17 45 16 April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 June 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 8 45 11 August.. 297 139 108 71 37 31 78 8 41 11 September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 118 93 60 34 25 57 9 38 14 1943—January 220 120 95 60 35 24 57 12 © 38 12 M Fe a b r r c u h ary 2 2 0 0 1 9 1 1 2 3 7 0 1 10 0 1 2 6 6 2 4 3 3 8 9 2 2 5 9 6 6 0 9 1 1 4 2 (3) 3 4 9 1 1 1 2 0 April 179 128 99 61 38 29 71 9 3(3) 38 11 (3) 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 Debit Debit # credit balances1 Other credit balances Customers' balances in balances in Cash on ba ( d n l e a e b n t i ) c t 1 es a in n p a v d a c e r c t s t o r n t a u m e d n r e i t s n s n ' 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 i ts 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 a I i n n n a d v c p c e a t o s r r t u a m t n d n t e i e s n n r g t s' i a n a n v c I 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—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June .... 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 September *500 e310 e240 October «510 e310 e25O N o vember e520 «320 e250 December 543 7 154 160 378 270 54 15 4 182 1943 Tanuarv e540 e290 c280 February e550 e320 e310 March e610 e350 6340 April €670 e410 e350 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of l 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. 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). 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. . mo Y w n e e th e a , k r , or m m 4 p P - c o a e r o n t p i r o m m c t e h i 6 - r e a s , - l i a a b P d c n a e r a c 9 c r i n y e s m 0 e k ' p s s - e l t , - c S h l n a c e o t r a e l o a e x a s n w - l c - n 2 l g k - e m b G i o 3 l o l n - s v t B h ernm 9 c m o - c e e f r a t o n o t t n i i t e n f t s 1 i h - s - 2 e - cu 3 ta n r - y i x o t t e o i a t a e e b r s s 5 l - e [Per c 1 e T n 9 t o c t p i a t e i l r e s annu Y N C m o e i ] t w r y k e E 7 N r c a n i o O s t r i t t a e t e h h n s r e n - d r 1 W e 1 r c n e S i s t 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 4 5 a a v v e e r r a a g g e e 1 1 2 3. . 4 9 5 3 2 1 . . 4 7 5 6 3 3 . . 3 7 9 1 3 4 . . 7 3 6 2 1 1 19 9 9 4 4 4 2 0 1 a a a v v v e e e r r r a a a g g g e e e . . . 5 5 6 4 6 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 3 1 1 2 0 4 6 3 1. . 1 7 3 6 1 1 1 9 9 9 3 3 3 6 7 8 a a a v v ve e e r r r a a ag g g e e e 1 1 1 . ......... 2 2 2 . . . 5 5 6 9 8 3 1 1 1 . . . 6 7 7 9 2 3 3 2 2 . . . 0 7 8 4 5 8 3 3 3 . . . 2 2 4 5 6 0 1942—April .63 .44 1.00 .299 .98 1939 average 2.78 2.07 2.87 3.51 May .63 .44 1.00 .364 1.03 1940 average 2.63 2.04 2.56 3.38 June .69 .44 1.00 .363 1.15 1941 average 2.54 1.97 2.55 3.19 July .69 .44 1.00 .368 1.20 1942 average 2.61 2.07 2.58 3.26 August.. .69 .44 1.00 .370 4.80 1.25 1939—March........... 2.95 2.13 3.05 3.77 September.. .. .69 .44 1.00 .370 .76 1.27 June 2.91 2.15 3.05 3.62 October .69 .44 1.00 .372 .75 1.28 September.... 2.68 2.04 2.78 3.31 November .... .69 .44 1.00 .371 .80 1.28 December..... 2.59 1.96 2.59 3.32 December .69 .44 1.00 .363 .80 1.34 1940—March 2.65 2.03 2.67 3.35 1943—January....... .69 .44 1.00 .367 .76 1.29 June 2.59 2.00 2.49 3.38 Week M A A M M F M M en e p p a a a a a d b r y y y y r . r i r i n u c l 8 1 2 2 g I a . h : S . r 2 4 y . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . * % 5 5 A A A - - - - % . . . * H U 6 6 6 A 9 9 9 % I . . . 4 4 4 > 4 4 4 1 1 1 1 1 1 1 1 . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . 3 3 3 3 3 3 3 3 7 7 7 7 7 7 7 7 2 2 3 2 3 3 3 3 5 . . . . . 7 . 8 . 7 7 . 8 7 7 7 7 0 8 7 1 5 8 3 1 1 1 1 1 1 1 1 . . . . . . . . 2 3 3 3 3 3 3 3 4 9 3 8 9 9 8 4 1 1 9 9 4 4 1 2 — — D J S S D D J S M M u u e e e e e e n n p p p a a c c c e e t t r r t e e e e e c e c m m m h m m h m . . b b b . b b b e e e e e e r r r r r r .. 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . 4 6 5 6 7 5 6 5 6 4 1 8 5 2 0 9 0 8 3 8 2 2 2 2 1 1 2 1 2 1 . . . . . . . . . . 1 0 0 9 9 0 0 2 8 8 4 6 0 9 7 8 5 8 8 5 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . 4 5 5 6 5 5 4 5 6 6 5 6 3 2 3 8 8 6 6 3 3 3 3 3 3 2 3 3 3 3 . . . . . . . . . . 4 2 3 2 2 9 3 2 2 2 3 5 6 9 3 9 4 0 5 6 2 1 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s s o t f o c w k e e e k x ly c h p a r n e g v e a i t l i i m ng e r l a o t a e n s s . was 1.25 per 1943—March... ..j 2.76 2.36 2.76 3.24 cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to l 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 5 Number of issues included increased from 1 to 2 on May 3. and for back figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS * [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 11 1942 average.......... 2.02 2.35 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1942—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 2.08 2.33 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 April........... 2.02 2.32 2.20 2.68 3.19 2.76 2.88 3.14 3.96 2.87 3.69 3.01 Week ending: 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 May 1 1.99 2.31 2.17 2.68 3.18 2.75 Z0 .oo88 3.14 3.95 2.87 3.68 3.01 May 8.......... 1.96 2.31 2.14 2.66 3.18 2.75 L9 .0808 3.14 3.93 2.86 3.66 3.01 May 15 1.92 2.30 2.14 2.65 3.17 2.75 2.88 3.14 3.91 2.86 3.65 3.00 May 22 . 1.90 2.30 2.12 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.63 3.00 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. 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. JUNE 1943 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 = 100) of trading? Vear, month, or week U.S. Munic- Gov- ipal Medium and lower-grade Pre- [in thoum er e n n - t4 g ( r h a i d g e h ) 3 H gr i a g d h e - Total In tr d i u a s l - R ro a a i d l- P ut u i b li l t i y c m 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 Number of issues. 2-6 50 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—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 F"i e*bruary. 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 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 Week ending: Apr. 24.. 110.4 129.2 120.0 109.1 115.7 97.9 113.6 44.9 171.6 91 93 93 80 1,062 May 1. .. 110.4 129.6 120.0 109.3 116.0 98.4 113.6 47.5 172.0 91 94 93 80 1,181 May 8. .. 110.8 130.1 120.1 109.9 116.4 99.9 113.5 49.9 172.0 95 97 99 84 2,392 May 15. . 111.4 130.1 120.0 109.9 116.0 100.1 113.6 48.5 172.0 95 97 96 84 1,673 May 22. . 111.7 130.5 120.1 110.0 115.9 100.2 113.8 48.6 172.0 95 97 97 84 1,097 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 partiaHy tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 1% 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. Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 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. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report ior 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] ?or new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( a f e d i o n g s o r d n t - - i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n n o t d e d r s a s te Stocks F e.i o g r-n22 m e ( a f i e d o n g s o r d n t - - i ) c Total S n a p m t i n a c a d t u i l e - - ag F c e i e e r e a d n s l - - 1 Total Co B n r a o p o n n o t d e d r s s ate Stocks e F ig o n r 2 - 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 .... 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 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 ADril 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 O N D c o e t c v o e e b m m er b b e e r r . . . . 1 1 9 4 1 8 5 5 3 2 2 7 8 9 3 2 2 7 8 9 2 9 6 7 17 1 5 2 1 5 9 ' 2 2 1 6 8 0 9 7 8 1 8 6 0 7 9 8 1 1 9 2 0 3 4 3 1 6 4 4 6 1 4 5 4 4 6 1 4 5 3 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 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 7 April 160 38 38 10 21 16 4 122 122 13 35 75 73 2 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds'* proceeds3 of Other Total e P q l u a i n p t m a e n n d t W ca o p r i k t i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 . . 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 . . 2 667 2 623 868 661 207 1,583 1,483 100 144 28 1942 . . . 1,008 987 441 268 173 380 352 28 133 35 1941—May ... . 269 262 67 54 13 189 188 1 6 Tune 250 246 87 75 12 142 131 10 16 1 July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 5 September 182 180 27 17 10 150 148 2 3 October.... 204 201 91 64 27 92 91 14 5 November 155 152 92 61 31 37 37 1 22 December 144 142 57 36 21 62 52 10 17 6 1942—January 164 161 71 38 33 80 80 9 February.... 78 76 40 34 5 23 12 11 2 11 March 102 100 39 35 4 46 41 5 15 April 121 118 70 15 55 12 12 36 May 126 124 59 27 33 11 11 53 1 June 142 139 72 57 15 60 55 5 5 2 July. ........ 53 52 14 11 3 29 29 8 August 89 88 39 33 6 34 34 3 12 September 62 60 23 8 15 28 26 2 1 8 October 18 17 2 2 1 15 15 November 27 27 2 2 24 24 December 26 26 8 7 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4! ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 ... . 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 "18" 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 441 135 279 27 497 272 85 140 2 2 1941—May 45 45 141 6 134 1 76 16 54 June . . 58 51 7 113 12 97 4 75 24 38 13 July 23 23 39 13 26 48 9 29 10 10 6 1 2 August 24 24 307 138 169 76 22 40 14 6 1 5 September 42 7 35 114 6 106 2 23 13 9 1 1 1 October 25 21 4 79 11 63 5 75 49 13 14 22 10 12 November 1 1 59 46 11 1 85 41 24 21 6 4 2 December .... 28 28 62 3 46 12 46 25 15 6 6 5 1942—January 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 14 13 March 6 6 48 8 40 46 25 6 15 April * 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 June 9 3 6 69 17 49 3 61 51 6 4 1 1 July . . 2 2 3 2 1 46 9 29 8 August 2 2 68 ' 34 34 18 4 15 September 1 1 44 7 28 9 15 14 1 October 9 9 3 2 5 2 3 November 15 14 12 2 10 December 4 4 19 3 17 3 2 1 1943—January 8 1 6 2 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 1 Estimates of new issues sold tor cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. JUNE 1943 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r q t o i t a u e r o h n t n i n e a p s t r - - - f m p N e u a r r e o c n r o t o t d n a d s u - l - s s O g d o b u t o l h r e a d e - r s t F b o a a e o b g n v o a e d e d c s r c s , - , o p r a e i O r n f n o i i g d d n 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 t o o h r l n e a d e - - r s n c s M e i e e c l o r i e l v s u a s - s - - pr N of e i t ts1 fe P r D r r e e i - v d ide C n m d o o s m n - Number of companies. 629 47 69 15 68 77 K" 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 rl,792 r226 r159 r209 **202 138 r90 r151 r152 164 r136 r165 r883 88 554 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940-1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 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—1 419 52 38 46 751 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 32 18 32 27 35 27 34 174 23 136 3 4 r r 5 4 5 5 7 l r7 5 2 1 r4 3 9 6 r9 4 2 6 r7 7 5 4 4 9 3 3 4 6 r3 2 0 2 r4 4 4 2 r4 4 9 2 r4 4 8 1 r3 3 5 5 r r5 47 2 r r 2 2 9 1 4 1 2 2 3 1 1 1 2 5 6 8 1943—1 437 51 39 45 755 37 18 41 37 41 36 37 213 21 127 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroads Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m r m 4 e e e All r N o e a t d s inc ^ o r m oa e1 d's111 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 in e e g r n 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 ... 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 847 228 120 98 rl,362 163 163 1939_1 Quarterly 898 -38 -43 i 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 61 184 43 36 22 274 51 48 1940—1 986A li -12 -29 25 187 48 41 19 274 49 44 2 .... 1,010** 3 -33 29 176 42 34 19 281 50 44 4 3 1 1 , , 1 17 3 1 0 1 9 4 2 5 12 7 7 1 -14 3 2 7 9 8 1 1 7 9 7 4 4 4 1 7 3 3 7 1 2 1 0 9 2 29 8 4 1 4 5 5 0 4 4 4 6 1941—1 1,152 96 69 —5 28 201 59 43 18 295 43 44 2 1,272 145 103 0 36 191 48 33 24 308 44 45 3 1,468 267 189 23 34 196 46 25 18 311 45 44 4 .... 1,454 166 138 5 87 211 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 98 221 56 35 19 r358 822 38 1943—1 2,091 513 209 52 28 230 73 36 19 366 42 40 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Series 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 Not available. 7 Partly estimated. 8 Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were 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. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions cf dollars] Marketable public issues1 Nonmarketable public issues Fully End of month T d g d i o r e r o t e b s a c t s l t im b n d e d T t i a e e r o r r e b i t e c n t a s t g l t- Total2 Tre b a il s l u s ry in c C d a e n e te r e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U v o . i n n S 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 N t a e e r o r b i n e n t s - g t- s g e t b t e c u e e e u a r a d e r r r i a i s i t n t n n i - e g - - 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—Apr 64,961 64,496 45,137 1,953 1,507 5,571 35,910 12,002 8,951 2,744 7,358 465 5,666 May 68,571 68,108 47,615 2,257 1,507 5.571 38,085 12,976 9,569 3,100 7,518 462 5,667 June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 July 77,136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 4,551 Aug 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov 96,116 95,458 66,554 5,721 37,161 10,095 43,381 20,117 14,079 5,703 8,7.87 657 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 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 1 Including amounts held by Government agencies and trust funds, which aggregated $2,792,000,000 on Mar. 31, and $3,142,000,000 (preliminary) on Apr. 30, 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, APRIL 30, 1943 [In millions ordollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount out- month tions Month standing Tr J e u a n s e u r 1 y 5 , b 1 o 94 n 3 d - s 471 454 Tr S e e a p s t u . ry 15 n , o 1 t 9 e 4 s 4 — . Continued 283 a m t e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s 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 June 15, 1946-48 1,036 Cert, of indebtedness. Sept 5,132 232 105 18 109 14 June 15, 1946-49........ 819 May 1, 1943 1,506 Oct 5,394 271 123 23 125 14 Oct. 15, 1947-52 759 Aug. 1, 1943 1,609 Nov 5,620 234 110 19 105 13 Dec. 15, 1947 701 Nov. 1, 1943 2,035 Dec........ 6,140 529 341 33 154 16 M M Ju a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 8 8 8 - - 5 5 0 1 3 1 1 , , , 2 1 0 1 2 6 5 3 2 A D Fe p e b c r . . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 4 3 4 3 4 2 , , , 8 9 2 0 9 1 3 0 1 1942— F Ja e n b 7 7 , , 8 19 9 8 3 1,0 7 6 0 1 3 3 6 9 6 8 7 5 7 2 8 3 2 1 5 6 3 1 1 5 6 Sept. 15, 1948. . 451 Mar 8,436 558 338 41 179 22 Dec. 15, 1948-50 571 Treasury bills Apr. 8,951 531 327 40 164 21 June 15, 1949-51 1,014 May 5, 1943 702 May 9,569 634 422 43 170 22 Sept. 15, 1949-51 1,292 May 12, 1943 708 June 10,188 634 433 41 160 23 Dec. 15, 1949-51 2,098 May 19, 1943 703 July 11,078 901 508 74 319 25 Dec. 15, 1949-52 491 May 26, 1943 701 Aug 11,751 697 454 52 191 32 Dec. 15, 1949-53 1,786 June 2, 1943 701 Sept 12,479 755 510 61 184 34 Mar. 15, 1950-52 1,963 June 9, 1943 705 Oct 13,381 935 665 61 210 40 Sept. 15, 1950-52 1,186 June 16, 1943 802 Nov 14,079 735 542 45 148 43 J S u e n p e t . 1 1 5 5 , , 1 1 9 9 5 5 1 0 - - 5 5 4 2 2 1 , ,6 3 2 6 7 8 J J u u n n e e 3 2 0 3 , , 1 1 9 9 4 4 3 3 8 80 0 5 2 Dec 15,050 1,014 726 66 222 55 Sept. 15, 1951-55 755 July 7, 1943 1943—Jan 16,246 1,240 815 77 348 63 Dec. 15, 1951-53 1,118 July 14, 1943 Feb 17,067 887 634 48 205 76 Dec. 15, 1951-55 510 July 21, 1943... 905 Mar 17,891 944 720 44 180 131 Mar. 15, 1952-54 1,024 July 28, 1943 902 Apr 19,' 267 1,470 1,007 110 353 103 June 15, 1952-55 1,501 Total direct issues.. 91,392 June 15, 1953-55 725 June 15, 1954-56 681 Guaranteed securities 1 At current redemption values except Series G, which is stated at par. M M Se a a p r r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 5 6 - - - 6 5 5 0 8 9 2 1 , ,4 6 9 4 1 8 9 1 2 Co M F m e a b m y . o 1 1 d 5 , i , t 1 y 9 1 9 4 C 4 3 5 redit Corp. D "A if m fe o re u n n c t e s o b u e t t s w ta e n en d in " g F " u r n e d p s r e r s e e c n e ts iv t e h d e " d i a ff n e d re n m c o e n b th e tw to e e m n o a n cc th r ue c d h a i n n g c e re s as i e n s June 15, 1958-63 919 Fed. Farm Mortgage Corp. in redemption values and redemptions of bonds during the month. Dec. 15, 1960-65 1,485 Mar. 15, 1944-64 June 15, 1962-67 2,118 May 15, 1944-49 Dec. 15, 1963-68 2,831 Fed. Public Housing J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 4 7 - - 6 7 9 2 3 2, , 7 5 1 6 6 0 A Fe u b t . h o 1 r , i 1 ty 944 Postal Savings bonds... 117 Home Owners' Loan Corp. Conversion bonds 29 May 1, 1944-52 Panama Canal loan 50 June 1, 1945-47. Treasury notes Reconstruction Fin. Corp. June 15, 1943 629 July 15, 1943 Sept. 15, 1943 279 Apr. 15, 1944 Dec. 15, 1943 421 Jan. 1, 1945 Mar. 15, 1944 515 Federal Housing Admin. June 15, 1944 416 Various Total guaranteed issues 1 Called for redemption on June 15, 1943. JUNE 1943 549 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] i Held by U. S. Gov- [IPrivately 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 i s e g t s - Special Public F R B e e a d s n e e k r r v a s l e Total m b C e a o r n c m k ia s - l M sa b v u a i n t n u k g a s s l M a a b rk le et- m N ar o k n e - tissues issues issues able issues 1940--June..- 47,874 4,775 2,295 2,466 38,338 16,552 3,110 9,400 2,800 December, . . 50,360 5,370 2,250 2,184 40,556 17,763 3,220 9,600 3,100 1941--June... 54,747 6,120 2,362 2,184 44,081 20,098 3,430 9,400 4,200 December . . 63, 768 6,982 2,547 2,254 51,985 21,789 3,700 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,388 3,890 11,100 13,000 August. 85,811 8,262 2,884 3,426 71,239 30,250 4,130 12,100 15,200 September,. 90,399 8,509 2,900 3,567 75,423 32,590 4,200 12,600 16,300 October. . . . 96,509 8,585 2,922 4,667 80,335 35,240 4,280 12,900 18,100 November.. 99,702 8,787 2,922 5,399 82,594 36,700 4,180 12,600 19,500 December. . 111,591 9,032 3,207 6,189 93,163 41,346 4,560 15,200 21,100 1943—January. . 114,301 9,172 3,195 5,969 95,965 42,970 4,630 14,700 22,600 February. . 