Federal Reserve Bulletin, 1943-07

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

Review of the Month—Treasury Finance and the Money Market. . 587—593 Law Department: Consumer Credit: Suspension of License 594~595 Advances to Life Insurance Agents 595—596 Foreign Funds Control—Report of Property in Foreign Countries. . 59^~59^ Geographical Distribution of Bank Deposits. . . 599~6°3 Retail Credit Survey—1941 604-608 United Nations Conference on Food and Agriculture 609-61Z Annual Report of the Central Bank of the Argentine Republic. . 613-62.2. Current Events : 613 National Summary of Business Conditions 614-62.5 Financial, Industrial, Commercial Statistics, U. S. (See p. 6x7 for list of tables).. 6x7-689 International Financial Statistics (See p. 691 for list of tables) 691-703 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 704 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . . 705 Map of Federal Reserve Districts 706 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 July 1943 NUMBER 7 TREASURY FINANCE AND THE MONEY MARKET During the first half of 1943 the growth of they repurchased the bills. Reserve Bank the public debt was at a less rapid rate than holdings of Treasury bills have increased in the latter half of 1942.. Government ex- substantially in the past six months, while penditures for war purposes continued to their holdings of bonds and notes have been increase, but the growth was not so large as reduced, as sales were made to meet a conduring 1942., while tax receipts were larger. tinued market demand for the higher rate Bank purchases of Government obligations issues. were smaller than in the last six months of Estimates for the latter half of this year last year, while purchases by other investors indicate the likelihood of a further increase continued in about the same volume. in war expenditures and in the deficit. Ex- Expenditures by the Treasury from funds penditures by the Treasury from accumupreviously borrowed and held in war loan lated balances and new borrowings from accounts, together with current purchases banks will cause a further substantial rise in of securities by banks, were reflected in a bank deposits and required reserves, and the continuous growth of bank deposits of demand for currency will continue to exerbusinesses and individuals. Currency, the cise a drain on available reserves. At the other means of payment held by the public, end of June member banks held about 1.2. also continued to increase. Nevertheless, billion dollars of excess reserves and also the total demands on bank reserves, to meet large amounts of Treasury bills that can be both additional reserve requirements and sold to obtain additional reserves. Somecurrency withdrawals, were not as large as what over half of the excess reserves were in the second half of 1942., and United States held by country banks and the remainder by Government security purchases by the Fed- banks in leading cities other than New eral Reserve Banks were on a much smaller York and Chicago. Banks in the money scale. centers and in other leading cities held most Banks in the money centers, principally of the Treasury bills, although a large and New York and Chicago, have in recent growing amount of such bills is held by months followed the practice of maintain- others. While the banks' needs for reserves ing reserves close to requirements. When will increase somewhat further in any case, additional reserves were needed, they sold the amount of this growth will be reduced Treasury bills to the Federal Reserve Banks, to the extent that new Government security with an option to repurchase, and when issues will be taken up by individuals and they had more reserves than were required, business corporations rather than by banks. JULY 1943 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH TREASURY RECEIPTS AND EXPENDITURES cally all of the increase was in income taxes, including the Victory Tax. The excess of Rapid further expansion in Government expenditures over receipts was about the expenditures and a substantial, but diminsame in the last six months as in the preishing, increase in the deficit were the outceding six months, although for the fiscal standing budgetary developments in the fisyear as a whole it increased substantially cal year that ended on June 30. As shown over the preceding year, from ux, to 58 bilin the chart, monthly budget expenditures lion dollars, including net expenditures of for war activities increased from about 4 Government agencies as well as regular billion dollars in June 1942. to 6 billion in budget accounts. November and to 7 billion in June 1943. The total for the six months ending June The level of war expenditures in June, 7 billion dollars, compared with a monthly WAR EXPENDITURES OF U. S. GOVERNMENT BILL TREASURY RECEIPTS, EXPENDITURES, AND DEBT 8 [In billions of dollars] 7 J Janu- July- January- Decem- ary- June ber June 1943 1942 1942 Receipts: Income and Victory Taxes 11 5 6 5 Other* 3 3 2 Net receipts*.. 15 8 9 Expenditures: 4 / War activities in budget 40 32 18 Other budget expenditures 3 3 3 Government corporations and agencies. . 1 1 3 J 3 / Total... 44 36 24 Excess of expenditures 30 28 15 2 Change in Treasury balance.... -1 +8 -1 Increase in debt 29 36 14 1 * Excluding that part of social security and employment taxes appropriated directly to the Federal old-age and survivors insurance trust fund. 0 average of about 8 billion dollars indicated 1943 was 40 billion dollars, compared with in the Budget Message of January for the 3X billion dollars in the second half of 1942fiscal year 1943-44. Total budget expendi- There was some further increase in interest tures for that year were estimated at 104 payments, which was more than offset by billion dollars. Although receipts were a decline in all other budget expenditures. expected to increase further next year, the Total budget expenditures in the entire Treasury's borrowing requirements for the fiscal year amounted to 78 billion dollars, fiscal year were estimated at 76 billion dolcompared with ^2. billion in the preceding lars, which may be reduced by 4-5 billion year. dollars by changing the timing of the col- There was also a substantial increase in lection of existing liabilities as a result of budget receipts, reflecting both the higher the provisions of the recent pay-as-you-go level of national income and the various tax legislation. The deficit in coming provisions of the Revenue Act of 1942.. Net receipts increased from 13 billion dol- months will probably be larger by more lars in the fiscal year I94X to 2.2. billion dol- than a billion dollars per month than it was lars in the fiscal year just closed. Practi- in the past year. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH THE PUBLIC DEBT amount of short-term securities was offered by the Treasury. The outstanding amount Public debt increased by 64 billion dollars of certificates was increased by 13 billion in the fiscal year just ended, compared with dollars and of bills by 9 billion, and a spe- 13 billion in the previous fiscal year. Of cial series of dual-purpose tax-savings notes this amount 58 billion dollars was used to was offered. Treasury bonds accounted for meet the Treasury's requirements and the 19 billion dollars of the increase, of which remaining 6 billion increased the general 8 billion was in xj^ per cent 2.0-2.5 year fund balance. The addition to the debt in bonds not available to commercial banks. the second half of the fiscal year was smaller Sales of savings bonds increased during the than that in the first half, when the Treasyear, and the outstanding amount rose by ury balance was increased. Borrowing 11 billion dollars, compared with an inrequirements for coming months will be crease of 6 billion in the preceding fiscal close to the high level reached in the first year. The remainder of the increase in the half of the past fiscal year. debt was accounted for largely by sales of The most important development during marketable Treasury notes, of tax notes, the fiscal year from the point of view of and of special issues to social security and financing the deficit was the inauguration other Government accounts. of periodic war loan drives, of which there were two, one in December and one in OWNERSHIP OF THE DEBT April. These drives were a forcible way of In the Government's current financing focusing the attention of the public on the policy the most important objective is to heavy cost of the war and on the vital implace the largest possible amount of securiportance of a wide participation by everyties with nonbanking investors and particone in its financing. One-half of the new ularly with individuals who purchase the securities issued during the fiscal year were securities from current income. This polsold during these drives. icy is a significant contribution to the Gov- Another important development was the ernment's fight against inflation. decision by the Treasury to limit the new During the past fiscal year, individuals, securities available for commercial banks to private trust funds, partnerships, and corissues having maturities of no more than 10 porations, other than banks and insurance years. The purpose of this policy is to concompanies, added %/\ billion dollars to their fine the necessary large increase in commerholdings of Government securities, comcial bank holdings of Government securities pared with 11 billion dollars in the previous to short-term and intermediate issues, fiscal year and only a little over a billion which are preferable investments for insti- dollars in the fiscal year 1940-41. When tutions with large liabilities payable on to this total are added the increased holddemand. This policy should be an im- ings of insurance companies, mutual savings portant factor in strengthening the banking banks, and Government agencies, the system for postwar readjustments. amount of debt absorbed by nonbanking In order to meet the needs of commercial investors was about 33 billion dollars, or banks and of other investors, such as cor- over half of the increase in the total debt. porations, which are not free to tie up their Purchases by nonfinancial corporations, funds for long periods of time, a large which in previous months had built up JULY 1943 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH large cash balances from retained earnings ship to each other, it bought and sold and unused reserve funds, were especially individual issues. large during the April war loan drive. The largest increase in Reserve Bank Commercial bank holdings increased by 2.5 holdings of Government securities, particbillion dollars during the past 12. months, ularly during recent months, has been in compared with 6 billion dollars in the pre- Treasury bills. The bills were purchased vious fiscal year, and Federal Reserve hold- mostly from member banks with an option ings increased by 5 billion. In the second retained by the selling banks to repurchase half of the fiscal year the increase in total them at the same rate. Both buying and commercial bank and Federal Reserve hold- selling transactions in Treasury bills by the ings was about 11 billion dollars, 40 per Reserve Banks have been large in recent cent of the total increase in the debt, months and have primarily reflected adcompared with 18 billion, over 50 per cent justments in the reserve positions of member of the total in the preceding six months. banks; banks sold bills to the Reserve Banks It is an important development in the period when they needed additional reserves and that banks decreased their purchases, while repurchased the bills when they had excess other investors bought about the same reserves. Most of these purchases and sales amount in both periods, increasing their have occurred in the money centers— proportion of total amount offered. principally New York and Chicago, where Among individuals, private trust funds, member bank reserves have been maintained partnerships, and corporations, the largest close to legal requirements—but similar increases in holdings, aside from savings transactions have taken place in all Federal bonds and tax notes, were in certificates, Reserve districts. which probably went largely to corpora- In the last few months of 1942-, the Retions, and in bonds, which probably went serve Banks purchased substantial amounts largely to individuals and private trust of Treasury bonds and notes largely to supfunds. Insurance companies and mutual port the market at times of Treasury financsavings banks showed increases principally ing . Since the beginning of 1943, however, in long-term bonds. The largest increases there has been a strong demand in the at commercial banks were in certificates, market for bonds and notes, and the System 5-10 year bonds, and bills. account has steadily reduced its holdings of such securities. Since early in 1942- new issues of bills and FEDERAL RESERVE OPEN-MARKET certificates have been greatly expanded, OPERATIONS while excess reserves of the money market Federal Reserve transactions in Governbanks, previously the principal market for ment securities during the past fiscal year such issues, have declined. Other banks, were for the purpose of facilitating the however, have bought increasing amounts financing of the war. In order to provide of bills and all groups of banks have inbanks with additional reserves to serve as a creased their holdings of Treasury bonds basis for purchases of Government securiand certificates. Bill purchases by the Reties, the System added to its total holdings serve Banks have supplied banks with addiand, for the purpose of maintaining different tional funds that have been used to purchase types of securities in a reasonable relation- various types of Government securities. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Changes since the beginning of 1942. in such issues, and yields have declined apholdings of various types of Government proximately to previous low levels reached securities by Federal Reserve Banks and in November 1941. by weekly reporting member banks in New York and in other leading cities are CHANGES IN BANK RESERVES shown in the chart. Excess reserves of member banks, which continued close to 1.3 billion dollars during HOLDINGS OF U S. GOVERNMENT SECURITIES BY TYPES OF SECURITIES the latter half of the calendar year 1942., BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 4 FEDERAL RESERVE BANKS IN OT M H E E M R B L E E R A D B I A N N G K S CITIES have declined in recent months and in June BILLS J averaged about 1.5 billion. The decrease resulted principally from a continued expan- 2 BomsJ /X BONDS r sion in currency in circulation, the effect of J which was only partially offset by the in- 0 J/ crease in Reserve Bank holdings of Government securities. Required reserves, which N. Y. CITY MEMBER BANKS expanded sharply at the end of 1941, largely I30NDSl^V as the result of additions to United States / Government deposits at the time of the 4 flERTIFCATES / December war loan drive, declined in April of this year, when under new legislation OTES Treasury war loan deposits at banks were 2 CERTIFIJJ«ALT ESVl /nJ| i_ NOTES^/ BILL3 exempted from reserve requirements. Sub- BILLS sequently they increased somewhat, but as yet are not as large as they were earlier this 0 1942 1943 1943 year. Bond and note holdings at Federal Reserve Banks and note holdings at member banks include guaranteed issues. Special Treasury certifi- As a result of the exemption of war loan cates held by Reserve Banks not included. Latest figures are for week ending June 23, 1943. deposits from reserve requirements, the tim- Largely as a result of transactions by the ing of the effect of Treasury financing on the Reserve System, the Government securities banks' reserve requirements has been fundamarket was relatively stable throughout mentally altered, although in the long run the past fiscal year. The average rate on the net result is not much changed. Fornew issues of Treasury bills remained close merly when banks purchased new securities to the buying rate of % of i per cent. and paid for them by credit to the Treas- Longer-term securities fluctuated to some ury's war loan account, bank deposits and extent, but the general level of yields was required reserves immediately increased maintained. The yield on long-term tax- correspondingly. Under the present arable bonds ranged between a high of x.36 rangements, these purchases have no immeper cent in December and a low of 1.^9 per diate effect on required reserves, because war cent in June. The range of fluctuations in loan accounts are no longer subject to long-term partially tax-exempt bonds was reserve requirements, while payments larger, but the yield on these issues is of through war loan account for purchases of only minor significance to the financing of securities by customers, who reimburse the the war, since only taxable securities are banks by drawing on their deposits, cause currently offered by the Treasury. Re- a decline in deposits subject to reserve recently there has been a strong demand for quirements and, therefore, a decrease in the JULY 1943 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH amount of required reserves. Subsequently, excess reserves principally through sales of as the Treasury draws upon its war loan bills to the Reserve Banks with repurchase accounts to meet expenditures, there are options. In this way member bank reserve increases in bank deposits subject to reserve needs are almost automatically supplied, requirements and consequently in the with the initiative being taken by the amount of reserves required. The effect of member banks rather than by the Federal these operations is illustrated in the chart, Reserve System. Many member banks hold which shows variations in total, required, Treasury bills in order to be in a better and excess reserves of member banks, by position to meet possible reserve needs at weeks for 194Z and 1943. times of withdrawal of war loan accounts. MEMBER BANK RESERVES CHANGES IN RESERVES BY CLASSES OF BANKS ALL MEMBER BANKS At New York City and Chicago banks BILLIONS OF DOLLARS WEEKLY AVERAGES OF DAILY FIGURES 16 excess reserves have been negligible in amount since the early part of this year. As shown in the chart, both required MEMBER BANK RESERVES BY CLASSES OF BANKS BILLIONS OF DOLL/ Required and excess reserves are partly estimated. Latest figures are for week ending June 18, 1943. As a result of these changes, banks now find themselves with additional available reserves during war loan drives, whereas formerly excess reserves were reduced at such times. Between drives required re- Figures for country banks are estimated from semimonthly data. Figures for June are preliminary. Latest figures are for week ending serves gradually increase and eventually rise June 18, 1943. to about the level they would have reached reserves and total reserves have declined. during the drive, if no change had been These banks have maintained reserves close made in the law. Currently required re- to requirements by active sales and purserves are increasing as the Treasury draws chases of Treasury bills through the Reserve on its war loan account. This is being met Banks' option accounts. at banks having excess reserves by a reduc- At reserve city banks there has been a tion in this excess and at banks with no gradual decline in excess reserves, reflecting FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH earlier in the year a growth in required they were reduced by shifts from nonreserves and more recently a decline in total exempt to exempt deposits, but have since reserves held. At these banks as a group increased again and by the latter part of excess reserves amount to about 16 per cent June were close to the previous maxiof required reserves, varying from around mum. Excess reserves of these banks, 5 per cent in the Boston, New York, and except for a temporary increase in April and Minneapolis Districts to around 2.^ per cent early May, have not departed much from in the Cleveland, Richmond, and Dallas the general level maintained for the past Districts. two years and amount to about 40 per cent At country banks total reserve balances of required reserves. Relatively the largest have not changed much this year; re- amounts are held in the Cleveland, Kansas quired reserves increased until April, when City, and Dallas Districts. JULY 1943 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking latvs, new regulations issued by the Board of Governors, and other similar material. Consumer Credit Mayer's Clothing Company, 6zz Delmar Boulevard, St. Louis, Missouri Suspension of License Mayer's Clothing Company, 111 Collinsville Because of failure to comply with the provi- Avenue, East St. Louis, Illinois sions of Regulation W with respect to credit 2.. He duly filed the Registration Statement sales of clothing, the Board of Governors on required by the Board's Regulation W and June X4, 1943, acting under authority of section was at all times mentioned herein and now is 5(b) of the Act of October 6, 1917, as amended, subject to such Regulation. and the President's Executive Order No. 8843, 3. Before and after October 6, 1941, and ordered suspended for one week the license of continuing through May 17, 1943, he pursued Louis H. Mitchell who operates clothing stores a course of dealing in contravention of Reguin three Midwestern cities. All of the terms lation W and negligently failed to comply of the Board's Order were agreed to by the with same. Such negligent violations in- Registrant, who has given his assurance that he clude (a) using charge accounts as a means of will hereafter comply with all the provisions of circumventing the down payment requirethe Regulation. The text of the Order is as ments of the Regulation, (b) improper and follows: inadequate preparation and delivery of Statements of Transaction, (c) accepting insuffi- ORDER SUSPENDING LICENSE cient down payment on instalment sales, (d) Louis H. Mitchell, having appeared in con- granting longer terms than permissible on nection with alleged violations of Regulation W instalment sales, (e) selling listed articles in of the Board of Governors of the Federal Reserve defaulted charge accounts, and (f) selling System (hereinafter called the "Board"), and listed articles in accounts which purported to having waived notice and opportunity for hear- be charge accounts but were in fact instalment ing before the Board and consented to the accounts; and issuance of this Order for the suspension of his The said Louis H. Mitchell having further license, and having agreed that: agreed that during the period of suspension of 1. He was at all times mentioned herein and his license under this Order he will close all of now is engaged in the business of making in- the aforesaid stores and discontinue all sales stalment sales and charge sales of listed articles including those for cash; that upon resumption through stores which he owns and operates of business following the termination of this under the following trade names in the follow- suspension period, he will conform his business ing places: to the requirements of the Regulation; and that he will not in any manner in his future solicita- Mitchell Clothing Company, 615 North tions or advertisements for business indicate or Seventh Street, St. Louis, Missouri imply that he will grant terms which would be Mitchell Clothing Company, 115 Collinsville in contravention of the Regulation: Avenue, East St. Louis, Illinois Mitchell Clothing Company, 1316 Nineteenth Accordingly, the Board having considered Street, Granite City, Illinois the consent, representations, and agreements of 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the party named, and under authority of section advances to agents (as for example during a 5(b) of the Act of October 6, 1917, as amended, limited period while the agent is new and his and the Executive Order of the President No. earnings from commissions are small) in cir- 8843, hereby orders: cumstances which negative the presumption that the advances are loans. In such circum- 1. That the license of said Louis H. stances, the agent receives certain payments as Mitchell, issued pursuant to the Board's compensation for endeavoring to sell insurance, Regulation W be and the same is hereby susthe company or general agency having the right pended for the period commencing at nioi to reimburse itself, if at all, only by deductions a.m. on July 4, 1943, and ending at i2.:oi a.m. from such commissions as would otherwise have July iz, 1943, unless said period is sooner been paid to the agent by reason of the successful terminated by the Board: Provided, that this conclusion of sales. The agent is under no Order, during the suspension period, shall not personal obligation, express or implied, to repay prohibit (a) the carrying on of regular office the advances, and interest is not charged. The and accounting work, (b) the receipt of any arrangement, in effect, gives the agent a guarpayments through the mails or through the anteed minimum rate of compensation. In such normal and usual collection facilities which cases, it may be said that the advance is not a have heretofore been maintained off the loan. It will be noted that this interpretation premises of said stores, and (c) the making applies only to those cases where the advance is of payments of any obligations, including made by the person from whom the expected obligations to employees for salaries or wages. commission would have been received. Furz. Any terms used in this Order that are thermore, in order that there may be no question defined in Regulation W shall have the mean- as to the facts in such cases, the Registrant ing therein given them. should have all the terms of the agreement stated in writing and should preserve the writing By order of the Board of Governors of the in his files. Federal Reserve System this 2.4th day of June, 1943. Even though the advance does not meet the (SEAL) conditions specified in the previous paragraph (Signed) Chester Morrill and so is to be considered a loan, it is possible Secretary, that it may be exempt under section 8(j) which provides that the Regulation shall not apply to Advances to Life Insurance Agents a loan for business purposes to a business enter- Several inquiries have been received as to prise which is not for the purpose of purchasing whether the Board's Regulation W, entitled a listed article. One class of cases that would "Consumer Credit," is applicable to advances fall within this exemption is illustrated by a made by life insurance companies and general loan by an insurance company to its general agencies thereof to their agents. The answer is agent to enable him to pay office rent, salaries, that in some classes of cases the Regulation does and other office expenses. The exemption apply and in others it does not. would not apply, however, if the money is to be The general rule is that the Regulation does used by the agent to pay his ordinary living apply whenever such advances constitute loans expenses. within the meaning of the Regulation, unless the In view of the fact that the Regulation does loan is exempted by one of the provisions of not apply to a loan unless made by a person who section 8, and whenever the company or agency is "engaged in the business" of making extenmaking the advance is ' 'engaged in the business" sions of credit, the Regulation would not in any of making such loans. event be applicable to advances made by com- While advances of money are usually loans, panies or general agencies which do not make companies or general agencies sometimes make such advances except in isolated instances. JULY 1943 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Whether or not such advances are mere isolated on such date and by (b) every person subject to the jurisdictransactions is, of course, a question to be de- tion of the United States with whom any foreign organization was allied on such date. cided on the facts of the particular case, and the Section 137.2. Property to be reported. fact that a company or agency may have an (a) Report shall be made with respect to all property established procedure for handling such ad- in a foreign country at the close of business on May 31, vances would be one of the facts to be considered. 1943, in which on said date the person reporting or any If it is determined on the basis of the foregoing foreign organization then allied with him had any interest whatsoever, direct or indirect. explanation that the company or agency is ' 'en- (b) Property damaged, destroyed, or seized at any gaged in the business" of making instalment time between January 1, 1938, and May 31, 1943, as a loans subject to Regulation W, registration of result of war or a "scorched-earth" policy carried on by the company or agency on Form F. R. 5 63-a is any country, or through any confiscatory action or required under the provisions of Section 3(a) of duress by a country which on May 31, 1943, was at war with the United States or was occupied by a country the Regulation. at war with the United States, shall be reported if otherwise reportable, provided that no person shall Foreign Funds Control report any property sold or otherwise disposed of or seized, confiscated, destroyed, or lost before such person Report of Property in Foreign Countries became subject to the jurisdiction of the United States. The Treasury Department on June 1, 1943, (c) Property shall be deemed to have been in a foreign issued Special Regulation No. 1 requiring reports country at the close of business on May 31, 1943, if (0 in case of tangible property, it was located in a foreign of all property in foreign countries in which any country; (2.) in case of other property, it was issued or person subject to the jurisdiction of the United created by, or constituted an obligation of, or was States had an interest on May 31, 1943, and is- asserted to constitute an obligation of a foreign country sued Public Circular No. 2.2. containing instruc- or a person within a foreign country, regardless of where tions for the preparation of such reports on any evidence thereof was located; and (3) without limitation upon the foregoing, in case of currency and Form TFR-500 before August 31, 1943. Copies coin, securities, and negotiable instruments for the of the Regulation, the Circular and the Form payment of money issued or created by the United States, may be obtained from any Federal Reserve Bank, or any agency or person therein, the property or evidence the Governor of any territory or possession of thereof, as the case may be, was located in a foreign the United States, any United States consul, or country. the Secretary of the Treasury, Washington, D. C. (d) In ascertaining whether property was located in a particular foreign country at the close of business on The text of the Regulation is as follows: May 31, 1943, all foreign countries shall be deemed to have the national boundaries existing on January 1, Treasury Department 1938, without regard to prior or subsequent invasion, or Foreign Funds Control other similar act. June 1, 1943 Section 137.3 Exemptions. (a) Except as provided below, no report on Form SPECIAL REGULATION NO. I TFR-500 is required (1) from any person whose property Requiring Reports on Form TFR-joo by Persons Subject to the in all foreign countries had an aggregate value less than Jurisdiction of the United States with Respect to Property in $10,000, or (2.) from any other person respecting property Any Foreign Country* in any one foreign country if the total value of all his property in such country was less than $1,000. These Section 137.1 Persons required to report. A report on exemptions shall not apply to foreign bonds payable by Form TFR-500 is hereby required to be filed by (a) every their terms in United States dollars, whether or not alterperson subject to the jurisdiction of the United States having nately payable in another currency, or to interests in at the close of business on May 31, 1943, any interest whatallied foreign organizations, patent license agreements, soever, direct or indirect, in any property in a foreign country trademark license agreements, franchises and concessions, and such contracts as may be specified by the Secretary * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; of the Treasury, all of which shall be reported regard- Sec. 3, Public No. 831, 77th Congress; Ex. Order 8389, April 10, 1940, less of the value thereof. as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December (b) Reports are not required from (1) any citizen of 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941 and July 26, 1941. the United States in enemy or enemy-occupied territory, 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or (2.) any member of the armed forces of the United of whether a report on Form TFR-300 has previously States serving outside the continental United States, been filed in respect of any property to be reported. regardless of the amount or kind of property otherwise Section 137.6. Definitions. For the purpose of this Regureportable by any such person. lation and all forms and instructions or rulings issued here- (c) Any person entitled to the benefits of an exemption under, the following definitions are prescribed. may nevertheless file a report on Form TFR-500 if he so (a) "Person" shall include an individual, partnership, desires. association, corporation, or other organization. Section 137.4 Filing. (b) "Person subject to the jurisdiction of the United (a) Reports by persons within the United States States" shall mean: (1) any citizen of the United States, shall be filed on or before August 31, 1943, with the whether in the United States or in a foreign country; Federal Reserve Bank of the District or with the Gov- (2.) any corporation or other organization created or orernor of the territory or possession of the United States ganized under the laws of the United States or any state, in which the person filing the report resides or has a territory, district, or possession thereof; (3) any indiprincipal place of business or principal office or agency vidual resident in the United States on May 31, 1943, or, if such person has no legal residence or principal including any individual continuously within the United place of business or principal office or agency in a States for three months next preceding that date, whether Federal Reserve District or a territory or possession of or not claiming to be resident; (4) any person not otherthe United States, then with the Federal Reserve Bank of wise subject to the jurisdiction of the United States, to New York or the Federal Reserve Bank of San Francisco. the extent that on May 31, 1943, such person had any (b) Reports by persons outside the United States who branch, office, or representative within the United States. are subject to the jurisdiction of the United States shall (c) "Person within a foreign country" as to any be filed on or before September 30, 1943, with the particular foreign country shall include, but not by way United States Consul of the District wherein such of limitation: (1) any individual resident in such foreign person is then present. country, including a citizen of any other foreign country (c) A report received by the proper Federal Reserve or of the United States; (2.) any corporation or other Bank, Governor, or Consul, in a correctly addressed and organization organized under the laws of such foreign stamped envelope bearing a postmark of a time prior country; (3) any branch or office within such foreign to midnight of the date upon which the report is due, country of a corporation or other organization organized shall be deemed to have been duly filed. under the laws of any other foreign country or of the Section 137.5. Other matters. United States; and (4) except when inappropriate, the (a) Reports on Form TFR-500 shall furnish all the government of the country and any subdivision, agency, information called for in such form and in any instruc- or instrumentality thereof. tions relating thereto issued pursuant to this Regulation. (d) "United States" shall mean the United States and Each report shall be filed in duplicate, under oath. All any territory or possession of the United States, except spaces in the report must be properly filled in. Reports the Philippine Islands and Guam. not in proper form, or lacking in essential details, shall (e) "Foreign country" shall be deemed to include, not be deemed to have been filed in compliance with the but not by way of limitation, the Philippine Islands Orders and this Regulation. and Guam. (b) The Secretary of the Treasury reserves the power, (f) "Foreign organization" shall mean any partnerin his discretion, to grant extensions of time or exemp- ship, corporation, association, business trust, or other tions with respect to the filing of any or all reports organization, created, organized, existing, or operating under the laws of or in a foreign country and shall inrequired by this Regulation and also to make exclusions clude any foreign branch or office of an organization from the exemptions provided by this Regulation. subject to the jurisdiction of the United States. (c) Nothing in this Regulation shall be deemed to (g) "Allied foreign organization," or "foreign organauthorize any transaction involving trade or communiization allied with a person," shall mean any foreign cation with an enemy national within the meaning of organization which was controlled by, or a substantial General Ruling No. 11, as amended, issued pursuant to part of the stock, shares, bonds, debentures, notes, sections 3(a) and 5(b) of the Trading with the Enemy drafts, certificates, or other securities or obligations of Act, as amended, and the Orders and Regulations issued which, or other ownership interest in which, was owned thereunder. or controlled by, directly or indirectly, a person subject (d) Form TFR-500 and any circular of instructions to the jurisdiction of the United States, or by such a relating thereto may be obtained from any Federal Re- person in conjunction with one or more of his affiliates serve Bank, the Governor of any territory or possession subject to the jurisdiction of the United States. Withof the United States, any American Consul, or the Secre- out limitation of the foregoing, the term shall in any tary of the Treasury, Washington, D. C. event include (1) any foreign organization of which (e) Reports on Form TFR-500 shall be filed regardless 2.5 per cent or more of the outstanding voting stock, JULY 1943 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT shares, or other voting securities or comparable owner- likewise be deemed to have been affiliates of each other. ship interest therein, was owned or controlled, directly Notwithstanding the foregoing, persons shall not be or indirectly, by such a person, or by such a person in deemed to have been affiliates of each other by reason conjunction with such affiliate or affiliates, and (2.) any only of their ownership or control of interests in or foreign partnership of which such a person was a partner, obligations of a foreign organization. whether general, special, limited, or otherwise. The Section 137.7. Penalties. Section 5(b) of the Act of Secretary of the Treasury reserves the power to deter- October 6, 1917, as amended, provides in part: mine, in any case, that any person was or shall be deemed * * * Whoever willfully violates any of the proto have been an "allied foreign organization" within visions of this subdivision or of any license, order, rule the meaning of this definition. or regulation issued thereunder, shall, upon conviction, (h) "Affiliate" shall mean (1) in relation to any be fined not more than $10,000, or, if a natural person, corporation or other organization issuing stock or similar may be imprisoned for not more than ten years, or, both; securities, any person who, directly or indirectly, owned, and any officer, director, or agent of any corporation who controlled, or held with power to Vote, ten per cent or knowingly participates in such violation may be punmore of the outstanding voting securities thereof, and ished by a like fine, imprisonment, or both." (2.) as to any other organization, any person who owned Section 137.8. Amendment, modification or revocation. This or controlled ten per cent or more of the comparable Regulation and any forms, instructions, or rulings issued ownership rights therein. Any corporation or other hereunder may be amended, modified, or revoked at any time. organization of which a person was an affiliate also shall be deemed to have been an affiliate of such person, and RANDOLPH PAUL, all persons who were affiliates of the same person shall Acting Secretary of the Treasury. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GEOGRAPHICAL DISTRIBUTION OF BANK DEPOSITS Information on bank deposits by counties, West than would be true if counties were of tabulated by the Treasury Department for equal size. December 31, 1942., provided the first compre- Percentage changes in bank deposits by counhensive and precise data of this nature ever ties during 1942., given on the second map, compiled. The figures, which cover deposits of generally show the largest proportionate inindividuals, partnerships, and corporations, and creases in counties with relatively small amounts exclude interbank balances and deposits of of deposits and the smallest increases in areas governments, show the distribution of cash with the largest volume of deposits. In dollar balances of businesses and individuals through- volume, however, increases in the latter areas out the country. Data were also compiled as to were much greater than in those areas showing changes in these balances during 1942., a year of large percentage additions to deposits. exceptional expansion in bank deposits. In The largest percentage increases occurred in order to facilitate analysis of these data, a table the tier of States running from southeastern New showing the distribution by Federal Reserve Mexico and the panhandle of Texas up through districts and States and three maps showing the Oklahoma, Kansas, Nebraska, and the Dakotas. distribution by counties have been prepared from Large increases also appear on the coast of North them and are shown herewith.1 The maps Carolina, in Arizona and Utah, and scattered show: through the Southern and Western States. The (1) Total volume of deposits of individuals, large increases in western Kansas and some of partnerships, and corporations, by counties, the surrounding territory, which was known December 31, 1941. as "dust bowl" country, may have been asso- (Y) Percentage increase or decrease in deposits ciated with the ample rainfall in the year 1942. of individuals, partnerships, and corporations, combined with greatly increased prices of agriduring 1942., by counties. cultural products. Large percentage increases (3) Per capita volume of deposits of indi- in deposits in other areas appear to be associated viduals, partnerships, and corporations, by with special local factors such as the establishcounties, December 31, 1942.. ment of shipyards, war plants, camps, etc. It The first map shows substantial concentration is striking that the smallest percentage increases of deposits in the North Atlantic States, in the in deposits were typical of all the Northeastern States and of most of the counties in the East industrial counties of the Middle West, and in North Central States, where, however, the the rich agricultural counties of California. dollar amounts of increases were substantial. Other large concentrations of deposits appear in various financial, trading, and industrial centers. The per capita volume of bank deposits shows, Since the largest size interval starts at 30 million as would be expected, the largest average holddollars per county, the map does not indicate ings in Massachusetts, Connecticut, and certain adequately the degree of concentration of counties in New York, New Jersey, and Pennsyldeposits in the large financial centers where the vania. Per capita holdings are in general high amounts are frequently many times this mini- in all counties or groups of counties containing mum. Also because the counties average larger financial centers. Otherwise many of the large in size in the Western States than in the Eastern per capita concentrations appear to be associated the density appears comparatively greater in the with thinly populated counties in the Western States where a few large deposits may sharply influence the averages. Some of these counties 1 In all the maps the data for counties contained in metropolitan areas as defined by the Bureau of the Census were combined; other- may be identified as range country. wise all counties are shown individually. JULY 1943 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

O O TOTAL VOLUME OF BANK DEPOSITS BY COUNTIES DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, DECEMBER 31, 1942 o w o 0 2 3 o w iz! 1 0 i w o w F I I UNDER I MILLION I TO 3 MILLIONS I 3 TO 6 MILLIONS I 6 TO 10 MILLIONS ! 10 TO 30 MILLIONS I OVER 30 MILLIONS F I 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BANK DEPOSITS DURING 1942 BY COUNTIES PERCENTAGE INCREASE OR DECREASE IN DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, DECEMBER 31, 1941 TO DECEMBER 31, 1942 0 I0 a 1 3 o 0 @ o C/5 I I LESS THAN ^30 PER CENT (INCLUDING 15DECREASES! EM * 30 PER CENT TO • 40 ZZ2 * 40 PER CENT TO + 50 1 • 50 PER CENT TO + 75 • • 75 PER CENT AND OVER Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON O PER CAPITA VOLUME OF BANK DEPOSITS BY COUNTIES DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, DECEMBER 31, 1942 0 w o o 5 w o > o o 3 o d w W3 CZD UNDER 150 DOLLARS MM 150 TO 300 DOLLARS Hi 300 TO 450 DOLLARS ! 450 TO 600 DOLLARS 600 DOLLARS AND OVER s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GEOGRAPHICAL DISTRIBUTION OF BANK DEPOSITS DISTRIBUTION OF DEPOSITS BY FEDERAL RESERVE DISTRICTS AND STATES DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS [Dollar amounts, except per capita, in thousands] Amount outstanding Dec. 31, 1942 Total amount Increase in to t 1 o 9 t 4 a 2 l from 1941 Per capita Area outstanding amount Dec. 31, 1941 of deposits Demand Time Total Amou*nt of Percentage Dec. 31, 1942 increase increase United States—total 47,777,658 26,540,304 74,317,962 63,688,467 10,629,495 16.7 567 By Federal Reserve districts Boston 2,753,518 4,309,872 7,063,390 6,464,328 599,062 9.3 New York 15,125,484 8,888,607 24,014,091 22,881,019 1,133,072 5.0 1,446 Philadelphia 2,654,019 1,848,412 4,502,431 4,094,163 408,268 10.0 586 Cleveland 3,640,727 1,943,294 5,584,021 4,791,549 792,472 16.5 478 Richmond 2,454,651 1,212,267 3,666,918 2,973,319 693,599 23.3 293 Atlanta 2,063,993 616,630 2,680,623 1,963,131 717,492 36.5 211 Chicago 7,199,709 2,826,594 10,026,303 7,992,214 2,034,089 25.5 506 St. Louis 2,103,880 616,660 2,720,540 2,130,711 589,829 27.7 270 Minneapolis 1,196,184 568,864 1,765,048 1,390,255 374,793 27.0 338 Kansas City 2,068,875 415,625 2,484,500 1,760,798 723,702 41.1 333 Dallas..... 1,932,233 249,237 2,181,470 1,572,086 609,384 38.8 282 San Francisco 4,584,385 3,044,242 7,628,627 5,674,894 1,953,733 34.4 663 By States and census areas New England—total 2,887,764 4,575,495 7,463,259 6,825,483 637,776 9.3 Maine 129,268 252,357 381,625 334,401 47,224 14.1 464 New Hampshire 68,136 231,620 299,756 286,042 13,714 4.8 627 Vermont 46,636 137,837 184,473 172,797 11,676 6.8 536 Massachusetts 1,767,898 2,576,637 4,344,535 4,004,218 340,317 8.5 1,017 Rhode Island 248,768 346,486 595,254 529,226 66,028 12.5 826 Connecticut 627,058 1,030,558 1,657,616 1,498,799 158,817 10.6 939 Middle Atlantic—total 18,740,662 11,010,317 29,750,979 28,125,021 1,625,958 5.8 1,109 New York 14,042,349 7,524,675 21,567,024 20,683,505 883,519 4.3 1,675 New Jersey 1,165,321 1,257,507 2,422,828 2,161,173 261,655 12.1 573 Pennsylvania 3,532,992 2,228,135 5,761,127 5,280,343 480,784 9.1 593 East North Central—total. 9,189,285 4,072,702 13,261,987 10,672,451 2,589,536 24.3 490 Ohio 2,153,271 1,224,729 3,378,000 2,771,186 606,814 21.9 487 Indiana 857,373 377,443 1,234,816 951,703 283,113 29.7 355 Illinois 3,939,364 1,102,849 5,042,213 4,234,937 807,276 19.1 632 Michigan 1,539,016 849,543 2,388,559 1,740,848 647,711 37.2 431 Wisconsin 700,261 518,138 1,218,399 973,777 244,622 25.1 388 West North Central—total. 3,646,410 1,150,179 4,796,589 3,656,155 1,140,434 31.2 369 Minnesota 702,298 353,409 1,055,707 881,749 173,958 19.7 395 Iowa 598,506 258,570 857,076 665,255 191,821 28.8 351 Missouri 1,263,411 318,169 1,581,580 1,258,301 323,279 25.7 424 North Dakota 126,883 36,350 163,233 105,590 57,643 54.6 275 South Dakota 111,109 33,269 144,378 94,882 49,496 52.2 246 Nebraska 371,711 65,981 437,692 282,870 154,822 54.7 352 Kansas 472,492 84,431 556,923 367,508 189,415 51.5 324 South Atlantic—total 3,622,663 1,558,193 5,180,856 4,141,688 1,039,168 25.1 288 Delaware 205,395 85,623 291,018 269,805 21,213 7.9 1,056 Maryland 548,012 455,404 1,003,416 864,218 139,198 16.1 529 District of Columbia 540,099 195,090 735,189 616,736 118,453 19.2 895 Virginia 495,054 299,056 794,110 636,769 157,341 24.7 284 West Virginia 222,047 119,885 341,932 298,292 43,640 14.6 184 North Carolina 477,466 134,044 611,510 444,585 166,925 37.5 177 South Carolina 206,101 38,624 244,725 171,612 73,113 42.6 129 Georgia 501,114 135,194 636,308 455,681 180,627 39.6 208 Florida 427,375 95,273 522,648 383,990 138,658 36.1 269 East South Central—total. 1,566,681 501,057 2,067,738 1,561,942 505,796 32.4 193 Kentucky 483,496 124,498 607,994 480,783 127,211 26.5 221 Tennessee 484,224 183,411 667,635 511,381 156,254 30.6 229 Alabama 371,828 121,731 493,559 355,866 137,693 38.7 171 Mississippi 227,133 71,417 298,550 213,912 84,638 39.6 140 West South Central—total. 2,861,327 433,441 3,294,768 2,399,182 895,586 37.3 253 Arkansas 254,740 49,899 304,639 209,622 95,017 45.3 155 Louisiana 460,977 115,751 576,728 431,670 145,058 33.6 238 Oklahoma 407,788 65,288 473,076 358,925 114,151 31.8 218 Texas 1,737,822 202,503 1,940,325 1,398,965 541,360 38.7 301 Mountain—total. 1,065,736 350,175 1,415,911 986,280 429,631 43.6 352 Montana 161,156 41,546 202,702 146,339 56,363 38.5 389 Idaho 117,880 36,020 153,900 100,804 53,096 52.7 323 Wyoming 63,080 22,118 85,198 65,595 19,603 29.9 367 Colorado 344,641 99,902 444,543 327,218 117,325 35.9 408 New Mexico 77,659 16,777 94,436 59,507 34,929 58.7 181 Arizona 108,910 34,798 143,708 91,779 51,929 56.6 290 Utah 146,832 77,281 224,113 150,774 73,339 48.6 405 Nevada 45,578 21,733 67,311 44,264 23,047 52.1 526 Pacific—total . 4,197,130 2,888,745 7,085,875 5,320,265 1,765,610 33.2 709 Washington.. .. 694,641 323,539 1,018,180 684,611 333,569 48.7 581 Oregon.. 397,832 165,714 563,546 378,920 184,626 48.7 529 California 3,104,657 2,399,492 5,504,149 4,256,734 1,247,415 29.3 766 603 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1942 According to the Retail Credit Survey,1 credit declined in some lines and increased in others sales in 1942. amounted to about 15 billion dol- but were generally a smaller proportion of total lars, or about zz per cent less than in 1941. sales. The greater relative reductions in charge- Cash sales, however, increased by 6 billion dol- account sales appear to have been in those lines lars so that total sales in 1942., 56 billion dollars, covered by Regulation W. were 4 per cent above 1941. Almost all of the decline in credit sales was in instalment sales, RETAIL SALES since transactions based on charge-account credit declined only slightly. In the following table and chart the distribution of sales by type for the years 1939-1941 is shown. ESTIMATED RETAIL SALES, BY TYPE OF TRANSACTION Percentage of total Type of trans- Inl3illions of dollars sales action 1939 1940 1941 1942 1939 1940 1941 1942 Cash 27.2 29.3 34.9 41.1 65 64 64 73 Charge account. . . 9.9 10.7 12.5 12.3 23 23 23 22 Instalment 4.9 5.8 6.8 2.8 12 13 13 5 Total 42.0 45.8 54.2 56.2 100 100 100 100 NOTE.—Estimates of total retail sales compiled by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on data from the Census of American Business for 1939, projected by the Retail Credit Survey for subsequent years with appropriate allowances in cash sales to adjust for bias in the Survey sample. At the top of the next page there is shown a CHARGE-ACCOUNT SALES AND RECEIVABLES table of sales by type of payment for the major Charge-account sales were subjected to regulalines covered in the Survey as well as a pertion in May 1942. by Amendment 4 to Regulacentage distribution of the sales. It is imtion W. It was required that neither chargemediately evident that the vast changes in the account nor instalment credit for listed articles distribution of sales among various types of should be granted customers who had any untrade outlets were accompanied by substantial paid balances due on charge accounts on the variations in the credit structure of sales. The 10th of the second month following the month most striking characteristic of retail trade in of purchase for any commodity. At department 194Z was the very considerable increase in cash stores, for which monthly figures are available, sales. Instalment sales, which declined generit appears that this regulation made a sharp ally, have usually been most important in the difference in the use of charge-account credit. durable-goods lines where the greatest total sales Prior to May 1941 there had been a slight indecreases were reported. Charge-account sales crease in the proportion of business done on a 1 The Retail Credit Survey, which was formerly conducted by the cash basis but not a very substantial one. In Bureau of Foreign and Domestic Commerce of the Department of May 1941 and also in June, there was an im- Commerce, was transferred to the Board of Governors of the Federal Reserve System as a part of the program for centralizing the collection mediate falling off of charge-account sales, and analysis of consumer credit statistics. The canvass for the 1942 Survey, the first conducted by the Federal Reserve System, was carried even though July 10 was the first date on which out by the Federal Reserve Banks, and the analysis of the results was made in the Division of Research and Statistics of the Board of the penalties of the regulation were effective. Governors. This article presents a general summary of the analysis. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY- SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Percentage change, 1941 to 1942 Percentage of total sales Number Kind of business r o e f p o st r o ti r n e g s T sa o l t e a s l s C a a l s e h s a C c h s c a a o r l u e g s n e t - I m n sa s e t l n e a t s l- Cash sales acc C ou h n a t r g s e a - les Inst s a a l l m es ent 1941 1942 1941 1942 1942 Department stores 465 +14 +31 + 1 -18 55 44 39 Men's clothing stores 218 +12 +38 -17 39 47 56 49 Women's specialty stores 170 +14 +40 -3 +20 32 39 65 57 Shoe stores 166 +27 +36 +1 66 70 34* 30* Furniture stores 574 -6 +48 +11* 10 15 12 14 78 71 Household appliance stores 393 -33 +7 +5 12 19 25 33 63 48- Jewelry stores 162 +15 +63 -14 31 43 23 21 46 36 +3 Lumber and building material dealers. . . . 377 +7 +17 +6 -17 91 1 H H e a a rd ti w ng a re a n s d to p r l e u s mbing equipment dealers. 2 1 1 3 8 5 + -1 7 + + 2 7 9 0 - - 3 2 6 3 30 36 9 8 6 7 2 58 5 +1 Automobile dealers 147 -73 -74 -42 -84 45 44 14 31 41 25 Automobile tire and accessory stores 525 -24 +14 -25 -52 20 30 56 55 24 15 Grocery stores 2,070 +25 +29 +6 82 85 18 15 Milk dealers 128 +27 +29 +27* 17 17 83* 83* Coal, fuel oil, and wood dealers 232 +15 +25 + 12 -13 25 27 74 72 * Includes a negligible amount of instalment sales. Part of this change may have been in anticipa- tail Credit Survey, only annual figures are availtion of the necessity of cleaning up long-over- able. The comparisons between the annual due charge accounts and some of it may have data for 1941 and 1942. are shown in the first been in response to the seventh point of the table on the next page. President's anti-inflationary program announced DEPARTMENT STORES in April 194Z. In July, when the first formal CHARGE-ACCOUNT SALES AND RECEIVABLES "freeze" date arrived, there was an appreci- INDEX 1941 AVERAGE • 100 INDEX able retardation of charge-account sales. During 160 160 following months charge-account sales appear 140 140 to have been further checked though not so Ik «L» /l much as during the summer months. By the 120 120 middle of the fall, charge-account sales at de- 100 100 partment stores were approaching former levels. 80 80 The expedited collection of charge accounts, V/ ' •" of course, substantially reduced the receivables 60 "\.y RECEIVABLES 60 of this type and, even though sales have returned nearly to former levels, receivables have AVERAGE REPAYMENT PERIOD NUMBER OF DAYS remained relatively low. During recent months both charge-account sales and charge accounts receivable have tended to stabilize in their new relationship and to follow much the same course as total sales. Department store chargeaccount receivables and sales and the average On this broad basis of fact precise conclusions number of days charge accounts were outstand- can not be drawn but it appears that the general ing for 1941 and 1941 are shown in the chart. course of charge-account sales in other lines was The monthly figures for furniture stores now about the same as that for department stores. collected by the Reserve System are not as com- Except where there were big decreases in total plete as those for department stores but appear sales, such as for automobile dealers, automobile to reflect about the same pattern. tire and accessory stores, and household appli- In the other lines of trade covered by the Re- ance stores, charge-account sales in 1941 were JULY 1943 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1942. generally about the same or somewhat above PERCENTAGE OF CHARGE ACCOUNTS RECEIVABLE AT END OF YEAR TO ANNUAL CHARGE-ACCOUNT 1941 levels. Charge accounts receivable, how- SALES ever, declined in all trade lines except milk Perdealers where sales of this type had increased Kind of business 11994411 11994422 centage change* substantially. Taken as a proportion of chargeaccount sales, charge accounts receivable in all "Regulated" trade lines: Household appliance stores 26 18 -32 lines declined substantially—in other words, Men's clothing stores 27 19 -29 Automobile tire and accessory stores.. 17 12 -29 collections were expedited. As would be ex- Hardware stores 16 11 -28 pected, the greatest increases in the rate of col- D Sh e o p e a r s t t m or e e n s t stores 2 19 5 ** 1 1 4 9 ** - -2 2 4 8 Jewelry stores 32 25 -23 lections were in those trade lines subject to Women's specialty stores 25 19 -22 Furniture stores 18 15 -16 CHARGE ACCOUNTS RECEIVABLE "Unregulated" trade lines: Milk dealers 8** 6** -20 Coal, fuel oil, and wood dealers 15 13 -14 Percentage Grocery stores 15 13 -12 Kind of business change, 1941 to 1942 Mixed trade lines:*** Lumber and building material dealers 18 12 -31 Heating and plumbing equipment dealers. 15 13 -12 Department stores -23 Men's clothing stores -30 Women's specialty stores -21 * Percentage change computed on unrounded figures. Shoe stores -20* ** Includes a negligible amount of instalment business. *** Subject to regulation only in part because of special excep- Furniture stores -12 tions such as sales for resale, etc. Household appliance stores -41 Jewelry stores -20 The May 1942. amendment to Regulation W, Lumber and building material dealers -27 in addition to covering charge accounts, stiff- Heating and plumbing equipment dealers. -11 Hardware stores -28 ened considerably the terms prevailing on instal- Automobile dealers ment transactions. This might have tended Automobile tire and accessory stores. -47 to encourage some shift from instalment selling Grocery stores -6 Milk dealers +2* to charge-account selling. The figures show Coal, fuel oil, and wood dealers. -3 that charge-account sales in some lines increased * Includes a negligible amount of instalment credit. while instalment sales decreased. In most ** Data not significant. cases, however, charge-account sales were a Regulation W. The proportion of charge relatively smaller proportion of total sales in accounts receivable at the end of the year to 194Z than in 1941. It may be concluded, theresuch sales during the year for 1941 and 194Z with fore, that there was not a sizeable shift of this trade lines grouped as "regulated" and "unsort. regulated," is shown in the next table. Since INSTALMENT SALES AND RECEIVABLES the regulation applies to specific articles, and Instalment sales in all trade lines except not to dealers, a precise classification of retail women's specialty stores declined from 1941 to outlets along these lines is not exactly accurate 194Z and in most cases the reduction was subbut the one here shown is meaningful for the stantial. Among automobile dealers, autopurpose of general comparison. mobile tire and accessory stores, and household These data, together with other available appliance stores—where the sources of customevidence, indicate that the regulation was a subary merchandise almost dried up and where stantial factor in hastening collections and resevere rationing was applied—there were great ducing charge accounts receivable. Not only decreases. In other lines where total sales and did retailers apply the discipline attaching to a charge-account sales increased, there were never- "frozen" account to listed articles as they are theless declines in instalment transactions. Endrequired to do by the regulation, but many of of-year instalment accounts receivable showed them made the discipline applicable to all ar- considerable declines in all lines of trade exticles they sold. In addition, some retailers, cept women's specialty where there had been an though not in any substantive way affected by expansion in instalment sales during 1942-. the regulation, used it to spur their collections. These data are shown in the next table. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1942. INSTALMENT ACCOUNTS RECEIVABLE Such a conclusion is reasonable when it is recognized that in most lines except automobiles and Percentage Kind of business change, household appliances the maturities prior to 1941 to 1942 Regulation W had been largely within the Department stores. . .. -39 Men's clothing stores .... -42 twelve-month limit which was applied by the Women's specialty stores. +7 regulation. Furthermore, the general opinioa H F o u u rn se it h u o r l e d st a o p r p es liance stores.... - -4 3 7 4 of well-informed persons engaged in retail- Jewelry stores -43 credit granting seems to be that the down-pay- Lumber and building material dealers. -28 ment provisions have been more of a deterrent; Heating and plumbing equipment dealers... -33 Hardware stores -52 to instalment sales than the maturity provisions.. Automobile dealers * Everything considered, this, prong of the regu- Automobile tire and accessory stores -68 lation appears to have been the more important Coal, fuel oil, and wood dealers -46 factor in the compression of outstanding instal- * Data not significant because of volume of paper sold. ment receivables. Since Regulation W covered almost all commodities in which there was any substantial CASH SALES dollar volume of instalment business after the The increase in cash sales was evident in May amendment, a comparison of "regulated" every trade line, except automobiles, and in and "unregulated" sales is not feasible. Since, most geographic areas. It was largest in those however, in many lines sales for cash or on charge-account credit increased while instal- areas where employment and income have inment sales decreased, it may be concluded that creased most. By trade lines, the greatest the regulation had a substantial effect in reduc- gains in cash business appear to have been in ing instalment transactions. jewelry, furniture, and apparel stores in the The influence of the regulation on instalment order named. Percentage increases of cash sales receivables stemmed not only from curbing sales for selected trade lines in several cities are shown on this basis but also from reducing the amount in the table below. of credit extension by increasing down payments The vigorous growth of cash sales was characand by abbreviating the period of repayment. teristic not only of those cities where 194Z sales The figures collected by the Retail Credit Survey were well above 1941 levels, but also of those do not permit a close appraisal of the separate influences of these factors. One of the statis- PERCENTAGE CHANGE IN CASH SALES FOR SELECTED tical impediments in making such an appraisal CITIES AND LINES OF TRADE, 1941 TO 1942 is the possible variation in the proportion of Dep 19 a 4 p 1 er a s n o d ld 1 a 9 n 42 d . . r et I a n i n s e o d f b a e r t w a e s e n th t e h e d a t t w a o p y e e rm ar i s t City s m p to a e r r n e t t - s cl s M o to t e h r n e in ' s s g W sp s o e t c o m i r a e e l n s t ' y s F st t u o u r r r n e e i s - J s e t w or e e lr s y generalization, however, it appears that down Boston +22 +13 +66 New York +14 +17 +25' +24 •+5" payments may have had more to do with reduc- Philadelphia +39 +31 +26 Cleveland +34 '.'.'. .'. +84 +79 ing credit receivables than maturity restrictions.2 Pittsburgh +26 -\-33 +25 "+43" Baltimore +52 +62 2 The statistical basis of this approximation is as follows: An Atlanta +43 +35 +27 estimated figure for down payments was subtracted from instalment Chicago +21 "+32" +22 +24 "+32" sales in each of the two years, the residual being an estimated amount Detroit +36 +42 +49 +72 +106 of credit extended (without allowance for carrying charge). Down Milwaukee +33 +29 +46 ' +57 +49 payments for 1941 were taken as an average between terms reported St. Louis +25 +30 +44 +42 +31 in the 1938 Retail Credit Survey and those specified by the original Minneapolis +35 +83 draft of Regulation W. Down payments in 1942 were those provided Kansas City +45 +55 by Amendment 4 to Regulation W. This approximation of "credit extended" was compared with year-end receivables, which ratio showed Dallas (area) +46 +36 •••+23" +100" little change from 1941 to 1942, indicating little reduction in maturities. Houston (area) +44 +46 +60 But it is known that the increases in down payments were substantial, Los Angeles +28 +53 +54 "+3l" which leads to the conclusion drawn in the text. No adjustment was San Francisco (area). . +50 +60 +90 +175" made for changing proportions of paper sold and retained but because Seattle +65 +81 the foregoing comparison showed wide margins, sizeable shifts in the proportion of paper sold would riot vitiate the conclusions as drawn in NOTE.—Where figures are not shown, adequate samples were not the text. reported. JULY 1943 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1942. cities in which 1941 trade levels were already largely on a cash basis. In addition, the reporthigh in comparison with previous years. For ing stores were concentrated in somewhat larger milk dealers where the choice between cash or cities where credit practices are not necessarily credit as a sales vehicle is more a matter of cus- the same as those in medium-sized and smaller tomer convenience than in most other lines, towns. Furthermore, the aggregate data for cash sales grew in absolute amount but not in a few lines as, for example, grocery, and autorelation to total sales. Otherwise it appears mobile tire and accessory groups, include an that the increases in cash sales were more in the overweighting of chain stores in which credit "luxury" trades than in those dealing with basic practices are not typical of those at independent necessities. stores. Notwithstanding these limitations, the Survey is of value in indicating the direction LIMITATIONS OF THE DATA of change and other important credit developments. Reports for about 6,000 respondents are in- When broken down into Federal Reserve cluded in the 194Z Retail Credit Survey but since districts, size groups, and city aggregates, a some of these were outlets of chain organizations considerable margin of error must be allowed which could not be included in the regional or for in the analysis. Nevertheless, most of the size analyses, the more detailed statistics were conclusions to be drawn from this Survey would based on a sample of nearly 5,000 respondents. be true even with a large allowance for varia- The following table shows the percentage of tions in the underlying data. sales of the reporting sample to the estimated During 1942. there were a number of important total retail sales for that line in 1941. changes in the character of business conducted by the various trade groups and in the nature SAMPLE COVERAGE OF THE 1942 RETAIL CREDIT SURVEY of credit transactions which are not reflected Percentage Kind of business of sample in the reported statistics. In several trade lines, to total* such as automobile dealers, automobile tire Department stores. . 51 and accessory stores, and household appliance Furniture stores 17 Milk dealers . . 14 stores, new lines of merchandise were added in Heating and plumbing equipment dealers. 11 Men's clothing stores. . 11 an effort to offset loss of sales in the major lines Women's specialty stores 10 which had formerly furnished the bulk of busi- Automobile tire and accessory stores 10 Coal, fuel oil, and wood dealers 9 ness at these outlets. In some lines, it may be Lumber and building material dealers Household appliance stores presumed that during the period of heavy in- Jewelry stores ventory accumulation in 1941 and early 1941, a Hardware stores Shoe stores substantial volume of the instalment paper ac- Automobile dealers Grocery stores quired through sales to consumers was sold in * Total dollar volume of sales of all stores for which data were used order to free working capital. In the latter in this Survey as a percentage of estimated national volume for these part of 1942., however, when inventories were trade lines in 1942. dwindling, there is some evidence that a larger It is evident that samples of some of the lines proportion of the instalment paper created was are adequate for analysis of national figures retained. Another factor of possible consewhile others are clearly too thin. This Survey quence was the "trading up" by many buyers; was based entirely on reports of credit-granting that is, the movement of buyers into higher stores; therefore, the figures tend to understate price lines. All of these factors may have inthe proportion of cash business and may not be fluenced the structure of retail credit substanrepresentative of credit practices in stores more tially. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE At the invitation of the United States Government', that a permanent body should be established to delegates from forty-four nations met at Hot Springs, deal with the varied problems of food and agri- Virginia, between May 18 and June 5 to discuss culture, not in isolation but together. -problems of food and agriculture and long range pro- The work of the Conference also showed that grams for raising standards of nutrition throughout the types of food most generally required to the world. Officially represented at the Conference improve people's diets and health are in many were the Governments of Australia, Belgium, Bolivia, cases those produced by methods of farming Brazil, Canada, Chile, China, Colombia, Costa Rica, best calculated to maintain the productivity of Cuba, Chechoslovakia, Dominican Republic, Ecuador, the soil and to increase and make more stable Egypt, El Salvador, Ethiopia; the French Representa- the returns to agricultural producers. In short, tives; the Governments of Great Britain, Greece, better nutrition means better farming. Guatemala, Haiti, Honduras, Iceland, India, Iran, The Conference declared that the goal of Iraq, Liberia, Luxembourg, Mexico, Netherlands, freedom from want can be reached. It did not, New Zealand, Nicaragua, Norway, Panama, Para- however, seek to conceal the fact that it will guay, Peru, Philippine Commonwealth, Poland, be first necessary to win freedom from hunger. Union of South Africa, Union of Soviet Socialist In the immediate future, the first duty of the Republics, United States of America, Uruguay, United Nations will be to win complete victory Venezuela, and Yugoslavia. in arms: as their armies liberate territories The following summary of the results of the parley from tyranny their goal will be to bring food was issued by the Secretary General of the Conference. for the starving. The need to reach freedom from hunger before seeking freedom from want The Conference met to consider the goal of was understood, and resolutions were adopted freedom from want in relation to food and on this subject. These covered both the planagriculture. In its resolutions and its reports, ning of agricultural production and the adopthe Conference has recognized that freedom tion of measures to prevent violent fluctuations from want means a secure, an adequate, and a in prices resulting from the shortages of the suitable supply of food for every man. transition period. All men on earth are consumers of food. Many delegates informed the Conference More than two-thirds of them are also proabout the state of health in their respective ducers of it. These two aspects of gaining subcountries. It was made clear that there was a sistence from the soil can not be separated. Men close connection between many prevalent discan not eat more foods and more healthful foods eases and deficiency in diets. It was established unless these foods can be obtained from the land that malnutrition was a leading cause for the or the sea in sufficient quantities. If more and high level of child mortality. It was apparent better food is to be available for all people, that in all countries there are large sections of producers must know what they are called upon the population who do not get adequate and to do. They must equally be assured that their suitable food for health; in many countries the labors will earn them an adequate livelihood. majority of the people are in this situation. The work of the Conference emphasized the The Conference has not attempted to lay fundamental interdependence of the consumer down ideal standards of nutrition for all peoand the producer. It recognized that the food ples. It has recognized that while the ultipolicy and the agricultural policy of the nations mate objective must be a world in which all must be considered together: it recommended people are fed in full accordance with the JULY 1943 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE requirements of good health, it will be necessary changes could be brought about, the Section as a practical measure to concentrate on inter- examined the short-term position immediately mediate goals which can be progressively after the liberation of occupied territories. It raised as conditions improve. These inter- was generally agreed that this period will be mediate goals must differ from region to region one of shortage, the exact incidence and extent according to climate, taste, social habits, and of these shortages being governed by the cirother circumstances. These goals are therefore cumstances in which various territories are primarily a matter for individual governments liberated from the enemy. During this period to determine. the first call will be to reach freedom from One of the most important recommendations hunger in areas devastated by the war. Until of the Conference is that the governments and these lands themselves are able to produce a authorities represented should declare to their harvest, the most urgent demand will be for own people and to one another their intention cereals and other foods which maintain human to secure more and better food for the people. energy and satisfy hunger. Various measures which might be taken for this The Conference agreed that while shortages purpose were discussed in Section I of the Con- lasted there should be coordinated action by ference. These included education, special pro- governments both to secure increased production vision for particular classes of the population, and to prevent speculative and violent fluctuaand the improvement of the quality of food tions in prices. available. The conditions of shortage existing at the end The Conference recognized that a great in- of hostilities will be exceptional and it should crease would be needed in the production of food not be too long before the production of the if progress is to be made toward freedom from basic energy foods is sufficiently restored to want. Section II discussed how this increase provide for freedom from hunger. When that could be brought about. It was recognized, state is reached it will be necessary to increase however, that to a varying extent in different wherever possible the emphasis on production countries and at different times there would be of foods containing first-class protein and other insufficient food of kinds required for health. protective qualities necessary to good health, It might therefore be necessary to take measures according to the standards considered by Secto see that special groups of the population, such tion I of the Conference. as young children and pregnant women, who There is danger that the heavy demand for most need these foods, obtain at least their energy foods which will arise from the immeminimum requirements, even if this means diate period of shortage may lead, as the shortreducing the supplies for the rest of the popula- ages are overcome, to overproduction of these tion below what they would otherwise consume. foods unless governments act with foresight in In Section II, the Conference considered how guiding producers to alter their production agricultural production could be increased and programs in accordance with the long-term readapted to yield the supplies most needed by quirements. The actual programs must be consumers. It began its work with the assump- drawn up to suit the particular circumstances tion, which was confirmed by the conclusions of of each country, but the Conference agreed Section I, that more production was needed if upon broad general principles which should the people of the world were to have sufficient serve as a guide in making these programs in food for adequate nutrition and that both new all countries. These principles cover not only and existing production would have to be ad- the adjustment of production to fit the longjusted to secure more of those "protective" term requirements of a better diet but also foods which are most necessary for good health. improvements in the general efficiency of pro- Before discussing methods by which these duction. The Conference also recommended 6iO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE certain particular measures of more general order to promote an expansion of economic application for carrying them out. activity; but it declared that freedom from In addition, the Conference recommended want of food could not be fully achieved withmeasures for new agricultural development. out such an expansion and urgently recom- It was the opinion of the Conference that some mended the governments and authorities repparts of the world which at present are unpro- resented to take action individually, and in ductive could be brought into agricultural concert, in order to secure this objective. production if the appropriate measures were Having drawn attention to the fundamental applied. At the same time, it was recognized importance, in the approach to freedom from that, in some areas of rich potentialities, devel- want of food, of policies to expand and quicken opment is impeded by overcrowding of farmers economic activity, the Conference discussed the on the land. While something can be done to place and functions which might be given, increase the productivity of these areas by im- within the framework of such policies, to interproving methods of farming, by drainage and national arrangements for the control of basic similar measures, it was recognized that in some staple foodstuffs entering international trade. cases the development of industry to provide There was agreement that the objects of any employment for agricultural populations or such arrangements must be to eliminate excesemigration to other areas were the only meas- sive short-term movements in the prices of food ures likely to offer any significant contribution and agricultural commodities, to mitigate gento a solution of the problem. eral inflationary or deflationary movements, The Conference recognized that it is useless and to facilitate adjustments in production to produce food unless men and nations have which may be necessary to prevent economic the means to acquire it for consumption. Free- dislocation. The Conference agreed that any dom from want can not be achieved unless there such arrangements should include the effective is a balanced and world-wide expansion of representation of consumers as well as produceconomic activity. ers. It was not possible for the Conference, The deliberations of the Conference in Sec- in the time available, to discuss future intertion III, which was set up to investigate the national commodity arrangements in detail. improvement of distribution, clearly showed Discussion in Section III was directed to general that consumers would not be in a position to questions of principle affecting the operation buy the food they needed, and producers of of such arrangements as might later be made. food could not be assured of adequate returns, The two questions to which most attention was unless progress was made through national and paid were: international action to raise the general level (a) The place which buffer stocks should of employment in all countries. Moreover, as occupy in these arrangements; and discussions in Section I emphasized, poverty (b) How far it would be necessary to achieve is the first cause of malnutrition and hunger. the desired objectives to include within the The work of Section III established the close general arrangements agreements for the reguinterdependence between the level of employ- lation of production. ment in all countries, the character and extent The Conference agreed that further interof industrial development, the management of national discussion of these questions ought to currencies, the direction of national and inter- take place with a view to the establishment of national investment, and the policy adopted by broad principles to govern the formulation and the nations toward foreign trade. The Confer- operation of future commodity arrangements. ence was not called upon to conduct a detailed There was general agreement that, whatever investigation into the policies which should be the nature of the arrangements eventually adopted by the governments of the world in made for individual commodities, machinery JULY 1943 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE would be needed for coordinating their opera- submission to the governments and authorities tions in the light of the broad principles to be represented a detailed plan for the permanent agreed upon. organization. It became clear at a comparatively early The United Nations Conference on Food and stage of the Conference that there was general Agriculture has shown that the governments and agreement that the nations represented at the authorities represented are agreed upon the Conference should establish a permanent organ- necessity of their taking action individually and ization in the field of food and agriculture. It in concert to achieve freedom from want of food. was also generally agreed that this organiza- The reports and recommendations of the Confertion should act as a center of information and ence indicate further agreement on the methods advice on both agricultural and nutrition ques- to be followed. The Conference has accordtions and that it should maintain a service of ingly recommended that the governments and international statistics. The Conference did authorities represented should recognize their not, however, attempt to lay down in detail obligation to their own people and to one what the scope and functions of such an or- another to raise the levels of nutrition and the ganization should be or its relation to other standards of living of their citizens, to improve national or international bodies. It was agreed the efficiency of agricultural production, and to that these questions would have to be worked cooperate one with another for the achievement out in detail between representatives of the of these ends. The Conference resolved that the participating governments. Accordingly, the Interim Commission to be established in Wash- Conference recommended the establishment in ington should prepare such a declaration or Washington of an Interim Commission, one of agreement in this sense for the consideration of the functions of which would be to draw up for the governments and authorities represented. 6iz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC The annual report of the Central Bank of the the inflationary effect of the accumulation of Argentine Republic for its eighth financial gold and foreign exchange by the Central Bank period, covering the year ending December 31, during 1942. and points out that one of the causes 1941, was submitted by the Board of Directors for this accumulation was the influx of shortto the Meeting of Shareholding Banks in March term foreign capital. It is indicated in the 1943. The report is signed by Dr. Ernesto report that the Central Bank was undertaking a Bosch, who is again serving as President after special study of these foreign funds. It is being reappointed by the National Government therefore of interest to note that on April 2.0, upon the completion of his earlier term on 1943, a decree was issued by the Argentine April 30, 1942.. Sections of the first two chap- Government empowering the Ministry of Fiters of the official English text of the report are nance to control all movements of funds into given herewith; some tables and charts have and out of the country. The decree provides been omitted and the headings have been that new money may enter the country only if it adapted to the shorter presentation. The report can be proved that it is to be used for "produccontains in addition chapters on the importa- tive purposes;" the importation of floating tion of essential articles from the United States, funds seeking temporary refuge ("hot money") the security market, various activities of the will not be permitted. The Minister of Finance Bank, and the financial results of its operations explained in a public statement that the measure during the year. would place no obstacle to the inflow of foreign The report places considerable emphasis upon funds for permanent investment. EXPANSION OF THE MEDIA OF PAYMENT the increase has tended to remain idle in the banks, thereby easing the pressure exercised on The media of payment, formed by the money the price level by the plethora of circulating which circulates in the hands of the public and media. This decline in the velocity of circulaby the current account deposits in the banks tion is very clearly shown by the movement in which, when put in motion by means of cheques, the current accounts of the public (excluding fulfill the same function, have again risen in Government accounts). Whereas deposits in 1942., this time by 2.0 per cent, following on a current accounts increased 50 per cent between 2.8 per cent increase in 1941. 1939 and 1942., payments made with those deposits only rose by 2.4 per cent by virtue of the INCREASE IN MEDIA OF PAYMENT [In millions of pesos] fact that the velocity of circulation, or in other words the intensity with which the media of December 31 Cu h r a r n e p d n u s c b y o l i f c i n th t e he D r e e p n o t s a it c s c i o n u n c t u s r- T of o t p a a l y m m e e d n i t a payment are used, decreased by 17 per cent. The decline in velocity of circulation has 1938 983 1,501 2,484 therefore had the effect of partially neutralizing 1939 1,029 1,682 2,711 the consequences of the increase in the volume 1940 1,127 1,653 2,780 1941 1,328 2,219 3,547 of media of payment. A brief explanation is 1942 1,514 2,733 4,247 desirable at this point. The rise in prices began with imported goods, which rose from the out- The mmeeddiiaa ooff ppaayymmeenntt hhaavvee tthheerreeffoorree iinn-break of war onwards, the increase being accencreased vveerryy ccoonnssiiddeerraabbllyy bbuutt tthhee iinntteennssiittyy ooff tuated locally in many cases by the pressure of their use has diminished appreciably. Part of demand which in its turn was induced by the expansion in purchasing power, more especially NOTE.—For earlier reports, see BULLETIN for September 1942, in those cases in which supplies were subject July 1940, December 1939, August 1938, September 1937, and July 1936. JULY 1943 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC to restrictions. This strong demand, on the 465 million pesos had their origin in the inflow other hand, stimulated an increase in industrial of an equivalent amount of gold and foreign production as already mentioned. The rise exchange derived from the heavy favorable in prices was thus an incentive to greater pro- balance shown by our international accounts, duction and to the increasing use of substitutes or say a total of 947 million pesos. But, on for raw materials, fuel and manufactured goods. the other hand, part of those media of payment The abundance' of media of payment and the were converted into savings and time deposits lower yield from bonds were in the same way and thereby ceased to have the character of cirvery important factors in the revival in building culating media. The net growth in media of and in the considerable increase in real estate payment during 1942. is thus reduced to 700 dealings. The mutual interdependence between million pesos. The course of these events and media of payment and the volume of business the way in which the credit expansion in loans is thus made clearly manifest: business was to the public, the financing of the crops and the stimulated by higher prices due to the increase other Government requirements developed can in media of payment and the increased volume be followed in the accompanying table. of business in its turn called for greater quantities of circulating media. Due to the way in FACTORS IN THE MONETARY SITUATION which transactions were carried out in the local [Increases or decreases ( —) in millions of pesos] and foreign markets, it is almost impossible to Items* 1939 1940 1941 1942 determine to what extent the rise in prices abroad was accentuated locally by the expan- Media of payment: 227 69 767 700 Deposits in current accounts 181 -29 566- 514 sion in purchasing power. But it can be as- Currency in the hands of the public.... 46 98 201 186 serted that, if the velocity of circulation of Origin of the media of payment: 261 -44 1,051 947 deposits had not diminished, the effects of the Internal factors: 113 34 593 482 expansion in media of payment would have N Fi e n t a n lo c a in n g s t o o f t c h r e o p p s ublic -1 2 2 1 8 3 15 -1 5 4 0 8 5 24 6 2 9 been much more severe. Other Government requirements 23 -9 192 165 Subsidiary currency and replacement of Briefly, the increase in the media of payment bank notes 5 28 44 6 has followed the course outlined below: a) in External factors: 148 -78 458 465 part it has caused increases in the volume of F G r o e l e d currencies - 1 4 7 7 1 -16 3 0 1 2 1 6 7 8 6 - 4 6 1 5 6 transactions which, in their turn, have called Blocked pounds 11 56 53 175 Other blocked foreign exchange 13 -5 -39 -61 for a larger supply of those same media of pay- Media of payment absorbed: 22 -86 265 257 ment; F) in part it has been rendered necessary Time deposits — 13 -48 125 296 by the rise in both import and export prices Exchange Fund 35 -38 140 -39 due to external factors; c) another part has accentuated the rise in prices locally, and cf) the rest has remained idle in the banks. It can be clearly seen that the origin of the The decline in the velocity of circulation expansion in loans is to be found almost entirely points to the fact that the volume of purchasing under the two last mentioned headings. Net power is excessive. Consequently, if it con- loans made by the banks to the public have not tinues to grow while the upward tendency of shown an upward tendency. After a decrease the volume of business is either checked or of 148 million pesos in 1941, they rose by only about to be checked due to industrial production 69 millions in 1942.; in this increase loans to having approached the limit of its present Government employees made under a recent capacity, without any prospects of immediate law have exerted some influence. However expansion, there is the danger that the local praiseworthy the object pursued by these operaaccentuation of the rise in prices abroad will tions may be it would be desirable in the present become more pronounced. circumstances to proceed with great caution in Elsewhere in this Report the important part view of the magnitude of Government requireplayed by credit expansion in the creation of ments. media of payment, chiefly due to the financing The conduct of the banks in regard to loans of the crops and other Government requirements to the public has been prudent and it is to be has been stressed. However, together with hoped that it will continue so despite the conthis factor which has its origin within the siderable increase in their cash holdings. The country, another factor of external origin has satisfactory volume of their profits on the played an active part. Thus in 1942. media of present amount of business enables them to payment amounting to 48x million pesos were maintain those enhanced holdings without the created through bank credit, while a further need to exert pressure on the market in search of 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC employment for such funds. The Central Bank commercial banks, as mentioned below. These hopes to continue to count on their proved sums, of course, do not figure in the statements spirit of cooperation to prevent an increase in of the Central Bank. loans as long as the present situation lasts. The sum of 2.95 million pesos has been accumulated in blocked pounds of which 33 million CREATION OF MEDIA OF PAYMENT AGAINST GOLD pesos are held by the commercial banks, despite AND FOREIGN EXCHANGE the fact that 113 million pesos have been used Returning now to the main question, it may in the repatriation of public and private sebe noted that the creation of media of payment curities.1 Notwithstanding the fact that the through the purchase of gold and foreign ex- value of the blocked sterling is duly guaranteed change by the banks accounts for an amount by the British Government under a gold clause, similar to that originated by credit expansion. the volume which the balance is assuming As explained in the Annual Report for 1938, the renders it advisable that a solution be sought procedure is as follows: when the banks pur- for this problem, as already stated in the prechase exchange from exporters or from those vious Annual Report. It should be remembered who remit funds from abroad, they credit the that the blocked pounds are purchased in the peso equivalent of such purchases to the cor- same way as free currencies ana that peso funds responding current accounts, in the same way which go to swell the volume of media of payas in the case of loan operations. Subsequently ment are thereby created. To use these pounds they sell that exchange to the Central Bank, for the repatriation of foreign indebtedness this which credits the amount to their cash ac- operation must be reversed, that is to say the counts. Bank deposits with the Central Bank pesos so created must be returned to the Central are thus increased, and this institution is Bank for cancellation against delivery cf the obliged to pay them at any time by issuing notes. corresponding pounds. It is therefore essential The Central Bank, if that exchange is composed that the National Treasury should have at its of free currencies, converts it immediately into disposal the amount in pesos required to purgold in the New York market, retaining only chase the pounds to be used in buying the cora part of it in dollars to meet current require- responding bonds in London. Such funds can ments. not be obtained at the present time through the Gold holdings as at December 31 last amount issue of bonds inasmuch as the local market is to the equivalent of 1,997 million pesos. To barely able to cover a part of the heavy requirethis must be added the equivalent of 54 million ments of the Government. Therefore, addipesos in dollars and other free currencies held tional bond issues to repatriate foreign indebtedby the Central Bank. Thus the total holdings ness are not to be thought of. Outside loans, of gold and free currencies amount to ^,051 the National Treasury has no other sound million pesos. In addition, the Central Bank means of obtaining the funds except by resorting holds a total of 2.G1. million pesos in blocked to taxation, although another alternative exists pounds in London and 5 million pesos in other which might be considered. Instead of creating currencies subject to clearing agreements. All pesos against all the sterling derived from our these items make up a grand total of 2.,3i8 exports to Great Britain, a moderate proportion million pesos, from which must be deducted 86 of the value thereof could be paid for directly million pesos owed to Brazil, settlement of in sterling without being first converted into which remains pending. In this way the net Argentine currency. That proportion of the total of gold and foreign exchange is reduced value of the commodities sold and exported to 2.,z.-7,x million pesos. would be credited to the account of the pro- Of this amount, x,oio million pesos corre- ducers in pounds and would be retained by them spond to the net gold and foreign exchange on deposit or used for the purchase of Argentine holdings which figure in the Central Bank state- sterling bonds which the National Treasury ments. Of the balance, 109 million pesos be- could convert into peso bonds, the negotiation long to the Exchange Fund and 113 million of which would be subject to the restrictions pesos serve as backing to an equivalent amount deemed necessary in view of the absorptive in Gold and Foreign Exchange Holding Cer- capacity of the market. This is merely a sugtificates issued by the Central Bank for the gestion which the Bank feels it its duty to make purpose of absorbing surplus bank funds. because it refers to a monetary question which Furthermore, there was 113 million pesos in concerns the Bank. In any case it would have free and blocked currencies which had not yet been transferred to the Central Bank by the 1 These figures are reckoned at the rates at which each operation was effected and are not strictly speaking comparable. JULY 1943 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC to be the object of careful study and of the cor- total liabilities of the Central Bank, including responding consultations, not only from the absorbed funds to place the calculation on a point of view of its practicability but also with stricter basis, stood at 79 per cent.2 regard to the moment when it could be applied Practically the whole of the funds created by without disturbing the development of produc- the Central Bank have been, therefore, created tive activities. Its adoption would eliminate against gold and foreign exchange as just noted. part of the pounds from the monetary system, The Central Bank has not needed, therefore, to and at the same time diminish the creation of make use of the power which the law has placed media of payment. It would also help to ease in its hands for the issue of notes, or of bank funds the pressure exerted by purchasing power on convertible into notes, against the rediscount the general price level. of commercial paper. The rediscounting opera- It would be very regrettable if this country, tions previously effected by the Bank, and now in order to avoid the effort inevitably entailed, entirely liquidated, have been rather of an should let pass this very favorable opportunity experimental character. Instead of creating of repatriating part of its foreign indebtedness, additional funds to supply the banks with cash, in both Government and private securities. the Central Bank has had to absorb surplus It is now desirable to consider the figures funds continually in order to check the tendfrom another standpoint so as to obtain a better ency towards credit expansion which is always picture of our monetary position. The con- latent when cash holdings are plentiful. The siderable increase in gold and foreign exchange rapid and considerable increase in gold and holdings has been reflected in an equivalent foreign exchange holdings during the second increase in the liabilities of the Central Bank, half of 1936 and the first six months of 1937 was comprising: notes issued, deposits by the banks barely reflected in a comparatively slight rise in their cash accounts with the Central Bank, in the notes and liabilities of the Central Bank, Government deposits and other deposits, the due to the intensive absorption of bank funds last named being comparatively unimportant. by means of certificates, which at one time From May 31, 1935—the date on which the reached a maximum of 654 million pesos, apart Central Bank commenced its operations—to from 2.07 million pesos absorbed by the Ex- December 31, 1942., gold and foreign exchange change Fund. Attention should also be given holdings have increased by 861 million pesos, to the manner in which the sharp shrinkage in whereas notes and other liabilities have risen gold and foreign exchange holdings during the 690 million pesos, 171 millions less, this despite second half of 1937 and in 1938 also failed to the fact that at the end of 1942. the Central affect notes and liabilities to an appreciable Bank had created other funds to the value of 51 extent, due to the fact that a great deal of the million pesos, of which 41 millions are ac- cash formerly absorbed was returned to the counted for by advances to the National Govern- banks. ment. The explanation is simple. Part of the liabilities thus increased by gold and foreign THE ABSORPTION POLICY AND TREASURY exchange purchases and by the operations just REQUIREMENTS. mentioned were absorbed as follows: 83 million From 1941 onwards gold and foreign expesos by the Exchange Fund and 139 million change holdings again increase in a -measure pesos by Holding and Consolidated Bonds Cerwhich brings to mind the events of 1936 and tificates placed by the Central Bank with the 1937. But, contrary to what occurred during other banks, which makes a total of 1x2. million that first experience, the curve representing pesos. It should be pointed out, however, that notes and liabilities rises parallel to that of this sum absorbed may again become a liability gold and foreign exchange. Conditions are of the Central Bank. different and require a different policy. A new The significance of these figures is not without factor has appeared in the monetary situation, importance. The increase in notes and other namely the necessity of financing through the liabilities of the Central Bank is backed by the banks that part of Government requirements increase in gold and foreign exchange. The increase in gold holdings, 696 million pesos, is somewhat greater than that in notes, 660 2 These percentages differ from those given at the foot of the statements of the Bank by reason of the fact that in the reckoning thereof, million pesos. In so far as the ratio of gold and neither the gold and foreign exchange absorbed by the Exchange Fund foreign exchange holdings to notes is con- and the Gold Holding Certificates on the one hand, nor the funds cancelled under those headings, on the other, are taken into account, cerned, it stood at 137 per cent at the end of in accordance with the provisions of the Regulatory Decree of the Central Bank Law regarding the manner in which the ratio of the 1942., while the ratio of such holdings to the guarantee of notes and liabilities is to be computed. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC which could not be covered by placing securities market, thus giving it the elasticity which it on the market. Thus, the Banco de la Nacion formerly lacked. The greater the volume of Argentina for purchasing the crops, and the this class of paper placed among the public, the other banks for other Treasury requirements, less the Treasury will have*to resort to bank have had to mobilize their cash resources. credit. This explains the monetary as well as Meanwhile, as already mentioned, they have financial importance of these operations. It maintained their loans to the public at a prudent will be understood therefore why the Central level, thereby achieving the purpose formerly Bank, notwithstanding the authority granted pursued by the policy of absorbing funds. to it, has deemed it advisable to give preference The remedy for the situation with which we to such operations over those involving its own are now confronted does not lie so much in absorption paper. Otherwise, the Treasury monetary policy as in financial policy. Action would have to make more use of bank credit, must first be taken in this latter sphere so that and purchasing power would continue to exmonetary policy may be effectively applied. pand, in the measure in which the placing with The Central Bank is now in a better technical the public of Central Bank Certificates might position than before to carry out its absorption prevent that of an equivalent volume of Governpolicy. As explained in the Annual Report ment paper. The absorption of media of payfor 1938, the certificates issued up to now by the ment would thus be immediately offset by a Central Bank enabled it to absorb and neutralize further expansion. bank funds and thus forestall an immoderate The dangers of credit expansion lie, as alexpansion of credit. But, as they could only ready mentioned elsewhere in this Report, in its be placed with the banks, it was not possible to effects on the price level and through this in its intervene amongst the public with this class of disturbing effects on the economy and on the certificates, in order to reduce, in case of neces- life of the community. But those dangers have sity, the volume of media of payment, that is to not affected the banking system which still has say the amount of purchasing power at the dis- considerable possibilities for expansion without posal of the public, simultaneously neutralizing perturbing the banking institutions. Their the corresponding volume of bank funds. For cash holdings are abundant and their liquidity this purpose it was essential to establish a is very satisfactory. Whatever proportion of market for short-term paper, which previously the frozen assets which existed in 1935, due to a was negotiated exclusively among the banks. state of affairs of long standing which had been Such a market is now developing and the Central aggravated by the world-wide depression, had Bank is in a position to resort to it at any time not been eliminated by the large scale consolidato place its absorption paper. With this end tion operations undertaken in that year, has in view it has obtained from the National been gradually written off in subsequent years. Government the alteration of Article 2.^ of the This has been rendered possible by the satisfac- Regulatory Decree of the Central Bank Law tory profits accruing from banking business. which restricted the placing of Certificates of Notwithstanding such profits, the Central Participation in Consolidated National Treasury Bank has not ceased to counsel moderation in the distribution of dividends so that reserves Bonds to the banks. might be further strengthened. Despite the Nevertheless, the proper moment must be writing off of losses, reserves now amount to chosen for the inauguration of this policy. 146 million pesos as against 88 millions at the To check the expansion in bank credit—apart end of 1935. from the indispensable financial measures strik- The present capacity for expansion of the ing at the root of the disequilibrium—it is banking system, which it is now desirable to highly desirable that the Treasury should resort hold in check, is due, to put it in a few words, to the stock market to the maximum extent to the fact that a substantial proportion of the compatible with its stability. There are funds funds created by the Central Bank against gold available for investment which seek employand foreign exchange have been carried by the ment in short or medium-term paper rather than flow of circulation into the cash holdings of the in long-term bonds. The obstacle which prebanks. Between the end of 1939 and the end vented the placing of all the Treasury Bills of 1942., the funds thus created by the Central which the market asked for has been removed Bank increased by 758 million pesos3 in the by the latest Budget Law and as it has been decided to offer medium-term Treasury Bonds 3 Excluding 10 minion pesos in absorbed funds and 41 million pesos for public subscription, it will be possible to corresponding to the issue of new notes to replace those not presented meet fully the requirements of the financial for exchange in accordance with Law 12,160, as explained in the Appendix, on p. 621. JULY 1943 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC form of notes and other liabilities. Of this surplus derived from the movement of capital increase, rather more than half went to swell ana from sundry other remittances and from the note circulation in the hands of the public; freight and shipping expenses amounted to 415 the remainder went to strengthen the cash million pesos. These surpluses provided an resources of the banking system in the form of ample supply of foreign exchange with which notes and of bank deposits with the Central to meet the requirements of the financial ser- Bank. vices payable abroad, viz., public debt, Govern- The total cash holdings of the banks in the ment expenditure and remittances by private last three years under review thus increased by and public utility companies, which totalled 383 million pesos,4 despite the expansion in 504 million pesos; this represents a 2.0 per cent credit, and reached 1,111 million pesos at the increase as compared with 1941. A further end of 1941. This figure is equivalent to 2.1 135 million pesos were used for the repatriation per cent of the joint total deposits held by the of public and private securities, and the balance banks, that is to say practically double the served to increase the gold and foreign exminimum percentage required by the Banking change holdings of this country. Law. This is without including the 139 million The figures to which reference has been made pesos in Central Bank Certificates which the in the foregoing cover the whole of our interbanks also had available. national accounts which, as is known, include Where these facts assume their greatest sig- some closed compartments. Quite a considernificance is in the case of the Banco de la Nacion able part of foreign exchange operations are, Argentina, which so far has borne almost alone in fact, effected through clearing accounts or the burden of the huge operation of financing in blocked funds, and it is impossible to use the purchase of the crops. Three years ago, the favorable balances resulting from business only 177 million pesos had been used for that with some of the countries for operations conpurpose; at the end of 1942. indebtedness under cerning others, whether or not the latter counthat heading amounted to 956 million pesos.5 tries have placed restrictions on dealings in Nevertheless, the cash holdings of that institu- foreign exchange. For this reason it is interesttion, far from having declined, rose during that ing to determine the origin of the favorable period by 159 million pesos, of which 32. millions balance shown by our international accounts correspond to liquidations of Central Bank in 194Z. Certificates. In operations in free currencies, foreign trade This explains why the Banco de la Nacion produced a favorable balance of 2.79 million Argentina has been able to lend this most im- pesos while the net imports of capital and other portant aid to the national economy practically funds from abroad amounted to 347 million with its own resources, comprising both those pesos, so that the total surplus was 6x6 million already forming part of its cash holdings and pesos. This surplus enabled the liabilities to those which returned thereto after completing be covered, leaving a balance of 340 million their circulatory function, without ever having pesos. to resort to rediscounting as authorized by law. Of the net funds received from abroad, those corresponding to freights reached a considerable THE BALANCE OF PAYMENTS figure for the first time, due largely to the State Merchant Fleet, the operations of which showed In 1942., our accounts with other countries extremely satisfactory financial results.7 again showed a substantial favorable balance amounting to 503 million pesos6 resulting not Revenue from freight consists of funds which remain in the country permanently. This does only from our foreign trade but also from the not apply to the favorable balances shown by influx of foreign capital. the movement of capital and other remittances Our foreign trade showed a favorable balance from abroad, to the extent that these are funds of 636 million pesos which is considerably in which only seek temporary investment. It is excess of the figure for 1941, the increase being impossible to say what part of the net surplus due to a rise in the value of exports. The net for i94x was represented by such funds, partly in view of the nature of such investments and 4 Including 14 million pesos of other deposits in the Central Bank partly because the information available rewhich were transferred to the cash accounts of the banks. 5 The Government's total debt to the banks on account of the garding the movement of capital in this section financing of the crops amounted at that date to 1,006 million pesos. 6 Figures shown in the balance of payments are worked out on the basis of spot and forward exchange operations converted into pesos at 7 Reserves and profits accumulated by the State Merchant Fleet the official buying rate, equivalent to 13.50 pesos per pound sterling amount to about 50 per cent of the purchase price of the ships comor 335.82 pesos per one hundred dollars. posing the same. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC of our accounts with other countries is not 1941. This increase was due entirely to a rise sufficiently ample to reveal the exact nature of in the value of exports, since the value of imsuch funds, nor the purposes for which they are ports remained almost stationary. This inintended. In order to make up for this lack of xrease took place despite a noticeable drop in information as far as possible, the Central Bank the volume of both imports and exports,8 due has made enquiries regarding the foreign capital to the shortage of shipping and the restrictions invested in the country, and the information imposed by certain countries with which our obtained is now being analyzed. Moreover, trade is particularly active. The average price the Bank continually collects other data con- per ton of the goods we buy and sell thus incerning this problem. In view of this, it is creased by approximately 40 per cent. There hoped that it will be possible in future to give were two factors which brought about this BALANCE OF PAYMENTS OF THE ARGENTINE REPUBLIC, 1940, 1941 AND 1942 [In millions of pesos at official buying rate] 19422 Currencies subject to clearing 1940 19411 agreements Grand Free total3 currencies E B m ri p ti i s r h e Brazil Spain Assets 1,610 2,003 2,114 1,236 749 102 23 Exports4 1,439 1,533 1,699 889 688 102 20 Balance on capital movements and other funds from abroad 79 325 235 235 Government investments 16 Freights and port expenses 35 55'" Ill" 86" 25 Sundry .... 41 90 69 26 36 3" " Liabilities ... 1,669 1,506 1,567 871 502 162 24 Imports 1,272 1,086 1,063 • 610 5270 H62 14 Public debt services 153 138 153 92 59 2 Government expenditure (including armaments) 22 15 24 21 3 Financial services of private enterprises and public utilities 222 267 327 148 170 8 Balance -59 497 547 365 247 -60 -1 Net private gold imports -2 -1 -4 -4 Repatriation of public debt -32 -21 -103 -48 -53 -2 Repatriation of private indebtedness -32 -32 8"" Converted into free currencies 0 Ad b j a u l s a t n m c e e n s7 t of commercial indebtedness and sundry .. 28 5 95 35 45 9 4 Net balance -65 480 503 340 207 -43 1 NOTE.—The data in this table are taken from two tables in the original report which show, respectively, the balance of payments with all foreign countries in the years 1939 to 1942, and the distribution of these payments in the latter year between free currencies and those subject to clearing agreements. 1 Adjusted figures. 2 Provisional figures, subject to adjustment. 3 Includes negligible amounts corresponding to other countries with which we have a system of clearing accounts. * Figures taken from Argentine official statistics and adjusted taking into account differences in prices for certain products. Includes shipment expenses in order to convert them into F.O.B. values. 5 Imports of liquid fuel produced in countries outside the British Empire and paid for with blocked pounds are added. 6 F.O.B. value of Brazilian exports to Argentina in accordance with the terms of the Agreement. 7 Residual item originated by the increase or decrease in the value of imports not yet paid for, by fluctuations in foreign exchange sold in advance on future exports, and by differences or errors which can not be determined in the foreign trade figures. more accurate information regarding this part increase: rising prices and changes in the nature of our balance of payments. of the goods involved. The rise in prices was As regards the accounts which were subject the factor determining the increase in the averto clearing agreements, those with the British age value of imported goods, in which impor- Empire showed a favorable balance of 107 tant reductions in volume were confined only million pesos whilst those with Brazil closed to a few products of a low value per unit (fuel with an unfavorable balance of 43 millions. and iron), whilst there was no fundamental change in the volume and types of goods im- TREND OF OUR FOREIGN TRADE ported under the remaining headings. As As stated above, our foreign trade showed a regards exports, on the other hand, which were favorable balance in 1942., which was nearly xoo million pesos more than that obtained in 8 Exports decreased by 940,000 tons and imports by 1,960,000 tons, i.e. they were down 15 per cent and 30 per cent as compared with 1941. 619 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC also influenced, although to a lesser degree, EXCHANGE OPERATIONS by the increase in prices, the nature of the goods In view of the removal of the last remaining shipped changed considerably, apart from a rise restrictions governing foreign currencies, which in the volume of meat exported to the British at that time only affected a very small number Empire and the United States. Certain manuof nonessential articles, imports are now being factured goods, which until a short time ago effected freely through the various markets, were not exported and which are generally of a the respective percentages in 194Z being: 55 per far greater value per unit than the goods which cent at 15 pesos per pound sterling; 37 per cent we have heretofore sold abroad, now represent at 17 pesos per pound sterling; 6 per cent through a considerable proportion of the value of our the Trade Promotion Corporation and 2. per exports. cent by means of public calls for tenders. Moreover the situation brought about by the The system of exchange tenders has lost all war did not only affect the volume and value of importance and the respective rate of exchange our foreign trade: there have also been conhas remained unchanged. Nor were there any siderable changes in the respective shares of the fluctuations in the other rates quoted on the various countries. In 1942., the value of exofficial market during the year. ports reached pre-war figures, despite the fact The free market functioned under conditions that volumes fell approximately Z5 per cent. similar to those prevailing during the previous Between 1939 and 1942., the value of our sales year. Despite the substantial surplus produced to the United States—which takes 30 per cent by this market, there was no necessity for the of our exports at present—, to South America, Central Bank to intervene for the purpose of and to Sweden was doubled, thereby almost absorbing excess amounts, since many firms completely offsetting the reduction in shipwhich were entitled to buy foreign exchange in ments to the European continent which occurred the official market preferred to resort to the at the same time. As regards our exports to free market in order to take advantage of more the British Empire, the increase therein was on a favorable rates of exchange. Dollar quotations considerably smaller scale. Nevertheless, it in the free market oscillated around the official took 40 per cent of our exports in 1942.. In the selling rate of 412. pesos per hundred dollars, case of the United States, a substantial part of the lowest point being 419 pesos, and the highthe increase in sales concerned commodities est 4x6 per hundred dollars. traditionally exported by this country—meat, Exchange operations conducted by the Trade hides, dairy products and tanning extracts; the Promotion Corporation resulted in a surplus same applies to Sweden which took grain, wool, of zxo million pesos in i94x as compared with fats and oils. On the other hand, the increased 113 million in 1941. The difficulties arising shipments to South American countries consisted from the present situation—shortage of transto a great extent of finished goods manufactured port and control of imports in many consuming in this country, such as piece goods, medicinal countries—have hampered the Corporation in products, oils and many other products of achieving the purposes for which it was formed. minor importance. As regards imports, the For this reason, the Corporation is now conposition was different. If a comparison is centrating its efforts on the study of the possimade with pre-war periods, it will be noted bilities of new markets and on industrial rethat the total value has fallen, although much search work with a view to its future activities. less so than the volume owing to a considerable In view of the provisions of the Central Bank rise in prices. There were, of course, substan- Law which fix the maximum proportion of tial reductions in the trade with countries of foreign exchange which the Bank may hold the European continent. Imports from the without converting it into gold, the Bank has British Empire decreased likewise, although to converted its foreign exchange holdings into a lesser degree. On the other hand, our im- gold as far as possible. Purchases were effected ports from Sweden, the United States and the mainly in the United States and, as a result other American countries showed rises, which thereof, the value of the gold deposits in safe were, however, far from offsetting the aforemen- custody for our account with the Federal Retioned losses. Increased purchases in those serve Bank of New York increased by 416 countries largely involved goods with which million pesos during 1942.. Gold purchases they had not supplied us in the past, viz., coal, involving an equivalent of 4.6 million pesos chemicals, rubber, yarn, timber, copper and were also effected in this country. The total other products of minor importance. holdings of gold available, including purchases 62.0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC made in 1941 and gold received from the former dure in all American countries for the purpose Conversion Fund, are equivalent to 1,997 mil- of supervising the movements of funds and lion pesos. securities to and from countries outside the In accordance with Recommendation VI made Western Hemisphere. These recommendations at the Meeting of Foreign Ministers held in Rio gave shape to the various questions covered by de Janeiro in January 1941, delegates of the Recommendation V, made at Rio de Janeiro Central Banks met in Washington for a series and approved by the Argentine delegation, of conferences commencing on June 30. After with the reservation, made known at that time, the National Government had decided that that the supervision of the foreign and local Argentina should participate in the Washington activities of firms or companies likely in any Conference, the Central Bank appointed delegates who cooperated in the examination of way to affect the welfare of any of the American problems relating to economic and financial countries, or Continental solidarity or defence, control, in accordance with the instructions would be extended to firms or companies given by the National Government. The Con- directed or controlled by foreigners, or from ference approved eight recommendations di- belligerent countries outside the American rected towards the adoption of a uniform proce- Continent. BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC DECEMBER 31, 1942 AND 1941 [In thousands of pesos] Assets De 1 c 9 . 4 3 2 1, De 1 c 9 . 4 3 1 1, Liabilities De 1 c 9 . 4 2 31, De 1 c 9 . 4 3 1 1, Gold at home 1,075,502 1,075,106 Notes in circulation 1,626,799 1,379,970 Gold and foreign exchange abroad 1,020,866 466,768 Bank deposits 764,209 560,574 Foreign exchange bought forward 6,628 National Government deposits 134,681 55,729 Subsidiary currency 8,617 Other deposits — 33,849 27,372 Noninterest bearing Government Bond 112,884 118,884 Foreign exchange, temporary credit accounts. 86,589 Consolidated National Treasury Bonds 392,338 393,532 Foreign exchange sold forward 6,628 National securities (Art. 34, Law 12.155)1 72,978 58,840 Capital 20,000 20,000 Temporary advances to National Government General reserve fund 8,703 7,301 (Art. 44, Law 12,155)! 40,974 Special reserve for Consolidated Bonds 32,520 22,641 Bank premises (2) (2) Special reserve for contingencies 2,500 2,500 All other assets 54,944 13,062 Contingency and enlargement of premises reserve 3,000 1,500 Total assets... 2,771,382 2,141,436 Certificates of participation in Consolidated Treasury Bonds 26,500 30,000 [Per cent] [Per cent! Profit and loss account 13,483 7,905 Ratio of total gold and foreign exchange to: All other liabilities 18,549 19,316 Notes in circulation 123.54 111.73 Notes in circulation and demand liabilities Total liabilities 2,771,382 2,141,436 (Art. 39, Law 12,155)i 78.51 75.85 1 For Law 12,155 see BULLETIN for July 1935, pp. 449-454. 2 Entered at the nominal figure of 1 peso. APPENDIX EXPLANATION OF THE METHOD USED IN DETERMINING deposits are excluded as, in view of their limited mobility, MONETARY FIGURES they have been considered as absorbed media of payment, together with time deposits. The figures regarding currency and banking given in this Currency in the hands of the public. The currency Report do not coincide with those published in the Statistical held by the banks has been deducted from the currency in Supplement to the Economic Review of this Bank. During circulation, adjusted to allow for replacement of lost notes a general revision of the banking statistics which is now as explained below. This item includes the money deposited being carried out—the complete results of which will be by banks of the interior in their minimum cash holding announced in due course—certain adjustments have been accounts with the Central Bank and with branches of the made which allow of a better interpretation of the facts. Banco de la Nacion Argentina in localities where no clearing The nature of the items referring to the monetary situation house exists. (table on page 614) which are commented upon in this Re- Net loans to the public. This figure is obtained by port is as follows: deducting from the total loans and gross investments of the Ordinary deposits. Includes sight deposits by the pub- banks their capital, reserves and undistributed profits. From lic and by Governments and Government Departments with the monetary point of view there is no variation in media of the commercial banks and with the Central Bank. Judicial payment when the banks re-invest newly accrued profits. JULY 1943 6m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC Financing of crops. Includes the total debt to the for whereas the former is dilated, the latter is real; there is Banco de la Nacion (Treasury Bonds and unfunded debt) consequently an increase in media of payment equivalent to adjusted approximately to allow for operations effected by its the amount of the notes issued to replace those lost. Hence branches and not yet definitively recorded in its books. This the need for taking this circumstance into consideration when item also includes 50 million pesos of Treasury Bonds repaid determining the origin and destination of the media of payto the Banco de la Nacion last December by placing a similar ment. volume of Treasury Bonds with another local bank. In so far as the subsidiary currency is concerned, new issues Other Government requirements. Includes the folonly cause an increase in the media of payment equivalent to lowing items: Treasury Bills, Treasury Bonds, national bonds one half of the amount issued, since the system of issue proand other loans made by the commercial banks to national, vides that one half of the new issues shall be handed over to provincial and municipal governments, and also the loans the National Government and therefore represents an increase made by the Central Bank to the National Government. in the media of payment. The other half is used to write Issue of subsidiary currency and replacement of lost off a corresponding proportion of the non-interest bearing notes. Includes the increases in the subsidiary currency issue. Government Bond and is only put into circulation in ex- This item also includes the new notes put into circulation change for Central Bank notes. In other words it replaces and delivered to the Instituto Movilizador to replace those already existing media of payment. belonging to issues made prior to the establishment of the Central Bank and not presented for exchange owing to their Time deposits. Includes time, judicial and savings bank having been lost. This exchange was begun in 1939 in deposits. accordance with Law 11,160.* The replacement of lost Discrepancies in figures regarding increases in menotes does not alter the book figures because, on the one hand, dia of payment. Some minor deficiencies which still exist the amount of the notes lost is deducted from the total in in the statistics, and operations between the Central Bank circulation, while, on the other, the total in circulation is and the commercial banks not yet recorded in their books, increased by the amount of the new notes issued to replace account for the fact that if the operations which entail an those lost. But the media of payment have increased. Two absorption of media of payment are deducted from the total equal figures—one of them corresponding to a period prior volume of operations which entail the creation of such media, to that operation and the other subsequent to it—do not the result obtained does not coincide exactly with the inmean, essentially, an identical amount of media of payment, crease revealed by a comparison of the figures regarding media of payment (notes and ordinary deposits). * For Law 12,160, see BULLETIN, July 1935, pp. 456-458. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings nonmember banks in Iowa not on the Par List, A meeting of the Federal Open Market Com- while 385 nonmember banks and 158 member mittee was held on June 2.8, 1943. banks were on the Par List. On June 2.5 and x6 a meeting of the Confer- Admissions of State Banks to Membership in the ence of Presidents of the Federal Reserve Banks Federal Reserve System was held, and on June 2.9, 1943, the Presidents The following State banks were admitted to of the Reserve Banks met with the Board of membership in the Federal Reserve System dur- Governors. ing the period May 16, 1943 to June 15, 1943, Appointment of Branch Director inclusive: The Board of Governors of the Federal Re- Connecticut serve System on June 7, 1943 announced the Darien—The Home Bank and Trust Company appointment of Mr. George W. Stocking, Proof Darien fessor of Economics, University of Texas, Austin, Texas, as a director of the San Antonio New York Branch of the Federal Reserve Bank of Dallas Springville—The Farmers Bank of Springville, for the unexpired portion of the term ending Erie County, N. Y. December 31, 1945. Ohio Checks on All Iowa Banks Now Cleared at Par On June 2.5, the Federal Reserve Bank of Liberty Center—The Liberty State Savings Bank Chicago advised banks in its District that, be- Lindsey—The Lindsey Banking Company ginning July 3, it would receive checks on all Stony Ridge—The Farmers Savings Bank Com- Iowa banks for collection and credit at par, in pany accordance with its current time schedules. Oklahoma This announcement followed the passage re- Temple—First State Bank in Temple cently, by the General Assembly of the State of Iowa, of an act providing for the clearing at Pennsylvania par of checks drawn on all banks organized under the laws of that State. Parkesburg—Farmers Bank of Parkesburg There are approximately 650 banks in Iowa, Texas all of which are now on the Federal Reserve Par List. At the end of 1942., there were in Alto—Continental State Bank JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled June ig and released for -publication June 2}. Figures shown on charts may differ from preliminary figures used in text. Industrial activity and retail trade were main- The temporary stoppage of work in the coal tained in large volume during May and the early mines at the beginning of May brought producpart of June. Retail prices, particularly foods, tion of bituminous coal and anthracite down increased further in May. somewhat for the month. Iron ore shipments on the Great Lakes continued to lag in May be- PRODUCTION hind the corresponding month of 1942.. Total volume of industrial production, as The value of contracts awarded for construcmeasured by the Board's seasonally adjusted tion continued to decline in May, according to index, remained in May at the level reached in reports of the F. W. Dodge Corporation. Total April. Activity in munitions industries con- awards were about 65 per cent smaller than in tinued to rise, while production of some indus- May a year ago. trial materials and foods declined slightly. Aircraft factories established a new record in DISTRIBUTION producing 7,000 planes in May. During May the value of sales at department In most nondurable goods industries there stores decreased more than seasonally, and the were small increases or little change in activity. Board's adjusted index declined 5 per cent. Meat production, however, reached a record Sales, however, were about 15 per cent above a high level for May, reflecting a sharp advance year ago, and during the first five months of this in hog slaughtering. Seasonally adjusted out- year showed an increase of 13 per cent over last put of other manufactured foods continued to year. In general, the greatest percentage indecline. Newsprint consumption showed little creases in sales have occurred in the Western change, and publishers' stocks declined further and Southern sections of the country where into a 50-day supply on May 31. Consumption creases in income payments have been sharper for the first five months of 1943 was only 5 per than elsewhere. cent below the same period in 1941, whereas Freight carloadings advanced seasonally in a reduction of 10 per cent had been planned. May but declined sharply in the first week in INDUSTRIAL PRODUCTION WHOLESALE PRICES 1938 1939 1940 194! 1942 1943 Federal Reserve indexes. Groups areex pressed in terms of points Bureau of Labor Statistics' indexes. Weekly figures, latest shown in the total index. Monthly figures, latest shown are for May. are for week ending June 19. 62.4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS June, as coal shipments dropped 75 per cent half of June. As the Treasury expended funds from their previous level, and then recovered out of war loan accounts which require no in the second week of June as coal production reserves, the volume of deposits subject to was resumed. reserve requirements increased and the level of required reserves rose by 600 million dollars in COMMODITY PRICES the four weeks ending June 16, while continued Prices of farm products, particularly fruits growth of money in circulation resulted in a and vegetables, advanced during May and the drain on bank reserves of 400 million dollars. early part of June, while wholesale prices of These reserve needs were met in part by Treasury most other commodities showed little change. expenditures from balances at the Reserve Banks Retail food prices showed further advances and in part by Federal Reserve purchases of from the middle of April to the middle of May. Treasury bills. Reserve Banks continued to On June 10 maximum prices for butter were rereduce their holdings of Treasury bonds and duced by 10 per cent and on the xist of the month notes in response to a market demand for these retail prices of meats were similarly reduced, issues. with Federal subsidy payments being made to During the four weeks ending June 16, Treasprocessors. ury bill holdings at member banks in 101 leading AGRICULTURE cities fluctuated widely, reflecting primarily Prospects for major crops, according to the sales and repurchases on option account by Department of Agriculture, declined during New York City banks in adjusting their reserve May while output of livestock products con- positions. Holdings of bonds and notes detinued in large volume, as compared with clined somewhat while certificate holdings earlier years. Indications are that acreage of increased. Loans to brokers and dealers in crops may not be much below last year but that securities declined sharply during the period, as yields per acre will be reduced from the un- repayments were made on funds advanced for usually high level of last season. purchasing or carrying Government securities during the April War Loan Drive. Commercial BANK CREDIT loans continued to decline. Excess reserves at all member banks declined Government security prices advanced during from 2. billion dollars in early May to 1.5 May following the close of the Second War Loan billion in the latter part of the month and re- Drive, but in the early part of June there were mained at that general level through the first small declines. MEMBER BANKS IN LEADING CITIES YIELDS ON U. S. GOVERNMENT SECURITIES 1939 1940 1941 1942 1943 Demand deposits (adjusted) exclude U. S. Government and inter- Averages of daily yields on notes and bonds and average discount bank deposits and collection items. Government securities include on bills offered. Bills are tax-exempt prior to March 1941, taxable direct and guaranteed issues. Wednesday figures, latest shown are thereafter. Weekly figures, latest shown are for week ending June 26. for June 23. JULY 1943 62.5 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 62.9 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 630 Federal Reserve Bank statistics 631-635 Guaranteed war production loans 63 5 Deposits and reserves of member banks. . 636 Money in circulation 637 Gold stock; Postal Savings System; bank suspensions; bank debits... 638 All banks in the United States, number, deposits, loans and investments 639 Condition of all member banks 640-641 Weekly reporting member banks 64Z-645 Commercial paper, bankers' acceptances, and brokers' balances... 646 s Money rates and bond yields 647 Security markets 648-649 Corporate profits 650 Treasury finance 651-653 Government corporations and credit agencies 654 Business indexes 65 5-663 Department store statistics 664-665 Consumer credit statistics 666-66j Wholesale prices 66S Employment in nonagricultural establishments.. . 669 Current statistics for Federal Reserve chart book 670-671 Member bank earnings, 1942. 672.-680 Statistics for all banks in the United States. 681-685 Changes in number of banking offices in the United States 686 Banks and branches—Number in operation on Dec. 31, 1941 and 687-688 Group banks—Number and deposits and number of branches and additional offices, Dec. 31, 1942.. 689 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. JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 TREASURY CASH AND DEPOSITS 16 16 12 12 1937 1938 1939 1940 1941 1942 1943 Latest figures for June 23. See p. 629. 6z8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c B o d e i u i l s d 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 e d t y l s i r s e - n s me o n A th t l e l r ot A h l e l r1 Total s G to o c ld k T s r t r c e u o i a e u n n r u n a y g r c t d - s y - - - M i c n t u o io l c n a n i e - r y - T c i h r u n a o e g r s l a y h s d s - - u F T B p r e w s y o r d a R e e i s e n r e t d a i v h r k - t e s a e s s - - l b p m N e o r o e s m n i d t - e s - - c O s F o e e a R t e u r r h c v e 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—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 May 7 2,457 161 2,297 150 2,614 22,706 3,296 11,898 2,191 317 1,407 294 12,510 2,667 1943—Mar 10 6,105 2,871 3,234 372 6,487 22,618 3,975 16,148 2,217 8 1,164 287 13,255 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 12,717 1,949 May 18 6,276 3,299 2,977 387 6,681 22,451 4,041 16,815 2,252 433 1,336 312 12,024 1,730 End of month figures: 1942—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 •••• — 2,265 105 2,468 22,691 3,289 11,767 2,182 201 1,345 295 12,658 2,791 May 30 7 2,489 183 2,306 138 2,634 22,714 3,305 12,074 2,192 261 1,429 293 12,405 2,486 1943—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 May 31 31 6,222 3,541 2,681 394 6,647 22,426 4,069 17,114 2,257 62 1,366 313 12,031 1,728 Wednesday figures: 1942—Aug. 5 5 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 1,333 295 12,602 2,246 Aug. 12 5 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 1,331 296 12,709 2,381 Aug. 19 4 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 1,344 294 12,653 2,103 Aug. 26 5 3,389 1,011 2,378 131 3,525 22,747 3,337 13,057 2,219 176 1,338 293 12,526 2,342 Sept. 2 9 3,388 996 2,392 144 3,542 22,756 3,341 13,250 2,216 146 1,318 291 12,418 2,262 Sept. 9 13 3,502 1,100 2,403 188 3,703 22,745 3,343 13,389 2,205 214 1,290 290 12,402 2,348 Sept. 16 10 3,573 1,212 2,361 274 3,857 22,747 3,346 13,440 2,206 6 1,239 299 12,760 3,039 Sept. 23 9 3,395 1,025 2,370 178 3,581 22,750 3,349 13,519 2,200 485 1,292 298 11,886 2,034 Sept. 30 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Oct. 7 8 3,592 1,104 2,488 184 3,784 22,756 3,356 13,830 2,235 393 1,342 295 11,801 2,291 Oct. 14 11 3,809 1,101 2,708 222 4,042 22,758 3,359 13,932 2,228 123 1,283 291 12,303 2,713 Oct. 21 7 4,225 1,111 3,114 261 4,494 22,745 3,363 13,995 2,238 521 1,254 290 12,304 2,352 Oct. 28 9 4,441 1,137 3,304 127 4,578 22,739 3,366 14,082 2,249 372 1,448 286 12,246 2,158 Nov. 4 11 4,551 1,064 3,486 119 4,680 22,739 3,369 14,312 2,260 361 1,363 283 12,211 2,118 Nov. 11 10 4,658 1,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18 8 4,695 1,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25 10 4,843 1,117 3,725 229 5,083 22,742 3,377 14,648 2,239 68 1,233 267 12,746 2,518 Dec. 2 9 5,140 1,217 3,923 311 5,460 22,743 3,381 14,848 2,243 94 1,300 259 12,840 2,504 Dec. 9 9 5,546 1,495 4,051 258 5,813 22,743 3,383 14,986 2,192 60 1,183 252 13, 267 2,804 Dec. 16 9 5,537 1,460 4,077 508 6,055 22,744 3,440 15,092 2,184 13 1,163 269 13,517 2,637 Dec. 23 10 5,627 1,515 4,112 655 6,292 22,735 3,569 15,329 2,182 497 1,191 268 13,129 2,192 Dec. 30 5 5,989 1,856 4,133 435 6,428 22,726 3,628 15,407 2,194 811 1,315 266 12,788 1,656 1943—Jan. 6 4 6,032 1,895 4,138 341 6,378 22,712 3,660 15,393 2,192 273 1,172 256 13,464 2,326 Jan. 13 7 5,975 1,841 4,134 292 6,274 22,712 3,697 15,322 2,190 329 1,308 255 13, 279 2,149 Jan. 20 10 5,818 1,701 4,117 367 6,195 22,703 3,747 15,354 2,196 374 1,311 255 13, 156 1,998 Jan. 27 10 5,729 1,690 4,039 252 5,992 22,692 3,793 15,438 2,199 122 1,181 258 13,278 2,094 Feb. 3 9 5,475 1,588 3,887 283 5,766 22,663 3,846 15,666 2,200 49 1,156 262 12,942 1,700 Feb. 10 13 5,719 1,939 3,780 250 5,983 22,642 3,885 15,798 2,209 280 1,213 264 12,747 1,640 Feb. 17 9 5,795 2,083 3,712 410 6,214 22,642 3,915 15,845 2,221 188 1,158 268 13,093 1,992 Feb. 24 11 5,931 2,275 3,656 281 6,223 22,643 3,925 15,952 2,223 258 1,171 270 12,917 1,788 Mar. 3 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16,205 2,218 5 1,179 276 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 May 26... . 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 June 2 21 6,217 3,539 2,677 297 6.535 22,427 4,075 17,196 2,272 6 1,192 315 12,057 1.634 June 9 13 * 6,636 3,995 2,641 349 6,998 22,407 4,078 17,237 2,277 175 1,312 316 12,165 1.514 June 16 11 6,626 4,218 2,408 451 7,083 22,407, 4,080 17,189 2,278 6 1,258 332 12,511 1,632 June 23 19 6,748 4,393 2,355 427 7,194 22,387 4,079 17,154 2,268 294 1,386 335 12,223 1,299 J 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. JULY 1943 62.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o e n b g y l i e o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 2 Oct. 27, 1942 New York.... Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 2Y2 Oct. 30, 1942 Philadelphia. . . Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 I 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 ! 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 2Y2 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 ! 2 Oct. 15, 1942 Chicago i Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis 1 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 Dallas. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco.. Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 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 of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations 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 Maturity J R u a n t e e 3 o 0 n In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect June 30. Per cent per annum] Treasury bills1 % Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions Ba 1 n - k e 9 r 0 s ' d a a c y c s eptances :2 lA Oct. 20, 1933 1 businesses 91-120 days % do 1 121-180 days do Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M re in a i s m ur u y m b b il u ls y i o n f g f e r r a e t d e . s on prime bankers' acceptances. adva O n n ces co m m O e m n n t i s t- fo p r o O w rt n h io ic n h On re- m O it n m c e o n m ts - MEMBER BANK RESERVE REQUIREMENTS in ti s o t n it u is - m po ai r n ti i o n n g [Per cent of deposits] obligated Net demand deposits1 Time Boston 2H-5 (3) Y2-I deposits New York 2H-5 VA (all Philadelphia.. 2H-5 C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e n m k b s e ) r R A C i l t c e la h v n m el t a a o n n d d 2 2 2H ^ ^ - - - 5 5 5 8 (3) Chicago 2^-5 June 21, 1917-Aug. 15, 1936 13 10 k 3 St. Louis 2H-5 Aug. 16, 1936-Feb. 28, 1937 19^ 15 Mar. 1, 1937-Apr. 30, 1937 22% 17^ Minneapolis... M N A A S E e f u o p a f p g r v y e t . . c . . t 2 1 i 1 v 0 1 4 1 6 e , , , , , 1 1 1 1 1 O 9 9 9 9 9 c 4 4 4 3 3 t 2 2 1 8 7 . - - - - - S O 3 A A O , e c u p c p 1 t g t r . t . 9 . . . 4 3 1 1 1 2 2 3 9 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 3 2 2 1 2 8 2 2 2 2 2 2 2 6 0 4 2 6 3^ 2 2 2 2 2 1 0 7 0 0 0 0 J4 1 1 1 1 1 1 4 4 4 2 4 4 6 5 6 6 6 6 K D Sa a a 2 1 n l n l R I s a F n a s a c r s t a l e u n C d c c i h i i t n s a y c g r . o g . l . e o d a n b s o m rro a w de e 2 2 r i H H n l e - - p 5 5 s a s r c ti o c m ip m at i i t o m n e n w t it r h a t f e in . ancing institutions. 1 Gross demand deposits minus demand balances with domestic banks 4 3 M Ra a t y e c c h h a a r r g g e e d s a b m or e r o r w at e e r . as charged borrower by financing institution, if (except private banks and American branches of foreign banks) and cash lower. items in process of collection. 6 Financing institution is charged }/i per cent on undisbursed portion of loan under commitment. MARGIN REQUIREMENTS* [ Per cent of market value ] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a r n n d g a o e c c f o A G r c d o t a v n e o c r f e n o 1 w r 9 s 3 i t 4 o h f t S h e e c F ur e i d ti e e r s al O A 1 c 1 p 9 t 9 r . 3 3 . 6 3 7 1 - 1 , , E N f o f 1 e 9 v c 3 . t 7 i 1 v , e the Board of Gove [ r P n N e o r o r s v c . e u n 1 n t , d 1 p 9 e e r 3 r 3 p - a r o n v n i u F s m i e o b ] n . s 1 o , f 1 9 R 3 e 5 g - ulatio E n f f Q ective Jan.31,1935 Dec. 31,1935 Jan.1,1936 For extensions of credit by brokers and dealers on F F o o l r r i s l s t o e h d a o n r s s t e b s c a y u l r e b i s t a , i e n u s k n , s d u e o n r n d e R s r t e o g R c u e k l g s a , u t i l u o a n n ti d o T e n r T Regulation U..., • 5 8 5 4 4 5 0 0 0 O P S o a th v s e t in a r l g d s s e a d p v e o i p n s o i g t s s s i t d s p e a p y o ab si le ts : ... V/2 2 2 H Y2 In 6 months or more.... 2H 1 Regulations T and U limit the amount of credit that may be extended on In 90 days to 6 months. 2 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 2 Requirement under Regulation T was the margin "customarily re- same as those in effect for member banks. Under Regulation Q the rate quired" by the broker. 3 Regulation U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. 63O 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 June 23 June 16 June 9 June 2 May 26 May 19 May 12 May 5 May 31 Apr. 30 May 31 Assets Gold certificates on hand and due from U. S. Treasury 20,171,71520,189,05420,191,816 20,212,81720,205,41720,234,915 20,234,91220,255,91520,209,41520,257,91520,506,128 Redemption fund—F. R. notes.. 54,760 53,251 51,308 51,556 52,835 44,846 46,950 47,187 51,557 45,298 15,539 Other cash 383,774 366,689 349,591 343, i 370,297 365,092 354,831 352,111 353,078 353,263 277,477 Total reserves. 20,610,249 20,608,994 10,592,715 10,607,461 20,644,85320,636,69320,655,21320,614,050 20,656,47620,799,144 Bills discounted: For member banks j 18,938 12,873 21,178 21,383 10,083 25,170 15,043 30,718 13,163 6,565 Fornonmember banks, etc. 500 Total bills discounted.... [ 18,938 10,798 12,873 21,178 21,383 10,083 25,170 15,043 30,718 13,163 7,065 Industrial advances I 12,690 12,947 13,316 12,999 13,051 13,047 13,333 13,773 13,010 12,668 10,798 U.S. Government securities: Direct: Bonds 1,493,132 1,530,332 1,680,432 1,706,632 1,738,382 1,790,451 1,831,051 1,907,351 1,708,132 2,016,551 1,606,332 Notes 808,400 824,100 907,200 917,200 925,300 933,800 946,600 954,700 918,800 956,700 692,500 Certificates: Special series 659,000 Other 1,098,200 1,099,200 1,099,200 1,099,200 1,099,200 1,099,200 1,099,200 1,066,150 1,099,200 997,375 26,650 Bills: Under repurchase option 2,213,012 1,500,010 1,836,104 1,433,722 1,452,732 1,199,029 1,232,596 1,436,326 1,530,645 1,377,028 Other 1,081,767 960,048 1,059,263 1,006,213 911,353 961,592 1,009,389 1,114,214 911,353] 1,052,573 156,409 Guaranteed 53,616 53,616 53,616 53,616 53,616 53,616 53,616 52,116! 53,616 54,491 6,775 Total U.S. Government securities, direct andj guaranteed j 6,748,127 6,626,306 6,635,815 6,216,583 6,180,583 6,037,688 6,172,452 6,530,857 6,221,746 6,454,718 2,488,666 Other Reserve Bank credit out-j standing ' 413,951 439,083 336,036 283,907 277,751 373,474 314,711 290,308 381,217 365,317 127,438 Total Reserve Bank credit outstanding... 7,193,706 7,089,134 6,998,040 6,534,667 6,492,768 6,434,292 6,849,981 6,646,691 6,845,866 2,633,967 Liabilities F.R. notes in actual circulation. 13,634,794 3,656,31413,679,66913,622,83313,355,96813,254,742 13,158,37513,539,46513,127,755 9,071,307 Deposits: Member bank—reserve account 12,223,242 2,511,446 12,165,03712,056,52511,838,42511,882,03311,805,32911,909,22312,031,166 12,204,316 12,404,790 U. S. Treasurer—general account 293,726 5,997 175,329 6,120 344,899 379,051 630,214 721,867 61,523 556,867 260,981 Foreign 1,081,567 1,030,807 1,015,177 967,582 958,816 929,59: 902,319 994,295 961,761 899,756 944,944 Other deposits 304,590 226,880 296,684 224,429 363,933 377,860 369;700 473,490 404,132 469,704 483,610 Total deposits 13,903,12513,775,13013,652,22' 13,254,65613,506,07313,568,53913,707,56214,098,87513,458,582 14,130,64314,094,325 Ratio of total reserves to deposit and F.R. note liabilitiescombined (per cent) 76.8 77.0 75.8 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 91 lO da 0 ys 6 m t o o nths ly t e o ar 2 y t e o ars 5 O y v e e a r rs months 1 year 2 years 5 years Bills discounted: May 26 21,383 19,293 1,775 40 275 June 2 ... 21,178 14,390 1,050 163 5,575 June 9 12,873 5,785 4,423 315 2,350 June 16 ... 10,798 6,510 3,663 325 300 June 23.. 18,938 17,923 190 325 500 Industrial advances: May 26 13,051 10,356 33 218 629 377 634 650 154 June 2 12,999 10,221 41 175 473 694 619 625 151 June 9 13,316 10,588 61 596 365 350 603 617 136 June 16 12,947 10,261 451 153 364 317 654 611 136 June 23 12,690 10,315 31 582 426 231 584 386 135 LJ. S. Government securities, direct and guaranteed: May 26 6,180,583 174,476 617,108 1,016,632 904,847 526,122 567,200 335,000 886,221 1,152,977 June 2 6,216,583 525,382 539,684 1,064,746 646,273 689,050 417,100 332,000 887,871 1,114,477 June 9 6,635,815 674,469 676,302 1,144,735 754,371 670,690 417,100 329,600 883,271 1,085,277 June 16 6,626,306 1,080,702 618,253 920,710 727,643 858,350 434,800 248,600 792,171 945,077 June 23 6,748,127 630,581 465,573 1,268,7071,094,659 921,859 433,100 240,600 785,171 907,877 JULY 1943 631 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: May 26 20,205,417 ,205,3335,564,694 1,264,398 1,866,579 1,079,679 910,382 3,661,845 599,i ,691 764,274595,216 2,228,653 June 2 20,212,8171,225,066 5,454,230 1,242,033 1,864,619 1,086,137 948,4343,738,463 621,167 470,891 763,409 610,2682,188,100 June 9 20,191,8161,221,847 5,268,316 1,249,973 1,908,587 1,091,724 951,5493,761,897 619,888 479,102 777,' 014 611^3'0"8 2,250,611 June 16 20,189,0541,188,202 5,421,113 1,262,495 1,903,100 1,056,700 921,720 3,744,986 591,844 453,360 763,969 594,0352,287,530 June 23 20,171,7151,238,326 5,521,723 1,234,174 1,891,128 1,050,840 918,9873,639,670 578,312 451,505 755,678576,448 2,314,924 Redemption Fund— Federal Reserve notes: May 26 52,835 2,882 1,378 6,197 710 8,336 3,683 856 20,711 271 502 550 6,759 June 2 51,556 2,829 1,166 6,087 642 7,720 3,626 783 20,687 266 488 537 6,725 June 9 51,308 2,773 1,958 5,981 569 7,142 3,569 705 20,668 259 472 518 6,694 June 16 53,251 5,726 1,771 5,888 514 6,644 3,522 645 20,649 250 459 505 6,678 June 23 54,760 5,666 1,44, 5,777 433 8,013 4,452 560 20,625 243 443 6,618 370,29: 32,043 85,638 22,839 33,099 33,816 18,110 40,171 13,518 8,145 19,596 10,763 52,559 343,088 29,747 80,752 21,869 31,211 29,830 14,537 38,85, 12,249 8,002 18,532 9,358 48,148 349,591 30,099 81,835 23,832 27,642 31,384 15,704 42,209 12,327 7,753 18,409 9,514 48,883 366,689 34,175 86,743 25,355 28,910 30,944 15,039 44,967 13,321: 7,803 18,608 10,621 50,203 383,774 37,919 88,277 26,439 27,644 33,490 19,338 47,798 13,621 9,618 19,557 11,476 48,597 Total reserves: May 26 20,628,5491,240,258 5,.651,7101,293,4341,900,388 1,121,831 932,1753,702,872 633,902 473,'107 784,372 606,529 2,287,971 June 2 20,607,4611,257,64:5,536,148 1,269,9891,896,472 1,123, 966,59'3,778,099 654,103 479,,159 782,429 620,163 2,242,973 June 9 20,592,71 1,254,7195,352,109 1,279,7861,936,798 1,130,250 970,82:3,804,811 652,88. 487,114 795,895621,340!2,306,188 June 16 20,608,9941,228,1035,509,62' 1,293,7381,932,524 1,094,288 940,2813,790,598 625,814 461,413 783, ,16112,344,411 June 23 20,610,2491,281,9115,611,4431,266,3901,919,205 1,092,343 942,77 3,688,028 612,558 461,366 775,678588,41112,370,139 Bills discounted: Secured by U. S. Govern ment obligations, direct and guaranteed: May 26 21,383 1,165 10,418 4,580 500 500 3,550 200 50 225 30 June 2 21,178 1,215 5,458 4,535 200 9,300 50 225 30 June 9 12,873 1,135 6,298 1,800 2,600 50 825 ... June 16 10,798 2,135 6,698 300 100 50 1,450]... June 23 18,938 1,180 8,543 245 7,100 1,050 280i... Other bills discounted: May 26 June 2 June 9 June 16 June 23 Total bills discounted: May 26 21,383 1,165 10,418 4,580 500 500 3,550 200 50 225 30 June 2 21,178 1,215 5,458 4,535 200 9,300 50 225 30 June 9 12,873 1,135 6,298 1,800 2,600 50 825 June 16 10,798 2,135 6,698 300 100 50 1,450 June 23 18,938 1,180 8,543 245 325 7,100 1,050 280 Industrial advances: May 26 13,051 1,735 605 4,789 960 488 270 4,025 June 2 12,999 1,732 605 4,796 978 431 257 4,021 June 9 13,316 1,726 590 5,17 946 421 261 4,021 June 16 12,947 1,701 590 4,824 980 421 249 4,021 June 23 12,690 1,695 590 4,674 420 237 4,021 U. S. Government securities, direct and guaranteed: Bonds: May 26 ,768,998 128,955 437,792 133,421 169,550 111,038 90,751 232,303 84,240 52,787 84,535 70,558 173,068 June 2 ,737,248 126,647 430,674 131,148 166,557 108,891 88,952 227,814 82,700 51,846 83,020 69,268 169,731 June 9 ,711,048 124,739 424,400 129,206 164,060 107,204 87,559 224,283 81,446 51,066 81,768 68,216| 167,101 June 16 560,948 113,757 382,929 117,174 149,375 98,680 80,852 206,443 74,459 46,552 74,587 62,372 153,768 June 23 523,748 111,055 374,697 114,528 145, 96,142 78,720 201,136 72,651 45,449 72,811 60,857 149,824 Notes: May 26 948,300 69,128 234,68. 71,521 90,889 59,523 48.648 124,532 45,158 28,299 45,317 37,824! 92,776 June 2 940,200 68,541 233,084 70,976 90,142 58.934 48,141 123,292 44,758 28,061 44,930 37,485| 91,856 June 9 930,200 67,814 230,723 70,241 89,192 58,280 47,602 121,930 44,275 27,763 44,454 37,082 90,844 June 16.... 847,100 61,743 208,601 63,717 81,117 53,387 43,694 111,692 40,378 25,269 40,478 33,824| 83,200 June 23.... 831,400 60,595 204,445 62,490 79,595 52,458 42,952 109,746 39,640 24,798 39,728 33,205 81,748 Certificates: May 26 1,099,200 80,128 272,030 82,904 105,353 68,996 56,390 144,346 52,344 32,800 52,527 43,843 107,539 June 2 1,099,200 80,133 272,498 82,981 105,385 56,282 144,144 52,326 32,804 52,529 43,827 107,393 June 9 1,099,200 80,134 272,640 83,004 105,395 56,249 144,082 52,322 32,806 52,528 43,823 107,348 June 16.. .. 1,758,200 128,125 430,524 131,851 168,196 111,316 91,252 232,874 83,898 52,428 84,010 70,280 173,446 June 23.... 1,098,200 80,039 270,052 82,542 105,135 69,295 56,736 144,964 52,362 32,758 52,475 43,860 107,982 Bills: Under repurchase option: May 26 1,452,732 26,995 879,915 29,580 6,000 9,555 3,400 227,201 187,591 3,750 11,345 540 66,860 June 2 1,433,722 22,359 873,958 47,860 4,325 19,567 6,100 183,303 124,680 685 28,125 3,970 118,790 June 9 1,836,104 26,885 ,224,018 57,660 4,800 22,758 7,570 209,118 162,645 2,435 21,525 3,180 93,510 June 16 1,500,010 30,660 960,263 50,230 4,196 30,351 9,470 181,458 145,077 4,525 12,630 7,850 63,300 June 23 2,213,012 18,445 ,374,918 98,580 13,271 37,581 19,500 321,623 195,289 21,300 25,715 14,680 72,110 6 x 3 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] 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 o t u . is M ap in o n li e s - K C s a i a n t s - y Dallas F c S r is a a c n n o - Other bills: May 26 911,353 66,435 225,542 68,736 87,348 57,205 46,753 119,678 43,399 27,195 43,551 36,350 89,161 June 2 1,006,213 73,354 249,446 75,961 96,470 63,069 51,521 131,950 47,900 30,029 48,085 40,120 98,308 June 9 1,059,263 77,222 262,734 79,988 101,565 66,367 54,206 138,847 50,421 31,614 50,620 42,231 103,448 June 16 960,048 69,965 235,517 72,067 91,872 60,692 49,728 126,971 45,795 28,632 45,874 38,362 94,573 June 23 1,081,767 78, 266,012 81,308 103,564 68,255 55, r 142,794 51,578 32,266 51,691 43,205 106,366 U. S. Government securi ties, direct and guaran teed—Total: May 26 6,180,583 371,6412,049,964 386,162 459,140 306,317 245,942 848,060 412,732144,831 237,275189,115 529,404 June 2 6,216,583 371,034 2,059,660 408,926 462,879 319,359 250,996 810,503 352,364143,425 256,689 194,670 586,078 June 9 6,635,815 376,7942,414,515 420,099 465,012 323,478 253,186 838,260 391, ,684 250,895194,532 562,251 June 16 6,626,306 404,2502,217,834 435,039 494,756 354,426 274,996 859,438 389,607157,406 257,579 ,688 568,287 June 23 6,748,127 348,9762,490,124 439,448 447,443 323,731 253,794 920,263 411,5"2-0 156,571 242,420195,807 518,030 Total bills and securities: May 26 6,215,017 374,5412,060,987 395,531 460,140 306,930 246,712 848,629 416,282145,080 237,367189,359 533,459 June 2 6,250,760 373,9812,065,723 418,257 463,89' 319,915 251,453 810,572 361,664143,474 256,781194,914 590,129 June 9 6,662,004 379,6552,421,403 427,076 465,998 324,024 253,447 838,325 393,709145,732 250,987195,376 566,272 June 16 6,650,051 408,0862,225,122 440,163 495,776 354,872 275,245 859,503 389,707157,454 257,659214,156 572,308 June 23 6,779,755 351,8512,499,257 444,36' 448,375 324,326 254,356 920,328 418,620156,619 243,500196,105 522,051 Due from foreign banks: May 26 137 1108 4 June 2 13' U08 4 June 9 13' 156 11 June 16 13' 156 11 June 23 13' 156 11 Federal Reserve notes of other Banks: May 26 55,18C 1,242 8,580 1,957 2,236 4,815 6,434 5, 4,460 1,074 7,025 2,028 9,441 June 2 50,02 923 7,643 2,021 2,173 4,514 4,787 4,834 3,191 1,669 5,620 2,859 9.793 June 9 57,732 1,348 10,116 2,211 2,578 4,378 5,590 7,232 4,534 1,975 6,737 2,650 8,383 June 16 66,95: 1,620 12,01 2,360 3,671 5,951 5,816 8,714 5,331 2,593 6,137 3,109 9,631 June 23 68,39. 1,679 8,515 2,712 4,006 6,793 7,171 9,227 5,195 2,993 6,317 2,832 10,955 Uncollected items: May 26 1,423,87C 120,855 312,60' 79,163 166,093 95,957 81,041 195,674 68,363 31,047 79,693 52,238 141,139 June 2 1,535,68? 125,426 341,686 86,536 166,26' 105,153 73,182 279,407 64, 30,588 81,389 55,687 125,685 June 9 l,432,40i 123,674 311,906 73,553 133,599 94,087 85,982 201,845 66,678 34,610 88,937 61,103 156,431 June 16 2,018,50' 165,145 465,153 131,11 230,414 146,031 111,350 290,999 85,016 41,099 99,200 68,378 184,607 June 23 1,697,69' 130,927 381,480 92,726 177,17 138,87. 99,540 239,216 70,905 34,460 88,238 64,255 179,898 Bank premises: May 26 38,87 2,703 9,750 4,696 4,279 3,017 1,678 2,896 2,094 1,300 2,778 1,026 2,660 June 2 38,825 2,698 9,732 4,695 4,279 3,017 1,678 2,890 2,091 1,297 2,773 1,018 2,660 June 9 38,822 2,698 9,732 4,695 4,279 3,017 1,678 2,890 2,091 1,297 2,773 1,018 2,660 June 16 38,01 2,698 9,73 4,696 4,279 3,204 678 2,890 2,091 1,297 2,773 1,018 2,660 June 23 38,995 2,698 9,732 4,696 4,270 3,197 1,677 2,890 2,091 1,297 2,773 1,018 2,660 Other assets: May 26 72,59 4,729 17,442 5,504 8,370 4,581 3,556 9,384 3,375 2,399 3,406 3,071 6,774 June 2 72,807 4,877 17,369 5,015 8,470 4,530 3,624 9,510 3,457 2,421 3,529 3,111 6,894 June 9 76,090 4,771 17,543 8,074 8,480 4,701 3,750 9,494 3,473 2,418 3,412 3,098 6,876 June 16 58,613 3,791 13,944 3, 6,794 3,653 2,987 7,910 2,711 2,015 2,748 2,433 5,764 June 23 58,17 3,875 13,785 3,918 6,604 3,693 2,957 7,679 2,755 1,963 2,694 2,470 5,783 Total assets: May 26 28,434,2211,744,3318,061,1841,780,2902,541,510 ,537,133 1,271,598 4,765,349 1,128,477 654,0071,114,642 854,252 2,981,448 June 2 28,555,7091,765,550 ,978,4091,786,5182,541,562 ,560,8181,301, ,885,318 1,089,190 658,608 1,132,522 877 2,978,138 June 9 28,859,9111,766,868 8,122,8651,795,4082,551,745 ,560,4631,321,2744,864,614 1,123,371673,148 1,148,745 884 3,046,821 June 16.. .. 29,441,2701,809,4468,235,6531.875,9482,673,471 ,608, 005 1,336,362 4,960,631 1,110, 5,8731,151,55' ,119,392 June 23.... 29,253,40* 1,772,944 8,524,2681,814,8222,559,650 ,569,2331,308,483 4,867,385 1,112, 8,7001,119,204 855 095 3,091,497 Liabilities Federal Reserve notes in actual circulation: May 26 13,355,968 963,8672,944,654 944,9231,224,316 857,228 663,. ,640,789 561,228333,975 473,273293,9081,454,458 June 2 13,622,833 980,6002,999,751 960,8291,234,641 876,896 696, ( ,671,785 575,064336,745 485,206 311,923 1,492,719 June 9 13,679,669 985,8333,011,461 962,2551,242,332 882,322 1,966 2,684,407 574, ,465 486, ,187 1,501,015 June 16 13,656,31 983,8693,016,904 963,9641,242,120 879,144 696,1 ,675,688 573,522338,853 484.732309,5551,491,864 June 23 13,634,794 980,3553,011,771 962,1211,241,806 878,963 691, ,673,191 572, 484,318 307,675 1,492,451 Deposits: Member bank—reserve account: May 26 11,838,425 613, ,931,123 628,05' 1,030,062 505,779 475,7091,768,822 432, ,606 526, 407 463,638 1,223,720 Tune 2 12,056,525 621,2814,007,382 630,6881,046,004 522,703 500,1931,813,029 405,596 254,179 533, 977 475,9751,245,518 June 9 12,165,03 622,2004,052,511 630,4191,053,402 520,092 492,3401,819,973 427,576 245847 543, ,839 1,281,372 June 16 12,511,446 641,1454,146,374 659,6041,111,761 539,483 499,199 1 ,757 409,646 256,775 547, 392 486,1671,330,143 June 23 12,223,242 636,5774,092,789 638,8341,044,265 510,921 483,7201,842,368 420,334250,853 527, 55,2191,320,040 U. S. Treasurer—general account: May 26 344, 6,112 95,606 12,929 32,740 21,717 19,525 35,611 28,730 17,876 11,558 14,930 47,565 June 2 6,120 187 1,28' 216 278 127 229 646 165 1,243 1,017 206 519 June 9 175,329 4,290 32,324 4, 14,567 6,101 16,857 34,592 8,638 22,847 6,897 13,674 9,655 June 16 5,997 16 543 236 567 566 596 687 585 544 531 593 533 June 23 293,726 1,286 286,728 455 508 520 564 359 585 507 568 535 1,111 * Less than $500. 1 After deducting $29,000 participations of other Federal Reserve Banks on May 26 and June 2, and $81,000 on June 9, June 16, and June 23. JULY 1943 633 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 Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M 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: May 26 958,816 29,274 1451,773 79,165 76,665 35,833 29,166 101,665 24,999 18,333 23,333 24,999 63,611 June 2 967,582 26,197 1459,141 79,920 77,396 36,174 29,444 102,634 25,238 18,508 23,555 25,238 64,137 June 9 1,015,177 26,502 1463,088 87,089 84,339 39,419 32,086 111,841 27,502 20,168 25,668 27,502 69,973 June 16 1,030,807 26,257 1478,948 87,099 84,348 39,424 32,089 111,853 27,505 20,170 25,671 27,505 69,938 June 23 1,081,567 26,246 1515,815 89,401 86,578 40,466 32,937 114,809 28,232 20,703 26,350 28,232 71,798 Other deposits: May 26 363,933 4,871 258,195 8,161 10,244 9,797 4,088 2,916 12,731 10,064 3,763 2,332 36,771 June 2 224,429 4,887 115,349 8,659 13,190 10,791 2,557 3,114 13,241 10,428 2,650 2,775 36,788 June 9 296,684 4,822 201,840 5,387 9.860 8,914 1,831 2,600 13,759 9,297 2,069 2,755 33,550 June 16 226,880 5,667 128,789 5,603 10,652 8,273 2,158 3,276 11,754 8,909 2,577 3,499 35,723 June 23 304,590 5,083 203,551 5,104 12,059 8,270 2,612 3,376 13,954 10,162 2,097 2,521 35,801 Total deposits: May 26 13,506,073 653,7654,736,697 728,3121,149,711 573,126 528,4881,909,014 499,454284,879 565,061505,8991,371,667 June 2 13,254,656 652,5524,583,159 719,4831,136,868 569,795 532,4231,919,423 444,240284,358 561,199504,1941,346,962 June 9 13,652,227 657,8144,749,763 727,7821,162,168 574,526 543,1141,969,006 477,475298,159 578,100519,7701,394,550 June 16. 13,775,130 673,0854,754,654 752,5421,207,328 587,746 534,0421,999,573 449,490286,398 576,171517,7641,436,337 June 23. 13,903,125 669,1925,098,883 733,7941,143,410 560,177 519,8331,960,912 463,105282,225 556,337486,5071,428,750 Deferred availability ! items: I May 26. 1,146,256 97,168 235,459 68,199 127,817 87,729 64,050 161,014 53,640 24,038 62,684 40,848 123,610 June 2.. 1,251,919 102,743 250,794 67,815 130,316 95,040 56,486 239,499 55,667 26,339 72,235 48,3621 106,623 June 9...... 1,096,506 93,531 216,180 63,767 107,287 84,296 63,377 156,288 56,592 25,296 70,394 40,273 119,225 June 16... 1,579,561 122,526 317,292 120,876 183,922 121,878 90,390 230,552 73,344 29,408 76,742 53,519 159,112 June 23 1,283,883 93,451 266,426 80,206 134,262 110,728 81,372 178,239 61,714 27,334 64,616 47,428 138,107 Other liabilities, including accrued dividends: May 26 8,004 808 1,915 1,196 665 514 275 904 291 161 311 537: 427 June 2 7,176 873 1,944 594 604 481 256 866 277 170 481 180! 450 June 9 10,788 795 2,191 3,692 687 627 280 984 320 204 295 207 506 June 16 7,827 1,022 2,280 605 690 506 265 799 303 187 451 228 491 June 23 8,451 951 2,469 677 718 596 312 955 332 235 417 278 511 Total liabilities: May 26..... 28,016,3011,715,6087,918,725 1,742,6302,502,509 1,518,5971,256,1624,711,7211,114,613643,0531,101,329841,1922,950,162 June 2 28,136,5841,736,7687,835,648 1,748,7212,502,429 1,542,2121,285,8394,831,5731,075,248647,6121,119,121864,6592,946,754 June 9 28,439,190 1,737,9737,979,595 1,757,4962,512,474 1,541,7711,305,7374,810,685 1,109,356662,1241,135,246871,4373,015,296 June 16 29,018,832 1,780,5028,091,1301,837,9872,634,060 1,589,2741,320,7964,906,612 1,096,659654,8461,138,096881,0663,087,804 June 23 28,830,2531,743,9498,379,5491,776,7982,520,196 1,550,4641,292,8804,813,297 1,098,051647,6741,105,688841,8883,059.819 Capital accounts Capital paid in: May 26 147,380 9,520 53,909 11,679 15,313 5,961 5,285 16,473 4,629 3,178 4,800 4,495 12,138 June 2 147,376 9,520 53,909 11,678 15,308 5,962 5,285 16,474 4,629 3,178 4,800 4,495 12,138 June 9 147,356 9,520 53,910 11,661 15,310 5,962 5,274 16,474 4,624 3,180 4,807 4,495 12,139 June 16 148,457 9,523 54,891 11,661 15,400 5,965 5,278 16,482 4,625 3,180 4,807 4,511 12.134 June 23 148,525 9,530 54,893 11,661 15,401 5,968 5,290 16,491 4,625 3,180 4,810 4,511 12,165 Surplus (section 7): May 26 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 June 2.. 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 June 9 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 June 16 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 June 23.. 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): May 26 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 June 2 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 June 9 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 June 16 .. 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 June 23. ... 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: May 26 83,300 5,169 23,479 5,918 7,914 4,095 3,709 12,801 3,739 3,555 3,763 3,175 5,983 Tune 2. 84,509 5,228 23,781 6,056 8,051 4,164 3,757 12,917 3,817 3,597 3,851 3,209 6,081 June 9 . 86,125 5,341 24,289 6,188 8,187 4,250 3,821 13,101 3,895 3,623 3,942 3,267 6,221 June 16. 86,741 5,387 24,561 6,237 8,237 4,286 3,846 13,183 3,893 3,626 3,904 3,292 6,289 June 23. 87,390 5,431 24,755 6,300 8,279 4,321 3,871 13,243 3,955 3,625 3,956 3,306 6,348 Total liabilities and capital accounts: May 26 28,434,2211,744,3318,061,1841,780,2902,541,510 1,537,1331,271,5984,765,349 1,128,477654,0071.114,642854.2522,981,448 June 2. 28,555,709 1,765,5507,978,409 1,786,5182,541,562 1,560,8181,301,3234,885,318|l,089,190 658,6081,132.522877,7532,978,138 June 9. 28,859,9111,766.8688,122,8651,795.4082,551,745 1.560,4631,321,2744,864,6141,123,371673,1481,148,745884,5893,046.821 Tune 16. 29,441,2701,809,4468,235,6531,875,9482,673,4711,608,0051,336,3624,960,6311,110,673665,8731,151.557894,2593,119,392 June 23 29,253,4081,772,9448,524,2681,814,8222,559,650 1,569,2331,308,4834,867,385 1,112,127658,7001,119,204855,0953,091,497 Commitments to make industrial advances: May 26.. 12,885 717 10 2,007 350 1.207 78 1.824 3,030 3.662 June 2. 12,876 717 10 1,971 350 1,247 78 1,819 3,023 . J 3.661 June 9.. 12,349 717 10 1,592 380 1,201 61 1,819 3,023 3,546 June 16. 12,512 717 10 1,957 310 1,220 61 1.819 3,000 3.418 June 23. 12,465 717 10 1,876 371 1,225 61 j. 1,819 3,000'.' I 3J386 1 After deducting $501,963,000 participations of other Federal Reserve Banks on May 26; $506,457,000 on June 2; $550,031,000 on June 9; $550, 281,000 on June 16; and $564,167,000 on June 23. 634 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 L S ou t. i s I M ap i o n l n is e- Ka C n i s ty as Dallas F S r a a n ncisco Federal Reserve notes: Issued to F.R. Bank by F. R. Agent: May 26 13,903,006 999,605 31,047,485 972,071 258,712 892,275 728,1842,684,488 595,401 340,462 492,699333,030 ,558,594 June 2 14,053,556 ,002,903 31,094,005 988,834 ,272,077 896,656 733,2332,711,965 603,709 343,540 500,377338,724 ,567,533 June 9 14,161,54: 1,018, ,118,136 992,752 ,275,497 904,892 737,7112,739,072603,111 344,438 503,836 339,914 ,584,127 June 16 14,258,3481,027,010 31,133,215 996,187 289,695 910,234 742,5082,762,134 6'"0 4,072 347,090 505,175 339,703 ,601,325 June 23 14,304,6611,025,188 31,138,297 998,965 ,289,763 911,575 761,0442,768,184 604,367 344,980 505,072 344,976 ,612,250 Held by Federal Reserve Bank: May 26 547,038 35,738 102,831 27,148 34,396 35,047 64,835 43,699 34,173 6,487 19,426 39,122 104.136 June 2 430,723 22,303 94,254 28,005 37,436 19,760 36,559 40,180 28,645 6,795 15,171 26,801 74,814 June 9 481,876 32,226 106,675 30,497 33,165 22,570 38,745 54,665 28,142 5,973 17,379 28,727 83,112 June 16 602,034 43,141 116,311 32,223 47,575 31,090 46,409 86,446 30,550 8,237 20,443 30,148 109,461 June 23 669,867 44,833 126,526 36,844 47,957 32,612 69,681 94,993 31,467 7,100 20,754 37,301 119,799 In actual circulation:1 May 26 13,355,968 963,8672,944,654 944,9231,224,316 857,228 663,349 2,640,789 561,228 333,975 473,273 2931,908 1,454,458 June 2 13,622,833 980,6002,999,751 960,829 1,234,641 876,896 696,6742,671,785 575,064 336,745 485,206 311,923 1,492,719 June 9 13,679,669 985,•8•3•3 3,011,461 962,2551,242,332 882,322 ,684,407574,969 338,465 486,457311,1871,501,015 June 16 13,656,314 983, ,016,904 963,9641,242,120 879,144 696,099 2,675,688 573,522 338,853 484,732 309,,5551,491,864 June 23 13,634,794 980,3553,012,771 962,1211,241,806 878,963 691,363 2,673,191572,900 337,880 484,318 307,6751,492,451 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury May 26 13,423,000 966,0003,060,000 875!,,000 1,270,000 787,000 675,000 2,730,000 300,000 345,000 490,000 341,000 1,584,000 June 2 13,556,000 966,0003,105,000 900,000 1,280,000 787,000 685,000 2,760,000 300,000 345,000 500,000 3444,0001,584,000 June 9 13,652,000 979,000 3,145,000 900, ,280,000 797,000 685,000 2,760,000 300,000 345,000 510,000 3477,0001,604,000 June 16 13,740,000 937,0003,145,000 900, ,290,000 797,000 695,000 2,790,000 350,000 350.000 510000 3477,0001,629,000 June 23 13,800,000 937,0003,165,000 925,0001,290,000 807,000 695,000 2,790,000 350,000 350,000 510,000 3522,0001,629,000 Eligible paper: May 26 . 20,088 1,165 10,418 4,580 125 3,550 200 50 June 2 20,683 1,215 5,458 4,535 125 9,300 50 June 9 12,008 1,135 6,298 1,800 125 2,600 50 June 16 9,308 2,135 6,698 300 25 100 50 June 23 18,293 1,180 8,543 245 175 7,100! 1,050 U. S. securities: May 26 747,591 50,000 100,000 125,000 60,000 407,591 5,000 June 2 664,680 50,000 100,000 125,000 60,000 324,680 5,000 June 9 702,645 50,000 100,000 125,000 60,000 362.645 5,000 Tune 16 685,077 100,000 100,000 125,000 60,000 295,077 5,000 June 23. 750,289 100,000 100,000 125,000 75,000 345,289 5,000 Total collateral May 26 14,190,679 017,165 3,070,418 979,580 1,270,000 912,125 735,0002,730,000 711 345,200 495,050 341,0001,584,000 June 2 14,241,363 ,017,2153,110,458 1,004,5351,280,000 912,125 745,000 2,760,000 633 345,000 505,050 344,000 1,584,000 June o 14,366,653 030,1353,151,298 1,001,8001,280,000 922,125 745,000 2,760, 345,000 515,050 347,000 1,604,000 June 16 14,434,385 039,1353,151,698 1,000, ,290,000 922.025 755,000 2,790,000 645,177 350,000 515,050 347,000 1,629,000 June 23 14,568,582 038,180|3,173,543 1,025,2451,290,000 932,175 770, ,790,000 702,389 350,000 516,050 352,0001,629,000 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 BANKS UNDER REGULATION V Ap- Date (last Applications proved Ad- Commit- Partici- [Amounts in thousands of dollars] Wednesday or approved but not vances ments pations las p t e d ri a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s (a ta m o n u o d t u i - n n g t) 2 ( s a ta m o n o u d u t i - n ng t) ( s a t m a o n u o d t u - i n n t g ) Gua a r u a t n h t o e r e i d z e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a a d m i d l i a o t b i u o le n n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 9 9 3 3 5 6 2 1, , 9 2 9 8 3 0 1 1 2 3 4 9 , , 4 8 9 2 3 9 1 8 1 , , 2 5 2 48 6 3 2 2 5 , , 4 52 9 6 3 2 2 7 0 , , 6 9 4 5 9 9 8 7 , , 7 2 7 0 8 8 Number Amount Total g P u o a r r ti a o n n - ant m ee e n ag ts ree- 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 May 31 282 100,290 C1) 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 3,725,241 1,245,711 999,394 rl,865,618 Mar. 31 . 3,443 459,296 5,164 13,182 13,143 20,316 Apr. 30 3,773 4,058,731 rl,339,078 rl,073,972 r2,018,838 Apr. 30. 3,447 467,733 3,732 13,188 13,438 20,333 May 31. 4,002 4,554,278 1.415.777 1,150,040 2,077,018 May 31 3,448 473,399 3,045 13,378 12,950 20,166 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. JULY 1943 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, MAY 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b n a te n r k - w G m a o U r . v e S e l n o . r t n an - Other A d p d e o j m s d u . i e a s " ts 2 t n e ^ d d p N m o e s a t i n ts d d " e 5 - p T o d i s e m - it e s4 d b o a b m l f d a a r u o n e n e m s k c t s e i s c Held qu R i e r - ed Excess posits1 AH member banks 70,342 10,847 10,649 48,847 45,720 50,916 13,488 5,853 12,024 10,294 1,730 Central reserve city banks New York 21,857 3,749 4,501 13,607 16,391 771 63 3,373 3,324 49 Chicago 4,826 1,091 753 2,982 3,716 461 172 785 771 14 Reserve city banks—Total. 26,130 5,022 3,436 17,672 19,172 5,358 2,097 4,894 4,156 738 Boston district 2,009 331 396 1,282 1,482 93 55 326 302 24 New York district 424 29 65 330 315 151 22 77 72 5 Philadelphia district 2,247 357 356 1,534 1,693 130 98 399 346 52 Cleveland district 3,450 510 457 2,483 2,579 751 246 734 561 173 Richmond district 1,575 314 226 1,035 1,150 251 129 308 245 63 Atlanta district 1,664 517 220 927 1,170 193 179 289 246 43 Chicago district 3,237 431 416 2,390 2,311 873 346 610 515 96 St. Louis district 1,591 551 208 832 1,180 177 110 265 247 18 Minneapolis district 825 236 151 439 553 85 74 125 116 9 Kansas City district 2,111 794 173 1,145 1,492 167 317 364 308 56 Dallas district 1,581 432 181 968 1,059 139 267 286 220 66 San Francisco district.... 5,417 520 589 4,308 4,187 2,348 253 1,112 978 133 Country banks—Total 17,529 984 1,959 14,585 11,638 6,898 3,522 2,973 2,043 930 Boston district 1,845 81 250 1,514 1,325 624 207 290 223 67 New York district 2,854 73 463 2,319 1,989 1,621 313 517 376 141 Philadelphia district 1,294 12 150 1,132 910 880 201 254 180 74 Cleveland district 1,523 26 164 1,333 1,025 826 298 316 193 123 Richmond district 1,427 184 136 1,108 918 429 326 213 154 59 Atlanta district 1,426 178 156 1,092 893 292 351 203 143 61 Chicago district 2,214 68 241 1,905 1,463 1,001 472 393 265 128 St. Louis district 955 123 80 751 622 272 231 149 103 46 Minneapolis district 713 55 80 579 463 310 157 122 83 39 Kansas City district 1,067 62 71 934 642 161 348 173 100 74 Dallas district 1,266 101 1,068 755 96 393 190 111 San Francisco district. 944 22 852 632 386 225 153 112 :nt with member banks and, therefore, differ from figures for U. S. Gov- " uemana deposits suDject to reserve requirements; i.e., aemana aeposits otner tnan war loan deposits, minus cash items in process oi coll demand balances due from domestic banks. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Average of daily figures. In millions of dollars] SMALL CENTERS,1 MAY 1943 [Average of daily figures. In millions of dollars] Central reserve m A em ll - city banks se R r e v - e Coun- a I n n d p o l v a e c r e s p o o f p u 1 l 5 a , t 0 i 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r ba b n er ks b c a i n t k y s banks1 Federal Reserve district Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1942—April 12,649 5,028 1,140 4,293 2,188 bank2 bank2 May 12,510 4,870 1,049 4,325 2,265 1943—April 12,717 3,657 814 5,191 3,054 May 12,024 3,373 785 4,894 2,973 Total... 10,551 4,047 5,994 2,851 Week ending (Friday): 1943—April 30 12,229 3,393 811 5,018 3,006 Boston 1,537 493 226 131 May 7 12,098 3,329 779 4,862 3,128 New York 2,179 1,053 603 568 May 14 12,017 3,341 773 4,878 3,025 Philadelphia 779 412 503 468 May 21 12,044 3,413 790 4,904 2,937 Cleveland 924 445 573 381 May 28 11,932 3,387 789 4,892 2,864 June 4 12,046 3,421 793 4,905 2,925 Richmond 809 207 435 222 June 11 12,202 3,472 812 4,965 2,953 Atlanta 893 200 355 91 June 18 12,496 3,538 826 5,080 3,052 Chicago 1,337 601 809 399 Excess reserves: St. Louis 356 148 476 124 1942—April 2,951 795 262 1,175 718 May 2,667 546 178 1,171 772 Minneapolis 311 122 348 188 1943—April 1,949 51 29 886 983 Kansas City 292 52 713 108 May 1,730 49 14 738 930 Dallas..... 504 57 662 39 Week ending (Friday): San Francisco 631 255 292 131 1943—April 30 1,987 50 45 887 1,006 May 7 1,984 43 20 793 1,128 May 14 1,809 57 11 757 985 1 Includes any banks in outlying sections of reserve cities which have May 21 1,691 72 11 721 887 been given permission to carry the same reserves as country banks. All May 28 1,616 23 8 771 814 reserve cities have a population of more than 15,000. June 4 PI,517 27 13 653 P825 2 The series published through April 1943 included interbank deposits. June 11 pl,453 18 7 624 p803 The amount of such deposits for the current month at all country banks can June 18 pl,576 30 7 647 ^892 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in this^table include war loan deposits, shown separately for all country v Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks and of country banks as estimates. 636 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 cates o T n f r o e 1 t a 8 e 9 s s - 0 S s u i c a b l o v r s i y e i n d r i- M co in in or U S n n o ta i t t t e e e s d s R F n e e o s d e t e e r r v s a e l F R n B e e o d a s t e n e e r r k s a v l e n t b i N o o a t n a n e - k a s l 1942—April 11,767 60 64 1,707 209 309 8,769 19 141 May 12,074 60 65 1,745 496 211 316 9,02 2 19 140 June 12,383 59 66 1,754 504 213 317 9,310 19 139 July 12,739 59 67 1,764 510 215 315 9,650 19 138 August 13,200 59 69 1,786 521 218 321 10,068 18 138 September 13,703 59 71 1,754 537 222 324 10,580 18 137 October 14,210 59 73 1,704 551 225 326 11,118 18 136 November 14,805 58 74 1,731 565 227 327 11,667 18 136 December 15,410 58 76 1,751 575 228 317 12,082 188 135 1943—January 15,590 58 77 1,700 567 226 312 12,152 362 135 February 16,088 58 78 1,703 573 226 317 12,523 474 134 March 16,250 58 79 1,674 583 228 316 12,643 534 134 April 16,660 57 81 1,667 593 230 318 13,023 557 133 May 17,114 57 82 1,670 600 232 324 13,440 574 133 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 currency2 End of month in c u c la ir - - s U or n t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1942—April 11,767 8,560 757 680 43 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 3,004 2,924 3,235 801 1,566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 1,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1,517 3,379 3,310 3,409 868 1,663 266 575 8 29 4 September.... 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,122 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 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 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 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, MAY 31, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held by Federal 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 R an e k se s r a v n e d c M irc o u n l e a y t i i o n n1 and silver cash Banks and agents certificates agents Gold 22,426 20 318 22,108 Gold certificates v ... z20,318 17,446 2,815 57 Federal Reserve notes 13 975 49 487 13,440 Treasury currency—total 44,069 1^928* 99 354 3,616 Standard silver dollars .... 543 409 50 2 82 Silver bullion 1,519 1,519 Silver certificates and Treasury notes of 1890 z1,926 256 1,672 Subsidiary silver coin 654 41 13 600 Minor coin 243 5 6 232 United States notes 347 21 324 Federal Reserve Bank notes 630 (|) 55 574 National bank notes 134 1 133 Total—May 31, 1943... 340,471 322, 246 42,257 17,446 3,655 17,114 Apr 30 1943 340,131 s22,307 42,235 17,488 3,749 16,660 May 31, 1942 335,458 Z22,555 42,036 17,706 3,486 12,074 " .Less man ;&ouu,uuu. NOTE.—There is maintained in the Treasury—(i) as a reserve for United States not C rn . _j r A nr\r\ _ 1 _1 _ 11 J. * _J 1 1 -!1 ,J~11 , JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c 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 e r l o - s s s ' 1 - Total i C n po a d s s e i h - - U. S s . e G cu o r v it e i 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 1,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 —534.4 161.7 Dec. 1,201 1,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June 1,232 1,265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec 1,260 1,296 145 1,058 892 167 93 1942 22,726 -10.3 (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—May 22,714 23.6 -38.2 11.2 1938—June 1,252 1,290 115 1,103 .936 167 73 June 22,737 22.3 -14.8 10.5 Dec 1,252 1,291 86 1,132 965 166 73 A Ju u l g y ust 2 2 2 2 , , 7 7 5 4 6 4 1 7 1 . . 6 4 - - 2 2 1 4 . . 8 4 1 1 2 0. . 2 8 1939— D Ju e n c e 1 1 , , 2 2 6 7 2 9 1 1, , 3 3 1 0 9 4 6 5 8 3 1 1 , , 1 1 5 9 7 2 1 1 , , 0 0 1 4 1 6 1 1 4 4 6 6 7 7 8 4 September... 22,754 -1.3 -27.8 11.8 1940—June 1,293 1,337 43 1,224 1,078 146 69 October 22,740 -14.3 -56.4 12.0 Dec. 1,304 1,348 36 1,224 1,078 146 88 November... 22,743 3.3 -10.8 7.8 1941—June 1,304 1,356 30 1,251 1,104 146 75 December.... 22,726 -17.2 -31.0 6.2 Dec 1,314 1,396 26 1,274 1,128 146 95 1943—January 22,683 -43.3 -76.1 4.7 1942—May 1,307 1,504 24 1,272 1,126 146 208 February.... 22,644 -39.3 —63.4 4.1 June 1,316 1,525 24 1,272 1,146 126 229 March 22,576 -68.0 -59.0 4.5 July 1,329 1,554 21 1,271 1,146 126 262 April 22,473 —103.1 -101.0 4.9 Aug 1,344 1,575 20 1,271 1,146 126 283 May 22,426 -46.3 5—45.1 '4.9 Sept 1,358 1,415 19 1,267 1,141 126 129 Oct 1,377 1,429 18 1,266 1,140 126 146 Jan.-May.... 22,426 -299.9 5-344.6 P23.1 N D o ec v 1 1 , , 4 3 1 9 7 6 1 1 , , 4 44 6 4 4 1 1 7 6 1 1 , , 3 2 4 6 5 6 1 1 , , 1 2 4 2 0 0 1 1 2 2 6 6 1 1 6 0 1 2 p Preliminary, f Figure carried forward. 1943—Jan 1,445 1,493 14 1,381 1,255 126 98 1 Annual figures are estimates of the.United States Mint. Monthly figures Feb 1,468 1,517 14 1,378 1,270 109 125 are those published in table on p. 693, adjusted to exclude Philippine Mar 1,493 1,545 13 1,421 1,360 61 111 Islands production received in United States. Apr pl,517 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a May PI,545 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. J Preliminary. 4 The net gold import figures for months subsequent to December 1941 Outstanding principal, represented by certificates of deposit. Does not ha 6 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 se e d 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 3,018.4 million dollars on May 31, 1943. miscellaneous working funds with the Treasurer of the United States, NOTE.—For back figures through 1937, see Annual Report for 1937 accrued interest on bond investments, and accounts due from late (table 29). postmasters. Back figures—See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS^ Member Nonmember Total, banks banks BANK DEBITS all banks ti N o a n - al State su I r n e - d2 in N s o u n r - ec Debits to deposi [ t In 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 Num 1 1 1 1 b 9 9 9 9 e 3 3 3 3 r 4 7 5 6 of banks suspended: 5 3 4 5 7 4 4 9 4 4 1 1 2 4 4 2 8 7 0 2 4 g 3 6 8 Year and month r c T e e i o p a n n t o l t g l a e r l t r , - s N Y C e o it 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 e 3 t r r i s n 2 g 1938 55 1 1 47 6 1939 42 4 3 25 10 1929 982,531 603,089 331,938 47.504 1940 22 1 18 3 1937 469,463 197,836 235,206 36,421 1941 8 4 3 1 1938 405,929 168,778 204,745 32,406 1942 9 r 6 3 1939 423,932 171,382 218,298 34,252 1943—Jan.-May 3 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—April 46,613 16,023 26,451 4,138 1935 . . . 10,015 5,313 3,763 939 May 48,342 16,985 27,241 4,116 1936 11,306 507 10,207 592 June 50,107 17,394 28,292 4,421 1937 19,723 7,379 i,708 10,156 480 July 50,087 17,110 28,505 4,472 1938 13,012 36 211 11,721 1,044 August 49,179 17,051 27,847 4,282 1939 34,998 1,341 24,629 6,589 2,439 September 52,712 18,593 29,530 4,589 1940 5,943 256 5,341 346 October 55,056 18,323 31,627 5,105 1941 3,726 3,144 503 79 November 50,673 17,016 29,040 4,616 1942 1,702 1,375 327 December 64,991 23,921 35,562 5,508 1943—Jan.-May 2,103 862 1,241 1943—January 54,779 19,877 30,263 4,639 February 51,875 19,635 28,005 4,235 March 62,228 22,373 34,707 5,148 1 Represents banks which, during the periods shown, closed temporarily April r69,757 27,174 r37,152 r5,431 or permanently on account of financial difficulties; does not include banks May 60.707 23,916 32,115 4,675 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. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES rency. 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 dollarsl Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g 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 t in u k g a s l s m O n b e t o h e m n e r - - 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—June 30 14,855 6,556 5,130 1,426 547 7,752 1941—•June 30.. 67,172 48,076 30,684 17,392 10,641 8,456 Dec. 31 14,825 6,619 5.117 1,502 545 7,661 Dec. 31. . 70,792 51,192 32,672 18,520 10,525 9,075 1942—June 30 14,773 6,647 5,101 1,546 544 7,582 1942—June 30 5. 72,382 53,434 34,036 19,397 10,387 8,562 Dec. 31 14,680 6,679 5,081 1,598 543 7,458 Dec. 31.. 88,436 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 Mutual savings banks Other nonmember banks Call date 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. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939-June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—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 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, beginning June 30, 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, up to and including Dec. 30, 1939, 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. ^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 Back figures.—See Annual Report for 1937 (tables 48-49). JULY 1943 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In mi'lions 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 e c c u a r r i r t y ie in s g Direct gat o i f ons Call date and mer- Open- Agri- Real States i m nv e e n s t t s - Total1 a c n ia d l m k a e r t - t c u ul r - - To ta es t - e- l O o t a h n e s r 4 Total f C ic e a r t t e i s - Guar- p a o n li d ti- O se t c h u e - r i t n r d ia u l s 2 - 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 a - l rities and ers'* debt- divideal- ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 "^386* 455 "730' 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 4813,839 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 3,501 '3,203' 29,872 24,098 1,509 1,872'3,546' 14,485' 2,685 2,934 2,840 y Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 2,717 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 New York City* 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 1,768 120 ••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 2,775 66 9 430 167 121 499 9,953 8,550 "402' 663 1J46' 4,572" 1,166 623 781 Dec. 31 17,957 4,116 V 2,5 y 46 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 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 17 5 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 21 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 21 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Apr. 4 2,806 923 1,883 1,490 108 207 187 June 30 3,116 906 697 15 3 29 50 22 90 2,210 1,858 "357" 181 162 1^068' 90 164 188 Dec. 31 3,973 832 V 65 y 8 6 34 32 23 80 3,141 2,789 397 637 391 1,282 83 166 186 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 3,937 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30 12,272 5,329 2^100' 155 22l" 119 222 1,335 1,177 6,943 5,194 63 819 3,339 "972 890 860 1940—June 29 12,160 5,365 2,134 156 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 153 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 2,879 202 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,206 250 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Apr. 4 15,605 6,989 8,616 6,832 1,051 941 844 June 30 16,535 6,564 3,103 "215 > ' i52 "'78' 177 i,524 1,315 9,971 8,188 "579' "674" "981' 5,U9 806 925 858 Dec. 31 20,915 6,102 S 2,9 y 57 290 97 153 1,486 1,119 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 Country Banks 1929—Dec. 31 13,375 8,936 201 291 2,231 1,462 4,750 4,439 1,267 37 59 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1,117 1,055 2,043 3,598 1,469 2 63 299 1,106 581 1,549 1939—Dec. 30 10,224 4,768 M51 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 l',3U 198 "562" 16 169 1,834 1,299 7,737 5,502 171 355 657 3,696 624 1,222 1,013 Dec. 31 16,419 5,038 V 1,2 Y 26 772 17 161 1,797 1,066 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939, pp. 259-264, 332. Further revision of loan classification made 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). 64O 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 dollars1 Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- Bal- De- Call date F B s w s e e R e a d r i r n v e t e v h - k e r e s 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 pa i s I d h r n t u i d n p a i e s l - , r s - , p S o a l t i a n t t i d e c s al C f a o e i n f e r f d i d t - i- U Go .S v . - p v a i s I d h r n t u i n d p a e i s l - , r s - , S p a t o a n l t d i e t- s m U G er o . e n S v n - . - t Do b m an e k s s tic F ei o g r n - B r i o n o w g r s - - C c a a o p u c i - n ta ts l an p t d i o o r c n a o s - r- v s i u s b io d n i- s c c h e e e t r c c s . k ' s ment an p t d i o o r c n a o s - r- v s i u s b io d n i s - P S o a s v t - al m D an e- d3 Time banks ings Total—A11 Member Banks 1929-Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939-Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—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 C118 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 6192 11,335 11,235 296 154 967 751 25 e3,383 e576 ""4" 1,655 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 1,698 Dec. 31 4,388 72 82 11,899 12,501 263 448 4,186 711 23 3,209 736 1,727 City of Chicago* 1929-Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 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 26C Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 C285 1,919 1,886 203 31 296 455 el,253 eg 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31 902 39 164 2,557 2,588 178 38 665 453 2 1,105 12 304 Reserve City Banks 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1933—June 30 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1939—Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 1942—Apr. 4 4,221 348 e2,7O5 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 e90 654 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 e3,093 9,726 8,376 1,473 202 269 5,948 145 30 e779 C28 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 * Partly estimated. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $600,000,000 (revised). 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. Back figures.—See Annual Report for 1937 (tables 52-58). JULY 1943 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments U. S. Government obligations Loans for purchasing 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 a r d g i i n a a u r d l i l s , - , - a T n o d b d ro ea k U l e e . r S r s s . ot T h o ers e l R o s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills f C o d ic f e e e a d r b i t t n - e t i - s - Notes Bonds G t a e u n e a - d r- O r s i e t t c h ie u e s - r t c u u r l a - l Total G ob o l v i- t. ness gations Total—101 Cities 1942—May. 31,493 10,996 7,025 481 402 1,245 27 1,816 20,497 16,859 1,170 678 2,344 9,998 2,669 3,638 1943—January 41,383 9,826 6,183 604 360 1,191 33 1,455 31,557 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 M Ap a r r i c l h 4 4 1 3 , , 7 4 8 4 4 9 1 9 0 , , 5 0 0 1 2 3 5 5 , , 9 8 8 2 1 2 1,1 5 5 7 3 4 3 42 3 2 9 1 1 , , 1 1 6 7 0 0 8 5 8 8 1 1 , , 3 3 8 6 0 8 3 3 2 3 , , 2 4 8 3 2 6 3 2 0 9 , , 2 0 1 2 7 1 r4 4 , , 4 3 1 4 8 0 r5 5 , , 5 0 0 0 8 6 4 4 , , 1 1 4 9 6 9 1 1 3 4 , , 6 1 0 2 2 3 1 1 , , 9 9 2 6 7 9 3 3, , 2 2 1 6 9 1 May 46,958 10,261 5,757 1,334 565 1,154 91 1,360 36,697 33,609 5,334 6,821 4,189 15,437 1,828 3,088 1943-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 A A p p r r . . 2 2 1 8 4 4 4 5 , , 1 7 2 7 7 2 1 1 0 0, , 6 4 3 1 7 4 5 5 , , 8 8 0 5 5 0 1 1 , , 4 6 8 5 2 2 4 5 8 0 7 4 1 1 , , 1 1 5 6 9 1 10 8 5 3 1 1, , 3 3 8 7 7 6 3 3 5 3 , , 1 7 3 1 5 3 3 31 0 , , 9 4 0 8 9 7 r4 4 , , 8 7 4 7 0 3 r6 5 , , 5 3 3 5 2 3 r4 4 , , 1 1 8 9 8 5 r1 1 4 4 , , 3 1 5 8 7 2 1 1, , 9 9 9 8 2 4 3 3 , , 2 2 2 2 6 6 M M M a a a y y y 5 1 1 . 2 9 . . . 4 4 47 7 6 , , , 3 2 1 6 8 0 8 9 8 1 1 1 0 0 0 , , , 6 0 3 7 7 9 4 4 4 5 5 5 , , , 7 7 8 6 4 0 7 5 8 1 1 1 , , , 3 5 1 9 8 9 4 6 8 5 6 5 8 1 5 5 7 3 1 1 1 , , , 1 1 1 5 5 5 6 5 3 1 11 2 7 8 1 5 1 1 1 , , , 3 3 3 8 7 5 6 5 0 3 3 3 6 5 7 , , , 8 4 2 9 3 9 5 4 4 3 3 3 3 4 2 , , , 7 2 3 9 1 3 9 5 1r r r 4 5 5 , , , 9 5 3 4 8 4 7 3 3 r r r 6 6 6 , , , 8 8 7 1 8 0 4 0 8 r r r 4 4 4 , , , 1 1 2 8 8 0 6 0 1 r r r l 1 1 4 5 5 , , , 6 6 7 5 2 2 5 8 6 1 1 1 , , , 8 8 8 3 3 2 5 4 5 3 3 3 , , , 1 0 0 0 7 9 3 9 6 May 26. 47,068 9,901 5,707 1,156 506 1,152 49 1,331 37,167 34,093 5,463 6,883 4,190 15,739 1,818 3,074 June 2 47,182 9,788 5,662 1,046 491 1,150 94 1,345 37,394 34,317 5,636 6,883 4,188 15,760 1,850 3,077 June 9 46,808 9,590 5,637 983 465 1,150 33 1,322 37,218 34,141 5,346 6,910 4,179 15,814 1,892 3,077 June 16. . 46,965 9,649 5,625 1,019 438 1,144 95 1,328 37,316 34,251 5,804 6,923 3,954 15,683 1,887 3,065 June 23. 46,147 9,454 5,565 927 432 1,153 46 1,331 36,693 33,631 5,195 6,965 3,906 15,687 1,878 3,062 New York City 1942—May 12,696 3,756 2,682 363 148 103 24 436 8,940 7,559 358 329 1,431 3,996 1,445 1,381 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 May. 18,272 4,156 2,248 1,132 718 314 98 49 315 14,116 13,130 2,019 2,500 1,858 5,818 935 986 1943-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 May 26. 18,142 3,942 2,225 991 560 281 98 35 312 14,200 13,222 2,062 2,509 1,822 5,922 907 978 June 2. 18,240 3,850 2,213 888 450 273 98 66 312 14,390 13,416 2,273 2,500 1,813 5,924 906 974 June 9. 17,879 3,718 2,197 835 397 252 98 25 311 14,161 13,188 2,011 2,507 1,791 5,937 942 973 June 16. . 17,950 3,741 2,171 879 410 222 97 59 313 14,209 13,245 2,373 2,517 1,594 5.834 927 964 June 23.. 17,406 3,591 2,140 790 332 218 97 26 320 13,815 12,844 1,999 2,570 1,558 5,804 913 971 Outside New York City 1942—May 18,797 7,240 4,343 118 254 1,142 3 1,380 11,557 9,300 812 349 913 6,002 1,224 2,257 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 18,210r2,777 r3,333 2,311 8,838 951 2,107 May 28,686 6,105 3,509 202 251 1,056 42 1,045 22,581 20,479 3,315 4,321 2,331 9,619 893 2,102 1943—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 A A p p r r . . 2 21 8.. 2 2 6 7 , , 6 7 0 3 3 4 6 6, , 1 2 6 5 8 7 3 3 , ,5 5 1 4 9 9 2 2 5 2 6 0 2 2 6 5 2 3 1 1 , , 0 0 6 6 1 2 5 5 6 6 1 1 , , 0 0 5 7 9 2 2 2 1 0 , , 4 4 7 3 7 5 1 1 8 9 , , 3 3 1 5 5 2r3 2 , , 1 9 2 8 0 7 r3 3 , , 9 2 8 0 3 1 r2 2 , , 3 3 2 1 5 8 r8 8 , , 9 8 6 5 1 0 9 9 5 6 9 3 2 2 , , 1 1 2 2 0 5 May 5. . 27,964 6,252 3,536 256 280 1,058 52 1,070 21,712 19,604r3,131 r4,201 r2,317 r9,073 882 2,108 May 12.. . 28,817 6,149 3,515 206 258 1,056 55 1,059 22,668 20,564r3,298 r4,330 r2,312 r9,738 886 2,104 M M a a y y 2 1 6 9 . . 2 28 9 , , 9 0 2 3 6 8 5 6 , , 9 0 5 5 9 9 3 3 , , 4 5 8 0 2 2 1 1 6 7 5 8 2 22 4 5 1 1 1, , 0 0 5 5 4 5 4 1 9 4 1 1 , , 0 0 3 1 4 9 2 22 2 , , 9 9 6 7 7 9 2 2 0 0 , , 8 8 8 7 1 1 r3 3 , , 4 4 3 0 1 1 r4 4 , , 3 3 8 7 0 4 r2 2 , , 3 3 2 6 7 8 r9 9 , , 8 8 4 1 8 7 9 8 1 9 1 5 2 2 , , 0 0 9 9 6 8 Tune 2. 28,942 5,938 3,449 158 218 1,052 28 1,03*3 23,004 20,901 3,363 4,383 2,375 9,836 944 2,103 June 9. 28,929 5,872 3,440 148 213 1,052 8 1,011 23,057 20,953 3,335 4,403 2,388 9,877 950 2,104 June 16. . . 29,015 5,908 3,454 140 216 1,047 36 1,015 23,107 21,006 3,431 4,406 2,360 9,849 960 2,101 June 23 28,741 5,863 3,425 137 214 1,056 20 1,011 22,878 20,787 3,196 4,395 2,348 9,883 965 2,091 " Revised. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and correspondini tables in previous Annual Reports. 64Z 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 c i o s t k e t - h i , s s c j m p u o a d s a d s t e n e i - - t d d s 1 s p u p v n c h a o a a i e o n i d l r r p r r d s a t - - - s , - - , S p s d s a t i o i u a c i n o l v a b t d i n 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 S n v - . t - s p u p v n c h a o a a i o e i n d l r r p r r s d a t - - - s , - - , S p s d s a i t i o u c i a o n v l a t b n d i e i l t - - s - s ' m U G o S a e in s a o n r e . n g t S v n d v a - s - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r in o o g w r s - - co C a i u t a c a n p - i - ts B d i a e t n s b * k tions tions Total 101 Cities 1942—May 9,711 514 3,335 25,250 24,582 2,068 521 1,510 4,921 189 20 8,806 88 660 4 3,947 9,688 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 May. 8,381 520 2,516 30,354 30,377 1,783 721 8,748 5,419 117 31 8,897 54 738 86 4,095 12,544 1943-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 May 26 8,489 533 2,461 31,185 31,072 1,837 608 8,294 5,454 117 31 8,673 55 751 46 4,100 11,607 June 2. 8,570 504 2,410 31,386 31,395 1,838 668 7,981 5,480 121 32 8,826 53 755 82 4,112 11,211 June 9. 8,694 538 2,335 32,061 31,890 1,794 625 7,029 5,485 117 34 8,823 53 763 21 4,119 10,847 June 16. 8,894 558 2,441 32,787 33,064 1,793 740 6,358 5,494 117 34 9,106 51 760 82 4,120 12,493 J une 23. 8,677 531 2,308 32,472 32,383 1,756 677 5,764 5,529 119 35 8,773 50 765 41 4,118 12,083 New York City 1942—May. 4,482 80 84 10,347 10,459 296 288 998 656 20 3,224 592 1 1,546 3,898 1943 —January 3,973 78 28 11,091 11,370 216 349 3,326 656 19 3,161 651 5 1,566 4,406 February 3,655 80 23 11,574 11,850 218 313 2,372 663 22 3,052 650 33 1,576 4,486 March 3,610 78 38 12,444 12,748 217 319 1,436 673 18 3,101 "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 May. 3,038 80 30 11,387 11,670 222 455 4,130 672 18 2,904 1 1 655 74 1,596 5,522 1943—Mar. 31 3,638 76 68 12,875 13,311 226 293 1,170 681 19 2,894 1 666 50 1,579 4,924 Apr. 7 .. 3,594 78 40 13,090 13,316 222 393 699 687 19 3,096 1 645 78 1,581 5,035 Apr. 14 3,352 84 27 13,017 13,497 223 386 583 677 19 3,222 1 645 56 1,581 5,530 Apr. 21 3,031 77 26 11,421 11,736 194 410 3,165 658 20 3,044 1 644 104 1,582 7,870 Apr. 28. 3,107 84 31 11,346 11,675 230 371 3,886 675 19 3,024 1 648 76 1,578 4,733 May 5. . 2,973 78 23 11,140 11,342 230 565 4,124 668 17 2,968 1 641 88 1,592 6,638 May 12. 3,027 82 24 11,250 11,617 219 418 4,385 668 19 2,937 1 652 116 1,593 5 266 May 19. 3,085 77 27 11,450 11,764 219 486 4,143 677 19 2,924 1 659 66 1,601 5,250 May 26. 3,068 83 47 11,708 11,958 221 349 3,867 677 19 2,785 1 668 24 1,600 4,933 June 2. 3,089 79 32 11,850 12,184 212 341 3,709 688 18 2,841 1 669 66 1,605 4,764 June 9. 3,169 84 21 12,070 12,331 195 356 3,232 687 16 2,850 1 677 15 1,611 4,691 June 16. 3,204 86 26 12,251 12,628 194 386 2,915 692 16 2,988 1 677 79 1,615 5,297 June 23. 3,176 79 23 12,105 12,395 194 343 2,617 705 17 2,872 1 678 32 1,609 4,978 Outside New York City 1942—May. 5,229 434 3,251 14,903 14,123 1,772 233 512 4,265 169 20 5,582 88 68 3 2,401 5,790 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 May. 5,343 440 2,486 18,967 18,707 1,561 266 4,618 4,747 99 31 5,993 53 83 12 2,499 7,022 1943—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 5,61 439 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. 5,50 472 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 5,31 432 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 May 26. 5,42 450 2,414 19,477 19,114 1,616 259 4,427 4,777 98 31 5,888 54 83 22 2,500 6,674 June 2. 5,48 425 2,378 19,536 19,211 1,626 327 4,272 4,792 103 32 5,985 52 86 16 2,507 6,447 June 9. 5,525 454 2,314 19,991 19,559 1,599 269 3,797 4,798 101 34 5,973 52 86 6 2,508 6,156 June 16. 5,69( 472 2,415 20,536 20,436 1,599 354 3,443 4,802 101 34 6,118 50 83 3 2,505 7,196 June 23. 5,50 452 2,285 20,367 19,988 1,562 334 3,147 4,824 102 35 5,901 49 87 9 2,509 7,105 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. 643 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- Total purchasing d F i e s d tr e i r c a ( t 1 l 9 a R 4 n 3 d e ) s e d r a v t e e m l v o a e i e n a n n s n d - t t - s s Total m t d c a r i i u n i n e a a s d - r l - l - , , b o T r s r o o e k c c - u a r r 'H ry * i 1 n 5 g 1 e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o r n t t f e - if s i- Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) May 26 2,581 600 384 18 12 69 1 116 1,981 1,873 318 440 187 858 70 108 June 2 2,578 597 379 20 12 69 1 116 1,981 1,872 312 439 187 863 71 109 June 9 2,561 594 377 21 12 70 114 1,967 1,858 282 437 185 882 72 109 June 16 2,554 608 375 17 12 69 20 115 1,946 1,835 275 444 177 867 72 111 June 23 2,535 589 372 21 12 69 115 1,946 1,833 270 444 176 870 73 113 New York (8 cities)* May 26 19,715 4,272 2,363 994 314 182 35 384 15,443 14,3662,246 2,714 1,957 6,507 942 1,077 June 2 19,798 4,179 2,351 891 305 182 66 384 15,619 14,5462,443 2,705 1,950 6,506 942 1,073 June 9 19,448 4,046 2,334 838 284 182 25 383 15,402 14,3302,191 2,712 1,930 6,519 978 1 072 June 16 19,503 4,071 2,311 882 253 181 59 385 15,432 14,3692,543 2,715 1,734 6,414 963 1 063 June 23 18,947 3,919 2,278 793 249 180 26 393 15,028 13,9582,164 2,766 1,694 6,385 949 1,070 Philadelphia (4 cities) May 26 2,139 445 239 35 11 44 2 114 1,694 1,487 294 303 118 699 73 207 June 2 2,126 438 236 33 11 44 114 1,688 1,48C 283 302 120 702 73 208 June 9 2,117 439 234 32 11 44 "5" 113 1,678 1.47C 264 305 124 700 77 208 June 16 2,136 443 236 34 11 45 5 112 1,693 1,486 279 308 120 702 77 207 June 23 2,091 435 233 31 11 44 5 111 1,656 1,449 240 307 122 707 73 207 Cleveland (10 cities) May 26 3,616 745 378 25 14 173 9 146 2,871 2,610 364 435 332 1,350 129 261 June 2 3,636 741 374 25 14 173 9 146 2,895 2,633 380 435 346 1,343 129 262 June 9 3,644 728 377 19 13 172 147 2,916 2,651 397 433 348 1,344 129 265 June 16 3,661 731 373 16 16 168 9 " 149 2,930 2,667 414 435 340 1,349 129 263 June 23 3,668 1 731 373 16 16 168 13 145 2,937 2,673 418 436 339 1,351 129 264 Richmond (12 cities) May 26 1,488 249 118 7 12 51 61 1,239 1,174 185 217 137 587 48 65 Tune 2 1,488 245 117 4 12 51 61 1,243 1,176 174 232 128 593 49 67 June 9 1,487 241 115 3 11 51 61 1,246 1,180 170 237 128 596 49 66 June 16 1,474 242 115 3 12 51 61 1,232 1,166 163 242 126 587 48 66 June 23 1,461 240 113 3 11 52 61 1,221 1,155 151 247 126 583 48 66 Atlanta (8 cities) May 26 1,394 294 177 4 10 26 77 1,100 988 135 261 132 409 51 112 Tune 2 1,394 291 175 4 9 26 i 76 1,103 990 133 255 134 417 51 113 June 9 1,397 285 171 4 9 26 1 74 1,112 999 141 255 134 418 51 113 June 16 1,399 285 172 5 9 25 74 1,114 1,001 147 252 143 406 53 113 June 23 1,389 286 170 4 9 27 76 1,103 990 137 251 143 405 54 113 Chicago (12 cities)* May 26 7,056 1,228 873 43 63 135 114 5,828 5,241 880 1,258 592 2,293 218 587 June 2 7,069 1,228 865 43 60 134 "13" 113 5,841 5,252 889 1,261 586 2,291 225 589 June 9 7,063 1,209 865 39 58 134 113 5,854 5,264 897 1,260 586 2,293 228 590 June 16 7,110 1,220 873 40 59 134 114 5,890 5,302 941 1,259 580 2,294 228 588 June 23 6,980 1,211 864 38 58 141 110 5,769 5,187 824 1,240 579 2,308 236 582 St. Louis (5 cities) May 26 1,401 343 204 4 10 66 59 1,058 937 127 221 112 441 36 121 June 2 1,414 343 202 4 9 66 2 60 1,071 950 136 222 112 446 34 121 June 9 1,390 342 204 4 9 66 59 1,048 927 114 218 115 446 34 121 June 16 1,422 343 205 4 9 66 59 1,079 958 149 218 110 447 34 121 June 23 1,397 342 204 4 9 66 59 1,055 934 122 219 109 450 34 121 Minneapolis (8 cities) May 26 861 179 109 2 5 14 2 47 682 641 124 129 60 301 27 41 June 2 864 177 107 1 5 14 2 48 687 645 127 129 61 301 27 42 June 9 876 177 107 2 5 14 2 47 699 658 134 128 62 306 28 41 June 16 867 177 107 1 5 14 2 48 690 648 131 127 58 304 28 42 June 23 849 175 106 1 5 14 2 47 674 632 115 127 57 306 27 42 Kansas City (12 cities) May 26 1,513 317 212 3 8 33 61 1,196 1,064 199 217 175 415 58 132 June 2 1,498 315 209 3 8 33 62 1,183 1,052 178 221 175 420 58 131 June 9 1,502 314 210 3 8 33 60 1,188 1,057 180 221 176 423 57 131 June 16 1,509 319 213 4 8 34 60 1,190 1,059 183 219 176 423 58 131 June 23 1,501 321 213 3 8 36 61 1,180 1,055 173 226 176 422 58 125 Dallas (9 cities) May 26 1,186 284 204 2 16 19 43 902 846 123 199 109 365 50 56 June 2 1,196 285 204 2 16 19 44 911 855 127 201 109 366 52 56 June 9 1,202 284 204 2 16 19 43 918 863 128 210 108 367 50 55 June 16 1,193 280 202 2 15 19 42 913 858 125 209 106 360 58 55 June 23 1,187 280 200 2 16 19 43 907 852 119 209 106 359 59 55 San Francisco (7 cities) May 26 4,118 945 446 19 31 340 109 3,173 2,866 468 489 279 1,514 116 307 June 2 4,121 949 443 16 30 339 121 3,172 2,866 454 481 280 1,512 139 306 June 9 4,121 931 439 16 29 339 108 3,190 2,884 448 494 283 520 139 306 June 16 4,137 930 443 11 29 338 109 3,207 2,902 454 495 284 ',530 139 305 June 23 4,142 925 439 11 28 337 110 3,217 2,913 462 493 279 1,541 138 304 City of Chicago* May 26 4,472 797 630 37 51 13 56 3,675 3,282 567 818 404 1,424 69 393 June 2 4,443 802 626 37 48 13 "13" 55 3,641 3,246 544 817 401 1,418 66 395 June 9 4,451 784 626 33 47 13 55 3,667 3,^71 570 817 402 1,416 66 396 June 16 4,467 792 632 34 47 23 56 3,675 3,281 579 817 400 1,419 66 394 June 23 4,349 780 624 32 47 23 54 3,569 3,181 481 797 399 1,430 74 388 * 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. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [ In millions of dollars ] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 3 e d ) s e d r a v t e e S s w F e R e a e r i r n e a t d v h - k l - e s C va i a n u sh lt m a b w n d a e i c o n s t e - t k h i s s c 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 b a t n i d i e t l - - s - s c C c h o e a f e e e i f t n e f r r c c i d t d s . - k i ' - s m U G er e . o n S n v - 0 . t - s p u p h v n c a a a o o i n e i l r p d r r r d s t a s - - - - , - , S p d s s a t i i o i u c a o n v l b a t d n i i e - l t - s - s P m U G o S i a e n s a n o e r . g t S n v d n v a s - - . t - l m D a e n b - d ank T s ime b e F a i o n gn r 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) May 26 434 56 120 1,890 1,864 104 23 517 246 1 2 296 27 2 260 618 June 2 435 55 124 1,905 1,890 105 28 492 247 1 2 305 28 2 260 570 June 9 435 58 115 1,947 1,922 105 24 429 248 1 2 302 29 1 261 623 June 16 436 60 131 1,972 1,975 104 28 390 248 1 2 322 26 3 259 683 June 23 450 56 119 1,986 1,972 90 29 351 249 1 2 323 28 1 259 641 New York (8 cities)* May 26 3,278 115 140 12,821 12,895 437 374 4,107 1,067 21 7 2,853 5 669 26 1,729 5,258 June 2 3,317 108 133 12,977 13,142 418 389 3,940 1,079 20 7 2,912 5 671 66 1,735 5,114 June 9 3,371 117 112 13,206 13,300 390 379 3,437 1,079 18 7 2,918 5 678 15 1,741 5,003 June 16 3,435 120 123 13,422 13,647 386 414 3,100 1,085 18 7 3,059 5 678 79 1,744 5,637 June 23 3,387 112 116 13,251 13,380 380 376 2,787 1,099 19 7 2,942 4 680 32 1,739 5,341 Philadelphia (4 cities) May 26 400 28 95 1,589 1,562 118 11 371 161 2 360 6 4 222 487 June 2 398 28 91 1,577 1,574 105 14 356 162 2 365 7 4 223 479 June 9 398 29 83 1,624 1,605 107 13 311 159 2 353 6 2 223 441 June 16 422 30 86 1,673 1,694 105 21 279 158 2 380 6 223 507 June 23 400 28 83 1,645 1 623 105 1& 254 158 2 360 •• j'" 222 523 Cleveland (10 cities) May 26 766 67 265 2,597 2,633 118 34 457 752 48 488 14 2 418 760 June 2 775 63 267 2,615 2,645 116 40 441 750 53 509 14 2 419 750 June 9 786 68 251 2^ 684 2' 688 114 38 396 749 51 496 14 2 418 659 June 16 823 74 266 2,767 2,837 113 64 356 750 51 521 14 2 419 926 June 23 760 69 260 2,744 2,764 112 39 328 753 51 501 13 2 420 857 Richmond (12 cities) May 26 284 35 179 1,017 997 80 17 245 213 2 6 380 8 2 108 310 June 2 291 33 168 1,010 982 99 22 235 214 2 6 387 7 1 109 310 June 9 290 35 170 1,041 1,003 99 17 208 214 2 7 386 7 2 109 321 305 36 186 1,060 1,028 97 28 188 214 2 7 404 7 1 109 352 June 23 288 35 171 1,051 M09 98 23 174 215 2 7 384 7 L 110 349 Atlanta (8 cities) May 26 282 25 186 906 854 130 8 216 214 2 4 461 2 3 105 321 Tune 2 294 22 189 923 874 128 8 206 215 2 4 467 2 3 105 301 June 9 291 24 192 932 888 127 7 184 216 2 4 482 2 3 105 314 June 16 286 23 187 946 918 125 10 166 216 2 4 482 1 3 105 307 June 23 280 25 170 943 .894 128 12 152 218 2 4 464 1 105 350 Chicago (12 cities)* May 26 1,282 97 479 4,863 4,781 365 48 1,100 1,057 3 8 1,435 6 14 11 465 1,722 June 2 1,306 93 454 4,860 4,776 374 51 1,070 1,063 3 8 1,479 6 15 1 467 1,661 Tune 9 1,318 100 421 4,945 4,821 360 54 943 1,065 3 8 1,500 6 14 467 1,577 June 16 1,350 104 438 5,082 5,031 361 73 854 1,065 3 8 1,540 6 15 467 1,936 June 23 1 325 97 415 5,024 4,902 373 76 790 1 070 2 g 1,471 15 467 1,848 St. Louis (5 cities) May 26 290 19 108 758 784 60 9 206 199 1 1 558 1 3 104 403 June 2 257 18 115 754 786 61 15 198 200 1 1 549 1 9 104 468 June 9 280 19 117 815 840 59 9 178 200 2 519 3 104 301 June 16 258 19 119 849 886 62 9 157 201 2 518 1 105 312 June 23 274 19 116 860 880 63 9 141 201 ""i" 3 500 1 ••y 105 316 Minneapolis (8 cities) May 26 143 10 87 520 490 78 7 166 113 238 2 1 69 193 June 2 152 9 88 537 503 82 7 158 114 1 240 2 1 69 158 June 9 146 10 82 549 510 81 7 139 114 \ 247 2 2 69 211 June 16 151 10 84 562 522 96 8 126 114 1 245 2 1 70 201 June 23 151 10 78 551 506 91 7 114 115 1 242 2 1 70 205 Kansas City (12 cities) May 26 353 21 290 1,011 987 125 18 173 151 1 1 732 6 119 374 Tune 2.-. 360 19 288 997 981 121 20 166 151 1 2 741 5 119 380 June 9 369 20 295 1,028 1,010 120 17 148 152 I 2 748 5 119 349 June 16 366 20 304 1^058 1 061 118 16 136 152 \ 2 742 5 120 425 June 23 346 21 279 l',030 l',022 114 16 123 152 1 2 727 5 1 121 413 Dallas (9 cities) Mav 26 279 22 269 939 934 56 17 182 133 7 1 421 2 96 290 Tune 2 285 19 249 935 939 62 28 173 133 7 1 427 2 97 257 Tune 9 283 21 252 948 947 60 16 155 I34 8 1 438 2 97 241 June 16 293 21 263 974 990 58 17 140 134 8 1 438 2 98 294 June 23 271 21 246 952 958 53 20 129 135 9 1 423 2 99 310 San Francisco (7 cities May 26 698 38 243 2,274 2,291 166 42 554 1,148 29 451 12 24 405 871 June 2 700 37 244 2,296 2,303 167 46 546 1 152 29 445 12 24 405 763 June 9 727 37 245 2,342 2,356 172 44 501 l'l55 29 434 12 25 406 807 Tune 16 769 41 254 2,422 2,475 168 52 466 1,157 29 455 11 25 401 913 June 23 745 38 255 2,435 2,473 149 52 421 1,164 29 436 11 25 401 930 City of Chicago* May 26 740 42 211 2,941 2,956 170 20 722 469 2 1,026 12 10 304 1,013 June 2 793 42 192 2,948 2,955 175 27 700 470 2 1,053 13 305 969 June 9 814 44 172 3,026 3,000 176 26 612 470 2 1,073 13 306 933 June 16 826 44 174 3,077 3 079 181 35 552 471 2 1,103 13 305 1,129 June 23 827 43 169 3,054 3,022 189 33 505 472 2 1,050 13 305 1,095 ' bSeeee nnoottee oonn pprreecceeddiinngg ppaaggee.. 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. 645 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g 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 ll n s b B ou il g ls ht 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—February 388 190 144 92 53 46 112 18 44 13 March 384 183 146 89 57 37 103 17 45 16 April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 June 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 45 11 August 297 139 108 71 37 31 78 41 11 September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 118 93 60 34 25 57 9 38 14 1943—January 220 120 95 60 35 24 57 12 38 12 February 209 127 102 64 38 25 60 14 41 12 March 201 130 101 62 39 29 69 12 39 10 April 179 128 99 61 38 29 71 9 38 11 May 160 136 105 65 40 31 79 37 12 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS1 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 debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r I a i n n n a d v c p c e t a o s r r t u a t m n d n t e i e s n n r g s t ' i a n a n v I c d e n c s t o t r f u m i a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936-June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 August e490 e300 e240 September e500 c310 e240 October e510 e310 e250 November e520 e320 e250 December 543 7 154 160 378 270 54 15 4 182 1943—January 6540 e290 e280 February e55O e320 e310 March e610 e35O e340 April e670 r570 e350 May e760 e550 e350 r Revised. e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U S. Prime Prime S e to x c - k Government securities [Per cent per annum] mo Y w n e e th e a , k r , or m m 4 p c - o a e o n t p r o m c t e h i r 6 - a s , - l l a a b d c n a e a c 9 c n r y e 0 e s k p s ' s - l t , - ch l n c a o r a e l a e a n w l - 1 n l g 1 - e m b o i 3 l n - ls t * h d 9 c m e o - c e f b t r a o o t t t n i i e e f n 1 t d s i h - 2 - - - 3 ta n - y x o t e o a t a e b r 5 s l - e 1 T 9 o c t i a t l ies Y N C o e it w r y k E e 7 N c r a n o i O s t r i t t a e t e h h s n r e - n d r 1 W e 1 r c n e S i s t o i t a e e u n s r t d n hness 1 1 9 9 3 3 4 5 a a v v e e r r a a g g e e 1 1 3 2 . . 4 9 5 3 2 1 . .7 4 6 5 3 3 . . 3 7 9 1 4 3 . . 3 7 2 6 1936 average1 2.68 1.72 3.04 3.40 1940 average .56 .44 1.00 .014 1937 average1 2.59 1.73 2.88 3.25 1941 average .54 .44 1.00 .103 ^76 1938 average1 2.53 1.69 2.75 3.26 1942 average .66 .44 1.00 .326 1.13 1942—May .63 .44 1.00 .364 1.03 1939 average 2.78 2.07 2.87 3.51 June .69 .44 1.00 .363 1.15 1940 average 2.63 2.04 2.56 3.38 July .69 .44 1.00 .368 1.20 1941 average 2.54 1.97 2.55 3.19 August .69 .44 1.00 .370 "4!80 1.25 1942 average 2.61 2.07 2.58 3.26 September.... .69 .44 1.00 .370 .76 1.27 1939—March 2.95 2.13 3.05 3.77 October .69 .44 1.00 .372 .75 1.28 June 2.91 2.15 3.05 3.62 November .... .69 .44 1.00 .371 .80 1.28 September.... 2.68 2.04 2.78 3.31 December .69 .44 1.00 .363 .80 1.34 December 2.59 1.96 2.59 3.32 1943—January .69 .44 1.00 .367 .76 1.29 1940—March 2.65 2.03 2.67 3.35 February .69 .44 1.00 .372 .73 1.24 June 2.59 2.00 2.49 3.38 March .69 .44 1.00 .373 .75 1.33 September. . . 2.68 2.14 2.56 3.43 April .69 .44 1.00 .373 .78 1.39 December 2.59 2.00 2.53 3.36 May .69 .44 1.00 .373 .78 1.36 1941—March 2 2. . 5 5 5 8 2 1. . 9 0 5 6 2 2 . . 5 5 3 8 3 3 . . 2 2 5 3 Week M en a d y i n 2 g 9 : 5A-H % 1.00 .374 .74 1.33 J S u e n p e tember.... 2 2 . . 4 6 1 0 1 1 . . 9 8 8 8 2 2 . . 4 6 5 2 3 2 . . 2 9 9 9 J J J J u u u u n n n n e e e e 2 1 1 5 6 9 2 V 5 5 A A s - - - H H H % 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 4 4 4 4 . . . . 7 7 7 6 3 1 2 7 1 1 1 1 . . . . 3 3 3 3 2 3 3 2 1942— D J S M u e e n a c p e r e t c m e h m be b r er... 2 2 2 2 . . . . 7 6 6 4 0 3 2 8 2 2 2 1 . . . . 0 0 8 2 9 7 5 8 2 2 2 2 . . . . 6 5 6 4 3 6 6 8 3 3 3 3 . . . . 2 2 3 2 5 6 4 0 December 1 Monthly figures are averages of weekly prevailing rates. 1943—March.. 2.76 2.36 2.76 3.24 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to 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 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and for back figures. on Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)5 U. S. Government2 Munic- Corpo- Year, month, or week (h ip ig a h l (h ra ig te h- By ratings By groups Partially I grade)3 grade)4 Total ex t e a m x- p t I Taxable Aaa Aa Baa In tr d i u a s l - R ro a a il d - | u P t u il b i l t i y c Number of issues. 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—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 May 1.92 2.30 2.,13 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.64 3.00 Week ending: May 29. . . . 1.88 2.29 2.10 2.65 3.16 2.74 2.86 3.12 3.90 2.86 3.62 2.99 June 5 1.87 2.29 2.09 2.64 3.15 2.73 2.86 3.12 3.89 2.86 3.61 2.99 June 12 1.86 2.30 2.09 2.64 3.15 2.73 2.85 3.11 3.89 2.85 3.62 2.98 June 19. . . . 1.85 2.28 2.07 2.63 3.14 2.72 2.85 3.11 3.89 2.83 3.61 2.98 June 26. . "I 1.83 2.28 2.05 2.62 3.14 2.72 2.84 3.11 3.88 2.83 3.61 2.98 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. 6 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. 647 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices^ Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U.S. Munic- ing7 Gov- ipal Medium and lower-grade Pre- (in thoum er e n n - t2 grade)3 H gr i a g d h e - Total In tr d i u a s l - R ro a a il d - . P ut u i b li l t i y c fau D lt e e - d ferreds Total In tr d i u 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 402 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 71 96 767 1941 average 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 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 66 61 466 1942—May 110.7 124.5 117.7 98.9 107.4 87.1 102.2 26.4 156.3 63 60 57 323 June 110.7 125.7 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 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 82 74 69 820 February 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 88 78 73 1,247 March 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 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 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 84 1,593 Week ending: May 29 112.0 130.9 120.2 110.3 116.4 100.3 114.1 49.5 172.4 96 98 98 1,173 June 5 112.1 131.1 120.3 110.3 116.7 100.0 114.2 49.0 173.3 97 100 97 85 1,304 June 12 112.3 131.1 120.3 109.8 116.6 98.6 114.3 47.7 173.3 97 99 95 85 975 June 19 112.4 131.5 120.4 109.4 116.3 97.8 114.2 46.4 173.3 96 92 84 920 June 26 { 112.7 131.9 120.6 109.9 116.7 98.4 114.6 47.2 174.2 96 92 84 865 I 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16-year bond. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] ]ror new capital For refunding T (n o e ta w l Total Domestic Total Domestic 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 s n l - - Total Co B n r a o p o n n o t d e d r s a s te Stocks F ei o g r n - * m e ( a f i e d o n g s o r d n t - - i ) c Total S n a m p t i n a c a u d l i t - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks 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—May 182 130 130 23 3 104 94 10 52 52 8 39 6 6 •y June . ... 201 97 97 18 2 77 69 8 105 105 15 28 62 55 July 142 41 41 11 3 28 27 102 102 37 32 33 33 August 162 103 103 45 59 57 ""i" 59 59 3 50 6 6 September . 100 45 45 17 28 18 10 55 55 7 18- 30 30 October.... 115 28 28 26 2 2 87 87 12 31 44 44 November.. 98 29 29 7 17 5 5 69 69 10 46 14 13 December.. 145 37 37 9 17 11 9 ""2" 108 108 9 34 65 65 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 M Fe a b r r c u h ary... 2 1 0 0 0 2 9 5 0 8 8 5 7 8 4 3 7 3 •y 5 1 5 1 4 1 7 1 •••y "2 1 4 1 4 0 1 4 1 4 0 1 1 1 7 3 5 2 5 3 2 8 32 2 •••y April 160 38 r36 10 r19 r15 4 r2 122 122 13 35 75 73 2 May. 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 T Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—Set Annual Report for 1937 (table 78). 648 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 proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W ca o p r i k t i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 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—June 250 246 87 75 12 142 131 10 16 11 July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 5 September 182 180 27 17 10 150 148 2 3 October 204 201 91 64 27 92 91 1 14 5 November 155 152 92 61 31 37 37 1 22 December 144 142 57 36 21 62 52 10 17 6 1942—January 164 161 71 38 33 80 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 May 83 81 32 14 18 49 49 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 c p e r e o d - s money se t c ie u s ri- p P o u s r e V s4 t c p e r e o d - s money se t c ie u s ri- p p o u s r e - s4 c p e r e o d - s money se t c i u es ri- p p o u se r s - * c p e r e o d - s money se ti c e u s ri- p p os u e r s - 4 1 1 9 9 3 3 4 5 1 1 7 2 2 0 2 5 1 7 1 5 2 4 0 3 1 1 0 1,2 1 5 3 0 0 3 1 0 1 1,19 7 0 7 4 3 2 0 77 6 4 2 2 7 5 4 55 3 0 4 15 2 0 12 2 2 0 "46" " " 72 " 1 4 9 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 1 1 1 9 9 94 4 4 2 1 0 3 3 1 4 6 9 7 1 2 1 3 5 1 2 3 5 1 10 8 1 8 6 5 "is" 1 1 , , 1 3 4 8 4 4 0 0 1 2 3 1 1 4 3 7 5 5 9 9 2 2 9 7 2 3 9 3 2 1 0 7 3 4 9 8 9 6 2 7 1 8 2 2 1 7 4 6 2 4 7 4 7 8 6 3 5 3 8 1 1 5 4 2 6 0 1 1 9 5 2 4 5 4 5 2 2 5 1 9 8 10 2 4 1 1941—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 ""H" October 25 21 4 79 11 63 5 75 49 13 14 22 10 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 May 14 14 38 38 17 11 7 12 7 4 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 notation, 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. 649 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s c1 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 t i a u e r o h n t n i n e a p s t r - - - f m p e N u a r r e c o n r o t o t n d a d s u l - - s s O g d o b u t o h l 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 g i 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 i e e e c l o r e l i v u a s s - - s - pr N of e i t ts1 fe P D r r r e e iv - d iden C m d o o s m n - Number of companies 629 47 69 « 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 16t) 132 1,028 90 669 1941 2.169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 554 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 . 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 .. . 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 I51 36 19 32 35 39 39 32 204 21 134 3 2 4 3 5 6 1 4 5 5 1 2 3 3 6 5 4 2 6 5 7 7 4 4 9 8 3 3 4 2 2 1 2 8 4 3 2 2 4 2 2 7 4 3 1 5 3 2 5 7 3 5 4 2 2 1 1 7 1 4 2 2 3 1 1 1 2 3 6 6 4 557 72 49 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 437 51 39 45 755 37 18 41 37 41 36 37 213 21 127 PUBLIC UTILITYGCORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t e - i I b n n e c c f o o o m r m e e e All r N o e a t d s inc I o n m so e l 1 vent 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 e i n v d i s - 5 r O e p v i e e n r n g a u t e - in N co e m t e1 d D e i n v d i s roads 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 r848 r226 r118 98 1,362 163 163 Quarterly 1939— 2 1 9 8 0 9 6 8 - - 3 4 8 3 - -4 4 7 3 8 ( 6 ) 2 2 1 3 1 1 7 6 5 6 4 3 6 7 3 3 9 2 1 1 9 9 2 26 5 7 9 4 4 9 4 4 4 2 2 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 —4 61 184 43 36 22 274 51 48 1940—1 986 —3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 i 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 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 r55 r26 19 344 46 39 4 2,139 594 387 64 98 221 56 35 19 358 822 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 Q^ uarterly dividend data are not available for i i a"ll 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. 65O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Total in T t o er ta e l st- Marketable public issues1 Nonmarketable public issues . Non- gu F a u r l a l n y - End of month d g d i r e r o e b s c t s t b d e d i a r e r e b i c n t t g Total2 Tre b a il s l u s ry in c C d a e n e te r e b t s s i t f s e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U v o . i n S n d . g s s T ta r x e a n s o u t r e y s S i p ss e u c e ia s l i b n e d t a e e r b r i e t n s g t- se t b t e c e e e u r a d r e r i s i i t n n t i - g e - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 "2,'47i" 6,982 487 6,317 1942—May 68,571 68,108 47,615 2,257 1,507 5,571 38,085 12,976 9,569 3,100 7,518 462 5,667 June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 July 77,136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 4,551 Aug 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov 96,116 95,458 66,554 5,721 37,161 10,095 43,381 20,117 14,079 5,703 8,787 657 4,244 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—Jan 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,045 4,277 Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 1,173 4,275 Mar 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 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 May. . 135,913 134,675 95,382 10,853 16,561 9,797 57,975 29,095 20,507 8.163 10,198 1,238 4,082 1 Including amounts held by Government agencies and trust funds, which aggregated $3,201,000,000 on April 30, and $3,206,000,000 (preliminary) or May, 31, 1943. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service anc depositary bonds not shown separately. 3 Including special short-term 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, MAY 31, 1943 [In millionsof dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- month tions Issue Amount Issue Amount Month standing Treasury bills Treasury bonds—Cont'd at m e o n n d th o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es June 2, 1943... 701 Sept. 15, 1948 451 June 9, 1943 705 Dec. 15, 1948-50 571 June 16, 1943 802 June 15, 1949-51 1,014 1942—Apr 8,951 531 327 40 164 21 June 23, 1943 802 Sept. 15, 1949-51 1,292 May 9,569 634 422 43 170 22 June 30, 1943 805 Dec. 15, 1949-51 2,098 June 10,188 634 433 41 160 23 July 7, 1943 805 Dec. 15, 1949-52 491 July 11,078 901 508 74 319 25 July 14, 1943 804 Dec. 15, 1949-53 1,786 Aug 11,751 697 454 52 191 32 July 21, 1943 905 Mar. 15, 1950-52 1,963 Sept.. 12,479 755 510 61 184 34 July 28, 1943 902 Sept. 15, 1950-52 1,186 Oct 13,381 935 665 61 210 40 Aug. 4, 1943 902 Sept. 15, 1950-52 4,939 Nov 14,079 735 542 45 148 43 Aug. 12, 1943 907 June 15, 1951-54 1,627 Dec 15,050 1,014 726 66 222 55 Aug. 19, 1943 908 Sept. 15, 1951-55 755 Aug. 26, 1943... 905 Dec. 15, 1951-53 1,118 1943—Jan 16,246 1,240 815 77 348 63 Dec. 15, 1951-55 510 Feb.. 17,067 887 634 48 205 76 Cert, of indebtedness. Mar. 15, 1952-54 1,024 Mar. 17,891 944 720 44 180 131 Aug. 1, 1943 1,609 Tune 15, 1952-55 1,501 Apr 19.267 1,470 1,007 110 353 103 Nov. 1, 1943 2,035 June 15, 1953-55 725 May 20,507 1,335 995 86 254 104 Dec. 1, 1943 3,800 June 15, 1954-56 681 Feb. 1, 1944 2,211 Mar. 15, 1955-60 2,611 Apr. 1, 1944 5,251 Mar. 15, 1956-58 1,449 Amount May 1, 1944 1,655 Sept. 15, 1956-59 982 Maturity Date of issue outstanding Tune 15, 1958-63 919 May 31,1943 Treasury notes Dec. 15, 1960-65 1,485 June 15, 1943 629 June 15, 1962-67 2,118 Sept. 15, 1943 2~9 Dec. 15, 1963-68 2,831 Series A—1945 From Mar. 1, 1935 174 Dec. 15, 1943 421 Tune 15, 1964-69 3,762 Series B—1946 From Jan. 1, 1936 311 Mar. 15, 1944 515 "Sept. 15, 1967-72 2,716 Series C—1947 From Jan. 1, 1937 404 June 15, 1944 416 Postal Savings bonds... 117 Series C—1948 From Jan. 1, 1938 485 Sept. 15, 1944 283 Conversion bonds 29 Series D—1945 From Jan. 1, 1939 798 M M Se a a p r r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 5 5 4 1,6 6 7 0 3 1 6 5 8 Pana T m o a t a C l d a i n r a e l c t lo is a s n ue .. s.. 95,38 5 2 0 "" S S e e r r i i e e s s D D — — 1 1 9 9 5 5 C 1 F F r r o o m m J J a a n n. . 1 l' . t o 1 9 F 4 e 0 b. 28, 1941 9 33 9 2 0 Dec. 15, 1945 531 Guaranteed securities Series D—1951 From Mar. 1 to Apr. 30, 1941 113 M De a c r . . 1 1 5 5 , , 1 1 9 9 4 46 6 . 3.2 5 6 0 1 3 Co F m eb m . o 1 d 5 i , t y 1 9 C 45 redit Corp. 412 S S e e r r i i e e s s E E— — 1 1 9 9 5 5 2 1 F F r r o o m m M Jan ay . 1 1 , , 1 1 9 9 4 4 1 2 5 1 , ,2 7 7 0 0 1 Fed. Farm Mortgage Corp. Series E—1953 From Jan. 1, 1943 3,633 Treasury bonds Mar. 15, 1944-64 95 Series F—1953 From May 1, 1941 225 J O u c n t e . 1 1 5 5 , , 1 1 9 9 4 4 3 3 - - 4 4 5 7 1 . . ... 1,4 4 0 54 1 Fe M d. a y 1 P 5 u , b 1 l 9 ic 4 4-49 Housing 835 S S S e e e r r r i i i e e e s s s G G F— — — 1 1 1 9 9 9 5 5 5 4 4 3 F F F r r r o o o m m m J J M a a n n ay . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 1 2 2 2 1 , ,2 4 6 4 6 4 4 7 1 A D Se e p p c r. t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 4 4 5 - - - 4 5 4 6 4 7 . .. 1 1 1 . , . 0 2 5 3 1 1 7 4 9 Ho A F m e u b e t . h O o 1 w r , i 1 t n y e 9 r 4 s 4 ' . L .. oan Corp. 114 S S e e r r i i e e s s F G — — 1 1 9 9 5 5 5 = F F r r o o m m J J a a n n . . 1 1 , , 1 1 9 9 4 4 3 3 1,2 3 7 43 1 Dec. 15, 1945.. . 541 May 1, 1944-52 779 Series unclassified 106 J M u a n r e . 1 1 5 5 , , 1 1 9 9 4 4 6 6- - 5 4 6 8 . . . .. 1.0 4 3 8 6 9 Re J c u o n n e s t 1 r , u c 1 t 9 i 4 o 5 n - 4 F 7 in. Corp. 755 Total. 20,507 June 15, 1946-49 819 July 15, 1943 324 Oct. 15, 1947-52 759 Apr. 15, 1944 571 1 At current redemption values except Series G, which is stated at par. Dec. 15, 1947 701 Jan. 1, 1945. 100 Difference between "Funds received" and month to month changes in Mar. 15, 1948-50 1,115 Federal Housing Admin. "Amounts outstanding" represents the difference between accrued increases Mar. 15, 1948-51 1,223 Various 23 in redemption values and redemptions of bonds during the month. June 15, 1948 3,062 Total guaranteed issues 4,008 1 Called for redemption on June 15, 1943. JULY 1943 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i e b n c T e t u e a o r r r i t e i t a n i s e l t g - s S is p a s e u n c e d i s a t l rust f P i u s u n s b d u l s e i s c F R B e e b a d s n y 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 s b av u a i n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i a a s O s b r u t k l h e e e e s t r - inv m es N a a t r o b o k r l n e e s - tissues 1940—June 47,874 4,775 2,295 2,466 38,338 16,550 3,110 6,500 9,400 2,800 December 50,360 5,370 2,250 2,184 40,556 17,760 3,220 6,900 9,600 3,100 1941—June 54,747 6,120 2,362 2,184 44,081 20,100 3,430 7,000 9,400 4,200 December 63, 768 6,982 2,547 2,254 51,985 21,790 3,700 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,390 3,890 8,900 11,100 13,000 September 90,399 8,509 2,900 3,567 75,423 32,590 4,200 9,700 12,600 16,300 October 96,509 8,585 2,922 4,667 80,335 35,240 4,280 9,800 12,900 18,100 November 99,702 8,787 2,922 5,399 82,594 36,700 4,180 9,600 12,600 19,500 December 111,591 9,032 3,207 6,189 93,163 41,340 4,560 11,000 15,200 21,100 1943—January 114,301 9,172 3,195 5,969 95,965 42,970 4,630 11,100 14,700 22,600 February 117,126 9,565 3,126 5,871 98,564 43,450 4,710 11,200 15,400 23,800 March 118,637 10,004 3,130 5,919 99,584 44,090 4,630 10,900 16,100 23,900 April 133,006 9,795 3,557 6,455 113,119 48,740 5,170 12,600 20,100 26,600 l 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] U.S. U.S. Gov- Govs T t o i a o n u n t g 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 R e a r e r e n a v d - 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 u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other T s o t i o a 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 - B s F e R e a e r r e n a v d - k l e - sb C m a c o n i e m a k r l - s - b M s i t a n u a n g u v a k s l - - s p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total: 2 Treasury bonds: 1942—June 55,122 2,7.23 2,645 24,939 3,830 8,748 12,237 Total: Oct 69,204 2,993 4,667 33,084 4,199 9,62614,634 1942—June 38, 2,321 1,61714,828 3,442 7,766 8,110 Nov 70,750 2,918 5,399 34,480 4,091 9,35114,510 43,381 2,554 2,14517,357 3,765 8,591 8,969 Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 Nov.!.'.'.'.'.!!!!!! 43,381 2,468 2,46417,377 3,666 8,515 8,891 1943—Jan 81,691 3,189 5,969 40,281 44,551199 10,806 16,9277 Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Feb 82,921 3,119 5,871 40,649 4,58910,, 9<09 17,784 1943—Jan 49,273 2,736 2,63719,760 4,080 9,98110,079 Mar 83,934 3,124 5,919 41,317 4,51110,66718,395 Feb 49,273 2,665 2,36720,136 4,067 9,95810,081 Apr 95,680 3,550 6,455 45,723 5,053 12,328 22,55770 Mar 49,27. 2,652 1,98420,829 3,979 9,61810,212 Treasury bills: Apr 55,201 3,059 2,01721,520 4,62411,46412,517 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: 5,126 481 3,468 18 126 1,031 1942—June 3,915 336 1,599 224 581 1,173 Nov 5,721 383 4,216 14 93 ,010 Oct 5,129 528 2,100 264 771 1,465 Dec 6,627 1,010 4,497 10 26 ,073 Nov 5,129 610 2,071 254 748 1,445 1943—Jan 7,423 689 5,568 21 45 ,091 Dec 5,830 754 2,565 253 726 1,531 Feb 8,232 1,475 5,302 24 63 ,355 1943—Jan 5,830 757 2,577 248 726 1,521 Mar 9,234 2,087 5,069 65 157 ,837 Feb 5,830 665 2,686 235 715 1,526 Apr 10,044 2,430 6,415 14 4 ,173 Mar 5,830 672 2,737 222 664 1,532 Certificates: Apr 5,830 735 2,806 190 599 1,500 1942—June 3,096 66 1,971 74 191 782 Maturing in 5-10 years: Oct 6,211 726 3,782 90 265 ,326 1942—June 9,436 846 4,959 750 1,347 1,536 Nov 7,161 1,187 4,389 99 114 ,356 14,229 1,284 7,717 1,110 1,710 2,409 Dec 10,534 1,041 6,470 129 180 2,696 Nov!.'.'.'.'.!!!!!!! 14,229 1,439 7,676 1,084 1,736 2,293 1943—Jan 10,741 1,317 6,594 136 157 2,518 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 17,080 1,521 9,536 1,145 2,142 2,737 Mar 11,161 19 850 6,845 183 266 2,99 Feb 17,080 1,420 9,505 1,165 2,236 2,758 Apr 16,154 35 997 9,197 168 257 5,500 Mar 17,080 1,317 9,672 1,113 2,189 2,789 Treasury notes: Apr 19,448 1,349 10,032 1,430 2,693 3,943 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: 10,095 79 1,297 5,830 204 295 2,391 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 Nov'.!.'.'.'.'.'.'.!! 10,095 85 1,343 5,828 196 290 2,354 Oct : 16,786 2,124 6,310 1,756 3,037 3,558 Dec. 9,863 92 1,324 5,670 167 283 2,327 Nov 16,786 2,133 6,377 1,712 2,990 3,581 1943—Jan 9,863 81 1,275 5,698 174 294 2,341 Dec 16,295 2,165 6,240 1,580 2,778 3,531 Feb 9,863 86 1,190 5,699 183 298 2,407 1943—Jan 16,295 2,090 6,364 1,555 2,756 3,529 Mar 9,797 67 957 5,850 182 297 2,444 Feb 16,295 1,948 6,635 1,538 2,651 3,520 Apr 9,797 65 957 5,825 163 286 2,501 Mar 16,295 1,680 6,955 1,500 2,613 3,545 Guaranteed securities: Apr 16,295 1,656 7,122 1,381 2,604 3,530 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: 4,195 304 17 2,637 122 349 766 1942—June 6,002 593 1,258 512 2,326 1,315 Nov!!.'.'.'.'.'.!!! 4,195 310 22 2,660 116 338 750 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 10,069 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 Apr 4,288 350 54 2,754 83 317 731 Mar 10,069 965 1,463 1,141 4,153 2,346 Apr 13,629 1,333 1,561 1,626 5,566 3,544 * 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 Apr. 30, 1943, commercial banks reporting to the Treasury held $18,746,000,000 of United States Government securities due or callable within one year out of a total of $32,928,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below." FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] In- c n M e e l o i l s a u - - s Social Total Net Inter- War T fe r r a s n t s o - T b o u t d a g l - Trust C G h i a e n n n g - e cr I e n a - se Period come i nter- secu- Other re- re- est activi- trust Other et ex- Deficit EC- eral in taxes1 re n v a e l - t r a i x ty es ceipts ceipts2 d°ebt ties counts, p t e u n re d s i- etc/ F b u a n l d - g d r e o b s t s nue1 etc. ance Fiscal year ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 5,103 —148 +742 5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 1942—May 216 270 222 56 764 563 19 3,560 ....... 375 3,953 3,391 -257 -39 3,609 June 2,086 298 42 67 2,494 2,492 390 3,829 310 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 4.79S 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 £,042 3 291 6,363 5,761 +736 -1,814 3,212 December 1,972 630 50 50 2,702 2,701 353 :,825 25 297 6,500 3,799 -794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 c,947 35 337 6,372 5,584 -135 -2,819 2,899 February 380 352 343 115 1,190 955 35 i,770 2 312 6,119 5,164 -122 -2,331 2,954 March 4,732 374 50 51 5,207 5,206 262 t,744 1 347 7,354 2,147 -549 -1,213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8,438 14,342 May 940 359 282 160 1,742 1,480 42 ,092 1 300 7,435 5,955 -39 +70 6,064 Details of trust accounts, etc. General Fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets Ge B n a e l r a a n l c e F u in nd penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- i c a G n i o g n m o u e g c v n n e h e t a n e c 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 ts t- p t E e u n x r d - e i s - Total R F p e e o D s d i s e n e e i r - t r v s a e l d s p p e D o p e i s e c n o i - i s t a s i l - O as t s h e e t r s l T i t a o i b e t i s a l l i- Total W a b i n o a n c l r g - e k- Banks taries Fiscal year ending: June 1941 1,958 1,200 741 218 680 138 490 2,812 1024 661 1,127 179 2,633 1,885 June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 1942—May 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 1,162 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 2,525 August 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 2,392 September.... 30 214 45 25 83 37 37 4,688 1021 2,411 1,256 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 November.... 471 170 34 -449 65 32 13 3,557 512 1,695 1,350 475 3,082 2,320 December.... 75 350 33 548 99 37 11,032 1,516 8,166 1,350 489 10,543 9,780 1943—January 110 43 35 186 74 47 8" 8,200 465 6,367 1,368 477 7,724 6,961 February 498 230 35 370 52 40 -3 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 1,383 465 12,687 11,924 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 u r i a r v e l i n d t - V t t o a ic r x y - c ra 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 a p x c it k al E ta s g a x t i n a f e d t t s e A be l t v c a o e x h r 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 c i e l d i e r s s e r ' s' n t c M a e e x o l i l s e u a - s 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—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 66 3 2 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 2 1 3 1 7 7 4 7 3 3 6 5 0 6 3 5 9 1 October 220 19 109 27 . 58 7 348 35 119 83 3 66 42- November.... 185 19 67 24 73 2 478 185 27 104 79 3 47 32 December.... 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 1943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 ""2" 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 40 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 1 Correction of December 1942 collection JULY 1943 653 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 Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U.S. Pri- Ac- and deb^Titurps Govern- vately End of month Total Loans f s e P t r o r r e c e - k d , Cash G d U i o . r e v b c t . . t O G t o h v e t r . c o o a t u n h d n e t r s p B n r e u o s s p s i - - P e h r f r e o o t l r y p d - O as t s h e e t r s g F u u a ll r y - O lia 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. and agen- receiv- erty anteed Other1 guaran- cies1 ables by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 December.... 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—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 April.. 24,706 8,092 560 536 1,510 24 1.464 1,428 6,081 5,011 4,372 1.366 5,648 12,880 440 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month 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 r m s a p ' n n e . - F H b L e a o o a d n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e b n u t d l g h i s . c . - F b l e a a a d n n l e k d r s - M C F g F a a o o e g r r d r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i i . s - t - o f B o t p a i r e v n r e c k a s o s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . 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 8,106 1,082 1,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December.... 8,487 1,433 1,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—April 8,567 1,469 1,709 185 77 215 371 1,721 575 280 102 393 260 450 336 137 287 May 8,356 1,468 1,692 181 79 216 365 1,715 567 282 99 230 258 456 340 112 296 June 8,379 1,473 1,676 193 82 216 384 L,706 562 289 101 231 258 460 342 113 293 July 8,307 1,479 1,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 8,233 1,496 1,640 160 85 215 357 ,679 547 287 104 181 254 457 344 117 310 September... 8,190 1,527 1,622 145 88 215 360 ,663 539 270 112 173 250 456 344 117 309 October 8,159 1,533 1,603 131 91 214 377 ,645 528 248 130 188 244 453 344 119 311 November... 8,158 1,566 ,587 122 93 213 372 ,625 518 238 140 214 241 448 345 119 317 December... 8,127 1,557 ,568 129 94 211 366 ,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 ,548 113 96 210 379 ,579 496 237 132 258 237 446 345 122 334 February— 8,022 1,527 ,532 96 96 209 378 ,564 490 248 121 270 240 454 345 121 331 March 8,003 1,530 :,507 79 97 206 381 :,540 483 266 111 276 244 463 345 121 354 April 8,092 1,512 1,480 87 97 204 371 1,520 475 280 106 408 245 457 344 122 384 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C ec o o rp n o s r tr a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Total n t L u t i a o o n t n i a s c o f t n i i i n s - a - s l L r r o o a t a a o il n d - s s Other F R 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 e o n o e r n s - ' Other F b M 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 t n i - y - t C p s w F o o t R r i r r a u e 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 e d i m p o d i o n t - i y - t O C H L r w a o o o t n r m i a p 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—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 L.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 April 1,512 153 437 922 358 109 93 197 209 700 358 4,442 1,316 212 111 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 1,847 million dollars on Apr. 30, 1943. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment4 Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e a l o 5 u n 1 y m - 0 e t - 3 s ) 0 e 9 i Total (phy 19 s 3 ic 5 a - D a l 3 b 9 v u f l M o a r e = - c l a u t u n m 1 r u 0 N e e d - 0 s o ) u 2 n r - * - M er i a n l - s To a t w a 1 l a 9 r 2 d 3 e R - d 2 t d i e e 5 a n s ( l i - = v - a lu 1 o 0 e A t ) 0 h 3 l e l r N t a c u g o u r r n l a i - - l - 1939 = F a 1 c 0 to 0 ry 1 r 9 F t o p 3 o 1 a l a 9 0 r c l y y 0 - s4 , = F c 1 a = r 9 i r e n 3 l i 1 g o 5 g 0 s - a h 3 * 0 d t 9 - D 19 m = u e s s ( 2 a v t p e e 3 o l a ) 1 a e n - * r l 0 r 2 s e - t 5 t 0 5 - W m p = c r 1 s o o h i 9 a c d m o 1 2 l e e i l 0 6 - s t e 0 y 4 - C 1 l = i 9 o v 3 s i 1 5 n t 0 - o g 3 0 4 f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 8.4 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925... 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926... 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927... 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928... 99 117 85 99 135 126 142 99.7 112.3 148 108 96 7 122.6 1929... 122^9 110 132 93 107 117 87 142 106.6 106.1 119.8 152 111 95!3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931... 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92 A 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939... 105.5 108 109 108 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940... 113.8 123 138 113 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941.... 137.3 156 193 135 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 181 250 141 129 166 82 235 124.2 152.3 242.3 138 124 98.8 116.5 1940 January 110.4 122 117 135 113 120 75 53 93 102.4 105.9 104.0 107.4 111 92 79.4 February . 110.7 116 114 123 110 115 63 56 68 101.9 104.8 104.2 107.2 105 90 78.7 March 110.4 113 112 118 107 118 62 57 66 102.0 103.5 103.8 107.9 100 89 78.4 99^8 April 110.8 113 112 116 107 120 64 62 66 101.1 102.4 102.6 105.8 103 89 78.6 May 112.4 117 117 124 110 118 64 64 65 101.9 102.8 102.1 105.8 106 89 78.4 June 112.5 122 122 133 114 119 74 69 77 102.6 103.7 102.5 107.6 111 91 77.5 KXL5' 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 100A 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. . . 193.7 197 194 285 149 127 175 91 243 130.5 164.4 164.5 287.9 134 125 101.0 120.4 1943 January 196.7 199 194 291 149 125 145 79 198 130.4 167.1 164.8 290.9 135 143 101.9 120.7 February 201.0 202 197 295 150 131 102 56 140 130.5 r167.9 166.4 297.5 141 168 102.5 121.0 March 204.9 202 199 298 147 133 85 42 119 130.1 168.6 167.6 304.5 136 136 103.4 122.8 April p206.9 203 201 300 147 131 63 33 87 129.5 168.4 167.5 309.4 141 128 103.7 124.1 May p203 p2O3 ?300 i>W ^129 *>51 P30 *>67 ^128.4 ^168.1 P167.1 141 125 104.1 125,1 June.... e203 e204 e302 C147 e127 e131 e104.0 J Preliminary. * Average per working day. r Revised. e Estimated. l Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 656-659; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. * Based on F. W. Dodge Corporation data; ^description, see p. 358 of BULLETIN for July 1931; by groups, see p. 662 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Laabbooir Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the -£ A*«*W A/I AVts-] 4-lxsv Ift^ft l^ Ann wt A«« A JJ A-_A..AA.A*« A I» •*. 1 « A .J A- A A.—.-.11A.. Jl ~. 4- ~. «. .. A -~-_ — 1 t ...,-. ^_ _ __- \_A*1 _--.U__ _ 1 4 f\1f\ J* A J A f*_?_T O_ * A _1 A. X^ A 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. JULY 1943 655 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 173 174 176 175 183 187 191 195 197 199 202 202 203 Manufactures—Total „ 182 183 184 188 193 197 203 207 210 212 215 215 215 p216 Durable 234 239 244 249 258 265 275 279 285 291 295 298 300 P300 Nondurable1 139 138 136 138 140 142 144 148 149 149 r150 147 147 ^147 199 200 198 196 197 199 207 203 200 204 208 210 209 208 Pig iron . . . 192 192 194 192 190 194 199 199 197 197 201 202 197 1Q6 Steel ... 219 219 216 216 218 219 229 224 221 226 231 233 235 233 Open hearth and Bessemer 181 182 178 175 177 179 186 182 179 182 185 188 186 184 Electric 487 488 489 506 507 503 536 527 523 542 560 559 580 584 Machinery • • 273 279 287 289 299 310 320 329 340 348 352 359 362 Government Arsenals and Quartermaster Depots Transportation Equipment. 350 372 396 425 458 479 507 525 547 559 572 583 592 P598 Aircraft Automobile bodies, parts, and assembly 104 107 112 116 124 129 135 141 146 151 155 158 159 P160 Railroad cars Locomotives Shipbuilding Government yards TV'nwferrous Metals and Products 177 180 186 188 191 193 192 197 202 200 199 192 194 P194 Nonferrous metal smelting 161 163 Copper smelting 155 161 Zinc smelting 185 184 * * • * * Lead production 132 Copper deliveries 195 205 # Lead shipments Zinc shipments 145 146 Tin consumption Lumber and Products. ... 132 130 131 133 129 125 129 128 127 124 129 124 124 P1?Z Lumber 127 124 127 130 125 119 123 122 119 116 121 114 115 142 143 139 137 136 136 141 139 144 139 144 144 143 P14l Stone Clay and Glass Products.. 154 155 147 140 145 152 152 153 148 163 155 149 144 167 172 171 169 177 182 184 180 165 169 156 146 134 Unglazed brick 119 104 92 90 87 Glass containers 176 178 163 145 153 '163' 162 '169' 171 " 208 199 197 194 200 Polished plate glass 43 35 37 32 30 38 37 39 39 38 40 39 42 47 Textiles and Products 157 156 152 154 154 156 156 158 156 157 160 157 155 P157 Textile fabrics . . .. ... 148 146 143 145 144 146 147 148 145 147 150 Ul 145 Cotton consumption 177 175 169 166 169 172 172 171 163 171 171 166 166 169 Rayon deliveries 170 169 169 168 169 170 174 177 178 180 181 181 r181 P185 W Sil o k o l C d a e te r li p x v t e e i t l r e i w s es ool consumption 1 3 5 4 3 15 5 0 1 4 5 6 1 1 4 6 3 0 1 2 5 7 4 1 3 5 4 5 1 4 5 3 6 1 4 6 3 1 1 4 6 4 3 1 2 5 9 4 1 3 6 9 6 r1 r4 6 0 3 1 3 5 8 6 Apparel wool consumption 203 201 194 208 206 198 205 212 218 208 230 r228 214 Woolen yarn 173 172 165 175 173 175 178 182 184 176 190 r187 179 Worsted yarn 164 168 166 176 173 168 171 175 175 167 177 172 165 Woolen and worsted cloth 177 179 172 184 177 179 175 180 185 177 187 r182 177 Leather and Products 130 126 121 116 113 111 117 117 117 122 118 r112 115 P114 131 129 122 119 117 115 120 118 118 122 118 113 115 Cattle hide leathers 147 148 143 144 141 136 143 139 139 142 136 r127 131 Calf and kip leathers 93 94 88 89 95 96 94 94 93 95 93 92 92 Goat and kid leathers 116 105 94 79 70 76 82 81 84 89 89 93 90 Shoes 130 124 120 115 110 108 115 116 116 122 118 116 ^114 Manufactured Food Products .. 136 134 138 143 143 V148 P146 p152 V158 P157 P152 p150 P14R Wheat flour 98 105 102 106 105 101 108 115 126 129 130 126 121 117 Cane sugar meltings Manufactured dairy products 150 142 138 143 143 *>140 P139 ^136 *>140 *141 *>142 P141 *140 P1S8 Ice cream 160 145 145 154 153 Butter 110 111 105 108 108 102 100 98 103 107 110 110 109 103 Cheese 180 178 168 169 165 156 145 141 138 148 148 148 146 143 Canned and dried milk 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. 656 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing .... 142 140 153 146 153 159 145 147 158 145 153 154 143 162 Pork and lard 156 163 177 168 174 187 157 167 193 170 180 189 179 216 Beef 134 121 137 130 136 129 133 122 119 126 134 127 113 111 Veal 96 94 103 103 113 127 129 128 107 76 76 73 61 60 Lamb and mutton 119 105 104 116 127 137 141 156 156 122 117 108 111 123 Other manufactured foods ... 137 136 140 147 146 153 152 159 165 ' 165 161 156 156 151 A Icoholic Beverages 111 111 104 122 135 139 126 122 111 105 123 112 103 Malt liquor 117 116 104 118 133 147 134 146 131 122 146 133 123 Whiskey 63 55 63 96 82 49 14 Other distilled spirits 53 80 61 83 71 35 62 62 37 42 63 35 31 Rectified spirits 153 158 163 183 223 238 226 159 159 159 161 157 141 Tobacco Products .. 127 120 122 126 130 133 141 136 160 140 131 131 133 120 Cigars 120 108 112 109 112 107 116 98 200 127 116 101 108 105 Cigarettes 140 137 136 146 152 159 166 167 166 162 153 159 160 139 Manufactured tobacco and snuff 97 89 94 89 88 91 102 98 94 94 86 87 87 85 Paper and Paper Products^ . 148 143 134 125 131 132 135 135 132 133 135 135 134 Paper and pulp 154 147 135 125 132 133 137 137 133 135 137 137 136 183 184 177 164 169 162 162 159 152 147 149 146 148 Groundwood pulp 129 120 116 113 117 112 114 111 104 103 107 103 100 Soda pulp 148 147 129 127 125 126 137 141 131 96 95 91 84 Sulphate pulp 236 245 228 211 221 211 208 200 195 199 200 199 204 Sulphite pulp 174 173 173 157 161 154 153 149 143 140 142 137 141 Paper 149 142 129 119 126 128 134 134 130 133 135 136 134 Paperboard 157 141 120 109 123 131 136 137 134 137 143 150 150 "150* Fine paper 146 147 138 132 125 125 130 133 127 127 123 120 119 Newsprint production 109 104 103 103 108 106 107 100 97 92 93 90 89 "89* Printing paper 135 124 110 109 113 117 130 129 121 124 127 122 119 Tissue and absorbent paper 169 175 178 148 161 166 163 174 175 177 170 170 163 Wrapping paper 152 150 139 127 132 125 128 123 120 125 129 127 125 Printing and Publishing2 117 112 104 106 111 109 116 118 114 113 113 110 110 Pill Newsprint consumption.... 98 100 97 103 108 101 102 110 106 102 99 97 100 102 Petroleum and Coal Products 118 116 115 118 121 122 123 123 119 117 120 118 120 Petroleum refining 111 109 108 111 114 116 117 117 112 109 113 110 113 Gasoline 104 103 101 105 109 109 111 110 104 99 102 99 101 pm Fuel oil ; ; 123 122 123 127 130 137 137 138 137 137 143 137 144 Lubricating oil 126 122 123 117 117 112 113 114 113 111 114 118 114 Kerosene 106 100 103 105 106 107 112 110 99 104 117 118 121 coke B B e y e - h p i r v o e d u c c o t k e coke ;..;:;;: 5 1 1 6 1 5 2 4 2 5 1 1 6 0 5 3 8 3 1 5 1 6 3 5 4 9 3 5 1 1 0 6 5 2 3 3 5 1 1 0 6 5 5 5 5 5 1 1 6 2 5 6 3 5 5 1 1 2 6 5 4 6 5 5 1 1 0 6 5 0 6 6 4 1 1 9 5 6 8 6 6 4 1 1 8 5 6 5 7 6 5 1 1 4 6 5 3 9 8 r5 1 1 5 6 5 1 9 8 5 1 1 1 6 5 9 9 9 P P4 1 8 6 2 6 Chemicals 165 167 172 174 173 179 187 197 205 210 213 211 217 P220 Rubber Products Tires and tubes \\m Pneumatic tires 25 Minerals—Total . 125 126 127 126 130 131 129 130 127 125 131 133 131 ri 29 Fuels 121 121 121 121 126 129 127 130 126 124 131 133 131 P128 Bituminous coal 150 147 144 141 140 150 145 154 143 145 157 161 151 PI 43 A C n r t u h d r e a c p i e t t e roleum 1 1 2 0 2 9 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 12 1 1 7 1 12 2 1 4 1 1 2 0 1 5 1 1 0 1 2 8 1 1 2 2 9 1 1 12 2 2 8 1 1 2 2 4 9 ^124 Metals 152 157 159 155 152 145 139 133 132 132 133 133 133 P137 Metals other than gold and silver 184 193 199 197 196 189 183 181 187 189 194 193 194 P200 C Ir o o p n p e o r re shipments 2 1 1 6 7 4 2 1 3 7 2 4 236 241 239 227 218 211 223 232 234 235 235 242 Lead Zinc Gold Silver 109 106 104 98 99 88 82 74 73 73 72 67 ' Revised. v Preliminary. * Included in total and group indexes but not available for publication separately. Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1943 657 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 172 175 177 180 187 193 195 195 194 194 197 199 201 "20.? Manufactures—Total 181 183 185 189 196 203 205 206 207 208 211 212 214 ^216 Durable 234 240 246 1 251 260 267 276 279 \ 283 287 292 296 300 i "302 Nondurable1.. 138 137 136 139 144 151 148 147 146 143 146 144 145 "147 Iron and Steel. 199 200 198 196 197 199 207 203 200 204 208 210 209 20H Pig iron 192 192 194 192 190 194 199 199 197 197 201 202 197 196 Steel ... 219 219 216 216 218 219 229 224 221 226 231 233 235 233 Open hearth and Bessemer ... 181 182 178 175 177 179 186 182 179 182 185 188 186 184 Electric 487 488 489 506 507 503 536 527 523 542 560 559 580 584 Machinery.. 273 279 287 289 299 310 320 329 340 348 352 359 362 1*363 Transportation Equipment.. 350 372 , 396 425 458 479 507 525 547 559 572 583 592 Aircraft ... Automobile bodies, parts, and assembly.. 104 107 112 116 124 129 135 141 146 151 155 158 159 "160 Railroad cars Locomotives Shipbuilding Private yards Government yards... Nonjerrous Metals and Products... 177 180 186 188 191 193 192 197 202 200 199 192 194 PI 94 Nonferrous metal smelting 162 164 Copper smelting 155 161 Zinc smelting 185 184 Lead production.. 135 Copper deliveries 195 205 Lead shipments Zinc shipments 145 146 Tin consumption Lumber and Products... 132 135 138 140 138 135 135 125 116 107 114 119 125 P127 Lumber'. 127 131 138 141 139 134 131 118 101 91 99 106 115 "120 Furniture ... • 142 143 139 137 136 136 141 139 144 139 144 144- 143 "141 Stone, Clay, and Glass Products. 151 163 158 151 160 163 163 157 139 138 132 133 141 Cement 161 178 183 186 195 200 202 186 156 139 126 126 128 Unglazed brick 116 118 115 111 104 Glass containers 176 190 171 151 167 166 167 171 159 i87 184" 185 194 214 Polished plate glass.... 43 35 37 32 30 38 37 39 39 38 40 39 42 47 Textiles and Products. 157 156 152 154 154 156 156 158 156 157 160 157 155 P157 Textile fabrics 148 146 143 145 144 146 147 148 145 147 150 147 145 Cotton consumption 177 175 169 166 169 172 172 171 163 171 171 166 166 169 Rayon deliveries 170 169 169 168 169 170 174 177 178 180 181 181 181 "185 Silk deliveries ... Wool textiles 153 150 151 160 154 155 156 161 163 154 166 r163 156 Carpet wool consumption 34 5 46 43 27 34 43 43 44 29 39 r40 38 Apparel wool consumption 203 201 194 208 206 198 205 212 218 208 230 '228 214 Woolen yarn 173 172 165 175 173 175 178 182 184 176 190 179 Worsted yarn 164 168 166 176 173 168 171 175 175 167 177 172 165 Woolen and worsted cloth 177 179 172 184 177 179 175 180 185 177 187 r182 177 Leather and Products. 131 124 116 114 115 112 117 115 114 120 123 114 115 PI 13 Leather tanning .... 131 126 118 113 113 114 121 121 119 122 128 113 115 Cattle hide leathers 147 145 136 134 134 134 145 144 141 144 151 r128 131 Calf and kip leathers 90 90 90 88 100 94 96 97 91 93 98 90 89 Goat and kid leathers 119 102 94 78 69 77 81 79 85 89 93 93 93 Shoes 131 123 114 115 117 112 115 111 110 118 119 r115 116 "114 Manufactured Food Products... 123 130 139 156 165 P181 P156 P151 P150 P140 P135 P134 P135 1*142 Wheat flour 92 96 95 105 106 116 118 119 121 130 129 123 114 106 Cane sugar meltings * * * * Manufactured dairy products 152 193 210 207 192 "143 "109 "88 ^89 P102 PI 19 "141 "188 Ice cream 154 197 232 259 248 Butter 109 143 147 132 119 101 88 78 82 86 94 '98' 108 133 Cheese 189 242 241 205 185 158 134 106 101 107 119 132 153 194 Canned and dried milk 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. 658 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 = 1001 1942 1943 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. ' Apr. May Manufactured Food Products—Continued Meat packing 134 140 149 138 132 147 146 166 186 171 147 140 136 162 Pork and lard 148 163 172 151 131 150 147 200 249 221 180 171 170 216 Beef 125 121 134 131 137 144 144 128 119 126 121 115 105 111 Veal 95 98 104 102 114 140 142 131 101 73 67 69 61 62 Lamb and mutton 115 108 99 110 125 153 150 152 148 128 117 105 108 126 Other manufactured foods 121 123 133 157 173 198 170 161 158 145 140 138 137 Alcoholic Beverages... 113 120 116 133 140 140 123 103 94 90 110 105 107 Malt liquor 124 136 134 148 152 149 121 111 105 100 128 123 130 Whiskey 69 54 50 53 45 39 13 Other distilled spirits.. 32 48 36 39 34 48 164 130' 46 27 38 23 19 Rectified spirits 136 139 130 183 223 238 226 159 159 159 161 157 141 Tobacco Products... 119 123 132 135 144 149 141 137 123 125 123 Cigars 114 107 120 113 115 123 140 117 154 103 101 93 103 104 Cigarettes 130 142 150 153 160 170 169 167 147 159 144 148 149 144 Manufactured tobacco and snuff 96 89 96 91 89 104 97 83 91 85 89 86 Paper and Paper Products1... 151 144 133 122 130 134 138 134 129 132 137 137 136 Paper and pulp 157 149 134 121 130 132 138 137 131 135 140 139 138 Pulp 187 186 174 156 166 159 164 159 147 149 154 150 151 Groundwood pulp 144 133 118 100 100 98 106 114 108 107 111 110 112 Soda pulp 152 147 127 119 125 127 137 141 127 96 98 94 86' Sulphate pulp 236 245 226 207 221 211 212 200 185 201 206 203 204( Sulphite pulp, 178 173 169 150 161 154 156 151 139 140 146 140 144 Paper 152 143 128 115 125 128 134 133 129 132 138 138 136 Paperboard 157 141 120 109 123 131 136 137 134 137 143 150 150 150 Fine paper 159 151 135 120 118 118 130 129 124 128 r131 129 130 Newsprint production 109 105 104 101 105 106 107 103 98 92 92 90 89 "90 Printing paper 140 127 108 102 110 116 131 127 120 124 r131 126 124 Tissue and absorbent paper 172 173 177 140 161 172 169 172 168 172 177 172 166 152 150 139 127 132 125 128 123 120 125 129 127 125 Wrapping paper Printing and Publishing2... 123 115 103 96 103 109 120 121 114 111 115 114 116 P114 Newsprint consumption... 105 98 90 95 97 98 107 106 118 117 115 117 121 122 123 119 120 121 Petroleum and Coal Products. . Petroleum refining 111 110 108 110 114 116 117 117 112 109 113 110 114 Gasoline 104 103 101 105 109 109 111 110 104 99 102 99 101 Fuel oil 123 122 123 127 130 137 137 138 137 137 143 137 144 Lubricating oil 131 127 123 115 116 112 113 114 112 108 113 117 118 Kerosene 108 101 97 97 101 106 112 113 102 106 123 120 124 Coke B B e y e - h p i r v o e d u c c o t k e coke 5 1 1 1 6 5 4 2 2 5 1 1 0 5 6 8 3 3 5 1 1 3 5 6 9 3 4 5 1 1 0 5 6 2 3 3 5 1 1 0 6 5 5 5 5 5 1 1 2 6 5 3 6 5 5 1 1 2 5 6 4 5 6 5 1 1 0 5 6 0 6 6 4 1 1 9 6 5 8 6 6 4 1 1 8 5 6 5 7 6 1 5 1 6 4 5 9 3 8 5 1 1 5 6 5 1 9 8 5 1 1 1 5 6 9 9 9 H P ^1 4 6 5 8 6 7 2 Chemicals 168 166 166 167 170 181 192 199 206 209 213 216 220 P219 Rubber Products.. Rubber consumption Tires and tubes 25 Pneumatic tires 25 Inner tubes 27 Minerals—Total.. 126 131 132 131 136 137 134 132 119 116 122 124 125 P132 Fuels 121 121 121 121 126 129 127 130 126 124 131 133 131 P128 B A C i r n t u u t d h m e ra in c p o i e t u t e r s o l c e o u a m l 1 1 10 2 5 9 2 0 1 1 1 1 1 4 1 5 7 1 1 1 1 1 4 3 7 4 1 1 1 1 4 2 2 1 2 1 1 12 4 1 1 0 8 1 1 1 2 5 2 9 0 0 1 1 12 1 4 1 7 5 1 1 12 2 5 1 4 4 1 1 1 0 4 2 5 3 1 1 1 1 1 4 0 8 5 2 1 1 1 2 2 5 9 1 7 1 1 1 6 2 2 1 8 2 1 1 1 5 2 2 1 4 9 p P ? 1 1 U 2 2 3 2 4 Metals 155 190 195 192 194 184 176 143 69 P156 Meta I C r ls o o p n o p t e o h r r e e r s t h h i a p n m g e o n l t d s and silver 2 1 1 3 9 6 7 5 9 3 2 1 7 5 7 2 9 4 3 2 8 6 2 6 3 2 9 6 3 4 3 2 8 6 8 4 3 2 5 4 8 9 3 2 3 3 5 9 2 1 2 9 9 2 85 85 1 6 1 0 4 P 3 2 2 3 1 7 Lead 135 Zinc Gold Silver 110 105 100 97 97 89 82 75 73 73 73 69 r Revised. ^Preliminary. * Included in total and group indexes but not available for publication separately. 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. JULY 1943 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Total 146.3148.0 164.8 r 166.4 r167.6 167.5 167.1 215.1 221. 228. 290 S> r297.l> r304.£' 309.4 Durable goods 180.0 184.1 218.1 r221.5 r224.3 225.3 225. 276. 287. 300. 399.8 r410.(> r421.(\ 430.2 Nondurable goods 119.8 119.6 122.9 123.0 122.8 122.0 120.9 155.4 157. 159. 184. r186. 190. 191.4 Iron and Steel and Products 158.3 159 3 170.7 r173.0 r174.1 173.6 172.2 226. 230. 236. 283. r291. r297 300.8 Blast furnaces, steel works, etc 141 141* 134 135 135 135 190* 188* 192* 209* in 215' 217' Steel castings 238 240 276 279 281 284 355 368 375 464 476 495 504 Tin cans and other tinware 116 112 88 90 91 93 149 144 140 130 135 138 143 Hardware 132 127 119 122 124 125 210 208 204 215 r227 r232 239 Stoves and heating equipment 106 102 113 113 115 114 139 143 136 181 184 190 189 Steam, hot-water heating apparatus... 161 159 189 193 194 195 261 263 262 313 336 339 358 Stamped and enameled ware 137 135 143 149 154 158 201 199 203 256 263 278 293 Structural and ornamental metal work 165 167 r194 198 r198 198 233 242 248 r326 r343 r350 351 Forgings 220 223 255 259 263 264 348 365 372 478 495 503 505 Screw machine products 251 260 288 293 292 290 390 405 424 519 533 545 544 Electrical Machinery 200.5 201.7 255.1 260.8 267.4 268.4 269.3 296.3 303.6 310.0 427.4 441.6 453.7 454.7 Machinery, except Electrical 198.3 200.2 227.5 230.8 233.3 234.1 234.6 307.8 315.4 325.8 400.2 410.0 417.7 422.3 Machinery and machine shop products 198 202 232 236 239 241 301 311 321 402 413 422 429 Tractors 138 139... 154 155 r157 158 184 181 190 225 239 r239 242 Agricultural, excluding tractors 137 135 114 120 124 126 190 194 199 196 215 228 238 Pumps 257 263 293 299 307 312 453 479 497 581 602 614 633 Refrigerators 111 92 138 145 149 150 154 153 128 220 237 250 244 Transportation Equipment, except Autos.. 787.4 847.1 1,302.2 1,343.1 1,378.1 1,399.3 1,416.8 ,237.0 1,370.7 1,481.3 ,406.0 2,486.5 2,583.3 2,692.9 Automobiles 106.5 114.3 156.7 159.5 161.4 162.3 163.3 167.4 169.8 183.2 277.9 282.2 283.9 286.7 Nonferrous Metals and Products 161.6 162.9 178.1 179.6 178.8 179.2 178.8 237.5 240.7 245.9 305.8 308.6 312.1 318.5 128 128 154 155 156 160 170 170 175 239 245 252 268 Primary smelting and refining 132 134 127 129 124 123 205 212 221 239 240 238 236 Clocks and watches 109 106 108 r110 112 112 165 158 154 184 187 190 196 Lighting equipment Lumber and Timber Basic Products 130.6 131.0 116.3 113.8 114.0 114.1 112.7 165.6 170.6 177.8 166.9 173.7 179.4 186.2 Sawmills 107 107 92 90 91 91 137 141 148 131 139 144 151 Planing and plywood mills 119 119 115 114 113 113 145 149 152 167 167 171 170 Furniture and Lumber Products 118.1 117.2 110.2 111.0 111.0 109.8 108.7 161.7 161.2 162.7 165.9 171.8 175.2 177.8 Furniture 112 111 106 107 107 106 157 153 157 160 166 170 172 Stone, Clay, and Glass Products 128.8 128.2 123.2 122.4 122.0 122.0 121.5 162.2 165.3 168.9 178.5 179.2 181.9 185.3 Glass 125 123 119 121 123 124 159 159 161 168 174 176 180 Cement 120 123 115 109 105 104 142 146 152 150 139 137 141 Brick, tile, and terra cotta 119 119 98 94 92 91 146 151 154 138 138 137 137 Pottery and related products 137 136 135 135 136 134 177 174 174 185 186 189 193 Textile-Mill and Fiber Products 114.0 113.5 111.3 r111.5 r 111.1 109.6 108.3 155.1 157.8 160.6 179.6 r181.1 rl82.4 181.2 Cotton goods except small wares 128 128 12? r128 r127 126 187 190 196 216 r217 r217 217 Silk and rayon goods 87 * 88 82 82 82 81 122 127 128 134 132 134 134 Woolen and worsted manufactures 121 123 118 117 117 115 171 177 184 208 207 208 205 Hosiery 83 81 77 77 77 75 97 94 94 106 108 111 108 Knitted underwear 119 118 116 116 114 112 161 167 166 185 184 184 185 Dyeing and finishing textiles 109 105 108 108 107 104 140 145 137 162 166 165 162 Carpets and rugs, wool 90 86 93 94 94 93 125 116 117 145 148 150 147 Apparel and Other Finished Textiles 120.6 118.3 112.0 113.7 114.4 112.6 108.9 161.5 156.8 150.9 155.9 r167.5 rl77.5 174.8 Men's clothing, n.e.c 119 117 108 110 111 110 158 156 157 150 159 169 169 Shirts, collars, and nightwear 101 99 90 r89 r88 88 138 144 142 r130 134 136 139 Women's clothing, n.e.c 100 97 91 93 93 92 137 128 118 125 r137 r148 144 Millinery 99 83 83 94 96 91 131 105 71 103 136 144 123 Leather and Leather Products 111.3 109.8 r104.1 103.3 101.9 99.8 97.2 156.7 154.8 151.7 158.9 r157.4 r 158.1 155.9 Leather 111 109 105 104 103 100 147 146 146 154 154 152 151 Boots and shoes 102 100 93 92 r91 89 149 146 141 r147 r143 144 141 Food and Kindred Products 104.5 106.0 112.9 109.5 107.7 106.5 107.0 125.3 126.5 131.5 155.6 150.7 r 151.3 150.3 Slaughtering and meatpacking 133 137 154 147 138 129 149 151 158 203 185 180 170 Flour 98 97 111 113 114 113 115 113 116 169 169 172 165 Baking 103 104 112 109 110 107 119 119 124 144 142 146 143 Sugar, beet 41 45 82 48 38 40 52 56 62 110 r70 57 59 Confectionery 106 99 121 117 117 110 135 128 121 164 164 167 161 Beverages, nonalcoholic 107 111 112 112 116 121 114 120 126 124 126 r133 142 Malt liquors 110 117 112 115 118 121 122 128 145 134 144 147 149 Canning and preserving 69 71 71 67 r60 67 86 92 95 115 113 99 114 Tobacco Manufactures 99.7 97.2 102.4 100.2 99.9 98.6 97.2 119.4 124.7 124.6 147.8 138.5 r143.3 146.5 Cigarettes 101 100 126 121 119 119 111 125 129 172 144 148 155 Cigars 102 98 91 90 91 89 129 128 125 133 136 r143 145 Paper and Allied Products 122.7 120.5 116.6 117.8 118.0 117.7 117.4 156.9 154.3 152.7 167.6 171.3 173.1 175.5 Paper and pulp 120 119 110 109 109 108 159 156 155 162 165 166 167 Paper goods, n.e.c 124 123 129 132 131 129 147 147 148 175 178 179 182 Paper boxes 115 111 114 117 119 120 140 138 135 160 167 172 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Co»//»«^ (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 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Printing and Publishing 100.9 100.0 102.2 103.0 101.8 100.6 100.3 112.5 111.8 111.0 121.8 r121.6 r122.4 121.9 Newspaper periodicals 99 99 96 95 95 96 106 106 107 '107 107 108 110 Book and job 100 98 105 107 105 101 113 112 110 r128 r129 r128 124 Chemical and A. Hied Products 199.7 204.1 248.0 r251.9 r254.8 258.3 256.8 263.4 282.1 295.6 391.2 r400.9 r409.7 422.0 Paints, varnishes, and colors 113 111 103 104 103 102 142 140 140 137 140 141 147 Drugs, medicines, and insecticides.... 133 133 154 156 159 160 157 159 161 203 212 220 225 Rayon and allied products 107 108 106 106 107 107 141 140 141 149 151 154 157 Chemicals, n.e c. 158 159 160 161 162 162 207 211 218 247 250 255 259 Cottonseed oil 86 73 138 128 117 108 127 110 89 219 198 181 177 Fertilizers 147 119 115 138 159 155 209 214 176 185 224 265 292 Products of Petroleum and Coal 118.4 118.7 116.0 115.2 115.6 116.0 117.2 145.4 144.9 147.1 162.8 r164.9 167.7 173.9 Petroleum refining 108 109 106 106 108 109 133 132 133 149 r151 155 162 Coke and by-products 122 121 119 118 117 116 153 151 154 168 169 170 170 Rubber Products 117.0 116.9 151.6 152.8 153.8 153.8 154.5 156.5 149.9 157.6 234.6 238.3 246.2 248.1 Rubber tires and inner tubes 107 109 150 151 153 153 136 135 143 111 229 240 240 Rubber boots and shoes 126 120 148 150 146 147 171 159 170 241 241 239 244 Rubber goods, other 115 113 137 139 140 140 172 155 158 212 220 225 228 Miscellaneous Industries 147.7 149.0 157.0 159.5 162.1 163.8 165.2 195.8 206.1 213.2 263.1 270.6 281.4 287.6 Photographic apparatus 131 133 152 157 r162 162 176 178 186 231 241 r250 252 Games, toys, and dolls 122 122 75 79 81 82 158 161 161 124 134 140 141 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 147.1 149.1 150.9 153.4 155.1 156.9 158.9 160.9 164.4 167.1 r167.9 r168.6 168.4 168.1 Durable 180.2 184.2 188.9 193.9 198.5 201.6 205.6 209.6 215.4 219.3 r222.5 r225.1 225.7 225.8 Nondurable 121.0 121.4 121.0 121.4 120.9 121.6 122.0 122.5 124.3 126.0 '124.9 r124.1 123.2 122.7 r Revised. NOTE.—Figures for May 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 1943 1942 1943 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. All Manufacturing .. 42.7 42.7 44.4 44.2 44.5 r44.7 45.0 81.1 52.2 90.7 91.9 92.4 93.4 94.4 Durable Goods 45.0 44.9 46.1 45.9 46.2 46.4 46.7 89.9 91.2 100.4 101.7 102.0 103.0 103.9 Iron and Steel and Products 43.5 43.1 45.3 45.0 r45.8 r46.1 46.2 90.4 91.5 98.6 99.8 r99.9 100.8 101.9 Electrical Machinery 46.0 45.9 47.0 47.0 46.9 47.1 46.7 87.5 88.4 94.3 95.1 r94.8 r95.2 95.9 Machinery Except Electrical 49.7 49.3 49.6 49.6 49.6 49.6 49.6 91.9 93.1 101.1 102.2 103.0 103.8 104.7 Automobiles 44.5 44.7 45.5 45.7 46.0 45.7 45.9 115.4 114.6 119.8 122.2 121.1 121.7 121.5 Transportation Equipment Except Automobiles 47.9 48.1 47.5 46.9 46.7 r46.7 47.6 104.3 105.3 114.2 114.4 115.2 r116.5 117.4 Nonferrous Metals and Products 44.1 44.2 46.1 46.0 45.9 r46.5 47.0 86.9 88.1 97.6 98.5 98.6 r98.9 99.8 Lumber and Timber Basic Products 40.0 40.1 41.3 39.8 41.9 42.4 43.1 60.5 61.8 67.9 68.1 68.7 70.0 71.5 Furniture and Finished Lumber Products. 41.1 41.2 43.7 42.8 43.6 43.9 44.4 63.6 64.7 68.9 69.6 70.6 71.5 72.2 Stone, Clay, and Glass Products 40.3- 40.2 41.8 41.7 r41.8 r42.3 42.8 75.2 75.8 81.0 81.9 82.2 r82.8 S3.3 Nondurable Goods 40.1 40.0 42.1 41.8 42.0 r42.3 42.4 69.6 70.3 76.2 76.8 r77.3 78.2 79.0 Textiles—Mill and Fiber Products 40.1 40.1 41.5 41.3 41.5 r41.6 41.7 57.3 58.0 64.4 65.2 65.4 65.8 66.1 Apparel and other Finished Products ... 37.5 37.3 37.4 37.4 r38.2 r38.7 38.6 62.8 62.4 64.9 65.5 r67.3 70.0 70.2 Leather and Manufactures 40.0 39.3 40.3 40.3 40.2 r40.4 40.1 65.8 67.1 71.9 72.1 r72.O 72.9 73.9 Food and Kindred Products 40.7 40.4 43.9 43.2 r42.9 43.4 43.2 70.7 71.5 76.1 76.9 77.1 77.7 78.7 Tobacco Manufactures 36.6 37.6 41.2 39.6 r38.5 r39.2 40.3 54.3 56.1 61.3 61.3 60.3 61.3 61.9 Paper and Allied Products 42.3 41.7 44.9 44.2 44.5 44.9 45.3 71.6 71.9 77.1 77.4 78.1 78.2 78.9 Prin ting, Publishing, and Allied Industries 38.0 38.3 40.2 39.8 r39.5 r39.8 39.6 96.1 94.0 98.0 97.3 r97.1 r98.2 99.0 Chemicals and Allied Products 42.1 42.5 44.7 44.5 r44.6 r45.0 45.3 81.0 82.3 87.8 88.6 r89.0 89.2 90.0 Products of Petroleum and Coal 39.0 38.7 41.8 41.1 r42.4 r42.6 43.1 102.4 102.2 109.2 110.5 r109.2 r109.5 111.4 Rubber Products 40.8 40.1 44.5 44.4 44.6 45.1 45.1 89.0 89.6 96.6 97.1 97.7 99.2 99.9 Miscellaneous Industries 43.2 43.6 46.1 45.7 46.0 46.5 46 A 73.5 75^6 82.7 83.8 84.6 85!6 86^7 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. 669.) JULY 1943 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE 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] Month Total R b e u si i d ld e i n n t g ial Factories Com N m on e r rc e i s a i l dential E b d u u i c l a d t i i n o g nal Other P a u n b u d l t i i c l p it u w i b e o l s r ic ks 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 I CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States eastof the Rocky Mountains, as reported bv the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions 3f dollars] F. 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 May April May January 305 317 351 124 198 316 181 119 35 Boston 16,244 7,567 32,564 February 270 434 394 105 310 364 166 123 30 New York 14,012 26,518 83,087 March 480 611 340 269 473 304 211 138 36 Philadelphia... 8,659 17,572 26,198 April 407 499 303 184 355 253 223 144 50 Cleveland 26,067 26,446 59,491 May 549 674 234 267 569 192 281 105 42 Richmond 27,547 37,278 69,201 June 539 1,190 314 1,105 225 85 Atlanta 38,700 41,248 81,808 July 577 944 348 876 229 68 Chicago 31,402 42,072 97,950 August 760 721 520 633 240 88 St. Louis 12,862 36,411 44,994 September 623 723 403 661 220 62 Minneapolis... 8,304 5,591 14,212 October 606 780 371 710 235 71 Kansas City... 24,097 25,285 66,439 November 459 654 298 592 161 62 Dallas 6,532 37,383 97,573 December.... 432 709 288 664 144 45 Total (11 districts) 234,426 303,371 673,517 Year 6,007 8,255 3,492 7,146 2,515 1,109 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ILoans Mortgages on Year or month Total p P m e r i r o m r o e t v n y p - e t - - S h s c t t o m i o r o m u n a n c - l e l - f h 1 ( a o - T m I u t i D o t s i l l e e y s 4- h R o ( g T e u a r I n o n s i I t i t u ) d l n a e p l g h ( W o T V u i a s t I l r i ) e ng End of month Total b C m c a o i n e a m r k l - s - b s M i t a n a u n v g u a k - s - l s a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - s - a c F e g i e r e e a d s n l - l - Other2 1936—Dec. 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec. 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 l! 186 262 21 877 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec 2,409 1,162 130 224 542 201 150 1942—May 92 15 2 60 1 14 Tune 96 13 2 66 * 16 1941—Mar 2,598 1,246 146 230 606 210 160 Jj A . u u lj g y. . 9 8 7 9 1 1 1 0 1 1 5 6 2 3 2 * 2 2 5 1 J S u e n p e t 2 2, , 9 7 4 5 2 5 1 1 , , 3 4 1 0 8 0 1 1 7 5 1 7 2 2 4 3 6 7 6 7 6 2 8 2 2 2 2 2 5 0 1 1 5 7 4 8 Sept 95 10 * 48 37 Dec 3,107 1,465 186 254 789 234 179 Oct 99 11 1 44 * 42 Nov. 92 10 1 39 43 1942—Mar 3,307 1,549 201 264 856 237 200 Dec. .'.".'.'.'.".".' 97 9 1 39 49 June 3,491 1,623 219 272 940 243 195 Dec 3,620 1,669 236 276 1,032 245 163 1943—Jan 80 7 * 31 42 Feb 64 5 * 20 * 39 Mar 73 6 1 19 47 1 The RFC Mortgage Company, the Federal National Mortgage Associa- Apr 59 7 16 37 tion, the Federal Deposit Insurance Corporation, and the United States May 72 7 * 18 47 Housing Corporation. 2 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. * Less than $500,000. . . NOTE.—Figures represent gross amount of mortgages held, excluding NOTE .—Figures represent gross insurance written during the period and do terminated mortgages and cases in transit to or being audited at the Fednot take account of principal repayments on previously insured loans. eral Housing Administration. 661 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 r1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 r1942 1943 January 213 370 325 481 *>699 178 242 229 r253 p228 35 128 96 228 *>470 February 219 347 303 480 p677 158 200 234 r253 ^234 61 147 69 227 P442 M arch 268 351 357 628 ^92 7 190 217 268 272 ?248 77 134 89 356 ^678 April 231 323 387 717 186 212 287 234 2*266 45 111 100 483 May 249 324 385 536 202 211 297 191 47 112 88 345 June 236 350 330 648 179 211 280 215 57 138 50 433 July 230 317 365 650 169 232 278 P214 61 84 87 436 August 250 351 460 704 176 221 282 PI 84 74 130 178 520 September 289 295 425 732 182 195 262 P196 107 101 162 536 October 332 344 666 802 ^1,136 215 207 304 P\ 99 117 137 362 602 3^870 November 292 328 492 787 235 224 281 ^174 57 104 211 613 December 368 322 653 873 247 253 344 *>356 121 69 309 517 January-April. 930 1,391 1,372 2,306 713 871 1,017 1,013 P977 217 520 354 1,293 p Preliminary. r Revised. 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 owing to inclusion in April export statistics of shipments valued at 160 million dollars actually exported in first three months of 1943. Source.— Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; Fe^b3,ru43a8ry 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. ^2,461 FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p F u r e o c o s r t d t - s - Ore l M e a o i e n u l s e - s - - M l c d . h c i e s a . r e l n . - - o r r p e T a v e i o e r l a w n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es op r i e a n N r i c a l e o t w t m a i e n y g in N c e o t me Annual Annual 1939.. 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940.. 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941.. 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942.. 138 135 181 121 104 155 206 146 69 1942 7,466 5,985 1,481 959 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1942—March 137 122 168 119 97 149 292 143 .942—March 542 447 94 r51 April 143 160 200 117 101 160 289 141 April 584 r472 '112 71 May 143 r163 197 115 98 155 289 142 May 618 487 131 88 June 141 160 199 113 103 159 183 144 June 627 500 128 85 July 142 155 205 95 90 172 180 149 July 643 519 124 79 August 143 154 208 106 106 165 176 152 August 669 539 130 85 September. 136 135 188 126 102 154 174 146 September. 663 535 128 82 October... 133 121 180 130 110 149 221 144 October 661 533 128 81 November.. 134 125 176 126 114 140 221 144 November... 722 563 159 121 December.. 134 116 177 143 117 137 210 146 December ... 708 554 155 110 1943—January 135 119 161 157 102 130 202 149 1943--January.... 710 577 134 92 February... 141 127 154 170 113 135 193 153 February... 744 591 153 111 March 136 140 182 152 117 133 216 141 March 740 616 124 82 April 141 158 208 145 118 138 r209 142 April 767 623 144 May 141 156 195 144 112 138 209 143 May UNADJUSTED UNADJUSTED 1942—March 129 125 175 102 77 149 76 139 1942—March 540 450 91 r45 April 136 135 176 100 90 160 218 142 April 573 r471 102 58 May 138 139 181 99 r88 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 85 April 132 133 183 124 105 138 106 143 April 749 622 127 May 137 132 179 123 101 143 269 145 May 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. 663 JULY 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] Seaisonally adjusted Unadjusted Without seasonal adjustment 1940 1941 1942 1943 1940 1941 1942 1943 1939 1940 1941 1942 Dec. 9 .....188 Dec. 7 ......197 Dec. 6 .215 Dec. 5... ..236 SALES 16 .....235 14.... ..232 13 .236 12... ..274 January 92 101 138 '143 71 79 108 111 23 . .. .242 21.... ..258 20 .277 19... . 303 February 90 103 126 168 71 82 99 132 30 ..... 79 28.... .124 27 .174 26... ..199 March 89 103 124 136 86 93 118 121 April 89 104 117 128 86 106 115 133 1940 1941 1942 1943 J M J u u a l n y y e . . 9 8 9 2 9 1 1 1 1 1 0 0 5 5 4 1 1 1 0 0 2 4 8 1 125 8 6 8 9 4 7 1 1 0 7 0 5 9 0 1 1 8 0 0 3 8 0 125 Jan. 2 1 6 3 0 . . . . . . . . . . . . . . 8 8 8 2 3 6 Jan. 1 1 4 1 8 .. . .. . . . . . . . . . . . . 9 8 9 9 5 0 Jan. 1 1 3 0 7 . . 1 1 1 0 3 3 7 1 0 Jan. 1 9 2 6 . . .. . . . . . .. . 1 1 1 3 1 3 2 2 8 A Se u p g t u e s m t ber 9 9 7 8 1 1 1 3 6 4 1 1 3 2 0 3 10 7 5 7 1 1 2 0 5 6 1 1 0 3 3 3 Feb. 2 3 7 . . . . .. .. . . . . . 8 79 6 Feb. 2 1 5 . ... . . .. . . . . . 9 8 4 9 3 2 1 4 . . 1 1 2 1 1 9 3 2 0 3 . . .. .. . .1 1 2 1 1 9 October 94 105 128 101 112 137 10.... . .80 8... ...95 Feb. 7 .114 Feb. 6 .136 N D o ec v e e m m b b e e r r 1 1 0 0 1 0 1 1 1 1 6 1 1 1 2 3 5 8 1 17 1 9 4 1 1 9 3 7 3 2 1 2 5 2 7 2 1 4 7 . . . . . . ' . . . . . . 8 8 2 2 2 1 2 5 . .... . . . . . . . 9 8 7 8 2 1 1 4 . . 1 1 1 1 6 0 2 13 0 . . . . 1 1 6 4 8 6 Year . 94 110 124 Mar. 9 2 . . . . . .. . . . . 9 9 8 5 Mar 8 1 .... . .. . 1 9 0 7 1 Mar. 2 7 8 .... . . 1 1 1 2 9 5 Mar. 2 6 7. ... .. . 1 1 4 5 2 0 16... .. 99 15... ..105 14.... .131 13. ..134 Januar S y TOCKS 68 71 95 102 61 64 85 91 3 23 0 . . .. .. . .. . 1 8 1 8 3 2 29 2 . . . . . .. . . . . 1 11 1 7 1 2 2 1 8 . . .. . .. . . .1 1 4 4 7 0 2 2 0 7 . .. . . . . 1 1 3 4 7 3 F M e a b r r c u h ary 7 7 1 0 7 7 3 3 1 1 0 0 9 2 9 9 1 3 6 7 8 1 6 7 9 5 1 9 1 7 1 9 8 2 9 Apr. 1 6 3. . .. .. . . 1 . 12 97 Apr. 1 5 2 . . . . . . . . . .. . 1 1 3 3 6 1 Apr. 1 4 1 . . . . .. . . .1 1 2 6 0 0 Apr. 1 3 0 . . . 1 1 4 5 9 3 J M J A u u p a l n y y r e il 6 6 6 6 8 8 8 8 7 7 8 7 4 3 2 6 r1 1 1 1 2 1 3 4 6 8 6 0 J> 8 8 7 9 6 7 7 6 1 1 0 4 7 7 7 7 5 6 3 4 r1 1 1 1 2 2 2 2 9 3 9 6 90 May 1 2 2 4 1 0 7 . . . . . . . . . . . .. . . . . . . . 1 . 9 9 1 0 1 9 8 8 4 May 2 1 1 3 6 0 9 . . . . . . . . .. . . . . . . . . . . . . . 1 1 . 1 1 1 1 2 2 7 4 4 8 May 2 1 2 9 8 5 . . . . . . . . . . . . . . . 1 1 1 1 3 2 3 3 6 9 5 4 May 2 1 8 1 4 7 . . . . . . . . . r1 1 1 1 2 6 5 5 7 2 6 4 August 69 87 137 66 84 131 18. . ...99 17.. .110 16.... .115 15. 133 Sep tember 70 91 124 73 95 129 25.. ...97 24. .. .117 23.... .114 22.. 137 October 70 97 114 79 108 127 June 1... .. 90 31. . . .109 30.... . 95 29... . .136 November 72 95 105 83 110 121 8.... ..120 June 7. . ...127 June 6.... .135 June 5... ..137 December 71 92 100 66 87 94 15.... ..107 14. . ...120 13... .117 12... .151 22.... .. 92 21. . ...107 20.... .116 19.. ..148 Year 69 82 117 29.... .. 89 28.. .. .109 27.... .100 26... r Revised. July 1 6 3 . . . . .. .. . . . . . . .6 7 7 8 July 1 5 2 . . . ... . . . 8 9 6 3 July 4 1 . 1 . .. . . . . . . 1 0 8 2 4 July 1 3 0 . . . .. P Preliminary. 20.... ....72 19.... . 89 18.... . 93 17. . Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- 27.... .... 69 26. . .. 87 25.... . 92 24.. quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent Aug. 2.... ...81 Aug. 2.... 102 Aug. 1... .. 96 31. . issues. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 y 3 A 19 p 4 r 3 . F m 1 i 9 o v 4 s e 3 . M 19 a 4 y 3 A 19 p 4 r 3 . P m 1 i 9 o v 4 s e 3 . M 19 a 4 y 3 A 19 p 4 r 3 . m F 19 i o 4 v s 3 e . JM 194 a 3 y A Iy p 4 r o . m F 19 i o 4 v s 3 e . United States.. +18 +16 +14 Boston +14 +15 +9 Cleveland (cont.) Chicago (cont.) Dallas +42 +42 +40 N B Po o ew r s t t l o a H n n a d ven + + + 1 3 1 0 1 4 + + + 4 1 7 0 3 + + - 4 2 8 0 E P Y i r o t i t u e s n b g u s r t g ow h n + + + 1 2 3 0 2 + + + 1 1 3 6 3 + + + 1 1 1 3 3 F P In o e d o rt i r a ia W na a p y o n li e s . . . . . . . + + 2 9 6 1 + +2 1 5 2 + + — 2 6 3 4 F D S o h a r r l t e l a v s W ep o o r r t t h.. + + + 3 5 1 7 0 6 + + + 5 5 1 4 2 5 + + + 4 4 1 4 4 1 Springfield +12 +15 +11 Wheeling +5 +11 +6 Des Moines +22 +24 +18 Houston +40 +32 +32 N C P e l h S N B N A B T P B E N e T L A P C C C P R S W R Y w i v l c r y o o l h u a r r i i l l e e o i o k a e o e o m n h b i e a i e n n f r w l u w i d a r l c l r l d Y f e v v a g g e a a l a u c o k c k d e g h i a a g a d o c i n n e n t a h r i n m l a i l e e h Y d o a d p n r o r e u y l o d n r e a s s k s k a k e a n h p b e n s o g t c m t - n n e i e e o l u e a t r B a d r p e F a k c t r s t r o i a e t d p h a n r y s i C l r a i l . e i e s . . t . . . . y . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + + - 2 1 1 1 1 1 1 1 1 2 1 2 1 3 1 1 1 1 4 6 5 5 8 2 6 9 9 0 7 9 3 4 0 4 0 2 2 6 1 7 0 3 4 2 3 • + + + + + + + + + - + - + + + + + + + + + + + 1 1 + + + 1 1 1 1 1 2 1 2 1 2 1 1 1 1 3 1 4 1 0 0 5 8 6 0 2 6 8 9 3 8 5 3 1 7 2 0 2 5 0 1 0 5 1 3 + + + + + - + + + + + + + + + + + + + + + + - + - 1 + 3 1 1 1 1 1 1 2 1 2 1 2 8 5 6 9 7 1 7 7 9 6 5 9 8 4 4 9 4 8 1 9 0 1 1 A R C t i h l N M c H M T W G L R B J C W C A M B N N B C K J C C a i h a a c a y h i i h n o l a a r e u a n h h t m i o c a c a i r c a a e l m w n t a l i t a r s n o n a a k m n s k c a a h g r c t o e o f h r m c t r x s i t h k s o n t o s p a o n n m l n t m l i i h v t g O o e v i o s a g i a . l n n e t n d v o n b i k a s o b o i n n n o o s R g . r l g i n l t g . u m u n l l v t l o l r o h t - e l o e o e t e r d r i o e o S n o a e g g a u l n , n m g n . l a r n g , W e y a l S s e e S . . m V . C . a C .. , . + + + + + + + + + + + + + + + + + + + + + + + + + + + + 3 2 2 5 3 2 4 4 2 2 2 4 3 2 5 3 2 1 3 2 3 2 1 1 1 1 9 8 4 7 4 2 9 3 4 4 5 6 8 2 6 2 2 2 4 9 8 7 5 4 4 1 8 1 r '+ + + + + + + + + + + + + + + + + + + + + + + + + + + + 4 4 1 1 2 5 3 2 5 1 3 2 2 2 1 1 4 3 2 1 2 4 3 1 1 8 6 9 0 1 8 8 9 7 5 5 0 4 0 4 2 9 5 3 1 3 2 5 4 2 1 6 2 + + + + + + + + + + + + + + + + + + + + + + ff + + + + 2 2 4 3 4 4 2 4 2 1 2 2 1 4 3 1 1 2 1 3 1 1 3 , 7 2 8 9 0 5 2 7 0 2 8 7 0 2 7 0 6 9 6 1 2 5 4 5 tt 1 S K M t a . i M D L F F G L Q M D H E L T W S K O T S J O S S n n o o i l a p L o t n i t v o s u u e e r u m a k i o e . . i i t p a n a r e r u l o a p n l t n i n c t t l u m t i w s l L a s a r n n J s a l c u n i e t n v h s i x e a o s o i p h h d h n c i o p s a k g a S i e n v s i o a s y t v o C u s a u h r f i t C g m a i R e l n . i m R i k l i i i i e p l i s s l s s t i C o e l e t l y a a h t o e y d e h c p i n k t C i y d . i . . s t . . y . . . . + + + + + + + + + + + + + + + + + + + + + + + + — + + 1 1 3 2 2 4 1 3 3 1 3 3 2 2 3 3 3 2 5 2 1 3 2 8 4 8 7 6 5 0 3 3 0 6 1 1 9 5 8 4 3 4 3 4 6 3 8 9 1 1 " r + + + + + + + + + + + + + + + + + + + + + + + + + + + 4 1 3 3 1 2 1 1 2 4 1 3 2 2 3 2 2 3 3 3 5 1 2 3 3 3 5 8 7 6 1 0 1 6 3 5 0 2 6 7 5 4 6 8 0 6 1 7 5 2 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + 4 4 1 2 2 1 2 3 3 2 3 3 2 2 1 2 5 3 3 2 1 4 9 2 9 9 5 7 0 6 0 9 3 3 7 0 4 7 8 7 7 4 9 5 2 2 4 5 Sa L B O F L S S T S B P S V S S n P S B E T S S W S Y a a o a r h o a t a u a a o p a o a e a a v e B a N o e n n n n a n s c F n k o c l i k l a o c l r e k t s s c l l g r l e s e t e r t t o l a k e r l e n A i i a a D k F J t A o a r l a r a n e n m m a L j m l o o a m k t n n o B n e r n i s i t n a g n o a x n e s W t a e a a d c R f g p e n e e h n t e i k a l g i d n o e e a d n e s a a o e n a o a l c . l c n c y t m . d d l e . s o n o h i . l i . s . s a a o C . d . c N . i . o t a . . y . p . . . . a . . . + + + + + + + + + + + + + + + + + + + + + + + + + + 2 3 2 2 2 3 2 4 2 2 4 3 4 3 4 2 1 1 3 2 2 2 3 3 3 3 1 4 4 8 7 8 7 4 7 7 0 6 3 5 6 8 9 7 2 9 5 4 3 0 3 8 ' r r r r r + + + + + + + + + + + + + + + + + + + + + + + + + + U 2 3 3 4 2 2 3 1 2 2 4 2 3 1 4 3 3 1 4 1 3 3 1 4 2 2 3 7 1 3 0 5 3 5 1 8 6 3 3 6 1 6 9 3 7 1 8 2 3 7 + + + + + + + + + + + + + + + + + + + + + + + + + + 2 3 2 2 3 2 2 2 2 2 4 4 4 4 2 3 2 2 1 1 2 2 4 4 4 3 4 0 4 1 5 1 1 8 1 5 5 4 7 4 2 8 2 9 9 4 4 6 6 1 8 3 p Revised. 664 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 Number Department of stores Percentage change Percentage change April reporting Apr. 1943 Apr. 1943 Apr. 1942 Apr. 1943 Apr. 1943 Apr. 1942 from from from from from from 1943 1942 Apr. 1942Mar. 1943 Mar. 1942 Apr. 1942Mar. 1943 Mar. 1942 GRAND TOTAL—entire store 348 +17 +6 -2 -26 -2 +10 2.4 3.9 MAIN STORE—total 348 +18 +5 -3 -26 t +10 2.6 4.1 Women's apparel and accessories 346 +32 +6 -7 -20 -2 +9 1.7 2.8 Women's and misses' coats and suits 325 +32 -13 -30 -11 -9 -3 0.8 1.3 Women's and misses' dresses 330 +16 +7 +9 +7 +8 +7 1.2 1.3 Blouses, skirts, sportswear, sweaters, knit apparel 306 +23 +1 0 -13 +8 +24 1.9 2.7 Juniors' and girls' wear 292 +63 +18 -27 -13 -9 +10 1.1 2.0 Infants' wear 297 +61 +13 -5 -34 -6 +8 1.5 3.8 Aprons, housedresses, uniforms 281 +2 -5 +27 -20 +11 +16 1.8 2.3 Women's underwear, slips, negligees 317 +27 -1 +9 -34 +8 +17 2.4 4.5 Corsets, brassieres 325 +16 -3 -12 -28 -4 + 16 2.6 4.1 Hosiery (women's and children's) 339 +20 +9 -1 -34 -4 +11 2.2 4.0 Gloves (women's and children's) 318 +46 +46 +4 -35 -16 +1 1.8 4.2 Shoes (women's and children's) 235 +15 + 19 0 -14 -3 +4 2.9 3.9 Furs 253 +111 -38 -49 + 1 +2 +4 3.3 7.0 Men's and boys' wear 315 +19 +16 -20 -26 -2 +15 3.6 5.8 Men's clothing 223 +4 -1 -41 -20 -3 +20 4.1 5.4 Men's furnishings, hats, caps 296 +11 +9 +11 -29 +2 +15 4.2 6.5 Boys' clothing and furnishings 269 +67 +56 -23 -32 -10 +10 1.9 4.7 Men's and boys' shoes and slippers 165 -1 +17 +4 -21 +2 +10 5.6 7.0 Home furnishings 309 -10 +3 +13 -32 -3 +8 4.0 5.3 Furniture, beds, mattresses, springs 228 -9 +2 +15 -28 —4 +5 3.8 4.8 Domestic floor coverings 236 +1 +10 +16 —34 -8 3.9 6.0 Draperies, curtains, upholstery 284 +11 +19 +24 -22 -4 +7 3.3 4.7 Major appliances (refrigerators, washers, stoves, etc.) 199 -65 +51 +13 -70 -18 -7 2.1 2.4 Domestics, blankets, linens, etc 282 +12 -12 +6 -31 +2 + 14 4.4 7.3 China and glassware 219 +2 -2 9 -20 0 +8 6.8 8.6 Housewares 218 -20 +2 +28 -34 -1 +8 3.7 4.4 Piece goods (dress and coat yard goods, all materials) 280 +19 —21 — 11 —20 +4 +8 2.9 4.4 Cotton wash goods 115 +15 -10 +13 -22 +5 +5 2.4 3.6 Small wares 327 +26 o o —22 +3 +10 3.4 5.4 Notions 213 +11 +2 +19 —25 +2 +11 2.8 4.1 Toilet articles, drug sundries, prescriptions 313 +21 -2 +2 -20 +5 +11 3.3 5.1 Jewelry and silverware 282 +32 +9 +2 -22 0 +10 3.6 6.2 Miscellaneous 292 +27 +12 +1 -30 +3 +12 2.9 5.3 BASEMENT STORE—total 212 +12 +9 _ 3 —26 —5 +11 2.0 3.1 Women's apparel and accessories 199 +21 +8 -6 -24 -8 +11 1.4 2.2 Men's and boys' clothing and furnishings 160 +12 +16 -14 -30 -4 +12 3.0 4.8 Home furnishings 117 •? +4 +16 —34 —6 +9 2.9 4.2 Piece goods 53 +10 -18 -3 -10 +12 +9 3.4 4^2 Shoes 129 -16 +27 +5 -16 0 +8 3.7 3.7 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main lyuxc.—UIDUJJ iuiai» mtiuuc aaics in ucjjaiuiicuis uui MIUWU scpai ct Lciy . riguics iur uasciiicni SLUIC a.ic iiui 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 seasonal adjustment, 1941 average = 100 Percentage of tota1 sales Year and month Sales during month A a c t c 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 Cash Instal- Charge- Total Cash Instal- Charge Instal- Charge Instal- Charge saies msaelenst acscaoleusnt ment account ment account ment account 1942—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 r98 r109 66 r93 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 '76 104 49 78 r85 r106 60 5 35 May 117 146 61 97 45 75 79 105 60 4 36 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. JULY 1943 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n re o su d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 ,. 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 648 1942 Apr 8,364 4,886 2,919 1,369 1,550 1,967 1,171 1,682 625 May 7,952 4,611 2,705 1,239 1,466 1,906 1,151 1,561 629 June 7,513 4,327 2,474 1,120 1,354 1,853 1,125 1,430 631 July 7,007 4,036 2,247 1,004 1,243 1,789 1,112 1,225 634 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 1,551 1,088 1,419 641 Nov 6,169 3,054 1,571 573 998 1,483 1,085 1,386 644 Dec 6,156 2,923 1,495 482 1,013 1,428 1,072 1,513 648 1943 Jan r5,702 r2,660 rl,314 404 r910 1,346 1,058 1,333 651 Feb r5,491 r2,466 rl,191 351 r840" 1,275 1,038 1,333 654 Mar 5,352 2,324 1,072 287 785 1,252 1,031 1,343 654 Apr P5,241 P2,226 Pi,020 P260 *760 PI,206 pl,029 PI,331 P655 May 2*5,081 P2.117 P956 *721 PI,161 PI,034 pl,275 P655 Preliminary. Revised. 1 Includes repair and modernization loans. 2 A t id l f il :rce, CONSUMER INSTALMENT SALE CREDIT.EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. 11 millions of dollars] Depart- End of Com- S lo m a a n ll In t d ri u a s l - Credit Miscel- Re a p n a d ir End o r o f y e m a o r nth ex m T a c o o u lu t t t d i o a v i - l, n e g s o m m t a r o a d e n r i d n e e l r t - s F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s r o t e t A o t h a r l e l e i r l s mo y n e t a h r or Total m ba e n rc k i s a 1 l p c a o n m ie - s b p a c a n o n k m i i e n - s g unions l l a e n n e d o e u rs s m iz o l a o d t a e i n o r s n n houses 1 19 9 3 2 0 9 6 6 7 5 4 2 4 4 5 3 2 28 6 7 3 2 2 1 1 8 9 3 3 1 2 9 9 3 5 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27* 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1940 1,721 439 599 302 110 271 1942 1941 1,805 469 619 313 120 284 1942 1,013 254 391 130 78 160 Apr 1,967 586 517 111 190 100 297 May 1,906 564 504 268 184 99 287 1942 June 1,853 546 493 261 179 98 276 Apr 1,550 396 561 258 91 244 July 1,789 521 481 253 173 97 264 May 1,466 367 543 240 85 231 Aug 1,716 491 466 246 166 95 252 June 1,354 332 512 218 79 213 Sept 1,642 460 452 236 160 94 240 Tulv 1,243 300 475 201 71 196 Oct 1,551 421 437 222 152 92 227 JAK u•g* 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 O No c v t 1,0 9 4 9 0 8 2 2 5 4 3 7 4 39 0 2 8 1 1 4 5 1 4 6 6 1 1 1 1 6 5 4 7 1943 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. 1,252 312 387 184 127 87 155 Jan r910 228 359 116 r64 143 Apr. pl 206 299 378 179 122 87 P141 Feb r840 210 338 r103 57 132 May PI, 161 290 366 174 119 P85 P127 Mar. 785 196 322 91 52 124 Apr P76O P189 P319 P81 P51 P120 P Preliminary. May P721 P178 P308 P72 P49 P114 1 These figures 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 May 1943), which are not shown separately. 666 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 j Total Aut r o e m ta o il tive O re p t t u h a r e i - l r , R m e a p n o d a d i - r i s n P o s e n t r a a - l l- Month or year Co b m a m nk e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t chased erniza- ment Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 Ou p t e s 1 1 1 1 r t i 9 9 a 9 9 o 4 4 3 4 n d 2 1 9 0 d : ing at end of 1 1 1 , , , 0 3 5 7 2 4 8 8 0 0 8 7 2 3 3 1 1 0 9 3 0 0 6 6 3 2 1 1 0 3 6 2 3 0 0 2 2 2 1 1 1 7 5 4 0 9 0 3 2 2 2 1 6 2 4 5 0 0 6 4 3 3 2 2 6 4 8 3 4 0 0 2 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 7 4 2 5 6 3 1 4 3 4 3 3 5 6 2 9 1 0 6 7 8 3 8 9 4 3 6 4 3 4 3 2 2 2 2 0 5 8 3 4 0 5 9 4 8 4 0 2 0 1 1 4 3 6 3 3 0 4 2 3 7 4 8 5 8 1942— M J J A A u u u p a l n y y g r e i u l st 1 1 1 1 1 , , , , , 3 1 2 2 0 3 3 7 7 1 8 9 3 2 1 3 2 2 2 2 0 6 8 4 2 8 5 3 2 7 2 2 2 1 1 3 2 1 9 8 5 4 1 6 2 2 2 2 2 1 0 2 5 4 8 8 3 4 3 9 2 2 1 1 1 0 0 8 9 8 7 1 7 6 2 3 3 3 3 2 0 3 1 2 9 6 4 6 2 2 1 1 1 1 1 9 9 9 9 9 4 4 3 4 3 0 2 9 1 8 705 6 9 9 7 7 8 2 0 6 9 3 7 4 3 8 4 4 5 5 4 1 8 5 3 0 7 9 8 6 8 3 3 2 1 2 4 2 5 7 1 3 0 7 9 5 September 998 203 167 175 176 277 1941 O N D c o e t c v o e e b m m er b b e e r r 9 8 7 2 6 8 2 0 7 1 1 1 9 6 3 0 6 6 1 1 1 3 4 2 6 8 2 1 1 1 5 5 4 1 9 3 1 1 1 6 5 6 8 4 5 2 2 2 5 4 3 7 2 2 N D o ec v e e m m b b e e r r 1 8 0 2 4 4 4 1 5 2 2 3 5 1942 1943— F J e a b nu ru ar a y ry 6 7 6 2 2 6 1 1 1 0 6 1 1 10 1 0 1 1 12 3 1 6 1 1 4 3 4 5 2 2 1 0 9 5 J F a e n b u r a u r a y ry 8 6 0 6 6 65 6 4 3 0 5 1 1 8 9 A M M p a a r r y i c l h p r 5 5 6 5 8 1 1 0 9 r7 8 7 7 7 0 9 8 9 1 8 5 1 1 9 0 0 3 0 8 1 1 1 1 1 2 7 5 1 .. 2 1 1 0 8 9 4 9 5 M M Ap a a r y r i c l h 8 6 7 0 1 1 8 7 5 6 8 2 3 4 3 7 2 4 2 1 1 5 9 8 Volume extended during June 64 68 36 20 month: July 58 63 34 18 1942—April 125 19 20 28 10 48 A Se u p g t u e s m t ber.... 4 5 9 2 6 6 0 0 3 3 1 3 1 1 6 6 A M J J u u u a n l g y y e ust 1 1 9 9 1 0 0 5 3 2 2 1 1 1 7 3 5 6 1 1 1 1 8 6 6 4 2 1 1 1 5 6 3 1 9 9 9 9 4 4 4 3 1 6 1 6 N O D c e o t c v o e e b m m e b r b e e r r.... 4 3 4 4 7 3 5 8 5 2 9 9 3 3 2 0 1 5 1 1 1 4 4 8 September 82 14 13 12 8 35 1943 O N D c e o t c v o e e b m m e b r b e e r r 6 6 7 4 9 7 1 7 6 1 1 1 9 1 0 1 1 1 4 4 5 9 7 6 3 2 3 2 7 2 J M F a e a n b r u r c u a h r a y ry 3 3 5 5 3 6 4 5 5 0 3 2 2 8 5 6 2 1 1 2 1 3 1943— F J e a b nu ru a a ry ry 5 5 9 2 6 6 9 9 1 8 4 4 4 2 2 6 5 A M p a r y il H 4 O 1 6 5 2 8 3 2 1 9 1 1 5 4 March 74 8 13 9 5 39 April 64 9 12 10 5 28 v Preliminary. May ^65 9 12 11 6 27 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on r Revised. this page, and a small amount of other retail direct loans (one million p Preliminary. dollars in May 1943), which are not shown separately. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a r g o e m Instalment accounts a C cc h o a u r n ge ts change from corresponding Item May p m re A o c p n e r d t . h ing Mar. Ma p y re m ce o A d n i p t n h r g . o y f e M a a r r. Month D s m e to p e r n a e r t s t- F s t u t u r o r n re e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m t e o p e r a n e t r s t- 1943 1943 1943 1943 1943 1943 1942 Net sales: February 19 11 12 18 45 T C o as ta h l sales .... + + 4 8 + + 1 1 2 1 + + 1 1 3 8 + + 4 1 2 3 r+ + 5 2 0 + - 5 6 3 M Ap a r r i c l h 2 2 2 1 1 1 3 3 1 1 3 3 1 1 9 9 4 4 7 6 Credit sales: May 22 13 13 20 50 C In h s a t r a g lm e e a n c t count + + 1 2 + + 1 8 4 + + 2 1 0 8 + + 1 8 6 r+ -5 6 + -1 1 9 1 J T u u l n y e 2 2 3 2 1 1 4 4 1 1 3 3 2 2 2 2 5 6 6 0 August 24 16 13 25 59 Accounts receivable, at end of September 25 16 14 26 60 mo T n o t t h a : l -2 -1 -4 -40 r_ 41 -40 N O o ct v o e b m e b r er 2 2 9 9 1 1 8 7 1 1 5 5 3 3 1 0 6 6 3 5 Instalment -4 -1 -5 -40 -40 -41 December 31 18 15 45 65 Collections during month: 1943 Total +4 -1 +7 -7 r-5 -3 January 28 17 r16 r31 61 Instalment +4 -3 +7 -9 -9 -6 February 28 17 16 29 61 March 31 19 18 r30 62 Inventories, end of month, at April 31 20 r18 r31 63 retail value -5 -3 +5 -17 -10 -4 May 30 22 20 33 63 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. JULY 1943 66 7 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 H p l i r e d o a e d t s 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 gg a e t hh e l t i tt r a ii i nn 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 c C a a l h l s l e i a e m d n i d - i f n H u g r o n g u i o s sh o e- - ds l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933.... 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1942—January 96.0 100.8 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February.. 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 98.7 104.5 98.7 95.6 119.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 104.4 98.9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 Tune 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98.7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 88.8 October... 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November. 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99.5 102.5 90.1 December. 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January. . . 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February.. 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 103.8 110.5 100.2 102.7 91.9 Week ending 1943—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 1 103.5 124.3 108.7 96.9 118.4 96.9 81.5 103.9 110.3 100.1 104.2 91.4 May 8 103.7 124.8 109.4 96.9 118.4 96.9 81.6 103.9 110.4 100.2 104.2 91.4 May 15.... 103.8 125.7 110.2 96.9 118.4 96.9 81.5 103.9 110.4 100.2 104.2 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 May 29... 104.0 126.7 110.7 96.9 118.4 96.9 81.3 103.9 110.3 100.2 104.2 91.7 June 5 103.9 126.3 110.6 96.9 118.4 96.9 81.4 103.9 110.4 100.2 104.2 91.7 June 12... 104.0 127.6 110.9 96.9 118.4 96.9 81.4 103.9 110.4 100.2 104.3 91.7 June 19.... 103.5 127.0 109.0 96.9 118.4 96.9 81.4 103.9 110.4 100.2 104.3 91.8 June 26.... 103.1 126.2 108.0 96.9 118.4 96.9 81.4 103.9 110.4 100.2 104.3 91.6 1943 1943 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 92.2 108.6 112.2 112.5 113.1 Agricultural implements... 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 117.6 132.8 135.7 134.0 130.5 Farm machinery 98.0 98.0 98.0 98.0 98.0 Other farm products 99.0 112.6 117.1 120.0 125.2 Iron and steel 97.2 97.2 97.2 97.2 97.2 Foods D : amiry products 93.5 113.3 113.2 113.3 113.1 N M o o n to fe r rr v o e u h s i c m les etals 1 8 1 5 2 . . 6 8 1 8 1 6 2 . . 0 8 1 8 1 6 2 . . 0 8 1 8 1 6 2 . . 0 8 1 8 1 6 2 . . 0 8 Cereal products 89.0 92.2 93.5 93.7 93.6 Plumbing and heating 98.5 90.4 90.4 90.4 90.4 Fruits and vegetables 96.7 108.5 115.6 123.2 137.7 Building Materials: Meats 114.8 115.5 115.5 115.8 115.9 Brick and tile 98.0 98.6 98.7 98.7 98.9 Other foods 90.6 94.5 96.3 96.0 96.4 Cement 94.2 94.2 94.2 94.2 93.9 Hides and Leather Products: Lumber 131.5 134.6 134.6 134.7 135.6 Shoes 126.6 126.4 126.4 126.4 126.4 Paint and paint materials.. 100.6 101.2 102.2 102.5 102.2 Hides and skins 121.4 116.0 116.0 116.0 116.0 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... 103.8 102.2 102.0 101.6 101.6 Textile Products: Chemicals and Allied Products: Clothing 109.6 107.0 107.0 107.0 107.0 Chemicals 96.5 96.9 96.4 96.4 96.4 Cotton goods 112.9 112.6 112.6 112.6 112.6 Drugs and Pharmaceuticals 129.1 165.5 165.0 165.1 165.1 Hosiery and underwear.... 71.9 70.5 70.5 70.5 70.5 Fertilizer materials 79.0 79.0 79.0 80.0 80.0 Silk Mixed fertilizers 82.8 85.8 85.8 85.8 85.8 Rayon. : 30.3 '30^3 30^3 "30.3 '30.3 Oils and fats 108.6 101.5 101.5 101.5 102.0 Woolen and worsted goods 111.0 112.4 112.4 112.5 112.5 Housefurnishing Goods: Other textile products 98.3 97.7 97.5 98.7 98.7 Furnishings. 108.1 107.3 107.3 107.3 107.3 Fuel and Lighting Materials: Furniture 97.5 97.7 97.7 97.7 98.0 Anthracite 85.3 89.7 89.8 89.7 Miscellaneous: Bituminous coal 108.5 113.9 115.2 115.6 116.1 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.1 122.3 122.4 122.4 122.4 Cattle feed 140.4 142.1 148.2 150.9 150.6 Electricity 63.8 63.0 60.2 Paper and pulp 102.8 101.1 102.7 102.9 104.3 Gas 79.9 75.8 75.6 76.4 Rubber, crude 46.3 46.3 46.3 46.2 46.2 Petroleum products 59.1 61.2 61.5 62.0 62.5 Other miscellaneous 93.5 94.9 94.9 95.1 95.2 Back figures.—Bureau of Labor Statistics, Department of Labor. 668 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 an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1942—May 36,274 14,220 933 1,791 3,435 6,695 4,257 4,943 June 36,461 14,382 929 1,768 3,446 6,610 4,266 5,060 July 37,051 14,640 929 1,851 3,471 6,609 4,296 5,255 August 37,433 14,819 918 1,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 1,959 3,482 6,523 4,313 5,462 October 37,962 15,162 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December 38,842 15,687 884 2,004 3,535 6,635 4,331 5,766 1943—January 38,791 15,932 870 1,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 1,748 3,545 6,458 4,356 5,866 March 38,725 16,043 864 1,564 3,551 6,424 4,347 5,932 April 38,523 16,024 858 1,363 3,572 6,433 4,331 5,942 May 38,195 15,999 847 1,182 3,576 6,347 4,297 5,947 UNADJUSTED May 36,346 14,133 928 1,909 3,442 6,667 4,309 4,958 June 36,666 14,302 921 1,991 3,485 6,606 4,324 5,037 July 37,234 14,641 923 2,108 3,519 6,504 4,355 5,184 August 37,802 14,980 918 2,181 3,533 6,496 4,371 5,323 September 38,348 15,233 910 2,185 3,542 6,561 4,397 5,520 October 38,478 15,313 902 2,028 3,539 6,697 4,327 5,672 November 38,533 15,434 894 1,896 3,520 6,771 4,295 5,723 December 38,942 15,684 885 1,674 3,502 7,107 4,279 5,811 1943—Januarv 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 5,837 March 38,184 15,958 861 1 357 3,475 6,328 4,281 5,924 April 38,382 15,956 850 1,328 3,552 6,423 4,337 5,936 May 38,234 15,913 842 1,266 3,586 6,320 4,344 5,963 * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for May 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. 669 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1943 1943 Chart Chart book May June June June June book page 26 2 9 16 23 WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Rese U rv . e S N B B C b . a i o o G e l n n r t l o s t k e d i s v f s i c t c . r a e s t d e e i c s t u : rities, total 2, 4 4 4 4 4 2 6 1 1 . . . . . 3 1 1 7 9 6 8 5 0 7 6 2 1 1 . . . . . 2 4 1 7 9 2 4 4 0 4 6 2 1 1 . . . . . 9 6 1 7 9 0 4 3 0 1 2 6 1 1 . . . . . 4 6 1 5 8 6 3 5 0 6 3 6 1 1 . . . . . 2 7 1 5 8 9 5 3 0 2 T T R R M G r r e e o o e e s s l n a a d e e e s s r r y v u u v s e t e r r o y y i n c b b k a a c d c n a l e i a s k r p n h c o c u c s e l r i a s t e s t d io it n 5, 8 5 5 5 5 5 2 1 1 2 6 3 2 6 . . . . . . 2 4 2 6 1 0 2 9 6 1 2 5 1 2 1 2 6 2 2 6 . . . . . . 2 7 7 2 4 5 3 2 8 6 5 1 2 1 1 6 2 2 2 6 . . . . . . 6 2 0 4 4 8 8 5 2 5 3 1 Special certificates 4 .66 Required reserves 8 11.37 10.77 10.29 M Go o l n d B e y s i l t l o i s n c k d c i i s r c c o u u l n at t i e o d n . 2 2 2 2 1 " 2 6 ! . . 0 4 9 2 3 0 ' 2 1 " 2 7 ^ . . 0 2 4 2 0 3 2 1 2 7 . . ! 4 2 6 1 4 l 2 1 2 7 . . . 4 1 0 1 9 1 2 1 2 7 . . 3 1 9 5 Exce N C ss e h w i r c e a s Y g e o o r v rk e s, C t i o ty t . a l 8, 9 9 9 1. . . 8 1 0 0 3 8 1 . . .9 0 0 5 3 5 1 . . . 0 0 7 1 5 3 Nonmember deposits 2 1.32 1.19 1.31 1.26 1.39 Reserve city banks 9 .85 .89 .74 Treasury deposits 2 .35 .06 .18 .06 .29 Country banks 9 .90 .98 .93 M E E x x e c c m e e s b s s s e r r r e e b s s e e a r r n v v k e e s s r ' e 3 ( s w er e v e e k s l y average),total6. 3 3 3 1 1 1 1 . . . 6 5 84 2 0 P 1 I 2 1 . . . 0 5 6 6 2 3 P 1 I 1 2 . . . 1 4 5 7 5 1 P 1 1 2 I. . . 5 6 5 8 1 3 12 1 . . 2 3 2 0 Mon $ B e 1 y i 0 l l i s a n n o c d f i r $ | c 2 5 u 0 0 l a b a t i n i l o d ls n , o v t e o r t al 1 1 1 0 0 0 1 4 8 6 . . . 6 1 2 7 3 5 1 4 8 6 . . . 9 2 6 2 3 6 1 4 9 7 . . . 3 2 1 3 1 1 New York City 3 .02 .03 .02 .03 Coins, $1, $2, and $5 bills 10 3.45 3.51 3.58 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .77 .65 .62 .65 CONSUMER CREDIT Country bankse 3 .81 P. 83 P. 80 .89 Consumer credit, total 18 5.35 P5.24 P5.08 Single-payment loans 18 1.03 PI.03 PI. 03 Loans M a E n M d B i E n R v e B s A tm NK e S n t I s N LEADING CITIES 14 47.07 47.18 46.81 46.97 46.15 S C e h r a v r i g c e e a c c re c d o i u t. n ts 1 1 8 8 1. . 3 65 4 ^ P 1. .6 3 6 3 PI P . . 2 6 8 6 Demand deposits adjusted 14 31.19 31.39 32.06 32.79 32.47 Instalment credit, total 18, 19 2.32 P2.23 P2.12 U. S. Govt. obligations 14 34.09 34.32 34.14 34.25 33.63 Instalment loans 19 1.25 PI.21 PI. 16 T C o o t m a N 1 l m 0 e l e 0 w o r a c c n i i Y a t s i l o e r s l k o o a C u n t s i s t , y id t 2 o e ta N l2 e w York2 1 1 1 1 5 5 5 4 9 3 2 5 . . . . 9 3 5 1 0 4 1 8 9 3 5 2 . . . . 7 4 6 2 9 5 6 1 9 5 3 2 . . . . 5 6 4 2 9 4 4 0 9 5 3 2 . . . . 6 6 4 1 5 3 5 7 9 5 2 3 . . . . 4 5 1 4 5 7 4 3 Insta A O lm u th t e o e n r m t o s t a i l v e e credit, total 1 1 1 9 9 9 1. . . 0 7 2 9 9 7 P P P I. . . 0 2 7 6 6 2 P P P . . . 7 9 2 2 6 4 Brokers' loans—New York City 15 .99 .89 .84 .88 .79 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 13.22 13.42 13.19 13.25 12.84 ing, total interest-bearing 20 118.64 133.01 138.76 Bonds ... 17 5.92 5.92 5.94 5.83 5.80 Bonds (marketable Treasury) .. 20 49.27 55.20 57.97 Notes and guar. securities :.... 17 2.73 2.72 2.73 2.52 2.47 Notes, cert., and bills, total.... 20 30.19 36.00 37.21 Certificates 17 2.51 2.50 2.51 2.52 2.57 Notes 21 9.80 9.80 9.80 Bills 17 2.06 2.27 2.01 2.37 2.00 Certificates 21 11.16 16.15 16.56 100 cities outside New York, total.. 15 20.87 20.90 20.95 21.01 20.79 Bills 21 9.23 10.04 10.85 Bonds v; 17 9.82 9.84 9.88 9.85 9. Savings bonds, tax notes, etc.. 20 24.62 27.46 29.09 Notes and guar. securities 17 3.28 3.32 3.34 3.32 3.31 Savings bonds 21 17.89 19.27 20.51 Certificates 17 4.37 4.38 4.40 4.41 4.40 Tax notes 21 6.35 7.78 8.16 Bills 17 3.40 3.36 3.34 3.43 3.20 Special issues 20 10.00 9.79 10.20 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 13.13 13.35 P13.72 Federal Reserve Banks 22 5.92 6.46 6.22 MONEY RATES, ETC. Commercial banks 22 44.09 48.74 Treasury bills (new issues) 25 .374 374 374 374 .374 Private holders other than Treasury notes (taxable) 25 1.33 i.32 i.33 i.33 1.32 commercial banks, total 22 55.49 64.46 U. S P . a G rt o i v a t l . l y b o ta n x d - s e : xempt 25, 33 1.88 1.87 !.86 1.85 1.83 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 es s 2 2 3 3 1 4 0 . . 6 9 3 0 1 5 2 . . 1 6 7 0 Taxable 25, 33 2.29 2.29 2.30 2.28 2.28 Other investors, total 23 40.00 46.70 Corporate Aaa bonds 33 2.74 2.73 2.73 2.72 2.72 Marketable issues.... 23 16.10 20.10 Corporate Baa bonds 33 3.90 3.89 3.89 3.89 3. 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 96.0 97.3 96.9 95.5 95.7 Treasury bills (new issues) 27 .373 373 .373 Industrial 35 98.1 99.7 99.4 98.2 98.4 Treasury notes (taxable) 27 1.33 i.39 1.36 Railroad 35 98.2 97.4 95.0 92.0 92.3 Commercial paper 29 .69 .69 .69 Public utility 35 84.3 85.0 85.1 83.7 83.6 U. S. Govt. bonds: Volume of trading (mill, shares) 35 1.17 1.30 .98 .92 .87 Partially tax-exempt 33 2.08 2.02 1.92 Taxable 33 2.33 2.32 2.30 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.76 2.76 2.74 Steel production (per cent of capacity).. 50 99.3 98.4 97.5 97.8 97.6 Corporate Baa bonds 33 4.01 3.96 3.91 Electric power prod. (mill. kw. hrs.).... 50 3,990 3,926 4,040 4,098 4,120 Freig T h o t t a c l ar loadings (thous. cars): 51 852.5 667.6 854.5 868.2 760.8 In unit indicated Miscellaneous 51 382.8 357.1 381.4 386.6 390.0 Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)... 52 136 137 151 148 118 Total 35 F.H.A. home mortgages, new construc- Industrial 35 tion (thous.)3 52 Railroad 35 Wholesale prices (1926 = 100): Public utility 35 Total 63 104.0 103.9 104.0 103.5 103.1 Volume of trading (mill, shares)... 35 Farm products 63 126.7 126.3 127.6 127.0 126.2 Brokers' balances (mill, dollars): Other than farm and food 63 96.9 96.9 96.9 96.9 96.9 Credit extended customers.... 37 e760 Money borrowed 37 e550 Customers'free credit balances. 37 e350 e Estimated. p Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Beginning with June 2,1943, includes open-market paper no longer reported separately. 3 Publication discontinued. 4 Adjusted for seasonal variation. 5 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 67O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1943 Chart 1943 book book page Mar. Apr. May page Mar. Apr. May MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Income payments (mill, dollars), total4 38 11,470 pll,582 Exports and imports (mill, dollars): Salaries and wages 38 7,983 ^8,104 Exports 61 P926.9 pl,135.7 Other 38 3,487 *>3,478 Imports 61 P248.5 *>265.9 Cash farm income (mill, dollars),total.. 39 1,402 1,387 pl,433 Excess of exports 61 ^678.4 ?869.9 Livestock and products 39 900 955 P996 Excluding Lend-Lease exports. 61 '-33.4 Crops 39 410 367 P397 Wholesale prices, total (1926 = 100).... 63 103.4 103^7 104.1 Govt. payments 39 92 65 Farm products 63 122.8 123.9 125.7 Industrial production:4 Other than farm and food 63 96.5 96.6 96.7 Total (1935-39 = 100) 41, 42 202 203 Cost of living, all items (1935-39 = 100) 65 122.8 124.1 125.1 Groups (points in total index) Food 65 137.4 140.6 143.0 Durable manufactures 41 113.1 113.7 PI14.0 Clothing 65 127.6 127.8 127.8 Machinery, etc 42 74.6 75.4 P75.9 Rent 65 108.0 Iron and steel 42 23.1 23.0 22.8 Other durable 42 15.3 15.2 P15.2 Nondurable manufactures 41 69.0 68.9 ^69.0 1942 1943 Textiles and leather 42 20.2 20.1 P20.2 Paper and printing 42 11.3 11.3 P11.3 Foods, liquor, and tobacco 42 20.2 19.9 P19.5 July- Oct.- Jan.- Other nondurable 42 17.3 17.7 P17.9 Sept. Dec. Mar. Minerals 41,42 20.2 20.0 P19.6 Primary products (1935-39 = 100): In millions of dollars Steel 43 233 235 233 Cement 43 146 134 QUARTERLY FIGURES Lumber 43 114 115 Budget receipts and expenditures: Coal 43 154 146 P139 Expenditures, total 24 16,307 18,800 19,845 Crude petroleum 43 122 124 P122 War activities 24 14,766 17,348 18,460 W P C a o o p t o t e l o r y n a c r o n nsumption 4 4 4 3 3 3 1 1 1 8 6 3 1 6 6 1 1 1 6 7 3 6 3 4 169 Inter N C n o e a t r l p r r o e e r c v a e e t i e n p u t i s e n c c o o m lle e c t t . i a # o x n e s s , total 2 2 2 4 4 4 3 3 1 , , , 8 6 7 6 2 3 1 2 5 3 3 1 , , , 7 9 7 2 0 8 7 9 9 3 6 6 , , , 3 6 9 8 6 5 4 6 0 Leather 43 113 115 Individual income taxes 24 774 616 2,234 M Ot e h a e t r s m an a d n u d f a a ir c y t u p r r e o d d u fo c o ts d s 4 4 3 3 1 15 4 6 8 1 1 5 4 6 2 * P > 1 1 5 5 1 0 Corp M or is a c te . i s n e t c e u rn ri a t l y r i e s v s e u n e u s: e 24 1,114 1,323 1,088 Labor force and employment (mill, Net proceeds 36 200 70 153 pe L E rs a m o b n p o N A s l r o ) o g : y f n r o m i a r c c g e u e r n l i t t c u , u r t a l o t l u ta r l a l 4 4 4 4 4 4 4 4 4 5 5 2 2 1 9 . . . . 0 0 0 0 4 5 5 1 2 1 9 . . . . 6 1 2 6 4 5 1 5 1 0 2 3 . . . . 8 3 1 0 New R P 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 t l o i t t a y l 3 3 3 3 6 6 6 6 4 2 7 6 3 7 6 1 4 3 6 3 3 5 1 5 3 1 2 Male 44 35.8 36.0 36.2 Female 44 15.2 15.2 15.9 Per cent per annum Nonagricultural employment (mill. persons), total4 45 38.7 38.5 P38.2 M T T G C r r o o a a a n v n d n s e u e s t r f p r n a u o m c c r t t t e u i a n o r t t i n i n o g n a a n n d d m ut i i n l i i n ti g e s 4 4 4 4 4 5 5 5 5 5 1 3 6 5 1 6 . . . . .9 6 9 6 4 1 3 6 5 6 1 . . . . .9 6 9 4 4 p1 P P P H 6 6 5 3 . . 2 8 . . . 3 9 6 Bank T N O S o o e t r h u w t a a e t t h l e r , Y s e N r 1 o o n r 9 o n k r a c t c n i h C t u d i e i e s t r W s t y n o m e a s n e te d rs r n ' E l a o c s i a t t n i e e s r s : n cities 3 3 3 2 1 1 1 9 2 2 2 3. . . . 2 2 7 6 5 8 0 6 2 3 2 2 . . . . 2 6 6 0 6 3 3 9 3 2 2 2 . . . . 2 7 3 7 4 6 6 6 Factory employment and pay rolls (1939 = 100): Pay rolls 47 304.5 309.4 Apr. 4,June 30,Dec. 31, Hour E s m a p n l d o y e m ar e n n i t n gs at factories: 47 167.6 167.5 P167.1 1942 1942 1942 Weekly earnings (dollars) 48 41.75 42.48 Hourly earnings (cents) 48 93.4 94.4 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 44.7 45.0 New orders. shipments,and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency 11 e80.00 81.93 99.67 New orders, total 49 250 P250 Demand deposits adjusted 11 e40.00 41.84 48.85 Durable 49 350 2>338 Time deposits 11 e27.20 27.31 28.40 Nondurable 49 176 P184 Currency outside banks 11 e10.40 10.94 13.95 Shipments, total 49 249 P253 Durable 49 330 P338 Nondurable 49 185 p186 MEMBER BANKS Inventories, total 49 175 ^175 Loans and investments, total 12 44.29 46.80 59.26 Durable 49 211 P213 U. S. Govt. obligations 12 20.45 24.10 37.55 Resident N ia o l n c d o u n ra tr b a l c e ts (mill, dollars):4 49 144 142 Othe S r ta s t e e c u a r n it d i e l s o cal obligati # o ns 1 1 3 2 6 3 . . 0 1 0 7 5 2 . . 7 9 7 3 5 2 . . 6 9 3 7 T P P u r o i b t v a l a l i c t e, total 5 5 5 3 3 3 6 4 2 8 3 4 6 4 2 6 6 0 Loan O F s, o t h r t e e o r i t g a d n l o s m e e c s u t r i i c t i s e e s curities 1 1 1 3 2 3 17 ( ( . 5 5 8 ) ) 3 1 2 6 . . . 6 9 1 3 9 5 1 2 6 . . 6 0 6 9 1- and 2-family dwellings 53 18 19 Commercial loans 13 (5) 9.11 8.48 Other 53 6 1 Real estate loans 13 (5) 3.50 3.42 Construction contracts (3-mo. moving Street loans (brokers' loans).... 13 V) .43 .79 av., mill, dollars):4 Holdings of U. S. Govt. securities: Total 55 347 258 P208 By classes of banks: Residential 55 78 61 P56 New York City 16 7.38 8.55 12.55 Freig O h t t h e c r arload m in gs:4 55 269 197 R C e h s 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 (1935-39 = 100).. .# 57 136 141 Country banks 16 4.75 5.50 9.17 Groups (points in total index) By kinds of securities: Miscellaneous 57 77.4 77.8 78.3 Bonds 16 (5) 14.49 18.95 Coal 57 29.7 33.7 33.2 Notes 16 (5) 3.55 5.41 All other 57 29.4 r29.4 29.1 Certificates 16 (5) 1.87 6.29 Department stores (1923-25 = 100) :4 Bills 16 (5) 1.51 4.36 S S t a o le c s k s 5 5 9 9 1 9 3 1 6 1 8 28 7 P 1 g 2 o 5 Guaranteed 16 3.47 2.69 2.54 For footnotes see preceding page. 671 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks1 n m a e t A i m o ll b n e a r l m S e A t m a l t b l e er cit C y e m nt e ra m l b r e e r s e b r a v n e ks m Re c e s i m t e y b rv e e r j j C m o e u m n b tr e y r Item banks banks New York Chicago banks 1941 Year 1942 Earnings 1,295,856 1,323,049 1,416,866 1,486,734 959,702 527,032 302,697 76,261 550,657 557,119 Interest and dividends on securities 444,145 431,233 445,281 539,673 352,896 186,777 138,403 37,649 188,688 174,933 Interest and discount on loans 560,460 595,411 665,152 639,721 431,218 208,503 94,304 22,851 248,862 273,704 Service charges on deposit accounts 54,441 59,262 64,869 68,177 46,373 21,804 8,247 884 25,308 33,738 O Se th rv e i r c e c h c a h r a g r e g s e , s c a o n m d m f i e s e s s i o o n n s , lo fe a e n s s , etc.... 31,999 33,292 37,799 3 9 6 , ,2 0 7 4 1 0 2 5 4 , , 6 0 2 4 5 6 1 3 2 , , 4 2 1 2 5 5 5 2 , , 3 2 4 2 1 9 1,4 5 6 8 5 5 1 3 3 , , 6 1 2 8 1 5 1 2 6 , , 6 2 0 8 5 0 Trust department 91,009 92,320 93,116 91,925 32,977 58,948 33,197 8,344 32,463 17,921 Other current earnings 113,802 111,531 110,649 101,92' 66,567 35,360 20,976 4,483 38,530 37,938 Expenses 894,755 921,021 987,917 1,035,652 668,600 367,052 192,970 49,744 387,595 405,343 Salaries—officers 150,144 155,466 163,264 169,912 111,561 58,351 27,290 6,472 53,074 83,076 Salaries and wages—others 237,788 244,834 262,639 290,62. 178,903 111,722 66,997 14,963 120,142 88,523 Directors' and committee members' fees 7,538 7,690 8,169 8,539 5,, 2,730 983 116 1,707 5,733 Interest on time deposits 159,094 147,470 139,930 128,289 89,376 38,913 3,159 4,776 47,350 73,004 Interest on borrowed money 165 124 124 110 64 46 41 8 61 Taxes 85,430 100,402 128,967 148,790 99,659 49,131 29,790 8,295 59,240 51,465 Other current expenses 254,596 265,035 284,824 289,387 183,228 106,159 64,710 15,122 106,074 103,481 Net current earnings .. 401,101 402,028 428,949 451,08: 291,102 159,980 109,727 26,517 163,062 151,776 Recoveries, profits on securities, etc... 326,555 302,750 278,339 188,466 121,495 66,971 40,796 10,533 70,799 66,338 Recoveries on securities 56,103 63,819 63,989 48,301 36,162 12,139 10,154 3,009 18,43' 16,701 Profits on securities 189,741 159,141 128,956 59,91 30,465 29,446 15,685 3,378 25,812 15,036 Recoveries on loans 54,617 55,294 58,905 55,903 40,592 15,311 12,392 3,204 17,132 23,175 All other 26,094 24,496 26,489 24,351 14,276 10,075 2,565 942 9,418 11,426 Losses and charge-offs 380,179 355,669 317,525 256,484 169,955 86,529 48,439 10,507 91,010 106,528 On securities 179,566 163,958 137,731 102,691 73,074 29,617 19,923 7,152 34,498 41,118 On loans 108,13" 90,408 83,590 64,77C 43,018 21,752 11,237 1,945 24,213 27,375 All other 92,476 101,303 96,204 89,023 53,863 35,160 17,279 1,410 32,299 38,035 Net profits 347,477 349,109 389,763 383,064 242,642 140,422 102,084 26,543 142,851 111,586 Cash dividends declared 207,026 210,480 210,618 203,007 127,531 75,470 66,013 10,759 71,303 54,932 On preferred stock2 13,679 12,728 12,745 11,090 6,681 4,409 878 53 4,473 5,686 On common stock 193,347 197,752 197,873 191,917 120,856 71,061 65,135 10,706 66,830 49,246 Loans 13,366,00014,298,00016,699,00017,218,00011,084,000 6,134,000 4,107,000 904,000 6,690,000 5,517,000 United States Government obligations 13,698,00014,823,00017,753,00025,408,00015,849,000 9,559,000 8,935,000 1,892,000 8,631,000 5,949,000 Other securities 5,693,000 5,799,000 5,994,000 5,842,000 3,749,000 2,093,000 1,456,000 368,000 1,779,000 2,238,000 Real-estate assets 1,384,000 1,303,000 1,229,000 1,167,000 712,000 455,000 230,000 21,000 450,000 467,000 Cash assets 17,674,00021,484,000 23,062,00022,705,00014,954,000 7,751,000 6,043,000 1,480,000 8,562,000 6,621,000 Total assets 52,129,00058,025,000 65,044,00072,610,00046,498,00026,112,00020,862,000 4,681,00026,213,00020,855,000 Time deposits 11,685,00012,055,00012,458,00012,413,000 8,360,000 4,053,000 767,000 462,000 4,866,000 6,318,000 Total deposits 46,135,00051,919,00058,717,000 66,;103,00042,459,00023,644,00018,879,000 4,368,00024,075,00018,781,000 Total capital accounts 5,488,000 5,597,000 5,798,000 5,977,000 3,676,000 2,301,000 1,682,000 293,000 1,990,000 2,011,000 Number of officers 34,172 35,369 36,476 35,604 25,49: 10,109 2,376 546 8,093 24,589 Number of employees 158,137 163,783 176,466 182,023 114,570 67,453 34,869 8,13! 72,470 66,552 Number of banks.. 6,362 6,486 6,619 5,081 1,598 354 6,275 1 Figures for 1942 and 1941 are for all member banks at the end of the year submitting reports of earnings, expenses and dividends, plus the national banks which reported for the first half of the year only. Prior years' figures represent the totals of the two semiannual reports, including all banks reporting for either or both six-month periods. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final call date in the preceding year. ^ The number of officers and employees and number of banks are as of the end of the year. Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item San Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta Chicago Lo S u t. i . s M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Earnings 88,896 421,723 107,768 130,107 68,501 64,408 200,569 53,398 39,617 58,623 53,973 199,151 Interest and dividends on securities 28,201 180,399 44,032 51,206 22,450 19,144 82,416 17,338 11,836 15,034 13,171 54,446. Interest and discount on loans 38,644 147,429 41,903 53,696 32,726 29,993 77,359 25,862 18,550 31,280 29,922 112,3571 Service charges on deposit accounts 4,448 15,908 3,184 5,358 3,724 3,602 10,266 2,311 1,883 4,093 3,287 10,113; Service charges and fees on loans 341 2,903 351 618 280 252 1,843 254 303 213 141 1,541 Other charges, commissions, fees, etc 1,343 7,136 1,069 1,966 2,302 3,756 5,686 2,769 3,469 1,620 1,829 3,326* Trust department 7,817 37,824 9,722 7,565 3,168 2,203 11,215 1,742 1,187 1,651 889 6,942: Other current earnings 8,102 30,124 7,507 9,698 3,851 5,458 11,784 3,122 2,389 4,732 10,426 4,734 Expenses 62,736 279,246 71,831 90,643 49,675 45,542 140,860 38,834 28,886 42,897 40,165 144,337 Salaries—officers 10,828 42,495 11,336 13,554 8,813 7,746 22,246 7,411 6,128 9,883 8,913 20,559 Salaries and wages—others.. 17,111 88,845 18,869 23,321 12,216 11,217 39,625 9,303 6,590 10,000 9,227 44,301 Directors' and committee members' fees 733 2,117 1,176 758 527 372 908 375 333 383 364 493 Interest on time deposits . .. 7,254 18,221 10,584 14,749 8,237 5,103 20,586 4,777 4,326 3,593 2,340 28,519 Interest on borrowed money 5 64 12 2 1 8 1 4 3 2 5 3 Taxes 8,584 38,445 10,426 15,479 7,040 7,200 18,380 6,122 3,671 6,536 7,913 18,994 Other current expenses 18,221 89,059 19,428 22,780 12,841 13,896 39,114 10,842 7,835 12,500 11,403 31.46& Net current earnings 26,160 142,477 35,937 39,464 18,826 18,866 59,709 14,564 10,731 15,726 13,808 54,81* Recoveries, profits on securities, etc 10,350 56,278 14,609 24,805 7,334 6,239 24,902 7,133 5,885 7,782 5,533 17,616 Recoveries on securities.... 2,303 13,341 6,233 5,672 2,405 1,686 6,862 1,533 1,753 1,980 741 3,792 Profits on securities.' 2,705 20,738 4,781 11,816 1,678 1,852 6,312 2,187 624 1,104 1,000 5,114 Recoveries on loans 3,578 16,965 2,196 4,829 2,066 1,804 7,612 2,075 2,233 3,644 2,832 6,069 All other 1,764 5,234 1,399 2,488 1,185 897 4,116 1,338 1,275 1,054 960 2,641 Losses and charge-offs 16,394 Id,Tib 32,556 25,835 9,816 10,299 25,875 8,070 5,548 7,651 7,293 30,871 On securities 5,781 28,566 13,529 12,980 4,501 3,353 13,834 3,692 2,470 3,215 1,731 9,039 On loans 5,689 20.,412 7,932 5,025 1,616 2,969 4,118 1,807 1,189 1,865 2,326 9,822 All other 4,924 27,298 11,095 7,830 3,699 3,977 7,923 2,571 1, 2,571 3,236 12,010 Net profits 20,116 122,479 17,990 38,434 16,344 14,806 58,736 13,627 11,068 15,857 12,048 41,559 Gash dividends declared 12,744 75,520 15,865 14,283 8,124 6,789 20,979 6,555 4,361 6,876 7,196 23,715 On preferred stock2 521 3,361 820 1,273 362 554 1,187 307 130 181 236 2,158 On common stock 12,223 72,159 15,045 13,010 7,762 6,235 19,792 6,248 4,231 6,695 6,960 21,557 Loans 1,154,000 5,282,000 1,050,0001,325,000 756,000 701,000 2,141,000 678,000 454,000 729,000 625,0002,323,000 United States Government obligations 1,252,000 101,553,000 1,280,0001,960,000 991,000 729,000 3,893,000 757,000 497,000 626,000 552,0002,320,000 Other securities 261,000 1,929,000 547,000 536,000 175,000 240,000 921,000 226,000 111,000 213,000 158,000 523,000 Real-estate assets 77,000 358,000 133,000 116,000 63,000 60,000 89,000 34,000 22,000 29,000 46,000 140,000 Cash assets 1,208,000 7,158,000 1,237,0001,782,0001,130,0001,071,000 3,481,000 923,000 518,000 1,122,0001,065,000 2,.010,000 Total assets , 3,972,000 25,401,000 4,267,0005,734,000 3,125,0002,812,000 10,556,0002,623,0001,607,0002,724,000 2,450,000 7,340,000 Time deposits 641,000 2,409,0001,002,0001,440,000 637,000 437,000 2,059,000 429,000 367,000 309,000 230,000 2,451,000 Total deposits 3,537,000 22,,972,0003,764,0005,106,000 2,868,0002,591,000 9,820,0002,426,000 1,469,000 2,,511,000 2., 256, ,781,000 Total capital accounts 404,000 2,113,000 482,000 603,000 246,000 207,000 698,000 188,000 129,000 208,000 187,000 512,000 Number of officers 2,000 5,935 2,720 3,02: 2,144 1,749 4,539 2,009 1,786 2,897 2,473 4,330 Number of employees 11,275 49,886 12,063 14,53. 8,592 8,367 25,279 7,054 4,958 7,620 6,961 25,435 Number of banks 348 799 652 274 For footnotes see p. 672. JULY 1943 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco Earnings 34,614 12,922 45,859 73,833 29,490 31,637 57,017 27,558 14,257 29,902 24,850 168,718 Interest and dividends on securities.... 10,117 3,934 20,955 31,584 12,123 9,179 23,081 9,587 4,758 8,852 6,838 47,680 Interest and discount on loans . 14,852 14,075 26,412 10,907 14,620 22,342 12,383 6,155 14,549 12,806 94,306 Service charges on deposit ac- 5,455 counts 962 972 2,518 1,501 1,347 4,661 757 587 1,655 1,004 8,391 Service charges and fees on 953 loans 228 159 387 84 175 796 172 81 58 35 1,355 Other charges, commissions, 91 fees, etc 719 346 1,009 1,032 1, 2,022 1,592 993 392 590 2,499 T O r t u he st r d c e u p rr a e r n tm t e ea n r t nings 3 3 , , 9 8 1 2 0 6 4 1 9 8 6 3 6 2 , ,5 7 8 6 9 3 6 5, , 8 0 6 6 0 3 1 1 , , 9 9 4 0 0 3 3 1 , ,4 0 8 2 8 0 3 1 , ,0 0 9 1 6 9 1 1 , , 4 6 5 1 2 5 9 7 6 2 2 1 2 1, , 4 9 3 6 2 4 2,8 7 7 0 1 6 6 8 , , 1 3 5 3 5 2 Expenses 22,620 1,810 29,657 49,781 20,691 21,743 41,866 19,929 9,899 21,725 18,584 121,730 D S Sa a i l l r a a e r r c i i e t e o s s — rs a ' o n f d f a i c w n e d a r s ge c s o — m o m th it e t r e s e 3 7 , , 5 1 5 35 2 9 3 1 , , ,1 1 3 7 9 7 4 8 0 1 3 0 , , 9 2 4 83 8 1 5 5 , , 9 1 9 0 1 4 3 6, , 1 1 2 9 8 1 3 5 , , 0 7 0 8 3 6 1 5 3 , , 3 7 1 4 2 4 5 3 , , 7 0 2 5 9 2 3 1 , , 1 40 8 2 4 6 3 , , 1 4 2 0 6 3 4 2 , , 8 9 4 2 7 9 3 1 8 6 , , 8 11 7 7 8 members' fees 114 47 204 195 167 136 213 101 44 111 73 302 Interest on time deposits 774 1,082 903 5,682 2,335 1,669 6,394 1,561 712 1,181 1,091 23,966 Interest on borrowed money... 4 1 1 1 1 Taxes "3,706 898 4,810 9,468 3,032 3,909 ' '4,'415 3,457 1,536 3,685 4,074 16^250 Other current expenses 7,339 2,967 9,508 13,341 5,. 7,239 11,788 6,028 3,020 7,219 5,570 26,217 Net current earnings. 11,994 3,552 16,202 24,052 8,799 9,894 15,151 7,629 4,358 8,177 6,266 46,988 Recoveries, profits on securities, etc 2,464 1,818 7,152 17,864 3,941 2,778 6,106 3,842 2,656 4,447 2,649 15,082 Recoveries on securities 196 102 3,298 3,707 1,854 396 1,963 845 870 1,645 559 3,002 Profits on securities 782 1,252 2,633 10,119 904 1,089 1,355 1,189 126 871 705 4,787 Recoveries on loans 1,196 327 803 2,510 591 1,009 1,136 1,258 796 1,433 1,057 5,016 All other 290 137 418 1,528 592 284 1,652 550 864 498 328 2,277 Losses and charge-offs 4,796 4,063 10,712 15,004 4,918 4,989 6,024 3,843 2,250 4,301 3,136 26,974 On securities 772 1,068 5,043 7,559 2,934 982 1,983 1,595 1,308 2,474 830 7,950 On loans 2,639 1,935 2,311 3,085 333 1,849 694 1,027 256 606 757 8,721 All other 1,385 1,060 3,358 4,360 1,651 2,158 3,347 1,221 686 1,221 1,549 10,303 Net profits 9,662 1,307 12,642 26,912 7,822 7,683 15,233 7,628 4,764 8,323 5,779 35,096 Cash dividends declared 6,843 666 8,797 9,215 3,897 3,562 4,697 3,856 1,855 3,157 3,570 21,188 On preferred stock2 36 142 88 772 152 387 572 109 38 103 123 1,951 On common stock 6,807 524 8,709 8,443 3,745 3,175 4,125 3,747 1,817 3,054 3,447 19,237 Loans 580,000 136,000 464,000 799,000 304,000 399,000 598,000 410,000 205,000 445,000 342,000 2,006,000 United States Government obligations 537,000 184,000 661,0001,407,000 594,000 395,000 1,230,000 498,000 251,000 441,000 363,000 2',069,000 Other securities 62,000. 36,000 234,000 258,000 65,000 112,000 241,000 116,000 27,000 127,000 53,000 451,000 Real-estate assets 28,000 21,000 48,000 68,000 32,000 32,000 27,000 18,000 9,000 17,000 29,000 120,000 Cash assets 581,000 132,000 707,0001,156,000 570,000 532,000 1,139,000 549,000 241,000 724,000 579,000 1,651,000 Total assets 1,801,000 513,000 2,129,0003,700,000 1,571,000 1,477,000 3,245,0001,595,000 735,0001,758,0001,368,000 6,319,000 Time deposits 81,000 144,000 153,000 696,000 236,000 174,000 723,000 170,000 81,000 151,000 129,000 21,128,000 Total deposits 1,602,000 468,0001,921,0003,294,1 ,458,( ,367,( ,047,( ,489,000 675,0001,637,( ,270, 000 55,844,000 Total capital accounts 179,000 43,000 192,000 386,000 107,000 100,000 187,000 99,000 54,000 117,000 93,000 433,000 Number of officers 439 170 667 456 444 791 441 192 530 415 3,106 Number of employees.. 4,459 1,478 4,032 4,078 5,666 3,992 2,047 4,159 3,189 21,399 Number of banks... 36 23 50 36 * Not including central reserve city bank For other footnotes see p. 672. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Earnings 54,282 106,104 61,909 56,274 39,011 32,771 67,291 25,840 25,360 28,721 29,123 30,433 Interest and dividends on securities 18,084 38,062 23,077 19,622 10,327 9,965 21,686 7,751 7,078 6,182 6,333 6, 766 Interest and discount on loans. 23,792 47,670 27,828 27,284 21,819 15,373 32,166 13,479 12,395 16,731 17,116 18,051 Service charges on deposit accounts 3,486 6,708 2,212 2,840 2,223 2,255 4,721 1,554 1,296 2,438 2,283 1,722 Service charges and fees on loans 113 583 192 231 196 77 462 82 222 155 106 186 Other charges, commissions, fees, etc 624 1,612 723 957 1,270 1,948 2,199 1,177 2,476 1,228 1,239 827 Trust department 3,907 4,131 2,959 1,502 1,228 715 1,775 290 225 219 183 787 Other current earnings 4,276 7,338 4,918 3,838 1,948 2,438 4,282 1,507 1,668 1,768 1,863 2,094 Expenses 40,116 76,906 42,174 40,862 28,984 23,799 49,250 18,905 18,987 21,172 21,581 22,607 Salaries—officers 7,276 14,031 7,388 7,563 5,622 4,743 10,462 4,359 4,726 6,480 5,984 4,442 Salaries and wages—others 9,976 18,650 8,586 8,217 6,088 5,431 10,918 3,574 3,406 3,874 4,380 5,423 Directors' and committee members' fees 619 1,087 972 563 360 236 579 274 289 272 291 191 Interest on time deposits 6,480 13,980 9,681 9,067 5,902 3,434 9,416 3,216 3,614 2,412 1,249 4,553 Interest on borrowed money ... 5 19 11 2 1 7 1 3 2 2 5 3 Taxes 4,878 7,757 5,616 6,011 4,008 3,291 5,670 2,665 2,135 2,851 3,839 2,744 Other current expenses 10,882 21,382 9,920 9,439 7,003 6,657 12,204 4,814 4,815 5,281 5,833 5,251 Net current earnings. 14,166 29,198 19,735 15,412 10,027 8,972 18,041 6,935 6,373 7,549 7,542 7,826 Recoveries, profits on securities, etc. 7,886 13,664 7,457 6,941 3,393 3,461 8,263 3,291 3,229 3,335 2,884 2,534 Recoveries on securities 2,107 3,085 2,935 1,965 551 1,290 1,890 688 883 335 182 790 Profits on securities 1,923 3,801 2,148 1,697 774 763 1,579 998 498 233 295 327 Recoveries on loans 2,382 4,246 1,393 2,319 1,475 795 3,272 817 1,437 2,211 1,775 1,053 All other 1,474 2,532 981 960 593 613 1,522 788 411 556 632 364 Losses and charge-offs 11,598 23,774 21,844 10,831 4,898 5,310 9,344 4,227 3,298 3,350 4,157 3,897 On securities 5,009 7,575 8,486 5,421 1,567 2,371 4,699 2,097 1,162 741 901 1,089 On loans 3,050 7,240 5,621 1,940 1,283 1,120 1,479 780 933 1,259 1,569 1,101 All other 3,539 8,959 7,737 3,470 2,048 1,819 3,166 1,350 1,203 1,350 1,687 1,707 Net profits 10,454 19,088 5,348 11,522 8,522 7,123 16,960 5,999 6,304 7,534 6,269 6,463 Cash dividends declared 5,901 8,841 7,068 5,068 4,227 3,227 5,523 2,699 2,506 3,719 3,626 2,527 On preferred stock2 485 2,341 732 501 210 167 562 198 92 78 113 207 On common stock.... 5,416 6,500 6,336 4,567 4,017 3,060 4,961 2,501 2,414 3,641 3,513 2,320 Loans 575,0001,039,000 586,000 526,000 451,000 302,000 639,000 268,000 249,000 283,000 283,000 317,000 United States Government obligations 715,0001,433,000 618,000 552,000 397,000 334,000 771,000 259,000 246,000 185,000 189,000 251,000 Other securities 199,000 437,000 314,000 278,000 110,000 129,000 313,000 110,000 84,000 86,000 105,000 72,000 Real-estate assets 49,000 107,000 85,000 48,000 30,000 27,000 41,000 16,000 13,000 12,000 17,000 20,000 Cash assets 627,000 983,000 530,000 626,000 560,000 539,000 862,000 374,000 277,000 399,000 486,000 358,000 Total assets .. 2,171,0004,026,0002,138,0002,033,0001,554,0001,334,0002,630,0001,028,000 872,000 966,0001,082,0001,020,000 Time deposits 560,0001,498,000 850,000 744,000 402,000 263,000 874,000 259,000 286,000 158,000 101,000 323,000 Total deposits 1,935,0003,624,0001,843,0001,811,0001,410,0001,224,0002,406,000 937,000 794,000 873,000 985,000 937,000 Total capital accounts 225,000 388,000 289,000 217,000 139,000 107,000 218,000 89,000 75,000 91,000 94,000 79,000 Number of officers 1,561 3,389 2,278 2,355 1,688 1,305 3,202 1,568 1,594 2,367 2,058 1,224 Number of employees.. 6,816 12,934 6,175 6,055 4,560 4,289 8,481 3,062 2,911 3,461 3,772 4,036 Number of banks... 337 751 628 651 424 297 844 427 445 694 534 243 For footnotes see p. 672. JULY 1943 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 2 u 50 n d a e n r d 250-500 500-750 1 7 ,0 5 0 0- 0 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 O 0, v 0 e 0 r 0 Earnings 1,483,305 696 7,055 14,911 17,860 71,456 131,655 108,436 232,883 898,353 Interest and dividends on securities 539,061 121 1,547 3,504 4,552 19,845 40,356 34,579 73,541 361,016 Interest and discount on loans 639,235 490 4,525 9,229 10,626 40,617 68,245 51,810 105,097 348,596 Service charges on deposit accounts 68,119 27 331 779 931 4,084 8,823 7,699 16,334 29,111 Service charges and fees on loans 9,037 5 28 62 86 362 679 644 1,510 5,661 Other charges, commissions, fees, etc— 36,232 32 355 708 856 2,854 4,275 2,964 5,925 18,263 Trust department . 89,764 2 16 23 275 1,846 3,156 12,322 72,124 Other current earnings 101,857 267 613 786 3,419 7,431 7,584 18,154 63,582 Expenses 1,032,819 522 5,370 11,246 13,253 52,739 96,466 79,755 171,457 602,011 Salaries—officers 169,273 233 1,952 3,627 3,979 13,832 21,345 14,600 28,754 80,951 Salaries and wages—others 289,861 33 431 1,202 1,560 7,946 19,095 18,861 46,757 193,976 Directors' and committee members' fees.. 8,518 6 112 243 284 1,042 1,709 1,010 1,588 2,524 Interest on time deposits 128,202 55 942 2,245 2,734 11,242 19,518 14,547 24,133 52,786 Interest on borrowed money 106 2 2 2 2 10 16 8 26 38 Taxes 148,454 63 650 1,339 1,636 6,515 11,875 10,022 22,706 93,648 Other current expenses 288,405 130 1,281 2, 3,058 12,152 22,908 20,707 47,493 178,088 Net current earnings... 450,486 1,685 3,665 4,607 18,717 35,189 28,681 61,426 296,342 Recoveries, profits on securities, etc.... 188,334 104 805 1,423 1,842 7,503 14,485 12,738 29,854 119,580 Recoveries on securities 48,260 12 14: 284 413 1,861 3,582 3,415 8,863 29,688 P R A r e l o l c f o o it v t s h e e r o i r e n s s o ec n u l r o it a i n es s 5 5 2 5 9 4 , , , 8 8 3 7 6 3 5 8 1 7 8 8 6 4 1 1 3 1 1 6 5 2 2 2 7 0 2 0 9 6 4 3 8 2 4 0 7 3 9 7 2 1 1 , , , 4 2 9 2 4 7 0 3 9 3 5 2 , , , 2 0 6 2 7 1 1 1 1 3 3 2 , , , 1 1 9 9 6 6 7 4 2 4 9 7 , , , 1 5 3 2 1 5 8 0 3 4 3 1 4 2 3 , , , 3 0 4 9 9 0 6 4 2 Losses and charge-offs... 256,218 150 1,081 2,256 2,778 12,455 24,096 22,019 42,257 149,126 On securities 102,514 25 258 643 998 4,828 9,189 8,612 17,265 60,696 On loans 64,729 79 398 755 841 3,222 6,195 5,537 10,517 37,185 All other 88,975 46 425 858 939 4,405 8,712 7,870 14,475 51,245 Net profits 382,602 128 1,409 2,832 3,671 13,765 25,578 19,400 49,023 266,796 Cash dividends declared. 202,531 723 1,479 1,822 7,332 12,762 9,843 22,374 146,126 On preferred stock2 11, 64 87 92 537 1,134 1,250 2,090 5,823 On common stock 191,449 659 1,392 1,730 6,795 11,628 8,593 20,284 140,303 Loans 16,079,186 6,122 69,238 144,83' 168,547 683,2051,167, 949,430 2,148,89710,741,028 U. S. Government obligations.... 37,518,621 3,654 56,635 134,636 181,345 824,9261,808,6581,678,989 4,581,368 28,248,410 Other securities 5,625,592 1,191 20,341 45,849 60,915 278,630 570,784 467,916 795,613 3,384,353 Real-estate assets 1,131,350 363 3,764 7,497 9,878 44,328 93,624 91,952 206,841 673,103 Cash assets 24,267,506 88,017 185,512 225,585 919,5311,725,5301,436,467 3,705,93015,971,949 Total assets... 84,863,102 20,324 238,141 518,589 646,9812,752,9695,372,6914,633,38811,467,729 59,212,290 Time deposits 12,835,280 2,733 58,705 141,548 184,408 828,1731,694,1101,402,630 2,517,594 6,005,379 Total deposits 78,241,949 16,610 207,121 460,163 579,7642,482,5204,879,72'14,214,674 10,604,151 54,797,225 Total capital accounts 6,082,573 3,696 30,585 57,878 66,401 267,025 483,733 406,473 829,089 3,937,693 Number of officers 35,481 165 1,180 1, 1,87' 5,539 6,555 3,385 5,015 9,898 Number of employees 181,501 76 715 1,558 1,849 7,642 14,904 13,516 31,517 109,724 Number of banks included... 6,660 1,741 1,56! 201 1 Totals are for all banks which submitted reports covering the entire year, except 4 trust companies and 3 national banks having no deposits. z Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on p. 672 regarding the composition of real-estate assets, cash assets, and total capital accounts. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 250 and 1,000- 2,000- 5,000- 10,000- Over under 1,000 2,000 5,000 10,000 50,000 50,000 Earnings 564 5,435 11,076 13,862 56,381 101,141 79,969 151,062 539,413 Interest and dividends on securities 101 1,235 2,740 3,729 16,357 32,592 26,590 50,914 218,380 Interest and discount on loans 394 3,457 6,716 8,057 31,399 51,175 37,490 67,032 225,156 Service charges on deposit accounts 21 247 574 726 3,225 6,828 5,725 10,804 18,173 Service charges and fees on loans 5 23 44 70 249 449 450 971 3,363 Other charges, commissions, fees, etc 24 271 533 641 2,252 3,266 2,267 3,757 11,013 Trust department 8 22 191 1,196 2,049 5,671 23,764 Other current earnings 202 461 617 2,708 5,635 5,398 11,913 39,564 Expenses 420 4,129 8,302 10,229 41,431 73,845 58,781 110,455 360,332 Salaries—officers 193 1,508 2,698 3,084 10,841 16,379 10,768 18,574 47,366 Salaries and wages—others 27 328 902 1,219 6,346 14,637 13,909 29,748 111,677 Directors' and committee members' fees... 6 85 181 224 838 1,343 763 1,063 1,302 Interest on time deposits 37 717 1,588 2,078 8,760 14,786 10,573 15,028 35,709 Interest on borrowed money 2 2 2 1 7 13 5 17 15 Taxes 48 499 1,014 1,251 5,156 9,182 7,415 14,902 60,113 Other current expenses 107 990 1,917 2,372 9,483 17,505 15,348 31,123 104,150 Net current earnings. 290,979 144 1,306 2,774 3,633 14,950 27,296 21,188 40,607 179,081 Recoveries, profits on securities, etc 121,404 80 618 1,115 1,392 5,925 11,181 9,282 20,174 71,637 Recoveries on securities 36,148 10 103 217 327 1,530 2,788 2,358 6,528 22,287 Profits on securities 30,442 8 97 192 240 1,036 2,451 2,325 4,318 19,775 Recoveries on loans 40,567 61 332 562 625 2,385 4,109 3,146 6,883 22,464 All other 14,247 86 144 200 974 1,833 1,453 2,445 7,111 Losses and charge-offs 169,707 133 909 1,852 2,249 10,391 19,144 15,775 28,083 91,171 On securities 72,893 25 226 556 806 4,168 7,535 6,204 12,753 40,620 On loans 42, 68 330 619 676 2,662 4,798 4,087 6,131 23,613 All other 53,830 40 353 677 767 3,561 6,811 5,484 9,199 26,938 Net profits 242,676 91 1,015 2,037 2,776 10,484 19,333 14,695 32,698 159,547 Cash dividends declared 127,486 573 1,157 1,450 5,928 10,238 7,298 14,591 86,196 On preferred stock 6,67 55 76 75 41 811 850 1,253 3,138 On common stock 120,809 518 1,081 1,375 5,513 9,427 6,448 13,338 83,058 Loans 10,177,885 5,015 53,976 105,682 127,710 528,885 882,489 683,869 1,381,92! 6,408,337 U. S. Government obligations 23,727,799 2, 42,376 99,065 141,318 658,0121,426,5001,283, ,121,007 16,953,436 Other securities 3,646,325 1,078 16,43' 35,706 48,782 223,899 450,983 357,181 550,105 1,962,154 Real-estate assets 690,640 31( 3,043 5,83 8,099 35,623 71,241 65,763 124,116 376,599 Cash assets 16,173,631 7,12- 65,180 135,238 172,559 721,3261,362,06'1,108,7012,663,140 9,938,296 Total assets 54,556,29! 16,433 181,114 381,722 499,0462,169,6734,197,8793,504,3827,857,70235,748,341 Time deposits 8,622,978 1,929 43,922 100,349 139,390 647,514 ,279,1431,014,7931,572,058 3,823,880 Total deposits 50,438,498 13,377 156,634 336,545 445,1081,951,4563,810,5133,193,7827,300,50:' 33,230,581 Total capital accounts 3,725,100 3,041 24,249 44,784 53,323 215,523 380,708 302,230 535,401 2,165,841 Number of officers 25,460 135 895 1,380 1,459 4,329 5,105 2,535 3,246 6,376 Number of employees 114,470 62 537 1,154 1,434 6,060 11,431 10,001 20,155 63,636 Number of banks included... 5,071 1,364 1,228 458 363 See footnotes on p. 676 677 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19'42—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (inthousands of dollars) Item Total1 250 and 750- 1,000- 2,000- 5,000- 10,000- Over under 250-500 500-750 1,000 2,000 5,000 10,000 50,000 50,000 Earnings 524,402 132 1,620 3,835 3,998 15,075 30,514 28,467 81,821 358,940 Interest and dividends on securities 186,423 20 312 764 823 3,488 7,764 7,989 22,627 142,636 Interest and discount on loans 208,359 96 1,068 2,513 2,569 9,218 17,070 14,320 38,065 123,440 Service charges on deposit accounts 21,796 6 84 205 205 859 1,995 1,974 5,530 10,938 Service charges and fees on loans 3,413 5 18 16 113 230 194 539 2,298 Other charges, commissions, fees, etc 12,208 '"'8 84 175 215 602 1,009 697 2,168 7,250 Trust department 56,863 2 8 1 84 650 1,107 6,651 48,360 Other current earnings.. 35,340 ""l 65 152 169 711 1,796 2,186 6,241 24,018 Expenses 364,895 102 1,241 2,944 3,024 11,308 22,621 20,974 61,002 241,679 Salaries—officers 57,862 40 444 929 895 2,991 4,966 3,832 10,180 33,585 Salaries and wages—others 111,068 6 103 300 341 1,600 4,458 4,952 17,009 82,299 Directors' and committee members' fees 2,713 27 62 60 204 366 247 525 1,222 Interest on time deposits 38,926 18 225 657 656 2,482 4,732 3,974 9,105 17,077 Interest on borrowed money 42 1 3 3 3 9 23 X £IX6S 48,874 15 151 "325 385 1,359 2,693 2,607 7,804 33,535 Other current expenses 105,410 23 291 671 686 2,669 5,403 5,359 16,370 73,938 Net current earnings 159,507 30 379 891 974 3,767 7,893 7,493 20,819 117,261 Recoveries, profits on securities, etc. 66,930 24 187 308 450 1,578 3,304 3,456 9,680 47,943 Recoveries on securities 12,112 2 39 67 86 331 794 1,057 2,335 7,401 Profits on securities... 29,433 18 34 69 207 620 872 2,992 24,621 Recoveries on loans 15,301 15 104 142 218 594 1,112 816 2,670 9,630 All other 10,084 7 26 65 77 446 778 711 1,683 6,291 Losses and charge-off s 86,511 17 172 404 529 2,064 4,952 6,244 14,174 57,955 On securities 29,621 32 87 192 660 1,654 2,408 4,512 20,076 On loans 21,745 ii 68 136 165 560 1,397 1,450 4,386 13,572 All other 35,145 6 72 181 172 844 1,901 2,386 5,276 24,307 Net profits . 139,926 37 394 795 895 3,281 6,245 4,705 16,325 107,249 Cash dividends declared 75,045 15 150 322 372 1,404 2,524 2,545 7,783 59,930 On preferred stock2 4,405 1 9 11 17 122 323 400 837 2,685 On common stock 70,640 14 141 311 355 1,282 2,201 2,145 6,946 57,245 Loans... 5,901,301 1,107 15,262 39,155 40,837 154,320 285,393 265,561 766,975 4,332,691 U. S. Government obligations ... .... 13,790,822 766 14,259 35,571 40,027 166,914 382,158 395,7921,460,36111,294,974 Other securities . . .... 1,979,267 113 3,904 10,143 12,133 54,731 119,801 110,735 245,508 1,422,199 Real-estate assets 440,710 44 721 1,660 1,779 8,705 22,383 26,189 82,725 296,504 Cash assets 8,093,875 1,861 22,837 50,274 53,026 198,205 363,463 327,7661,042,790 6,033,653 Total assets. 30,306,810 3,891 57,027 136,867 147,935 583,2961,174,8121,129,0063,610,02723,463,949 Time deposits 4,212,302 804 14,783 41,199 45,018 180,659 414,967 387,837 945,536 2,181,499 Total deposits 27,803,451 3,233 50,487 123,618 134,656 531,0641,069,2081,020,8923,303,64921,566,644 Total capital accounts 2,357,473 655 6,336 13,094 13,078 51,502 103,025 104,243 293,688 1,771,852 Number of officers 10,021 30 285 487 418 1,210 1,450 850 1,769 3,522 Number of employees. ... 67,031 14 178 404 415 1,582 3,473 3,515 11,362 46,088 Number of banks included 1,589 17 128 198 156 377 339 143 160 71 See footnotes on p. 676. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19A2—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS [Ratios computed from aggregates, expressed as percentages] Central reserve All member banks nat A io ll nal S A ta ll te city b m an e k m s ber Re c s i e ty rve C m o e u m n b t e ry r m b e a m nk b s er m b e a m n b k e s r New Chi- m b e a m n b k e s r banks York cago 1942 Year 1942 Ratios to total earnings: Interest and dividends on securities 34.3 32.6 31.4 36.3 36.8 35.4 45.7 49.4 34.3 31.4 Interest and discount on loans. 43.3 45.0 47.0 43.0 44.9 39.6 31.2 30.0 45.2 49.1 Other current earnings.. 22.4 22.4 21.6 20.7 18.3 25.0 23.1 20.6 20.5 19.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages. . 29.9 30.3 30.0 31.0 30.3 32.2 31.1 28.1 31.5 30.8 Interest on time deposits. 12.3 11.1 9.9 8.6 9.3 7.4 1.1 6.3 8.6 13.1 Other current expenses. 26.8 28.2 29.8 30.1 30.1 30.0 31.6 30.8 30.3 28.9 Total expenses . . 69.0 69.6 69.7 69.7 69.7 69.6 63.8 65.2 70.4 72.8 Ratios to total capital accounts: Net current earnings 7.3 7.2 7.4 • 7.5 7.9 7.0 6.5 9.1 8.2 7.5 Net profits 6.3 6.2 6.7 6.4 6.6 6.1 6.1 9.1 7.2 5.5 Cash dividends declared.. 3.8 3.8 3.6 3.4 3.5 3.3 3.9 3.7 3.6 2.7 Ratios to total assets: Total earnings. 2.5 2.3 2.2 2.0 2.0 2.0 1.4 1.6 2.1 2.7 Total expenses 1.7 1.6 1.5 1.4 1.4 1.4 .9 1.0 1.5 2.0 Net current earnings... .7 .7 .6 .6 .6 .5 .6 .6 .7 Net profits .6 .6 .5 .5 .5 .5 .6 .5 .5 Ratios to loans: Interest and discount on loans.. 4.2 4.2 4.0 3.7 3.9 3.4 2.3 2.5 3.7 5.0 Recoveries on loans.. .4 .4 .4 .3 .4 .2 .3 .4 .3 .4 Losses on loans .6 .5 .4 .4 .4 .3 .2 .4 .5 Ratios to securities: Interest and dividends on securities. 2.3 2.1 1.9 1.7 1.8 1.6 1.3 1.7 1.8 2.1 Recoveries on securities .3 .3 .3 .2 .2 .1 .1 .1 .2 .2 Profits on securities sold 1.0 .8 .5 .2 .2 .3 .2 .1 .2 .2 Losses on securities .9 .8 .6 .3 .4 .3 .2 .3 .3 .5 Other ratios: Interest on time deposits to time deposits . 1.4 1.2 1.1 1.0 1.1 1.0 .4 1.0 1.0 1.2 Time deposits to total deposits 25.3 23.2 21.2 18.8 19.7 17.1 4.1 10.6 20.2 33.6 Total capital accounts to loans, securities, and real-estate assets 16.1 15.5 13.9 12.0 11.7 12.6 11.4 9.2 11.3 14.2 Loans to total assets 25.6 24.6 25.7 23.7 23.8 23.5 19.7 19.3 25.5 26.5 U. S. Government obligations to total assets 26.3 25.5 27.3 35.0 34.1 36.6 42.8 40.4 32.9 28.5 Other securities to total assets 10.9 10.0 9.2 8.0 8.0 8.0 7.0 7.9 6.8 10.7 Cash assets to total assets 33.9 37.0 35.5 31.3 32.2 29.7 29.0 31.6 32.7 31.7 All member banks, by Federal Reserve districts Item Boston Y N o e r w k P d h e il l a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S o t u . is M ap i o n l n i e s - K C an it s y as Dallas Fr S a a n n phia cisco Ratios to total earnings: Interest and dividends on securities 31.7 42.8 40.9 39.3 32.8 29.7 41.1 32.5 29.9 25.6 24.4 27.3 Interest and discount on loans 43.5 35.0 38.9 41.3 47.8 46.6 38.6 48.4 46.8 53.4 55.4 56.4 Other current earnings 24.8 22.2 20.2 19.4 19.4 23.7 20.3 19.1 23.3 21.0 20.2 16.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.4 31.1 28.0 28.4 30.7 29.5 30.8 31.3 32.1 33.9 33.6 32.6 Interest on time deposits 8.2 4.3 9.8 11.3 12.0 7.9 10.3 8.9 10.9 6.1 4.3 14.3 Other current expenses 31.0 30.8 28.8 30.0 29.8 33.3 29.1 32.5 29.9 33.1 36.5 25.6 Total expenses 70.6 66.2 66.6 69.7 72.5 70.7 70.2 72.7 72.9 73.1 74.4 72.5 Ratios to total capital accounts: Net current earnings 6.5 6.7 7.5 6.5 7.7 9.1 8.6 7.7 8.3 7.6 7.4 10.7 Net profits 5.0 5.8 3.7 6.4 6.6 7.2 8.4 7.2 8.6 7.6 6.4 8.1 Cash dividends declared 3.2 3.6 3.3 2.4 3.3 3.3 3.0 3.5 3.4 3.3 3.8 4.6 Ratios to total assets: Total earnings 2.2 1.7 2.5 2.3 2.2 2.3 1.9 2.0 2.5 2.2 2.2 2.7 Total expenses 1.5 1.1 1.7 1.6 1.5 1.6 1.3 1.4 1.8 1.6 1.6 1.9 Net current earnings .... .7 .6 .8 .7 .7 .7 .6 .6 .7 .6 .6 .8 Net profits .5 .5 .4 .7 .5 .5 .6 .5 .7 .6 .5 .6 Ratios to loans: Interest and discount on loans 3.3 2.8 4.0 4.1 4.3 4.3 3.6 3.8 4.1 4.3 4.8 4.8 Recoveries on loans .3 .3 .2 .4 .3 .3 .4 .3 .5 .5 .5 .3 Losses on loans .5 .4 .8 .4 .2 .4 .2 .3 .3 .3 .4 .4 Ratios to securities: Interest and dividends on securities 1.9 1.4 2.4 2.1 1.9 2.0 1.7 1.8 1.9 1.8 1.9 1.9 Recoveries on securities .2 .1 .3 .2 .2 .2 .1 .2 .3 .2 .1 .1 Profits on securities sold .2 .2 .3 .5 .1 .2 .1 .2 .1 .1 .1 .2 Losses on securities .4 .2 .7 .5 .4 .3 .3 .4 .4 .4 .2 .3 Other ratios: Interest on time deposits to time deposits. 1.1 .8 1.1 1.0 1.3 1.2 1.0 1.1 1.2 1.2 1.0 1.2 Time deposits to total deposits 18.1 10.5 26.6 28.2 22.2 16.9 21.0 17.7 25.0 12.3 10.2 36.1 Total capital accounts to loans, securities, and real-estate assets 14.7 11.7 16.0 15.3 12.4 12.0 9.9 11.1 11.9 13.0 13.5 9.6 Loans to total assets 29.1 20.8 24.6 23.1 24.2 24.9 20.3 25.8 28.3 26.8 25.5 31.6 U. S. Government obligations to total assets 31.5 41.5 30.0 34.2 31.7 25.9 36.9 28.9 30.9 23.0 22.5 31.6 Other securities to total assets 6.6 7.6 12.8 9.3 5.6 8.5 8.7 8.6 6.9 7.8 6.4 7.1 Cash assets to total assets 30.4 28.2 29.0 31.1 36.2 38.1 33.0 35.2 32.2 41.2 43.5 27.4 NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,600.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. 679 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1942—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICT^-Continued [Ratios computed from aggregates, expressed as percentages] Reserve city member banks,* by Federal Reserve districts Item Boston Y N o ew rk P p d h h e i i l l a - a- C l l a e n v d e- m R o ic n h d - la A nt t a - c C a h g i o - L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and dividends on securities 29.2 30.4 45.7 42.8 41.1 29.0 40.5 34.8 33.4 29.6 27.5 28.3 Interest and discount on loans 42.9 42.2 30.7 35.8 37.0 46.2 39.2 44.9 43.2 48.6 51.5 55.9 Other current earnings 27.9 27.4 23.6 21.4 21.9 24.8 20.3 20.3 23.4 21.8 21.0 15.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.9 33.8 31.0 28.6 31.6 27.8 33.4 31.9 32.1 31.9 31.3 32.6 Interest on time deposits 2.2 8.4 2.0 7.7 7.9 5.3 11.2 5.6 5.0 3.9 4.4 14.2 Other current expenses 32.2 30.3 31.7 31.1 30.7 35.6 28.8 34.8 32.3 36.8 39.1 25.3 Total expenses 65.3 72.5 64.7 67.4 70.2 68.7 73.4 72.3 69.4 72.6 74.8 72.1 Ratios to total capital accounts: Net current earnings 6.7 8.3 8.4 6.2 8.2 9.9 8.1 7.7 8.1 7.0 6.7 10.9 Net profits 5.4 3.0 6.6 7.0 7.3 7.7 8.1 7.7 8.8 7.1 6.2 8.1 Cash dividends declared 3.8 1.5 4.6 2.4 3.6 3.6 2.5 3.9 3.4 2.7 3.8 4.9 Ratios to total assets: Total earnings 1.9 2.5 2.2 2.0 1.9 2.1 1.8 1.7 1.9 1.7 1.8 2.7 Total expenses 1.2 1.8 1.4 1.3 1.3 1.5 1.3 1.2 1.3 1.2 1.4 1.9 Net current earnings .7 .7 .8 .7 .6 .6 .5 .5 .6 .5 .4 Net profits .5 .3 .6 .7 .5 .5 .5 .5 .6 .5 .4 Ratios to loans: Interest and discount on loans 2.6 4.0 3.0 3.3 3.6 3.7 3.7 3.0 3.0 3.3 3,7 4.7 Recoveries on loans .2 .2 .2 .3 .2 .3 .2 .3 .4 .3 .3 .3 Losses on loans ' .5 1.4 '.5 A .1 .5 .1 .3 .1 .1 .2 .4 Ratios to securities: Interest and dividends on securities 1.7 1.8 2.3 1.9 1.8 1.8 1.6 1.6 1.7 1.6 1.6 1.9 Recoveries on securities .03 .04 A .2 .3 .1 .1 .1 .3 .3 .1 .1 Profits on securities sold .1 .6 .3 .6 .1 .2 .1 .2 .04 .2 .2 .2 Losses on securities .1 .5 .6 .5 .4 .2 .1 .3 .5 .4 .2 .3 Other ratios: Interest on time deposits to time deposits 1.0 .8 .6 .8 1.0 1.0 .9 .9 .9 .8 .8 1.1 Time deposits to total deposits 5.1 30.8 8.0 21.1 16.2 12.7 23.7 11.4 12.0 9.2 10.2 36.4 Total capital accounts to loans, securities, and real-estate assets 14.8 11.4 13.6 15.2 10.8 10.7 8.9 9.5 11.0 11.4 11.8 9.3 Loans to total assets 32.2 26.5 21.8 21.6 19.4 27.0 18.4 25.7 27.9 25.3 25.0 31.7 U. S. Government obligations to total assets 29.8 35.9 31.0 38.0 37.8 26.7 37.9 31.2 34.1 25.1 26.5 32.7 Other securities to total assets 3.4 7.0 11.0 7.0 4.1 7.6 7.4 7.3 3.7 7.2 3.9 7.1 Cash assets to total assets 32.3 25.7 33.2 31.2 36.3 36.0 35.1 34.4 32.8 41.2 42.3 26.1 Country member banks, by Federal Reserve districts Item Boston Y N o e r w k P p d h h e il l i a - a - C l l a e n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Ratios to total earnings: Interest and dividends on securities 33.3 35.9 37.3 34.9 26.5 30.4 32.2 30.0 27.9 21.5 21.7 22.2 Interest and discount on loans 43.8 44.9 44.9 48.5 55.9 46.9 47.8 52.2 48.9 58.3 58.8 59.3 Other current earnings 22.9 19.2 17.8 16.6 17.6 22.7 20.0 17.8 23.2 20.2 19.5 18.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.8 30.8 25.8 28.0 30.0 31.0 31.8 30.7 32.1 36.1 35.6 32.4 Interest on time deposits 11.9 13.2 15.7 16.1 15.1 10.5 14.0 12.4 14.2 8.4 4.3 15.0 Other current expenses 30.2 28.5 26.6 28.5 29.2 31.1 27.4 30.0 28.6 29.2 34.2 26.9 Total expenses 73.9 72.5 68.1 72.6 74.3 72.6 73.2 73.1 74.9 73.7 74.1 74.3 Ratios to total capital accounts: Net current earnings 6.3 7.5 6.8 7.1 7.2 8.4 8.3 7.8 8.5 8.3 8.0 9.9 Net profits 4.6 4.9 1.9 5.3 6.1 6.7 7.8 6.7 8.4 8.3 6.7 8.2 Cash dividends declared 2.6 2.3 2.4 2.3 3.0 3.0 2.5 3.0 3.3 4.1 3.9 3.2 Ratios to total assets: Total earnings 2.5 2.6 2.9 2.8 2.5 2.5 2.6 2.5 2.9 3.0 2.7 3.0 Total expenses 1.8 1.9 2.0 2.0 1.9 1.8 1.9 1.8 2.2 2.2 2.0 2.2 Net current earnings .7 .7 .9 .8 .6 .7 .7 .7 .7 .8 .7 Net profits .5 .5 .3 .6 .5 .5 .6 .6 .7 .8 .6 Ratios to loans: Interest and discount on loans 4.1 4.6 4.7 5.2 4.8 5.1 5.0 5.0 5.0 5.9 6.0 5.7 Recoveries on loans .4 .4 .2 .4 .3 .3 .5 .3 .6 .8 .6 .3 Losses on loans .5 .7 1.0 .4 .3 .4 .2 .3 .4 .4 .6 .3 Ratios to securities: Interest and dividends on securities 2.0 2.0 2.5 2.4 2.0 2.2 2.0 2.1 2.1 2.3 2.2 2.1 Recoveries on securities .2 .2 .3 .2 .1 .3 .2 .2 .3 .1 .1 .2 Profits on securities sold .2 .2 .2 .2 .2 .2 .1 .3 .2 .1 .1 .1 Losses on securities .5 .4 .9 .7 .3 .5 .4 .6 .4 .3 .3 .3 Other ratios: Interest on time deposits to time deposits 1.2 .9 1.1 1.2 1.5 1.3 1.1 1.2 1.3 1.5 1.2 1.4 Time deposits to total deposits 28.9 41.3 46.1 41.1 28.5 21.5 36.3 27.6 36.0 18.1 10.3 34.5 Total capital accounts to loans, securities, and real-estate assets 14.6 12.9 18.0 15.5 14.1 13.5 12.4 13.6 12.7 16.1 15.8 12.0 Loans to total assets 26.5 25.8 27.4 25.9 29.0 22.6 24.3 26.1 28.6 29.3 26.2 31.1 U. S. Government obligations to total assets 32.9 35.6 28.9 27.2 25.5 25.0 29.3 25.2 28.2 19.2 17.5 24.6 Other securities to total assets 9.2 10.9 14.7 13.7 7.1 9.7 11.9 10.7 9.6 8.9 9.7 7.1 Cash assets to total assets 28.9 24.4 24.8 30.8 36.0 40.4 32.8 36.4 31.8 41.3 44.9 35.1 * Not including central reserve city banks. 68o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANK^-PRINCIPAL ASSETS AND LIABILITIES, BY DISTRIC1S [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and Investments Deposits, exclusive of Number of banks interbank deposits Total Loans Investments Federal Reserve district Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 31, 30, 31, 31, 30, 31, 31, 30, 31, 31, 30, 31, 31, 30, 31, 1942 1942 1941 1942 1942 1941 1942 1942 1941 1942 1942 1941 1942 1942 1941 AU banks:1 Boston 7,281 6,564 6,206 2,574 2,804 2,885 4,707 3,760 3,322 7,744 6,919 6,743 861 863 863 New York 29,133 24,134 23,373 8,644 8,811 9,033 20,489 15,323 14,340 30,163 25,059 25,283 1,171 \,174 1,180 Philadelphia 4,552 3,922 3,850 1,222 1,379 1,459 3,330 2,544 2,391 5,143 4,488 4,486 894 900 905 Cleveland 5,286 4,600 4,270 1,499 1,672 1,760 3,787 2,928 2,509 6,251 5,455 5,208 1,203 ,215 1,219 Richmond 3,300 2,633 2,496 984 1,105 1,185 2,316 1,528 1,311 4,086 3,328 3,190 1,052 ,052 1,055 Atlanta 2,571 1,937 1,837 824 875 1,008 1,748 1,062 828 3,314 2,490 2,365 1,051 ,053 1,055 Chicago 10,020 7,966 7,166 2,518 2,742 2,901 7,502 5,223 4,265 11,938 9,640 9,024 2,427 ',434 2,438 St. Louis 2,664 2,087 1,993 880 906 1,027 1,784 1,181 966 3,180 2,477 2,415 1,476 ,492 1,495 Minneapolis 1,847 1,349 1,354 636 609 737 1,212 739 617 2,209 1,609 1,580 1,274 1,278 1,282 Kansas City 2,413 1,759 1,736 929 838 1,013 1,485 921 724 3,018 2,248 2,113 1,785 ,808 1,825 Dallas..... 1,882 1,401 1,348 685 680 755 1,197 721 593 2,663 1,961 1,886 941 947 948 San Francisco 7,147 5,624 5,467 2,518 2,657 2,852 4,629 2,967 2,615 8,728 6,708 6,498 545 557 560 Total.... 78,097 63,976 61,098 23,913 25,078 26,616 54,185 38,897 34,483 88,436 72,382 70,792 14,680 14,773 14,825 Member banks: Boston 3,220 2,648 2,362 1,003 1,173 1,217 2,217 1,475 1,145 3,734 3,031 2,872 348 347 347 New York 21,740 17,179 15,911 5,180 5,240 5,315 16,560 11,939 10,596 22,710 18,011 17,496 799 799 797 Philadelphia 3,289 2,781 2,718 925 1,055 1,118 2,363 1,726 1,600 3,767 3,232 3,222 652 656 659 Cleveland 4,442 3,792 3,470 1,196 1,332 1,393 3,246 2,460 2,078 5,247 4,509 4,257 685 677 673 Richmond 2,357 1,828 1,730 674 745 809 1,684 1,084 921 2,882 2,336 2,208 460 450 447 Atlanta 2,126 1,575 1,479 636 666 773 1,490 909 705 2,548 1,917 1,809 318 317 317 Chicago 8,660 6,824 6,047 1,969 2,138 2,243 6,690 4,686 3,804 10,046 8,065 7,458 925 913 899 St. Louis 2,040 1,580 1,499 626 638 741 1,414 943 758 2,225 1,735 1,685 450 441 437 Minneapolis 1,361 983 964 407 419 505 954 564 460 1,575 1,132 1,106 454 454 452 Kansas City 1,999 1,455 1,414 703 651 794 1,296 805 620 2,387 1,789 1,673 744 744 741 Dallas 1,692 1,248 1,196 599 591 663 1,093 656 532 2,336 1,728 1,655 570 572 573 San Francisco 6,338 4,906 4,732 2,170 2,281 2,451 4,168 2,625 2,280 7,822 5,947 5,751 274 277 277 Total 59,263 46,800 43,521 16,088 16,928 18,021 43,175 29,872 25,500 67,277 53,434 51,192 6,679 6,647 6,619 Nonmember banks: Boston 4,061 3,916 3,845 1,571 1,631 1,668 2,490 2,285 2,177 4,010 3,889 3,871 513 516 516 New York 7,394 6,955 7,462 3,464 3,571 3,718 3,930 3,383 3,744 7,453 7,049 7,788 372 375 383 Philadelphia 1,264 1,141 1,132 297 324 341 967 818 791 1,375 1,256 1,263 242 244 246 Cleveland 844 808 799 303 340 368 541 468 432 1,005 946 951 518 538 546 Richmond 943 805 766 310 360 376 633 444 390 1,204 992 982 592 602 608 Atlanta 445 361 358 187 209 235 258 152 123 766 573 556 733 736 738 Chicago 1,361 1,142 1,119 549 604 658 812 537 461 1,892 1,574 1,566 1,502 1,521 1,539 St. Louis 624 507 494 254 268 287 370 238 208 956 741 730 1,026 1,051 1,058 Minneapolis 486 366 390 229 190 233 257 175 157 634 477 473 820 824 830 Kansas City 415 304 323 226 187 219 189 117 104 630 459 440 1,041 1,064 1,084 Dallas 189 153 153 86 88 92 104 65 61 327 232 231 371 375 375 San Francisco 809 718 735 348 377 401 461 342 335 906 760 748 271 280 283 Total 18,834 17,175 17,578 7,824 8,150 8,595 11,010 9,025 8,983 21,159 18,949 19,599 8,001 8,126 8,206 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on p. 684. 681 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued ALL BANK^-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments De in p t o e s r i b t a s, n k e x d cl e u p s o iv s e it s of Number of banks State Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31 1942 1942 1941 1942 1942 1941 1942 1942 1941 1942 1942 1941 New England: Maine 97,059 109,430 116,769 269,462 219,456 201,559 412,469 364,095 353,196 98 98 98 New Hampshire.. 107,655 112,605 115,378 192,369 176,201 164,076 316,025 301,708 297,963 107 107 107 Vermont 91,949 97,781 99,442 85,542 69,440 65,055 192,764 178,080 178,853 81 81 81 Massachusetts... 1,722,280 1,872,623 1,909,375 2,916,926 2,308,303 2,023,305 4,829,428 4,290,828 4,165,814 385 387 387 Rhode Island... 165,310 187,572 199,558 429,060 331,999 291,717 651,774 574,667 554,524 35 35 35 Connecticut 531,977 573,493 601,449 1,050,259 843,347 735,092 1,771,347 1,598,399 1,572,906 202 202 202 Middle Atlantic: New York 7,926,525 8,042,478 8,230,23718,875,21414,048,09913,196,373 27,399,706 22,656,159 22,904,205 850 852 857 New Jersey 677,256 736,502 770,493 1,655,024 1,285,785 1,169,976 2,811,628 2,424,350 2,420,246 380 381 382 Pennsylvania.. 1,505,334 1,704,602 1,772,865 4,353,585 3,487,185 3,255,075 6,499,967 5,764,859 5,705,173 1,064 1,076 1,082 East North Central: Ohio 944,815 1,037,183 1,117,984 2,115,564 1,531,009 1,232,123 3,759,606 3,233,710 3,021,330 687 693 694 Indiana 306,974 342,918 375,017 799,356 540,215 447,815 1,463,447 1,182,209 1,105,769 503 503 504 Illinois 1,263,978 1,388,376 1,486,129 4,334,478 3,020,284 2,475,038 6,132,021 5,016,592 4,770,021 826 829 830 Michigan 499,868 542,548 565,929 1,629,613 1,140,754 900,964 2,810,175 2,192,346 1,975,639 436 438 440 Wisconsin 312,739 344,579 355,573 761,376 554,036 486,454 1,340,624 1,126,270 1,057,599 563 565 568 West North Central- Minnesota. 389,473 420,879 480,399 835,499 511,022 426,023 1,378,987 1,033,856 996,562 674 677 677 Iowa 337,574 351,515 376,357 441,451 279,247 213,669 1,015,539 811,873 767,173 644 648 647 Missouri 562,137 587,952 658,536 1,188,379 807,456 655,371 1,847,525 1,453,787 1,410,052 606 614 617 North Dakota.. 73,699 33,244 66,368 61,901 35,018 24,865 175,647 99,360 110,790 158 158 160 South Dakota.. 62,132 51,859 63,657 73,586 41,087 30,608 184,471 128,267 121,037 162 162 162 Nebraska 178,472 143,599 177,937 244,654 147,914 109,192 508,091 356,331 324,022 406 412 41& Kansas 233,702 178,022 233,488 277,418 186,702 141,625 716,167 515,723 485,568 640 651 656 South Atlantic: Delaware 72,578 83,450 87,868 240,599 160,719 151,301 344,796 276,494 285,429 44 44 44 Maryland 209,140 236,671 258,555 816,909 640,514 583,315 1,178,746 1,002,897 1,005,636 186 186 186 District of Columbi 118,524 135,248 144,649 306,889 185,252 158,518 563,007 473,553 450,263 22 22 22 W Vi e r s g t i n V i i a r . g .. i n . i # a 3 1 0 1 6 5 , , 3 7 4 5 9 8 3 1 3 3 9 7 , , 6 1 5 8 9 8 3 1 5 4 6 3 , , 8 9 6 6 7 5 4 1 5 9 8 1 , , 7 0 5 0 9 9 2 1 8 3 8 3 , , 9 2 4 8 1 5 2 1 2 0 9 4 , , 2 9 5 6 3 0 9 4 4 0 0 9 , , 7 6 0 3 5 8 3 7 6 8 7 2, , 6 0 1 1 1 5 3 7 4 1 1 9 , , 1 4 1 2 5 9 3 1 1 8 5 0 3 1 1 8 4 0 3 1 1 8 4 0 North Carolina .. 192,586 218,063 234,546 454,550 240,464 209,572 763,692 559,268 531,400 227 227 22& South Carolina 67,609 68,440 77,089 123,695 67,741 50,714 303,241 215,278 209,955 148 149 151 Georgia 259,259 268,538 307,680 343,716 189,971 148,567 765,481 570,427 542,258 291 290 290 Florida... • . 122,221 128,698 155,772 353,805 241,158 195,084 651,010 499,011 474,026 172 172 173 East South Central: Kentucky 198,975 227,456 257,443 382,256 228,731 176,241 712,458 536,673 535,675 401 402 404 Tennessee 264,960 260,459 308,293 452,608 255,082 195,143 836,154 627,605 605,613 295 297 297 Alabama 134,769 146,417 158,924 317,812 184,900 134,949 613,137 456,155 420,203 216 217 218 Mississippi 81,112 73,013 84,430 146,469 94,473 81,887 359,715 252,009 251,354 202 206 206 West South Central: Arkansas 68,681 66,298 78,491 161,980 100,886 76,352 353,990 261,743 246,892 215 216 217 O Lo k u la is h i o a m na a 1 1 6 7 5 9 , , 6 83 4 5 8 1 1 7 7 2 7 , , 9 4 0 0 9 3 1 1 9 9 8 4 , , 6 8 6 5 4 0 4 2 0 7 8 1 , , 6 7 4 8 2 3 2 1 5 7 7 7 , , 7 8 3 6 6 0 2 1 1 5 2 9 , , 3 28 1 1 6 6 7 0 1 7 1 , r3 4 4 9 4 8 5 48 3 9 0 , , 2 8 5 6 9 4 5 45 2 5 0 , , 2 7 1 0 4 7 3 1 8 4 8 4 3 1 8 4 9 5 3 1 9 4 0 6 Texas 626,940 617,853 688,846 1,093,085 655,769 537,300 2,400,070 1,768,918 1,697,690 830 835 835 Mountain: Montana 56,396 41,919 61,249 116,405 68,495 61,574 239,691 157,176 169,591 110 111 112 Idaho 39,630 37,337 45,508 87,082 48,461 43,371 184,726 124,164 122,019 46 50 50 Wyoming 22,922 27,279 30,470 37,106 22,910 19,600 100,090 73,933 77,677 56 57 58 Colorado 107,989 101,475 126,612 229,589 137,411 105,901 484,314 366,946 354,090 141 143 144 New Mexico 23,567 25,168 27,817 46,311 25,244 21,892 119,561 78,421 76,873 41 41 42 Arizona 43,732 41,343 49,364 69,851 37,147 28,283 169,284 119,885 110,182 12 12 12 Utah 63,781 71,886 78,544 141,446 66,724 56,971 267,734 182,716 177,050 59 60 60 Nevada 15,607 17,958 18,062 38,719 24,217 19,044 78,528 61,871 51,167 12 12 12 Pacific: Washington 272,934 268,422 302,745 593,647 375,419 261,577 1,088,220 807,598 719,749 133 135 137 Oregon 113,919 117,188 136,614 371,528 220,804 182,498 641,165 449,616 415,082 72 73 73 California 1,976,332 2,110,985 2,229,163 3,337,766 2,202,321 2,031,161 6,330,251 4,986,609 4,926,845 215 219 220 Total... 23,912,66125,078,483 26,616,020 54,184,732 38,897,194 34,482,600 88,435,65472,382,184 70,791,626 14,680 14,773 14,825 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on p. 684. 68z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES -Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, ex d c e l p u o si s v i e ts of interbank I Number of banks State Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31 1942 1942 1941 1942 1942 1942 1942 1941 1942 1942 1941 New England: Maine 32,782 36,453 42,053 90,587 68,945 61,273 147,822 126,947 119,639 35 35 35 New Hampshire 30,957 35,418 36,958 52,139 37,121 33,754 101,342 87,994 84,452 52 52 52 Vermont 27,393 30,756 31,819 32,992 23,460 21,588 72,620 62,692 62,165 40 40 40 Massachusetts. 569,136 672,239 683,015 1,165,419 747,481 531,143 1,900,976 1,508,083 1,404,830 124 124 124 Rhode Island 41,385 52,871 59,185 105,456 68,010 43,427 180,636 146,919 135,250 12 12 12 Connecticut 89,992 103,939 110,566 290,498 212,502 180,385 499,904 414,546 408,743 52 52 52 Middle Atlantic: New York 1,809,421 1,911,713 1,902,809 6,631,054 4,684,176 4,368,458 8,492,627 6,715,417 6,679,893 418 419 422 New Jersey 248,188 282,565 302,201 713,063 533,302 486,645 1,218,195 1,022,872 1,023,867 222 223 224 Pennsylvania 767,425 866,949 919,664 2,294,819 1,783,626 1,646,083 3,345,168 2,930,700 2,885,686 676 681 685 East North Central: Ohio 379,451 418,661 453,532 950,523 637,607 503,708 1,627,412 1,360,922 1,260,819 241 241 242 Indiana 134,094 150,914 168,601 473,610 322,178 262,378 769,632 617,653 565,903 124 124 124 Illinois 963,949 1 062,760 1,121,756 3,326,383 2,275,83. 1,832,403 4,545,872 3,677,278 3,461,717 339 339 338 Michigan 236,514 247,768 251,806 995,936 740,731 557,172 1,613,916 1,238,540 1,065,497 75 76 78 Wisconsin 119,507 135,413 140,522 437,264 335,687 299,529 682,441 584,173 547,708 98 West North Central: Minnesota 254,728 280,893 330,369 644,884 378,765 306,453 971,025 701,869 676,498 185 186 186 M Io i w ss a o . u . r .;i 2 9 3 3 0 , , 2 0 0 6 7 4 2 1 4 0 0 1 , , 5 0 1 8 0 1 2 1 7 1 6 3 , , 5 8 5 2 8 3 2 51 0 4 3 , , 6 9 8 6 9 8 3 1 5 3 1 6 , , 9 4 8 3 9 6 2 1 7 0 9 1 , , 0 5 6 3 4 5 3 7 3 2 0 7 , , 8 5 4 6 ! 2 ' 5 2 9 6 1 3 , , 5 4 7 1 4 0 5 2 7 4 5 3 , , 6 3 9 5 9 4 1 8 0 3 2 1 8 0 4 3 1 8 0 4 3 North Dakota 30,729 20,165 33,028 41,606 24,357 17,17.r 91,285 57,655 62,608 43 44 45 South Dakota 29,449 28,411 34,603 51,533 27,268 19,18' 104,941 72,758 68,243 37 37 37 Nebraska 122,621 102,449 130,493 212,035 126,948 90,961 374,473 262,611 238,608 133 133 133 Kansas 113,927 89,381 123,237 184,792 125,844 89,619 411,529 294,93 276,045 179 180 180 South Atlantic: Delaware 7,773 8,841 9,393 14,032 10,08: 8,655 25,021 21,795 20,951 14 14 14 Maryland 65,419 75,312 85,233 326,399 252,909 245,575 441,697 368,175 376,718 63 63 63 District of Columbia... 55,876 63,932 68,766 203,593 111,607 94,880 334,801 274,000 255,480 9 9 9 Virginia 161,107 176,979 187,072 300,396 192,479 150,47" 561,790 464,849 420,336 130 130 130 West Virginia 58,303 68,230 72,652 110,386 75,211 60,782 230,943 200,324 188,627 77 77 77 North Carolina.. 45,922 52,285 57,344 104,280 46,95" 37,37" 213,58f 153,592 147,782 44 44 44 South Carolina — 47,613 46,724 54,643 90,134 47,028 31,462 202,028 144,259 137,973 22 22 22 Georgia 157,115 159,333 192,332 239,774 140,613 109,197 469,370 351,044 333,840 50 50 51 Florida 91,244 93,528 111,595 284,216 197,156 158,591 470,022 361,904 345,267 53 53 53 East South Central: Kentucky 98,921 112,022 129,849 223,330 137,220 107,701 361,324 265,689 272,700 94 94 95 Tennessee 194,515 180,524 221,556 355,179 198,369 153,365 563,446 417,014 402,046 69 70 70 Alabama 92,428 100,177 112,277 242,722 143,594 102,455 426,785 323,44" 293,916 66 66 66 Mississippi 19,375 22,159 24,886 55,488 32,118 27,360 114,270 82,348 79,343 24 24 24 West South Central: Arkansas 36,336 35,611 41,988 102,291 66,801 48,238 191,947 142,384 133,392 51 50 50 Louisiana 118,361 115,789 138,195 295,314 176,960 149,713 459,713 344,246 329,638 30 29 29 Oklahoma 146,371 148,351 163,168 240,28 158,404 139,233 508,256 416,029 383,95" 206 207 207 Texas 520,983 516,125 579,536 974,492 582,333 470,578 2,031,88 1,507,155 1,438,15 439 442 444 Mountain: Montana 24,219 19,002 28,057 70.32J 40,69 35,802 129,18C 85,12? 91,585 41 41 41 Idaho 28,891 28,978 34,561 73,33' 40,014 35,73 145,88. 98,42i 95,614 16 19 19 Wyoming 13,957 17,575 20,168 29,907 18,760 15,908 70,20' 52,15 54,07' 26 26 26 Colorado 83,670 79,309 100,213 196,56C 118,93' 90,099 389,18J 296,83i 285,439 78 78 78 New Mexico 18,382 18,963 21,636 36,64 20,92' 18,48" 89,84i 60,05, 58,75< 22 22 22 Arizona 32,74 29,679 37,855 52,25: 24,91 16,52 124,99. 85,47 77,08: 5 5 5 Utah 24,943 28,555 31,567 79,71' 34,24, 28,326 128,75 82,86 77,15. 13 13 13 Nevada 13,810 16,03 16,276 34,72. 22,70: 17,794 69,94" 56,58 47,194 6 6 6 Pacific: Washington 206,266 204,740 235,030 486, 302,464 194,06* 886,07. 646,35: 43 43 43 Oregon 101,526 102,929 121,599 342,694 204,151 167,81- 581,74. 404,51: 25 26 26 California 1,392,365 1,487,07 1,561,451 2,413,98< 1,543,77' 1,397,23. 4,635,92! 3,590,20' 95 95 96 Total... 10,183,35 10,880,07 11,725,49627,392,509 18,583,69:15,845,35: 43,068.83C34,036,39,32,672,19 5,081 5,101 5,117 JULY 1943 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued STATE BANKS^PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of Loans Investments interbank deposits Number of banks State Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, 1942 1942 1941 1942 1942 1941 1942 1942 1941 1942 1942 1941 New England: Maine 64,277 72,977 74,716 178,875 150,511 140,286 264,647 237,148 233,557 63 63 63 New Hampshire2 3 76,698 77,187 78,420 140,230 139,080 130,322 214,683 213,714 213,511 55 55 55 Vermont3 64,556 67,025 67,623 52,550 45,980 43,467 120,144 115,388 116,688 41 41 41 Massachusetts 1,153,144 1,200,384 1,226,360 1,751,507 1,560,822 1,492,162 2,928,452 2,782,745 2,760,984 261 263 263 Rhode Island 123,925 134,701 140,373 323,604 263,989 248,290 471,138 427,748 419,274 23 23 23 Connecticut 441,985 469,554 490,883 759,761 630,845 554,707 1,271,443 1,183,853 1,164,163 150 150 150 Middle Atlantic: New York 6,117,104 6,130,765 6,327,428 12,244,160 9,363,923 8,827,915 18,907,07915,940,742 16,224,312 432 433 435 New Jersey 429,068 453,937 468,292 941,961 752,483 683,331 1,593,433 1,401,478 1,396,379 158 158 158 Pennsylvania 737,909 837,653 853,201 2,058,766 1,703,559 1,608,992 3,154,799 2,834,159 2,819,487 388 395 397 East North Central: Ohio 565,364 618,522 664,452 1,165,041 893,402 728,415 2,132,194 1,872,788 1,760,511 446 452 452 Indiana 172,880 192,004 206,416 325,746 218,037 185,437 693,815 564,556 539,866 379 379 380 Illinois 300,029 325,616 364,373 1,008,095 744,451 642,635 1,586,149 1,339,314 1,308,304 487 490 492 Michigan 263,354 294,780 314,123 633,677 400,023 343,792 1,196,259 953,806 910,142 361 362 362 Wisconsin 193,232 209,166 215,051 324,112 218,349 186,925 658,183 542,097 509,891 465 467 470 West North Central: Minnesota 134,745 139,986 150,030 190,615 132,257 119,570 407,962 331,987 320,064 489 491 491 Iowa 244,367 250,434 262,534 237,483 142,811 112,134 684,697 548,463 523,819 542 545 544 Missouri 332,073 347,442 381,978 673,690 455,467 376,307 1,119,963 862,213 834,353 523 530 533 North Dakota 42,970 13,079 33,340 20,295 10,661 7,693 84,362 41,705 48,182 115 114 115 South Dakota 32,683 23,448 29,054 22,053 13,819 11,421 79,530 55,509 52,794 125 125 125 Nebraska 55,851 41,150 47,444 32,619 20,966 18,231 133,618 93,720 85,414 273 279 285 Kansas 119,775 88,641 110,251 92,626 60,858 52,006 304,638 220,786 209,523 461 471 476 South Atlantic: Delaware 64,805 74,609 78,475 226,567 150,637 142,646 319,775 254,699 264,478 30 30 30 Maryland 143,721 161,359 173,322 490,510 387,605 337,740 737,049 634,722 628,918 123 123 123 District of Columbia.... 62,648 71,316 75,883 103,296 73,645 63,638 228,206 199,553 194,783 13 13 13 Virginia 145,242 162,680 169,795 158,363 96,462 78,776 378,915 317,762 299,093 185 184 184 West Virginia 57,455 68,958 71,313 80,623 58,074 44,178 178,695 166,691 152,488 103 103 103 North Carolina 146,664 165,778 177,202 350,270 193,507 172,200 550,110 405,676 383,618 183 183 184 South Carolina 19,996 21,716 22,446 33,561 20,713 19,252 101,213 71,019 71,982 126 127 129 Georgia 102,144 109,205 115,348 103,942 49,358 39,370 296,111 219,383 208,418 241 240 239 Florida 30,977 35,170 44,177 69,589 44,002 36,493 180,988 137,107 128,759 119 119 120 East South Central: Kentucky 100,054 115,434 127,594 158,926 91,511 68,540 351,134 270,984 262,975 307 308 309 Tennessee 70,445 79,935 86,737 97,429 56,713 41,778 272,708 210,591 203,567 226 227 227 Alabama4 42,341 46,240 46,647 75,090 41,306 32,494 186,352 132,710 126,287 150 151 152 Mississippi 61,737 50,854 59,544 90,981 62,355 54,527 245,445 169,661 172,011 178 182 182 West South Central: Arkansas 32,345 30,687 36,503 59,689 34,085 28,114 162,043 119,359 113,500 164 166 167 Louisiana 47,287 57,120 60,469 113,328 80,776 62,603 251,631 186,618 191,069 114 116 117 Oklahoma 33,464 29,052 31,682 31,502 19,456 20,048 99,242 73,230 71,257 182 182 183 Texas 105,957 101,728 109,310 118,593 73,436 66,722 368,189 261,763 259,533 391 393 391 Mountain: Montana... 32,177 22,917 33,192 46,080 27,798 25,772 110,511 72,048 78,006 69 70 71 Idaho 10,739 8,359 10,947 13,745 8,447 7,640 38,843 25,738 26,405 30 31 31 Wyoming 8,965 9,704 10,302 7,199 4,150 3,692 29,883 21,782 23,598 30 31 32 Colorado 24,319 22,166 26,399 33,029 18,474 15,802 95,129 70,110 68,651 63 65 66 New Mexico 5,185 6,205 6,181 9,670 4,317 3,403 29,715 18,363 18,114 19 19 20 Arizona 10,991 11,664 11,509 17,599 12,230 11,761 44,291 34,408 33,101 7 7 7 Utah 38,838 43,331 46,977 61,727 32,481 28,645 138,983 99,855 99,895 46 47 47 Nevada 1,797 1,922 1,786 3,994 1,516 1,250 8,579 5,284 3,973 6 6 Pacific: % Washington.: 66,668 63,682 67,715 106,841 72,955 67,509 202,145 161,247 156,941 90 92 94 Oregon 12,393 14,259 15,015 28,834 16,653 14,685 59,420 45,105 40,152 47 47 47 California 583,967 623,909 667,712 923,780 658,547 633,926 1,694,331 1,396,402 1,386,639 120 124 124 Total 13,729,310 14,198,410 14,890,52426,792,22320,313,502 18,637,24245,366,824 38,345,78938,119,4299,599 9,672 9,708 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and industrial banks as are included in abstracts issued by State banking departments. 2 The figures in the Dec. 31, 1942 columns for New Hampshire were derived by adding to the Dec. 31 figures of insured State banks the June 30, 1942 figures of noninsured banks in existence as such on both that date and Dec. 31, 1942. In six States where all State banks were insured the figures were obtained from the Federal Deposit Insurance Corporation; in three States where all but one of the State banks were insured, the figures for insured banks were obtained from the Federal Deposit Insurance Corporation, and for the noninsured banks from other sources. 3 See p. 507 of the May 1942 BULLETIN for notes on Dec. 31, 1941 figures for New Hampshire and Vermont. 4 The figures in the June 30, 1942 columns for Alabama include six noninsured nonmember banks as of Apr. 4, 1942. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on p. 684 covering "State Banks." Amounts in thousands of dollars] Loans Investments D i e n p t o e s r i b t a s, n k e x d cl e u p s o iv s e it s of Number of banks State Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, 1942 1942 1941 1942 1942 1941 1942 1942 1941 1942 1942 1941 Connecticut: District No. 1 225 240 249 143 103 163 499 446 443 2 2 2 District No. 2 88 106 119 72 62 72 564 463 470 1 1 1 Indiana: District No 7 1,529 1,569 1,812 2,009 1,259 1,093 7,404 5,798 5,301 13 13 14 District No. 8 89 81 93 199 103 54 405 285 291 1 1 1 Kansas 1 1 1 1 1 1 1 New York 37,594 "37^157 40,642 84^488 '73,319 "'64,967 104,577 97,586 88,044 5 5 5 Ohio 1,553 1,940 2,007 1,843 906 724 4,874 3,907 3,622 12 12 12 Pennsylvania: District No 3 5,104 5,918 4,672 8,672 8,496 8,443 17,875 15,029 13,031 11 11 11 District No. 4 1,004 1,266 1,292 2,159 1,565 1,476 4,573 3,818 3,697 4 4 4 South Carolina 953 842 938 115 108 94 1,369 1,075 888 1 1 1 Total 48,139 49,119 51,825 99,700 85,921 77,086 142,141 128,408 115,788 51 51 52 MUTUAL SAVINGS BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures kf this table are also included in the table on p. 684 covering "State Banks." Amounts in thousands of dollars] Loans Investments De in p t o e s r i b t a s, n k e xc d l e u p s o iv s e it s of Number of banks State Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30 Dec. 31 19422 1942 19412 19422 1942 19412 19422 1942 19412 19422 1942 19412 Connecticut: District No. 1 244,207 251,915 255,586 389,792 337,606 319,463 615,503 592,468 589,108 58 District No. 2 80,428 82,808 84,930 102,290 91,041 84,008 184,516 178,873 177,077 14 14 Delaware 12,968 13,244 13,472 40,901 38,101 37,066 48,317 45,902 45,983 2 2 Indiana: District No. 7 5,234 5,493 5,851 6,714 5,562 4,893 13,265 12,563 11,951 3 3 District No. 8 4,631 4,809 4,900 4,114 3,318 3,096 9,254 8,502 8,468 1 1 1 Maine 25,277 27,145 27,650 114,474 106,5! 102,498 135,978 131,073 130,592 32 32 32 Maryland 30,447 35,852 36,916 197,379 183,550 173,370 235,241 225,644 227,675 11 11 11 Massachusetts 939,899 956,241 973,1121,308,645 1,238," " .,203,747 2,170,557 2,135,344 2,139,163 191 191 191 Minnesota 25,527 23,187 21,675 49,102 43,610 46,387 73,871 68,914 68,641 1 1 1 New Hampshire1 68,356 68,356 68,974 130,353 130,353 122,585 195,388 195,388 195,800 43 43 43 New Jersey: District No. 2 108,352 113,481 117,522 174,963 164,640 163,292 292,084 288,815 295,619 22 22 22 District No. 3 3,673 4,047 4,292 9,333 8,833 8,606 13,712 13,420 13,498 2 2 2 New York ,888,66116 2.,967,533 31,,013,079 2,697,294 ,435,0872,454,311 5,574,424 5,442,626 5,554,581 132 133 134 Ohio 52,156 51,701 55,298 69,724 65,203 64,947 128,839 124,045 125,861 3 3 3 Oregon 2,416 2,477 2,395 1,408 728 839 3,982 3,339 3,165 1 1 1 Pennsylvania: District No. 3 78,925 81,132 81,789 489,847 446,548 450,029 581,509 554,454 569,043 6 6 6 District No. 4 9,880 10,710 11,106 49,045 47,893 45,486 55,938 56,177 56,692 1 1 1 Rhode Island 55,327 59,098 61,327 126,819 118,567 119,018 182,287 177,819 179,995 9 9 9 Vermont 29,108 30,241 31,262 24,790 22,514 22,110 56,560 55,918 57,559 Washington 30,719 30,897 31,380 57,891 47,015 45,800 87,275 78,367 77,408 Wisconsin: District No. 7 1,853 1,931 2,021 2,879 2,425 2,339 5,628 5,140 5,065 District No. 9 154 121 122 91 66 64 245 184 173 Total... 4,698,153 4,822,419 4,904,659 6,047,848 5,537,618 5,473,954 10,664,373 10,394,975 10,533,117 546! 547 548 1 New Hampshire's figures include 9 guaranty savings banks. 2 The figures in the December columns for New Hampshire are as of June 30, 1941 and 1942, respectively. The figures in the December 1941 columns for Vermont are as of June 30, 1941. 685 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for 1943 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks Mutual Private1 savings Insured Noninsured Number of Banks {Head Offices) December 31, 1933 15,029 5,154 857 28,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 14,825 5,117 3l,502 6,809 800 545 52 December 31, 1942 14,680 5,081 31,598 6,666 741 543 March 31, 1943 14,642 5,070 31,6K) 6,633 736 4543 550 Number of Branches and Additional Offices December 31, 1933 2,911 1,121 960 27OO 125 5 December 31 1934 3,133 1,243 981 6778 126 5 December 31, 1940 3,666 1,539 1,002 940 44 135 6 December 31, 1941 « 3,699 1,565 1,015 932 46 135 6 December 31, 1942 3,739 1,592 1,023 935 46 137 6 March 31, 1943, total 3,779 1,627 1,024 939 46 4137 56 In head-office cities 1,723 691 776 129 11 115 1 Outside head-office cities.. . 2,056 936 248 810 35 22 5 Analysis of Bank Changes Jan. I—Mar. 31, 1943 Increases in number of banks: Primary organizations (new banks)7. +11 +1 +1 +6 +3 Decreases in number of banks: Suspensions 2 -1 -1 Consolidations and absorptions .... -27 -11 —4 -9 -3 Voluntary liquidations8 -20 -1 -15 -3 -1 Inter-class bank changes: Conversions— National into State .... -1 +1 State into national ... +2 -2 Federal Reserve membership9— Admissions of State banks .... +16 -16 Withdrawals of State banks -1 +1 Federal deposit insurance10— Admissions of State banks +2 -2 Withdrawals of State banks Net increase or decrease in number of banks... -38 -11 +12 -33 —5 -1 Analysis of Branch Changes Jan. I—Mar. 31,194311 Increase in number of branches: De novo branches +7 +7 Banks converted into branches +8 +3 +4 +1 Decreases in number of branches: Branches discontinued — 13 j —5 — 7 Inter-class branch changes: From national to State +1 From State member to nonmember — 1 Branches and additional offices established at military reservations +38" +34" +3 + 1 Net increase or decrease in number of branches +40 +35 + 1- +4 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 Includes 3 mutual savings banks. 4 Number of banks comprises 55 insured and 488 noninsured; number of branches comprises 37 insured and 100 noninsured. The figures beginning with 1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." B Number of banks comprises 1 insured and 49 noninsured; all branches were noninsured. 6 Separate figures not available for branches of insured and noninsured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 11 This analysis covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government. Back figures—See Annual Report for 1942 (tables 17 and 18), 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1941 AND 1942 Number of banks, Dec. 31, 942 dumber of banLS maintaining branches or additional offices1 Dec. 31, 1942 Total num- banks,other Non- Nonmember ber of than mutual mem- banks Non- State banks Na- State savings and ber Pri- Dec. than mutual mem- Dec. Total ional mem- private mu- vate 31, Na- State savings and ber Pri- 1 3 9 1 4 , 1 mnks a b an er ks In- Non- b t s i a n u a n g a v k l s - s banks t 1 o 9 t 4 a 1 l , Total t b i a o n n k a s l b m a b e n e m k r s - In p - riv 1 a N te on- m i s t n u a u g v a - s l - b v a a n t k e s sured in- sured in- aanks sured sured New England 910 908 315 46 130 59 355 3 117 117 32 22 23 11 29 Maine 98 98 35 5 17 9 32 23 24 4 4 10 4 2 New Hampshire 107 107 52 1 3 8 43 3 3 1 1 1 Vermont 81 81 40 32 1 8 7 7 2 4 1 Massachusetts 387 385 124 30' 36 4 191 65 65 19 15 7 24 Rhode Island 35 35 12 2 2 10 9 12 12 3 2 1 5 1 Connecticut 202 202 52 8 40 27 72 "3 7 6 3. 1 1 1 Middle Atlantic 2,321 2,294 1,316 328 440 27 163 20 240 247 75 83 37 1 47 4 New York 85" 850 418 166 120 9 132 5 136 138 32 47 17 1 40 1 New Jersey 382 380 222 67 58 9 24 53 54 18 23 10 3 Pennsylvania 1,082 1,064 676 95 262 9 7 15" 51 55 25 13 10 4 3 East North Central 3,036 3,015 877 548 1,498 58 8 26 210 215 28 35 147 4 1 Ohio 694 687 241 150 275 6 3 12 38 39 8 17 14 Indiana 504 503 124 291 258 13 3 14 43 45 6 3 35 1 Illinois 830 826 339 108 368 11 Michigan 440 436 75 150 193 18 ' "46' 46 11 11 21 3 Wisconsin 568 563 98 H9 404 10 ""2" 83 85 3 4 77 1 West North Central 3,33 3,290 762 230 1,926 370 1 1 163 162 8 148 6 Minnesota 67 674 185 24 430 34 1 2 2 2 Iowa 64 644 102 56 429 57 119 118 113 5 Missouri 61 60 83 81 405 37 North Dakota 160 15 43 106 9 17 16 15 1 South Dakota 16 16 37 23 101 1 23 24 4 20 Nebraska 41 40 133 14 210 49 2 2 2 Kansas 65 64 179 32 245 183 1 South Atlantic 1,58 1,58 462 154 881 74 13 1 149 155 28 24 97 3 3 Delaware 4 4 14 4 23 1 2 8 6 4 1 Maryland 18 18 63 16 93 3 11 27 27 "3" 6 16 2 Dist. of Columbia 2 2 9 8 5 11 11 5 5 1 Virginia 31 31 130 60 125 39 43 8 5 30 West Virginia 18 18 77 26 72 5 North Carolina 22 22 44 11 164 8 '"'46' ""46 ""3" ""3" 39 1 South Carolina 15 14 22 6 87 32 1 6 6 2 1 3 Georgia 29 29 50 18 206 17 10 14 6 3 4 1 Florida 17 17 53 5 106 8 2 2 1 1 East South Central 1,12 1,11 253 44 768 49 62 66 14 5 47 Kentucky 40 40 94 18 259 30 13 15 4 3 8 Tennessee 29 29 69 7 210 9 21 21 5 1 15 Alabama 21 21 66 17 128 5 3 5 3 1 1 Mississippi 20 20 24 2 171 5 25 25 2 23 West South Central 1,58 1,57 726 119 667 65 42 48 13 1 34 Arkansas 21 21 51 12 144 8 14 14 1 13 Louisiana 14 14 30 8 105 1 28 29 7 1 21 Oklahoma 39 38 206 11 162 9 3 3 Texas 83 83 439 88 256 47 2 2 Mountain 49 47 207 91 171 8 23 25 12 13 Montana 11 11 41 26 43 Idaho 16 10 19 T 7 7 6" 1 Wyoming t 26 10 20 Colorado 14' 1- 78 15 42 6 New Mexico 4 22 5 14 5 6 6 Arizona 1 5 2 5 4 5 "2" 3 Utah...!!!!!!!!!!!!!!!! 6 5 13 21 25 5 5 2 3 Nevada 1 6 2 3 1 2 2 2 Pacific 43 42 163 38 185 31 3 48 48 17 8 21 1 1 Washington 13 13 43 14 70 4 2 10 10 6 1 2 1 Oregon 7 T. 25 6 37 3 1 6 6 2 4 California 22 21 95 18 78 24 32 32 9 7 15 1 Total United States. 14,82 14,68 5,081 1,598 6,666 741 543 51 1,054 1,083 227 178 567 26 80 5 See following page for footnotes. 687 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1941 AND 1942—Continued Number of branches and additional offices1 Location of branches and additiona offices except offices at military res- Dec. .31, 1942 ervations, Dec. 31, 1942 Offices at Nonmember Outside head-office city military D t e 1 o c 9 t . 4 a 1 3 l 1, Total ti N on a- al m S e t m at b e er b m an a u k n t s u d a o l p th r s i e a v r v a i t t n e h g a s n m m N e u m o t n u b - a e l r P b r a iv n a k t s e h o e f I f a n ic d e - In In con- In re t s io er n v s abanks banks savings city head- tiguous noncon- Insured in N s o u n re - d banks c o o f u fi n c t e y counties c t o ig u u n o ti u e s s New England 289 292 89 91 42 24 46 147 93 48 3 Maine 61 62 5 28 22 5 2 6 30 26 1 New Hampshire 3 3 1 1 1 3 Vermont 18 18 2 7 9 11 7 Massachusetts 150 153 68 " 43 10 32 "'117' 33 2 1 Rhode Island 40 40 8 19 1 10 2 19 14 4 3" Connecticut 17 16 5 1 2 8 5 5 6 Middle Atlantic 937 942 262 503 98 1 73 5 824 89 24 3 2 New York 701 699 179 408 54 1 55 2 640 39 17 3 New Jersey 124 126 35 60 27 4 90 34 1 1 Pennsylvania 112 117 48 35 17 14 "3" 94 16 6 1 East North Central... 539 545 124 209 202 9 1 289 209 34 11 Ohio 169 169 37 110 22 119 45 5 2 Indiana 68 69 8 15 45 1 25 43 Illinois "l Michigan 169 172 65 78 21 8 "127" ""25" 8 "ll" 1 Wisconsin 133 135 14 6 114 1 18 96 21 West North Central... 231 233 28 198 7 8 155 58 12 Minnesota 6 6 6 6 Iowa 157 159 153 6 '"125" 34 Missouri North Dakota 24 23 22 1 12 ""lo" 1 South Dakota. 42 43 20 23 18 14 11 Nebraska 2 2 2 2 Kansas South Atlantic 391 413 96 84 212 4 17 133 91 104 68 17 Delaware 14 12 1 10 1 2 4 6 Maryland 95 97 11 42 28 16 53 18 19 6 1 Dist. of Columbia .. 30 30 17 12 1 30 "u" Virginia 70 77 19 10 48 23 30 6" 4 West Virginia North Carolina "l3l" 138 7 11 118 2 10 ""35" 57 ""33"' 3 F G S l o e o u o r t r i h g d i a a Carolina 2 2 2 5 4 3 2 3 1 5 2 1 2 1 9 7 1 4 3 ' 1 1 " 1 3 2 3 1 4 3 1 1 7 6 5 2 2 East South Central .. 145 153 63 13 77 43 57 24 23 6 T K e e n n n t e u s c s k e y e 2 5 9 2 3 5 2 2 2 2 1 0 3 9 2 8 3 2 1 1 9 1 6 9 2 6 ""8 " 3 Alabama 20 22 20 1 1 3 5 4 8 2 Mississippi 44 47 2 45 27 12 7 1 West South Central... 70 77 34 1 42 23 41 6 2 5 Arkansas 15 16 1 15 11 4 1 Louisiana 55 56 28 i 27 "23" 30 2 1 Oklahoma 3 3 3 Texas 2 2 2 Mountain 92 94 76 18 3 17 35 38 1 Montana Idaho 37 39 37 2 3 12 24 Wyoming Colorado New Mexico 7 6 "6 ""3" '"2 Arizona 26 27 21 6 7 12 6 1 Utah 12 12 8 4 1 2 5 4 Nevada 10 10 10 1 2 4 3 Pacific 1,005 990 820 122 46 1 1 249 87 145 503 6 Washington 87 86 82 1 2 1 16 4 27 38 1 Oregon 68 69 65 4 11 5 6 47 California 850 835 673 " 121 40 " 1 " 222 78 112 418 5 Total United States.. 3,699 3,739 1,592 1,023 935 46 137 6 1,719 839 478 663 40 ~ Includes 1 mutual savings bank. 6 Includes 2 mutual savings banks. Back figures.—See BULLETIN for June 1942, pp. 604 and 605. 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKS1—NUMBER AND DEPOSITS OF BANKS IN 35 GROUPS AND NUMBER OF BRANCHES AND ADDITIONAL OFFICES OF GROUP BANKS, DECEMBER 31, 1942 Number of banks in groups Number Number of branches and additional offices of group of group banks Deposits State a d n i d v is g i e o o n g 2 raphic Total N b a a ti n o k n s al m b S e a m t n a b k te e s r m b N e a m o n n b k - e s r o b a d p r n i a e t d n r i a o c a t n h i d a e n - l s g Total3 o c f i fi t c y e H of e f O a ic d u e - tside t h i C g e u a o d o n - u - o s ffice N ti c o g i n t u y c o o u n s - o t b f o h a f o d n u o g k s s l r a l o a ( n u i r d p n s s )4 offices county counties counties New England 31 16 8 7 14 88 61 20 3 3 1,708,926 Maine 3 3 3 4 3 I 13 956 N M Rh e a w o s d s e a H c a I h s m u la s p e n s d t h ts ire 2 4 3 1 1 4 1 1 l 1 "" 3 1 ...... 1 ..... '""7 1 0 4 ""5 4 7"" ""l2 5 "'" 2"" 3"" 1,4 1 9 8 1 9 1 4 , , , ' 3 5 0 5 8 3 7 1 2 Middle Atlantic 60 31 19 10 19 92 69 16 6 1 2,163,198 New York 26 5 14 7 12 78 59 12 6 748,402 Pennsylvania 34 26 5 3 7 14 10 4 1,414,796 East North Central 31 25 4 2 4 27 25 2 611,336 Ohio 18 13 4 1 1 13 11 2 181,860 Wisconsin 13 12 1 3 14 14 429,476 West North Central 144 84 7 53 6 26 6 2 7 11 1,378,123 Minnesota 90 48 5 37 2 6 6 1,004,671 Iowa 4 4 105,719 Missouri 7 2 *"""2 3 52,630 North Dakota 27 17 10 69,887 South Dakota 11 9 2 4""' 20" 2" 7 "ll"" 70,597 Nebraska 5 4 1 74,619 South Atlantic 40 25 2 13 3 14 3 10 659,882 West Virginia 4 2 1 1 i 9,307 South Carolina 1 1 1 4 3 55,804 Georgia 19 9 1 9 2 10 2 7 342,282 Florida 16 13 3 252,489 East South Central 17 13 3 1 2 12 12 253,194 Kentucky 6 3 3 1 8 8 94,962 Tennessee 11 10 l"" 1 4 4 158,232 West South Central 8 3 1 4 . 277,935 Texas 8 3 1 4 277,935 Mountain 39 21 5 13 5 35 3 2 11 19 455,972 Montana 23 13 3 7 138,525 Idaho 1 1 1 15 3 12 58 275 Wyoming 1 1 2,135 N A U e r ta i v z h a o d n a a 4 8 2 4 2 1 2 2 2 1 2 1 1 8 9 3 1 1 1 1 4 3 1 ""4 3 "" 1 6 3 5 5 7 3 , , , 6 5 7 7 9 7 0 7 0 Pacific 31 15 1 15 7 547 56 6 76 406 3,023,789 Washington 13 6 7 2 10 7 2 91,347 Oregon 9 4 5 1 40 7 i"" 4 28 269,723 California 9 5 1 3 4 497 49 5 65 376 2,662,719 Total United States 401 233 50 118 60 841 235 48 103 450 10,532,355 1 The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as denned in section 2(c) of the Banking Act of 1933, as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see Federal Reserve BULLETIN for February, 1938, pp. 92-101, June 1938, p. 450, June 1939, p. 480, May 1940, p. 457, May 1941, p. 459, and June 1942, page 603. * Only those States are listed in which one or more group banks were reported. In some groups not all of the banks were in the same State. d The total column includes five offices at military reservations (one each in Massachusetts, Georgia, and Washington, and two in California) not distributed in the next four columns. 4 Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,800,000,000. JULY 1943 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 692. Gold production... 693 Gold movements... , 693 Net capital movements to United States since January i, 1935 694 Central banks 695-698 Money rates in foreign countries 699 Commercial banks... 700 Foreign exchange rates 701 Price movements: Wholesale prices... 70Z Retail food prices and cost of living 703 Security prices..., 703 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States 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 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. JULY 1943 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A e i r n n - - a g B i e u l m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lo C m o b - ia Cz v s e a l c k o h i - o a - D m e a n r - k Egypt France m G a e n r- y Greece 1936—Dec. 11,258 501 632 25 275 20 29 19 91 54 55 2,995 27 26 1937—Dec. 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 *353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—June. 22,737 355 735 78 274 24 31 16 61 44 52 2,000 July. 22,744 354 735 79 274 25 31 18 61 44 52 2,000 Aug.. 22,756 354 735 81 274 25 31 19 61 44 52 2,000 Sept. 22,754 354 735 82 274 25 36 21 61 44 52 2,000 Oct.. 22,740 354 735 113 274 25 36 23 61 44 52 2,000 Nov.. 22,743 354 735 114 274 25 36 24 61 44 52 2,000 Dec. 22,726 354 735 115 274 25 36 25 61 44 52 2,000 1943—Jan.. 22,683 354 734 120 274 25 38 27 61 44 2,000 Feb.. 22,644 354 734 121 274 42 28 61 44 "2,000 Mar.. 22,576 354 734 127 274 46 30 61 44 2,000 Apr.. 22,473 143 274 May. 22,426 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 Nor- Peru Poland Po g r a t l u- Ruma- A S f o r u ic th a Spain 1936—Dec. 25 25 208 463 60 46 491 23 20 75 68 114 203 5 718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec. 24 26 6164 235 47 575 23 21 59 182 366 42 1942—June 24 26 4216 32 528 23 21 59 210 468 July. 24 33 526 23 21 59 215 502 Aug. 24 34 522 23 24 59 219 527 Sept. 24 34 518 23 24 59 225 551 Oct.. 24 36 514 23 24 59 234 582 Nov. 24 37 510 23 25 59 239 610 Dec. 24 39 506 23 25 59 241 634 42 1943—Jan.. 24 70 501 23 25 59 241 572 Feb.. 24 90 497 23 25 59 242 523 Mar. 24 110 P496 23 25 246 537 Apr.. 126 23 25 558 May. 125 26 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 n i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n e s - 7 r in previous figures End of month U St n a i t t e e s d U K d n i o n i m t g e - d France2 g B iu e m l- 1 1 1 1 1 1 9 9 9 9 9 9 4 4 3 3 3 3 1 0 8 9 6 7 — — — — — — D D D D D D e e e e e e c c c c c c . . . . 2 3 2 3 1 2 4 4 2 0 6 2 0 4 1 8 0 3 6 6 7 5 5 6 5 5 0 4 0 6 7 0 2 9 1 5 2 9 2 8 2 2 9 2 6 8 9 9 2 2 2 , , , 5 6 6 8 8 8 9 1 4 9 0 1 1 1 6 9 7 7 6 0 7 4 8 0 9 0 9 5 5 5 5 4 2 9 2 2 2 1 9 48 4 5 8 5 5 3 8 1 2 7 9 1 1 1 1 5 7 1 4 2 2 1 1 1 1 1 1 8 4 5 4 8 4 5 2 3 2 3 5 1 1 1 9 9 9 3 3 3 6 7 8 — — — D D J D J M u u e e e n c n c c a . e . e r . . . . . . . . . . . . . 1 4 8 6 4 9 0 4 1 1 3 4 , , 4 3 9 7 8 9 5 3 9 5 9 4 331 1 4 8 6 9 1 4 1 2 3 5 1942— J A O S J u u e u c l n p t g y . e t . . . . 3 3 3 3 3 2 1 0 1 2 6 6 9 1 1 8 8 8 8 7 0 0 0 0 9 5 1 0 0 5 1 1 1 1 1 1 1 1 1 1 6 1 1 1 0 9 9 9 9 9 4 7 5 7 7 5 5 6 5 6 6 6 0 6 4 2 2 2 1 1 1 0 1 9 9 1 1 1 1 1 5 5 5 5 5 0 2 1 1 1 1 19 9 4 3 0 9 — — M D S J M M u e e a a a n c p y r r t e . . . . . . . . . . . . . . . . . . . ""8 1 1 1 1 5 4 6 5 5 6 5 4 4 " 1 5 ,7 8 3 7 2 6 4 5 7 5 7 9 1 17 7 N D o ec v. 3 3 3 3 5 1 8 82 1 4 3 1 1 1 1 7 4 9 8 2 9 6 6 4 8 2 2 1 1 1 1 6 5 0 2 S Ju e n p e t. . . . . . . 1 8 0 6 5 17 1943— M M A F J e a p a a b n r y r . . . . . . . . 3 3 3 3 3 4 4 4 4 4 6 4 4 2 0 ^ p P 8 8 8 8 8 5 6 4 3 5 1 6 2 2 9 1 1 1 2 2 2 4 4 4 P89 6 7 8 7 7 8 2 0 0 6 2 2 2 4 1 r ° 1 1 1 1 1 8 8 8 6 8 3 2 2 0 3 1941— D J D S M u e e e a n p c c r . e t . . . . . . . . . . . . . . 4 8 8 2 2 8 9 8 4 5 61 2 5 9 1 2 1 1 7 7 1942—Mar.... 12 June... 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 since that time is gold held by Minister of Finance. 1 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 February 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). 4 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- Exchange Equalization Account during 1939. land on that date. 9 Beginning December 1940, figures refer to gold reserves of new Central Bank only. 6 Figure for Sept 1, 1941. 10 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the French 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported E. S. F. and the Bank of France, see BULLETIN figures through April 1940 appear on p. 926 in that issue. for September 1940, p. 926. 692. 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 Total Africa North and South America Other outside reported South Rho- I Nicara-Austra-1 British U.S.S.R.1 monthly- Africa desia I gua7 lia8 I India9 $1 = i55 5i grains of gold : fine; i.e., an ounce of fine gold = $35 1934 . 823,003 708,453 366,795 24,264 12,153 6,549 108,191 110044,,002233 2233,,113355 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 111144,,997711 2233,,885588 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 113311,,118811 2266,,446655 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 114433,,336677 2299,,559911 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 116655,,337799 3322,,330066 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 117788,,330033 2299,,442266 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 38,862 210,109 118855,,889900 3300,,887788 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 118877,,008811 2277,,996699 22,961 9,259 7,525 51,039 9,940 1942. ... 966,614 494,439 26,611 29,225 130,933 116688,,000088 663300,,000000 20,882 6,409 8,623 42,525 8,960 1942—Apr 80,263 41,491 2,320 2,555 11,415 14,728 (6) 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 78,149 41,023 2,160 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,O7l 37.687 1,984 2,135 4,654 11,708 2,055 '544 672 *>2,932 700 Feb ^64,374 38,835 1,901 1,855 4,121 11,459 1,380 647 ^2,932 700 Mar P62,337 35,489 1,985 1,610 4,520 12,169 1,661 {544 622 /2,932 805 Apr.. . p63,973 37,604 ^1,985 •^1,610 4,891 11,308 Pi,648 '544 646 /2,932 /805 ;age changes ating annual 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 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 Amencan 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. ° Beginning December 1941, figures are those reported by Amencan Bureau of Metal Statistics for total Australia. a Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936. pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r th or im T n o p e t o a t r l ts U K d n o i i n m t g e - d Franci g B iu e m l- N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o r t A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 102,404 1940 4,744,472 633,08. 241,778 977 63,260 161,489 90,320 2,.622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1941 Jan 234,242 37 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 It1 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 i,995 69,008 O Se c p t t 4 65 0 , , 4 7 4 0 0 2 2 5 5 5 0 4 1 2 6 , , 5 0 6 7 2 2 1,0 4 2 9 0 5 2 2 , ,1 4 0 8 7 8 3 3 , , 1 1 0 4 7 1 6 2 , , 1 0 5 6 1 4 3,6 2 9 0 4 0 2,327 6U ® f 9 0 ,3 4 6 1 5 N D o ec v 5 5 2 0 , , 8 3 9 7 6 4 1 1 2 6 1 3 2 2 4 0 , , 9 3 1 7 7 7 6 1 , ,2 3 7 3 3 6 2 2 , , 1 23 1 8 0 5 1 , ,8 5 3 0 0 6 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 G 6l 8 9 , , 7 0 2 3 6 9 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. JULY 1943 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—j)ec 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan 14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb 4 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102 0 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr 8 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr 22 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4- 626.6 104.1 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829 8 843 2 626 6 103 9 May 6 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1.821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 - 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 .... 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 r5,9O7.7 or3,471.1 3rl,536.6 3rl,934.5 889.8 761.3 678.5 107.0 Feb. 27. r6,014.9 3r3,590.1 3rl,671.8 3rl,918.3 890.5 751.9 676.0 106.4 Mar. 31. 6,147.1 43,643.4 41,723.1 41.920.3 4898.7 810.5 685.9 4108.6 r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Revised figures for amounts outstanding in millions of dollars: total foreign banking funds in United States—Jan. 30, 4,138.3, Feb. 27, 4,257.3; including official funds—Jan. 30, 2,151.1, Feb. 27, 2,286.3, and other funds—Jan. 30, 1,987.2, Feb. 27, 1,971.0. „ o eporting pr< 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, n 98* April 1939 pp. 284-296; and May 1937, pp. 394-431. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s i n s t m e i r l l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n is c n a e t d s s - Se t c ie u s rition3 Bankers' D P e u p b o l s i i c ts Other l O ia t t h b ie e i s l r i- 1929—Dec. 25. . 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. . 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. . 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25.. .2 * 630.0 .9 13.3 4.0 199.1 ol6.9 135.7 12.5 51.2 17.9 1941—Dec. 31.. .2 6 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—June 24... .2 830.0 1.3 34.2 5.5 165.8 796.0 133.6 8.0 47.3 17.8 July 29. .2 6880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26.. .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept. 30. .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28.. .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25.. .2 880.0 1.1 10.2 2.7 206.6 870.0 148.8 7.7 46.3 17.8 Dec. 30.. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Jan. 27.. .2 950.0 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24.. .2 950.0 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 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 51,000.0 1.0 46.8 5.3 196.2 953.4 170.1 8.3 53.1 17.7 May 26.. .2 1.000.0 .9 55.3 4.6 185.3 945.0 174.1 3.2 51.0 17.8 I Assets Liabilities Bank of Canada Dom ci i a n l io g n o v a e n r d n m pr e o n v t in- Deposits (F'iigg,ures in millions of securities Other Note Other Canadian dollars) assets irculation7 liabilities Dominion Other Ch b a a r n te k r s ed g m ov e e n r t n- Other 1935—Dec. 31. 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31. 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31. 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31.... 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—June 30.... 493.7 322.1 26.2 541.2 221.3 31.3 26.7 22.4 July 31... 501.0 338.8 36.7 563.8 271.6 26.0 15.7 33.0 Aug. 31.... 518.7 351.3 14.7 592.6 225.4 15.5 28.1 24.1 Sept. 30.... 628.7 284.7 22.1 625.4 246.0 18.5 24.7 21.6 Oct. 31 797.5 199.3 21.7 657.6 304.6 19.3 12.2 25.3 Nov. 30.... 780.6 204.2 17.8 666.3 273.2 24.6 13.8 25.2 Dec. 31... 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Jan. 30 768.0 231.8 17.6 677.6 237.7 14.8 61.3 26.3 Feb. 27 .... 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9* Mar. 31... . 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4^ Apr. 30 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 May 31 826.1 302.5 24.9 746.8 313.1 46.8 34.2 24.4 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 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. 695 JULY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn Other ci N rc o u te la- l O ia t b h i e l r ichange m O a p rk en et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27 ] 41,668 25 942 5 612 8 624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5 304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6 802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5 837 3 971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1 328 5 800 9 712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1 460 5 640 1 379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec 30 58 933 911 5 580 652 10 066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 597,267 112 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 1942—Jan. 29 84,598 38 42,071 16 4,855 149,562 64,700 20,138 273,281 1,350 59,649 27,797 3,900 Feb. 26 84,598 38 42,043 18 5,588 149,754 67,400 20,086 278,392 1,173 59,203 27,287 3,469 Mar. 26 84,598 38 42,314 16 4,433 156,386 67,000 20,056 282,848 852 56,396 30,251 4,493 Apr. 30 84,598 38 42,651 13 4,581 162,898 68,300 21,365 291,654 775 59,668 28,955 3,391 May 28 84,598 38 42,804 11 4,176 168,930 66,250 19,953 296,903 755 54,410 30,653 4,040 June 25 84,598 38 42,699 9 4,000 174,938 62,950 19,486 304,379 768 48,093 30,724 4,753 July 30 84,598 38 43,743 9 4,744 180,678 57,650 20,740 315,617 726 39,908 31,963 3,985 Aug. 27 84,598 37 43,427 4,525 180,999 63,850 19,607 323,494 768 35,371 33,298 4,111 Sept. 24 84,598 37 43,869 4 4,038 183,758 67,500 19,818 334,370 717 31,100 32,142 5,293 Oct. 29 84,598 37 44,239 69 4,599 193,376 66,900 20,352 348,935 696 25,726 35,007 3,807 Nov. 26 84,598 37 44,562 212 6,509 198,868 68,700 20,457 364,768 677 19,769 35,181 3,547 Dec. 31 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 i u l s d l u s i r n y g Se lo cu an ri s ty E a c s l i o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 6 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 78 15,419 38 32 357 2,066 14,033 2,561 ,396 1941—Dec. 31. 77 21,656 32 107 283 2,311 19,325 3,649 ,493 1942—Jan. 31. 77 20,884 28 151 288 1,406 18,987 2,417 ,431 Feb. 28. 77 21,458 23 144 288 1,343 19,443 2,426 ,464 Mar. 31. 77 21,673 23 72 227 1,751 19,774 2,762 ,287 Apr. 30. 77 21,529 19 17 202 2,212 20,047 2,701 ,308 May 30. 77 22,093 19 16 204 2,344 20,548 2,840 ,366 June 30. 77 22,848 21 18 202 2,180 20,954 2,990 ,402 July 31.. 77 23,114 17 21 205 2,162 21,344 2,804 ,448 Aug. 31. 77 23,611 14 34 204 2,262 21,808 2,864 ,530 Sept. 30. 77 23,996 21 68 204 2,251 22,037 2,985 ,594 Oct. 31. 77 24,641 13 63 201 2,117 22,600 2,887 ,624 Nov. 30. 77 25,449 13 71 210 2,146 23,052 3,241 ,673 Dec. 31. 76 29,283 25 87 210 1,664 24,375 5,292 ,680 1943-Jan. 30. 77 26,270 22 51 185 2,477 23,664 3,892 ,526 Feb. 27. 77 26,758 21 49 180 2,370 24,266 3,820 ,369 Mar. 31. 76 27,869 18 41 85 2,345 24,697 4,340 1,397 Apr. 30. 77 28,603 18 1 78 2,319 25,442 4,226 1,427 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 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1942 Central Bank (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): (Feb.)2 Gold reported separately 1,076 1,077 Gold 97 98 Other gold and foreign exchange... 1,192 570 Foreign exchange 18 17 Negotiable Government bonds 368 371 Clearing accounts (net) 1,194 958 Rediscounted paper 1 Loans and discounts 39 54 Other assets 240 236 Securities 81 35 Note circulation 1,624 1,483 Govt. compensation account4 125 125 Deposits—Member bank 827 603 Other assets 1,472 1,041 Government 285 31 Note circulation 950 830- Other 37 39 Deposits—Government 588 71 Foreign exchange sold forward Other 1,215 1,199' Other liabilities 101 92 Other liabilities 273 231 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (Dec (thousands of pounds): sands of sucres): 1942)2 Issue department: Gold 133,445 71,970 Gold and English sterling 35,141 33,891 25,954 Foreign exchange (net) 73,412 68,172 Securities 110,000 106,779 80,939 Loans and discounts 76,124 84,878 Banking department: Other assets 38,963 36,979 Coin, bullion, and cash 6,180 6,360 6,704 Note circulation 169,340 129,854 London balances 43,820 47,595 32,883 Demand deposits 125,461 95,958 Loans and discounts 23,083 28,864 29,647 Other liabilities 27,143 36,187 Securities 211,935 207,160 106,130 National Bank of Egypt (thou- (Dec. Deposits 178,559 188,187 127,592 sands of pounds) :5 1942)2 Note circulation 135,856 131,356 98,364 Gold 6,251 6,251 National Bank of Belgium and Foreign exchange 8,604 4,218: Bank of Issue of Brussels (mil- Loans and discounts 5,983 2,233. lions of belga) i1 (Feb.): British, Egyptian, and other Gov- Gold 4,332 4,332 ernment securities 140,090 113,437 Foreign exchange 6,322 2,669 Other assets 5,853 5,839 Credits to State and public bodies. 4,117 4,285 Note circulation 75,347 53,650 Credits to private economy 132 88 Deposits—Government 26,551 23,290' Reichskreditkasse 786 759 Other 52,908 43,178. Other assets 415 486 Other liabilities 11,975 11,860 Note circulation 14,196 10,919 Central Reserve Bank of El Salva- Demand deposits 867 712 dor (thousands of colones): Postal Checking Office 815 773 Gold6 24,231 24,202 15,244 Other liabilities 226 216 Foreign exchange 24,365 21.911 12,250 National Bank of Bohemia and Mo- Loans and discounts 561 766 468 ravia3 (millions of leva): Government debt and securities.. 6,775 6,824 7,211 Central Bank of Bolivia (thousands Other assets 654 522 2,257 of bolivianos): (Feb.)2 Note circulation 32,453 32,815 22,886 Gold at home and abroad 497,723 380,252 Deposits .m 18,172 15,688 10,554 Foreign exchange 430,657 341,315 Other liabilities 5,961 5,721 3,991 Loans and discounts 223,904 338,219 Bank of Finland 3 Securities—Government 535,592 486,364 Bank of Greece3 Other 41,445 11,222 National Bank of Hungary (millions Other assets 98,065 57,158 of pengo) : (Feb.)2 Note circulation 842,170 686,885 100 100 Deposits 812,156 769,998 Foreign exchange reserve 3 15 Other liabilities 173,060 157,646 Discounts 2,213 1,210 Na o t f i o le n v a a l ): Bank of Bulgaria (millions (Jan.)2 Loans— T T o o T fo r r e e a ig s n u ry countries 4 7 8 2 8 1 3 7 4 6 3 0 Gold 2,558 2,508 Other 30 35 Foreign exchange. 537 267 Other assets 824 472 Net foreign exchange in reserve. . 14,070 14,491 Note circulation 2,958 2,129 Loans and discounts 794 683 Demand deposits 631 383 Government debt 3,331 .3,333 Consolidated foreign credits of 1931. 18 23 Other assets.; 13,118 10,640 Other liabilities 772 400 Note circulation 18,940 13,976 Reserve Bank of India (millions of O D t e h p e o r s i l t i s a . b . i l . i . t ; ies 1 4 1 , , 1 3 3 3 1 6 1 6 1 , , 3 62 2 1 5 ru I p s e s e u s e ) : department: Central Bank of Chile (millions of Gold at home and abroad.... 444 444 pesos): Sterling securities 4,217 2,519 Gold 222 148 Indian Govt. securities 1,745 1,492 Discounts for member banks 150 320 Rupee coin 145 278 Loans to Government 725 733 Note circulation 6,436 4,607 Other loans and discounts 952 854 Banking department: Other assets. 679 104 Notes of issue department 115 126 Note circulation 2,000 1,547 Balances abroad 873 667 Deposits— O Ba th n e k r 3 1 3 2 5 0 2 1 2 6 7 9 T Lo re a a n s s u t r o y G bi o ll v s e r d n is m c e o n u t nted 2 7 "n Other liabilities 273 217 Other assets 81 168 Bank of the Republic of Colombia Deposits 880 806 (thousands of pesos): Other liabilities 199 186 Gold 52,653 28,339Central Bank of Ireland (thousands Foreign exchange 78,701 31,636 of pounds) :7 L G o o a v n e s r n a m nd e n d t is lo c a o n u s n t a s nd securities.. 5 1 6 1 , , 2 33 2 1 3 2 59 5 , , 1 3 2 3 6 8 S G t o e l r d l > ing funds 2 2 0 , ,6 6 7 4 2 6 20 2 , , 3 6 2 4 9 6 Other assets.. 36,280 32,280 Note circulation 23,318 22,975 Note circulation 98,524 77,268 Deposits 92,503 56,336 Other liabilities 44,162 43,116 5 x I v te c m pic s a f c o ii r L S is s jJ u c e t u a iis nn. dda bbu aaa nnn kkn i innu ggii ddu eei ppc aav rrj ttu mmv eec nnii ttu ssi i ccc oou nnt ssI ooU l Il iiddu aai ttc ee ddu .. une 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon. nk of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp 697 JULY 1943 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) May Apr. Mar. May date of month) May Apr. Mar. May Bank of Japan1 South African Reserve Bank (Con Bank of Java1 tinued) Bank of Mexico (thousands of pesos): Note circulation... 43,135 39,057 33,235 Metallic reserve2 373,707 358,223 336,687 213,631 Deposits 114,355 109,270 72, 764 "Authorized" holdings of securi- Other liabilities 4,190 5,572 4,920 ties, etc 1,055,0141,019,708938,697 576,562 Bank of Spain1 Bills and discounts 138,005 134,204 130,644 118,844 Bank of Sweden (millions of kronor) Other assets 61,038 54,365 71,389 49,625 Gold 762 758 757 678 Note circulation 895,916 864,104 823,552 584,815 Foreign assets (net) 596 584 567 542 Demand liabilities 598,919 568,782 523,196 269,680 Swedish Govt. securities and ad- Other liabilities 132,930 133,613 130,668 104,167 vances to National Debt Office6. 1,183 1,236 1,176 Netherlands Bank (millions of guil- Other domestic bills and advances. 89 136 128 876 . ders): (Feb.)3 Other assets 816 814 808 1,126 Gold 887 951 Note circulation 1,918 1,923 1,931 1 629 Silver (including subsidiary coin). 4 8 Demand deposits—Government... 685 884 653 551 Foreign bills 1,943 1,036 Other 293 151 244 542 Discounts 120 184 Other liabilities 549 570 608 50(> Loans 176 165Swiss National Bank (millions of Other assets 258 220 francs): Note circulation 3,163 2,311 Gold. 3,746 3,717 3,682 3,442 Deposits—Government Foreign exchange 53 56 56 136 Other 155 189 Loans and discounts 107 111 111 287 Other liabilities 71 63 Other assets (7) 285 Reserve Bank of New Zealand (thou- Note circulation 2,603 2,605 2,579 2,237 sands of pounds): Other sight liabilities 1,412 1,370 1,308 1,622 Gold. 2,802 2,802 2,802 Other liabilities (7) (7) 291 Sterling exchange reserve 22,172 22,231 22,775 Central Bank of the Republic of Advances to State or State under- Turkey (thousands of pounds): (Feb.)3 takings 38,940 32,444 33,753 Gold 155,539 138,417 Investments 10,295 10,458 4,146 Foreign clearing accounts. 89,866 64,700 Other assets 3,050 2,350 1,058 Loans and discounts 734,483 562,295 Note circulation 31,685 30,348 24,652 Securities 193,752 190,578 Demand deposits 41,809 36,757 36,895 Other assets 23 626 19 513 Other liabilities 3,765 3,180 2,985 Note circulation 702,'58'7 597^958 Bank of Norway1 Deposits—Gold 79,358 79,358 Bank of the Republic of Para- Other 239,814 124,176 guay (millions of pesos): Other liabilities 175,508 174,012 gold.. 20 20 Bank of the Republic of Uruguay roreign exchange 2,169 2,115 (thousands of pesos): (Dec. Loans and discounts 80 77 Issue department: 1942)s •Government loans and securities. .. 1,114 1,102 Gold and silver 90,875 92,305 Other assets 2,577 2,301 Note circulation ......... 112,764 112,156 Note circulation 2,231 2,231 Banking department: Demand deposits—Government.. . 584 588 Gold and silver 55,451 66,839 Other 1,613 1,361 Notes and coin 36,805 4©, 195 Other liabilities 1,532 1,435 Advances to State and to Central Reserve Bank of Peru (thou- government bodies 41,135 31,289 sands of soles): (Feb.)3 Other loans and discounts.... 102,301 105,646 Gold and foreign exchange 18,660 69,661 Other assets 113,316 119,104 Discounts 18,182 19,719 Deposits 130,584 134,538 Government loans 275,746 227,461 Other liabilities 218',425 228[536 Other assets 25,865 r10,459 jentral Bank of Venezuela (thou- Note circulation 285,981 232,968 sands of foolivares): Depo sits 32 748 73,506 Gold 245,503 233 144 220 784' 170,677 Other liabilities 19,687 20,828 Foreign exchange (net) 26^831 37^025 32', 091 19,936 Bank of Portugal (millions of (Nov. Credits to national banks 31,230 31,230 31,230 35,230 escudos) : 1942)3 Other assets 5,232 6,210 6,492 8,003 Gold* 1,383 1 367 Note circulation—Central Sank.. 212,452 201,075 201,339 144,161 Other reserves (net) 2,948 l!801 National banks.. 33,704 34,269 34,616 47,581 L G o o a v n e s r n a m n e d n d t i d sc e o b u t nts 5 1 , ' 0 2 7 2 4 8 8 4 3 4 1 , * 0 7 2 2 5 9 8 0 3 Nat - i O D o t n e h p e a o r l s i l B t i s a a b n il k it i o e f s the Kingdom of 5 6 5 , ,9 6 8 5 8 4 6 6 5, , 6 5 8 8 1 4 4 6 8, , 1 5 3 0 9 3 3 6 5 , , 2 8 9 1 1 3 Other assets . .. 998 856 Yugoslavia1 Note circulation 5,176 4,482Bank for International Settlements Other sight liabilities 6,354 4,899 (thousands of Swiss gold francs8): (Feb.)3 Other liabilities 854 714 Gold in bars 73,581 45,477 National Bank of Rumania (millions Cash on hand and on current acof lei): (Jan.)3 count with banks 30,658 42,085 Gold 45,551 38,661 Sight funds at interest 15,306 15,680 Special exchange accounts 31,277 16,354 i Rediscountable bills and accept- Loans and discounts 37,699 33,415 ances (at cost) 146,255 149,392 Special loans (in liquidation) 325 458\ Time funds at interest 20,938 21,026 Government debt 520,96l 9,324 Sundry bills and investments 195 04^ 202 267 Other assets 46,891 46,671 Other assets 11' 174 Note circulation 115,727 96,800 Demand deposits (gold) 38,72$ 29,007 Demand deposits 41,116 36,185 Short-term deposits (various cur- Other liabilities 25,861 11,897 rencies) : South African Reserve Bank (thou- Central banks for own account 15,097 16,018 sands of pounds): Other 2,660 5,180 Gold 67,680 65,159 54,255 Long-term deposits: Special ac- Foreign bills 8,675 6,810 871 counts 229,00 229,001 Other bills and loans 315 372 35 Other liabilities 196,408 196,894 Other assets 85,010 81,558 55,758 c Corrected. xFor last available reports from the central banks of Japan fSeptember 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 Ba®k of Spain (December 1942), see BULLETIN for May 1943, p. 414. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand! labilities. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1941. 6 Includes advances to the Government shown in the bank's statement under "Other assets" prior to Juj 6 Includes small amount of non-Government bonds. 7 Figure not available. 8 See BULLETIN for December 1936, p, 1025, 698 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 i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n t r d h - - s S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l J R u 3 a n 0 t e e ef D fec a t t i e ve ba C n e k n tr o a f— l R Ju 3 a n 0 te a ef D fe a c t t e ive In effect Oct. 2, Oc 1 t 9 . 3 9 6 A A l r b g a e n n i t a ina 3 y * 2 M M a ar r . . 2 1 1, , 1 1 9 9 4 3 0 6 J J a a p va an 3 3 .29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 Oct. 16 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 Bohemia and Lithuania. 6 July 15, 1939 Nov. 26 Moravia... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 an. 28, 1937 une 15 uly7 Bolivia Nov. 8, 1940 Netherlands June 27, 1941 \ug. 4 British India. Nov. 28, 1935 New Zea- Sept. 3 Bulgaria Dec. 1, 1940 land July 26, 1941 Nov. 13 Canada Mar. 11, 1935 Norway.... May 13, 1940 May 10, 1938 Chile... Dec. 16, 1936 Peru Aug. 1, 1940 May 13 Colombia.... July 18, 1933 Portugal. . . Apr. 8, 1943 May 30 Sept. 28 Oct. 27 Nov. 25 Denmark.... Oct. 16, 1940 Rumania. Sept. 12, 1940 Jan/4, 1939 Ecuador May 26, 1938 South Africa June 2, 1941 Apr. 17 El Salvador.. Mar. 30, 1939 Spain Dec. 1, 1938 May 11 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 Aug. 29 Sept. 28 Oct. 26 France Mar. 17, 1941 Turkey July 1, 1938 Dec. 15 Germany Apr. 9, 1940 United King- Jan. 25, 1940 Greece Mar. 1, 1942 dom Oct. 26, 1939 Apr. 9 Hungary Oct. 22, 1940 U. S. S. R... July 1, 1936 May 17 Italy May 18, 1936 Yugoslavia. . Feb. 1, 1935 Mar. 17, 1941 May 29 June 27 2H NOTE.—Changes since May 31: none. In effect June 30, 1943 OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac B 3 c a e m p n o t k a n e n t r c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w ep k a o e n s r c s i e t ' s d P i r s r i c a v o t a e u te nt Da m y- o t n o e - y day d P is r r i a c v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a t t o n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Apr.. 5.21 5.18 4.43 6.63 6.85 5.36 5.81 3.45 1930—Apr.. 2.48 2.49 2.28 4.46 4.40 2.52 3.08 3^ 2.61 1931—Apr.. 2.58 2.57 2.17 4.65 5.67 1.50 1.61 3-5 1.06 1932—Apr.. 2.19 2.07 1.91 5.12 6.17 1.02 .94 5-7 1.50 1933—Apr.. .59 .50 .61 3.88 5.05 .66 1.00 3K-5 1.50 1 19 9 3 3 5 4 — — A A p p r r . . . . . . 9 5 6 9 . . 8 5 9 1 . . 7 8 5 8 3 3. . 3 8 8 8 4 3 . .6 7 4 6 2 3 . .6 0 5 7 3 1 . . 2 8 6 5 23^-5 . . 8 5 0 0 - 1936—Apr.. .55 .52 .75 3.00 2.83 1.07 1.27 234-5 .25 1 19 9 3 3 8 7 — — A A p p r r . . . . . . 5 5 3 5 . . 5 5 1 3 . . 7 7 5 5 2 2 . . 9 8 0 8 3 2 . . 0 5 4 5 . . 1 1 3 9 1. . 0 5 0 0 2 2 y 3 2 4 ~ - 5 5 . . 0 0 0 0 1939—Apr.. .40 1.36 .76 2.88 2.36 1.11 1.24 2H-5 .00 1940—Apr.. .03 .03 1.00 2.38 1.90 1.68 2.75 3-5 .25 1941—Apr.. .03 .01 1.00 2.25 1.67 2.06 2.75 .25 1942—Apr.. .03 .01 1.00 2.13 1.96 .25 1942-May. .03 .00 1.03 2.13 1.71 .25 June. .03 .00 1.00 2.13 1.90 .25 July. .03 .00 1.00 2.13 1.75 .25 Aug. .03 .00 1.00 2.13 1.68 .25 Sept. .03 .00 1.05 2.13 1.83 .25 Oct.. .03 .00 1.04 2.13 1.80 .25 Nov.. .03 .00 1.00 2.13 1.75 .25 Dec. .03 .01 1.00 2.13 1.96 .25 1943—Jan.. .03 .01 1.08 2.13 1.84 .25 Feb.. .03 .00 1.10 2.13 .25 Mar.. .03 .00 .90 2.13 1.25 Apr.. .03 .01 1.03 2.13 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JULY 1943 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i n o g 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 e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y rr 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—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 April. 375 142 128 96-4 1,137 767 268 3,545 2,350 1,195 235 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 h rt 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 la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 ,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 ,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 ,669 962 1942—June 327 28 1,137 181 1,883 639 72 3,121 1,523 ,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 ,654 999 August 333 24 1,064 183 2,192 595 71 3,311 1,612 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 April...".. 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es ,rge 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 ,170 39,647 39,271 375 786 4,423 1940—December 6,258 3,546 44,243 7,984 :,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 11,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 ,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 L,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 1% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861. 8 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. 7OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages af certified noon buying rates in New York for cable trinsfers. In cents per unit of foreign currency] Year or month Off A ic r ia ( g p l e e n so S t E i ) p x n e p a c o ia rt l Off A ic ( u 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 l v i - a ) C Of a fi n c a ia d l a (do F l r l e a e r) O C ffi h ci i a le l (p E e x so p ) ort C S ( h h y h a a u i i n n a ) g n a - 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33 137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!l248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1 1 9 9 4 4 0 1 2 2 9 9 . . 7 7 7 7 3 3 '223^704' 2 3 3 2 2 2 2 . . 8 8 0 0 3 3 0 2 5 1 . . 1 2 6 7 216.880 6 6 . . 0 0 5 5 6 7 2 5 5 5 . . 0 0 2 7 1 0 4 5 3 3 0 0 . . 1 1 5 3 5 7 2 9 9 0 0! .9 9 0 0 9 9 8 8 5 7 . . 1 3 4 4 1 5 25 5 . .1 1 6 6 6 6 8 4 24 4 . . 0 0 0 00 00 0 25 6 . .0 3 0 1 0 3 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—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 May 29.773 25.188 322.80 6.0587 5.1276 30.123 90.909 90.137 Year or month C ( o p b l e i o a s m o) - s ( C l k o z o 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 ( r fr a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57 085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22 0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78. 1942—June 57.037 20.568 322.78 July 57.059 20.567 322.7a Aug 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct 57.023 20.573 322.78 Nov 57.030 20.573 322.78 Dec 57.177 20.573 322.78 1943—Jan. 57.222 20.573 322.78 Feb 57.220 20.573 323.30 Mar 57.233 20.573 324.42 Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n c th a d) ( S p p es a e i t n a) S S m (d e t o e r t l a n t l l a i t e t r s 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 62.011 236!789' 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 '2403!50' 383.00 65.830 37.601 2.2463- 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 . . . 398.00 246.919 403.50 403.50 65.830 52.723 1942—June 398.00 403.50 403.50 65.830 52.744 July 398.00 403.50 403.50 65.830 52.740 Aug. 398.00 403.50 403.50 65.830 52.744 Sept 398.00 403.50 403.50 65.830 52.722 Oct. 398.00 403.50 403.50 65.830 52.720 Nov 398.00 403.50 403.50 65.830 52.733 Dec 398.00 403.50 403.50 65.830 52.734 1943—Jan 398.00 403.50 403.50 65.830 52.754 Feb. 398 00 403.50 403.50 65.830 52.803 Mar. . . 398.00 403 50 65.830 52.805 Apr 398.00 403.50 65.830 52.749 May 3Q8 00 401 W 65.830 52.710 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. JULY 1943 7 OI 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 ( J O a ct p o a b n er ( l 19 a 2 n 6 d - s 30 Sweden (Ju l l a y n 1 d 914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 695 134 237 106 U26 144 1930 86 87 100 554 125 85 181 90 » 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 376 98 62 178 63 i 96 90 1935 80 72 338 102 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—May 99 95 161 114 187 209 June 99 96 160 114 " P355 188 210 July 99 96 160 115 P353 193 212 August.... 99 96 159 115 P357 192 211 September. 100 96 159 115 P358 192 212 October... 100 97 160 115 193 212 November.. 100 97 161 115 P358 195 P214 December.. 101 97 161 115 P358 195 1943—January.... 102 97 162 116 196 ' P215 : February... 103 98 162 116 P197 *>217 March 103 99 162 116 p197 April 104 99 163 116 P197 May 104 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 v as 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 i m t t h m i e e o r s d- pr F o a du r c m ts R f m g p a a a a o c w r t n o t u a d u l r s n - y e d d F f u m c g a l h a c o l i t n o y e u d f u r a l s - e y n d d Foods pr I o n t d r d i u u a c s l t - s p A r g t o r u d i r u c a c u l l t - s a p t f n r r I i i d o n a n d d s l i u u e s c r s m h t - a i e s w - d p t r r I i i o n s a d d h l u u e c s d f t - s in- 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—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 93 160 163 118 103 134 March 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May 126 111 97 ^162 H64 p Preliminary Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. -JOT. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d ) s 9 (1 C — 9 a a 3 1 d n 5 0 a - 0 -3 ) 9 U K = d ( n 1 1 J i o 9 n u i 0 1 m t l 0 g 4 e y ) - d (1 m = G 9 1 1 a e 0 3 n r 0 - - y 1 ) 4 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 1 J l 9 a u 0 i 1 t n n 0 4 z e ) d - Year or month U ( S = 19 n t 1 a 3 0 i 5 t t 0 e e - ) 3 d s 9 ( = 1 C a 9 1 a 3 d 0 n 5 a 0 - - ) 39 U K = d ( n 1 J i o 9 1 i u n 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 - 1 ) 4 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 0 n 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 M32 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 1839 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 "193 1942—May 122 124 160 134 199 1942-May 116 116 200 138 192 June 123 126 159 136 199 June 116 117 199 139 193 July 125 130 160 139 203 July 117 118 200 140 196 August 126 130 160 136 202 August 118 118 201 139 195 September.. 127 129 160 129 203 September .. 118 117 200 135 195 October... . 130 130 162 128 204 October 119 118 200 135 197 November.. 131 132 163 129 November . 120 119 200 135 P199 December 133 133 164 129 December. . 120 119 200 136 ?200 1943—January 133 127 164 131 ^209 1943-January 121 117 199 137 *>201 February ... 134 127 164 132 February.... 121 117 199 137 *>201 March 137 128 165 133 March 123 117 199 138 April 141 129 165 133 April 124 118 198 138 May 143 ^130 134 May 125 p118 j>199 139 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 de r t n i a r i c i t t v e e e e ) s d 1 d K ( 1 D U 9 i e 2 n n c 1 g i e = t d m 1 e o 0 d b m 0 e ) r (1 F 9 r 1 a 3 n =1 c 0 e 0) 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 a 3 i 0 5 t t 0 e e -3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues. 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 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 3101.8 117.5 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 »77.9 88.1 70.8 i 120.6 114.6 9 95.0 1941 117.8 123.8 *98.7 W^103.0 80.0 72.5 "289.7 »»136.8 1942 118.3 127.3 69.4 75.3 *>476 1942—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 P511 October.... 119.3 128.1 74.2 78.4 p5O7 November. 119.5 127.5 75.2 80.4 *>529 December.. 118.9 127.3 75.9 80.1 *>583 1943—January.... 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 May 120.1 95.2 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down] to 287. 5 Averaee May-Dec, only; exchange closed Jan. 1-Apr. 11. J Average Apr-Dec, only. Average Jan.-Mar. on old basis w; <7 9 T » A A v v e e r r a a ° g g e e • b b a a s s e e * d d o o n n r> f f i i g g u u r r e e <s s •-f f o o r r 5 9 m m .1 o o n n t t h h s s ; ; t n n Ao o d d a a t t a a* 1 a a1 v _v1 a _a i Ti l l a a b b l l e e T " M \ Ju a n y e -J -D ul Re y cA . . 10 8 A A1 v v e e r r a a1 g g e e b b a aH s s e e d d o o n n £ f i f g ig u Tu r e r s e s f o f r _o1 r 1 1 7 m m o o n Jn t _ h _t_ h s; s ; n o n o' d 1- a Vd. t l, a a, ta a v a a y il a a i b la le b l f e o r M D ay e - c S e e m p b t. er. 11 Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121 JULY 1943 7O3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General ROBERT F. LEONARD, Director Attorney DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS FISCAL AGENT LEO H. PAULGER, Chief C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT WM. A. DAY Vice President ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE W. S. MCLARIN, JR. 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 704 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 Agdnt Boston. Albert M. Creighton. Henry S. Dcnnison. . . W. W. Paddock. William Willctt. . . K. K. Carrick E. G. Hult J. C. Hunter1 Carl B. Pitman New York... Beardsley Ruml. Allan Sproul. L. R. Rounds. R. M. Gidncy 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. Mcllhennj2 C. A. Sienkiewicz Cleveland.... Geo. C. Brainard.... R. E. Klages M. J. Fleming R. B. Hays Wm. H. Fletcher J. W. Kossin A. H. Laning2 B. J. Lazar K. H. MacKenzie W. F. Taylor Richmond. . . Robt. Lassiter. W. G. Wysor Hugh Leach. J. S. Waldcn,Jr.... J. G. Fry Geo. H. Keesec1 R. W. Mercer Atlanta Frank H.Ncely.., J. F. Porter W.S. McLarin,Jr. Malcolm H. Bryan. L. M. Clark H. F. Conniff Chicago Simeon E. Leland. W. W. Waymack C. S. Young H. P. Preston Allan M. Black1 J. H. Dillard Charles B. Dunn E. C. Harris A. }. Mulroney Alfred T. Sihier St. Louis Wm. T. Nardin Oscar G. Johnston . . Chester C. Davis F. Guy Hitt O. M. Attebery Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffey Roger B. Shepard. . . J. N. Peyton.... O. S. Powell A. W. Mills1 Otis R. Preston E. W. Swanson A. R. Upgren Harry I. Ziemer Kansas City.. R. B. Caldwell Robert L. Mchornay. H. G. Lccdy.... Henry O. Koppang Raymond W. Hall D. W. Woolley2 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 Holden... Wm. A. Day.... Ira Clerk C. E. Earhart W. M. Hale H. N. Mangels1 R. B. West MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Managing Director Branch Managing Director Bank of Bank of New York Buffalo R. B. Wiltse Minneapolis .... Helena R. E. Towle Cleveland Cincinnati B. J. Lazar3 Pittsburgh J. W. Kossin3 Kansas City .... Denver Jos. E. Olson Oklahoma City G. H. Pipkin Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte W. T. Clements Atlanta Birmingham P. L. T. Beavers Dallas El Paso J. L. Hermann4 Jacksonville Geo. S. Vardeman, Jr. Houston E. B. Austin4 Nashville Joel B. Fort, Jr. San Antonio L. G. Pondrom4 New Orleans E. P. Paris Chicago Detroit E. C. Harris3 San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock A. F. Bailey Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis W. H. Glasgow Seattle C. R. Shaw 1 Cashier. 2 Also Cashier. 8 Vice President. 1 Manager. JULY 1943 7°5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

"3 G FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES *~ MINNEAPOLIS^ D Pi I sssss BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§) FEDERAL RESERVE BANK CITIES m • FEDERAL RESERVE BRANCH CITIES td O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 BOARD OF GOVERNORS OF THL FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis