Federal Reserve Bulletin, 1943-08

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

^CONTENTS: Review of the Month—Third War Loan Drive. 707-711 Ownership of Bank Deposits 713-716 Revision of Statistics of Bank Debits. . . 717 Postwar International Monetary Stabilization. 718-718 British White Paper on War Finance.. . 72.9-740 Current Events. 741 National Summary of Business Conditions . 741-743 Financial, Industrial, Commercial Statistics, U. S. (See p. 745 for list of tables).. 745-790 International Financial Statistics (Sec p. 791 for list of tables) 791-803 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 804 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .. 805 Map of Federal Reserve Districts 806 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The'subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME August NUMBER 8 THIRD WAR LOAN DRIVE On July IJL the Secretary of the Treasury amounts of money than any nation has ever announced that the goal set for the Third asked from its citizens in all history, I, FRANK- War Loan drive, which is scheduled to LIN D. ROOSEVELT, President of the United begin on September 9, is 15 billion dollars. States of America, do officially proclaim that on Thursday, the ninth of September, 1943, the This is the largest financing program in the Third War Loan shall be launched. history of the world. The entire amount As Commander-in-Chief, I hereby invoke is to be sold outside of commercial banks, every citizen to give all possible aid and support that is, to individuals, corporations, into this Third War Loan drive, not only so that surance companies, and other nonbanking our financial goal may be reached, but to eninvestors. In the first and second war loan courage and inspire those of our husbands and drives commercial banks were included. fathers and sons who are under fire on a dozen Shortly after the drive terminates a separate fronts all over the world. It is my earnest hope offering of securities will be made to the that every American will realize that in buying banks. War Bonds in this Third War Loan he has an This change of program is in keeping opportunity to express voluntarily and under the guidance of his conscience, the extent to with the policy of financing the war to as which he will "back the attack." large an extent as possible outside of the The American people supported well the first banking system. Emphasis on sales of and second War Loan drives and in fact did even securities to individuals is for the purpose of more than was asked of them. Our need for absorbing funds that might otherwise be money now is greater than ever, and will conused to bid up prices of the diminishing tinue to grow until the very day that Victory supply of consumer goods. Subscriptions is won; so we must ask far more sacrifice, far by others than commercial banks were 8 more cooperation than ever before. billion dollars in the first war loan drive in In Witness Whereof, I have hereunto set my December and 13 billions in the second war hand and caused the seal of the United States loan drive in April. The proposed 15 of America to be affixed. billions of nonbank funds for the third Done at the City of Washington, this twentydrive consequently represents a substantial sixth day of July, in the year of increase from the record of the previous (SEAL) our Lord nineteen hundred and forty-three, and of the Independrives. dence of the United States of On July z6 the President of the" United America the one hundred and States issued the following proclamation sixty-eighth. calling upon the people of the country to FRANKLIN D. ROOSEVELT aid and support the drive: By the President: Recognizing the fact that in carrying the war CORDELL HULL into enemy territory, we shall need greater Secretary of State AUGUST 1943 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH SECURITIES OFFERED including the press, the radio, theaters, posters, and circulars. Under the program The types of securities to be offered in of separating commercial bank and nonthe drive in September are essentially the bank borrowing, the largest possible same as those sold in the Second War Loan amounts of securities will be sold to nondrive and are designed to meet the requirebank investors during the periodic drives ments of all classes of nonbank investors. through intensified sales campaigns. Ad- The new issues to be offered in the drive ditional amounts needed by the Treasury are x>^ per cent bonds of December 1964-69, can then be borrowed from commercial x per cent bonds of September 1951-53, and banks between drives. Y% of 1 per cent certificates of indebtedness. In addition, savings bonds of Series E, F, SALE OF WAR BONDS TO INDIVIDUALS and G and Treasury savings notes of Series C, which are continually on sale, will be The Treasury has raised its goal for the included in the drive. sale of war bonds to individuals during the A provision requiring 30 days' notice for last half of 1943 to 18 billion dollars. This redemption of Series C Treasury savings goal is more than double the 7 billion notes has been eliminated, and the notes can dollars sold in the first six months of the now be redeemed at any time after six year. A goal has not been set for the fiscal months from the date of issue. Subscrip- year as a whole because of uncertainty surtions for all of the issues included in the rounding additional taxes for next year. drive will be allotted in full. The bonds Sales at the expected rate for the last half and certificates will be dated September 15. of this year, however, would amount to 36 The bonds will be issued in denominations billion dollars on a full year basis, which from $500 to $1,000,000 in either registered when added to estimated tax receipts under or coupon form, while the certificates will present legislation would be about twobe issued in denominations of $1,000 to thirds of total estimated Treasury expendi- $1,000,000 and only in coupon form. Com- tures, including net expenditures by Govmercial banks will not be permitted to ernment agencies as well as regular budget acquire the x>2 per cent bonds until ten accounts. A large part of the remaining years after the date of issue. one-third of expenditures would be raised through non-inflationary borrowing from ORGANIZATION FOR THE DRIVE nonbank investors. Under this program, The raising of the 15 billion dollars will it appears that borrowing by the Governbe handled by the new War Finance Com ment from banking sources can be held to r rnittees of each State, and the securities will much less than the proportion for the first be sold principally by hundreds of thou- half of 1943, when increases in Government sands of volunteer salesmen. Since a major security holdings of commercial banks and consideration is to increase the number of Federal Reserve Banks represented approxipeople who are buying war bonds, the sales mately 40 per cent of the increase in the organization will concentrate on house-to- debt. The intensified effort to sell securities house selling. In addition, as in the case of to nonbank investors does not, however, the April drive, many forms of publicity lessen the need for increased taxes, since the will be used as part of the sales campaign, Government's war program will be larger 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in the coming fiscal year than in the past GROSS NATIONAL PRODUCT and the dangers of inflationary develop- FISCAL YEARS ments are still present. FUNDS AVAILABLE FOR PURCHASE OF WAR BONDS In setting a higher goal for its next drive the Treasury is aware both of the increasing volume of war expenditures and the consequent rise in the amount of funds that will be available for the purchase of Government securities. War production is gen- 1940 1941 1942 1943 1944 erating incomes roughly equal in amount to Figures for fiscal years 1940 through 1942 are from Bureau of Foreign and Domestic Commerce, Department of Commerce; figures for fiscal that production. While the Government is years 1943 and 1944 are estimates by Division of Research and Statistics, Treasury Department. spending far more than it is receiving in taxes and is faced with a deficit, the people has been a decline in the production of priof the country are receiving more income vate capital goods, while the available than they spend, because goods available supply of consumers' goods and services for purchase are diminishing. It is the has increased in total dollar value. It resultant surplus of income that the Govern- is estimated that in the fiscal year 1944, ment is proposing to channel back into the under existing tax legislation, a little war effort. more than one-third of Government ex- It is recognized that the increase in sur- penditures, or about 38 billion dollars, will plus income (or savings) will not be equally be covered by taxes and the remaining distributed among different groups or differ- two-thirds, or about 70 billion dollars, by ent individuals. Some individuals—those borrowing. The amount that needs to be living on fixed incomes, pensions, annuities borrowed corresponds closely to the amount and so on—are much less able to increase of corporate and individual surplus or savtheir savings, while others, whose incomes ings that will be available after payment of have advanced rapidly—and they represent taxes and purchasing the available supply a large proportion of the people—are saving of goods and services. far in excess of the national average. The fundamental task of war finance is to According to estimates supplied by the transfer this excess income from private to Treasury, shown in the accompanying public use; to draw back into the Treasury chart, the value of all goods produced and out of the income created by our everof services rendered in the country will have expanding national production an amount increased from 93 billion dollars in the equal to what the Government is spending. fiscal year 1939-1940 to an estimated 196 The best way to do this is by increasing billion in the fiscal year 1943-1944. Most taxes and the sale of War Bonds. To the of this increase is accounted for by Federal extent that these two methods of rechan- Government expenditures for war activities, nelling excess funds are used, pressure for an which will amount to about 100 billion inflationary advance in prices of civilian dollars in this fiscal year. Since 1941 there goods can be avoided,. AUGUST 1943 7O9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH OFFERINGS TO BANKS July and at the end of the month were about 1.1 billion dollars. Continued sub- The Treasury announced that shortly stantial increases in the amount of currency after the September drive terminates, a 2. per in circulation and in the volume of required cent bond and a % of 1 per cent certificate reserves and wide fluctuations in Treasury of indebtedness will be offered for subdeposits at Reserve Banks were largely offscription by commercial banks for their own set in their effects on excess reserves by account. In order to confine all sales in the purchases, and occasionally resales, of Treasdrive to nonbank sources, commercial banks ury bills by the Federal Reserve Banks. are requested not to buy in the market, and Member banks, particularly in New York the market is requested not to trade in, the City and Chicago and to an increasing extent 2. per cent bonds and J/g of 1 per cent certifiin many other cities as well, now follow the cates offered in the drive until the books for practice of adjusting their reserve positions bank subscriptions are closed. This inby selling Treasury bills to the Reserve novation will discourage speculative pur- Banks when they need additional reserves chases of securities in the drive for resale and repurchasing bills when they have surlargely to commercial banks. plus funds. During June and July there Late in June the Treasury offered for was a net increase of 2..$ billion dollars in public subscription lyi per cent 4-year Reserve Bank holdings of Treasury bills, notes. Allotments of these notes, for with rather wide daily fluctuations at which payment was made on July i2_, times during the period. amounted to about 1.7 billion dollars. During the forthcoming drive, excess re- Commercial banks were the largest purserves of member banks may be expected chasers of the notes. to increase substantially. A considerable The Treasury refunded the 1.6 billion part of the payments for securities will redollars of certificates of indebtedness masult in shifts from deposits that require turing August 1 by offering in exchange reserves to war loan deposits, which are exnew % of 1 per cent certificates to mature empt from reserve requirements. Required in one year. An additional yoo million reserves consequently will decline sharply dollars of the new issue was offered to comduring the drive; thus releasing reserve mercial banks only for their own account. funds, which may be held as excess reserves The restriction of the cash offering to comor used to repurchase Treasury bills from mercial banks is in line with the policy of the Reserve Banks. This increase in availexcluding commercial banks from the offerable funds, however, will be only temings in the drives. Cash subscriptions porary, for as the Treasury reduces its were limited to 100 per cent of the subbalances and the proceeds are credited to scribing bank's capital, surplus, and unaccounts of the public, reserve requirements divided profits, or 5 per cent of total dewill again increase. posits, whichever is larger. Banks following a full investment policy may use the temporary increase in reserve EXCESS RESERVES funds to purchase short-term securities. Excess reserves of member banks, which Treasury bills provide the most flexible remained at an average level of about 1.5 medium for the investment of temporary billion dollars during June declined during funds. As a consequence, there will prob- 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ably be an increase in commercial bank funds through periodic offerings of bonds demand for Treasury bills, both those cur- and certificates and through a regular rently offered and those previously sold to weekly increase in the volume of Treasury the Federal Reserve Banks under option, bills outstanding. As shown in the chart, these various issues have been purchased in CHANGE IN OWNERSHIP OF GOVERNMENT different proportions by banks and other SECURITIES investors. Since last November, when the first war Treasury bills, which have a maturity of loan drive began, the Treasury has raised three months, have been sold at a discount OWNERSHIP OF GOVERNMENT SECURITIES •IIUOMS OF DOLLARS END OF MONTH FIGURES 6ILU0NS OF DOLLARS 20 BILLS 20 70 BONDS 70 TOTAL OUTSTANDING 10 10 60 60 TOTAL /^ COMMERCIAL ^ ourSTANDING/ BANfCS^^ F. R. BANKSy,' <£*""*OTHER 0 E 0 50 50 1 ' / 20 CERTIFICATES 20 TOTAL ^0-m OUTSTANDING F 40 40 10 i 10 COMMERCIAL BANKS 30 OTHERf 30 r»S 1 OTHER/ —/""F. R. BANKS 0 ^— 20 20 20 20 NOTES "COMMERCIAL BANKS TOTAL 10 OUTSTANDING 10 10 10 ^.R. BANKS 0 b=c 0 0 1 I 1 I l I l ! i ! i I i l l I i l A M J J A S O N D J F M A M J J A S O NO A M J J A S O N D J F M A M J J A S O NO 1942 1943 1942 1943 Figures for commercial banks are as reported in monthly surveys by Treasury Department for about 5,700 banks; those fur the end of June are estimated. Figures for "other" holders are obtained by deduction and include holdings of commercial banks not covered by the Treasury survey. AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH rate of about % of i per cent, the rate at Reserve Bank holdings of certificates in which Reserve Banks stand ready to buy recent months have been small in amount. such bills, and they have been bought There was little change in the volume of largely by commercial banks and the Treasury notes outstanding or in the dis- Federal Reserve Banks. The amount of the tribution of these holdings between Noweekly offerings of these bills has gradually vember of last year and June. The new increased from 150 million dollars early in issue of notes sold in July, were mostly 194.x to 1,000 million dollars in recent bought by commercial banks. weeks. At the end of June there were 11. The amount of Treasury bonds outstandbillion dollars of such bills outstanding, of ing increased by about 14 billion dollars which commercial banks held about 7 from the end of last November to the end billion and Federal Reserve Banks 3.8 of June. New bond offerings consisted of billion. In June and July commercial banks x>2 per cent bonds maturing in about reduced their holdings of bills through sales twenty-five years and not available for bank to Federal Reserve Banks for the purpose of purchase, and of 1% per cent and 2. per cent obtaining needed reserves. As a conse- bonds maturing in less than ten years and quence the increase in Reserve Bank hold- available for purchase by banks as well as ings exceeded the additions to the total by others. Banks, besides purchasing the amount of bills outstanding. new offerings available to them, have also The amount of certificates outstanding increased their holdings of outstanding has increased since last November by 9.4 issues of Treasury bonds, including some billion dollars, over half of which were maturing after ten years. From November absorbed by commercial banks. The cer- to the end of June commercial banks intificates have a maturity of one year and creased their total bond holdings by about bear an interest rate of % of 1 per cent. 7 billion dollars, holdings of other investors Attracted by their short maturities and increased by about 8 billion, while holdings ready marketability, corporations have also of Federal Reserve Banks declined by a bilinvested a substantial amount of liquid lion. Commercial banks further increased funds in these certificates. Increases in their holdings of bonds during July. 711 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF BANK DEPOSITS Demand deposits at commercial banks in- nature of the survey, should be considered only creased at an unprecedented rate in 1942. and the rough indications of probable amounts of perfirst quarter of 1943, and the total of business and sonal deposits and of deposits owned by various personal deposits reached a new high figure of broad business groups. 53 billion dollars at the end of that period. Information about the ownership of these de- NATURE OF REPORTS posits has been obtained through a recent These estimates were based on reports received exploratory survey made by the Federal Reserve from a sample of 689 banks, which held about 40 System. per cent of all demand deposits of individuals, Tentative estimates based upon sample reports partnerships, and corporations in the United received from about 700 banks indicate that States on March 31, 1943. About 70 per cent of somewhat more than two-thirds of demand de- deposits at reporting banks were classified as to posits of individuals, partnerships, and corpora- ownership; the accounts so classified were the tions at all commercial banks in the country larger ones, including all those above limits belong to businesses and that less than a third varying from $5,000 to $100,000 at most banks, are personal. In total it appears that incor- although a few banks used higher or lower porated and unincorporated business deposits, limits. The bulk of the dollar volume of deincluding those of financial institutions and posits classified was at large- and medium-sized agencies other than banks as well as those of banks, where the sample was relatively much concerns engaged in manufacturing, construc- more complete than for small banks. The tion, trade, services, etc., were in the neighbor- broad estimates for deposit ownership at all hood of 35 billion dollars, while personal de- banks make allowance for the greater proportion mand deposits, including those of farmers, were of personal deposits among the accounts not around 15 billion dollars. It should be ob- classified and among nonreporting banks than served, however, that in addition individuals among reported classified deposits. These allowheld predominant proportions of the 2.9 billion ances, however, in the absence of actual figures dollars of savings and other time deposits at can only be approximated, and the estimated commercial and mutual savings banks and of the figures here given are necessarily tentative.1 15 billion dollars of currency in circulation outside banks at the end of March. PLANS FOR REGULAR COLLECTION OF DATA It has been estimated that of the total increase Because of the importance of information of 15 billion dollars in demand deposits over the about who owns the rapidly growing volume of fifteen months ending March 31, 1943, perhaps 5 to 6 billion dollars occurred in the accounts of 1 The results of the survey may be compared with estimates of savings of individuals and unincorporated businesses made quarterly by manufacturing, mining, and construction busi- the Securities and Exchange Commission. These broad estimates of savings are subdivided and one item shows changes in holdings of curnesses and another 5 or 6 billion in accounts of rency, demand deposits, and time deposits of individuals and unincorporated businesses. They are derived by deducting from changes in all other businesses—financial and nonfinancial. total domestic deposits and currency estimates of changes in corporation cash holdings, which in turn are derived from current reports of a This estimated increase in business deposits—a sample of corporations. In addition to the inclusion of currency and time deposits in the SEC figures, there are a number of important difgrowth of about 50 per cent—accounts for two- ferences between the two sets of figures. The principal difference is that in the SEC figures deposits of unincorporated businesses are comthirds to three-fourths of the increase in total bined with those of individuals, whereas in the Federal Reserve figures those of corporate and noncorporate businesses are shown together. demand deposits, and indicates that the growth This difference, together with the fact that foreign deposits (which are largely business deposits) and both interbank and intercustomer float of personal deposits (including those of farmers) are excluded from the SEC figures of corporate cash but are included in the Federal Reserve figures, explains in part the large difference bewas probably around 3 or 4 billion dollars over tween the Federal Reserve estimates of business deposits and the SEC estimates of corporate deposits. Some other elements accounting for the period, an increase of about one-third. the differences are the inclusion of trust funds of banks in the Federal Reserve figures of business deposits and the separate reporting of non- These estimates, because of the exploratory profit associations in the Federal Reserve figures. Further study is being made of data that may help to account for the differences. AUGUST 1943 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF BANK DEPOSITS bank deposits and what shifts have occurred in of business. These figures indicate that nearly this ownership, the Board and the Federal Re- two-thirds of the deposits in the classified serve Banks have decided to obtain regular "large" nonfinancial business accounts belonged semiannual statistics of this nature. Reports to concerns engaged in manufacturing, mining, are to be obtained on a purely voluntary basis for a sample of member banks as of the end of July TABLE 1. DEMAND DEPOSITS OF INDIVIDUALS, PARTNERand January; they are expected to cover a some- SHIPS, AND CORPORATIONS AT 689 BANKS, BY TYPES OF DEPOSITORS1 what larger number of banks and to include March 31, 1943 more medium-sized banks than the preliminary Amount j Percent' March survey. Most banks are being asked to outstand-1 age of ing(In total declassify as to ownership a larger proportion of i millions posits at I of reporting their deposits; in general banks will be asked to I dollars) banks classify all accounts of $10,000 or more, although Classified "large" deposits:2 some larger banks will use higher minimum N Fi o n n a f n in c a ia n l c b ia u l s b in u e s s i s n e e s sses 1 2 0 , , 4 8 0 1 1 8 5 1 2 1. . 5 0 limits. In addition, a special survey is being N Pe o r n s p o r n o a f l i t (i a n s c s l o u c d i i a n t g io f n a s r , m c e lu rs b ) s, churches, etc... 3 8 2 8 7 2 4 1 . . 2 6 made as of the end of July of a substantial num- Total classified 14,430 69.3 ber of small banks to obtain more complete Unclassified deposits 6,380 30.7 information than was received in the March T D o e t p a o l s d it e s p a o t s i n ts o n a r t e p re o p r o ti r n t g in g b a b n a k n s k e s .... 3 2 2 0 , , 2 8 9 1 0 0 !.. 1 . 00.0 survey on how their deposit distribution differs Deposits at all commercial bankse 53,100 from that of the larger banks. More compre- 1 Including approximately 400 branches in San Francisco Federal hensive and uniform results from reporting banks Reserve District. 2 Lower classification limit varied from $3,000 to $1,000,000; most and the wider coverage will provide the basis banks used from $5,000 to $100,000, and 8 used over $100,000. e Estimated. for more accurate estimates as to the distribution of all bank deposits than were possible from the and construction, with public utilities and trade March survey. each accounting for about an eighth of the group total. Among the financial accounts, those of OWNERSHIP OF BANK DEPOSITS AT REPORTING insurance companies comprise the most impor- BANKS MARCH 31, 1943 tant group. Of the estimated 53.1 billion dollars of demand deposits of individuals, partnerships, and cor- TABLE 2. DISTRIBUTION OF "LARGE" BUSINESS DEPOSITS porations at all commercial banks on March 31, BY TYPES OF BUSINESS1 March 31, 1943 1943, the 689 banks covered by the survey held 2.0.8 billion, of which 14.4 billion were classified Amounts outstand- Percentas to ownership. Slightly over half of all per- ing (In age of millions group sonal and business deposits at these banks were of totals dollars) classified as belonging to nonfinancial businesses Nonfinancial businesses 8,738 100.0 and ix per cent as belonging to financial busi- Manufacturing, mining, and construction.... 5,571 63.8 nesses, while amounts of large deposits classified Public utilities, transportation, and communias personal were small. About 31 per cent of Re c t a a t i i l o a n nd wholesale trade and dealers in com- 1,253 14.3 the total were not classified. The actual Al m l o o t d h it e i r e . s , . . . . . . , .. 1,1 8 1 0 2 2 1 9 2 . . 2 7 amounts reported in each group are shown in Financial businesses. 1,581 100.0 Table 1, which also indicates the relative size of Insurance companies 782 49.5 the sample as compared with all commercial Investment trusts and investment companies 136 8.6 banks. Security brokers and dealers 90 5.7 Trust funds of banks .. 230 14.5 All other 343 21.7 Table 1 summarizes figures reported by a smaller number of banks giying a more detailed 1 Includes only demand deposits in accounts above certain minima, varying from $3,000 to $1,000,000; most banks used from $5,000 to breakdown of business deposits by broad types $100,000 and a few used over $100,000. Financial business breakdown based on reports from 159 banks; nonfinancial business from 572 banks. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF BANK DEPOSITS reported by most banks but not shown in the DISTRIBUTION OF DEPOSITS AT DIFFERENT table, indicates that deposits of establishments SIZED BANKS engaged in trade and in miscellaneous services Table 3 indicates that business deposits comare relatively much more important at the small prise a substantial proportion of demand deposbanks than at the large ones. Deposits of manuits in banks of all sizes, although the proportion facturing and mining concerns, of insurance is greater for large banks than for smaller ones. companies, and of other financial businesses are The amount of unclassified deposits was much relatively more important at the large banks. greater in the small banks than in the large ones, even though lower minimum limits were used CHANGES IN DEPOSITS BY TYPES OP OWNERS in the former than in the latter. The very large Table 4 shows for 533 banks, which reported banks, which mostly classified accounts of over back data, the dollar and percentage increase in $100,000, reported a classification for about each type of account between December 31, 1941 three-fourths of all their demand deposits of the and March 31, 1943. Of the total increase in type covered, while the smallest banks classified deposits at reporting banks over the period, over slightly less than half of their deposits. These three-fourths was in reported large nonfinancial differences in proportion of unclassified deposits business accounts, primarily those of manufacreflect the greater relative importance of small turing, mining, and construction concerns, with personal accounts at the smaller banks than at another 7 per cent in financial businesses. Makthe larger ones. ing allowance for a division of the unclassified Detailed classification of business accounts, deposits, it seems certain that well over 90 per cent of the total increase in deposits at reporting TABLE 3. PERCENTAGE DISTRIBUTION OE DEPOSITS IN banks occurred in business accounts—financial SELECTED BANKS BY TYPES OF OWNERS IN VARIOUS SIZE GROUPS OF BANKS TABLE 4. CHANGES IN "LARGE" DEMAND DEPOSITS OF March 31, 1943 INDIVIDUALS, PARTNERSHIPS, AND CORPORA- TIONS AT 533 REPORTING BANKS1 Banks with deposits of— December 31, 1941-March 31, 1943 Over $50 to $10 to Under [Amounts in millions of dollars] $250 $250 $50 $10 million million million million Amount Increase or (13 (64 (175 (350 banks) banks) banks) banks) outstanding decrease Cl N as o s n if f i i e n d a n " c l i a a r l g b e" u s d in ep e o ss si e t s s: .... .... 58.2 49.6 50.4 33.3 M 3 a 1 r , ch ce D m e b - er Am- c P e e n r t - - Financial businesses .... 13.3 12.0 8.3 4.3 1943 1 3 9 1 4 , 1 age Nonprofit associations, clubs, churches, etc 1.4 1.7 2.0 1.9 Nonfinancial businesses2... I 6,265 3,972 2,293 57.7 3.7 4.3 5.7 7.2 Personal (including farmers) Manufacturing, mining, and 76.6 67.6 66.4 46.7 construction 3,108 1,905 1,203 63.2 Total classified deposits. Public utilities 761 639 122 19.1 23.4 j 32.4 33.6 53.3 Trade 588 377 211 i 56.0 Unclassified "small" deposits All other..... 502 350 152 43.4 Total deposits of individuals, partnerships, and corpora- Financial businesses3. 1,515 1,306 209 16.0 tions I 100.0 I 100.0 j 100.0 I 100.0 Insurance companies. 579 376 203 54.0 NOTE.—Size of bank, as well as distribution of deposits, based on Investment trusts, etc 90 92 ! -2 -2.2 demand deposits of individuals, partnerships, and corporations. In Security brokers and dealers . 59 66 i -7 -10.6 large banks classified deposits generally include all accounts of over Trust funds of banks..... 95 90 I 5.6 $100,000 each, while in smaller banks minimum limit is mostly between Allother 152 146 i 4.1 $5,000 and $25,000. Branches of banks in the San Francisco District are classified separately according to size of branch rather than accord- Nonprofit associations, clubs, ! ing to size of bank as a whole. These branches comprise a large pro- churches, etc 163 163 portion of the banks with deposits of under $10,000,000 each. This Personal (including farmers). 459 451 1.8 group contains few very small banks. Reporting banks in the two largest size groups held over half of the estimated total of such deposits Total classified deposits.. 8,402 5,892 2,510 42.6 at all commercial banks of those sizes, and the sample of banks with such deposits of between 10 and 50 million dollars had about a fourth 1 Includes only classified "large" accounts at reporting banks. of the estimated total for that group; in the smallest size group the 2 Total exceeds sum of subgroups because only 478 banks reported sample was about 6 per cent. Number of banks in two smaller size subgroups. groups is approximate because exact number of branches included 3 Total exceeds sum of subgroups because only 58 banks reported is uncertain. subgroups. AUGUST 1943 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF BANK DEPOSITS and nonfinancial. The broad estimates given inventories, and the accumulation of uninvested earlier in this statement show that at all com- reserve funds, depreciation allowances, accrued mercial banks the increase in business deposits tax liabilities, and retained earnings. They also accounts for a somewhat smaller proportion of reflect the building up of liquid funds preparathe total increase, reflecting the larger volume of tory to the Treasury war loan drive, which came personal deposits at nonreporting banks. in April shortly after the date of the survey. The largest dollar and percentage increases Much of the increase in business deposits ocwere in manufacturing, mining, and construction curred in the last three months of the fifteenbusinesses; large percentage increases were also month period, and a large portion of the deposits shown in deposits of insurance companies and then accumulated were utilized to purchase wholesale and retail trade concerns. When Government securities during the war loan drive. allowance is made for overstatement of the in- Insurance companies, which held exceptionally crease inherent in the classification of only large large deposits at the end of March, utilized a deposits (i.e. for the shift of accounts from below large portion of these to purchase securities to above the minimum size classified) and for during the drive. In addition, purchases of new distribution of unclassified accounts, it appears securities by other corporations were substantial. that deposits of nonfinancial business concerns During the drive, bank deposits of individuals, increased by about 50 per cent, compared with partnerships, and corporations declined by 5 an increase of about a third in personal accounts. billion dollars or more. Subsequently these The very large increases in cash holdings in manufacturing, mining, construction, and trade deposits have risen above pre-drive level as reflect various factors, including increased work- funds borrowed from the public and from the ing capital needs associated with the unprece- banks during the drive have been expended by dented volume of war production, liquidation of the Treasury. 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF STATISTICS OF BANK DEBITS Beginning with the month of May 1942., when TOTAL DEBITS TO DEPOSIT ACCOUNTS EXCEPT INTERBANK ACCOUNTS JULY 1942-JUNE 1943, the collection of bank debits statistics was INCLUSIVE changed from a weekly to a monthly basis, a [In millions of dollars] number of banks in previously reporting centers Old Series New Series and 60 new reporting centers were added. New York City 248,584 267,881 However, in the statistics heretofore published 140 other centers .............. 378,783 384,582 Other reporting centers1 57,874 72,533 in the BULLETIN the figures for the additional banks and new reporting centers have been ex- Total ...... 685,245 724,998 cluded because comparisons with the preceding 1 133 in old series and 193 in new series. year have not been available. In the Board's release of bank debits figures revision results in an increase of less than 2. per for July 1943 the figures for the additional banks cent. In the other reporting centers (formerly are included for the first time, and figures for the 133 and now 193) the new series is approxinew reporting centers are also included in the mately X5 per cent higher than the old series. summary for the first time, with year ago com- The effect of the additional reporting banks parisons. The monthly figures shown in the has been considerable in certain individual table on page 756 of this issue of the BULLETIN cities. For example, the increase in Topeka have also been revised beginning with May 1942.; has been around 55 per cent, Atlanta 14 per cent, the total figure for the year 1941 has not been and Chicago 7 per cent. In the district sumrevised because figures on the new basis are maries the Dallas and Minneapolis Districts available for only the last eight months of the were most affected by the added banks and year. A comparison of the old and new series reporting centers, which resulted in increases in for the past twelve months is shown in the bank debits of approximately 10 per cent; in the table in the next column. New York and Atlanta Districts the increases The total bank debits of all reporting centers were approximately 8 per cent. are nearly 6 per cent higher on the revised basis, Accompanying the Board's July 1943 release In New York City the additional banks have are tables showing back figures from May 1941 increased the bank debits on the revised basis on the revised basis for (1) the 2.1 cities in which nearly 8 per cent. For the national series of newly reporting banks were added, and (V) 140 other centers, available since 1919, the district and national totals. AUGUST 1943 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION On July 12, 1943, the Canadian Minister of Fi- Like the British and the American plans, the proposals of the Canadian experts are provisional nance, the Hon. J. L. Us ley, tabled in the Canadian and tentative in character; they incorporate House of Commons a document containing general important features of both the American and the observations of Canadian experts on plans for -postwar British plans and add to them certain new monetary organisation and tentative draft proposals elements. of these experts for an International Exchange Union. 2.. The main objectives of the American and the British proposals appear to be identical, As explained in the general observations, the proposals namely, the establishment of an international of the Canadian experts, like the British and Amerimonetary mechanism which will aid in the can plans,1 are provisional and tentative in character. restoration and development of healthy inter- Mr. I Is ley, in presenting the Canadian plan to the national trade after the war, which will achieve House of Commons, stated that' 'the document does not a high degree of exchange stability, and which will not conflict with the desire of countries to necessarily represent the vieivs of this Government by carry out such policies as they may think approwhich, indeed, it has not as yet been considered, and priate to achieve, so far as possible, economic involves no commitment ivhatsoever as to the attitude stability at a high level of employment and which may later be taken by the Government when incomes. To aid in the achievement of these formal internatonal discussions are held to deal with objectives, the British and American experts have proposed the establishment of a new interthe problem in question.'' The text of this document national monetary institution. Their proposals is given below, with certain minor modifications in the are large in conception, but no larger than the headings. problem itself. There is every reason to improve the structure and operation of the monetary GENERAL OBSERVATIONS OF CANADIAN EXPERTS mechanism on the basis of experience. But ON PLANS FOR POSTWAR MONETARY there is no reason why proposals should be based ORGANIZATION exclusively on the limited, and on the whole, 1. Officials of the Canadian Government have bad experience of the past two decades. Unless had an opportunity of examining the United dependable exchange and credit relations be- States Treasury Department Preliminary Draft tween countries can be achieved before the Outline of a Proposal for a United and Associated stresses and strains of the postwar period begin, Nations Stabilization Fund, and have received there is little likelihood that irreparable damage explanations of this proposal from American can be avoided. officials. A similar procedure was followed in 3. If plans for international monetary organiconnection with the paper containing proposals zation are to be successful, other problems—by by British experts for an International Clearing no means less difficult or less important—will Union. The discussions with both British and also have to be faced and solved by joint inter- American officials have been entirely exploratory national action. It would, indeed, be dangerous and the Canadian Government has not been to attach too much importance to monetary committed to any course of action as a result of organization of and by itself, if this resulted in these conversations. The American and British neglect of other problems which may be even experts, for their part, have laid stress on the more important and difficult, or in a misguided fact that their proposals are tentative in charac- faith that with a new form of monetary organiter, and have made it clear to representatives of zation the other problems would solve themthe Canadian Government (as well as to those of selves. In the international field alone (to say other Governments) that they would welcome nothing of the innumerable domestic problems critical comment and constructive suggestions. involved in the profound changes in the struc- Canadian experts who have been studying the ture of production and employment which have British and the American proposals are, theretaken place in all belligerent and many nonfore, led to make certain observations of a genbelligerent countries due to the exigencies of the eral character and to submit an alternative plan. war) it will be necessary to attack frontally such problems as commercial policy, international 1 For texts of these plans, see the BULLETIN for June 1943, pp. 501- investment, the instability of primary product 521. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION prices—to name but a few. No international foreign means of payment of certain important monetary organization, however perfect in form, countries is to be allowed to fix the pattern of could long survive economic distortions result- postwar trading and domestic policies, then all ing from bilateralist trade practices, continued can look forward to penury—no country, rich or refusal of creditor countries to accept imports in poor, will escape the impoverishment resulting payment of the service on their foreign invest- from the throttling of international trade which ment or to invest their current account surplus will result. abroad, or enormous fluctuations in food and 6. It is useful to consider what would happen raw material prices such as characterized the if no action were taken to set up international years between the two wars. But the fact that machinery of the general character suggested by there are many problems to be faced cannot be the experts of the United States and the United used as an excuse for facing none. A start must Kingdom. Theoretically, one alternative would be made somewhere, and for the reasons given be immediate cash settlement for all internain paragraph 5, the problem of international tional transactions. But how can cash be monetary organization is a logical and fruitful produced for purchases abroad? Only by selling starting-place. goods or services abroad, or by disposing of 4. The establishment of an international acceptable foreign assets such as securities and monetary organization is no substitute for the gold. The facts regarding the distribution of measures of international relief and rehabilitathe world's monetary gold reserves and the tion which will be required as the war draws to changes which have taken place in the course of its conclusion and afterwards; and in the view of the war in various countries' holdings of foreign the Canadian experts any monetary organization securities are too well known to require elaborawhich is set up should not be called upon to tion. Broadly speaking, and allowing for finance transactions of this nature. Some concertain exceptions and time-lags, a cash basis for tinuing and stable arrangements regarding interthe settlement of international transactions national long-term investment are also clearly would mean that any country's capacity to essential if equilibrium is to be achieved and export would be limited to the amount of its own maintained. Nor should it be thought that the currency it made available to foreign countries proposed international monetary institution is through its imports and other current payments merely an instrument of the transition period abroad—in other words, trade would in effect be from war to peace. True, it has special imporreduced to barter. In point of fact, however, tance in this period but it should be designed as there is no possibility that countries would for a permanent institution and not as a stop-gap to long allow themselves to be confined in such a function during a relatively short period of time. strait jacket. Faced with the problem of an 5. An important, perhaps the most important, unsalable surplus of export goods and with confeature of the British and the American proposals sequent domestic unemployment, they would is the provision in both plans for the extension refuse to accept the penalty of disorganization of credit between countries. The two plans of export trade if that penalty could be avoided, differ as regards the precise techniques to be used even temporarily, by the extension of credit. in extending credit and as regards the amounts Countries would embark on bilateral credit which may be involved; but both plans provide arrangements, no doubt linked with deals relatthat foreign credits are to be available under ing to the purchase and sale of goods; and as certain conditions to countries having need of soon as certain countries began to adopt this them, and that they shall be made available through an international monetary organization course others would find that they had to follow rather than through bilateral arrangements suit to protect their trade interests. It is diffibetween pairs of countries. The provision for cult to imagine a more fruitful source of intercredit extension is nothing more nor less than a national dissension than a competitive trade and straightforward and realistic recognition of the credit extension programme of this character. fact that at the end of the war a large number of The Canadian experts believe it to be true, countries, whose import requirements will be therefore, that the Stabilization Fund or Clearing considerable, will not have immediately avail- Union plans do not involve a decision as to able a sufficient reserve of foreign assets to whether foreign credits shall be extended or enable them to expose themselves to the risk of withheld. In some form or other, credit will in participation in a world economic system. An fact be extended; and the decision which has to interval will be needed to give time for adjust- be taken relates primarily to the method emment and reorganization. If the penury in ployed. For the reasons given above, interna- AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION tional arrangements are greatly to be preferred True, it is by no means easy for a country, acting to bilateral deals. alone, to solve problems of unbalance. But as 7. This leads to the question, how much a last resort a country can find a solution by credit should be made available through the unilateral action. It can do the only things it international monetary mechanism? A vital ever could do in these circumstances; it can buy feature of any plan of this sort is the provision it more abroad—goods, services or investments; makes for the borrowing power of each partici- or it can sell less abroad. It is therefore quite pant and for the contribution to the resources of wrong to assume that countries participating in the organization by the participating countries the proposed institution would, because of this through the provision of capital, the accumula- participation, be left without control over their tion of balances or through loans. Some international commitments. It may be, and no concern has been expressed in regard to the size doubt is, useful to erect danger signals at various of the commitment which may be assumed by stations along the road followed by both debtors prospective creditors. It is probable that Can- and creditors. Such signals are useful reminders. ada will be a creditor country on current account, But there is nothing to prevent either creditor or and the Canadian experts have therefore given debtor from taking remedial action at any time. careful thought to this aspect of the arrange- 10. If the foregoing is a correct analysis of the ments. situation—and it would appear to be a simple 8. There is one preliminary observation which statement of fact—creditors need not be unduly should be made in this connection. It would concerned about the possible size of their investbe a distortion of the realities of the situation for ment in the Fund, knowing that the ultimate any country, or its citizens, to regard the will- actual size of their stake can be determined by ingness to provide resources to an international their own course of action from day to day and organization of the general character proposed from year to year. Nevertheless, even the by the British and the American experts as an appearance of an unlimited commitment is probact of generosity which is performed for the sake ably undesirable and in the tentative proposals of foreign countries. Resources are provided to of Canadian experts, a limit is placed on the the organization first, because all have a stake obligation of each participant to provide rein recreating a functioning international eco- sources to the institution. But there is less real nomic system and secondly, because for each danger to the interests of creditor countries in individual country the realistic alternatives in the establishment of a Fund or a Union whose the form of trade disorganization are costlier potential resources are unnecessarily large (and than the provision of resources. Moreover, may in consequence never be entirely used) than and most important of all, the resources pro- there is in the establishment of an institution vided are not given away; they are fully secured whose resources are obviously too small. The by the organization's holdings of gold and interests of all will best be served by providing a national currencies. It can only lead to confu- fair degree of latitude, a satisfactory breathingsion of thought to regard participation in such space—to debtors and creditors alike. If its plans as these as in any way similar in character objectives are to be achieved, the resources must to participation in international relief schemes, be large enough to permit time for basic readimportant and necessary though the latter may justments to be accomplished; they must be such be. that the organization will command general con- 9. It seems apparent that, in one way or an- fidence in its own stability. For if this is not other, substantial unregulated movements of the case, what will happen? It will be believed capital between countries will be prevented. In that certain currencies are likely to become these circumstances, countries will, by and large, "scarce" currencies—a belief which will be lose or gain foreign exchange to the extent, but reinforced by the reduction in the institution's only to the extent, of the unbalance in their holdings of that particular currency. Countries current account transactions with the rest of the which are likely to require a "scarce" currency world. If a country is building up a substantial will hasten to make their purchases which are credit position, it will know that this situation payable in that currency. As the holdings of is produced because it is selling more goods and the "scarce" currency are used up, as discussions services abroad than it is buying abroad. If it and arguments commence regarding an enlargeis dissatisfied with this position, if it wishes to ment of the quota or some other form of extenreduce its credit balance, it has through partici- sion of credit, grave misgivings in regard to the pation in the proposed organization lost no international situation will arise. The position single one of the courses of action ever open to it. will be very much akin to that of a bank whose 7x0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION cash reserves are feared to be insufficient. There information regarding the currents of internawill be a run on that currency in the institution; tional financial transactions and the causes of and if the currency concerned is an important disequilibrium than has ever been available one, the international effects will be very serious before. It will be in a position to offer informed indeed. No form of international monetary and disinterested advice to its members. It may organization can continuously compensate for be hoped that the quality of the advice offered chronic maladjustments in the current account will be such that it will carry great weight. balance of payments of the countries which may But no member state should be asked to bind be concerned, but it would be most unwise to set itself in all circumstances to follow the advice up machinery which stood a fair chance of facing given by the organization. Moreover, if a a crisis at a comparatively early date. country feels at any time that its national inter- II. To avoid misunderstanding it should be ests are being jeopardized by the actions of the emphasized that it would be extremely danger- organization, and is willing to sacrifice the ous to use short-term credits as a device Co cover advantages of continued membership, it should up basically unsound positions. This would be be free to withdraw, after making provision to no less disastrous in the international than in liquidate its obligations to the organization or, the domestic field, and any monetary system if the country is a creditor, it should have rewhich made such an attempt on a large scale turned to it its original contribution to the would inevitably break down. A chronic resources of the organization. The proposals unbalance in current account balances of inter- here advanced are put forward in the belief that national payments which is not matched by a soundly conceived international agreement voluntary long-term capital movements—lend- can give greater scope for national policies ing abroad by creditor countries, and borrowing than can exist outside it. abroad by debtor countries—is symptomatic of a 13. To sum up these general observations, it deep-seated maladjustment which has to be is suggested that: dealt with if equilibrium is to be restored. No (a) An international agreement for the estabdebtor country can live beyond its resources lishment of an international monetary indefinitely; and no creditor country can per- organization which involves the extensistently refuse to lend its surplus abroad or make sion of credit is essential if international other adjustments to its creditor position with- cooperation in the postwar world is to be out ripping the international fabric. But time achieved. is required for adjustments to be made and for (b) Such machinery will deal with only one of remedial measures to have their effects, and the the numerous problems which must be contention of this paper is that the time allowed faced, but it is a logical and convenient must be adequate. More time may be purchased starting place for joint international at a smaller real cost than less time. action. ix. There is one final observation of a general (c) The credit made available through the character which should be made. The new international monetary organization international monetary institution which it is should be adequate to deal with that porproposed to establish will be neither omniscient tion of current account surpluses and nor omnipotent. Its aim will be to promote deficits which is not met by relief and conditions in which member countries are free to other concerted international action in carry out sound economic policies for the wel- the years immediately after the war; it fare of their own people and in which they will should be sufficient to provide a firm basis not be induced or forced, for lack of organized on which multilateral world trade can be cooperation, to pursue policies which impover- re-established after the war; and it should ish themselves and contribute to the impoverish- provide time to countries which find their ment of the world. The organization should be international accounts unbalanced to take international and not supernational. Nations the necessary corrective measures to adshould enter into the proposed agreement for just their position. common purposes and advantages, realizing (d) The extension of credit is not a cure-all; that without such agreement the common pur- it merely provides time for adjustments; poses cannot be achieved. In their national and unless unbalanced positions (except policies, countries should be limited only by those accompanying long-term capital their own will in entering and remaining in the movements) are brought into equilibrium, organization. If the proposed institution func- any arrangements made will break down. tions well, it will have at its disposal more (e) No country participating in the arrange- AUGUST 1943 72-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION ments loses control over the size of its be levied in any case where this formula international commitments, since it can would be inappropriate. determine their size by its own action, if (b) Payment of capital subscriptions it wishes to do so. The capital subscription of each member (f) No country participating in the arrange- country shall be paid up in full on or bements loses control over its domestic fore the date set by the Governing Board economic policies. of the Union on which the Union's operations are to begin. Each member country shall pay in at least 15 per cent of its quota TENTATIVE DRAFT PROPOSALS OP CANADIAN in gold and the balance in national cur- EXPERTS FOR AN INTERNATIONAL rency; a country may substitute gold for EXCHANGE UNION* national currency in meeting its quota I. Purposes of the Union requirements. The Union may make i. To provide for stability of exchange rates such arrangements as it deems appropriate and to provide an orderly method for their de- to provide a period of time within which termination. countries having less than 300 million x. To provide a convenient clearing mechan- dollars in gold or foreign exchange conism to settle balances in international payments. vertible into gold in official exchange 3. To provide to all countries access to foreign reserves may pay up their gold contribuexchange resources in order to reduce the danger tion in full, the equivalent in national that economic and commercial policies in the currency to be paid in the interval. Notperiod immediately after the war will be largely withstanding the provisions of subsequent determined by a shortage of foreign exchange paragraphs, the Union shall sell foreign and to enable countries thereafter to be guided exchange to such member countries for in their economic and commercial policies by the purpose of acquiring gold to pay their long-run considerations when faced with a capital subscriptions. temporary reduction of foreign markets. (c) Change in quotas 4. To aid in the achievement of international The Board may from time to time change equilibrium by measures designed to prevent the quotas of particular member countries, excessive short-term borrowing through the provided, however, that in voting on Union or the excessive accumulation of unin- proposals to increase quotas the voting vested foreign surpluses. strength of each member shall be increased 5. To contribute to the re-establishment and or decreased to take account of the development of a multilateral trading system Union's net sales or purchases of the curand to the elimination of discriminatory trading rency of each member country in accordand currency practices. ance with the weighted voting formula set out in IX, 3, below. No increase II. Resources of the Union shall, however, be made in the quota of any country without the consent of the Member countries shall agree to make the representative of the country concerned. following resources available to the Union: x. Loans to the Union, as required, in amounts 1. A capital subscription to the amount of the not exceeding 50 per cent of the quota of each quota assigned to each member country, the member country. aggregate of such quotas to be 8,000 million (a) Conditions of borrowing dollars. The terms and conditions of loans made (a) Determination of quotas by member countries to the Union under The quota for each member country shall the provisions of paragraph II, x, shall be be determined by a formula which will set out in the rules and regulations of the give due regard to factors such as inter- Union. The Union's authority to borrow national trade, national income, and holddomestic currency from member countries ings of gold and foreign exchange convertin amounts up to 50 per cent of their ible into gold. A special assessment may quotas shall be a revolving authority. The union shall not exercise its right to * It might be preferable to refer to the proposed organization as the borrow until it has used its available gold International Exchange Fund. However, to avoid any possible mis- resources to acquire additional supplies of understanding which might arise through the use of the term Fund to describe both the association of members and the resources of the in- the currency in question. Subject to the stitution, the term Union has been used throughout this document to describe the organization itself. provisions of the preceding sentence, the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION Union must exercise its right to borrow IV. Exchange Rates when its holdings of the currency of any 1. The Union shall fix, on the basis of exmember country have been reduced to 10 change rates initially agreed between it and each per cent of the quota of that member member country, the rates at which it will buy country. When the Union exercises its and sell one member's currency for another's, right under the provisions of paragraph and the rates in local currencies at which it will II, x, to borrow additional supplies of the buy and sell gold. The spread between the currency of any member country it shall Union's buying and selling rates for member curhave the duty to attempt to improve its rencies and for gold shall not exceed 1 per cent. position in the currency concerned by Except as provided in paragraph IV, 2., below, acquiring the currency or gold from the member countries shall agree not to change the holdings of other member countries for initially agreed exchange rates without the payment in their national currencies or in approval of the Union and any country which other foreign exchange they need. alters the value of its currency without the con- (b) Conditions of repayment sent of the Union shall be declared in default of The Union shall have the right to repay its obligations and become subject to the penalloans contracted under the provisions of ties provided in XI, 1, below. paragraph II, x, at any time. The member x. Notwithstanding the provisions of paracountry making the loan shall have the graph IV, 1, above, any member country which right to demand repayment in gold to the is a net purchaser of foreign exchange from the extent of the Union's gold holdings at Union (arising from other than capital account any time and shall also have the right to transactions) to the extent of at least 50 per cent demand repayment in its national curof its quota and has so been on the average of the rency provided that such repayment does preceding 12. months shall be entitled to deprecinot reduce the Union's holdings of that ate its exchange to the maximum extent of 5 currency below 50 per cent of the quota of per cent; provided, however, that the provisions the member country. Member countries of this paragraph shall not apply to any country shall agree to give 30 days' notice of which holds independent official reserves of gold demand for repayment of loans made to and foreign currencies freely convertible into the Union under the provisions of the gold in amounts exceeding 50 per cent of its present article. quota. No country shall be entitled to repeat the exchange depreciation provided for in this III. Monetary Unit of the Union paragraph without the specific approval of the Union. 1. The monetary unit of the Union shall be an In the course of conversation in Washington international unit of such name as may be the Canadian experts expressed the view that it agreed (hereafter referred to as the Unit) and it might be desirable to provide for a somewhat shall consist of 137 \ grains of fine gold. The accounts of the Union shall be kept and pub- greater permissive range of depreciation in exlished in terms of the Unit. change rates with somewhat different safeguards than those incorporated in paragraph IV, 2. x. The value of the Unit in terms of gold shall The following is a draft of a paragraph which not be changed without the approval of fourmight be substituted for paragraph IV, 2., of fifths of member votes. the text: 3. Member countries shall agree with the "Notwithstanding the provisions of para- Union the initial values of their currencies in graph IV, 1, above, any member country which terms of gold or the Unit and, except as provided has had an adverse balance of payments on curin paragraph IV,i, below, shall undertake not to rent account during a two year period of such alter these values without the approval of the magnitude that it has utilized, to cover this Union. deficit, 50 per cent of its independent gold and 4. Deposits in terms of the Unit may be ac- foreign exchange reserves and is, in addition, a cepted by the Union from member countries upon net purchaser of foreign exchange from the the delivery of gold to the Union. Such Unit Union to the extent of 50 per cent of its quota deposits shall be transferable to other.member shall be entitled to depreciate its exchange rate countries. They shall be redeemable in gold and to the maximum extent of 10 per cent. The the Union shall maintain at all times a 100 per provisions of this paragraph shall only be apcent reserve in gold against all Unit deposits. plicable once in respect of each member country AUGUST 1943 72-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION unless the specific approval of the Union has been tal account and statistics of gold and obtained. Any member country intending to foreign exchange holdings, public and depreciate its exchange rate under the provisions private. Each such member country shall of this paragraph shall inform the management agree to furnish officers of the Union with of the Union in advance and shall afford it an detailed explanations of the basis on opportunity to make such observations as it which such statistics are computed. If deems appropriate before taking such action." at any time the Governing Board has 3. No change in the value of currencies of reason to believe that an outflow of member countries shall be permitted to alter the capital from any member country is value of the assets of the Union in terms of gold resulting directly or indirectly in net or the Unit. Thus if the Union approves a purchases of foreign exchange by that reduction in the value of the currency of a country from the Union, it shall have the member country, or if a country depreciates its right to require a control of outward exchange under the provisions of the preceding capital movements as a condition of paragraph, or if a significant depreciation in the making additional sales of foreign exvalue of the currency of a member, as determined change to such country. Without limitby quotations on the exchange markets of other ing the generality of the foregoing, the member countries, has in tact occurred, that Union shall normally require any member country must on request deliver to the Union an country which has been a net purchaser amount of its local currency equal to the de- of foreign exchange to the extent of 2.5 crease in the value of that currency held by the per cent of its quota to impose restrictions Union. Likewise, if the currency of a particular on outward capital movements if none country should appreciate, the Union must re- exist. turn to that country an amount in the currency Qiii) In considering applications from countries of that country or in gold equal to the resulting which have been net purchasers of foreign increase in the value of the Union's holdings. exchange from the Union for the special permission referred to in paragraph V, 1, V. Operations of the Union—Provisions of Qa), to purchase foreign exchange for Special Applicability to Deficit Countries purposes other than the meeting of an 1. The Union shall have the power to sell to adverse balance of payments on current the Treasury of any member country (or exaccount, the Governing Board shall give change fund or central bank acting as its agent careful attention to applications for for the purpose) at the rate of exchange estabforeign exchange to facilitate the adjustlished by the Union, currency of any country ment of foreign debts where this is deemed which the Union holds, subject to the following to be desirable from the point of view of provisions: the general economic situation and shall (a) Without special permission, no country also give special attention to applications shall be a net purchaser of foreign exfor foreign exchange by member countries change from the Union except for the not in default on their foreign obligations purpose of meeting an adverse balance of for the purpose of maintaining conpayments on current account and the tractual principal payments on foreign Union may at any time limit the amounts debt. of foreign exchange to be sold to any (b) In order to promote the most effective member country which is permitting sigutilization of existing stocks of gold and nificant exports of capital while having an foreign exchange, no member country adverse balance of payments on current shall have the right to be a net purchaser account. of foreign exchange from the Union so (i) A county shall be regarded as a net purlong as that country's holdings of gold chaser of foreign exchange if as a result of and foreign currencies freely convertible the Union's purchases and sales of curreninto gold (including private as well as cies the Union's holdings of its currency rise official holdings) exceed its quota. above the amount originally provided to the Union by way of capital subscription. In interpreting this provision the Gov- (it) The Union may require any member erning Board shall give special consideracountry to furnish at periodic intervals tion to the position of certain Asiatic statistics of its balance of international countries where gold has long been used payments on current account and on capi- as private treasure. 72-4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION (c) In general, the Union shall have the power on the amount of their currency held by the to sell foreign exchange for domestic Union in excess of the quotas of such countries. currency to member countries up to zoo per cent of the quota of each such member VI. Operations of the Union—Provisions of country. Net sales of foreign exchange Special Applicability to Surplus Countries shall not exceed 50 per cent of the quota 1. In order to promote the most effective of each member country during the first utilization of the available and accumulating year and the cumulative net sales shall supply of gold and foreign exchange resources of not exceed 100 per cent, 150 per cent, or member countries, each member country shall, zoo per cent during the first two, three, on request of the Union, sell to the Union, for its and four years of the operation of the local currency or for foreign currencies which it Union. needs, all gold and foreign exchange it acquires On special vote of the Governing in excess of the amounts held immediately after Board, in which voting strength shall be joining the Union. weighted to allow for the Union's net For the purpose of this provision, only free purchases and sales of each member foreign exchange and gold are considered. country's currency in accordance with the Each member country shall agree to furnish the provisions described in paragraph IX, 3, Union with periodic reports of gold and foreign below, the Union may purchase any exchange holdings, public and private. currency in excess of these limits provided z. When the Union's operations have resulted that (a) the country whose currency is in excess sales of the currency of any member being acquired by the Union agrees to country to the extent of 75 per cent of the quota adopt and carry out measures recomof that country the Union may, in order to inmended by the Union to correct the discrease its resources of the currency in question, equilibrium in its balance of payments, or attempt to arrange, in cooperation with such (b) it is the view of the Governing Board agencies as may be established to promote interthat the country's prospective balance o^ national investment, with the member country payments is such as to warrant the expectation that the excess currency a programme of foreign capital investment (or holdings of the Union can be disposed of repatriation) and may sell foreign exchange to in a reasonable time. facilitate such capital movements. 3. When the Union's holdings of the currency (d) In order to promote the most effective of a member country are being exhausted more utilization of existing stocks of gold and rapidly than is warranted in the judgment of the foreign exchange the Union may, as a Governing Board, the Board may make a report condition of making further sales of on the situation. Without restricting the foreign exchange to any member country generality of the foregoing, whenever the which would bring its net purchases to Union's operations have resulted in excess sales an amount in excess of 50 per cent of its quota, require such country to sell to the of the currency of any member country to the Union, for domestic currency, appro- extent of 85 per cent of the quota of that country, priate amounts of any reserves it (or its the Union has the authority and the duty to residents) may hold of gold or foreign render to the country a report embodying an exchange acceptable to the Union. analysis of the causes of the depletion of its hold- {e) Notwithstanding the provisions of para- ings of the currency and recommendations apgraph (c) above, whenever a member propriate to restore the equilibrium of the country is exhausting its quota more international balances of the country concerned. rapidly than is warranted in the judgment Such recommendations may relate to monetary of the Governing Board, the Board may and fiscal policies, exchange rate, commercial make such recommendations to that policy, and international investment. country as it thinks appropriate with a The Board member of the country in question view to correcting the disequilibrium, shall be a member of the Union Committee apand may place such conditions upon pointed to draft the report. The report shall additional sales of foreign exchange to be sent to all member countries and, if deemed that country as it deems to be in the desirable, made public. general interest of the Union. 4. The Union shall have the right at any time z. A charge of 1 per cent per annum payable to enter into arrangements with any member in gold shall be levied against member countries country to borrow additional supplies of its AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION currency on such terms and conditions as may 7. Whenever the Governing Board has, under be mutually satisfactory. the provisions of the preceding paragraph, taken 5. The Union shall have the right at any time steps to ration the Union's supply of the currency to enter into special arrangements with any of any member country, it may require the remember country for the purpose of providing an maining member countries to prevent the sale emergency supply of the currency of any other by their residents of each other's currencies, member country on such terms and conditions including bills of exchange, in the country as may be mutually satisfactory. whose currency is being rationed and to prevent 6. Whenever it becomes apparent to the the purchase by their residents of the rationed Governing Board that the anticipated demand currency through the exchange markets of nonfor any currency may soon exhaust the Union's member countries. In addition, whenever the holdings, the Governing Board shall inform the Board has taken steps to ration the Union's member countries of the probable supply of this supply of the currency of any member country, it currency and of a proposed method for its equit- shall have the duty to re-examine the prevailing able distribution together with suggestions for exchange rates and to recommend such changes helping to equate the anticipated demand and as it may regard as appropriate to the changed supply. circumstances. (a) The provisions of paragraph VI,6, shall come into force only after the Union has VII. Powers of the Union-General exercised in full its right under paragraph 1. The Union shall have the powers to take II,x, to borrow additional supplies of the such actions as are required to carry out the currency of the member country and after operations enumerated in the preceding parathe Union has taken such further steps to graphs. For greater clarity, the Union shall increase its supply of this currency as it have the power to buy, sell and hold gold, curhas deemed appropriate and found posrencies, and government securities of member sible. countries; to accept deposits and to earmark (b) The provisions of paragraph V,i, (c), gold; to issue its own obligations and to disshall, if necessary, be restricted by the count or offer them for sale in member countries; duty of the Union to assure an appropriand to act as a clearing house for the settling of ate distribution among various members international movements of funds and gold. of any currency the Union's supply of Member countries agree that all of the Union's which is being exhausted. local currency holdings shall be free from any (c) In rationing its sales of any scarce currestrictions as to their use for payments within rency the Union shall be guided by the the country concerned. principle of satisfying the most urgent x. When the Union's holdings of the local needs from the point of view of the currency of a member country exceed the quota of general international economic situation. that country the Union shall have the power to It shall also consider the special needs and resell to the member country, upon its request resources of the various countries making the Union's excess holdings of its currency for the request for the scarce currency. gold or acceptable foreign exchange. (d) Member countries shall agree that re- 3. The Union shall have the power to invest strictions imposed by other member any of its currency holdings in government countries on the importations of goods securities of the country of that currency, profrom a country whose currency is being vided that the Board representative of the rationed by the Union shall, for the duracountry concerned approves. tion of such rationing, not be regarded as 4. The Union shall have the power to buy and constituting an infraction of the most sell currencies of nonmember countries, but shall favoured nation obligations of comnot normally hold the currencies of nonmember mercial treaties except in the case of countries beyond 60 days after the date of purcountries holding official reserves of gold chase. and the currencies of member countries in 5. The Union shall have the power to levy amounts exceeding 50 per cent of their upon member countries a pro rat a share of the quotas.* expenses of operating the Union, such levy to be made, however, only to the extent that the * This proposal will clearly have to be reviewed in the light of such earnings of the Union are inadequate to meet its general arrangements as may be made regarding international com- current expenses. mercial policy and coordinated with those arrangements. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION 6. The Union shall make a service charge of to the resources of the Fund (by way of original one-quarter per cent on all gold transactions. capital subscription or by way of loans made 7. In conducting its own operations the under the provisions of paragraph 11,2.) which Union shall have the power to deal only with or has been utilized, net, on the average of the through (a) the Treasuries, exchange funds, or preceding year by the Union for sale to other fiscal agents of governments, (b) central banks member countries; and member countries shall with the consent of the member of the Board lose one vote for each 100,000 Units of their net representing the country in question, and (c) utilization of the resources of the Union on the any international banks owned predominantly average of the preceding year. by member countries. The Union may, nevertheless, with the approval of the member of the X. Management Board representing the country concerned, sell 1. The administration of the Union shall be its own securities directly to the public or to vested in a Governing Board. Each governinstitutions of member countries. ment shall appoint a representative and an 8. The Union shall have the power and the alternate who shall serve on the Board for a duty to cooperate with such other institutions of period of three years subject to the pleasure of an international character as may exist or be es- their government. Representatives and altertablished to deal with matters of international nates may be reappointed. concern, including but not restricted to inter- z. The Governing Board shall select a Govnational investment and commercial policy. ernor of the Union and one or more assistants. The Governor shall become an ex officio member VIII. Abnormal Wartime Balances of the Board and shall be chief of the operating During the first two years of operation the staff of the Board. The Governor and his as- Union shall have the right to purchase abnormal sistants shall hold office for five years and shall wartime balances held by member countries in be eligible for re-election and may be removed for other member countries for the national currency cause at any time by the Board. of the country selling such balances or for foreign 3. The Governor of the Union shall select the exchange needed to meet current account def- operating staff in accordance with regulations icits in such country's balance of international established by the Governing Board. Members payments, in amounts not exceeding in the agof the staff may be made available upon request gregate 5 per cent of the quotas of all member of member countries or of other institutions of an countries. At the end of two years of operation international character for consultation in the Governing Board shall propose a plan for the connection with economic problems and policies. gradual further liquidation, in whole or in part, 4. The Governing Board shall appoint from through the Union, of abnormal wartime balamong its members an Executive Committee to ances lying to the credit of member countries in consist of not fewer than eleven members. The other member countries and other financial Chairman of the Board shall be the Chairman of indebtedness of a similar character. If the the Executive Committee and the Governor of Governing Board feels unable to recommend the Union shall be ex officio a member of the that the Union's resources be used for this purpose it shall have the duty to propose some Executive Committee. Meetings of the Exother method by which the problem can be ecutive Committee shall be held at least once considered. every two months and more frequently if the Executive Committee shall so decide. 5. The Governing Board shall hold an annual IX. Voting Power meeting and such other meetings as it may be 1. Each member country shall have 100 votes desirable to convene. On request of member plus one vote for the equivalent of each 100,000 countries casting one-fourth of the votes the Units of its quota. Chairman shall call a meeting of the Board for 1. All decisions, except where specifically the purpose of considering any matters placed provided otherwise, shall be made by majority before it. of the member votes. 3. Notwithstanding the provisions of para- 6. Net profits earned by the Union shall be graph 1 above, in any vote on a proposal to distributed in the following manner: increase the quota of any member country, (a) 50 per cent to reserves until the reserves member countries shall acquire one additional are equal to 10 per cent of the aggregate vote for each 100,000 Units of their contribution quotas of the Union, AUGUST 1943 72-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION (b) 50 per cent to be divided each year among fluctuate within a range not exceeding the the members in proportion to their quotas. spread fixed by the Union itself for its own purchases and sales of foreign exchange. XL Withdrawal and Expulsion from the Union 2.. To abandon, as soon as the member country decides that conditions permit, all restrictions on 1. A country failing to meet its obligations to foreign exchange transactions other than those the Union may be suspended provided a majority required effectively to control capital movements of the member votes so decides. While under with other member countries; and not to impose suspension the country shall be denied the any additional restrictions, except for the privileges of membership but shall be subject purpose of controlling capital movements, to the same obligations as any other member of the Union. At the end of one year the country without the approval of the Union. shall be automatically dropped from member- The Union may make representations to memship unless it has been restored to good standing ber countries that conditions are favourable for by a majority of the member votes. the abandonment or relaxation of foreign ex- 1. Any country which has been a net pur- change restrictions other than those required chaser of foreign exchange from the Union may effectively to control capital movements and withdraw from the Union by giving notice and each member country shall agree to give conits withdrawal shall take effect one year from sideration to such representations. the date of such notice. During the interval 3. To cooperate effectively with other member between notice of withdrawal and the taking countries when such countries, with the apeffect of the notice such country shall be subject proval of the Union, adopt or continue controls to the same obligations as any other member of for the purpose of regulating international the Union. movements of capital. 3. Any country which has not been a net Cooperation shall include, upon recommendapurchaser of foreign exchange from the Union tion by the Union, measures that can appromay withdraw from the Union by giving notice priately be taken and its withdrawal shall take effect 30 days from (a) not to accept or permit acquisitions of the date of such notice. During the interval deposits, securities, or investments by between notice of withdrawal and the taking residents of any member country imposing effect of notice such country shall be subject to restrictions on the export of capital exthe same obligations as any other member of the cept with the permission of the govern- Union; except, however, that no country which ment of that country and the Union; has given notice of withdrawal shall be required (b) to make available to the Union or to the to make loans to the Union under the provisions government of any member country full of paragraph II,i, above. information on all property in the form of 4. A country which is dropped or which with- deposits, securities, and investments of the draws from membership shall have returned to it residents of that country; and an amount in its own currency equal to its con- (c) such other measures as the Union may tributed quota plus other obligations of the recommend. Union to the country and minus any sums owed 4. Not to enter into any new bilateral foreign by that country to the Union. The Union shall exchange clearing arrangements nor engage in have 5 years in which to liquidate its obligation multiple currency practices except with the to such country. approval of the Union. 5. To give careful consideration to the views XII. Policies of Member Countries of the Union on existing or proposed monetary or economic policy the effect of which would be In addition to the obligations assumed under to cause a serious disequilibrium in the balance the preceding paragraphs, each member country shall undertake the following: of payments of the country adopting such policy or of other countries. 1. To maintain by appropriate action the exchange rates initially agreed with the Union 6. To furnish the Union with all information on the currencies of other countries and not to it needs for its operations and to furnish such alter exchange rates except under the provisions reports as it may require in the forms and at the of paragraph IV,x, above, or with the consent of times requested by the Union. the Union and only to the extent and in the 7. To adopt appropriate legislation or decrees direction approved by the Union. Exchange to carry out its undertakings to the Union and to rates of member countries may be permitted to facilitate the activities of the Union. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE There is given below the text of a British Govern- A. THE SOURCES OF WAR FINANCE [In millions of pounds] ment White Paper (Cmd. 6438) presented to 'Parliament on April 12 last by the Financial Secretary to the 1940 1941 1942 British Treasury under the title "An Analysis of the (1) Central government expenditure . 3,339j 4,616 *5,103 Less Sources of War Finance and an Estimate of the Na- (2) Overseas disinvestment -756 -797 tional Income and Expenditure in 1938, 1940, 1941, (3) Expenditure requiring domestic finance. 2,583 3,819 4,471 Less and 1942." This document is the third of a series (4) Central government revenue . — 1,2591—1,828 initiated in 194 ij the texts of the earlier White 1,324 1,991 2,128 Les: Papers (Cmd. 634-j and Cmd. 6261) were published in (5) Extra-budgetary funds and local authority surpluses2 \ —186 -231 the BULLETIN for July 1941, pages 633-638, and 1,138 1,771 1,897 June 1942, pages 539-549. These documents, which L (6 e ) s s Compensation received in respect of war risks and war damage claims3 -.36 -248 -215 are presented in connection with the annual budget 1,102 1,523 1,682 speech in Parliament by the Chancellor of the Ex- Less (7) Savings and undistributed profits, includchequer, are prepared in the British Central Statistical ing reserves against taxation -1,080 -1,323-1,509 Office with the collaboration of the Treasury. (8) Residue (Table I, item 8) from sources in- I dicated below 22| 200 173 PREFACE 1 Excluding expenditure equivalent to the Canadian contribution of 225,000,000 pounds. This sum is also excluded from lines (2) and In the preamble to the statistical material 2 Excluding the Exchange Equalisation Account, changes in which are already included in overseas disinvestment. presented in Cmd. 6347 (April 194Z), it was 3 See the explanation of this item in footnote (1) below. stated: The residue has been provided from the fol- "The results of more comprehensive en- lowing sources:— quiries covering overseas disinvestment and (a) Sales to public authorities of fixed capital assets (such as sites, buildings, and stocks expenditure on consumption are, unfortunof goods) previously owned privately; ately, not available in time to be included (A) Sinking funds and depreciation funds of below, and the figures for these items are given firms and institutions; subject to this reserve. Any subsequent (c) Depletion of stocks and working capital modification in either of these totals will (apart from sales under (a) above and require a corresponding change in the total of temporary investment under (/) below) domestic disinvestment.'' carried by private finance, measured by These enquiries are now substantially further the reduction in their value as reckoned advanced, and, in addition, the main categories in the calculation of profits; Less of national income have been re-examined in the (d) New investment financed out of privatelylight of later information. The effect of this owned funds, including investment of a additional information is set out in section G. temporary nature due to the financing, out In Table I, item 8 (domestic investment) is of private funds, of work in respect of the balancing figure obtained by difference, and government contracts ultimately recovernot (except in 1938) by direct estimation. In able from the Exchequer; Table II, item 2.8 (net personal savings) is the (e) Replacements and renewals charged on balancing figure. Tables III and IV are mainly depreciation funds; based on actual figures taken from the Public (/) Replacements of war losses actually carried out (including new ships in private Accounts etc., apart from items repeated from ownership and stocks of commodities lost Tables I and II. and replaced within the year).1 The calculation of the proportion of resources absorbed by government expenditure given in 1 This deduction must be made because credit has been taken in the table above for the whole pi compensation received in respect of war section B of Cmd. 6347 has been discontinued. risks and war damage claims, whether or not it has been applied to replacement. AUGUST 1943 72.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE It will be seen that in comparison with the Food—comprises purchases of food, including figures for 1940 and 1941 given in Cmd. 6347, such beverages as tea, coffee, and cocoa, by revisions in the estimates have resulted in a very households together with the value of food used considerable reduction in the residue and an in canteens, restaurants, and hotels after alincrease in savings and undistributed profits lowance for purchases not made out of personal including reserves against taxation. The re- income. visions are further examined in section G. Drink and tobacco—comprises expenditure on Attention is drawn to the statement under (/) beer, wine, spirits, other alcoholic beverages, above that the net change in stocks and working and tobacco. capital is measured by the change in their value Kent, rates, and water charges—includes an alas reckoned in the calculation of profits. While lowance in respect of buildings occupied by the practice in this respect is not uniform, the non-profit-making bodies, hotels, boarding measure given here will approximate more houses, etc., in addition to private dwelling closely to the change in the value of stocks than houses. to the value of the quantitative change. In Fuel and light—includes coal, coke, gas, elecother words, the calculation of profits takes ac- tricity, and paraffin. count of changes in the value rather than in the Other household goods—includes furniture, furnquantity of stocks. ishings, hardware, soap, cleaning materials, etc. Since the amount of the residue has been ob- Clothing—includes dress materials and boots tained by difference, any errors in other items in and shoes together with an allowance for repair Table I have been absorbed into it. Undue work, besides all forms of men's, women's, and weight should not be attached to the fall in the children's wear. residue in 1942.. It is not possible to say more Travel—includes travel paid for out of personal than that the residue in 1942. was of the same income, and therefore the travel of members of order of magnitude as in 1941 and in all prob- the Forces when at their own expense, in all ability was smaller rather than larger. public conveyances together with the purchase of privately-owned vehicles and running ex- B. THE COMPOSITION OF PERSONAL penses incidental to their use. EXPENDITURE ON CONSUMPTION Other services—includes such services as post, [In millions of pounds] telegraph and telephone, medical, undertaking, 1938 1940 1941 1942 domestic, hotel and restaurant, entertainment in so far as they are purchased out of personal (1) Food 1,198 1,235 1,260 1,320 income. (2) Drink and tobacco 452 617 750 912 (3) Rent, rates, and water charges . 500 524 521 520 Other goods—includes all goods not appearing (4) Fuel and light 194 210 233 242 i'5) Other household goods . .. 261 251 241 241 above, together with the income issued in kind (6) Clothing 441 496 450 462 to H.M. Forces and Auxiliary Services. (7) Travel, including privately-owned vehicles and their running expenses . ._ 296 185 202 215 C. PERSONAL EXPENDITURE ON CONSUMP- (8) Other services 468 461 469 465 (9s! Other goods, including the income is- TION IN TERMS OF CONSTANT PRICES sued in kind to H. M. Forces and Auxiliary Services.... 225 303 383 423 Personal expenditure on consumption at market prices and after adjustment for subsidies 10 * Personal expenditure on consumption at market prices. . 4,035 4,282 4,509 4,800 and indirect taxes is estimated to have changed as follows between 1938 and 1942.:— These figures relate to expenditure on con- [In millions of pounds] sumption met out of personal income2 and exclude, as far as possible, money spent on con- 1938 1940 1941 1942 sumers' goods and services by businesses and (1) Personal expenditure on consumption public authorities. The more comprehensive at market prices 4,035 4,282 4,509 4,800 Plus enquiry referred to in the preamble to Cmd. (2) Subsidies.. 15 70 142 150 6347 has brought about a small reduction in the 4,050 4,352 4,651 4,950 aggregate figures. This is discussed further in Less (3) Indirect taxes specifically on consumpsection G. tion -431 -578 -770 -931 The composition of the nine sub-groups is as (4) Personal consumption thus adjusted.. 3,619 3,774 3,881 4,019 follows:— A new study has been made of the average 2 Including the expenditure on consumption of charities and other non-profit-making bodies, as well as of individuals. No distinction change in the retail market price of goods and is made between purchases by civilians and purchases by members of services covering approximately 90 per cent of the Forces out of their pay and cash allowances. 73° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE the total of civil expenditure on consumption, former series covers the expenditure of all classes that is, of the total of expenditure shown in of the community and includes luxuries as well line (i) above, less the income issued in kind to as necessaries. H. M. Forces and Auxiliary Services. To il- In interpreting these figures it is desirable to lustrate the method adopted, the figure for 1942. recognise that from slightly different points of was calculated by taking the average of the view it would be possible to adopt a system of change between 1938 and 1942. in the cost at weighting which would justify an index of market prices of buying the collections of goods quantity changes either higher or lower than the and services bought in 1938 and 1941 respec- one given here. To illustrate the position with tively.3 Since the diversion to war purposes of the example of food, an index of the nutritional resources used in peace-time for the satisfaction value of food consumed would show a smaller of consumers' needs has necessitated a consider- decline than the food component of the present able change in the structure of consumers' pur- index of quantities, but such an index would chases, it might have been expected that the two make no allowance for the fact that dietary components of the final average would differ standards are maintained in war-time with somewhat widely. This, however, is not in some inevitable sacrifice of consumers' ordinary fact the case, the proportionate increase between preferences. On the other hand, an index of 1938 and 1941 in the cost of purchasing each quantity change which fell more than the one collection being almost the same. The two given here would be obtained if it were assumed percentage changes are sufficiently close to one that consumers were rigid in their peace-time another for their average to afford a reasonable preferences, for it is unlikely that consumers measure of market price changes applicable to would buy the collection of goods and services personal expenditure on consumption. which they do at present at the relative prices By adjusting the figures of personal expendi- now ruling, in the absence of rationing and other ture on consumption for changes in the level of forms of control. prices, an indication is obtained of the movement The series given here of personal expenditure in the quantum of consumers' purchases. The on consumption in terms of constant prices inresulting series are as follows:— dicates the position of the community as a whole, but not necessarily that of any particular [Per cent] class or individual. Any measure of price 1942 changes obtained by dividing either series of money values by the series in terms of constant prices, should not be used for other purposes such as the reduction of the net national income or the expenditure of public authorities on goods increased Dy suusicnes 1.07 and services to terms of constant prices. Price (3) Personal expenditure on consumption in terms of constant prices 1.00 ; 0.8 0.82 movements in other sections of the economy (4) Retail prices, excluding specific in- have been very different from those applicable to direct taxes and increased by sub-j sidies 1.00 1.18 1.30 1.36 consumers' expenditures, but it is not at present possible to provide any numerical measure of The figures in line (3) confirm the estimate them. previously given in Cmd. 6347, where it was D. PRIVATE SAVINGS stated that "the measure of the reduction in the volume of consumption in 1941, compared with PERSONAL SAVINGS 1938, cannot be estimated more precisely than [In millions of pounds] that it probably lies within the limits of 15 and 1938 1940 1941 1942 10 per cent according to the system of weighting (1) Gross personal savings, including alwhich is adopted," inasmuch as the more lowance for accrued taxation...... 807 1,004 1,271 accurate figure now available turns out to be 18 Less (2) Death duties, etc... -85 -94 -100 per cent. (3) Net personal savings after allowance It is important that the price series given in for death duties, etc 151 722 910 1,171 line (4) should not be confused with the Min- Less (4) Increase in allowance to meet accrued istry of Labour's Cost of Living index, since the taxation1 -17 -206 -280 (5) Net personal savings after allowance 3 The figures were obtained not by a direct comparison between for accrued taxation 134 628 704 891 1938 and, say, 1942, but by linking together direct comparisons of adjacent intermediate periods. A direct comparison of 1942 with 1938 1 This item shows the excess of the liability for direct taxes accruing would, however, yield a figure which differed only in the third place of on current incomes at current rates of taxation over current direct tax decimals. payments. AUGUST 1943 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE The allowance to meet accrued income tax in direct estimates of private incomes. Net imeach year is the excess of tax liabilities accrued personal savings have then been estimated sepduring the year, on the assumption that there arately and the remainder allocated to personal will be no change in the rate of tax, over total savings. There is, however, no very precise line payments during the year in respect both of tax between "personal" and "impersonal." Imcurrently due and of arrears. Thus in order to personal savings in the present context is inobtain the total amount required at the end of tended to include not only the net undistributed 1942. to meet the taxation accrued and unpaid, profits of companies but also the savings held in though not necessarily due, at that date, the the business accounts of traders, farmers, and figures in row (4) must be added together; other individuals. For savings used to extend that is to say, the aggregate at that date was farm equipment or to repay business mortgages 580 (= 94+2.06+Z80) -plus the amount accrued and other debts cannot reasonably be regarded as and unpaid at the end of 1939, plus or minus personal. Great precision cannot be achieved in any adjustment due to changes in the rate of the estimation of the last-mentioned kinds of tax between the dates of earning and of assess- impersonal savings, since in these cases there is ment. The same applies to the increases in not the line between distributed and undistriballowances to meet accrued taxation on imper- uted profits that exists in the case of companies. sonal income shown in line (7) below. Any revision of the item of impersonal savings It was stated in Cmd. 6347 that an attempt to would require an equal and opposite change in check the figures of personal savings by direct the estimate of personal savings. methods suggested that the figures of net per- While it is still impracticable to construct a sonal savings were not over-estimated and that direct estimate of personal savings by setting it would have been easier on such evidence to down the net change in all assets held by persons, justify a higher than a lower total. This has some information can be provided on the disbeen borne out by the revised estimates, which tribution of bank deposits. The following give a considerably higher figure than before for table, provided by the courtesy of the Clearing personal savings in 1940 and 1941. On the other Banks, shows the movement of net personal and hand, it was then thought likely that a more ex- other accounts:— act estimate of expenditure on consumption would increase rather than decrease that figure, [In millions of pounds] but, as explained above this expectation has not been fulfilled. 1941 1942 June June Dec. June Dec. 30 30 30 IMPERSONAL SAVINGS [In millions of pounds] (1) Total deposits held by Clearing Banks 2,469 2,946 3,329 3,263 3,629 1938 1940 1941 Less (2) Advances to customers and other accounts -926 -859 -800 (6) Gross impersonal savings, including allowance for accrued taxation 182 358 (3) Total deposits (net). .. 1,507 2,087 2,522 2,463 2,856 Less (4) Personal deposits (net) . 617 661 692 704 820 (7) Increase in allowance to meet accrued (5) Other deposits (net). .. 890 1,426 1,830 1,759 2,036 taxation -12 -183 ($) Net impersonal savings, after allowance for accrued taxation 170 175 180 190 Net personal deposits in line (4) exclude the NET PRIVATE SAVINGS (PERSONAL AND IMPERSONAL) accounts of businesses, financial institutions, [In millions of pounds] public authorities, and also, for example, those of individual traders, shopkeepers, farmers, 1938 1940 1941 1942 and professional men where the accounts are (9) Net personal savings after allowance known to be used for the purpose of business. (10) Ne fo t r im ac p c e r r u s e o d n a ta l x s a a t v i i o n n gs after allow- 134 628 704 891 Nonresident deposits and sundry accounts are ance for accrued taxation 170 175 180 190 also excluded. No attempt has been made to (11) Aggregate net private savings after adjust for the amount of bank accommodation allowance for accrued taxation .... 304 803 884 1,081 obtained by the discounting of bills. The figures in line (5) have been obtained by The series in line (11), i.e. the sum of lines (5) subtracting those in line (4) from those in line .-and (8) above has been obtained indirectly by (3). Thus line (5) includes nonresident deposits deducting direct estimates of personal consump- and sundry accounts as well as the business tion and taxes met out of private incomes from deposits of which it is mainly made up. 73 2- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE E. PROPORTION OF PRIVATE INCOME F. DISTRIBUTION OF PRIVATE INCOME BY (PERSONAL AND IMPERSONAL) RANGES OF GROSS INCOME SHOWING DEVOTED TO TAXATION THE EFFECT OF CHANGES IN INCOME TAX AND SURTAX, 1938-41 [In millions of pounds] Financial Year 1940-41 1938 1940 1941 1942 Aggregate Proportion net income of gross (1) Private income (item 37 of Table II).. 4,920 6,156 7,063 7,836 Aggre- with income income re- Num- gate tax and tained with (2) Direct taxes, social insurance con- Range of gross income ber of gross surtax at— taxes at— tributions of employees, War Dam- in- inage Act contributions and premiums, comes come etc., met out of private income..... 552 794 1,231 1,527 1940-41 1938- 1940- 1938- 1940- (3) Indirect taxes and rates specifically on 39 41 39 41 consumption less subsidies 416 508 628 781 rates rates rates rates (4) Other indirect taxes, etc., met out of (5) Ex m p c r e e i s v n s a t s te o f i nc t o a m x e liabilities over pay- 1 2 7 9 0 2 2 0 7 0 7 4 2 3 4 9 0 4 2 2 2 8 0 s t a h ( n o I d n u s - ) (In p m o i u l n li d o s n ) s of (Per cent) 6) Total tax liabilities in respect of pri- Private income at the disvate income, i.e. (2) + (3) + (4) -f posal of individuals— (5) 1,167 1,779 2,538 2,956 U 2 n 5 d 0 e - r 5 2 0 5 0 0 3,295 3 1 , ,0 3 6 2 9 8 3 1 , ,0 3 3 2 6 2 3,3 9 0 8 2 4 9 9 9 6 . . 8 9 9 9 9 2 . . 2 0 ' <7) Line (6) as a percentage of line (1). 24 29 38 1,0 5 0 0 0 0 - - 2 1, , 0 0 0 0 0 0 . 7 2 7 5 0 0 5 3 1 4 6 5 4 2 5 8 7 3 4 2 1 4 1 5 8 8 8 2 . . 6 0 7 71 9 . . 0 7 - 2,000-10,000 97 360 256 197 71.1 54.7 10,000 and over 8 170 84 48 49.4 28.2 This table shows the proportion of the private Other private income..... X624 216 33.7 income devoted to direct and indirect taxation, Total private income 6,412 5,397 84.2 rates, compulsory contributions to social in- Financial Year 1941-42 surance and war risks insurance schemes, and contributions and premiums (almost the whole Aggregate Proportion net income of gross of which are compulsory) under the War Dam- ! Num- A g g a g te re- wi t th ax i n a c n o d me t i a n i c n o e m d e w r i e th age Act, abated by the amount of subsidies. Range of gross income ! be in r - o f I g i r n o - ss surtax at-- taxes at— comes I come i j ~" The figures relate not only to taxes falling on 1941-42 1938- | 1941- 1938- I 1941- ; I 39 i 42 39 42 personal incomes, but also to those which fall on i | rates | rates rates | rates other private income, e.g. National Defence th ( o In u- (In millions of (Per cent) Contribution and Excess Profits Tax. sands) pounds) The figures in line (4) are estimates of that Private income at the disposal of individuals— part of the sum of items 12. and 13 of Table I Under 250 3,398 I 3,392 3,307 99.8 I 97.3 250-500 4,450 1.490 1,445 1,276 97.0 I 85.6 which is met out of private income, i.e. which 500-1,000 ............. 1,050 685 | 613 495 89.5 1 72.3 1,000-2,000 ... 285 400 i 328 245 82.0 ! 61.3 does not appear in the expenditure by public 2,000-10,000.... 97 360 256 170 71.1 I 47.2 10,000 and over.. 170 ! 84; 35 49.4 20.6 authorities on goods and services at market Other private income. 200 26.3 prices. Consideration of Table IV will show Total private income. 7,264 5,728 78.9 that the remaining part of these taxes and com- 1 Including all liabilities for National Defence Contribution and pulsory payments represents transfers within the Excess Profits Tax which are deducted together with income tax in arriving at net income. public authority sector and is, therefore, self- These tables, which relate to income received financing. It does not have to be met out of in 1940-41 and 1941-41, show the amount of private income. private income at the disposal of individuals in It is not possible to estimate accurately the different ranges of gross income. The category of other private income includes the investment division of these taxes and compulsory payincome of charities, the increase in assurance ments between those to be met out of private funds, and the undistributed profits of companies income and those which represent transfers together with all liabilites for National Defence within the public authority sector. The figures Contribution and Excess Profits Tax. It is not given in line (4) represent approximate orders of the same as impersonal income shown in Table II which does not include the first two of the magnitude, but it is unlikely that any inaccuracy above categories but makes allowance for the they contain perceptibly affects the percentages business savings of private traders, etc., as well in line (7). as the undistributed profits of companies. AUGUST 1943 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE As in the case of income tax assessment, the (5) As a consequence of the rise in income and incomes of a husband and wife are reckoned as fall in consumption there is a substantial one income. Further, in the table relating to decline in the residual estimate of private 1940-41, for example, the aggregate net income net disinvestment at home. At the same at 1940-41 rates is the amount which would have time, there is a corresponding rise in savresulted if all taxpayers had during that year ings, including allowance for accrued paid the full tax liability at 1940-41 rates on taxation, a considerable part of which is the income actually received by them in that absorbed by the increase in the estimates year. The figures in the corresponding column of such allowance. headed 1938-39 do not relate to the income of The extent of the revision under (5) illustrates that year, but to the income that would have the precarious nature of residual figures in cirremained after tax in 1940-41, if the taxation cumstances in which they cannot be checked of 1938-39 had been in force in that year. by direct estimates. The whole of transfer payments other than The new figures are believed to be much more National Debt interest has been included in the accurate on the strict definition of the meaning incomes below X5o pounds. of the residual figure. The reason why this is so falls under two headings:— G. A COMPARISON WITH Cmd. 6347 (a) The previous estimate of the residual As stated in the preamble, it is now possible figures was partly justified by reference to the to give substantially more accurate estimates of large amount of the accumulating sinking funds, certain items as a result of additional informa- etc., against depreciation which represented a tion that has become available since la^st year. net reduction in the national wealth in so far as So far as the main items are concerned, the posi- they could not be employed currently. The new tion may be summarised as follows:— figures do not necessarily disturb the conclusion (1) The estimates of profits and salaries are that disinvestment of this kind was taking place. now known to be higher than was sup- It would now appear, however, that, in using this posed a year ago, while the estimate of factor to explain the residual figure previously wages, etc., is slightly reduced. In the published, not enough allowance was made for case of salaries, the new figures are ap- various expenditures incurred for war purposes, proximately 10 per cent higher than those partly for building, partly for the working capital previously given for 1940 and 1941. In of government contractors, which is carried temthe case of profits and interest, comparable porarily by private business finance and therefore percentages are 5 and 12.. However, as krecons, under the definition, as positive private may be seen from Table II, item 15, paid home investment, and offsets the depreciation out profits are not greatly affected and are which is not currently made good. There is even somewhat reduced. The net evidence of an increase in the value of stocks and national income as a whole is increased by work in progress carried under private finance. iy and 4 per cent respectively in the two (b) It was explained in Cmd. 6347 that a 2 years. change had been made from the procedure (2.) The more reliable estimates of personal adopted in Cmd. 62.61 by which sums used for expenditure on consumption now avail- writing down stocks which have fallen in value able indicate that this item was slightly were deducted from business earnings. It was over-estimated in Cmd. 6347. The fig- also stated that such an adjustment was only ures now available for 1940 and 1941 are required in times of falling prices. This last 3 and 1 per cent below the corresponding conclusion has been the subject of legitimate estimates given last year. criticism. It is right either to keep the statistics (3) Consequent upon the increase in the esti- entirely in money terms without adjustment for mates of profits and salaries, there is an price changes, or to adjust for falling and for increase in the estimates of direct tax rising prices alike. Since no uniform practice is liabilities and therefore in the figures adopted in bringing the effects of the rising given for the excess of tax liabilities over prices of stocks into profits and since no adepayments. quate statistics are available of the amounts so (4) Further information on overseas disin- brought to account, it has seemed better to revestment leaves the figures given in Cmd. vert to the procedure of Cmd. 6x6i and make no 6347 substantially unchanged. It has not adjustment for either contingency. It follows so far been possible to provide a further that the resulting figure for disinvestment recheck on this figure by the direct estima- lates to the money value of stocks as reckoned tion of the balance of overseas payments in the calculation of profits. Thus, in so far on current account. as rising prices offset, in terms of value, a decline 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE in quantity, there is no apparent disinvestment of profits before tax and in a decreased residual in terms of money, in spite of the real disinvest- figure for disinvestment, etc. ment which has occurred. The effect of the It is believed that the revised figures show rising prices at which stocks are taken into pro- more accurately the effect of both these fits should be apparent both in an increased level influences. TABLE I ESTIMATES OF NET NATIONAL INCOME AND EXPENDITURE IN 1938, 1940, 1941, AND 1942 [In millions of pounds] 1938 1940 1941 1942 1938 1940 1941 1942 1. Rent of land and buildings. 381 389 385 384 6. Personal expenditure on consump- 2. Profits and interest 1,241 1,624 1,926 2,183 tion at market prices 4,035 4,282 4,509 4,800 3. Salaries, and the pay and allowances 7. Expenditure at home and abroad, (in cash and kind) of officers in by public authorities, on goods H.M. Forces and Auxiliary and services at market prices 845 3,059 4,194 4,608 Services 1,081 1,288 1,338 1,408 8. Private net investment at home and 4. Wages, and the pay and allowances war losses made good 287 (-22)(-200)(-173) (in cash and kind) of other ranks 9. Private and government net investin H.M. Forces and Auxiliary ment abroad ...... -55 -756 -797 -632 Services...„„.,., ,, , 1,787 2,425 2.970 3,409 10. Subsidies 15 70 142 150 Less 11. Indirect taxes and rates specifically on consumption -431 -578 -770 -931 12. Other indirect taxes, rates, etc -206 -205 -220 -239 13. War risks insurance premiums., -124 -239 -199 5. Net national income, . . 4,490 5,726 6,619 7,384 14. Net national expenditure. . 4,490 5,726 6,619 7,384 NOTES directly by individuals (including nonprofit-making bodies) or through businesses or public authorities, will be paid 1. This item represents the income from the ownership out of them. The item is "net" in the sense that the sums of lands, houses, etc., after allowance has been made for mainshown in items 1 and 2 exclude that part of gross receipts tenance and repair. It includes incomes from these sources which is set aside in the calculation of net rent and profit below the effective income tax exemption limit and also for the maintenance and repair or replacement of all existing when received by nonprofit-making bodies, e.g. charities, capital equipment (such as houses, machinery, or stocks) colleges, etc. which is being currently worn out or used up. 2. Aggregate profits here are net, i.e. after current business losses have been deducted. Also, as before, this item ex- 6. This item shows the money value of all consumption cludes interest on the national debt and income due to goods and services either bought by individuals and nonforeigners, but includes miscellaneous government income profit-making bodies or received by them as income in kind. (such as trading profits and certain receipts from abroad). The figures shown here are therefore at prices which include The item includes income from profit and interest received indirect taxes, rates, etc., and war risks insurance premiums, by persons below the income tax exemption limit or by non- which appear in the market price of these goods and services. profit-making bodies and also incomes below the income tax They exclude costs which, being met by government subexemption limit belonging to persons working on their own sidies, do not enter into market prices. account. As explained in section G, the allowance for the 7. This item excludes expenditure by public authorities year 1938 in respect of sums used to write down stocks has which does not arise from a direct demand for goods and not been continued. services. Thus it excludes (i) transfer payments, (ii) claims 3. This item includes: (V) the untaxed allowances whether paid in respect of war losses, (iii) loan repayments, payments in money or in kind (food, clothing, etc.) received by officers to sinking funds, etc., (iv) subsidies. Further, Post Office in H. M. Forces and Auxiliary Services, (Jf) the whole of the expenditure and the expenditure of local authorities on earnings of shop assistants, (0 small salaries below the housing and trading services are excluded. Thus, (a) Post income tax exemption limit. Office new capital and expenditure is included in net invest- 4. An allowance for income received in kind (food, cloth- ment at home (item 8), (£) personal expenditure on postal ing, etc.') by, e.g. other ranks in H. M. Forces and Auxiliary services appears in personal expenditure on consumption Services and domestic servants, has been added to their cash (item 6), and (c) business expenditure on these services is income and allowances. The estimate of personal expendi- included as a cost of production in the price of the other ture on consumption at market prices (item 6) includes a goods and services enumerated in items 6, 7, and 8. similar allowance. Lend-Lease assistance and expenditure equivalent to the Canadian contribution are excluded from this item. Thus,, 5. This item is the sum of items 1 to 4 and is an estimate in so far as goods have been received under Lend-Lease or of the incomes received by factors of production in, or only have been paid for out of the Canadian contribution, this temporarily absent from, the United Kingdom in the course series is not a consistent measure of the value of the total of producing the current output of goods and services of all amount of goods and services currently at the disposal of kinds. These incomes are "before tax," since all taxes, di- public authorities, since it includes overseas resources obrect and indirect, falling on these incomes, whether paid tained by borrowing or disinvestment, but not those ob~ AUGUST 1943 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE taincd under Lend-Lease provisions or as a result of the Cana- just as the value of the goods and services received in this dian contribution. way is not included in item 7 above. 8. This item is composed of (a) gross expenditure on fixed 10. This item is restricted to the following classes of capital and its upkeep, i.e. new investment, and replacement payments made by the central government to meet the costs and repairs (whether normal or resulting from war damage) of goods and services bought by the public: (i) agricultural actually made good, provided that it is financed privately subsidies such as the beet sugar subsidy, milk subsidy, wheat or forms part of the capital expenditure of the Post Office deficiency payments, and grants in respect of fertilizers, or the housing and trading services of local authorities, grassland ploughing, and field drainage, (ii) losses incurred minus (F) sinking funds and depreciation allowances which on the commercial accounts of the Ministry of Food and the have been set aside in the calculation of rent and profits in Ministry of War Transport, and (iii) a subsidy on coal paid items 1 and 2, minus (c)receipts from the sale to public author- by the Ministry of Fuel and Power. This item is included ities of existing privately-owned capital assets, such as land, here since it represents payments in respect of costs not buildings, or stocks, plus (j£) the increase in stocks, excluding appearing in the market value of goods and services. (i) below, held under private finance (as valued for the cal- 11. This and the two items following require to be deculation of profits in item 2), plus (<?) stocks replaced to make ducted from the sum of items 6 to 9 (wThich equals the net good war losses, plus (/) expenses connected with the invest- national income at market prices) since they appear in market ment of savings, such as certain legal costs and stamp duties prices but do not appear in any of items 1 to 4. The item incurred in the transfer of property, which do not enter into includes (i) certain customs and excise duties and (ii) local the market value of other goods and services. The figure rates on dwelling houses, etc. for 1938 is affected, as compared with the estimate given in 12. This item includes (i) compulsory contributions of Cmd. 6347, by the change in the basis of the valuation of employers to social insurance, (ii) motor vehicle duties on stocks referred to in the note to item 2 above. vehicles owned by businesses, (iii) stamp duties other than It has been impossible to make a direct estimate of the those on the transfer of property, and (iv) customs and exconstituents of this item for the war years. The figures in cise duties and local rates not included in item 11 above. brackets have been obtained by subtracting the sum of items 13. This item shows the premiums paid under the com- 6, 7, 9, 10, 11, 12, and 13 from item 5 and are therefore de- modities and marine war risks insurance schemes, but not pendent on the accuracy of these estimates. contributions and premiums under the War Damage Act, 9. This item is an estimate of the net increase (or, when which are treated like direct taxes. negative, decrease) in the overseas assets of the United King- 14. This item is the sum of items 6 to 13 and is an estimate dom and is equal to the United Kingdom balance of payments of expenditure on the factors of production in, or only temon current account. Any liability incurred as a result of porarily absent from, the United Kingdom. It is, therefore, Lend-Lease assistance is not taken into account in this item by definition equal to item 5. .736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE II ESTIMATE OF PRIVATE INCOME AND OUTLAY IN 1938, 1940, 1941, AND 1942 [In millions of pounds] Personal Income 1938 1940 1941 1942 1938 1940 1941 1942 15. Rent of land and buildings, profits 23. Personal expenditure on consumpand interest (including National tion adjusted for subsidies and Debt interest and interest accrued specific indirect taxes, rates, etc.. 3,619 3,774 3,881 4,019 on National Savings Certificates) 24. Excess of indirect taxes and rates received by persons 1,515 1,648 1,650 1,811 specifically on consumption over L6. Salaries, and the pay and allowances subsidies 416 508 628 781 (in cash and kind), of officers in 25. Direct tax payments other than H.M. Forces and Auxiliary death duties, etc., and War Services 1,081 1,288 1 338 1,408 Damage Act contributions and 17. Wages, and the pay and allowances premiums met out of personal (in cash and kind) of other ranks income 385 537 715 825 in H.M. Forces and Auxiliary 26. Death duties and stamps on the Services 1,787 2,425 2,970 3,409 transfer of property 90 85 94 100 18. Pension payments :... 131 151 178 200 27. Excess of direct tax liabilities on 19. Payments in respect of unemploy- personal income over payments... 17 94 206 280 ment and the relief of poverty . .. 112 64 30 18 28. Net personal savings after setting 20. Health payments 35 35 33 39 aside the excess of direct tax 21. Other transfer payments.. 15 29 11 liabilities over payments (134) (628) (704) (891) 22. Personal income before tax......... 4,661 5,626 6,228 6,896 29. Personal outlay 4,661 5,626 6,228 6,896 Impersonal Income 30. Impersonal income before tax,,,,.. 259 530 | 835 940 32. National Defence Contribution and Excess Profits Tax payments 15 68 231 348 33. Other direct tax payments including War Damage Act contributions and premiums met out of impersonal income 62 104 191 254 34. Excess of direct tax liabilities on impersonal income over payments 12 183 233 148 35. Net impersonal savings after setting aside the excess of direct tax liabilities over payments 170 175 180 190 31. Impersonal income before tax...... 259 53(1 835 940 36 Impersonal outlay 259 530 835 940 Private Income 37. Private income before tax (sum of 38. Private outlay (sum of items 29 and items 22 and 31) 4,920 6,156 7,063 7,836 36) 4,920 6,156 7,063 7,836 NOTES 22. This item is the sum of items 15 to 21 and shows the 15. This item is composed of items 1 and 2 of Table I plus total of disposable money income received by persons (in- National Debt interest received by the private sector of the cluding nonprofit-making bodies). economy and accrued interest on National Savings Certifi- 23. This item is equal to item 6 of Table I less item 24 of cates less impersonal private income less miscellaneous in- Table II. come from public property, etc. (see item 81 of Table IV). 24. Numerically equal to item 11 of Table I less item 10 of 16 and 17. The same as items 3 and 4 respectively of Table I. Table I. 25. This item includes payments of (i) income tax (other 18. This item is composed of noncontributory and con- than that paid by businesses in respect of business savings), tributory old age pensions, other contributory pensions, (ii) surtax, (iii) employees' contributions to social insupplementary pensions, and cash payments in respect of war surance, (iv) War Damage Act contributions and premiums,, pensions and service grants. met out of personal income, (v) motor vehicle duties on ve- 19. This item is composed of unemployment insurance hicles owned by persons. benefits, unemployment allowances, and outdoor relief paid 26. Together with item 25 makes up the total of direcr by local authorities. tax, etc., payments met out of personal income. 20. Cash and medical benefits under the National Health 27. This item shows the excess of the liability for the Insurance Scheme. direct taxes included in items 25 and 26 accruing on current 21. Certain transfer payments, e.g. billeting allowances, income at current rates of taxation over current direct tax arising out of the war. payments. It relates particularly to income tax and surtax, The sum of items 18 to 21 plus the National Debt interest since in these cases liabilities in respect of current incomes and interest accrued on National Savings Certificates, in- (payable in the future) differ considerably from current paycluded in item 15 above, is equal to the total of transfer pay- ments at times when money incomes or rates of taxation are ments shown in item 101 of Table IV. changing. AUGUST 1943 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 28. This item represents the excess of personal money in- 32. Equal to the total payments of National Defence Concome over outgoings for consumption and liability for taxes, tribution and Excess Profits Tax. compulsory contributions, etc., including death duties. It 33. This item is composed of other direct taxes such as has been obtained throughout by subtracting the sum of income tax and War Damage Act contributions and preitems 23 to 27 from item 22; it therefore depends on the miums met out of impersonal private income. Together accuracy of these items. with items 25, 26, and 32, it is equal to item 73 of Table IV. 34. This item shows the excess of the liability for the 29. This item is the sum of items 23 to 28, which show the direct taxes included in items 32 and 33 accruing on current various ways in which personal money income is disposed income at current rates of taxation over the current payof. Current income may be either (a) spent on consumpments of these taxes. As explained in the note to item 27, tion, (F) paid away in taxes and the like, (c) set temporarily accruals of this kind will be payable in the future in so far aside against increased liabilities to tax, or Qf) added to past as current payments are made in respect of assessments based savings. Since this list is exhaustive the item is by definition on the income earned in an earlier period. equal to item 22. 35. An estimate of impersonal private savings and in- 30. This item is equal to that part of the net national intended to include not only the net undistributed profits of come before tax (item 5 of Table I above) which is neither companies but also the savings held in the business accounts paid out to persons (in which case it enters, together with of traders, farmers, and other individuals. transfer payments, into item 22) nor accrues to public author- 36. The sum of items 32 to 35 and by definition equal to ities as miscellaneous income from public property, trading, item 31. etc. 37. The sum of items 22 and 31. 31. See preceding note. 38. The sum of items 29 and 36. TABLE III CENTRAL GOVERNMENT EXPENDITURE AND THE SOURCES FROM WHICH IT WAS FINANCED IN 1938, 1940, 1941, AND 1942 [In millions of pounds] 1938 1940 1941 1942 1938 1940 1941 1942 39. Central government revenue 891 1,259 1,828 2,343 49. Central government revenue 891 1,259 1,828 2,343 40. Net personal savings including 50. Unemployment Fund -1 24 64 74 allowance for accrued taxes 151 722 910 1,171 51. National Health Funds 9 8 12 41. Undistributed profits after payment 52. Local Loans Fund '"—2 5 9 10 of taxes and War Damage Act 53. Other extra-budgetary receipts incontributions and premiums but cluding war risks insurance and including allowance for accrued certain War Damage Act receipts, taxes 182 358 413 338 Exchange Equalisation Account, 42. Surplus on extra-budgetary funds... 22 148 154 151 and redutcion in Exchequer 43. Local authority surplus 7 38 66 80 balance 258 515 73 -47 44. Compensation received in respect 54. Reconstruction Finance Corporation of claims under the marine and loan 87 4 commodities war risks insurance 55. Canadian Government interest-free A sc c h t emes and the War Damage 36 248 215 56. Re l c o e a i n p ts from cap t ital transactions 157 Less included in miscellaneous revenue, 45. Private net investment (or plus dis- and appropriations in aid arising investment) at home and war from capital transactions 5 10 10 10 losses made good -287 22 200 173 Less 46. Private and government net in- 57. Sinking funds -11 -12 i y -13 v ab e r s o tm ad e nt (or plus disinves , tment) 55 756 797 632 58. Other expenditure (net). ... 4 -8 13 -1 59. Finance through government agencies 253 543 247 206 60. Post Office and Trustee Savings Banks . 1 119 214 234 61. National Savings Certificates including increase in accrued interest... 3 168 213 231 62. Defence Bonds 180 174 134 63. Other public issues (net) "62" 552 1,021 1,026 64. Increase in fiduciary issue 10 50 150 170 65. Increase in Treasury bills held outside government departments and Bank Ways and Means —199 130 279 151 66. Treasury deposit receipts. . ....... 338 473 155 67. Tax reserve certificates 17 453 47. Central government deficit 130 2,080 2,788 2,760 68. Public borrowing at home.. -123 1,537 2,541 2,554 48. Central government expenditure.... 1,021 3,339 4,616 5,103 69. Central government expenditure.... 1,021 3,339 4,616 5,103 NOTES budgetary funds, and the Canadian contribution) -plus re- 39. This item, the sum of items 70, 74, and 78 of Table IV, ceipts from classes which may be appropriated in aid of Votes is composed of total ordinary revenue (including throughout corresponding to gifts, taxes, and income from property, the period the receipts from wireless licences but excluding less receipts from the Post Office Fund, which is treated as receipts under the War Damage Act, which appear in extra- an extra-budgetary fund, less Post Office Vote of Credit ex- 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE penditure (since the Post Office is treated as part of the 53. The net increase in government securities held by other private sector of the economy; see note to item 7 of Table I), extra-budgetary funds including the Exchange Equalisation less receipts from capital transactions included in miscel- Account, certain receipts in respect of war risks insurance laneous revenue, which are properly regarded as a part of the and the War Damage Act, and the reduction in Exchequer finance of the deficit, less transfers between public authorities balance. included in miscellaneous revenue, less departmental receipts 56. These items are included here since they appear in in excess of those appropriated in aid of Votes since these central government expenditure but not in revenue. appear in miscellaneous revenue and also, so far as they are 58. This item includes net issues under various Acts, e.g. relevant, in receipts from classes which may be appropriated North Atlantic Shipping Act, 1934, Tithe Act, 1936, Angloin aid of Votes corresponding to gifts, taxes, and income Turkish (Armaments Credit) Agreement Act, 1938, Overseas from property. Trade Guarantees Act, 1939. 40. the sum of items 27 and 28 of Table II. 59. The sum of items 50 to 58, and represents the total of 41. the sum of items 34 and 35 of Table II. sums used to finance the central government deficit which is 42. Item 83 of Table IV with its sign changed. The cur- received from government funds and similar sources as oprent account of extra-budgetary funds as a whole has show posed to loans from the public. an excess of income over expenditure. 60. The increase in investments from the net deposits in 43. Item 84 of Table IV with its sign changed. Sec note the Post Office Savings Bank and Trustee Savings Bank. to item 42 above. 61 and 62. The net receipts after deduction of repayments. 44. Item 97 of Table IV. The whole of the compensation 63. Receipts from public issues, e.g. National War Bonds received by claimants appears here as available to finance the and Savings Bonds, and Other Debt (net) less securities redeficit, since allowance is made for outgoings on war losses deemed, and excluding purchases of government securities made good in item 45 below. (war or pre-war issues) by public departments. 45 and 46. Items 8 and 9 respectively of Table I. 65. The increase in bills held by the market or by Empire 47. The sum of items 40 to 46, which show the economic Funds and in Bank Ways and Means Advances. sources from which the central government deficit is financed, 66. Receipts less repayments. and is the same as item 82 of Table IV. 68. The sum of items 60 to 67, showing the amount of 48. The sum of items 39 and 47 of this table and the same public borrowing at home. The sum of item 59, and this as item 86 of Table IV. item shows the financial sources from which the central 50, 51, and 52. Net increase in these funds available for government deficit is financed, and is equal to item 47. loan to the Exchequer. 69. The sum of items 49, 59, and 68, and equal to item 48, TABLE IV THE INCOME, DEFICIT, AND EXPENDITURE OF PUBLIC AUTHORITIES IN 1938, 1940, 1941, AND 1942 [in millions of pounds] 1938 1940 1941 1942 1938 1940 1941 1942 Direct taxes, War Damage Act contributions, etc. Subsidies 70. Central government.... 497 734 1,089 1,390 90. Central government 15 70 142 1;.~ 71. Extra-budgetary funds. 55 60 142 137 91. Extra-budgetary funds.... 72. Local authorities 92. Local authorities • 73. Total 552 794 1,231 1,527 93. Total 15 70 142 150 Payments in respect of claims under the marine and commodities war risks ndirect taxes, rates, war risks insurance insurance schemes and the War Damage premiums, etc. Act 74. Central government 372 502 705 883 94. Central government 75. Extra-budgetary funds... .... 54 182 304 Til 95. Extra-budgetary funds.. . '36' 248 215 76. Local authorities 211 223 220 214 96. Local authorities 77. Total 637 907 1,229 1,369 97. Total.. 36 248 215 Miscellaneous income from public property, trading, etc. Transfer payments 78. Central government... 22 23 70 98. Central government 318 343 394 441 79. Extra-budgetary funds. 99. Extra-budgetary funds.... 137 117 101 103 80. Local authorities. • 26' 26 31 "'33' 100. Local authorities 23 19 14 11 81. Total... 48 49 65 103 101. Total.. 478 479 509 555 Deficit Expenditure on goods and services 82. Central government • 130 2,080 2,788 2,760 102. Central government 464 2,680 3,831 4.254 83. Extra-budgetary funds. -22 -148 -154 -151 103. Extra-budgetary funds. . . 14 13 12 13 84. Local authorities -7 -38 -66 -80 104. Local authorities 367 366 351 341 85. Total.. 101 1,894 2,568 2,529 105. Total.. 845 3,059 4,194 4,608 Total expenditure, excluding transfers to other authorities but including payments Income plus deficit out of transfers from other authorities 86. Central government 1.021 3,339 4,616 5,103 106. Central government.... 797 3,093 4,367 4,845 87. Extra-budgetary funds.. 87 94 292 258 107. Extra-budgetary funds. 151 166 361 331 88, Local authorities . . 230 211 185 167 108. Local authorities 390 385 365 352 89. Total... 1,338 3,644 5,093 5,528 109. Total 1,338 3,644 5,093 5,528 AUGUST 1943 7^9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE NOTES 80. An estimate of the profits from trading services and This table is a combined statement of the income, deficit corporation estates treated in such a way that (i) central and expenditure of public authorities in the United Kingdom. government grants to local authority trading services, but Transfers between one public authority and another, such as not transfers from rate fund accounts in aid of deficiencies, and Exchequer grants to local authorities, are excluded from the (ii) contributions from local authority trading services to the income of the receiving authority and from the expenditure of rate fund account are included. the authority making the transfer. Thus, expenditure by 82. The excess of central government expenditure over local authorities from Exchequer grants is attributed to local revenue. The sources from which this deficit is financed are authorities and not to the central government as in Cmd. set out in Table III. 6347. Reimbursements to local authorities in respect of 83. This item shows the decumulation of the commodities expenditure incurred on behalf of the central government and marine war risks insurance schemes' monies, and of have, as far as possible, been shown as expenditure of the monies held by funds such as the Unemployment and National central government. Health Insurance Funds, and in various accounts managed by Expenditure on goods and services is here net in the sense the National Debt Commissioners, etc. that it is after deduction of goods and services sold by public 84. In ascertaining this item, capital expenditure on authorities to the general public, which are included either in housing and trading services, which appears in private net personal expenditure on consumption or in private investment investment (item 8 of Table I), is excluded. Subject to this, at home. the item is a net figure representing the excess of capital ex- 70. Includes income tax, after allowance for the small penditure over savings represented by debt repayments, unamount paid by public authorities in respect of their income distributed profits of trading undertakings, etc. from property, surtax, other Inland Revenue duties, National 86. The sum of items 70,74,78, and 82; items 87 and 88 arc Defence Contribution, and Excess Profits Tax. In contrast obtained similarly. with the treatment adopted in Cmd. 6347 all War Damage 90. This item has been fully described in the note to item Act contributions and premiums are excluded from this item 10 of Table I. and included in the following item. Certain appropriations- 95. The value of claims paid under the commodities and in-aid or receipts appearing in miscellaneous revenue which marine war risks insurance schemes and the War Damcorrespond to gifts (e.g. sundry contributions towards the cost age Act. of the war) or direct taxes are also included. The receipts 98. This item includes (i) National Debt interest paid to from wireless licences are here treated as direct taxes as also persons and businesses, Qi) interest accrued on National are motor vehicle duties on vehicles owned by persons. Savings Certificates, (iii) contributory and non-contributory 71. Composed of employees' contributions to social in- old age pensions, (iv) cash payments in respect of war pensurance and War Damage Act contributions and premiums. sions and service grants, (v) supplementary pensions, (vi) 74. Composed of customs and excise duties, motor vehicle unemployment allowances, (vii) billeting allowances. duties not included in item 70 above, stamp duties other than 99. Unemployment and National Health Insurance benefits those on the transfer of property and appropriations-in-aid and contributory pensions. corresponding to indirect taxes. 100. Public assistance (out-relief) in money and kind. 103. This item is composed of fees paid to agents under 75. Composed of employers' contributions to social inthe war risks insurance schemes and War Damage Act and of surance and premium payments under the commodities and contributions towards administration costs made by the marine war risks insurance schemes. Unemployment and National Health Insurance Funds, etc. 76. Composed of local rates with the exception of water 104. This item differs from the corresponding item in rates, which are treated as current receipts from trading Cmd. 6347 by the inclusion of expenditure out of net transfers services. from other public authorities. 78. Post Office net receipt, receipt from Crown Lands and 105. The same as item 7. from Sundry Loans, certain items appearing in miscellaneous 106. This item excludes net transfers made by the central revenue, such as contributions towards the cost of the war government to extra-budgetary funds and local authorities received from colonial governments and peoples, and certain which, in so far as they are spent, appear in items 107 and appropriations-in-aid, such as receipts under the Railway 108. It therefore differs from item 48 (which also appears Agreement. Interest on National Debt owned by public de- as items 69 and 86 and item (1) of section A above) which partments, etc., is excluded. includes such transfers. 74° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Admissions of State Banks to Membership in the New York Federal Reserve System Albany—Mechanics and Farmers* Bank of The following State banks were admitted to Albany membership in the Federal Reserve System during the period June 16, 1943 to July 15, 1943, Ohio Chardon—The Chardon Savings Bank Company Michigan Utah Saline—The Saline Savings Bank Roosevelt—Roosevelt State Bank AUGUST 1943 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled July 20 and released for -publication July 24. Figures shown on charts may differ from preliminary figures used in text. Manufacturing activity was maintained at a output as a whole showed little change from high level in June while mineral production de- May to June. Activity at cotton mills declined, reflecting mainly reduced output of coal. clined—consumption of 917,000 bales of cotton In the early part of July coal production was was 50,000 less than in June 1942-. resumed in large volume. The value of retail Output at coal mines in June was 30 per cent trade continued large. below May due to the work stoppages, but early in July both anthracite and bituminous coal INDUSTRIAL PRODUCTION production recovered to above the levels pre- The Board's seasonally adjusted index of total vailing a year ago. Crude petroleum production industrial production declined slightly in June was maintained in June and moved upward in from the high level of other recent months. July partly in anticipation of the completion Activity continued to increase at plants produc- of the pipeline from Texas to the East Coast. ing war products in the chemical, rubber, and Lake shipments of iron ore in June were 6 per transportation equipment industries. These in- cent below the same month last year due to creases were more than offset by a sharp drop in unfavorable weather conditions. coal production and a temporary reduction in The volume of construction contracts awarded output of coke, pig iron,and steel. in June was about the same as in May. The Finished aircraft production, in terms of air- value of awards in June was at the lowest level frame weight, was 3 per cent higher in June than for this month since 1936, according to the in May. Delivery of supplies for the Army F. W. Dodge Corporation. ground forces rose 1 per cent over May. DISTRIBUTION Tonnage of cargo vessels delivered from merchant shipyards was not up to the record May Value of consumer nondurable goods sold at level; it was, however, higher than in any other retail was in near-record volume in June and the month. early part of July, while sales of durable goods, many of which are becoming increasingly scarce, In industries manufacturing nondurable goods were generally below previous peak levels. INDUSTRIAL PRODUCTION MEMBER BANK RESERVES AND RELATED ITEMS 2 PEK 2 O 0 EN TSICAL VOLUME SEASONALLY ADJUSTED, I93S-39-I00 F POINTS IN 100 1 - 80 200 NONDURABLE MANUFACTURES > 180 J ' y TOTALj J 40 160 OTHER DURABLE-^-— 140 7 p X sf / ^ .^ *T 'M RA A I C u« H ; I p N n E RT RY :Q a UIP - 20 A 120 V MINERALS 100 rv BO TREASURY DEPOSITS 1939 1941 1943 1939 1941 1943 Federal Reserve indexes. Groups are expressed in terms of points 1938 1939 1940 1941 1942 in the total index. Monthly figures, latest shown are for June. Wednesday figures, latest shown are for July 21. 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Car loadings of revenue freight declined in BANK CREDIT June, reflecting the drop in coal shipments. During June and the first three weeks of July Loadings of grain showed the usual increase at there was an increase of about 1.4 billion dollars this season and the movement of most other in Reserve Bank holdings of United States Govcommodities was maintained in large volume. ernment securities. Continued currency outflow, and increase in required reserves due to the COMMODITY PRICES growth of deposits, were reflected in the in- Wholesale prices of most commodities showed creased demand for Reserve Bank credit. The little change in the early part of July, following expansion in Reserve Bank credit was in the a decline during June of i per cent in the general form of Treasury bills sold by member banks to index. This decline reflected chiefly reductions the Federal Reserve Banks under options to reordered in maximum prices of butter and meat purchase. Holdings of bills showed wide flucand seasonal decreases in prices of fresh fruits and vegetables. tuations during the period as member banks adjusted their reserve positions through sales AGRICULTURE and repurchases. A large part of the Treasury Aggregate crop production this year is ex- bills came from New York City banks where pected to be 10 per cent smaller than last year excess reserves continued to be low. Tot a] but 5 per cent above the average of the preceding loans and investments of New York City banks 5 years, according to the July i official report. have declined recently. Other reporting mem- Of the major crops, production prospects for ber banks have shown a continued growth in grains are the lowest compared with last season, deposits and U. S. Government securities. while there are indications of considerably larger The quarterly report of customer rates at harvests for dry beans and peas, flaxseed, and commercial banks for the middle of June showed potatoes. Output of livestock products has a further rise in rates charged on loans by large continued in larger volume than a year ago. banks throughout the country. CONSTRUCTION CONTRACTS AWARDED MEMBER BANK RESERVES F. W. Dodge data for 37 Eastern States, total includes State and local Government and private nonresidential building not shown sepa- Breakdown between required and excess reserves partly estimated. rately. Monthly figures, latest shown are for June. Wednesday figures, latest shown are for July 21. AUGUST 1943 743 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.. 747 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 748 Federal Reserve Bank statistics... 749~753 Guaranteed war production loans 753 Deposits and reserves of member banks. 754 Money in circulation 755 Gold stock; Postal Savings System; bank suspensions; bank debits.. 756 All banks in the United States, number, deposits, loans and investments 757 Condition of all member banks.. 758—759 Weekly reporting member banks 760-763 Commercial paper, bankers' acceptances, and brokers' balances.., 764 Money rates and bond yields...... 765 Security markets. . 766-767 Corporate profits.. 768 Treasury finance 769-771 Government corporations and credit agencies.. 771 Business indexes 773~78i Department store statistics.. 78Z-783 Consumer credit statistics.. 784-785 Wholesale prices 786 Employment in nonagricultural establishments. 787 July crop report, by Federal Reserve districts. . 787 Current statistics for Federal Reserve chart book . . 788-789 Earnings and expenses of Federal Reserve Banks for six month period ended June 30, 1943 . . 790 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 or 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 gola 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. AUGUST 1943 745 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 RESERVE BANK CREDIT 16 16 12 12 1937 1938 1939 1940 1941 1942 1943 Latest figures for July 21. See p. 747. 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c B o d e i u i l d s n l - s t- T U ot . a S l s . e G T cu r o a b u e r n v i r i a l d e t y l s i r s e - n s m o e A n th t l e l r ot A h l e l r* Total s G to o c ld k T s r r t u c o e i e a u r u n n a n r y t c g s d - - y - - M i c n o t u i n l c o a e i n - r y - T c i h r u n a o e r g s l a y s h d s - - u F T B r p e s w r o d a y R e i e s e n e r t a i d r k v - t s h e a s e s - - l b p N m e o r o e s m n d it - 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 Tot b a a l lanc E e x s cess2 :ertificates Monthly averages of daily figures: 1942—Apr 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 2,457 161 2,297 150 2,614 22,706 3,296 11,898 2,191 317 1,407 294 12,510 2,667 June 2,580 259 2,321 176 2,761 22,725 3,310 12,213 2,192 136 1,334 297 12,624 2,704 1943—Apr 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 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 June 6,631 4,135 2,496 425 7,070 22,406 4,078 17,217 2,271 148 1,301 326 12,293 1,461 End of month figures: 1942—Apr. 30 2,357 91 2,265 105 2,468 22,691 3,289 11,767 2,182 201 1,345 295 12,658 2,791 May 30 2,489 183 2,306 138 2,634 22,714 3,305 12,074 2,192 261 1,429 293 12,405 2,486 June 30 2,645 310 2,336 126 2,775 22,737 3,313 12,383 2,187 290 1,362 297 12,305 2,362 1943—Apr. 30 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 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 June 30 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 Wednesday figures: 1942—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 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 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 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 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 7,088 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 June 30 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 July 7 34 7,676 5,448 2,228 | 407 5,117 I 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14 10 7,645 5,419 2,226 j 495 5,150 I 22,362 4,086 17,658 2,267 616 1,466 331 12,260 1,310 July 21 9 7,577 5,378 2,199 ! 447 5,033 ! 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. AUGUST 1943 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES 'In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) 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 . re 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 Effective Rate Effective i 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 2H Oct. 30, 1942 Philadelphia.... Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 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 2Vz Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 2 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 2 Oct. 27, 1942 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 2 Oct. 27, 1942 D Sa a n l la F s ra .. n c m isco. .. O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 2 4 1 , , 1 1 9 9 4 4 2 2 O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 A Se p p r t . .1 4 6 , , 1 1 9 9 3 4 9 2 2 O O c c t t . . 2 1 8 7 , , 1 1 9 9 4 4 2 2 mediate 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 RATESION BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD. VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous Maturity July 31 ginning— rate [In effect July 31. Per cent per annum] Treasury bills1 Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days 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 r i e n a i s m u u ry m b b il u l y s in o g ff e r r a e t d e . s on prime bankers' acceptances. adva O n n ces1 co m m O e m n n t i s t- fo p r o w O rt h n io ic n h On re- m O i n tm c e o n m ts - MEMBER BAN [ K Pe r R c E e S n E t R of V d E e p R os E it Q s] UIREMENTS in ti s o t n it u is - m po ai r n ti i o n n g obligated Net demand deposits1 Time Boston ........ (3) deposits New York 88 (all Philadelphia 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 A R Cl t i e l c a v h n e m t l a a o nd nd......... 8 (3) Chicago June 21, 1917-Aug. 15, 1936 13 10 7 St. Louis Aug. 16, 1936-Feb. 28, 1937 19^ 15 10K M M A N p o a a r v y r . . . 1 1 1 6 1 , , , , 1 1 1 1 9 9 9 9 4 3 3 3 1 7 7 8 - - - - A A A O u p c p g r t r . . . . 3 3 1 1 0 9 1 5 , , , , 1 1 1 1 9 9 9 9 3 4 4 3 7 2 1 8 2 2 2 2 6 6 2 2 % ^ 2 2 1 1 0 0 7 7 H ^ U 1 1 1 4 2 4 K M D K Sa a a i n n n l n s l F a a e r s a s a p n . C . o c . i # l i t i s y s co 2 2 2H H H - - 5 5 V V V 2 2 \ - - X V V A A A Aug. 20, 1942-Sept. 13, 1942 24 20 14 S E e ff p e t c . t 1 iv 4 e , 1 O 9 c 4 t 2 . -O 3, c t 1 . 9 42 2 . , 1942 2 2 2 0 2 2 0 0 1 1 4 4 1 2 R In a c t l e u d c i h n a g r g l e o d a n b s o m rro a w de e r i n l e p s a s r c ti o c m ip m at i i t o m n e n w t i t r h a t f e in . ancing institutions. 3 Rate charged borrower. 1 Gross demand deposits minus demand balances with domestic banks May charge same rate as charged borrower by financir g institution, if (except private banks and American branches of foreign banks) and cash lower. items in process of collection. 5 Financing institution is charged M per cent on undisbursed portion of loan under commitment. MARGIN REQUIREMENTS1 [ 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 e o 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 u F r 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 ff o 1 e 9 v c 3 . t 7 i 1 v , e the Board of Gove [P rn N e o r o rs v c . e u n 1 n t , 1 d p 9 e e r 3 r 3 p - a r n o n v u i F s m i e o b ] n . s 1 o ,1 f 9 3 R 5 e - gulatio E n f f Q ective Jan.31,1935 Dec. 31,1935 Jan. 1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 55 40 Savings deposits IY2 2Y2 F F o o r r s lo h a o n r s t b sa y l e b s a , n u k n s d e o r n R st e o g c u k l s a , t i u o n n d T er Regulation U..., 3 J 2 5 ) 5 4 5 0 0 O Po th s e ta r l d s e a p v o in si g t s s d p e a p ya o b s l i e ts : ... 2H 2H In 6 months or more a l s e R c e u g r u it l y a ti b o y n s p T re a sc n r d i b U in l g im a i t m th a e x i a m m u o m u nt l o o a f n c r v e a d l i u t e t , h a w t h m ic a h y b i e s ex a te s n p d e e c d if i o e n d I I n n l 9 e 0 s s d a th y a s n t o 9 0 6 d m a o ys nths. V Y /2 2 percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market, NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. • as established by the F. D. I. C, effective Feb. 1, 1936, are the Requirement under Regulation T was the margin "customarily re- same as those in effect for member banks. Under Regulation Q the rate quired" by the broker. 3 Regulation U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. 748 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 July 21 July 14 July 7 June 30 June 23 June 16 June 9 June 2 June May June Assets Gold certificates on hand and due from U. S. Treasury 20,130,216 20,145,71720,167,716 20,170,716 20,.171, 1,189,014 20,191,816 20,212,81720,170,716 20,209,415 20,550,625 Redemption fund—F.R. notes.. 52,428 55,110 55,185 53,673 54,760 53,251 51,308 51,556 53,673 51,557 15,222 Other cash 353,638 354,1 342,328 357,587 383,774 366,705 349,591 343,088 357,587 353,078 263,756 Total reserves 20,536,282 20,554,90720,565,229 20,581,97620,610,249 20,608,970 20,592,71520,607,46120,581,976 20,614,050 20,829,603 Bills discounted: For member banks 8,771 10,222 33,632 4,990 18,938 10,798 12,873 21,178 4,990 30,718 1,792 For nonmember banks, etc.... ....50 .....50 1,500 Total bills discounted... 8,821 10,272 33,632 4,990 18,938 10,798 12,873 21,178 4,990 30,718 3,292 Industrial advances . 12,934 12,597 12,676 12,690 12,947 13,316 12,999 12,676 13,010 10,473 U.S. Government securities: Direct: Bonds 1,444,732 1,450,132 1,452,132 1,467,732 1,493,132 1,530,332 1,680,432 1,706,632 1,467,732 1,708,132 1,616,631 Notes 720,900 .721,900 721,900 773,900 808,400 824,100 907,200 917,200 773,900 918,800 714,100 Certificates: Special series....... 659,000 Other 1,091,700 1,091,700 1,091,700 1,091,700 1,098,200 1,099,200 1,099,200 1,099,200 1,091,700 1,099,200 66,252 Bills: Under repurchase option 3.245,025 3,355,660 3,426,407 2,809,728 2,213,012 1,500,010 1,836,104 1,433,722 2,809,728 1,530,645 Other . 1,041,510 971,658 930,490 1.005,507 1,081,767 960,048 1,059,263 1,006,213 1,005,507 911,353 243,475 Guaranteed 33,116 53.616 53,616 53,616 53,616 53,616 53,616 53,616 53,616 53,616 4,775 Total U.S. Goyernment securities, direct and guaranteed 7,576,983 7,644.666 7,676,245 7,202,183 6,748,127 6,626,306 6,635,815 6.216,583 7,202,183 6,221,746 2,645,233 Other Reserve Bank credit outstanding 434,034 482,444 394,212 355,923 413,951 438,107 336,036 283,907 355,923 381,217 115,654 Total Reserve Bank credit outstanding. . 8,032,526 8,150,316 8,116,686 7,575,772 7,193,706 7,088,158 6,998,040 6,534,667 7,575,772 6,646,691 2,774,652 Liabilities F.R. notes in actual circulation. 14,144,66114.094,44514,034,48813,872,42213,634,79413,656,31413,679,669 13,622,83313,872,42213,539,465 9,376,313 Deposits: Member bank—reserve account 12,318,90412,259,84112,107,50312,084,54012,223,24212,511,446 12,165,03712,056,52512,084,540 12,031,166 12,305,385 U. S. Treasurer—general account 293,176 615,927 772,743 455,178 293,726 5,997 175,329 6,120 455,178 61,523 289,960 Foreign 1,149,948 1,094,07. 1,134,623 1,114,099 1,081,567 1,030,807 1,015,177 967.582 1,114,099 961,761 901,639 Other deposits 394,301 371,560 357,848 368,480 304,590 226,880 296,684 224,429 368,480 404,132 460,345 Total deposits.. 14,156,32914,341,40114,372,71714,022,29713,903,12513,775,13013,652,22713,254,65614,022,29713,458,58213,957,329 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent).... . 74.8 76.7 73.8 76.4 89.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th ay in s 1 d 6 a t y o s 30 31 d a t y o s 60 61 d a t y o s 90 9 m 1 t o d o n a t 6 y h s s 6 m 1 t y o o e n a th r s 2 l y y t e e o a a r rs 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: June 23 18,938 17,923 190 325 500 June 30 4,990 4,290 150 350 200 July 7 33,632 29,402 1,700 300 2,230 July 14 10,272 7,402 2,200 340 330 July 21. 8,821 7,851 150 490 330 Industrial advances: June 23 12,690 10,315 31 582 426 231 584 386 135 June 30 12,676 10,339 34 575 420 244 574 359 131 July 7, 12,597 10,149 563 360 204 604 234 353 130 July 14 12,934 10,577 531 447 123 599 192 335 130 July 21 12,688 10,893 15 376 176 509 251 337 131 U. S. Government securities, direct and guaranteed: June 23 6,748,127 630,581 465,573 1,268,707 ,094,659 921,859 433,100 240,600 785,171 907,877 June 30 7,202,183 769,884 422,260 1,479,521 ,309,440 920,730 426,600 239,600 751,671 882,477 July 7.. 7,676,245 522,523 973,928 1,351,544 ,630,084 965,418 426,600 239,600 699,671 866,877 July 14 7,644,666 567,115 829,383 1,432,075 ,700,682 884,663 426,600 239,600 699,671 864,877 July 21. 7,576,983 899,609 555,147 1,439,709 ,782,120 676,050 426,600 239,600 698.671 859,477 AUGUST 1943 749 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] Kan- San 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 - C s i a t s y Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U, S. Treasury: June 23.............. 20,171,715 ,238, 326 5,,521,7231,234,1741,891,1281,050,840 918,9873,639,670 578,312 451,505 755,678576,4482,314,924 June 30 20,170,716 1,265,414 5,178,7531,249,2051,893,6931,100,965 961,4573,684,237 565,: ,736 796,141611,612 2,377,313 July 7.... 20,167,71 1,278,760 5,156,3041,237,1401,814,3221,117,647 989,167 3,650,560 658,456 505,409 834,668 607^599 2,317,684 July 14........ 20,145,717 1,266,6645,020,5651,238,8221,824,5281,150,985 1,033,3543,714,998 683,627 493,862 826,755 606,754 2,284,803 July 21........ 20,130,216 1,243,9735,100,"2"1"2 1,259,5241,860,1691,117,948 955,159 3,733,935 683,039 476,!629 824,197 593,1062,282,325 Redemption Fund— Federal Reserve Notes: June 23 . . 54,76C 5,666 1,443 5,777 433 8,013 4,452 560 20,625 243 443 487 6,618 June 30 53,673 5,605 1,215 5,637 354 7,202 4,390 1,478 20,596 233 424 467 6,072 July 7...., 55,185 5,536 1,974 5,509 273 8,498 4,315 1,397 20,569 224 404 446 6,040 July 14.. 55,110 5,442 1,632 6,327 1,146 7,635 4,201 1,241 20,518 200 372 413 5,983 July 21..... 52,428 5,367 1,366 6,218 1,062 7,014 4,123 1,172 20,493 190 852 396 4,175 Other cash: June 23..... 383,77^ 37,919 88,277 26,439 27,644 33,490 19,338 47,798 13,621 9,618 19,557 11,476 48,597 June 30..... 357,587 29,751 86,769 23,522 27,157 31,749 16,343 46,551 12,816 9,172 18,220 9,943 45,594 July 7..... 342,328 27,063 81,334 24,161 23,522 32,056 17,246 43,233 12,854 9,994 17,676 9,015 44,174 July 14..... 354,080 27,689 85,752 24,226 25,150 37,357 16,954 42,794 12,916 10,068 17,043 9,473 44,658 July 21..... 353,638 28,935 85,645 24,343 24,162 33,537 18,600 43,865 13,876 9,530 17,798 9,820 43,527 Total reserves: June 23 20,610,24' 1,281,911 5,611,4431,266,390 1,919,2051,092,343 942.777 3.,688,028 612,558 461,366 775,678 588,4112,370,139 June 30....... 20,581,976 1,300, ,266,73'1,278,364 1,921,"2"0"4 1,139,916 982!190 31,732,266 598,602 496,141 814,785622,022 2,428,979 July 7....... 20,565,229 1,311,359 5,239,6121,266,8101',838', 1171,158,2011,010!728 31,695,190 691,879 515,627 852, 7~4-8 617,060 2,367,898 July 14.... 20,554,907 1,299,7955,107,9491,269,375 1,850,8241,195,9771,054,509 3,759,033 717,061 504,130 844,170 616,640 2,335,444 July 21., 20,536,282 1,278,2755,187,2231,290,085 1,885,3931,158,499 977,882 3!,778,972 717,408 486,349 842,847 603,322 2,330,027 Bills discounted: Secured by U.S. Government obligations, direct and guararanteed: June 23........... 18,938 1,180 8,543 245 175 7,100 1,050 280 J Ju u l n y e 3 7 0 . . . ...... 3 4 3 , , 9 63 9 2 0 3 1 , , 1 2 3 2 5 2 27 1 , , 6 3 5 5 0 0 2,58 75 0 75 2,0 1 0 0 0 0 5 5 0 0 25 July 14........... 10,272 532 3,490 2,380 50; 3,125 50 150 July 21........... 8,821 1,216 3,215 80 210 325 1,550 2,150 Other bills discounted: June 23... June 30.... July 7 July 14...... July 21.... Total bills discounted: June 23........ 18,938 1,180 8,543 245 40 175 325 7,100 1,050 280 June 30 4,990 3,135 1,350 75 55 100 200 50 25 July 7....... 33,632 1,222 27,650 2,580 55 75 2,000 50 July 14...... 10,272 532 3,490 2,380 505 3,125 50 150 July 21........ 8,821 1,216 3,215 80 210 325 1,550 2,150 Industrial advances: June 23.......... 12,690 1,695 590 4,674 892 420 237 4,021 June 30.......... 12,676 1,695 588 4,688 889 418 237 4,000 July 7 12,597 1,695 588 4,496 1,002 419 237 4,000 July 14.......... 12,934 1,695 588 4,942 907 408 235 4,000 July 21.......... 12,688 1,464 588 5,019 815 408 235 4,000 U. S. Goyernment securities, direct and guaranteed: Bonds: June 23..... ,523,748 111,055 374,697 114,528 145,878 96,142 78,720 201,136 72,651 45,449 72,811 60,857 149,824 June 30 ,498,348 109,186 366,569 112,309 143,316 94,931 77,839 198,599 71,510 44,676 71,593 59,905 147,915 July 7 ,482,748 120,298 252,958 122,772 175,251 97,470 88,044 206,126 47,617 50,726 73,286 75,771 172,429 July 14 ,480,748 120,029 254,127 122,584 174,745 97,201 87,708 205,540 47,745 50,603 73,167 75,500 171,799 July 21..........:. ,475,348 119,477 254,819 122,113 173,818 96,697 87,155 204,461 47,778 50,360 72,876 75,046 170,748 Notes: 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 June 30. 796,900 58,071 194,961 59,731 76,223 50,489 41,399 105,625 38,033 23,761 38,077 31,861 78,669 July 7. 744,900 60,435 127,081 61,678 88,042 48,967 44,231 103,553 23,922 25,484 36,817 38,066 86,624 July 14. 744,900 60,382 127,840 61,667 87,906 48,897 44,122 103,398 24,019 25,456 36,807 37,981 86,425 July 21. 723,400 58,582 124,944 59,875 85,227 47,413 42,734 100,253 23,427 24,693 35,733 36,797 83,722 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 1,091,700 79,555 267,085 81,829 104,418 69,168 56,714 144,698 52,103 32,552 52,162 43,647 107,769 1,091,700 88,572 186,247 90,391 129,031 71,763 64,823 151,762 35,060 37,350 53,960 55,787 126,954 1,091,700 88,491 187,360 90,375 128,833 71,662 64,663 151,536 35,202 37,309 53,941 55,666 126,662 1,091,700 88,407 188,557 90,357 128,621 71,554 64,491 151,290 35,352 37,263 53,928 55,532 126,348 Bills: Under repurchase option: June 23... . 2,213,012 18,4451,374,918 98,580 13,271 37,581 19,500 321,623 195,289 21,300 25,715 14,680 72,110 June 30.......... 2,809,728 47,5911,744,484 124,583 26,656 41,531 24,500 385,235 238,833 13,725 35,365 23,435 103,790 July 7.. 3,426,407 47,6112,291,006 141,075 45,881 49,196 18,190 383,870 239,598 17,915 26,600 19,445 146,020 July 14 3,355,660 29,0882,344,636 122,507 47,200 31,756 11,336 344,141 216,176 15,700 24,155 18,745 150,220 July 21....... . 3,245,025 21,5612,280,703 108,482 29,681 31,866 10,296 365,730 219,821 12,300i 20,855 14,8001 128,930 75° 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 Lo S u t. is M ap in o n li e s - K C s a i a t n s y - Pallas F c S i r s a a c n n o - Other bills: June 23 1,081,767 78,842 266,012 81,308 103,564 68,255 55,886 142,794 51,578 32,266 51,691 43,205 106,366 June 30 1,005,507 73,272 245,996 75,368 96,176 63,706 52,236 133,275 47,989 29,981 48,044 40,201 99,263 July 7 930,490 75,492 158,742 77,045 109,977 61,167 55,252 129,353 29,882 31,833 45,990 47,550 108,207 July 14.... 971,658 78,763 166,757 80,439 114,666 63,782 57,553 134,874 31,330 33,205 48,012 49,543 112,734 July 21 1,041,510 84,344 179,888 86,205 122,705 68,263 61,526 144,338 33,728 35,551 51,446 52,978 120,538 U. S. Government securities, direct and guaranteed—Total: June 23 6,748,127 348!,,976 2,490,124 439,448 447,443 323,731 253,794 920,263 411,520 156,571 242,420195,807 518,030 June 30 7,202,183 367,675 2,,819,095 453,820 446,789 319,825 252,688 967,432 448,468144,695 245,241199,049 537,406 July 7 7,676,245 392,408 ,016,034 492,961 548,182 328,563 270,540 974,664 376,079163,308 236,653 236,, 619 640,234 July 14 7,644,666 376,753 ,720 477,572 553,350 313,298 265,382 939,489 354,472162,273 236,082 237,435 647,840 July 21 7,576,983 372,3713,028,911 467,032 540,052 315,793 266,202 966,072 360,106160,167 234,838 235,153 630,286 Total bills and securities: June 23 6,779,755 351,8512,499,257 444,367 448,375 324,326 254,356 920,328 418,620156,619 243,500196,105 522,051 June 30 7,219,849 372,505 2,821,033 458,583 447,733 320,243 252,925 967,497 448,568144,943 245,321199, 092 541,406 July 7 7,722,474 395,3253,044,272 500,037 549,239 329,057 270,777 974,729 378,079163,355 236,733 236,637 644,234 July 14 7,667,872 3789,8"0 3,084,798 484,894 554,762 316,831 265,617 939,554 354,522162,359 236,262 237,453 651,840 July 21 7,598,492 375, ,032,714 472,131 541,077 316,526 266,437 966,137 361,656 160,,288 237,018 235,171 634,286 Due from foreign banks: June 23 137 56 11 June 30 13 }56 11 July 7 134 J54 10 July 14 134 J54 10 July 21 134 10 Federal Reserve notes of other banks: June 23 68,395 1,679 8,515 2,712 4,006 6,793 7,171 9,227 5,195 2,993 6,317 2,832 10,955 June 30 65,548 1,314 11,161 2,400 3,368 7,402 6,277 7,451 4,051 1,342 6,149 2,244 12,389 July 7 56,959 1,040 6,910 2,014 3,001 6,213 5,046 6,641 3,895 1,849 6,357 2,674 11,319 July 14 61,702 1,405 9,637 2,263 2, 5,411 6,181 7,102 5,036 1,712 7,224 2,813 10,430 July 21 62,673 1,070 11,415 2,304 2,517 5,944 5,474 6,837 3,834 2,280 6,552 2,467 11,979 Uncollected items: June 23 1,697,697 130,927 381,480 92,726 177,177 138,875 99,540 239,216 70,905 34,460 88,238 64,255 179,898 June 30 1,631,018 138,303 362,668 94,523 205,504 114,865 96,456 229,531 67,258 29,807 80,744 50,456 160,903 July 7 1,613,759 137,402 355,603 88,934 158,626 131,893 73,431 234,254 80,514 34,103 88,032 55,864 175,103 July 14 1,849,860 151,095 443,893 100,230 222,566 125,184 101,874 273,498 81,677 35,943 87,97,9 57,921 168,000 July 21 1,625,876 143,895 356,060 85,474 170,969 105,925 90,700 235,638 72,158 35,838 80,617 58,954 189,648 Bank premises: June 23 38,999 2,698 9,732 4,696 4,270 3,197 1,677 2,890 2,091 1,297 2,773 1,018 2,660 June 30 38,961 2,694 9,713 4,684 4,270 3,221 1,675 2,885 2,087 1,295 2,773 1,010 2,654 July 7.... 38,955 2,694 9,713 4,684 4,270 3,221 1,675 2,885 2,087 1,295 2,767 1,010 2,654 July 14.... 38,711 2,694 9,713 4,684 4,270 2,977 1,675 2,885 2,087 1,295 2,767 1,010 2,654 July 21.... 38,711 2,694 9,713 4,684 4,261 2,982 1,675 2,890 2,086 1,295 2,767 1,010 2,654 Other assets: June 23.... 58,176 3,875 13,785 3,918 6,604 3,693 2,957 7,679 2,755 1,963 2,694 2,470 5,783 June 30 61,632 3,942 14,132 4,402 7,106 3,824 3,041 8,944 2,904 1, 2,846 2,511 5,992 July 7.... 62,827 6,151 11,105 4,459 7,989 3,920 3,399 8,487 2,113 2,213 2,949 3,060 6,982 July 14.... 61,968 4,456 11,568 4,462 8,022 4,091 3,430 8,526 2,130 2,123 3,004 3,032 7,124 July 21.... 62,240 4,504 11,683 4,504 8,118| 4,054 3,372 8,670 2,152 2,190 2,962 3,179 6,852 Total assets: June 23 29,253,408 ,772, 944 8.,524,,268 1,814,822 ,559, 650 1,569,',233 1,308, 483 4,867, 385 1,112 ;,700 1,119,204 855,095 3,091,497 June 30 29,599,121 ,819, 531 8.,485,5001,842,969 ,589, 198 1,589,477 1,342, ,948,5911,123 ,518 1,152,622 877,339 3,152,334 July 7 30,060,337 ,853, 974 8,667,269 ,866,9512,561,2551,632,5111,365,061 4,922,203 ,158,570 718.,444 1,189,590 916,309 3,208,200 July 14 30,235,154 ,838, 428 8!,, 667,612, 8165,9212,642,9451,650,477 ,433,2914,990,6151,162,516 707,5641,181,410 918,873 3,175,502 July 21.. 29,924,408 ,805, 492 8,,608,862 1,859,'1"9"5 '2,612,348 1,593,936 1,345, 545 4,999,1611,159,297 688,242 1,172,76_7 .9.04., 107 3,175,456 ! Liabilities i Federal Reserve notes in actual circulation: i June 23. . .113,634,794 980,355 3,011,771 962,1211,241,806 878,963 691,363 2,673,191 572,900 337,880 484,318 307,675 1,492,451 June 30 13,872,422 988,605 3,070,948 972,165 1,252,992 895,642 722,247 2,696,235 584,340 339,560 495,559 323,330 1,530,799 July 7.... 14,034,4881,002, ,110,252 982,8831,268,905 902,460 729,706 2,727,324 589,317341,170 501,482 327 002 1,551,215 July 14.... 14,094,4451,006,551 3,117,521 989,4471,278,962 912,389 728,680 2,744,105 590,972 340,948 502, 351 1,558,194 July 21.... 14,144,6611,012,275 3,131,738 992,2911,287,535 909,728 726,4072,760,287 592,350 341,195 505,185 322 431 1,563,239 Deposits: Member bank—reserve account: June 23 12,223,242 636,577 4,092,789 638,8341,044,265 510,921 483,7201,842,368 420,334 250,853 527,322 455,219 1,320,040 June 30 12,084,540 638,057 4,067,972! 632,351 999,696 500,749 480,1271,806,219 400,466 250,605 536,308 459',,1301,312,860 July 7 12,107,503 637,447 4,102,531 636,785 983,758 529,691 494,1871,751,532 411,972 261,893 533,304 467,8511,296,552 July 14 12,259,841 665,569 4,128,413 632,500 1,010,301 519,761 504,'296 1,794,734 420,474 263,116 541,712480, 9081,298,057 July 21... 12,318,904 036,2654,193,019 641,257 1,015,919 502,724 476,806 1,838,010 426,833265,905 535,561474, 6831,311,922 U. S. Treasurer--General account: June 23... 293,726 1,286 286,728 455 508 520 564 j 359 585 507 568 535 1,111 June 30... 455,178 16,815 146,737 27,327 45,022 20,097 8,826 89,229 27,932 18,765 14,049 9,741 30,638 July 7... 772,743 60,028 278,085| 39,365 40,635 23,549 38,059 76,828 29,573 46,295 37,705 29,488 73,133 July 14... 615,927 24,421 179,0481 27,470 56,106 37,173 78,113 63,764 23,113 34, 27,240 23,578 41,012 July 21... 293,176 18,789 75,6661 13,754 31,478 16,338 17,5061 41,433 20,918) 13,444 14,525 15,605 13,720 1 After deducting $81,000 participations of other Federal Reserve Banks on June 23 and June 30; $80,000 on July 7; July 14 and July 21. AUGUST 1943 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars ] Kan- San Total Boston $N™ewL 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 i . s M ap in o n li e s - C sa it s y Dallas F ci r s a c n o - Foreign: June 23 1,081,567 26,246 89,401 86,578 40,466 32,937 114,809 28,23.' 20, 703 26,350 28,232 71,798 June 30 1,114,099 29,245 1531,289 91,732 88,835 41,520 33,796 117,803 28,968 21,243i 27,037 28,968 73,663 July 7 1,134,623 26,952 *540,287 94,022 91,053 42,557i 34,640 120,744 29,691 21,773! 27,712 29,691 75,501 July 14 1,094,07: 28,832 520,001 90,351 87,498 40,896i 33,287 116,030 28,53f 20,923) 26,630 28,532 72,561 July 21 1,149,948 34,047 1541,826 95,126 92,122 43.0571 35,046 122,162 30,040 22,029! 28,037 30,040 76,416 Other deposits: I 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 June 30 368,480 6,882 263,638 4,544 16,204 8,578 2,476 2,939 12,400 9,831 2,059 2,327 36,602 July 7 357,848 7,980 250,540 4,556 15,601 8,619 2,184 3,625 11,824 9,185 2,148 2,155 39,431 July 14 371,560 8,025 267,263 3,701 13,015 8,608 2,303 4,685 13,258 8,617 3,211 1,948 36,926 July 21 394,301 7,730 296,139 3,118 12,249 8,334 2.605 3,364 11,963 8,761 3,789 2,132 34,117 Total deposits: June 23 13,903,12. 669,192 5,098,883 733,7941,143,410 560,177 519,833 1,960,912 463,105282,225 556,337486,5071,428,750 June 30 14,022,297 690,999 5,009,636 755,9541,149,757 570,944 525,225 21,016,190 469,766300 444 579,453500,166 ,453,763 July 7 14,372,717 732,407 5,171,443 774, ,131,047 604,416 569,070 1,952,729 483,060339,146 600,869529,1851,484,617 July 14 14,341,401 726,847 5,094,725 754,022 1,166,920 606,438 617,999 1,979,213 485,377327,545 598,79;534,966 1,448,556 July 21 14,156,329 696,8315,106,650 753,,255 1,151,768 570,453 531,963 21,004,969 489,754 310i,139 581,9125221,,460 1,436,175 Deferred availability items: ^ une 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 '. une 30 1,275,232 110,220 258,723 76,004 146,645 103,712 79,299 181,431 54,968 24,355 63,480 40,518* 135,877 uly 7 1,219,681 87,336 238,521 70,733 121,288 105,227 50,421 187,149 71,773 26,921 73,322 46,722 140,268 'uly 14 1,367,550 74,755 308,025 83,725 156,984 112,583 70,704 212,198 71,714 27,840 66,264 46,128 136,630 ;uly 21 1,191,976 66,598 222,945 74,954 132,981 94,630 71,240 178,871 62,837 25,634 71,60' 45,750 143,929 Other liabilities, including accrued dividends: June 23 8,451 951 2,469 677 718 596 312 955 332 235 41 278 511 June 30 4,672 596 1,040 734 243 337 138 452 248 103 529 75 177 July 7 7,918 2,321 1,587 403 347 1,508 157 572 229 133 283 106 272 July 14 5,309 623 1,836 446 339 187 168 505 198 180 454 148 225 July 21 5,906 1,099 1,762 498 390 139 175 607 260 169 426 116 265 Total liabilities: June 23 28,830,253 ,743,949 8,,379,>,549 1,776,798 2,520,196 ,550,464 1,292,880 4,813,2971,098,051647,674 1,105,688 841,888 3,,059,819 June 30 29,174,623 790•,,420 8,340,347 ,804,8572,549,637 1,570,635 1,326,909 4:, 89340,83 0118,109,322664,462 1,139,021864,089 3,,120,616 July 7 29,634,804 824t,,836 8,521. ,828,747 2,,521, 587 1,613,611 1,349,354 41,,867,7741,144,379707,370 1,175,956903,01 3,176,372 July 14 29,809,302 809,•,252 8,522,033 1,827,692 2,,603, 256 1,631,549 1,417,558 41,936,1231,148,323 696,,502 1,167,808905,5613,143,645 July 21 29,498,275 776,3278,463,169 1,820,946 2,572,623 1,574,998 1,329,778 4t, 944,6321,145,139 677,148 1,159,158890,789 3:, 143,568 Capital Accounts Capital paid in: 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 June 30 148,636 9,530 55,006 11,661 15,401 5,970 5,290 16,484 4,625 3,181 4,810 4,513 12,165 July 7 148,732 9,538 55,010 11,670 15,416 5,978; 5,297 16,509 4,629 3,182 4,821 4,515 12,167 July 14 148,828 9,542 55,018 11,676 15,422 5,988 5,315 16,529 4,631 3,183 4,831 4,526 12,167 July 21 148,891 9,541 55,025 11,679 15,432 5,990| 5,341 16,534 4,636 3,184 4,836 4,526 12,167 Surplus (section 7): 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 June 30 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 July 7 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 July 14 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 July 21 160,411 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): 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 June 30 — 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 July 7 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 July 14 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 July 21 26,829 2,874 7.070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: 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 June 30 88,622 5,547 25,076 6,388 8,386 4,392 3,928 13,445 4,030 3,654 4,041 3,347 6,388 July 7 89,561 5,566 25,385 6,471 8,478 4,442 3,968 13,566 4,066 3,671 4,063 3,389 6,496 July 14..... 89,784 5,600 25,490 6,490 8,493 4,460 3,976 13,609 4,066 3,658 4,021 3,396 6,525 July 21 90,002 5,590 25,597 6,507 8,519 4,468 3,984 13,641 4,026 3,689 4,023 3,402 6,556 Total liabilities and capital accounts: June 23 29,253,408 ,772,944 8,,524,268 1,814,822 2,559,650 569,233 1,308,483 4,867,385 1,112,127 658,,7001,119,204 855,0953,091,497 June 30 29,599,121 ,819,5318,485,500 1,842,969 2,589,198 589,477 1,342,569 4,948,5911,123,473675,5181,152,622877,3"3"9 3,152,334 July 7 30,060,337 ,853,974 8,667, ,866,9512,561,255 ,632,511 1,365,0614,922,2031,158,570718,444 1,189,590 916,309 3i, 208,200 July 14 30,235,154 ,838,428 8,,667,612 1,865,9212,642,945 ,650,477 1,433,2914,990,6151,162,516707,564 1,181,410918,8733,175,502 July 21 29,924,408 ,805,492 8i,,608!,,862 1",859,1"9"5 2,,612,348 ,593, 936 1,345, 545" 4,,999,1611,159,297688,2421,172,767904,10"3,175,456 Commitments to make industrial advances: June 23 12,465 717 1,876 371 1,225 1,819 3,000 3,386 June 30..... 12,132 717 1,940 371 1,056 1,619 3,000 3,359 July 7 12,211 717 2,137 250 1,062 1,617 3,000 3,358 July 14. 11,913 717 1,821 281: 1,049 i,6r 3,000 3,358 July 21 11,879 715 1,722 353 i 1,053 1,61 3,000 3,349 1 After deducting $564,167,000 participations of other Federal Reserve Banks on June 23; $579,244,000 on June 30; $593,424,000 on July 7, $571,426,000 on July 14 and $599,823,000 on July 21. 751 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - Ka C n i s ty as Dallas F c S r is a a c n n o - ~r Federal Reserve notes: Issued to F. R. Bank by F. R. Agent: June 23. ........ . 14,304,6611,025, ,138 297 998,9651,289,763 911,575 761,044 2,768,184604,367 344,980 505,072 344,976 1, 612,250 June 30 14,404,1731,025,320 3,174,5111,004,455 1,295,062 921,877 765,913 2:, 775,736 ,530 345,191 513,834 350,2941,619,450 July 7 14,528,8571,039,0093,226,3921,011,5161,305,953 925,462 769,9812,784,563614,110 345,766 517,333353,927 1,634,845 July 14 14,642,0441,060,049 3,226,868 1',020,782 1,323,565 934,866 776,3212,800,923 618,591 345,966 522,775 355,4831,655,855 July 21 14,701,5851,066,880 3,246,562 ,025,961 1,328,434 936,877 7777,3"'6 2,,814,269 617 346,601 523,086 357,1661,660,025 Held by Federal Reserve Bank: 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 June 30 531,751 36,715 103,563 32,290 42,070 26,235 43,666 79,501 28,190 5,631 18,275 26,964 88,651 July 7 494,369 36,237 116,140 28,633 37,048 23,002 40,275 57,239 24,793 4,596 15,851 26,925 83,630 July 14 547,599 53,498 109,347 31,335 44,603 22,477 47,641 56,818 27,619 5,018 20,450 31,132 97,661 July 21.. 556,924 54,605 114,824 33,670 40,899 27,149 51,329 53,982 25,638 5,406 17,901 34,735 96,786 In actual circulation:1 June 23 13,634,794 980,355 3,011,771 962,1211,241,806 878,963 691,363 2,673,191572,900 337,880 484,318 307,6751,492,451 June 30 13,872,422 988,6053,070,948 972,1651,252,992 895,642 722,247 2,696,235584,340 339,560 495,559 323,.3301,530,799 July 7 14,034,4881,002,7723,110,252 982,8831,268,905 902,460 729,706 2,727,324 589',317 341,170 501,482327,0021,551,215 July 14 14.094,4451,006,5513,117,521 989,4471,278,962 912,389 728,680 2,744,105590,972 340,948 502,325 324,3511,558,194 July 21 14.144,6611,012,2753,131.738 992,2911,287,535 909,728 726,4072,760,287592,350 341,195 505,185322,4311,563.239 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: June 23... 13,800,000 937,000 3,165,000 925,0001,290,000 807,000 695,000 2,790,000 350i,000 350,000 510,000 352,0001,629,000 June 30 13,862,000 937,000 3,190,000 925,0001,300,000 807,000 695,000 2,791,000350,000 350,000 510,000 358,0001,649,000 July 7 13,996,000 949,000 3,235,000 925,0001,310,000 817,000 710,1 820,000 350,000 350,000 520,000 361,0001,649,000 July 14 14,072,000 970,000 3,.240,000 925,0001,325,000 827,000 7101,,000 2820, ,000 350,000 520,000 361,0001,674,000 July 21. . 14,175,000 980,000 3,250,000 950,0001,335,000 827,000 7101,1,000 2840,000 350,000 350,000 520,000 364,000 1,699,000 Eligible paper: June 23... 18,293 1,180 8,543 245 175 7,100 1,050 June 30 4,835 3,135 1,350 100 200 50 July 7 33,577 1,222 27,650 '2,'580 75 2,000 50 July 14 9,767 532 3,490 2,380 3,125 50 150 July 21 7,395 3,215 80 325 1,550 2,150 U. S. securities: June 23 750,289 100,000 100,000 125,000 75,000 345,289 5,000 June 30 743,833 100,000 100,000 125,000 75,000 338,833 5,000 July 7. 744,598 100,000 100,000 125,000 75,000 339,598 5,000 July 14... 721,176 100,000 100,000 125,000 75,000 316,176 5,000 July 21 724,821 100,000 100,000 125,000 75,000 319,821 5,000 Total collateral: June 23 14,568,582 ,038,180 3,173,543 1,025,2451,290,000 932,175 7701,,000 2,790,000 702,389 350,000 516,050 352,0001,629,000 June 30 14,610,668 ,040,1353,191,3501,025i,,000 1,300,000 932,000 770, ,791,000 688,933 350,200 515,050358,0001,649,000 July 7 14,774,175 ,050,2223,262,6501,027,,580 1,310,000 942,075 785,000 2,820,000 691,598 350,000 525,050 361,0001,649,000 July 14 14,802,943 ,070,5323,243,4901,027,380 1,325,000 955,125 785, 820, ,226 350,040 525,150361,0001,674,000 July 21 14,907,216 ,080,0003,253,2151,0501,,080 1,335,000 952,325 785i,,000 2840,000 671,371 350,075 527,150364,0001,699,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank. INDUSTRIAL^ADVANCES BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME - COMMISSION THROUGH FEDERAL RESERVE W D ed a n te e s ( d l a a y s t or Ap a p p l p i r c o a v ti e o d ns b p u r A t o P v n - e o d t va A n d c - es Co m m e m nt i s t- P p a a r t t io ic n i s - BA [ N A K m S o u U nt N s D in E t R ho u R s E an G ds U o L f A d T o I ll O ar N s] V 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 - n d1 t) s ( t a a m o n u o d t u i - n n t g ) 2 ( st a a m o n u o d t u i - n n t g )( 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 1934 984 49,634 20,966 13,589 8225 1,296 Date 1935 1,993 124,493 11,548 32493 27649 8,778 Total Portion 1 1 9 9 3 3 7 6 2 2 , , 2 4 8 0 0 6 1 1 3 5 9 0, , 9 8 8 2 7 9 8 3 , , 2 3 2 6 6 9 2 2 5 0 5 2 2 1 6 6 2 1 0 2 , ,7 95 8 9 0 7 7 , , 2 2 3 0 8 8 Number Amount amount gu te a e r d an- 1938 2,653 175,013 1,946 17345 14161 12,722 1939 2,781 188,222 2,659 13,683 9220 10,981 1940 2,908 212,510 13,954 9152 5226 6,386 1942 1941 May 31.... 282 100,290 () i1) 3,067 238,505 8,090 10549 13072 14,011 June 30.... 565 310,680 81,108 69,674 137,888 3,202 279,860 8,294 10337 14597 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 Sept. 30... 1,658 944,204 427,918 356,677 230,720 3 3 3 , , , 3 2 3 6 5 9 1 2 4 3 2 3 3 9 6 8 7 4 , , , 8 9 9 4 2 1 5 2 6 2 1 8 6 7 , , , 1 3 6 9 4 9 9 6 8 1 1 9 1 58 2 3 6 8 1 5 2 2 1 1 1 4 6 2 3 8 1 3 6 8 2 4 7 2 2 1 6 3 9 , , , 0 4 1 8 3 8 6 0 0 O N D c e o c t v . . . 3 3 3 1 1 0 . . . . . . . . . . . 2 2 2 , , , 0 6 3 6 2 2 5 3 7 2 2 2 , , , 6 2 3 8 2 6 8 7 7 , , , 2 3 7 9 9 0 7 7 4 8 6 5 0 4 2 3 4 7 , , , 7 5 1 2 5 8 0 8 6 6 4 5 3 3 2 2 9 0 , , , 4 9 8 7 8 6 4 9 9 1 1 1 , , , 4 3 3 3 0 8 0 8 3 , , , 1 3 1 2 9 6 1 4 8 3,423 408,737 4,248 14126 10661 17,305 1943 Jan. 31 .... 2,961 2,999,731 974,083 768,249 1,440,943 3,432 i 434,638 6,672 12897 12160 23,915 Feb. 28.... 3,198 3,479,172 1,040,828 828,221 1,706,849 3,440 ! 446,319 5,882 13717 12,117 23,177 Mar. 31 ... 3,534 3,725,241 1,245,711 999,394 1,865,618 3,443 459,296 5,164 13182 13143 20,316 Apr. 30.... 3,773 4,058,731 1,339,078 1,073,972 2,018,838 3,447 467,733 3,732 13188 13438 20,333 May 31.... 4,002 4,554,278 1,415,777 1,150,040 2,077,018 3,448 473,399 3,045 13378 12950 20,166 June 30.... 4,217 4,718,818 1,428,253 1,153,756 2,216,073 3,452 475,468 3,203 13,044 12,132 19,070 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. AUGUST 1943 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, JUNE 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 U o d r v e . e e l S n - o r . t n an - , Other A d p d e o m j d s u e i a s t - t n s e 2 d d N p m o e d s a t e i n - t d d s e d - p T o i s m it e s4 d b o a b l m f d a a r u o n n e e m s k c t e s i s c Held qu R i e r - ed Excess posits1 All member banks 70,493 10,869 8,182 51,442 48,376 53,752 13,702 5,716 12,293 10,831 1,461 Central reserve city banks New York 21,352 3,734 3,305 14,313 17,157 794 90 3,501 3,479 22 Chicago 4,831 1,077 573 3,182 3,905 465 167 816 809 7 Reserve city banks—Total 26,424 5,066 2,677 18,680 20,336 5,443 1,974 4,983 4,394 589 Boston district. 1,982 377 287 1.319 1,569 94 51 338 319 18 New York district 430 30 51 349 333 154 23 80 76 5 Philadelphia district 2,217 348 261 1,609 1,777 128 82 386 363 22 Cleveland district 3,532 512 350 2,670 2,774 755 230 740 600 140 Richmond district 1,580 315 177 1,088 1,211 253 120 312 257 55 Atlanta district 1,658 506 168 983 1,224 197 173 291 257 34 Chicago district 3,350 442 340 2,568 2,508 887 330 621 555 66 St. Louis district 1,569 545 164 859 1,203 179 109 263 251 11 Minneapolis district 840 236 113 492 619 85 58 133 129 4 Kansas City district 2,126 779 138 1,209 1,579 170 303 374 326 47 Dallas district 1,585 440 142 1,003 1,126 141 240 288 234 54 San Francisco district 5,553 538 485 4,530 4,413 2,398 255 1,159 1,026 132 Country banks^-Total 17,886 992 1,627 15,268 12,354 7,000 3,485 2,993 2,150 843 Boston district 1,872 90 191 1,591 1,416 634 200 297 236 61 New York district 2,896 77 384 2,435 2,125 1,648 298 519 396 122 Philadelphia district 1,327 12 128 1,187 972 892 193 255 190 65 Cleveland district 1,573 21 136 1,416 1,103 841 298 325 205 120 Richmond district 1,458 182 111 1,165 974 435 325 217 162 54 Atlanta district 1,437 179 127 1,131 939 295 347 204 149 55 Chicago district 2,271 75 207 1,989 1,550 1,016 478 404 278 126 St. Louis district 971 124 71 776 649 275 229 149 107 42 Minneapolis district 735 56 67 612 491 318 163 122 88 34 Kansas City district 1,089 61 62 965 671 162 347 164 104 60 Dallas district 1,292 91 83 1,119 800 97 385 186 118 68 San Francisco district 965 24 59 882 662 389 224 152 116 36 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts; figures not available this month by classes of banks and districts. 3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and 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 JUNE 1943 [Average of daily figures. In millions of dollars^ Central reserve m A e l m l - city banks se R r e v - e Coun- In places of 15,000 In places of unde ba b n er ks b c a i n t k y s banks1 and over population 15,000 population Federal Reserve district Demand Demand 1 deposits Time deposits rp. Total reserves held: e i x n c te e r p - t deposits Inter1 1 deP°sit 1942—May.......... 12,510 4,870 1,049 4,325 2,265 bank2 bank2 June. 12,624 4,859 979 4,448 2,338 1943—May.. 12,024 3,373 785 4,894 2,973 June. 12,293 3,501 816 4,983 2,993 Total... 10,722 4,100 6,172 Week ending (Friday): 2,900 1943—June 4 12,046 3,421 793 4,905 2,925 Boston 1,551 502 231 132 June 11 12,202 3,472 812 4,965 2,953 New York 2,197 1,068 621 580 June 18 12,496 3,538 826 5,080 3,052 Philadelphia 794 416 521 475 June 25 12,382 3,530 823 5,005 3,024 Cleveland 955 450 596 391 July 2 12,211 3,520 820 4,900 2,970 July 9 12,289 3,526 818 4,901 3,043 Richmond 830 211 446 223 July 16 12,505 3,573 832 5,005 3,094 Atlanta 899 201 359 94 July 23 Chicago 1,366 610 830 406 Excess reserves: St. Louis 357 151 490 124 1942—May 2,667 546 178 1,171 772 June 2,704 556 89 1,232 827 Minneapolis 323 125 357 192 1943—May..... 1,730 49 14 738 930 Kansas City 300 54 727 109 June 1,461 22 7 589 843 Dallas 515 58 686 39 Week ending (Friday): San Francisco... 633 254 308 135 1943—June 4....... 1,517 27 13 653 825 une 11 1,453 18 7 624 803 . une 18.. 1,576 30 7 647 892 Includes any banks in outlying sections of reserve cities which have une 25. 1,544 24 6 556 958 been given permission to carry the same reserves as country banks. All ]u u l l y y 2 9 *1 l,377 2 2 5 1 1 1 3 0 4 4 7 7 2 9 p ^ 8 8 0 7 0 4 rese 2 r v T e h c e i t s i e e r s i e h s a v p e u b a l i p s o he p d u la th ti r o o n u g o h f m A o p r r e il t 1 h 9 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. July 16 "1,493 37 13 519 P925 The amount of such deposits for the current month at all country banks can July 23.... 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 p Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks an d of country banks as estimates. 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i- r o T n f r u o e r t 1 a y e 8 s s 9 - 0 S s u i b a l s r v i y e d r i- M c i o n i o n r U S n n o ta i t t t e e e s d s R F n e e o d se t e e r r v s a e l F R n B e e o d a s e t n e e r r k s a v l e n t b N i o a o t a n n e - a k s l 1942—May........ 12,074 60 65 1,745 496 211 316 9,022 19 140 June....... 12,383 59 66 1,754 504 213 317 9,310 19 139 July....... 12,739 59 67 1,764 510 215 315 9,650 19 138 August..... 13,200 59 69 1,786 521 218 321 10,068 18 138 September. 13,703 59 71 1,754 537 222 324 10,580 18 137 October.... 14,210 59 73 1,704 551 225 326 11,118 18 136 November.. 14,805 58 74 1,731 565 227 327 11,667 18 136 December.. 15,410 58 76 1,751 575 228 317 12,082 188 135 1943—January.... 15,590 58 77 1,700 567 226 312 12,152 362 135 February... 16,088 58 78 1,703 573 226 317 12,523 474 134 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 June....... 17,421 57 84 1,649 610 236 322 13,747 584 132 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 i c n u c la ir - - so U r n t a e s d - 2 tion1 Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1942—May. ........ 12,074 8,841 771 696 44 ,402 3,004 2,924 3,235 801 1,566 260 570 28 June........ 12,383 9,083 783 704 45 ,427 3,099 3,024 3,301 824 1,602 262 576 29 July....... 12,739 9,398 793 712 45 ,464 3,234 3,149 3,343 840 1,628 263 574 30 August 13,200 9,795 809 731 48 ,517 3,379 3,310 3,409 868 1,663 266 575 29 September... 13,703 10,207 830 754 50 ,555 3,532 3,487 3,500 904 1,715 268 576 9 29 October 14,210 10,629 848 764 51 ,597 3,684 3,686 3,584 940 1,762 274 570 9 30 November... . 14,805 11,122 867 782 53 ,647 3,887 3,885 3,686 972 1,824 278 575 9 28 December 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943—January... 15,590 11,665 869 773 54 ,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 February.. 16,088 12,065 877 786 56 ,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 March... 16,250 12,121 890 791 56 ,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 AApprriill.. 16,660 12,428 904 804 58 ,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 MMaayy... 17,114 12,789 914 824 59 785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 June.... 17,421 12,960 929 834 61 ,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 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, JUNE 30, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral b B y R a n e F k s e s e d r a e v r n e a d l c M irc o u n l e a y t i i o n n1 and silver cash Banks and agents certificates agents Gold.... 22,388 20,282 22,106 Gold certificates. 320,282 17,409 2,815 57 Federal Reserve notes. 14,404 60 597 13,747 Treasury currency—total.. 44,077 1,918 101 358 3,618 Standard silver dollars 539 55 84 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890.. * 1,918 268 1,650 Subsidiary silver coin 660 37 13 610 Minor coin 245 4 5 236 United States notes. 347 3 21 322 Federal Reserve Bank notes 633 1 48 584 National bank notes. 133 1 1 132 Total—June 30, 1943. 340,868 322,246 42,268 17,409 3,770 17,421 May 31, 1943. 340,471 322,246 42,257 17,446 3,655 17,114 June 30, 1942.... ! F 335,841 322,596 42,187 17,750 3,520 .12,383 1 Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above and 2 t o I t n a c l l s u b d y es w $ e 1 e ,8 k 0 s 0 a ,0 r 0 e 0 s ,0 h 0 o 0 w n E x in ch t a a n b g l e e o S n ta b p i . l 7 iz 4 a 7 t . i on Fund, $143,710,673 balance of increment resulting from reduction m m we . i g , h t o , f t , h e go , l , d d , o „ llar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding, since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion. by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes m actual circulation. bold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and National bank notes are in process of retirement. AUGUST 1943 755 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- Gold Increase marked Domes- Depos- U.S. Government Period of a s t t p o e e c n r k i d od in st o g c o k ld N im et p g o o rt ld c g re o c o a l r r d s e i e : a n s d ( - e — e- ) p ti r c t o i o d g n u o i c ld - End of month i b to al r - s' Total i C n p t o o a d r s s y e i h - - secu D r i i - ties Guar- C f s u e r a n r e s v - d h e s banks Total rect an- etc2 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 198 1,225 695 453 418 35 76 1937 . . . 312,760 1,502.5 1,585.5 -200.4 143.9 Dec ,207 1,237 540 597 467 130 100 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1935—June ,205 1,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Dec ,201 1,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June....... ,232 1,265 203 967 800 167 95 1941 22,737 741.8 982.4 —407.7 169.1 Dec ,260 1,296 145 1,058 892 167 93 1942 22,726 —10.3 (*) -458.4 r125.4 1937— D Ju e n c e , ,2 2 7 6 0 8 1 1 , , 3 3 0 0 7 8 1 1 3 3 1 6 1 1 , , 0 1 9 0 7 0 9 93 3 1 3 1 1 6 6 7 7 8 7 0 1 1942—June 22,737 22.3 —14.8 10.5 1938—June ,252 1,290 115 1,103 936 167 73 July 22,744 7.6 -24.4 12.8 Dec ,252 1,291 86 1,132 965 166 73 August 22,756 11.4 -21.8 10.2 1939—June ,262 1,304 68 1,157 1,011 146 78 September... 22,754 -1.3 -27.8 11.8 Dec ,279 1,319 53 1,192 1,046 146 74 October 22,740 -14.3 -56.4 12.0 1940—June ,293 1,337 43 1,224 1,078 146 69 November... 22,743 3.3 —10.8 7.8 Dec ,304 1,348 36 1,224 1,078 146 88 December 22,726 —17.2 —31.0 6.2 1941—June ,304 1,356 30 1,251 1,104 146 75 ,314 1,396 26 1,274 1,128 146 95 1943—January 22.683 -43.3 -76.1 4.7 1942—June'.'.'.".'.'.. ,316 1,525 24 1,272 1,146 126 229 February.... 22,644 -39.3 -63.4 4.1 March 22,576 -68.0 -59.0 4.5 1942—July ,329 1,554 21 1,271 1,146 126 262 April 22,473 —103.1 -101.0 4.9 Aug ,344 1,575 20 1,271 1,146 126 283 May . 22,426 —46.3 —45.1 4.1 Sept ,358 1,415 19 1,267 1,141 126 129 June 22,388 -38.9 5—51.7 '4.1 Oct ,377 1,429 18 1,266 1,140 126 146 Nov 1,396 1,444 17 1,266 1,140 126 161 Jan .-June 22,388 -338.7 5-396.3 "26.3 Dec 1,417 1,464 16 1,345 1,220 126 102 1943—Jan... 1,445 1,493 14 1,381 1,255 126 98 p Preliminary. r Revised. ^ Figure carried forward. Feb... 1,468 1,517 14 1,378 1,270 109 125 1 Annual figures areestimates of the United States Mint. Monthly figures Mar.. 1,493 1,545 13 1,421 1,360 61 111 are those published in table on p. 793, adjusted to exclude Philippine Apr... 1,517 1,569 12 1,450 1,389 61 107 Islands production received in United States. May.. 1,546 1,596 12 1,500 1,449 51 83 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a June. pl,576 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars J Preliminary. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 1 Outstanding principal, represented by certificates of deposit. Does not 4 The net gold import figures for months, subsequent to December 1941 include accrued interest nor outstanding savings stamps have not been released for publication. 2 Includes working cash with postmasters, 5 per cent reserye fund and 5 Gold held under earmark at Federal Reserve Banks for foreign account miscellaneous working funds with the Treasurer of the United States, amounted to 3,070.1 million dollars on June 30, 1943. accrued interest on bond investments, and accounts due from late NOTE.—For back figures through 1937, see Annual Report for 1937 postmasters. (table 29). Back figures.—See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS^ BANK DEBITS Member Nonmember Debits to deposit accounts except interbank accounts Total, banks banks [In millions of dollars! all banks Na- State In- Non- Total, tional sured2 insured all New 140 Other Year and month report- York other reporting Number of banks suspended: ing City centers1 centers8 1934 57 1 8 48 centers 1935 34 4 22 g 1936 44 1 40 3 1929 982,531 603,089 331,938 47,504 1937. ... 59 4 2 47 6 1937 469,463 197,836 235,206 36,421 1938. 55 1 1 47 6 1938 405,929 168,778 204,745 32,406 1939 42 4 3 25 10 1939 423,932 171,382 218,298 34,252 1940 22 1 18 3 1940 445,863 171,582 236,952 37,329 1941 8 4 3 1 1941 537,343 197,724 293,925 45,694 1942 9 6 3 1942 607,071 210,961 342,430 53,679 1943- Jan .-June 3 1 2 1942—Mayr 51,000 18,172 27,683 5,145 Deposits of suspended banks Juner 52,848 18,601 28,751 5,496 (in thousands of dollars):3 Julyr 52,975 18,401 28,968 5,605 1934 36,937 40 1,912 34,985 August7" 51,989 18,324 28,286 5,379 1935 10,015 5,313 3,763 939 September7" 55,701 19,919 29,990 5,791 1936 11,306 507 10,207 592 October7" 58,334 19,823 32,131 6,380 1937 19,723 7,379 1,708 10,156 480 November7".... 53,773 18,512 29,489 5,772 1938 13,012 36 211 11,721 1,044 December7" 68,822 25,897 36,077 6,848 1939 34,998 1,341 24,629 6,589 2,439 1943—January r 57,972 21,437 30,723 5,812 1940 5,943 256 5,341 346 February r 54,872 21,112 28,437 5,323 1941 3,726 3,144 503 79 March7" 65,782 24,062 35,261 6,459 1942 1,702 1,375 327 Aprilr 73,661 29,193 37,683 6,784 1943—Jan.-June 2,103 862 1,241 May7" 64,246 25,737 32,602 5,908 June 66,894 25,464 34,959 6,472 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks 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). with 1919. * Federal deposit insurance became operative Jan. 1, 1934. 2 Figure for 1929 includes 128 centers; for 1937-1942 annual figures include .Deposits oi member banks and insured nonmember banks suspended are 133 centers; monthly figures beginning with May 1942 include 193 centers as of dates of suspension, and deposits of noninsured nonmember banks (see p. 717 of this BULLETIN). 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. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Eanking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks2 Nonmember ]V1 ember banks2 Nonmember banks banks Call date Total Total ti N on a a - l j j 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 ba A n ll ks Total ti N on a- al State i s M b a a v u n i t n u k g s a s l O n b t o h e n r e - r banks banks _________ 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29- 53,852 32,284 19,411 12,873 8,983 12,584 Dec.-31....... 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30.. 14,519 5,606 4,897 709 576 8,337 1933—June 30.., 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30.. 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34,745 22,553 12,193 10, 296 7,153 Dec. 31....... 15,206 6,338 5,224 1,114 556 8 3-2 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 I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans 1 ^^S" Total Loans I m nv e e n s ts t- 1929—June 29........ 58,474 16,943 35,711 25,658 10,052 9,556 5,892 3,664 Dec. 31 58,417 16,499 35,934 26,150 9,784 9,463 5,945 3,518 1933—June 30 40,076 17,872 24,786 12,858 11,928 10,044 5,941 4,103 Dec. 30 40,319 18,342 25,220 12,833 12,386 9,985 5,906 4,079 1938—June 30........ 47,381 26,252 30,721 12,938 17,783 10,196 4,961 5,235 Dec. 314 48,929 27,575 32,070 13,208 18,863 10,255 4,930 5,325 1939—June 30 49,616 28,299 32,603 13,141 19,462 10,342 4,931 5,411 Dec. 30 50,885 28,716 33,941 13,962 19,979 10,314 4,961 5,353 1940—June 29 51,335 28,995 34,451 13,969 20,482 310,188 4,926 5,262 Dec. 31. 54,188 30,448 37,126 15,321 21,805 10,248 4,959 5,289 1941—June 30 57,945 32,633 40,659 16,729 23,930 10,314 4,955 5,360 3,344 Dec. 31. 61,098 34,483 43,521 18,021 25,500 10,372 4,903 5,470 3,513 1942—June 305 63,976 38,897 46,800 16,928 29,872 10,353 4,819 5,534 3,492 Dec. 31........ 78,097 54,185 59,263 16,088 43,175 10,746 4,698 6,048 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). AUGUST 1943 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for | 1J. S. Government ob igations purer]asing Obli- Total or carrying gations loans Com- securities Direct of Call date i t m n a v e n e n d s t t s - Total1 m a