117,126 9,565 3,126 5,871 98,564 43,450 4,710 15,400 23,800 March 118,637 10,004 3,130 5,919 99,584 44,090 4,630 16,100 23,900 1 Estimated figures for 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] 1U.S. U.S. JOV- Govs T o t i a o n u n g t t a d - l - m a e c a g r i n e e e n n d n s - t - B s F e a R e r f e r e t a v d i - k l e - s m b C a e o r n c m k i s a - 1 l b M i s t a n u a n g v a u k s l - - s p I a c n a o n n s m c i u e e r - s - Otller [ ! s T t o i a o n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - c a o n m ce - Other trust j trust unds :unds Total: 2 Treasury bonds: 1942—June 55,122 2,723 2645 24,939 3,830 8,74812,237 Total: Sept 64,916 2,877 3567 30,707 4,114 9 51314,138 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! 8,474j 8,649 Nov 70,750 2,918 5399 34,480 4,091 9 35114,510 Oct... 43,381 2,554 2,14517,357 3,765| 8,591 8,969 Dec 80,685 3,202 6 189 38,759 4,47110 76617,297 Nov.......... .43,381 2,468 2,464117,377j 3,666 8,515 8,891 1943—Jan 81,691 3,189 5969 40,281 4,51910,80616,927 Dec 49,268 2,739 2,777)19,445 4,055 9,944 10,308 Feb 82,921 3,119 5 871 40,649 4,5891090917,784 1943—Jan .. 49,273 2,736 2,637 19,760 4,080 9,98110,079 Mar 83,934 3,124 5919 41,317 4,5111066718395 Feb 49,273 2,665 2,367 20,136 4,067 9,95810,081 Treasury bills: Mar.. 49,273 2,652 1,984 20,829 3,979 9,61810,212 1942—June, 2,508 243 1,557 28 91 590 Maturing within 5 years: Sept 4,619 1 657 2,884 17 123 937 1942—June 3,915 336 1,599! 224 581 1,173 Oct 5,126 2 481 3,468 18 126 1031 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 1010 4,497 10 26 1073 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 2,5651 253 726 1,531 M Fe a b r 8 9, , 2 2 3 3 4 2 1 1 2 9 20 4 8 7 7 5 5 5 , , 3 0 0 6 2 9 6 2 5 4 15 6 7 3 1 1,8 3 3 5 7 5 1943— F Ja e n b 5 5 , , 8 8 3 3 0 0 7 6 5 6 7 5 2 4, , 6 O 8 71 6 7 i 235 7 71 2 5 6 1 1, , 5 5 2 2 6 1 Certificates: Mar 5,830 672 2,737 664 1,532 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 1942—June 9,436 846 4,959 750 1,347 1,536 Oct 6,211 22 726 3,782 90 265 1326 Sept 11,506 916 6,446 932 1,458 1,756 Nov 7,161 16 1 187 4,389 99 114 1,356 Oct 14,229 1,284 7,717 1,110 1,710 2,409 Dec 10,534 17 1041 6,470 129 180 2696 Nov 14,229 1,439 7,676 1,084 1,736 2,293 1943—Jan 10,741 19 1317 6,594 136 157 2518 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Feb 11,161 29 789 6,837 206 261 3,039 1943—Jan 17, 1,521 9,536 1,145 2,142 2,737 Mar 11,161 19 850 6,845 183 266 2997 Feb... .17,080 1,420 9,505 1,165 2,236 2,758 Treasury notes: Mar 17,080 1,317 9,672 1,113 2,189 2,789 1942—June 6,689 76 714 3,725 138 266 1770 Maturing in 10-20 years: Sept 7,958 75 678 4,507 181 276 2241 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 Oct 10,095 79 1,297 5,830 204 295 2391 Sept 17,545 2,061 6,596 1,854 3,163 3,871 Nov 10,095 85 1,343 5,828 196 290 2354 Oct 16,786 2,124 6,310 1,756 3,037 3,558 Dec 9,863 92 1,324 5,670 167 283 2327 Nov 16,786 2,133 6,377 1,712 2,990 3,581 1943—Jan 9,863 81 1,275 5,698 174 294 2341 Dec 16,295 2,165 6,240 1,580 2,778 3,531 Feb 9,863 86 1,190 5,699 183 298 2407 1943—Jan 16,295 2,090 6,364 1,555 2,756 3,529 Mar 9,797 67 957 5,850 182 297 2444 Feb 16,295 1,948 6,635 1,538 2,651 3,520 Guaranteed securities: Mar 16,295 1,680 6,955 1,500 2,613 3,545 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: Sept 4,515 293 15 2,893 132 369 814 1942—June 6,002 593 1,258 512 2,326 1,315 Oct 4,195 304 17 2,637 122 349 766 Sept 7,238 721 1,253 631 3,073 1,560 Nov 4,195 310 22 2,660 116 338 750 Oct 7,238 764 1,231 634 3,072 1,539 Dec 4,196 311 37 2,665 108 333 743 Nov 7,238 750 1,255 618 3,042 1,574 1943—Jan 4,196 311 50 2,650 108 329 748 Dec 10,065 1,021 1,286 1,095 4,339 2,323 Feb 4,196 294 49 2,664 107 329 753 1943—Jan 10,065 1,004 1,284 1,131 4,356 2,293 Mar 4,272 332 42 2,712 102 328 756 Feb 10,069 998 1,310 1,131 4,354 2,275 1 i Mar 10,065 965 1,463 1,141 4,153 2,346 * 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. 1 On Mar. 31, 1943, commercial banks reporting to the Treasury held $13,995,000,000 of United States Government securities due or callable within one year out of a total of $25,035,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 55° 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 Period t c a I o x n m e - s e 1 i c n r n e n e e n t l v u o e a l e a e l u r 1 - - - s S s t e a o i c t x c y u e ia r s - l Other c T e r o i e t p - a t l s ce N r i e p e - t ts2 I d n e o e t s n e b t r t - a W c t t i i e a v s r i- T c f o t e e r r a u r a t u s c c n n - . s t t s t o s - , Other g p T t e b e u o t u n r t d e a e d - s l x i- - Deficits c T o e r a u u t c c n - s . t t s s, F G a b e u n i a r e n n c l a n d - e l - c g d r r e I e o n a b s - s t s e Fiscal year ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 +742 5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,598 -3,506 +358 23,461 1942—April 335 305 43 49 732 695 77 3,238 48 390 3,753 -3,058 -126 -642 2,542 May 216 270 222 56 764 563 19 3,560 ..... 375 3,953 -3,391 -257 -39 3,609 [une 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 4,498 249 378 5,160 -4,413 -4 +296 4,714 August 155 362 232 48 797 587 7 4,884 19 305 5,215 -4,628 -54 -134 4,549 September... 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 -3,404 -245 +1,148 4,798 October 206 350 48 45 648 607 70 5,481 56 330 5,937 -5,331 -496 +594 6,420 November... 199 337 248 45 830 601 28 6,042 3 291 6,363 -5,761 +736 -1,814 3,212 December 1,972 630 50 50 2,702 2,701 353 5,825 25 297 6,500 -3,799 -794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 c , -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 April 1,000 346 50 159 1,555 1,514 6,974 38 366 7,466 -5,952 +48 +8,438 14,342 Details of trust accounts, etc. General Fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets General Fund penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- i c a G n i o g n m o u e c g v n n h e e a t n c e s r c c i t n e - o k s - f - ce R i e p - ts I m nv e e n s t t s - p t e u n r d e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o e p i s n c e o i - i s t a s i l - O as t s h e e t r s l T i t a o i b e t i a s l l i- Total W a b n o a c l r - e k- Banks taries Fiscal year ending June 1941 1,958 1,200 741 218 680 138 490 2,812 1,024 661 179 2,633 1,885 June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 452 2,991 2,229 1942—April 112 15 59 189 73 9 39 3,216 522 1,579 365 2,851 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 386 2,812 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 494 3,288 2,525 August 433 184 52 262 62 24 28 3,695 569 1,880 541 3,154 2,392 September.. 30 214 45 25 83 37 37 4,688 1,021 2,411 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 416 4,896 4,134 November.., 471 170 34 -449 65 32 13 3,557 512 1,695 475 3,082 2,320 December... 75 350 33 548 99 37 11,032 1,516 8,166 489 10,543 9,780 1943—January 110 43 35 186 74 47 8,200 465 6,367 477 7,724 6,961 February 498 230 35 370 52 40 -3 5,895 623 3,892 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 495 12,617 11,854 1 Details on collection basis given in table below. 2 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 3 Excess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total C in u d d r u i r a v e l i n - t V t t o a ic r x y - r c a C r o e t r u i n p o r t o - n - t B a a x c e k s p E t r x a o c x f e e it s s s sl p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a x t i n a f e d t t s e b A e l t v c a o e x r h e a o s g li e c b t T a a x c o c e - o s S ta ta x m es p re t e t u a x a r n i c e l d i e r s s e r ' s' c t M e e a l o x l i u a s e - s n 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—April 295 132 44 73 44 3 294 43 81 63 3 70 33 May 205 12 84 33 68 7 277 25 84 66 3 63 35 June 2,131 715 766 55 584 11 284 25 86 71 3 56 42 July 222 53 83 29 53 2 459 46 114 74 3 62 160 A Se u p g t u e s m t ber 2,1 1 2 6 3 4 6 3 6 1 2 7 5 8 3 1 2 2 6 3 6 4 4 9 1 1 3 7 3 3 4 1 0 5 i" ....2 3 8 0 1 1 1 2 1 3 7 7 4 7 3 3 5 6 6 0 3 5 9 1 October 220 19 109 27 58 7 348 35 119 83 3 66 42 November.... 185 19 67 24 73 2 478 "*i8S" 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 M Ap a r r i c l h 4 1 , , 8 00 6 8 8 1,9 3 5 6 1 2 ""2 2 " 98 1,02 7 6 3 7 7 9 3 1,7 2 9 0 1 0 21 1 3 34 7 5 9 •l_2" 6 4 2 0 1 1 2 1 1 3 8 7 0 7 4 5 4 4 7 9 6 6 5 4 1 Correction of December 1942 collection. JUNE 1943 551 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- Ac- and debentures Govern- vately End of month Total Loans f s e P t r o r r c e e k - d , Cash d G U i o r . e v S c t t . . O G t o h v e t r . c o o a t n u h d n e t r s p B n r e u o s s p s i - - P h e r e r o t l y p d - O as t s h e e t r s g F u u a ll r y - l O ia t t i b h e i e s l r i- in m te e r n e t st i o n w te n r e e d st etc. gu a a n r d an- a c g i e e n s1 - re a c b e le iv s - erty s f a o l r e an b te y ed Other* 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—March 15,750 8,407 658 621 1,060 54 632 792 2,262 1,264 5,690 1,433 2,497 5,694 435 April 16,656 8,567 650 645 1,076 54 621 815 2,717 1,511 5,688 1,431 2,656 6,444 436 May 17,343 8,356 649 732 1,088 55 733 833 3,067 1,830 5,687 1,440 2,950 6,828 437 June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 July 18,482 8,307 642 407 1,113 58 773 879 3,808 2,495 4,581 1,443 3,457 8,562 438 August 19,401 8,233 626 609 1,144 57 853 924 4,177 2,778 4,592 1,445 3,691 9,234 439 September.. 19,974 8,190 623 625 1,197 56 1,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 1,219 60 1,088 976 4,710 3,119 4,265 1,413 4,185 10,230 442 November.. 20,992 8,158 621 563 1,222 52 1,069 1,001 4,701 3,605 4,264 1,404 4,601 10,281 443 December. . 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 1,284 32 1,205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 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 March 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural Exstruc- Elec- End of month l T o o a t n a s l 2 n C t a F i o n o i r - n c p e . H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a 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 r d r m p e t . - . c b m i F r n a a e e e n t t e d d e d k r i i . s - t - f o B o 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 r A a e d d r - i m t i S t F e y a c r u A r m d - - tr m i A t 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 1,106 1,082 ,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December.. !,487 1,433 ,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—March 1,407 1,470 ,724 192 75 213 379 1,731 580 267 106 218 258 436 334 137 287 April 1,567 1,469 ,709 185 77 215 371 1,721 575 280 102 393 260 450 336 137 287 May 1,356 1,468 ,692 181 79 216 365 1,715 567 282 99 230 258 456 340 112 296 June !,379 1,473 ,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 July !,3O7 1,479 ,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 5,233 1,496 ,640 160 85 215 357 1,679 547 287 104 181 254 457 344 117 310 September.. 5,190 1,527 ,622 145 88 215 360 1,663 539 270 112 173 250 456 344 117 309 October... 5,159 1,533 ,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November.. 5,158 1,566 ,587 122 93 213 372 1,625 518 238 140 214 241 448 345 119 317 December .. 5,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January... . 5,086 1,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February... 5,022 1,527 1,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March !,003 1,530 1,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 SELECTED ASSET ITEMS,'OTHER THAN INTERAGENCYIITEMS Lo F a i n n s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n c t e s i v a a n b d l e o s ther Property held for sale End of month Total n t L u i t a o n o t n i s a c o f t n i i i n - s a - s l L r r o o a t a a o il d n - s s Other F R i s C n t e t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n o e n rs - ' Other F b M J F e a e d o C n d . r k o . t s F g r l p a a a a . n r g n m d e d m C r C C a o o r t o r e d i p m o d i o n t i - y - t C p s w F o o t R r i r r a e u n a p r c c a t . o c i t n a o i o n c o n n r - e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o n t i - y t - O C H r L w a o o o t n r m i a p o e n o e n rs - ' 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—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 March 1,530 155 444 931 359 109 94 195 75 677 356 4,041 1,700 216 117 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 Mar. 31, 1943, FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd i ( I 1 m v n = 9 p a c e 3 a l o 1 5 n u y m - 0 t e - 3 s 0 ) 9 e 1 Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D l l 3 9 u p v f M r a r o - = c o l a t u d u n 1 u m r 0 u N c e d - 0 e o t s u ) i n r 2 o - * - n M e i ra n l - s Tot a a w 1 C l a 9 o r 2 c n d 3 o s e n - R t d d t t 2 e r e i r u s 5 a n a c i ( l - c = t - v t i a s 1 o l n 0 u o e 0 t A ) l h 3 l er N t a c u g o u r r n l a i - l - E - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 19 r F t o 3 1 o a l 9 0 r c l y 0 s - 4 = F 1 = r l 9 i e o n c 3 i a a g 1 5 g r d 0 s - h 3 * - 0 t 9 D 19 m u s s e ( 2 a v t e • p e 3 o • l ) a a e n - * r l 2 r 1 s e - t 5 t 5 0 - 0 W m p = c r 1 s o o i h 9 a c d 1 m o 2 l e i e 0 l 6 - s t e 0 y 4 - C li 1 3 o v 1 9 9 s i 0 3 t n 0 5 = o g - 4 f able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed iusted justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 106.8 106.2 120 78 138.6 124.5 1920., 75 93 60 83 63 30 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 90.8 88.0 121 96.7 119.7 1923 88 103 72 98 84 81 103.9 111.6 142 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927. . . . 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 . . 122.9 110 132 93 107 117 87 142 106.0 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933........ 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 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 December.. 110.8 I 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 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 78.0 100.4 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 95 149 121.0 145.3 144.3 215.1 137 124 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.. 177.9 187 193 265 142 131 179 70 268 126.5 156.9 159.6 261.8 136 123 99.6 117.8 October.... 182.8 191 195 275 144 129 185 83 269 127.6 158.9 160.7 270.9 133 128 100.0 119.0 November.. 189.4 195 195 279 148 130 198 90 286 128.8 160.9 161.9 280.4 134 138 100.3 119.8 December.. 193.7 197 194 285 149 r127 175 91 243 130.5 164.4 164.5 287.9 134 125 101.0 120.4 1943 January 196.7 199 194 291 149 r125 145 79 198 130.4 167.1 164.8 290.9 135 143 101.9 120.7 February... 201.0 202 197 295 150 r131 102 56 140 130.5 167.7 166.2 297.2 141 r168 102.5 121.0 March 204.9 202 199 298 147 133 85 42 119 130.1 168.4 167.3 304.4 136 136 103.4 122.8 April 2*131 129.3 168.2 *>167.4 141 128 103.7 124.1 May e140 e104.0 p Preliminary. * Average per working day. r Revised. e Estimated. J Department of Commerce series on value of payments to Individuals. 2 For indexes by groups or industries, see pp. 554-557; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for'description, see p. 35S of BULLETIN for July 1931; by groups, see p. 560 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and post of living are compiled by or based on data of the^ Bureau of Labor Statistics. Figures prior to 1939 for 1938 figures and the 1939 base period averages emp 5 l o F y o m r e s n a t l e a s n c d o m pa p y a r r i o so ll n s s fo b r y 1 c 9 it 4 i 1 e s a a n n d d 1 b 9 y 42 d a ep rc a r _ t . m ents see pp. 5 ,, 6 2-563 of this x B _ U _ LLETIN. 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. JUNE 1943 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 172 173 174 176 ' 178 183 187 191 195 197 199 202 202 v203 Manufactures—Total 180 182 183 184 188 193 197 203 207 210 212 215 215 P216 Durable 230 234 239 244 249 258 265 275 279 285 291 295 298 p300 Nondurable1 * 139 139 138 136 138 140 142 144 148 149 149 r151 147 Iron and Steel 200 199 200 198 196 197 199 207 203 200 204 208 210 209 Pig iron . . 192 192 192 194 192 190 194 199 199 197 197 201 202 197 Steel 218 219 219 216 216 218 219 229 224 221 226 231 233 235 Open hearth and Bessemer 182 181 182 178 175 177 179 186 182 179 182 185 188 186 Electric 477 487 488 489 506 507 503 536 527 523 542 560 559 580 Machinery ... 268 273 279 287 289 299 310 320 329 340 348 352 359 P362 Government Arsenals and Quartermaster Depots Transportation Equipment 330 350 372 396 425 458 479 507 525 547 559 572 583 P592 Aircraft Automobile bodies, parts, and assembly 105 104 107 112 116 124 129 135 141 146 151 155 158 ^159 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products 181 177 180 186 188 191 193 192 197 202 200 199 192 P194 Nonferrous metal smelting 157 161 163 Copper smelting 147 155 161 Zinc smelting 184 185 184 Lead production 134 132 Copper deliveries 208 195 205 Lead shipments Zinc shipments 148 145 146 Tin consumption Lumber and Products 134 132 130 131 133 129 125 129 128 127 124 129 124 P125 Lumber . 128 127 124 127 130 125 119 123 122 119 116 121 114 Furniture 147 142 143 139 137 136 136 141 139 144 139 144 144 P143 Stone Clay and Glass Products 158 154 155 147 140 145 152 152 153 148 163 155 149 PJ44 Cement 161 167 172 171 169 177 182 184 180 165 169 156 r146 134 Unglazed brick 133 119 104 92 90 87 Glass containers 187 176 178 163 145 153 163 162 169 171 208 199 197 194 Polished plate glass 43 43 35 37 32 30 38 37 39 39 38 39 42 40 Textiles and Products 153 157 156 152 154 154 156 156 158 156 157 157 "158 160 Textile fabrics 143 148 146 143 145 144 146 147 148 145 147 147 Cotton consumption 169 177 175 169 166 169 172 172 171 163 171 115701 166 166 Rayon deliveries 175 170 169 169 168 169 170 174 177 178 180 181 181 182 Silk deliveries Wool textiles 148 153 150 151 160 154 155 156 161 163 154 166 164 Carpet wool consumption 70 34 5 46 43 27 34 43 43 44 29 39 39 Apparel wool consumption 196 203 201 194 208 206 198 205 212 218 208 r230 231 Woolen yarn . 161 173 172 165 175 173 175 178 182 184 176 190 189 Worsted yarn 143 164 168 166 176 173 168 171 175 175 167 177 172 Woolen and worsted cloth 167 177 179 172 184 177 179 175 180 185 177 187 183 Leather and Products 124 130 126 121 116 113 111 117 117 117 122 rU8 HI Leather tanning 127 131 129 122 119 117 115 120 118 118 122 r118 113 Cattle hide leathers 140 147 148 143 144 141 136 143 139 139 142 136 126 Calf and kip leathers 92 93 94 88 89 95 96 94 94 93 95 93 92 Goat and kid leathers. 120 116 105 94 79 70 76 82 81 84 89 89 93 Shoes 122 130 124 120 115 110 108 115 116 116 122 r118 110 ^140 Manufactured Food Products .... 136 136 134 138 143 143 p148 *146 *>157 P155 P152 "150 Wheat flour 101 98 105 102 106 105 101 108 115 126 129 130 126 121 Cane sugar meltings Manufactured dairy products 145 150 142 138 143 143 *>140 *>139 P136 *>140 *>141 PI 42 2*141 Ice cream 147 160 145 145 154 153 Butter 108 110 111 105 108 108 102 100 98 103 107 110 110 109 Cheese 177 180 178 168 169 165 156 145 141 138 148 148 148 146 Canned and dried milk 198 187 178 168 164 172 167 168 156 169 166 166 159 158 r Revised. v 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. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 144 142 140 153 146 153 159 145 147 158 145 153 154 143 Pork and lard 161 156 163 177 168 174 187 157 167 193 170 180 189 179 Beef 132 134 121 137 130 136 129 133 122 119 126 134 127 113 Veal 98 96 94 103 103 113 127 129 128 107 76 76 73 61 Lamb and mutton 128 119 105 104 116 127 137 141 156 156 122 117 108 111 Other manufactured foods 138 137 136 140 147 146 153 152 159 165 165 161 156 ^156 Alcoholic Beverages ... 119 HI 111 104 122 135 139 126 122 111 105 123 112 P103 Malt liquor 120 117 116 104 118 133 147 134 146 131 122 146 133 123 Whiskey 62 63 55 63 96 82 49 14 Other distilled spirits 44 53 80 61 83 71 35 62 62 37 42 63 35 Rectified spirits 201 153 158 163 183 223 238 226 159 159 159 161 157 141 Tobacco Products 125 127 120 122 126 130 133 141 136 160 140 131 131 133 Cigars 121 120 108 112 109 112 107 116 98 200 127 116 101 108 Cigarettes 137 140 137 136 146 152 159 166 167 166 162 153 159 160 Manufactured tobacco and snuff 94 97 89 94 89 88 91 102 98 94 94 86 87 87 Paper and Paper Products*- . 152 148 143 134 125 131 132 135 135 132 133 135 135 Paper and pulp 158 154 147 135 125 132 133 137 137 133 135 137 137 Pulp.. .. 189 183 184 177 164 169 162 162 159 152 147 149 146 Groundwood pulp 138 129 120 116 113 117 112 114 111 104 103 107 103 Soda pulp 155 148 147 129 127 125 126 137 141 131 96 r95 91 Sulphate pulp 239 236 245 228 211 221 211 208 200 195 199 200 199 Sulphite pulp. . . 181 174 173 173 157 161 154 153 149 143 140 142 137 Paper 154 149 142 129 119 126 128 134 134 130 133 135 136 Paperboard 168 157 141 120 109 123 131 136 137 134 137 143 150 150 Fine paper 150 146 147 138 132 125 125 130 133 127 127 123 120 Newsprint production 106 109 104 103 103 108 106 107 100 97 92 93 90 "89' Printing paper 140 135 124 110 109 113 117 130 129 121 124 r128 122 Tissue and absorbent paper 164 169 175 178 148 161 166 163 174 175 177 r170 170 Wrapping paper 151 152 150 139 127 132 125 128 123 120 125 129 127 Printing and Publishing2 121 117 112 104 106 111 109 116 118 114 113 r114 110 Pill Newsprint consumption 103 98 100 97 103 108 101 102 110 106 102 99 97 100 Petroleum and Coal Products 122 118 116 115 118 121 122 123 123 119 117 120 118 Petroleum refining 116 111 109 108 111 114 116 117 117 112 109 113 110 Gasoline 112 104 103 101 105 109 109 111 110 104 99 102 99 JJJQ2 Fuel oil • 122 123 122 123 127 130 137 137 138 137 137 143 137 Lubricating oil 131 126 122 123 117 117 112 113 114 113 111 114 118 Kerosene 112 106 100 103 105 106 107 112 110 99 104 117 118 Coke 162 162 163 164 163 165 166 166 166 166 166 169 169 P169 Byproduct coke 152 152 153 153 153 155 155 155 156 156 157 158 158 P158 Beehive coke 504 514 508 539 502 505 523 524 500 498 485 543 546 ^540 Chemicals 161 165 167 172 174 173 179 187 197 205 210 213 211 P217 Rubber Products Rubber consumption Tires and tubes 26 25 Pneumatic tires 26 25 Inner tubes 27 27 Minerals—Total .. 126 125 126 127 126 130 131 129 130 r127 r125 r131 133 P131 Fuels 122 121 121 121 121 126 129 127 130 126 124 131 133 Bituminous coal . 140 150 147 144 141 140 150 145 154 143 145 157 161 Anthracite 116 122 115 117 122 118 129 117 124 105 102 129 128 P129 Crude petroleum 115 109 111 113 112 121 120 121 121 121 118 121 122 Metals . 153 152 157 159 155 152 145 139 133 r132 r132 r133 133 P133 Metals other than gold and silver 184 184 193 199 197 196 189 183 181 187 189 r194 193 P194 Iron ore shipments 219 217 232 236 241 239 227 218 211 223 232 234 235 235 Copper 162 164 174 Lead 134 132 Zinc Gold Silver 106 109 106 104 98 99 88 82 74 73 73 72 Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. x Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 1 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. JUNE 1943 555 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.i Apr. Industrial Production—Total 168 172 175 177 180 187 193 195 195 194 194 197 199 p201 Manufactures—Total 177 181 183 185 189 196 203 205 206 207 208 211 212 V215 Durable 228 234 240 246 251 260 267 276 279 283 287 292 296 Nondurable1.. 137 138 137 136 139 144 r151 148 147 146 143 r146 144 ^146 Iron and Steel. 200 199 200 198 196 197 199 207 203 200 204 208 210 209 Pig iron 192 192 192 194 192 190 194 199 199 197 197 201 202 197 Steel 218 219 219 216 216 218 219 229 224 221 226 231 233 235 Open hearth and Bessemer. 182 181 182 178 175 177 179 186 182 179 182 185 188 186 Electric .. 477 487 488 489 506 507 503 536 527 523 542 560 559 580 Machinery 268 273 279 287 289 299 310 320 329 340 348 352 359 'm Government Arsenals and Quartermaster Depots. Transportation Equipment 330 350 372 396 425 458 479 507 525 547 559 572 583 ^592 Aircraft Automobile bodies, parts, and assembly.... 105 104 107 112 116 124 129 135 141 146 151 155 158 PIS9 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products.... 181 177 180 186 188 191 193 192 197 202 200 199 192 P194 Nonferrous metal smelting.. 156 162 164 Copper smelting 147 155 161 Zinc smelting 184 185 184 Lead production 131 135 Copper deliveries 208 195 205 Lead shipments Zinc shipments 148 145 146 Tin consumption Lumber and Products.. 129 132 135 138 140 138 135 135 125 116 107 114 119 P125 Lumber 120 127 131 138 141 139 134 131 118 101 91 99 106 PI 16 Furniture 147 142 143 139 137 136 136 141 139 144 139 144 144 P143 Stone, Clay, and Glass Products 140 151 163 158 151 160 163 163 157 139 138 132 133 P141 Cement 141 161 178 183 186 195 200 202 186 156 139 126 r126 128 Unglazed brick 90 116 118 115 111 104 Glass containers 176 176 190 171 151 167 166 167 171 159 187 184 185 194 Polished plate glass. 43 43 35 37 32 30 38 37 39 39 38 40 39 42 Textiles and Products 153 157 156 152 154 154 156 156 158 156 157 160 157 P158 Text C ile o tt f o a n b ri c c o s nsumption 1 1 4 6 3 9 1 1 4 7 8 7 1 1 4 7 6 5 1 1 4 6 3 9 1 1 4 6 5 6 • 1 16 4 9 4 1 1 4 7 6 2 1 1 4 7 7 2 1 17 4 1 8 1 1 4 6 5 3 1 1 4 7 7 1 1 17 5 1 0 1 1 4 6 7 6 166' Rayon deliveries 175 170 169 169 168 169 170 174 177 178 180 181 181 ^182 Silk deliveries Wool textiles 148 153 150 151 160 154 155 156 161 163 154 166 164 Carpet wool consumption 70 34 5 46 43 27 34 43 43 44 29 39 39 Apparel wool consumption 196 203 201 194 208 206 198 205 212 218 208 r230 231 Woolen yarn 161 173 172 165 175 173 175 178 182 184 176 190 189 Worsted yarn 143 164 168 166 176 173 168 171 175 175 167 177 172 Woolen and worsted cloth 167 177 179 172 184 177 179 175 180 185 177 187 183 Leather and Products 129 131 124 116 114 115 112 117 115 114 120 r123 114 Leather tanning 127 131 126 118 113 113 114 121 121 119 122 128 113 Cattle hide leathers 141 147 145 136 134 134 134 145 144 141 144 151 127 Calf and kip leathers... 91 90 90 90 88 100 94 96 97 91 93 98 90 Goat and kid leathers.. 119 119 102 94 78 69 77 81 79 85 89 93 93 Shoes 130 131 123 114 115 117 112 115 111 110 118 119 114 Manufactured Food Products.. 121 123 130 139 156 165 P181 P156 P151 P150 P140 P135 P134 P135 Wheat flour 98 92 96 95 105 106 116 118 119 121 130 129 123 114 Cane sugar meltings Manufactured dairy products.. 124 152 193 210 207 192 ^143 2*109 ^88 P89 P102 PU1 B Ic u e t t c e r r eam 1 9 1 6 3 1 1 0 5 9 4 1 1 9 4 7 3 2 1 3 4 2 7 2 1 5 3 9 2 2 1 4 1 8 9 101 88 78 82 86 94 "98' 108 Cheese 157 189 242 241 205 185 158 134 106 101 107 119 132 153 Canned and dried milk 194 211 257 249 200 177 154 134 109 117 126 141 156 179 r Revised. p Preliminary. * Included in total andgroup indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 131 134 140 149 138 132 147 146 166 186 171 147 140 136 Pork and lard 145 148 163 172 151 131 150 147 200 249 221 180 171 170 Beef 120 125 121 134 131 137 144 144 128 119 126 121 115 105 Veal 93 95 98 104 102 114 140 142 131 101 73 67 69 61 Lamb and mutton .. •. 124 115 108 99 110 125 153 150 152 148 128 117 105 108 Other manufactured foods 121 121 123 133 157 173 198 170 161 158 145 140 138 ^137 Alcoholic Beverages... 113 113 120 116 133 140 140 123 103 94 90 110 105 P107 Malt liquor .. 112 124 136 134 148 152 149 121 111 105 100 128 123 130 Whiskey 77 69 54 50 53 45 39 13 Other distilled spirits . •. 29 32 48 36 39 34 48 164 130 46 27 38 23' Rectified spirits . ... 191 136 139 130 183 223 238 226 159 159 159 161 157 141 Tobacco Products.... 117 119 123 132 131 135 144 149 141 137 132 122 123 125 Cigars 111 114 107 120 113 115 123 140 117 154 103 101 93 103 Cigarettes 127 130 142 150 153 160 170 169 167 147 159 144 148 149 Manufactured tobacco and snuff 96 96 89 96 91 89 98 104 97 83 91 85 89 86 Paper and Paper Products1. 155 151 144 133 122 130 134 138 134 129 132 137 137 Paper and pulp 161 157 149 134 121 130 132 138 137 131 135 140 139 Pulp 194 187 186 174 156 166 159 164 159 147 149 154 150 Groundwood pulp 148 144 133 118 100 100 98 106 114 108 107 111 110 Soda pulp 160 152 147 127 119 125 127 137 141 127 96 r9g 94 Sulphate pulp 243 236 245 226 207 221 211 212 200 185 201 ,206 203 Sulphite pulp . .185 178 173 169 150 161 154 156 151 139 140 146 140 Paper 156 152 143 128 115 125 128 134 133 129 132 138 138 Paperboard 168 157 141 120 109 123 131 136 137 134 137 143 150 150' Fine paper 160 159 151 135 120 118 118 130 129 124 128 132 129 Newsprint production 106 109 105 104 101 105 106 107 103 98 92 92 90 89 Printing paper 145 140 127 108 102 110 116 131 127 120 124 r132 126 Tissue and absorbent paper 166 172 173 177 140 161 172 169 172 168 172 r177 172 Wrapping paper 151 152 150 139 127 132 125 128 123 120 125 129 127 Printing and Publishing1. 126 123 115 103 96 103 109 120 121 114 111 rll5 114 P117 Newsprint consumption. 107 105 104 98 90 95 102 109 115 108 97 98 101 107 Petroleum and Coal Products 122 118 117 115 117 121 122 123 123 119 116 120 118 Petroleum refining 116 111 110 108 110 114 116 117 117 112 109 113 110 Gasoline.. • 112 104 103 101 105 109 109 111 110 104 99 102 99 p102 Fuel oil 122 123 122 123 127 130 137 137 138 137 137 143 137 Lubricating oil 130 131 127 123 115 116 112 113 114 112. 108 113 117 Kerosene 115 108 101 97 97 101 106 112 113 102 106 123 120 Coke 162 162 163 164 163 165 166 166 166 166 166 169 169 ^169 B Be y e p h r i o v d e u c c t o k c e oke 5 1 0 5 4 2 5 1 1 5 4 2 5 1 0 5 8 3 5 1 3 5 9 3 5 1 0 5 2 3 5 1 0 5 5 5 5 1 2 5 3 5 1 5 5 2 5 4 5 1 0 5 0 6 4 1 9 5 8 6 4 1 8 5 5 7 5 1 4 5 3 8 5 1 4 5 6 8 ^158 Chemicals... 166 168 166 166 167 170 181 192 199 206 209 213 216 P220 Rubber Products Rubber consumption Tires and tubes.< 26 25 Pneumatic tires 26 25 Inner tubes 27 27 Minerals—Total.. 118 126 131 132 131 136 137 134 132 r119 r116 r122 124 P124 Fuels.... 122 121 121 121 121 126 129 127 130 126 124 131 133 P131 Bituminous coal 140 150 147 144 141 140 150 145 154 143 145 157 161 A C n r t u h d r e a c p i e t t e roleum .... 1 1 1 1 5 6 1 10 2 9 2 1 1 1 1 5 1 1 1 1 1 7 3 1 1 2 1 2 2 1 12 1 1 8 1 1 2 2 9 0 1 1 1 2 7 1 1 12 2 1 4 1 1 0 2 5 1 1 1 1 0 8 2 1 1 2 2 9 1 1 1 2 2 8 2 pm Metals 97 155 190 195 192 194 184 176 143 r79 r68 r69 69 P85 Metals other than gold and silver 94 195 259 266 264 264 249 239 192 93 80 85 85 p\n I C r o o p n p e o r re shipments 1 2 6 3 5 2 1 3 6 7 9 3 1 7 7 2 4 382 393 388 358 335 229 19 60 Lead 131 135 Zinc Gold Silver 110 110 105 100 97 97 89 82 75 73 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 basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1943 557 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 ot Labor Statistics, 1939 = 100) Factory employment Factory pay rolls Industry and group 1943 1942 1943 Mar. i Apr Dec Jan Feb Mar Apr Feb Mar. Jan, Feb. Mar Total 144.3 146.3 164.5 r164.8 '166.2 167.3 167.4 208.2 215.1 221A 287.9 290.9 297.2 304.4 Durable goods 175.8 180.0 215.5 218.1 r221.2 224.1 225.5 265.8 276.2 287.2 391.6 r399.8 r409. 420.4 Nondurable goods.. 119.4 119.8 124.3 122.9 122.9 122.6 121.6 151.9 155.4 157.0 186. 184.5 187. C 191.0 Iron and Steel and Products 156.9 158.3 169.1 170.7 172.1 173.3 173. 219.8 226.6 230.5 278. 283.5 288 S 295.9 Blast furnaces, steel works, etc 140 141 135 134 135 135 187 190 188 204 209 212 215 Steel castings 232 238 273 276 279 281 344 355 368 453 464 476 495 Tin cans and other tin-ware 120 116 89 88 90 91 163 149 144 134 130 135 138 Hardware 136 132 118 119 120 123 203 210 208 215 215 223 229 Stoves and heating equipment 107 106 113 113 113 115 136 139 143 179 181 184 190 Steam, hot-water heating apparatus... 163 161 187 189 193 194 255 261 263 327 313 336 339 Stamped and enameled ware 140 137 139 143 149 154 196 201 199 247 256 263 278 Structural and ornamental metal work 159 165 192 190 193 194 222 233 242 324 309 324 334 F Sc o r r e g w i n m gs a — ch # ine products 2 2 1 4 5 3 2 25 2 1 0 2 2 8 5 7 2 2 2 8 5 8 5 2 2 5 9 9 3 2 2 6 9 3 2 3 3 3 7 9 4 3 3 9 4 0 8 4 3 0 6 5 5 4 5 7 1 6 6 4 51 7 9 8 4 5 9 3 5 3 5 5 4 0 5 3 Electrical Machinery 197., 200.5 250.3 255.1 260.8 267. 268.9 288.0 296.3 303.6 415.5 427.4 441, 453.7 Machinery, except Electrical 194.6 198.3 225.. 227.5 r230.8 233. 234.8 295.9 307.8 315.4 392. 400.2 r410, 417.7 Machinery and machine shop products 193 198 230 232 236 239 289 301 311 395 402 r413 422 Tractors 141 138 156 154 155 158 181 184 181 223 225 239 242 Agricultural excluding tractors 136 137 110 114 120 124 178 190 194 181 196 215 228 Pumps 246 257 285 293 299 307 417 453 479 583 581 602 614 Refrigerators 145 149 149 154 202 237 113 111 131 138 153 220 250 Transportation Equipment, except Autos.. 1,343.1 1,378. 1,405.2 1,144.61,237.0 2.348.0 2,486., 721, 787.41,259.,1,302., 1,370.7 2,406.6 2,583.3 Automobiles 159.5 161, 163.0 167.1 167.4 255.1 282., 104.7 106.5 152.5 156.; 169.8 277.1 283.9 Nonferrous Metals and Products 162.8 161.6 176. 178. 179.6 178.8 177.8 228.7 237.5 240. 303. r305. 308, 312.1 Primary smelting and refining.. 127 128 152 154 155 156 167 170 170 234 239 245 252 Clocks and watches 131 132 127 127 129 125 197 205 212 232 r239 r240 238 Lighting equipment 120 109 110 108 ' 111 112 166 165 158 189 184 187 189 Lumber and Timber Basic Products.. 129. 130.6 122.. 116.3 113.8 114.0 113.4 163.5 165.6 170.6 181.9 166.9 r173.\ 179.4 Sawmills 106 107 98 r92 90 91 135 137 141 144 131 139 144 Planing and plywood mills 119 119 119 115 114 113 145 145 149 177 167 167 171 Furniture^ and Lumber Products... 121. 118.1 111.4 110., 111.0 111.0 109.8 159.9 161.7 161.2 170.6 165.9 171.8 175.2 Furniture 117 112 107 106 107 107 158 157 153 164 160 166 170 Stone, Clay, and Glass Products 127.3 128.8 125.4 123., 122.4 122.0 122.2 159.9 162.2 165.3 181.2 178.5 179.2 181.9 Glass 126 125 118 119 121 123 160 159 159 166 168 174 176 Cement. 116 120 121 115 109 105 136 142 146 156 150 139 137 Brick, tile, and terra cotta 115 119 104 98 94 92 142 146 151 150 138 138 137 Pottery and related products 137 137 137 135 135 136 175 177 174 188 185 186 189 Textile-Mill and Fiber Products 113. 114.0 112.5 r 111.3 111.3 110.8 109.2 153.7 155.1 157. 180.8 rl79.6 180.7 184.0 Cotton goods except small wares... 127 128 129 127 127 126 186 187 190 218 216 216 222 Silk and rayon goods 86 87 83 82 82 82 119 122 127 134 134 132 134 Woolen and worsted manufactures. 120 121 119 118 117 117 169 171 177 208 208 207 208 Hosiery 85 83 78 77 77 77 99 97 94 107 106 108 111 Knitted underwear 118 119 117 116 116 114 153 161 167 184 185 184 184 Dyeing and finishing textiles 109 109 109 108 108 107 138 140 145 166 162 166 165 Carpets and rugs, wool 98 90 93 93 94 94 131 125 116 145 145 148 150 Apparel and Other Finished Textiles 121.4 120.6 112.2 112.0 113.7 114.4 112.3 155.1 161.5 156.8 154.0 155.9 169.3 179.5 Men's clothing, n.e.c. 119 119 108 108 mo 111 150 158 156 146 150 159 169 Shirts, collars, and night wear 102 101 92 90 89 135 138 144 144 136 140 142 Women's clothing, n.e.c 102 100 91 91 90 93 134 137 128 124 125 140 151 Millinery 109 99 73 83 9 9 4 3 96 120 131 105 76 103 136 144 Leather and Leather Products 112.9 111.3 104.9 103.1 '103.3 101.9 99.7 151.3 156.7 154.8 159.5 r158.9 r156.9 157.6 Leather 113 111 106 105 104 103 145 147 146 158 154 154 152 Boots and shoes 103 102 94 r93 r92 90 143 149 146 145 145 142 143 Food and Kindred Products 104.2 104.5 119.1 112.9 109.5 107.7 105.9 126.3 125.3 126.5 165.4 155.6 150.7 151.3 Slaughtering and meatpacking 133 133 155 154 147 138 152 149 151 214 203 185 180 Flour ' 100 98 108 111 113 114 121 115 113 155 169 169 172 Baking 103 103 114 112 109 110 119 119 119 149 144 142 146 Sugar, beet 37 41 219 82 48 38 51 52 56 300 110 67 57 Confectionery 111 106 129 r121 117 117 129 135 128 184 164 164 167 Beverages, nonalcoholic 104 107 114 112 112 115 112 114 120 128 124 126 129 Malt liquors 106 110 113 112 115 118 114 122 128 136 134 144 147 Canning and preserving 64 69 r85 71 r67 59 101 86 92 138 rU5 113 99 Tobacco Manufactures 101.3 99.7 106.3 102.4 100. 97.4 122.7 119.4 124.7 159.6 r147.l 138.5 143.8 Cigarettes 102 101 130 r126 121 119 125 111 125 182 172 144 148 Cigars 104 102 96 91 90 91 125 129 128 148 133 136 144 Paper and Allied Products 123.2 122.7 116.4 116.6 117.8 118.0 156.0 156.9 154.3 168.5 167.6 171.3 173.1 Paper and pulp 120 120 110 110 109 109 158 159 156 164 162 165 166 Paper goods, n.e.c 124 124 127 129 132 131 145 147 147 173 175 178 179 Paper boxes 117 115 114 114 117 119 141 140 138 162 160 167 172 r Revised. NOTE.—Figures for April 1943 are preliminary. Indexes for major groups and totals have been revised for 1941 and 1942 and are adjusted to final Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY (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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Printing and Publishing 101.7 100.9 104.3 102.2 103.0 101.8 100.8 112.9 112.5 111.8 126.5 121.8 122.5 121.9 Newspapers and periodicals 99 99 100 96 95 95 106 106 106 113 107 107 108 Book and job 101 100 106 105 107 105 116 113 112 133 130 131 130 Chemical and Allied Products 191.1 199.7 243.7 248.0 250.3 252.2 256.8 245.4 263.4 282.1 383.4 391.2 399.2 407.6 Paints, varnishes, and colors 115 113 103 103 104 103 140 142 140 139 137 140 141 Drugs, medicines, and insecticides.... 133 133 152 154 156 159 153 157 159 197 203 212 220 Rayon and allied products 108 107 106 106 106 107 140 141 140 149 149 151 154 Chemicals, n.e.c 157 158 160 r160 r161 162 200 207 211 241 *"247 r250 255 Cottonseed oil 103 86 143 138 128 117 141 127 110 234 219 198 181 Fertilizers 157 147 109 115 138 159 184 209 214 173 185 224 265 Products of Petroleum and Coal 117.5 118.4 117.4 116.0 115.2 115.6 114.9 144.3 145.4 144.9 165.1 162.8 165.3 167.7 Petroleum refining 108 108 107 106 106 108 132 133 132 152 149 152 155 Coke and by-products 120 122 119 119 118 117 154 153 151 161 168 169 170 Rubber Products 121.0 117.0 149.0 151.6 152.8 153.8 153.3 149.8 156.5 149.9 228.6 234.6 238.3 246.2 Rubber tires and inner tubes 107 107 147 150 151 153 130 136 135 220 227 229 240 Rubber boots and shoes 128 126 145 148 150 146 165 171 159 238 241 241 239 Rubber goods, other 124 115 135 137 139 140 166 172 155 209 r212 220 225 Miscellaneous Industries 145.4 147.7 156.7 157.0 159.5 162.1 164.1 186.6 195.8 206.1 261.3 r263.1r270.6 281.4 Photographic apparatus 131 131 151 152 157 161 177 176 178 230 231 r241 251 Games, toys, and dolls 123 122 79 75 79 81 143 158 158 134 124 134 140 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 too] 1942 1943 Group and year Mar. Apr. May June July Aug. Sept. Oct Nov. Dec. Jan Feb Mar Apr. Total . 145.3 147.1 149.1 150.9 153.4 155.1 156.9 1589 160.9 164.4 r167 1 H67 7 168.4 168.2 Durable 176.5 180.2 184.2 188.9 193.9 198.5 201.6 2056 209.6 215.4 2193 r222 3 224.8 225.8 Nondurable . . 120.6 121.0 121.4 121.0 121.4 120.9 121.6 1220 122.5 124.3 r126. 0 rl24 7 123.9 122.8 NOTE.—Figures for April 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 Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1942 1942 1943 Feb. Mar. Nov. Dec ,n. Feb. Mar, Feb. Mar. Nov. Dec Jan. Feb. Mar All Manufacturing „.„...«...,,.«.„ 42.4 42.7 44.0 44.4 44.2 44.5 44.8 80.3 81.1 90.5 90.7 91.9 92.4 93.4 Durable Goods ....,.,,... 44.5 45.0 46.1 46.1 45.9 46.2 46.4 89.2 89.9 100.5 100.4 101.7 '102.0 103.0 Iron and Steel and Products............ 43.0 43.5 44.8 45.3 45.0 45.7 46.0 89.6 90.4 98.4 98.6 99.8 r99.7 100.8 M El a e c c h tr i i n c e a r l y M E a x c c h e i p n t e r E y lectrical „ #t 4 4 5 9. . 2 6 4 4 6 9 . . 0 7 4 4 7 9 . . 0 5 4 4 7 9 . . 0 6 4 4 7 9 . . 0 6 4 4 6 9 . . 9 6 4 4 7 9. . 6 1 9 8 1 7 . . 4 3 8 9 7 1 . . 5 9 1 9 0 4 0 . . 2 3 1 9 0 4 1 . . 3 1 1 9 0 5 2 . . 1 2 1 r9 0 4 3 . . 9 0 1 9 0 5 3 . . 3 8 Automobiles 43.1 44.5 45.5 45.5 45.7 r46.0 45.7 115.4 115.4 120.2 119.8 122.2 121.1 121.7 Transportation Equipment Except Automobiles — 48.0 47.9 47.7 47.5 46.9 46.7 46.8 104.0 104.3 116.3 114.2 114.4 115.2 116.6 Nonferrous Metals and Products 43.8 44.1 46.0 46.1 r46.0 r45.9 46.6 85.8 86.9 95.9 97.6 r98.5 r98.6 99.0 Lumber and Timber Basic Products 40.0 40.0 41.7 41.3 39.8 r41.9 42.4 59.7 60.5 68.5 67.9 68.1 r68.7 70.0 Furniture and Finished Lumber Products. 40.9 41.1 42.8 43.7 r42.8 43.6 43.9 62.9 63.6 68.5 68.9 r69.6 r70.6 71.5 Stone, Clay, and Glass Products 40.1 40.3 41.4 41.8 41.7 42.0 42.4 74.9 75.2 81.0 81.0 81.9 82.2 82.9 Nondurable Goods 39.9 40.1 41.3 42.1 r41.8 42.0 42.5 68.9 69.6 75.6 76.2 76.8 77.4 78.2 Textiles—Mill and Fiber Products... 40.1 40.1 40.8 41.5 41.3 41.5 42.1 57.1 57.3 64.2 64.4 r65.2 r65A 65.8 Apparel and other Finished Products 36.8 37.5 37.0 37.4 r37.4 r38.4 38.9 62.4 62.8 64.8 64.9 r65.5 r68.0 70.0 Leather and Manufacturers 39.9 40.0 39.0 40.3 40.3 40.2 40.5 65.3 65.8 71.3 71.9 r72.1 r71.9 72.9 Food and Kindred Products 40.5 40.7 42.4 43.9 43.2 43.0 43.4 70.2 70.7 75.1 76.1 r76.9 ^77.1 77.7 Tobacco M anufac tures 37.0 36.6 40.6 41.2 r39.6 38.6 39.4 55.0 54.3 61.1 61.3 r61.3 r60.3 61.3 Paper and Allied Products 42.3 42.3 44.0 44.9 44.2 44.5 44.9 71.4 71.6 77.2 77.1 77.4 78.1 78.2 Printing, Publishing, and Allied Industries 38.4 38.0 39.5 40.2 39.8 r2,9.1 39.9 92.2 96.1 97.6 98.0 r97.3 r97.3 98.5 Chemicals and Allied Products 41.7 42.1 43.9 44.7 44.5 45.0 45.2 79.9 81.0 86.7 87.8 r88.6 r88.8 89.2 M P R r u i o s b d c b e u e l c r l t a s n P e r o o o f u d P s u e c I t t n r s o d l u e s u t m rie s and Coal 4 4 3 2 0 9 . . . 9 0 2 4 4 3 3 0 9 . . . 2 8 0 4 4 4 5 3 1 . . . 3 4 8 4 4 4 6 4 1 . . . 1 5 8 r4 4 4 4 5 1 . . . 4 7 1 4 4 4 6 4 2 . . . 0 6 3 4 4 4 6 5 2 . . . 5 1 5 1 8 7 0 7 2 2 . . . 4 5 3 1 8 7 0 9 3 2 . . . 0 5 4 1 9 8 0 2 5 9 . . . 9 5 3 1 9 8 0 2 6 9 . . . 7 2 6 1 r9 8 1 7 3 0 . . . 1 8 5 1 r r 8 9 1 4 7 0 . . . 6 7 2 1 9 8 1 9 5 0 . . . 2 6 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. 567.) JUNE 1943 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational Other utilities 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 610.8 339.7 219.3 71.8 112.7 63.8 36.8 25.2 10.7 4.5 71.6 51.5 159.7 123.0 April 498.7 303.4 162.1 79.4 145.1 40.7 30.9 6.6 12.4 5.9 46.5 43.0 101.7 127.7 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 iFigures for 37 States eastof the Rockv Mountains. £is 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 April March April January 305 . 317 351 124 198 316 181 119 35 Boston 7,567 7,424 49,414 February 270 434 394 105 310 364 166 123 30 New York 26,518 27,376 100,130 March 480 611 340 269 473 304 211 138 36 Philadelphia 17,572 24,740 39,729 April 407 499 184 355 223 144 Cleveland 26,446 28,211 48,414 May 549 674 267 569 281 105 Richmond 37,278 60,621 91,138 June 539 1,190 314 1,105 225 85 Atlanta 41,248 43,078 35,516 July 577 944 348 876 229 68 Chicago 42,072 58,207 58,032 August 760 721 520 633 240 88 St. Louis 56,411 21,604 41,145 September.... 623 723 403 661 220 62 Minneapolis 5,591 1,619 5,314 October 606 780 371 710 235 71 Kansas City 25,285 50,821 10,574 Nfovember 459 654 298 592 161 62 Dallas 37,383 15,997 19,336 December.... 432 709 288 664 144 45 Total (11 districts) 303,371 339,698 498,742 Year.. .. 6,007 8,255 3,492 7,146 2,515 1,109 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 I Loans 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 - 1 f h ( a - o T m I u t i I o t s i ) l l e e y s 4- h R o ( g T e u a r I n o I n i s ) t i u t d l n a e p l g h ( W o T V u i a s I t 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 t i a n a u n v g u a k - s - l s a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - - s a c F e g i e r e e a d s n l - l - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec. 771 430 27 110 118 32 53 935 320 224 94 2 1938—Dec.. . 1,199 634 38 149 212 77 90 936 ... . 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec. 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar.. . 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June . . 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec. 2,409 1,162 130 224 542 201 150 1942—Apr 83 13 2 55 1 11. May 92 15 2 60 1 14 1941—Mar 2,598 1,246 146 230 606 210 160 June 96 13 2 66 * 16 June 2,755 1,318 157 237 668 220 154 July 97 11 1 63 21 Sept 2,942 1,400 171 246 722 225 178 S A e u p g t 8 9 9 5 1 1 0 0 1 5 4 2 8 2 3 2 7 5 Dec 3,107 1,465 186 254 789 234 179 Oct 99 11 1 44 42 1942—Mar. 3,307 1,549 201 264 856 237 200 Nov 92 10 1 39 ' '*' 43 June 3,491 1,623 219 272 940 243 195 Dec 97 9 1 39 49 Dec. 3,620 1,669 236 276 1,032 245 163 1943—Jan 80 7 * 31 42 Feb 64 5 * 20 39 NOTE.—Figures represent gross amount of mortgages held, excluding Mar 73 6 1 19 47 terminated mortgages and cases in transit to or being audited at the Fed- Apr 59 7 16 37 eral Housing Administration. 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States * Less than $500,000. Housing Corporation. NOTE.—Figures represent gross insurance written during the period and do 2 Including mortgage companies, finance companies, industrial banks, not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. 56O 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 *>698 178 242 229 254 P228 35 128 96 226 ^470 February 219 347 303 478 p679 158 200 234 254 P234 61 147 69 225 P445 March 268 351 357 611 *>931 190 217 268 272 P248 77 134 89 339 P682 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 June 236 350 330 618 179 211 280 215 57 138 50 403 July 230 317 365 ^627 169 232 278 P2U 61 84 87 P412 August 250 351 460 p694 176 221 282 *184 74 130 178 P510 September 289 295 425 ^718 182 195 262 PI 96 107 101 162 p522 October 332 344 3666 *>776 215 207 304 PI 99 117 137 3362 P577 November 292 328 492 P75O 235 224 281 P174 57 104 211 p576 December 368 322 653 p853 247 253 344 P356 121 69 309 P497 Jan .-Mar 699 1,068 984 1,569 p2,308 527 659 730 779 ^711 173 409 254 790 pl,597 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months. Source.—Department of Commerce. Back figures.See BULLETIN for 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 r e o o s r d t - - Ore l M e a i e n l s e - - - M c d h i e a s r e n - - op r T e a o r i t a l a t w l i a n y g e r x T a p o i e t l n w a s a l e y s o r p a e N i r lw a e t t a in y g i m n N co e m t e ucts ous l.c.l. revenues income Annual Annual 1939.. 101 98 102 107 96 100 110 101 97 1939.. 3,995 3406 589 r93 1940.. 109 111 137 101 96 114 147 110 96 1940.. r4,297 r3614 r682 r189 1941.. 130 123 168 112 91 139 183 136 100 1941.. 5,347 4348 r500 1942 . 138 135 181 121 104 155 206 146 69 1942.. 7,466 r5985 rl,481 r959 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1942—February. . 139 116 150 131 95 159 187 151 100 1942—February... 519 423 96 r56 March 137 122 168 119 97 149 292 143 92 March 542 r447 r94 r53 April 143 160 200 117 101 r160 289 141 80 April 584 471 113 r7l 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 r85 July 142 155 205 95 90 172 180 149 57 July 643 519 124 79 August 143 154 208 106 106 165 176 152 57 August 669 539 130 85 September. 136 135 188 126 102 154 174 146 55 September.. 663 535 128 82 October... 133 121 180 130 110 149 221 144 56 October.. .. 661 533 128 81 November.. 134 125 176 126 114 140 221 144 58 November.. 722 563 159 r121 December.. 134 116 177 143 117 137 210 146 59 December .. 708 554 155 r110 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... 744 591 153 111 March 136 140 182 152 117 133 216 141 61 March 740 616 124 April 141 158 208 145 118 138 205 142 62 April UNADJUSTED UNADJUSTED 1942—February. . 129 132 184 110 76 153 47 135 1942—February... 462 398 64 r22 March 129 125 175 102 77 149 76 139 March 540 r450 r91 47 April 136 135 176 100 90 160 218 142 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 62 March 130 144 189 131 92 133 56 138 March 756 627 130 April 132 133 183 124 105 138 106 143 April r Revised. r Revised. p Preliminary. NOTE.—For description and back data, see pp. 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. 561 JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS .Based on value figures MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted Without seasonal adjustment 1940 1941 1942 1943 1940 1941 1942 1943 1939 1940 1941 1942 Nov. 4 .123 Nov. 2... ..117 Nov. 1.... .138 Oct. 31... .158 SALES 11 .116 9... ..122 8.... .139 Nov. 7... .166 January 92 101 138 143 71 79 108 111 18 .115 16... ..130 15.... .148 14... .167 February 90 103 126 r168 71 82 99 132 25 .107 23... ..116 22.... .128 21... .166 March 89 103 124 136 86 93 118 121 Dec. 2 .139 30... ..147 29.... .169 28... .166 April 89 104 117 128 86 106 115 133 9 .....188 Dec. 7 .....197 Dec. 6.. ...215 Dec. 5... .236 May 89 105 108 89 105 108 16 .....235 14... .232 13.... .236 12... .274 June 91 104 104 87 100 100 23 ... .242 21. ....258 20.... .277 19... 303 July 92 115 121 64 79 83 30 ..... 79 28... ..124 27.... .174 26... .199 August 98 134 130 77 106 103 September 97 116 123 105 125 133 1940 1941 1942 1943 O N c o t v o e b m er ber 1 9 0 4 0 1 1 0 1 5 6 1 1 3 2 8 8 1 1 1 0 4 1 1 1 1 3 2 3 1 1 3 5 7 7 Jan. 6 ..82 Jan. 4.... ...85 Jan. 3 .107 Jan. 2... .112 December 101 111 125 179 197 222 2 1 0 3 ..8 8 3 6 1 1 1 8.... ...9 9 0 9 1 1 0 7 . . 1 1 3 3 0 1 1 9 6!;; ;i 1 3 3 2 8 Year 94 110 124 Feb. 27 3 . . . 8 7 6 9 Feb. 25 1.... ...9 8 4 9 3 24 1 . . 1 1 1 2 9 1 3 2 0 3 .'.'.' .1 1 2 1 1 9 10 . .80 8 95 Feb. 7 .114 Feb. 6 .136 STOCKS 17 ..82 15.... ...97 14 .116 13;;; ;i68 J M F a e a n b r u r c a u h r a y ry 6 7 7 8 1 0 7 7 7 1 3 3 1 1 9 0 0 5 9 2 1 r9 9 0 1 3 2 6 6 7 1 8 1 6 6 7 4 9 5 1 9 8 1 7 5 1 9 9 8 2 1 9 Mar. 2 2 4 .. . 8 9 2 5 Mar. 2 1 2 . . . . . .. . . . . 1 .8 0 8 1 2 2 1 8 . . 1 1 1 1 0 9 2 2 0 7 . . . . . . . .1 1 5 4 0 6 April 68 73 118 71 76 r123 9 . 98 8.... .. 97 Mar. 7 .125 Mar. 6... .142 M Ju a n y e 6 6 8 8 7 7 4 6 1 12 3 7 6 6 7 4 0 7 7 5 3 1 1 3 2 0 9 2 1 3 6 . .1 1 9 3 9 1 2 5 2 . .. . . . . . . . . .1 1 0 1 5 1 2 1 1 4 . .1 1 4 3 0 1 2 1 0 3 . . . . . . . . 1 13 3 7 4 July 68 82 140 61 74 126 30 . 88 29.... ..117 28 .147 27... ..143 August 69 87 137 66 84 131 Apr. 6 .112 Apr. 5.... .131 Apr. 4 .160 Apr. 3... ..149 September 70 91 124 73 95 129 13 . 97 12... ..136 11.... .120 10... ..153 October 70 97 114 79 108 127 20 . 99 19... ..117 18... .135 17... . 154 N D o ec v e e m m b b e e r r 7 7 2 1 9 9 5 2 1 1 0 0 5 0 8 6 3 6 no 1 9 2 4 1 May 2 4 7 . .1 0 9 8 8 May 2 3 6 . . .. ... . .. 1 1 1 2 4 4 May 2 2 5 . . . . .. .. . . 1 1 2 3 9 4 May 24 1 . . . . . . . . 1 1 6 2 6 8 87 11 .114 10... ..128 9.... .136 8... . 152 Year 1 69 82 117 1 2 8 5.... . . . . 9 9 9 7 2 1 4 7 . . . . . . . .. . 1 1 1 1 7 0 2 1 3 6. . . . . .. . . 1 1 1 1 5 4 2 1 2 5 . . . . . . . . 1 1 3 3 7 3 r Revised. June 8 1 . .1 2 9 0 0 June 31 7 . . . . . .. . . .1 1 2 0 7 9 June 3 6 0.... . .1 3 9 5 5 June 29 5 . . . . . . P Preliminary. 15 .107 14. . ...120 13 .117 12... Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- 22 . 92 21. . ...107 20.... .116 19... quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent 29 . 89 28. . ..109 27.... .100 26... 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] A 19 p 4 r 3 . M 19 a 4 r 3 . F 1 o 94 u 3 r ^ 9 p 4 r 3 . M 19 a 4 r 3 . F m 1 o 9 o 4 s u . 3 r A 19 p 4 r 3 . M 19 a 4 r 3 . F m 19 o o 4 s u . 3 r A 19 p 4 r 3 . M 19 a 4 r 3 . United States.. +16 +7 +13 Boston +15 +7 +7 Cleveland (cont.) Chicago (cont.) Dallas +42 +21 +39 New Haven +7 0 -5 Youngstown.... +13 +2 +11 Peoria +4 r-2 0 Shreveport +15 +8 +9 Portland +40 +52 +43 Erie +16 +9 +13 Fort Wayne.... +12 -2 +6 Dallas +52 +27 +42 Boston +13 1? +7 Pittsburgh +3 -7 +1 Indianapolis... +25 +11 +22 Fort Worth +54 +36 +45 Springfield +15 +11 Wheeling +11 -1 +7 Des Moines +24 +17 +17 Houston +32 +26 +30 Ne P w r o Y v o id rk ence + + 13 8 + +6 1 + + 6 4 Ric W hm as o h n i d ngton + + 1 8 6 + -1 4 + + 1 6 3 D F Si l e o i t n u r t x o i C t ity + + + 1 1 2 6 2 6 + + + 2 1 5 1 + + + 1 2 2 0 3 8 San S an F r A an n c t i o s n co io .. + + 3 2 6 7 '+ +3 2 1 0 + + 4 2 8 5 B N A r l e b i w d a g a n r e y k port - + + 10 5 2 r- - r- 1 1 9 0 6 — -3 1 c 6 W B C a h i l n a t r i s m l t e o o s n t r - o e S n a , le S m . . C .. . + + +4 3 1 0 5 8 + + 2 4 5 0 + + + 1 1 3 7 5 2 M L G a r i n a lw n si d a n u g R ke a e pids.. + + + 1 1 3 0 3 r+ — 3 5 + + + 7 8 3 B P T h u a o k cs e e o r n n i s x field + + + 4 3 3 8 3 3 r+ + + 2 4 3 2 8 8 + + + 3 4 3 7 9 2 Binghamton.... +10 -6 +9 Greenville, S. C. +41 * +41 Fresno +21 +15 +18 Buffalo +11 +3 +10 Lynchburg +25 +2 +18 St. Louis +15 +3 +13 Long Beach +30 +181 +30 Elmira -10 -11 -4 Norfolk +14 +10 +15 Fort Smith +36 +13 +35 Los Angeles +25 r+10; +18 Niagara Falls.. +37 r+28 +33 Richmond +29 +11 +24 Little Rock.... +31 +22 +42 Oakland and New York City +10 +4 +5 Charleston.W.Va. +13 -6 +5 Quincy +21 -4 +10 Berkeley +27 +16J +25 Poughkeepsie... +1 +1 0 Clarksburg +6 -10 +1 Evansville +48 +38 +48 Sacramento +15 +18! +20 Rochester +7 +12 +6 Huntington +15 -5 +10 Louisville +17 +5 +15 San Diego +25 +19| +23 Schenectady.... +18 —5 +5 Atlanta +30 +14 +26 St. Louis +3 -6 +3 San Francisco +261 +16| +28 Syracuse +10 +4 +7 Birmingham +24 -2 +13 Springfield.... +25 +15 +20 San Jose +18 +18! +19 Ph T il r a e d n e t l o p n hia + +2 1 5 3 +8 0 + + 18 6 M M Ja i c o a k n m s tg o i. o n m vi e ll r e y + + + 5 2 2 7 9 2 + + + 1 1 3 4 9 8 + + + 1 4 2 9 8 9 Mi M nn e e m ap p o h l i i s s + + 4 2 0 2 + + 19 9 + +2 1 9 7 V S S a t a o n ll c t e a k j t o o R n a o n s d a Napa + + + 4 3 3 3 1 1 + + + 2 4 1 8 4 8 1 1 + + + 2 4 4 5 6 8 Lancaster +28 -12 +7 Tampa +41 +30 +37 Boise and Philadelphia.... +12 +3 +7 Atlanta +33 +17 +33 Kansas City +32 +22 +32 Nampa '+49! +44 Reading +16 +2 +8 Macon +30 +32 +43 Denver +25 +30 +33 Portland +31 +331 +29 W Yo i r l k kes-Barre... + + 1 2 9 3 r r+ _4 2 + + 1 8 0 B N a ew to n O R rl o e u an g s e + + 5 2 0 4 + + 1 1 8 0 + + 4 2 7 2 H To u p tc ek h a inson.... + +3 3 4 6 + +2 3 9 1 + + 3 3 7 6 B Sa e l l t l in L g a h k a e m City.. + + 4 1 2 2 + - 4 4- 0 5 j | + + 4 1 4 1 Cl A e C v i k e n r la c o n i n n d nati + + + 1 1 2 1 6 + + 1 1 6 0 + + + 1 9 9 7 K N J C a n a h c s o a k h x t s t v v o a i i n n l l l l o e e oga + + + + 1 2 4 5 2 4 2 + + + - 2 1 2 5 4 1 + + + + 1 1 1 3 6 7 5 5 W K J S o t a . i p n c l J h s i o n a i s t s a e p C h ity... + + + + 2 2 3 5 8 7 1 + + + - 2 1 1 8 8 1 6 + + + + 3 2 2 5 8 7 5 E T S Sp e a v a o c e t o k r t e m a le t n t a e + + + + ' 1 2 2 3 " 7 1 2 8 • i r M + + + 3 - 1 2 2 1 7 3 7 1 + + + + 4 2 2 1 0 2 3 5 C C l o e l v u e m la b n u d s + - 3 5 0 + — 17 2 + + 2 2 9 Chicago +12 r+2 +9 O O m kl a a h h a oma City + + 3 5 6 7 + + 2 3 6 8 + + 2 5 9 5 W Ya a k ll i a m W a alla + +1 4 9 3 + + 5 2 3 1 + + 4 2 8 1 Toledo +15 +5 +13 Chicago +3 +7 Tulsa +39 +3 +25 r Revised. * Data not available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Department o N f um st b or e e r s Percentage change Percentage change lK March reporting Mar. 1943 Mar. 1943 Mar. 1942 Mar. 1943 Mar. 1943 Mar. 1942 from from from from from from 1943 1942 Mar. 1942 Feb. 1943 Feb. 1942 Mar. 1942 Feb. 1943 Feb. 1942 GRAND TOTAL—entire store .. 350 +8 +2 +30 -17 +5 +14 2.6 3.4 MAIN STORE—total 350 +9 +1 +28 -17 +5 +14 2.7 3.6 Women's apparel and accessories 348 +15 +1 +50 -11 +11 +12 1.8 2.4 Women's and misses' coats and suits 328 +7 -4 +85 -5 +10 +3 0.8 0.9 Women's and misses' dresses" 333 +19 -1 +55 +7 +32 +6 1.2 1.3 Blouses, skirts, sportswear, sweaters, knit apparel 310 +22 -5 +47 +1 +21 +20 1.8 2.2 Juniors' and girls' wear 297 +1 +9 +118 +6 +22 +8 1.4 1.3 Infants' wear . 301 +35 +21 +45 -24 +5 +17 1.9 3.3 Aprons, housedresses, uniforms 282 +36 0 +26 — 16 +17 +22 1.5 2.4 Women's underwear, slips, negligees 319 +38 -7 +13 -28 +8 +21 2.2 4.2 Corsets, brassieres 327 +5 -1 +14 -12 -4 +16 2.6 3.1 Hosiery (women's and children's) 341 +9 +8 +25 -24 +7 +21 2.5 3.6 Gloves (women's and children's) 319 +4 +19 +79 -22 +6 +10 3.2 4.3 Shoes (women's and children's) . .. 237 +5 +62 -8 +7 +6 3.6 3.8 Furs 259 +74 -25 -22 +4 0 2.0 3.4 Men's and boys' wear 319 -17 -4 +55 -14 +3 +13 4.2 4.1 Men's clothing 226 —37 — 11 +77 —3 +4 4.2 2.7 Men's furnishings, hats, caps 299 +13 -6 +13 -20 +5 +22 4.4 6.4 Boys' clothing and furnishings 274 -19 +17 +126 -18 +8 +10 3.3 3.3 Men's and boys' shoes and slippers 167 -13 -1 +22 -15 +7 +13 6.5 6.7 Home furnishings 311 -3 +2 +5 -24 -1 +14 4.3 5.4 Furniture, beds, mattresses, springs 232 +3 -15 -19 -22 -3 +8 4.1 5.3 Domestic floor coverings 232 +6 +16 +16 -22 -3 +20 4.7 6.4 Draperies, curtains, upholstery 287 +16 +24 +30 -14 +2 +15 4.0 5.4 Major appliances (refrigerators, washers, stoves, etc.) 203 —73 +10 +15 -66 —10 -2 3.8 3.0 Domestics, blankets, linens, etc.; 288 +35 -7 -23 +1 +21 3.9 6.8 China and glassware 222 +2 -7 -4 -14 +1 +10 6.6 7.8 Housewares .... 221 +1 +23 +21 -28 +16 3.8 5.3 Piece goods (dress and coat yard goods, all materials)... 281 +35 -13 +25 -18 +5 +10 2.2 3.6 Cotton wash goods 117 +46 -11 +31 -21 +3 +10 2.1 3.9 Small wares 328 +26 +6 +1 -16 +7 +17 3.3 4.9 Notions 212 +29 +18 +14 -18 +3 +22 2.8 4.4 Toilet articles, drug sundries, prescriptions 317 +26 +1 -9 -16 +5 +16 3.1 4.6 Jewelry and silverware 262 +25 +8 +14 -15 +8 +16 4.0 5.8 Miscellaneous 292 +13 +10 +25 -24 +6 +15 3.2 4.8 BASEMENT STORE—total 215 0 +6 +47 -14 +7 +17 2.4 2.7 Women's apparel and accessories 201 +5 +8 +56 -7 +12 +18 1.7 1.9 Men's and boys' clothing and furnishings 163 -15 +55 -18 +4 +15 3.7 3.8 Home furnishings 118 +9 +17 -23 -1 +21 3.2 4.5 Piece goods 53 +29 -8 +20 -13 +10 +17 2.6 3.8 Shoes . . . 130 -30 +10 +55 g +12 +11 4.6 3.6 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, ACCOUNTS RECEIVABLE, AND COLLECTIONS [ndex numbers, without seasonaladjustment, 1941 average = 100 Percentage of tota1 sales Year and month Sales during month Ac a c t o e u n n d ts o r f e c m e o iv n a th ble Collec m tio o n n s th during Instal- Charge- Cash ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1942—February 85 87 85 83 98 104 106 115 49 9 42 March 111 113 107 108 97 106 114 104 50 8 42 April 109 113 95 108 94 107 112 107 50 7 43 May 97 108 66 92 86 99 111 116 53 6 41 June 95 111 54 84 77 83 104 120 56 5 39 July 79 97 50 66 70 64 94 109 59 5 36 August 98 117 73 81 67 64 92 81 58 6 36 September 120 140 76 105 63 76 90 83 56 6 38 October 133 160 89 113 62 83 99 106 57 6 37 November : 135 162 89 114 62 84 96 113 58 6 36 December.. 208 263 112 166 64 109 103 116 61 5 34 1943—January 100 123 63 82 58 83 96 142 59 5 36 February 116 140 70 99 55 78 89 109 58 5 37 March 120 147 67 100 51 77 93 105 59 5 36 April 129 161 75 104 49 78 86 104 60 5 35 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. 563 JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o 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 4R2 1,013 1,428 1,072 1,513 648 1942 Mar 8,594 5,103 3,103 1,513 1.593 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 1.465 1.90) 1,151 1,561 629 June 7,513 4,327 2,474 1,120 1,354 I 1,85.5 1,125 1,430 631 July 7,007 4,03'J 2,247 1,004 1,243 i 1,789 1,112 1,225 634 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 1,551 1.088 1,419 641 Nov 6,169 3,051 1,571 573 998 1 1.483 1,085 1,386 644 Dec 6,156 2,923 1,495 4S2 1,013 1,428 1,072 1,513 648 1943 Jan r5,7O3 r2,661 rl,315 404 ! r911 1,346 1,058 1,333 651 Feb 5,490 2,465 1,190 351 ! 839 1,275 1,038 1,333 654 Mar P5.351 P2,323 pl,071 P287 I P784 ^1,252 ^1,031 PI,343 P654 Apr ^5,216 p2,210 Pi,004 p249 i *755 PI,206 ! PI,020 PI,331 P655 P Preliminary. r Revised. 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] ated amounts outstanding. [n millions of dollars] End o r o f y e m a o r nth ex m T a c u o o lu t t t d o i a v - i l, n e g D h s o m m e o t a r o p u a e d n r a s i n d e e l e r r t - s s t- F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e l s ry s o r t e t A o t h a r l e e l i r l s 1 1 9 9 m 2 3 E 9 0 o y n n e d t a h o r f or To 6 t 6 a 5 7 l 2 4 m b C a e o r n 4 4 c m k 5 3 i s a - 1 l p S c l a m o o 2 2 n a m 8 6 i a n 7 3 e l - s l b I p a n c a t n o d r 2 2 n k i m 1 1 u i a i 9 8 e s n l - s - g u C n r i e o 3 3 d n 2 1 i s t M l l a e n n is e d 9 9 c o e 5 3 e u r l s - s m i R z l o e o a a d p t a n e i n d a o r s i n n r - 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 "H " 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 111 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1 1 9 9 4 4 0 1 1 1, , 8 7 0 2 5 1 4 4 6 3 9 9 5 61 9 9 9 3 3 0 1 2 3 1 12 1 0 0 2 2 8 7 4 1 1942 f 1942 1,013 254 391 130 78 160 Mar 2,005 601 521 282 196 101 304 Apr 1,967 586 517 277 190 100 297 1942 May 1,906 564 504 268 184 99 287 Mar 1,590 406 567 272 95 250 Tune 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 1,158 277 449 183 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 Mar PI,252 312 387 184 127 87 P155 Jan r9il 228 359 116 r65 r143 Apr Pi.206 299 378 179 122 87 P141 Feb 839 210 338 102 57 132 M Ap a r r P P 7 7 5 8 5 4 P P 1 1 8 9 7 6 P P 3 3 l 2 9 2 P P 7 9 9 0 p P 5 5 \ 3 P P1 1 1 2 9 3 p 1 T P h re e l s i e m f i i n g 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 folp Preliminary. lowing page and a small amount of other retail direct loans (13 million r Revised. dollars at the end of April 1943), which are not shown separately. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS -Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive c O re h t t a h a s e i e l r , d R e m r e a n p o n i d a d z - i a r - i s m n P o s e e n t r n a a - t l l Month or year n ba m n e k r s c 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 1939 1,020 210 160 150 220 280 1933 304 202 33 1940 1,340 300 230 210 260 340 1934 384 234 42 1941 1,588 396 303 279 246 364 1935..' 423 288 67 1942 787 136 122 143 154 232 1936 563 354 105 1937 619 409 148 1942-March 1,403 331 245 267 221 339 1938... 604 417 179 April 1,338 308 235 254 207 334 1939 763 489 257 May 1,273 283 224 243 201 322 1940 927 536 320 June 1,211 265 211 223 196 316 1941 983 558 343 July 1,139 242 196 208 187 306 1942 705 798 408 215 A Se u p g t u e s m t ber 1,0 9 7 9 2 8 2 22 0 7 3 1 16 8 7 2 1 17 8 5 9 1 1 7 8 6 2 2 2 7 9 7 2 1941 October... 922 190 148 159 168 257 October 76 43 25 November 860 166 136 151 165 242 November.... 82 41 23 December.... . 787 136 122 143 154 232 December 104 45 25 1943—January 726 116 111 136 144 219 1942 February 662 101 100 121 135 205 January 80 66 40 18 March 619 87 95 108 125 204 February 66 65 35 19 April 581 78 91 100 117 195 March 80 86 42 25 April 71 72 37 19 Volume extended during May 61 58 34 18 month: Tune 64 68 36 20 1942—March 138 27 22 23 9 57 July 58 63 34 18 April 125 19 20 28 10 48 August 52 60 33 16 May .... 110 17 18 25 9 41 September 49 60 31 16 June 102 15 16 16 9 46 October 44 59 30 14 July 95 16 16 13 9 41 November 37 59 25 14 August 93 23 14 11 9 36 December 45 n 31 18 September 82 14 13 12 8 35 1943 October 77 11 11 14 9 32 November 64 7 9 14 7 27 January 36 45 25 11 December 69 6 10 15 6 32 February 55 50 26 13 March 53 86 38 22 1943—January 59 6 9 14 4 26 April 41 62 31 15 February 52 6 9 8 4 25 March 74 8 13 9 5 39 1 These figures for loans made include only personal instalment cash April 64 9 12 10 5 28 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 April 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 t accounts a C cc h o a u r n g t e s change from corresponding Item Apr. p m r M e o c n a e r d th . ing Feb. Ap p r r . e m ce o M d n i a t n h r g . o y f e F a e r b. D s m e to p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t l o i o d a u r n e s a c e s p e - - J s e t w or e e lr s y D s m t e o p e r a n e r t s t- 1943 1943 1943 1943 1943 1943 1942 Net sales: January 20 12 12 19 50 Total +12 +18 +8 +2 -6 -4 February... 19 11 12 18 45 C Ca re s d h it s a sa le l s es: +11 +13 +5 +49 +53 +53 A M p a r r i c l h 2 2 1 2 1 1 3 3 1 1 3 3 1 1 9 9 4 4 7 6 Instalment +14 +20 +11 -19 -14 May 22 13 13 20 50 Charge account +8 +18 +5 +11 +4 June 22 14 13 22 56 +8 July 23 14 13 22 60 Accounts receivable, at end of August 24 16 13 25 59 month: September.. 25 16 14 26 60 Total -1 -4 -6 -40 -40 -39 October 29 18 15 30 65 Instalment -1 -5 -6 -40 -41 -39 November. . 29 17 15 31 63 December... 31 18 15 45 65 Collections during month: Total -1 +7 -10 -6 -3 -5 1943 Instalment ... o +7 -8 -9 -6 -7 January 28 17 15 30 61 February 28 17 16 29 61 Inventories, end of month, at March 31 19 18 29 62 retail value -3 +5 -1 -10 -4 -3 April 31 20 17 30 63 1 Ratio of collections during month to accounts receivable at beginning of month. JUNE 1943 565 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 Year, month, or week m c A t o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total p li l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t 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 e n d c i d t - s i f n H u g r o n g u i o s s o h e- - 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 64.2 746 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 , 64.8 48,? 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.: 705 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.£\ 7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 . . 80.8 80.9 8? 1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 855 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 704 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67/1 713 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941. . . . 87.3 82.4 8? 7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94 3 82.0 1942 98.8 105.9 996 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102. 4 89.7 1942—January. 96.0 100.8 937 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102. 4 89.3 February.. . 96.7 101.3 946 94.9 115.3 95.2 78.0 103.6 110.1 97.0 1025 89.3 March 97.6 102.8 96 1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 1026 89.7 April 98.7 104.5 987 95.6 119.2 97.7 77.7 103.8 110.2 97.1 1028 90.3 May 98.8 104.4 989 95.7 118.8 98.0 78.0 103.9 110.1 97.3 1029 90.5 June 98.6 104.4 993 95.6 118.2 97.6 78.4 103.9 110.1 97.2 1029 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. I 1074 96.5 117.8 97.3 80.3 103.8 110.4 100.0 1026 91.4 April 103.7 123. ? 1084 96.6 117.8 97.4 80.6 103.8 110.3 100.1 1026 91.6 Week ending 1943—Feb 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 Feb. 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 Feb. 20 102.4 120. 0 1057 96.4 118.4 96.8 80.5 103.9 110.0 100.3 1041 90.7 Feb. 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 Mar. 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 Mar 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 Mar. 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 Mar. 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 Apr. 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 Apr. 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 Apr. 17 103.5 124.4 r108.4 96.8 118.4 96.9 81.1 103.9 110.3 100.1 104.2 91.4 Apr. 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 May 1 103.5 124.3 1087 96.9 118.4 96.9 81.5 103.9 110.3 100 1 104 91.4 May 8 103.7 124. 8 109.4 96.9 118.4 96.9 81.6 103.9 110.4 100.2 1042 91.4 May 15 103.8 125. 7 110.2 96.9 118.4 96.9 81.5 103.9 110.4 100.2 10412 91.4 May 22 103.8 125. 8 110.3 96.9 118.4 96.9 81.3 103.9 110.3 100.2 104.2 91.7 1942 1943 1942 1943 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 91.5 107 3 108.6 112.2 112.5 Agricultural implements... 96.9 96.9 96.9 96Q 96.9 Livestock and poultry... 118.3 129^.2 132.8 1357 134.0 Farm machinery 98.0 98.0 98.0 98.0 98.0 Other farm products.... 99.0 111.5 112.6 1171 120.0 Iron and steel 97.1 97.2 97.2 971 97.2 Foods: Motor vehicles 112.8 112.8 112.8 m.8 112.8 Dairy products 94.1 113.4 113.3 1132 113.3 Nonferrous metals 85.6 86.0 86.0 860 86,0 Cereal products. 90.2 90.6 92.2 935 93.7 Plumbing and heating 98.5 90.4 90.4 90.4 93.4 Fruits and vegetables.. . 97.7 102.6 108.5 1156 123.2 Building Materials: Meats 112.8 115 5 115.5 115 8 Brick and tile 98 0 98.7 98.6 98 7 93.7 Other foods 90.4 96.2 94.5 96.3 96.0 Gement 94.1 94.2 94.2 94.2 94.2 Hides and Leather Products: Lumber 131.8 133.3 134.6 134.6 134.7 Shoes 126.7 126.4 126.4 126.4 126.4 Paint and paint materials.. 100.6 100.6 101.2 102.2 102.5 Hides and skins. 123.5 116.0 116.0 116.0 116.0 Plumbing and heating 98.5 90.4 90.4 90.4 90.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products.. 115.2 115.2 115.2 115.2 115 2 Other building materials 103.8 102.2 102.2 10?0 101.6 Textile Products: Chemicals and Allied Products: Clothing 107.8 107.0 107.0 107. 0 107.0 Chemicals 96.4 96.9 96.9 964 96.4 Cotton goods 113.8 112.5 112.6 112. 6 112.6 Drugs and Pharmaceuticals 126.7 165.4 165.5 1650 165.1 Hosiery and underwear.. 70.6 70.5 70.5 70. 5 70.5 Fertilizer materials 79.2 79.0 79.0 790 80.0 Silk . ... .... Mixed fertilizers 82 8 85 3 85 8 85 85 8 Rayon 30.3 30.3 30.3 30. 3 30.3 Oils and fats 108.8 101.5 101.5 1015 101.5 Woolen and worsted goods 111.0 112.4 112.4 112. 4 112.5 Ilousefurnishing Goods: Other textile products 98.5 97.7 97.7 97. 5 98 7 Furnishings 108.0 107.3 107.3 107 107.3 Fuel and Lighting Materials: Furniture 97.5 97.4 97.7 97 7 97.7 Anthracite 83.7 88.5 89.7 89. 89.8 Miscellaneous: Bituminous coal 108.2 112.5 113.9 1157 115 6 Auto tires and tubes 72.5 73.0 73 0 0 73 0 Coke 122.1 122.1 1?7 3 1?? 4 122 4 Cattle feed 140 4 142 8 142 1 148 150 9 Electricity 64.4 102 9 100 1 101 1 1027 102 9 Gas 78.1 73.2 7.s.8 75.6 Rubber, crude 46.3 46.3 46.3 46 46.2 Petroleum products 58.4 60.8 61.2 61.5 62.0 Other miscellaneous 93.4 94.9 94.9 949 95.1 r Revised. Back figures.—Bureau of Labor Statistics. Department of Labor. 566 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 nutilities cellaneous ment SEASONALLY ADJUSTED 1942—April 36,063 14,081 938 J.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 ,768 3,446 6,610 4,266 5,060 July 37,051 14,640 929 ,851 3,471 6,609 4,296 5,255 August 37,433 14,819 918 ,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 ,959 3,482 6,523 4,313 5,462 October 37,962 15,162 888 ,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 ,889 3,508 6,673 4,333 5,690 December 38,842 15,687 ,004 3,535 6,635 4,331 5,766 1943—January 38,791 r15,932 870 ,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 ,748 3,545 6,458 r4,356 r5,866 March 38,725 16,043 864 ,564 3,551 6,424 4,347 5,932 April 38,478 16,030 856 ,330 3,562 6,432 4,334 5,934 UNADJUSTED 1942—April 35,908 14,019 929 ,771 3,389 6,679 4,265 4,856 May 36,346 14,133 928 ,909 3,442 6,667 4,309 4,958 June 36,666 14,302 921 ,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 37,958 15,851 867 1,386 3,456 6,291 4,270 r5,837 March 38,184 15,958 861 1,357 3,475 6,328 4,281 5,924 April 38,341 15,963 849 1,295 3,544 6,422 4,339 5,929 r Revised. * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, sefi-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for April 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are-shown on p. 1156 of the November 1942 BULLETIN. JUNE 1943 567 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 Chart b p o a o g k e A 2 p 1 r . A 2 p 8 r . M 5 a y M 1 a 2 y M 19 ay p bo ag o e k Feb. Mar. Apr. WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Rese U rv . e S B N B C b . a o i e o G l n n r l t t s o e k d i s f v s i c t c . r a e s t d e e i s c t u : rities, total 2, 4 4 4 4 4 6 2 2 1 . . . . . 0 0 3 3 9 0 4 3 0 8 2 6 2 1 . . . . . 0 3 3 0 9 0 2 5 4 8 2 6 1 . . . . 5 9 5 9 5 4 3 8 2 6 1 1 . . . . . 8 2 1 1 9 6 4 0 7 2 6 1 1 . . . . . 1 8 1 0 9 0 2 6 4 6 T T R M G R r r e e o o e e s s l n a a d e e e s s r r v y u u v st e r r e o y y i n c b b k c d a a c a l n e i a s p k r n h c o c u c s e l i r a s t e s t d io it n 5, 8 5 5 5 5 5 1 2 1 6 2 2 2 5 . . . . . . 0 2 9 8 6 2 9 1 1 3 4 5 2 1 1 6 2 2 3 6 . . . . . . 2 4 2 1 0 6 2 9 1 6 5 2 1 2 1 2 2 2 6 6 . . . . . . 2 7 7 5 4 2 3 6 2 1 5 8 M T N M G E E r x x o o o e e c c l n m n a d e e m N B C e s s s b y u s s s i e h e e l t r w i l m r o r r y i c s e e n S c a b b s s Y k g d p e d e a e c o e i o r r e n r s i c v r r p v c k . i k c e d a o o e u s e l s s u r C l p e e i n ( a c t s o i w s t t e t e e i s y r e o r i d t v t e n i s f k e i s l c y a t a e v s e rage),total*. 3 2 3 2 3 4 3 2 3 2 2 2 1 r 1 2 2 1 2 2 6 . . . . . . . . . 2 3 1 0 0 3 4 4 5 9 7 8 5 7 2 8 7 0 2 1 1 '' 2 1 1 2 2 6 . . . . . . . . . . 9 2 0 0 4 0 4 1 4 5 9 2 3 4 7 5 5 4 9 1 p 2 1 1 2 2 1 2 6 1 . . . . . . . . . . 0 1 4 0 0 6 9 7 o 4 . 3 2 4 7 : 8 1 2 ' p 2 1 1 1 2 1 1 1 6 . . . . . . . . . . 8 2 0 0 6 4 7 8 7 0 5 7 1 6 5 4 3 1 3 3 2 1 1 2 1 1 6 1 . . . . . . 6 4 8 3 8 3 4 6 0 8 8 1 M E R x e o c q n e $ u N B C R C C e s 1 i y o i s e e h o r 0 l e w s i i l u r n i c s d e a n e n a s r n s o Y t , v g r r e c d f e e o y $ o r i s r 1 v $ r $ e c c k b 5 , e 2 r i u a $ s 0 t v 0 y l C , n 2 e a a b k , s t i t b n o t i i s a y o l a t d l n a n n s d l o , k v s $ t e o 5 r t a b l ills 8, 1 1 1 1 9 9 9 9 9 8 0 0 0 0 1 1 4 8 3 1 6 1 . . . . . . . . . . 4 6 0 7 2 0 0 8 1 7 4 3 3 1 2 0 8 2 9 1 1 1 3 4 8 1 6 1 . . . . . . . . . . 6 4 8 1 2 3 8 9 1 0 7 5 8 3 5 0 5 0 3 7 1 1 4 8 0 3 6 1 . . . . . . . . . . 2 9 5 9 6 7 8 0 0 9 3 2 1 5 6 7 9 3 5 8 Reserve city banks. 3 .88 .89 .79 .76 CONSUMER CREDIT Country banks* 3 1.19 1.01 PI. 18 ^1.02 'onsumer credit, total 18 5.49 ^5.35 P5.22 Single-payment loans 18 1.04 PI. 03 Pl.02 B L D T U C o r o o . e o a t m m S a k n N 1 l m a . e s 0 e n r M l G 0 e a w s o d r ' E n o a c c M n d l d i v i Y o t a s e t B i a l . o i e p E n n r s l o R k o v s o s — o b e a i B C s u l t n A i s N t t i s g m s N t , a e a y i K w e d d t t i S o n e j o u t t Y n s I a N s N s l t o e e r L d w k E A Y C D i o I t r N y k G CITIES 1 1 1 1 1 1 1 1 5 5 4 5 4 4 5 4 '3 4 3 1 C 3 5 2 0 1 0 4 0 . . . . . . . . 3 6 2 2 3 4 1 4 6 0 4 6 1 9 3 1 3 4 3 1 3 5 2 1 5 1 0 0 . . . . . . . . 4 3 6 2 7 9 1 6 0 9 5 5 7 1 0 4 3 4 2 1 5 3 2 2 1 9 0 6 . . . . . . . . 6 3 2 6 3 3 5 1 1 8 3 7 3 3 1 3 3 3 4 1 5 3 2 3 0 1 0 7 . . . . . . . . 5 1 3 2 8 0 3 2 7 9 6 0 0 5 9 9 3 3 4 1 5 2 3 4 0 7 0 . . . . . . . 3 5 1 0 2 3 6 5 5 9 7 2 7 5 S I C n e h s r a t v a r I I i T g n n c l R m e e s s E t t e A a a a c A O n l c r l S m m u t e t c U h d t o R e o c e e i u Y n r r n m t n e t t o d t s F s l t i a I o i t N v l , a e A e n t c N o s r C t e a E d l it, total 18, 1 1 1 1 1 1 1 9 8 8 9 9 9 9 2 1 1 1 . . . . . . . 2 1 4 3 6 8 3 8 9 7 5 4 5 3 P p P P l P P P I I 2 . . . . " . . . 6 0 3 3 2 7 2 5 7 4 2 9 8 5 P P P P 2 P P P I I I . . . . . . . 7 6 2 2 2 0 3 6 6 1 1 5 0 3 U. S. Govt. obligations: U. S. Govt. obligations outstand- N 10 e 0 w c N B N B B B C C i Y t o o i i e o e o l l i r o n r n t l l t e t s s t e e r d s d i i k s s f f s s o i i c c a a u C a a n n t i t t s d d e t e i y s s d g g , e u u t a a N o r r t e . . a w l s s e e Y c c u u . o r r . r i i . . k t t . . i i , . e e . s s to . ta .. l . 1 1 1 1 1 1 1 1 1 1 7 7 5 5 7 7 7 7 7 7 1 1 5 8 3 3 2 2 2 2 1 8 . . . . . . . . . . 8 3 7 2 2 1 9 1 9 3 5 3 9 0 8 7 9 5 0 2 1 1 5 8 3 3 3 2 2 1 2 9 . . . . . . . . . . 4 7 9 1 2 8 5 5 3 0 2 6 2 9 9 5 6 5 1 1 5 9 2 3 2 4 3 1 2 9 . . . . . . . . . . 0 5 8 8 2 5 2 7 1 6 7 8 2 2 0 1 0 3 3 0 1 2 5 9 2 2 3 2 4 3 0 3 . . . . . . . . . . 7 8 0 2 4 2 5 3 3 4 2 5 0 8 4 6 3 0 1 2 5 2 9 2 2 3 4 3 0 3 . . . . . . . . . . 8 8 8 5 1 2 3 3 8 4 8 0 5 0 5 2 3 8 8 3 ing B N S S , a o p o t v n e t o e i c d N B C T S n t s i s a a g , a i a o e l l l v s x r c ( l t i t s e m i e i n i n b s s n f r t s g a i o t o e c u r . s n r , t a k e e e d t b e s a s e s s t o n s t , a - n d b b d t l a e b s e a x i l T r l n i s r n o , e g t a t e s o s u t , r a e y l t ) . c . . . . . . . 1 4 2 2 1 1 1 9 9 8 7 9 4 9 7 7 1 . . . . . . . . . . 5 1 2 2 8 5 0 1 2 1 7 2 3 7 6 6 7 3 6 6 11 4 3 2 1 1 1 8 9 6 9 9 4 0 0 7 1 . . . . . . . . . . 6 3 8 2 2 6 0 1 8 1 4 5 0 3 7 2 0 9 9 6 1 5 3 2 3 1 1 1 9 5 9 7 6 3 7 9 0 6 . . . . . . . . . . 7 8 7 0 4 2 0 1 2 0 9 0 8 1 6 0 0 5 7 4 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 12.69 13.13 P13.28 Federal Reserve Banks 5.87 5.92 6.46 MONEY RATES, ETC. Commercial banks 43.45 44.09 Treasury bills (new issues) 25 .372 .373 372 373 Private holders other than Treasury notes (taxable) 25 1.38 1.39 i.39 i.38 1.34 commercial banks, total 55.11 55.49 U. S P . a G r o ti v a t l . l y b o ta n x d - s e : xempt 25, 33 1.99 1.99 !.96 1.92 1.90 M Ins u u tu ra a n l c s e a vi c n o g m s p b a a n n i k e s s 1 4 1 . . 7 2 1 0 1 4 0 . . 6 9 3 0 Taxable 25, 33 2.31 2.31 2.31 2.30 2.30 Other investors, total 39.20 40.00 Corporate Aaa bonds 33 2.76 2.75 2.75 2.75 2.74 Marketable issues 15.40 16.10 Corporate Baa bonds 33 3.97 3.95 3.93 3.91 3.91 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 Total 35 91.2 91.3 94.9 94.7 95.1 Treasury bills (new issues) 27 .372 .373 .373 Industrial 35 93.4 93.5 96.9 96.7 97.2 Treasury notes (taxable) 27 1.24 1.33 1.39 Railroad . 35 93.2 92.9 98.5 96.1 97.1 Commercial paper 29 .69 .69 .69 Public utility 35 79.8 79.8 83.8 83.9 83.9 U. S. Govt. bonds: Volume of trading (mill, shares) 35 1.06 1.18 2.39 1.67 1.10 Partially tax-exempt 33 2.06 2.08 2.02 Taxable 33 2.32 2.33 2.32 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.77 2.76 2.76 Steel production (per cent of capacity).. 50 99.1 100.0 Corporate Baa bonds 33 4.08 4.01 3.96 Electric power prod. (mill. kw. hrs.)... . 50 3,925 3,867 3,904 3,969 3,992 Freight car loadings (thous. cars): Total 51 794.2 788.8 816.6 848.5 843.3 In unit indicated Miscellaneous 51 377.2 383.8 389.7 383.4 380.8 Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)... 52 166 128 152 133 137 Total 35 F.H.A. home mortgages, new construc- Industrial 35 tion (thous.)2. 52 Railroad 35 Wholesale prices (1926 = 100): Public utility 35 Total 63 103.4 103.5 103.7 103.8 103.8 rolume of trading (mill, shares)... 35 Farm products 63 123.9 124.3 124.8 125.7 125.8 Brokers' balances (mill, dollars): Other than farm and food ... 63 96.8 96.9 96.9 96.9 96.9 Credit extended customers.... 37 Money borrowed 37 Customers' free credit balances. 37 e Estimated. v Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Publication discontinued. 3 Adjusted for seasonal variation. 4 Figures available for June and December dates only. * Copies of the revised edition of the Chart Book may be obtained at a price of 50 cents each. 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Revised Edition of Chart Book Chart 1943 1943 book page Feb. Mar. Apr. Feb. Mar. Apr. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Income payments (mill, dollars), total3 38 11,252 11,470 pi1,582 Exports and imports (mill, dollars): Salaries and wages 38 7,894 7,983 ^8,104 Exports P678.9 P930.7 Other 38 3,358 3,487 2*3,478 Imports *>234.3 P248.5 Cash farm income (mill, dollars),total.. 39 1,205 1,402 PI, 349 Excess of exports P444.6 ^682.2 Livestock and products 39 756 900 P917 Excluding Lend-Lease exports. P—35.4 P-29.6 G Cr o o v p t s . payments.. . ... 3 3 9 9 37 7 0 9 4 9 1 2 0 ^367 Who F le a s r a m le p p ro ri d c u e c s, t s total (1926 = 100).... 1 1 1 0 9 2 . . 0 5 1 1 2 0 2 3 . . 8 4 1 1 2 0 3 3 . . 9 7 Industrial production:3 Other than farm and food 96.2 96.5 96.6 Total (1935-39 = 100) 41, 42 202 202 Cost of living, all items (1935-39 = 100) r121.0 122.8 124.1 Groups (points in total index) Food 133.6 137.4 140.6 Durable manufactures 41 111.9 113.1 pU3.7 Clothing r126.2 127.6 127.8 Machinery, etc 42 73.2 74.6 P75A Rent 108.0 108.0 Iron and steel 42 22.8 23.1 23.0 Other durable 42 15.9 15.3 P15.3 Nondurable manufactures 41 r70.5 69.0 P69.3 1942 1943 Textiles and leather 42 20.7 20.2 P20.3 Paper and printing 42 r11.6 11.3 pllA Foods, liquor, and tobacco 42 20.8 20.2 P19.9 July- Jan.- Other nondurable 42 17.4 r17.3 P17.7 Sept. Mar. Minerals 41, 42 r19.9 20.2 P20.0 Prim S a t r e y e l products (1935-39 = 100): 43 231 233 235 In millions of dollar: Cement 43 156 r146 134 QUARTERLY FIGURES W M L O P L C C C a u e o r t o o e h p u a m a t o a e t t d e l l t o h b r r e s y n e e m a p r r a c n e r a o n d t n r n o u d s l f u a e a i m u c ry m t p u t p r io e ro d n d u fo c o ts d s 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3 r1 1 1 1 1 1 1 1 1 1 5 2 2 6 7 3 4 8 8 1 1 1 1 5 4 1 7 1 1 1 1 1 1 1 1 1 5 1 2 6 5 8 4 3 1 4 4 2 6 6 2 8 6 3 P P P P P 1 1 1 U 1 1 4 2 4 6 S 5 6 3 2 6 6 B I C n u o t d r e p g r M N E C I n o n e x o e i r a t d s p t a r l i c p r t W e v r e r e . o n e i e c d i r a d c v s e n a r u e i e e i t t t a i p e c n e u a p l t u r u c r s t n i r e s e t i n i i n a s a t v c c , l y c n o o i o t t d r m l i m o i e l e s e e v t e s e s a c e x u t l t n p t i . e a a o . u e s x . x n e . : n e - e s s d s , it t u o r t e a s l : .. 2 2 2 2 2 2 2 4 4 4 4 4 4 4 1 1 3 3 6 4 1 1 , , , , , , 8 6 1 3 7 7 7 6 2 1 0 3 6 7 1 2 4 7 6 5 4 1 1 3 3 7 8 1 1 , , , , , , 7 9 3 6 7 3 8 2 0 2 8 1 4 0 7 9 3 9 8 6 0 1 1 3 6 6 2 1 8 9 , , , , , , , 3 2 6 0 8 9 4 6 3 8 8 4 5 6 4 4 6 8 5 0 0 Labor force and employment (mill, Net proceeds 36 200 70 153 pe L E rs a m o b p n o N A l s r o ) o g : y f n r o m i a r c g c e u e r n l i t t c u , u ra t l o t l u ta ra l l 4 4 4 4 4 4 4 4 4 5 5 2 8 0 2 . . . . 1 9 3 8 4 5 5 2 9 1 2 . . . . 0 0 0 0 4 5 5 9 1 1 2 . . . . 6 6 2 1 New P R I n m u a d b i o l u l n r i s o c e t a y r u d i , a t l i to li t t a y l 3 3 3 3 6 6 6 6 4 2 7 6 3 7 6 1 3 4 6 3 3 5 1 3 5 1 2 Male 44 35.9 35.8 36.0 Female 44 15.0 15.2 15.2 Per cent per annum Nonagricultural employment (mill. persons), total3 45 38.8 38.7 Fact M T T G C or r r o o a y a a n v n n d s e u e s t r e f p r n a m u o m c c r p t t t e u l i a o n o r t t y i n i n o m g n e n a a t n n d d a m u n t i d i n l i i n t p i g e a s y rolls 4 4 4 4 4 5 5 5 5 5 1 3 6 5 1 6 . . . . .8 5 5 9 7 1 3 6 5 1 6 . . . . .9 6 4 6 9 P P P P p 1 5 I G 3 6 . . 9 . . 3 A 6 9 Bank T N O S o o e t r h u w t a a e t t h r l e , Y s e N r o 1 o n r 9 o n k r a c t c n i h C t u d i e i s e t r W t s y n o m e a s e n te r d s r ' n E l a c o s i a t t n i e e s r s : n cities 2 2 3 2 2 6 2 7 8 6 5 0 3 2 2 2 . . . . 2 6 6 0 6 3 3 9 3 2 2 2 . . . . 7 3 7 2 6 6 6 * (1939 = 100): P E a m y p l r o o y ll m s ent 4 4 7 7 2 1 9 6 7 6 . . 2 2 3 1 0 6 4 7. . 3 4 P167A Apr•4, June 30,Dec. 31, Hours and earnings at factories: 1942 1942 1942 Weekly earnings (dollars) 48 41.12 41.84 Hourly earnings (cents) 48 92.4 93.4 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 44.5 44.8 New orders. shipments,ancl inventories ALL BANKS IN THE U. S. (19 N 3 e 9 w = o r 1 d 0 e 0 r ) s : , total 49 242 P254 T D o e t m al a n d d e p d o e s p it o s s i a ts n d a d c j u u r s r t e e n d c y 1 1 1 1 e e 8 4 0 0 0 0 0 0 8 4 1 1 . . 9 8 3 4 9 48 9 . . 8 6 5 7 N D o u n ra d b u l r e a ble 4 4 9 9 3 1 2 7 7 9 P i 1 > 7 3 9 55 T C i u m rr e e n d c e y p o o s u it t s s ide banks 1 1 1 1 e e1 2 0 7 .4 2 0 0 2 1 7 0 . . 3 9 1 4 2 1 8 3 . . 4 9 0 5 Shipments, total 49 255 P249 Durable 49 337 P328 Nondurable 49 192 ^186 MEMBER BANKS Resi T P I d n u o e v b n t e a l t N D l n i i c a t o u l o n r r a c d i b o e u l s n r e , a t r b t a . o l c e t . t a s l (mill, dollars):3 4 4 5 4 5 9 9 3 9 3 2 1 1 1 0 1 4 7 7 0 0 6 2 6 P P P 1 2 I 6 4 4 1 7 8 4 0 3 5 • Loan O U s . t h a S e n S O F r . d t o t G a s h r i t e o n e e e c r i v v g u a t e d n . r s n i o o t t d m s m i b e e l l e s e c o i s u n g c t r t a a i i s c t l t , i i s o o e t e s n b o c s l t u i a g r l i a t t i i e o s n s 1 1 1 1 1 1 3 2 2 3 2 3 4 2 3 6 4 0 ) 4 0 2 1 5 0 9 7 4 2 2 2 5 4 6 . . . . . . 6 9 7 1 1 8 9 3 7 0 0 5 3 5 2 2 5 7 9 . . . . . 6 9 6 5 2 6 7 3 5 6 Priv O 1 a - t t e h a , e n r t d o t 2 a - l f amily dwellings.... 5 5 5 3 3 3 2 2 5 2 8 2 1 6 4 8 Loan R C s e o , a m t l o m e ta s e l t r a c t i e a l lo lo an a s n s 1 1 1 3 2 3 1 ( ( 7 ) 8 ' ' 3 1 9 3 6 . . . 1 5 9 1 0 3 1 8 3 6 . . . 4 4 0 2 8 9 Co a n v s T R ., t o r e m u s ta c i i d l t l i l e , o n n d t i o a c l l o l a n r t s r ) a : c 3 ts (3-mo. moving 5 5 5 5 4 1 2 0 0 3 34 7 7 8 P66 Hold B in y g c s N S la o t e r s w f e s e e U t s Y . l o o o S r f a k . n b G s C a o ( n i b v t k y r t s . o : k s e e r c s u ' r l i o t a ie n s s : ) 1 1 3 6 7 V 3 ( 8 8. . 5 4 5 3 12. . 5 7 5 9 Freig O h t t h e c r ar loadings:3 , 55 317 269 P215 C R h es ic e a rv g e o city banks 1 1 6 6 6 1 .8 4 3 9 8 1 . . 1 8 9 6 1 2 3 . . 7 0 9 4 Total (1935739 = 100) 57 141 136 141 Country banks 16 475 5.50 9.17 Groups (points in total index) By kinds of securities: Miscellaneous 57 83.8 77.4 77.8 Bonds 16 (4 14.49 18.95 Depa S S r a t t o l m e c s A C k e s n l o l t a l o s t t h o e r r e s (1923-25 = 100) ' . : _ 3 .. . . . 5 5 5 5 7 9 9 7 2 2 r1 9 7 6 . . 9 8 1 6 3 2 2 9 9 1 r . 9 . 3 7 4 1 6 3 2 3 9 . , 7 3 N B C G i e o u l r l t a t s e r i f a s i n . c . t a . e t e e d s 1 1 1 1 6 6 6 6 ( V 3 4 ) 47 3 1 2 1 . . . . 5 5 8 6 5 1 7 9 5 6 4 2 . . . . 4 2 3 5 1 9 6 4 For footnotes see preceding page. 569 JUNE 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1942 AND JUNE 30, 1942 [Amounts in thousands of dollars] Dec. 31,1942 June 30, 1942 National State Banks National State Banks banks banks not banks banks not All members members members All members members members banks Federal Federal Federal banks2 Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System1 System System System1 System2 Assets Loans, discounts, and overdrafts (including rediscounts). 18,905,525 10,183,351 5,901,924 2,820,250 19,922,804 10,880,073 6,045,009 2,997,722 United States Government obligations, direct and fully guaranteed 40,711,697 23,744,082 13,799,428 3,168,187 25,936,082 14,877,737 9,218,383 1,839,962 Other bonds, stocks, and securities 6,632,557 3,648,427 1,978,763 1,005,367 6,790,346 3,705,955 2,066,234 1,018,157 Total loans and securities 66,249,779 37,575,860 21,680,115 6,993,804 52,649,232 29,463,765 17,329,626 5,855,841 Customers' liability on account of acceptances 40,808 23,285 17,222 301 59,333 32,306 26,524 503 Total bank premises, furniture and fixtures, and other real estate 1,348,246 691,035 440,714 216,497 1,400. 711,950 455,642 232,583 Reserve with Federal Reserve Banks 13,071,533 8,204,834 4,866,699 12,294! 7,464,826 4,829,679 Coin and currency 1,306,806 721,246 297,253 "288,307 1,290! 715,044 306,587 269,114 Balances with other banks3 9,098,277 4,704,048 1,454,253 2,939,976 8,119; 4,422,732 1,358,650 2,337,723 Cash items in process of collection 4,116,759 2,553,839 1,475,974 86,946 2,677, 1,671,543 949,971 55,991 Income accrued but not yet collected 133,493 74,604 51,683 7,206 115, 63,349 45,999 6,471 Prepaid expenses 12,498 5,435 5,768 1,295 12, 5,576 5,067 1,852 Other assets 79,568 36,753 26,293 16,522 90, 33,244 44,771 12,526 Total assets.. 95,457,767 54,590,939 30,315,974 10,550,854 78,709,455 44,584,335 25,352,516 S,772,604 Liabilities Demand deposits of individuals, partnerships, and corporations 47,128,273 26,669,426 15,469,810 4,989,037 39,266,281 21,899,019 13,747,282 3,619,980 time deposits of individuals, partnerships, and corporations 15,704,991 8,259,153 4,098,114 3,347,724 14,889,560 7,806,098 3,858,971 3,224,491 Public funds of states and political subdivisions 4,393,493 2,682,316 967,599 743,578 4,337,016 2,731,251 898,989 706,776 U. S. Govt. and postal savings deposits 8,228,698 4,788,641 249,036 1,827,528 1,159,389 613,982 54,157 De o p ff o ic s e it r s s , o a f n o d t h t e r r a v b e a l n e k rs s ' ; c c h a e s c h k s le o tt u e t r s s t a o n f d c i r n e g d , it e ; tc c . e 3 rtified 12,363,628 8,068,926 3,191,021 221,708 10,842,046 6,937,910 3,743,533 160,603 Bills payable, rediscounts, and other liabilities for bor- 4,072,994 rowed money 9,748 3,516 4,941 11,509 2,014 3,993 5,502 Acceptances executed by or for account of reporting banks 1,291 D O E In x t i c a h v p o n e i e d m d r n e e s l o n e i u a d s c t b s o s a i l t d l c l a i e c e t n c i r c e d t u l e s a i e d n r d e g b d a u n b t d u n t u o n n t p o y a t e i t y d e e t a r p n a e y d able 3 1 4 3 5 0 2 9 6 0 8 7 , , , , , 9 4 8 0 3 1 7 8 3 9 5 8 9 0 0 2 2 3 2 3 7 0 2 5 5 5 , , , , , 1 7 9 0 6 1 9 7 3 7 4 9 6 6 8 4 5 2 1 1 1 1 0 4 6 , , , , , 7 6 1 4 7 1 2 7 0 1 1 7 6 0 0 1 1 1 2 1 0 3 , , , , 3 4 5 6 5 0 1 4 2 8 3 6 3 9 4 2 1 4 6 6 7 3 1 8 1 7 2 , , , , , 8 3 8 8 7 4 6 4 9 4 4 8 0 9 4 1 4 2 3 7 9 2 5 7 3 9 , , , , , 0 8 2 3 5 3 6 7 2 5 5 5 5 2 2 4 3 2 5 1 8 1 2 0 4 , , , , , 4 1 5 2 3 5 0 1 9 9 3 1 7 0 2 1 1 9 0 1 5 , , , , 5 2 5 9 5 8 2 9 7 1 3 1 1 9 9 Total liabilities, excluding capital accounts 88,401,533 50,861,581 27,945,453 9,594,499 71,756,635 40,913,730 23,033,503 7,809,402 Capital stock, notes, and debentures.. 2,848,630 1,499,882 878,712 470,036 2,858,709 1,503,870 875,251 479,588 Surplus 2,801,594 1,435,949 1,062,330 303,315 2,741,404 1,408,751 1,036,661 295,992 Undivided profits 972,042 540,071 306,657 125,314 935,727 515,619 289,935 130,173 Reserves 433,968 253,456 122,822 57,690 416,980 242,365 117,166 57,449 Total liabilities, including capital accounts 95,457,767 54,590,939 30,315,974 10,550,854 78,709,455 44,584,335 25,352,516 8,772,604 Number of banks 13,347 5,081 1,595 6,671 13,403 5,101 1,543 6,759 1 Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call Report. 2 Revised to include 4 insured State banks not members of the Federal Reserve System which do not accept deposits. 3 Beginning June 30, 1942 excludes reciprocal interbank demand deposits with banks in the United States, except private banks and American branches of foreign banks. On June 30, 1942, and Dec. 31, 1942, respectively, reciprocal balances were as follows: all insured commercial banks, |614,029,000 and $525,324,000; national banks members of the Federal Reserve System, $409,596,000 and $348,964,000; State banks members of the Federal Reserve System, $190,175,000 and $164,207,000; banks not members of the Federal Reserve System, $14,258,000 and $12,153,000. June 30, 1942 figures for national banks have been revised. 57° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 571 Gold production... 573 Gold movements... , . 573 s e Net capital movements to United States since January 1, 1935... 574 Central banks 575—578 Money rates in foreign countries.... 579 Commercial banks 580 Foreign exchange rates 581 Price movements: Wholesale prices 581 Retail food prices and cost of living 583 Security prices 583 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 arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years* JUNE 1943 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z S a e l k c o h i - a o D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 1353 2 734 51 274 24 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—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 25 8 31 18 61 44 52 2,000 Aug 22,756 354 735 81 274 25 9 31 19 61 44 52 2,000 Sept 22,754 354 '735 82 274 25 8 36 21 61 44 52 2,000 Oct 22,740 354 735 113 274 25 5 36 23 61 44 52 2,000 Nov 22,743 354 735 114 274 25 6 36 24 61 44 52 2,000 Dec 22,726 354 735 115 274 25 6 36 25 61 44 52 2,000 1943—Jan. . 22,683 354 734 120 274 7 38 27 61 44 2,000 Feb 22,644 354 734 121 6 42 28 61 44 2,000 Mar 22,576 354 6 46 30 Apr 22,473 5 End of month H ga u r n y - (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- Ru n m ia a- A S f o r u ic th a Spain 1 1 9 9 3 3 6 7 — — D D e e c c 2 2 5 5 2 2 5 5 2 2 0 1 8 0 4 2 6 6 3 1 6 7 0 9 4 2 6 4 4 9 9 3 1 3 2 2 3 3 8 9 2 8 2 2 0 1 8 7 3 5 6 6 9 8 1 1 2 1 0 4 2 1 0 89 3 5718 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 5 525 1941—Dec... 24 26 6164 235 47 575 23 21 59 182 366 1942—May 24 26 4216 30 533 23 21 59 205 447 June 24 26 32 528 23 21 59 210 468 "•42" 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 59 241 634 42 1943—Jan 24 70 501 23 25 59 241 572 Feb 90 497 23 25 59 242 523 Mar 110 23 25 Apr 126 25 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c t o r t i u h e n e s - r 7 in previo U us n i f t i e g d ures End of month U St n a i t t e e s d K do in m g- France2 g B iu e m l- 1936—Dec 240 657 26 2,584 77 59 48 11 183 1936—]Dec. ... 93 1937—Dec 244 650 29 2,689 74 52 51 5 185 1937—[une ... 169 3 934 115 1938—Dec. 321 701 29 2,690 69 52 57 14 142 Dec 4 1,395 81 1939—Dec 308 549 29 8 1 68 52 59 7 153 Mar.... 1,489 1 1 9 9 4 4 1 0 — — D D e e c c 1 2 6 2 0 3 5 6 0 6 2 5 9 8 2 8 1 L 1 9 0 0 0 9 4 2 1 9 48 8 3 2 1 1 2 2 1 14 4 2 5 1938—T D u ec n . e . .. . . . 4 8 4 0 4 759 331 4 6 4 2 Mar. ... 154 1,732 559 1 1 9 9 4 4 3 2 — — N D M A A O J J S M J u u a e o p u c e a a l n n p t v r g y r c y e t ... 3 3 3 3 3 3 3 3 3 3 3 3 4 4 2 4 3 1 3 4 2 1 0 0 4 4 6 2 1 1 5 0 1 6 9 8 ^ P p8 8 8 8 8 8 8 8 8 8 7 7 4 5 5 0 3 1 2 0 0 0 9 9 2 1 9 5 2 3 4 0 1 0 5 5 r1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 1 1 1 1 7 4 4 4 6 1 1 1 1 0 1 P 9 9 9 8 8 9 9 9 9 9 4 2 7 9 7 7 7 5 6 6 6 7 6 6 7 7 5 5 5 5 4 4 8 2 0 8 0 6 6 6 6 6 2 2 2 2 2 2 1 1 1 1 1 1 2 1 0 9 9 5 1O r r r r r r r r r r 1 1 1 1 1 1 1 1 1 1 1 1 8 8 6 5 6 5 5 5 5 5 8 4 2 2 0 2 0 2 1 1 1 0 2 3 1 1 1 9 9 9 4 4 3 1 0 9 — — —M J S D M J S D M S D T u u e e e e e e u a a a n p p p c c n c n r r y e . . t t t e e . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 8 8 4 8 2 8 2 0 4 6 5 9 6 8 8 4 5 5 5 5 4 6 '5 6 8 2 1 9 7 5 2 1 6' 477 1 1 1 1 1 7 7 7 7 7 1942—Mar.... 12 Tune. .. 8 p Preliminary. rRevised. Sept.... 7 1 Beginning April 1940, reports on certain Argentine gold reserves no longer available. Dec 12 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported s nee that time is gold held by Minister of Finance. l Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Greece- layed basis: U. S.—Exchange Stabilization Fund Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia (Special A/c No. 1); U. K.—Exchange Equali- —Feb. 28, 1941. zation Account; France—Exchange Stabilization 5 Figures for December 1936 and December 1937 are those officially reported on Aug. 1, Fund and Rentes Fund; Belgium—Treasury. 1936, and Apr.30, 1938, respectively. 2 For complete monthly series from October 1938- 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. May 1939, see BULLETIN for Febiuary 1941, 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, p. 170- Bolivia, China, Danzig through Aug. 31, 1939, Ecuador. El Salvador, Estonia, Finland, Guatemala, 3 Figure for end of March 1937,first date reported. Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, and Thailand (Siam). J Figure for end of September. Figures for certain of these countries have been carried forward from last previous official report. Reported figure for total British gold reserves on 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Aug. 31, 1939, less reported holdings of Bank of Eng- Exc 1 h 0 9 a B B ng e e e g g i i n E n n n q i i u n n a g g l i F D z e a e b t c i r o e u n m a r b A y e c r 1 c 9 o 1 4 9 u 3 4 n , 0 t f , i d g f u u ig r r u i e n re g a s l 1 s r o 9 e 3 f i e 9 n r . c l t u o d e g s o l g d o l r d e s r e e r s v e e r s v e o s f o n f e n w e w C e C n e t n ra t l r a B l a B n a k n k o o n f ly . Ireland. lan 6 N d O F o i T g n E u t . r h — e a F t f o o d r r a S te e d . p e t t ai 1 ls , 19 r 4 e 1 g . arding special gold transfers in 1939-40 between the British E. E. A. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the French 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported E. S. F. and the Bank of France, see BULLETIN figures through April 1940 appear on p. 926 in that issue. for September 1940, p. 926. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o ia - A W fri e c s a t 2 { I B C e 6 l n g g ia o n 3 U St n a i t t e e s d * 1 1Canada 51 Mexicol| Co b l i o a m-1| Chile ! xNicara-Au li s a t 8 r a-1 I B In ri d ti i s a h * $1 = 15fa grains of gold f0 fine; i.e., an ounce of fine gold = $35 1934 823,003 708,453 1 366,795 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 7,3$6 152,509 131,181 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 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 966,614 494,439 26,611 29,225 130,933 168,008 630,000 20,882 6,409 8,623 42,525 8,960 1942—Mar.. 100,485 85,346 42,618 2,275 2,625 11,316 15,372 3,457 1 916 596 621 3,675 875 Apr... (1) 80,263 41,491 2,320 2,555 11,415 14,728 1,865 540 624 3,815 910 May. 80,943 42,539 2 288 2,520 11,164 14 881 1 719 570 677 3,745 840 June.. 79,106 42,005 2,210 2,450 10,504 14,852 1,579 611 905 3,325 665 July. 83,202 42,784 2,226 2,450* 12,754 14,864 2,006 647 816 3,990 665 Aug.. 77,255 41,454 2,253 2,345 10,163 14,100 1,730 531 722 3,360 595 Sept.. 76,692 40,559 2,175 2,310 11,837 13,212 1,710 441 634 3,185 630 Oct... C78,149 41,023 C2,160 2,275 12,013 13,365 1,659 401 669 4,165 420 Nov.. 70,269 39,144 2,089 2,240 7,828 12,693 1,614 432 659 3,045 525 Dec... 68,261 38,616 2,146 2,135 6,209 12,597 1,433 544 906 2,940 735 1943—Jan... P65,241 37,687 '2 146 '2,135 r4,654 11,708 2,055 '544 672 '2,940 700 Feb... ^64,908 r38,835 '2,146 '2,135 r4,121 11,459 1 380 '544 647 '2,940 700 Mar.. P61 25,489 '2,146 '2,135 4,520 '11,459 '1,380 '544 '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. v Preliminary. r Revised. c Corrected. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $357,131 so that aggregate for 1942 is equal to preliminary estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1942 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 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 1966, pp. 108-109, GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—)to: Y m e o a n r t o h r im To n p e t o a t r l ts U K d n o i i n m t g ed - France g B iu el m - N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e H e n s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12038 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 15335 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 9 9 3 3 7 8 1 1 , , 5 9 8 7 5 3 , , 5 5 0 6 3 91,2 8 0 9 8 1 , , 7 5 2 31 8 -1 8 3 1 , , 7 1 1 3 0 5 9 1 0 5 , , 8 48 5 8 9 163 6 , , 0 4 4 6 9 1 60 146 6 54 1 , , 4 3 5 6 2 3 1 7 1 6 1 , , 3 4 1 8 5 0 3 36 8 , , 4 4 7 8 2 2 1 1 0 8 , , 5 3 5 9 7 7 2 2 5 7 4 8 2 8 7 0 3 39 4 , , 1 7 6 1 2 3 4 1 0 8 1 1 2 1 4 6 6 8 4 7 6 4 4 0 5 1 0 6 , , 7 1 6 5 2 9 26 2 7 9 , , 9 9 7 9 5 8 1 1 1 9 9 9 4 3 4 0 9 1 4 3 , , 7 5 9 4 7 8 4 4 2 , , , 4 1 3 7 5 7 2 1 8 1,8 6 2 3 6 3 3 , , , 7 4 08 7 0 9 3 3 24 3 1 , , 7 7 9 78 8 1 165, 9 1 7 2 7 2 1 34 6 1 3 , , 6 2 1 6 8 0 16 2 1 8 1 4 7 7 8 1 4 9 5 7 9 8 0 6 , ,9 3 8 8 2 9 7 0 9 2,6 4 6 2 1 1 2 2 2 , , , 3 0 9 3 5 4 0 6 9 3 2 1 9 3 6 , , , 8 6 79 8 1 1 0 0 2 2 2 4 3 3 , , , 4 9 23 4 9 9 8 9 4 3 3 2 8 5 6 6 6 7 2 3 8 7 6 1 6 7 0 7 4 3 , , , 4 2 7 9 7 5 2 7 0 2 1 9 2 8 2 2 4 8 8 7 9 6 5 3 2 6 1 1 6 1 9 5 1 4 6 7 4 0 3 4 5 9 4 5 9 0 9 , , ,6 9 9 6 5 8 5 6 9 5 4 1 1 3 0 0 8 0 2 8 , , , 4 4 4 S 0 6 S 4 3 1941 Jan 234,242 37 1746 563 46,876 1,147 3,168 3 185 11,136 149 735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2 772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3 984 6,262 2 788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3 587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3 384 4,194 3594 3,589 June 30,712 474 1 17,514 800 7 2 114 4,593 69 iii 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 A Se u p g t 3 6 6 5 , ,7 9 0 7 2 3 25 7 0 9 4 1 2 0 , , 5 8 6 4 2 2 4 8 9 4 5 3 2 2 , , 2 4 3 8 0 8 5 3 ,0 1 9 0 8 7 6 2 , , 7 0 4 6 2 4 3 6 1 9 3 4 7 i,995 61 69 1 , , 0 0 0 4 8 1 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 1830 5,980 40 , 9,039 Dec 52,896 163 20,377 1,273 2,238 5 506 3,713 190 711 6l8,726 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 countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. JUNE 1943 573 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: securi ties: 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 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,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 ,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 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 ,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 L.817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 11,802.6 791.3 855.5 626.7 100.9 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 L, 780.2 806.8 855.9 624.5 102.4 Feb.25 5,069.0 2,675.5 879.4 L, 796.0 809.2 856.2 626.2 102.0 Mar. 4 5,105.8 2,706.1 941.0 ,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 L, 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 ,799.4 829.8 843.2 626.6 103.9 May 6 5,375.2 2,971.0 1,160.1 L,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.0 3,470.4 1,536.1 1,934.3 889.8 761.3 r678.5 107.0 Feb.27 6,010.2 33,585.4 31,667.3 31,918.1 3890.5 751.9 676.0 3106.4 r Revised. government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Feb. 27, in millions of dollars: total foreign banking funds in United States, 4,252.6, including official funds, 2,281.8, and other funds, 1,970.8; United States banking funds abroad, 245.0; and brokerage balances (net due "foreigners") 29.6. 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. 574 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- (Figures in millions of Cash reserves Dis- tion3 Deposits Other pounds sterling) Gold1 a O ss th e e ts r a c n o d u n a t d s - Se t c ie u s ri- liabili- 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—May 27. .2 830.0 L.2 41.6 6.6 170.5 788.6 146.6 7.6 47.8 17.8 June 24.. .2 830.0 L.3 34.2 5.5 165.8 796.0 133.6 8.0 47.3 17.8 July 29. .2 5880.0 L.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26. .2 880.0 L.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept. 30 .2 880.0 L.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28.. .2 880.0 :L.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25. .2 880.0 L.I 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 Apr. 28. .2 h, ooo.o 1L.O 46.8 5.3 196.2 953.4 170.1 8.3 53.1 17.7 Assets Liabilitiei Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold d S o ta ll t a e r s s Short- assets circulation? Chartered Dominion liabilities term6 Other banks govern- 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 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—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 Apr. 30 .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 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. J Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, 1943. 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. JUNE 1943 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a x e n - i g g e n m O a p r e k n et2 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- CA.R.4 Other l O ia t t i b h e 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—Dee. 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 i 77,098 1,158 6,122 ....'..... 4,739 11,173 82,613 2,322 13,414 1,940 1934-Dec. 28 1 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 2,713 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 "41,400' 27,202 3,586 1941—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 1 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 V68 35,371 33,298 4,111 Sept. 24 84,598 37 43,869 4" 4,038 183,758 67,500 19,818 334,370 717 31,100 32,142 5,293 Dec. 316 84,598 37 43,661 169 '5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 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 u il s d l u s i r n y g Se l c o u an ri s ty E a c s li 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 7 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—Dec. 31 77 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Jan. 31 77 20,884 28 151 288 1,406 18,987 2,417 1,431 Feb. 28 77 21,458 23 144 288 1.343 19,443 2,426 1,464 Mar. 31 77 21,673 23 72 227 1,751 19,774 2,762 1,287 Apr. 30 77 21,529 19 17 202 2,212 20,047 2,701 1,308 May 30 77 22,093 19 16 204 2,344 20,548 2,840 1,366 June 30 77 22,848 21 18 202 2,180 20,954 2,990 1,402 July 31 77 23,114 17 21 205 2,162 21,344 2,804 1,448 Aug. 31..... 77 23,611 14 34 204 2,262 21,808 2,864 1,530 Nov. 308.... 77 25,449 13 71 210 2,146 23,052 3,241 1,673 Dec. 31 76 29,283 25 87 210 1,664 24,375 5,292 1,680 *943— Jan. 30 77 26,270 22 51 185 2,477 23,664 3,892 1,526 Feb.27 77 26,758 21 49 180 2,370 24,266 3,820 1,369 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 Nov. 19, 1942, advances of 211,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures for October and November not available. 7 Gold not shown separately on Reichsbank statement after June 15,1939. 8 Figures for September and October not available. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 576 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia— Cont. Gold reported separately 1,076 1,077 1,077 Deposits 92,503 88,105 59,021 Other gold and foreign exchange. 1,192 1,090 529 Other liabilities 44,162 46,882 43,682 Negotiable Government bonds 368 365 376 National Bank of Denmark (millions Rediscounted paper of kroner): (Jan.)2 Other assets 240 246 223 Gold 97 98 Note circulation. 1,624 1,609 1,472 Foreign exchange 18 21 Deposits—Member bank 827 799 588 Clearing accounts (net) 1,168 952 Government 285 237 30 Loans and discounts 37 42 Other 37 31 24 Securities 88 45 Foreign exchange sold forward 2 2 Govt. compensation account4 125 125 Other liabilities 101 100 88 Other assets 1,407 994 Commonwealth Bank of Australia Note circulation 939 835 (thousands of pounds): Deposits—Government 590 114 Issue department: Other 1,124 1,095 Gold and English sterling 33,891 32,641 24,954 Other liabilities 288 230 Securities 106,779 103,796 78,453 Central Bank of Ecuador5 (thou- /Dec.\2 Banking department: sands of sucres): V1942 ) Coin, bullion, and cash 6,360 5,164 6,702 Gold 133,445 71,205 London balances 47,595 45,357 29,148 Foreign exchange (net) 73,412 68,305 Loans and discounts 28,864 26,814 29,447 Loans and discounts 76,124 86,960 Securities 207,160 191,139 103,213 Other assets 38,963 34,761 Deposits 188,187 172,834 122,222 Note circulation 169,340 126,862 Note circulation 131,356 127,106 95,864 Demand deposits 125,461 101,547 National Bank of Belgium and Other liabilities 27,143 32,823 Bank of Issue of Brussels (mil- (Jan.)2 National Bank of Egypt5 (thou- (Dec. lions of belga) .-1 sands of pounds): 1942)2 Gold 4,332 4,332 Gold 6,251 6,251 Foreign exchange 5,774 2,506 Foreign exchange 8,604 4,372 Credits to State and public bodies. 4,126 4,223 Loans and discounts 5,983 2,185 Credits to private economy 148 159 British, Egyptian, and other Gov- Reichskreditkasse 733 766 ernment securities 140,090 111,159 Other assets 541 498 Other assets 5,853 5,741 Note circulation 13,861 10,725 Note circulation 75,347 52,736 Demand deposits 756 750 Deposits—Government 26,551 20,281 Postal Checking Office 811 796 Other 52,908 44,357 Other liabilities 225 215 Other liabilities 11,975 12,333 National Bank of Bohemia and Mo- (Jan.)2 Central Reserve Bank of El Salvaravia (millions of koruny): dor (thousands of colones): Gold. 1,515 1,514 Gold6 24,202 24,206 15,241 Foreign exchange 728 779 Foreign exchange 21,911 20,460 11,738 Discounts 875 917 Loans and discounts 766 928 422 Loans Government debt and securities .. 6,824 6,765 7,224 Other assets 17^084 13,684 Other assets 522 678 2,327 Note circulation 13,809 9,917 Note circulation 32,815 32,312 22,904 Demand deposits 3,524 3,449 Deposits . .. 15,688 15,047 10,064 Other liabilities 2,869 3,528 Other liabilities - 5,721 5,678 3,985 Central Bank of Bolivia (thousands (Dec. Bank of Finland 3 of bolivianos): 1942)2 Bank of Greece3 Gold at home and abroad . 497,407 379,519 National Bank of Hungary (millions Foreign exchange 438,353 308,492 of pengo): (Jan.)2 Loans and discounts 230,625 332,113 Gold 100 100 Securities—Government 536,565 479,199 Foreign exchange reserve 4 15 Other 40,623 11,170 Discounts 2,065 1,166 Other assets 58,537 50,327 Loans—To Treasury 725 760 Note circulation 818,299 669,348 To foreign countries 500 276 Deposits 797,779 733,143 Other 31 36 Other liabilities 186,032 158,329 Other assets 806 468 National Bank of Bulgaria3 Note circulation 2,973 2,038 Central Bank of Chile (millions of Demand deposits 480 345 pesos): Consolidated foreign credits of 1931. 18 23 Gold 222 204 148 Other liabilities 760 370 Discounts for member banks 150 168 317 Reserve Bank of India (millions of Loans to Government 725 725 733 rupees): Other loans and discounts 952 950 836 Issue department: (Jan.)2 Other assets 679 538 93 Gold at home and abroad.... 444 444 Note circulation 2,000 1,903 1,579 Sterling securities 3,558 2,419 Deposits—Bank 335 308 211 Indian Govt. securities 1,894 1,382 Other 120 114 120 Rupee coin... 146 295 Other liabilities 273 260 217 Note circulation 5,932 4,426 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department.... 109 ,. 114 Gold 52,653 49,757 28 288 Balances abroad 852 ' 416 Foreign exchange 78,701 77,377 28*, 213 Treasury bills discounted 19 10 Loans and discounts 11,331 15,462 31,124 Loans to Government 4 117 Government loans and securities... 56,223 55,213 58,245 Other assets 93 145 Other assets 36,280 36,153 32,528 Deposits 891 586 Note circulation 93,524 98,977 75,695 Other liabilities 186 215 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 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. 4 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, 5 Items for issue and banking departments consolidated. 6 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value cf the colon. JUNE 1943 577 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of Ireland (thousands Bankiof Spain2 of pounds) :l Bank of Sweden (millions of kronor): G S \JI t \ o J e X l r V d X l ing funds , 2 2 0 , , 6 32 4 9 6 2 2 0 , , 6 14 4 3 6 F G o o r l e d ign assets (net) 5 7 8 5 4 8 5 7 6 5 7 7 5 7 5 5 4 3 6 6 2 1 0 6 Note circulation 22,975 22,789 Swedish Govt. securities and ad- Bank of Japan2 vances to National Debt Office7.. 1,236 1,176 1,132 Bank of Java2 Other domestic bills and advances.. 136 128 119 > 913 Bank of Mexico (thousands of pesos): Other assets 814 808 802 1,094 Metallic reserve3 336,687 311,776 205,831 Note circulation 1,923 1,931 1,916 1,638 "Authorized" holdings of securi- Demand deposits—Government.... 884 653 653 409 ties, etc 938,697 866,594 550,058 Other 151 244 211 681 Bills and discounts 130,644 130,548 115,340 Other liabilities 570 608 579 495 Other assets 71,389 65,163 54,781 Swiss National Bank (millions of Note circulation 823,552 789,693 563,073 francs): Demand liabilities 523,196 457,412 260,251 Gold 3,717 3,682 3,642 3,443 Other liabilities 130,668 126,976 102,686 Foreign exchange 56 56 47 'l29 Ne d t e h r e s) r : lands Bank (millions of guil- (Jan.)4 L O o th a e n r s a a s n s d e t d s iscounts 8U1 /8\ 111 (8) 345 2 2 8 2 1 3 Gold 895 958 Note circulation 2,605 2,579 2,532 2 241 Silver (including subsidiary coin). 4 8 Other sight liabilities L370 1^308 1,522 l' 535 Foreign bills 1,817 934 Other liabilities (8) 300 Discounts 244 210 Central Bank of the Republic of Loans 160 168 Turkey (thousands of pounds): (Jan.)4 Other assets 239 234 Gold 155,539 134,176 Note circulation 3,059 2,251 Foreign clearing accounts 76,281 67,867 Deposits—Government Loans and discounts 742,513 544,856 Other 231 198 Securities 192,191 191,824 Other liabilities 71 63 Other assets 41,645 18,815 Reserve Bank of New Zealand (thou- Note circulation 699,' 787 590 704 sands of pounds): Deposits—Gold 79,358 79*358 Gold 2,802 2,802 2,802 Other 239,438 116,098 Sterling exchange reserve 22,231 31,262 20,614 Other liabilities 189,586 171,377 Advances to State or State under- Bank of the Republic of Uruguay takings 32,444 34,217 31,191 (thousands of pesos): (Dec. Investments 10,458 4,458 4,146 Issue department: 1942)4 Other assets 2,350 2,393 861 Gold and silver 90,875 92 305 Note circulation 30,348 30,033 24,077 Note circulation 112^764 113^376 Demand deposits . 36 757 41,967 32,592 Banking department: Other liabilities 3,180 3,131 2',945 Gold and silver 55,451 66,839 Bank of Norway2 Notes and coin 36,805 38,979 Central Reserve Bank of Peru (thou- Advances to State and to sands of soles): government bodies 41,135 29,467 Gold and foreign exchange 118,660 67,254 Other loans and discounts... . 102,301 105,230 Discounts 18 182 C27 112 Other assets 113,316 119 006 Government loans 275^746 208^330 D>—'eI.Ap1Wo1s iCtisOOVIfO. . 130^584 127]800 Other assets 25,865 c\1,069 Other liabilities 218,425 231,722 Note circulation 285 981 222 437 Central Bank of Venezuela (thou- Deposits 132^748 70^331 sands of bolivares): Other liabilities 19,687 20,996 Gold 233,144 220,784 214,604 170,677 Bank of Portugal (millions of (Sept. Foreign exchange (net) 37,025 32,091 24,534 17,925 escudos): 1942)4 Credits to national banks 31,230 31,230 31,230 35,230 Gold5 1,380 1,365 Other assets 6,210 6,492 7,785 13,473 Other reserves (net) 2,720 1,715 Note circulation—Central Bank.. 201,075 201,339 191,648 141,155 Nonreserve exchange 5,356 4,560 National banks.. 34,269 34,616 35,497 50,298 Loans and discounts 258 299 Deposits. .. 65,681 48,139 44,869 39,811 Government debt 1,028 1,028 Other liabilities 6,584 6,503 6,139 6,041 Other assets.. 1,355 1^238 National Bank of the Kingdom of Note circulation 4,944 4,458 Yugoslavia2 Other sight liabilities . 5,942 4,641 Bank for International Settlements (Sept. Other liabilities 1,211 1,106 (thousands of Swiss gold francs9): 1942)4 National Bank of Rumania (millions (Nov. Gold in bars 61,916 45,493 of lei): 1942)4 Cash on hand and on current ac- Gold 45,109 38,216 count with banks 39,692 33,729 Special exchange accounts 30,065 14,029 Sight funds at interest 15,644 15,942 Loans and discounts 37,849 33,864 Rediscountable bills and accept- Special loans (in liquidation) 364 471 ances (at cost) 141,486 147,553 Government debt 621,229 9,323 Time funds at interest 20,936 21,050 Other assets 45,900 46,191 Sundry bills and investments 200,434 212,383 Note circulation 112,307 95,889 Other assets 39 142 Demand deposits 42,446 34,856 Demand deposits (gold) 33,832 29,026 Other liabilities 25,762 11,348 Short-term deposits (various cur- South African Reserve Bank (thou- rencies): sands of pounds): Central banks for own account 15,464 16,135 G Fo o r l e d i gn bi;lls 6 5 3 , , 6 5 1 3 9 3 52 1 , , 0 0 3 6 6 0 Long O - t t h er e m r deposits: Special ac- 6,938 5,955 Other bills and loans 167 25 counts 229,001 229,001 Other assets 83,022 53,493 Other liabilities 194,912 196,176 Note circulation 40,333 28,567 Deposits. 106,448 73,599 Other liabilities. 5,560 4,448 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; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see BULLETIN for May 1943, p. 414. 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 Valued at average cost beginning October 1941 6 Includes advances to the Government shown in the bank's statement under "Other assets" prior to June 1942, 7 Includes small amount of non-Government bonds. 8 Figure not available. 9 See BULLETIN for December 1936, p. 1025. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- b C an e k n t o r f a — l R M 3 a a 1 t y e ef D fe a ct t i e ve ba C n e k n t o r f a — l R M 3 a a 1 t y e ef D fe a c t t e ive In effect Oct. 2, 1936 2 3 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 m... Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 2 2 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 "23^ ' Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 "iy2" Moravia Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 "2"" Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 3 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile 3-43| Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 "2X" Colombia 4 July 18, 1933 Portugal.... 3 Apr. 8, 1943 May 30 3 Sept. 28 3 Oct. 27 Nov. 25 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland 4 2 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France lH Mar. 17, 1941 Turkey...... 4 July 1, 1938 Dec. 15 "3"" Germany Apr. 9, 1940 United King- J A a p n r . . 2 9 5, 1940 "iii" 2 H G u re n e g c a e ry 3 6 2 M Oc a t r . . 22 1 , , 1 1 9 9 4 4 0 2 U. d S om . S. R... 4 2 O Ju c l t y . 2 1 6, , 1 1 9 9 3 3 9 6 May 17 "3ji" Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941 z TVTav 9Q 3 June 27 NOTE.—Changes since April 30: none. In effect May 31, 1943 2 IK 2 3 OPEN-MARKET RATES [ Per cent per annum J United Kingdom Germany Netherlands Sweden Switzerland Month Bankers' Treasury Day-to-day Bankers' Private Private Money Loans Private acceptances bills allowance discount discount for up to 3 discount 3 months 3 months on deposits rate rate 1 month months rate y 1929—Mar 5.33 5.30 4.51 3 2 6.31 6.97 4.64 5.05 43/2-6H 3.39 1930—Mar 2.78 2.55 3.20 23^-13^ 5.12 5.57 2.50 2.61 4-6 2.60 1931—Mar 2.60 2.56 2.20 1 4.76 5.00 1.09 1.04 3-5 .99 1932—Mar 2.59 2.28 2.40 3-134 6.10 7.76 1.22 1.06 5-7 1.50 1933—Mar .62 .46 .64 y& 3.88 4.97 .64 1.11 334~534 1.50 1934—Mar 95 .84 .88 3 88 4.89 1.24 1 07 234-5 1 50 1935—Mar .57 .50 .72 3.3S 3.94 .60 1.00 234"434 1.50 1936—Mar .56 .52 .75 y& 3.00 2.99 1.11 1.68 2.26 1937—Mar .55 .51 .75 34 3.00 3.10 .19 1.00 23^-5 1.00 1938—Mar .53 .50 .75 y& 2.88 2.86 .13 .50 1.00 L939-Mar .63 .70 .75 y& 2.88 2.70 .29 .50 214-5 1.00 1940—Mar 1.03 1.02 .99 y& 2.50 2.16 1.35 2.49 3-5 1.25 1941—Mar 1.03 1.01 1.00 y 2.25 1.83 2.07 2.75 1.25 L942—Mar 1.03 1.00 1.03 y2 2.13 1.95 1.25 2 1942—Apr L.03 1.01 1.00 2.13 1.96 1.25 May .03 1.00 1.03 y& 2.13 1.71 [ 25 June L.03 1.00 1.00 y 2.13 1.90 .25 July .03 1.00 1.00 lA2 2.13 1.75 25 A Se u p g t L L . . 0 0 3 3 1 1. . 0 0 0 0 1 1 . . 0 0 5 0 y 2 2 2 . . 1 1 3 3 1 1 . . 6 8 8 3 L 2 2 5 5 Oct L.03 1.00 1.04 \/ 2.13 1.80 9* Nov L.03 1.00 1.00 1/ 2.13 1.75 1.25 Dec L.03 1.01 1.00 vz 2.13 1.96 1 25 1943—Jan. L.03 1.01 1.08 2.13 1 84 1 25 Feb L.03 1.00 1.10 1/ 2.13 1 25 Mar 1.03 1.00 .90 X 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JUNE 1943 579 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 n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r 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 i o s p u s t i r s t y Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—May 326 133 291 471 1,049 822 277 3,131 2,036 1,095 238 June 355 147 292 543 1,058 814 289 3,263 2,141 1,122 234 July 342 132 273 607 1,075 807 261 3,264 2,138 1,126 232 August.... 351 133 283 634 1,082 795 257 3,305 2,161 1,143 231 September 349 127 277 693 1,097 785 263 3,358 2,218 1,140 233 October... 350 136 271 744 1,108 785 263 3,424 2,261 1,163 232 November. 367 135 241 804 1,117 774 269 3,472 2,287 1,185 234 December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—January... 379 146 197 935 1,112 773 271 3,577 2,369 1,207 237 February.. 373 154 148 933 1,109 775 272 3,525 2,324 1,201 237 March 377 139 173 884 1,132 789 283 3,542 2,362 1,180 235 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 i e g a d u d r i e b a s n a n in d k o s m . l l i a l r E l s io n ) 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 e d m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- excluding interbank deposits li O ab th il e it r ies loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 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 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 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 3,105 1,436 1,669 962 1942—May 285 29 1,215 175 1,878 601 71 3,118 1,562 1,556 993 June 327 28 1,137 181 1,883 639 72 3,121 1,523 1,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 1,654 999 August 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1,018 November. 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 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 March 377 24 1,003 223 2,689 599 54 3,816 1,927 1,890 1,044 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total II D D e e p m os a i n t 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 ty% 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. 58O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Off A ic r ia ( g p l e e n so S E ti ) p x n e p a c o ia rt l Off A ic ( u i p a s l o t u ra n l d i F ) a ree (b g B e i l u e g m l a - ) Offi ( c c i B r a u l r z a e z ir i F l o r 1 e ) e B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r v l i - a ) C Of a fi n c a ia d l a (do F l r l e a e r) O C ffi h ci i a le l (p E e x so p ) ort C S ( h h y h a a u i n i n a ) g n a - 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24 ^ 6666 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!l248' 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 85.141 5.1668 4.0000 6.000 1941 29.773 '223!704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—May 29.773 23.704 322.80 321.50 6.0580 5.1387 30.122 90.909 88.557 June 29.773 23.704 322.80 321.50 6.0580 5.1435 30.122 90.909 89.958 July 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.943 Aug 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.523 Sept 29.773 23.704 322.80 321.50 6.0580 5.1423 30.122 90.909 87.820 Oct 29.773 23.704 322.80 321.50 6.0592 5.1480 30.122 90.909 87.631 Nov 29.773 23.704 322.80 321.50 6.0600 5.1526 30.122 90.909 88.087 Dec 29.773 23.704 322.80 321.50 6.0593 5.1520 30.122 90.909 87.883 1943—Jan 29.773 23.704 322.80 321.50 6.0586 5.1316 30.122 90.909 89.640 Feb 29.773 23.704 322.80 321.50 6.0586 5.1292 30.122 90.909 90.037 Mar 29.773 23.704 322.80 6.0586 5.1275 30.122 90.909 89.923 Apr 29.773 24.332 322.80 6.0586 5.1275 30.122 90.909 90.199 ... Year or month C ( o p b l e i o s a m o) - s C k lo o z v e ru c a h n k o a ia ) - ( 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 (f r r 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 m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o) I ( 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—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 20.573 322.73 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 Apr 57.280 20.574 324.42 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 i u a ) a- ( S A 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 a l t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso t ) r N 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 1938 , .. 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 23o!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50' 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29A3Q 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246 919 403.50 403.50 65.830 52.723 1942—May 398.00 403.50 403.50 65.830 52.740 Tune 398.00 403.50 403.50 65.830 52.744 JUly 398.00 403.50 403.50 65.830 52.740 Aug. 398.00 403.50 403.50 65.830 52.744 Sept 398.00 403.50 403.50 65.830 52.722 Oct 398.00 403.50 403.50 65.830 52.720 Nov. 398.00 403.50 403.50 65.830 52.733 Dec. 398.00 403.50 403.50 65.830 52.734 1943—Jan 398.00 403.50 403.50 65.830 52.754 Feb. . . 398.00 403.50 403.50 65.830 52.803 Mar 398.00 403.50 65.830 52.805 Apr 398.00 403.50 65.830 52.749 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1943: Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 1. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943, see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. JUNE 1943 581 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 1 124 695 134 237 106 1126 144 1930. 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 1 92 96 1933. 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 1 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 96 159 114 189 1942—April 99 95 160 114 186 208 May 99 95 161 114 187 209 June 99 96 160 114 188 210 July 99 96 160 115 P353 193 212 August . .. 99 96 159 115 P357 192 211 September 100 96 159 115 ^358 192 212 October . . 100 97 160 115 193 November 100 97 161 115 195 December 101 97 161 115 195 1943—January 102 97 162 116 196 P215 February 103 98 162 116 March 103 99 162 116 April 104 pgg ^163 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a p a c w a a t r n u t a u l r y e n - d d F f u m c a l h c l a i y t e n u f u r l a e y - n d d Foods pr I o n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l- s a t f n r I i i n d n a i d l s s h u e r e a s m d - w i- p tr r I i i o n s a d d h l u e u f d c s in - ts goods goods products 1926 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941... 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1942—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 92 159 160 116 102 134 August 106 101 96 81 90 92 155 160 117 102 134 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 r163 118 103 134 March 123 107 97 91 96 93 160 163 118 103 135 April. 124 108 97 p92 P97 r Revised. p Preliminary Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 8z 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN CIPAL COUNTRIES—Continued r PRIN RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t 1 a 3 i 0 5 t t e e 0 -3 d s ) 9 (1 C = 9 a 1 a 3 d 0 5 n a 0 - - 3 ) 9 U K = d ( n 1 1 i J o 9 i n u 0 m 1 t l 0 g e 4 y ) - d (1 m = G 9 1 a 1 e 0 3 r n 0 - - y ) 14 N (1 l = e a 9 1 t 1 0 n h 0 1 d ) e - s 1 r- 3 S e = r w ( 1 1 J l 9 0 a u i 1 0 t n n 4 ) z d e - 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 5 a 0 - - ) 39 U K = d ( n 1 J i o 9 u i n 1 1 t m 0 l g e 4 y 0 d - ) (1 m = G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s 1 ) r- 3 S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e d ) - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937 105 103 139 122 127 130 1937 .... 103 101 154 125 137 137 1938 . 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 . .. 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 1942 117 117 200 137 1942—April 120 124 160 132 197 1942-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 Aug ust 126 130 160 136 202 August 118 118 201 139 195 September. 127 129 160 129 203 September .. 118 117 200 135 195 Octobe r 130 130 162 128 October 119 118 200 135 2>197 November. 131 132 163 129 November 120 119 200 135 PI 99 December. 133 133 164 129 December... 120 119 200 136 1943—January... 133 127 164 131 *>209 1943-January 121 117 199 137 P901 February.. 134 127 164 132 February 121 117 199 137 March 137 128 165 133 March 123 117 199 138 Aoril 141 129 165 133 April 124 118 198 138 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 t e r n a i 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 i e = t d m 1 e o d 0 b m 0 e ) r (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p v r r m e ic r a a e g n )2 e y N la e n th d e s r 3 - U ( S 1 = 9 n t 1 3 a i 0 5 t t 0 e e -3 d ) s 9 K U in n g it d e o d m (1 F 9 r 2 a 6 n =1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 . ... 115.9 118.3 7 84.7 100.7 8 77.9 88.1 70.8 7 120.6 114.6 9 95.0 1941 117.8 123.8 P98.7 i° p103.0 80.0 72.5 11 289.7 lop136.8 1942 118.3 127.3 69.4 75.3 ^476 1942—April 117.8 127 5 99.5 103.5 63.3 72.5 454 142.5 May 117.7 126.8 100.2 103.5 63.2 73.0 466 142.7 June 118.0 126.7 66.1 73.7 P455 143.2 July 118.9 127.7 68.2 73.8 P455 142.2 August 118.7 127.5 68.3 74.4 *518 142.4 September 119.0 127.8 69.4 75.7 ?511 October 119.3 128.1 74.2 78.4 p5O7 November 119.5 127 5 75.2 80.4 p529 December 118.9 127.3 75.9 80.1 *>583 1941 Tanuarv 119.5 129.0 79.7 82.4 February 120.0 128.9 84.8 82.2 March 119.8 128.8 88.2 82.6 April 119.9 91.3 l 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. >«n;e.-Standard and Poor's Corporation. L____ 1937, P. 373; June 1935, p. 394; and February 1932, p. 121. JUNE 1943 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR LOANS COMMITTEE E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS FISCAL AGENT LEO H. PAULGER, Chief C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT WM. A. DAY Vice President ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE W. S. MCLARIN ROBERT V. FLEMING, RICHMOND DISTRICT W. W. PADDOCK H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK 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 584 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.... Geo. C. Brainard.... R. E. Klages. 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.Neely... J. F. Porter W.S. McLarinJr. Malcolm H. Bryan.. L. M. Clark H. F. Conniff Chicago Simeon E. Leland.. W. W. Waymack.... C. S. Young H. P. Preston Allan M. Black1 J.'H. Dillard Charles B. Dunn E. C. Harris A. J. Mulroney Alfred T. Sihler O. M. Attebery St. Louis Wm. T. Nardin. Oscar G. Johnston . . Chester C. Davis. F. Guy Hitt. Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffey. Roger B. Shcpard. . . 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. Lccdy.. 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. Wiltse 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. Vardeman, Jr. Houston Branch E. B. Austin4 Nashville Branch Joel B. Fort, Jr. San Antonio Branch L. G. Pondrom4 New Orleans Branch E. P. Paris Chicago: E. C. Harris* San Francisco: Detroit Branch St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw 1 Cashier. 2 Also Cashier. 8 Vice President. 1 Manager. JUNE 1943 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES = BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (•) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES s O FEDERAL RESERVE BANK AGENCY JUNE I, 1942 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis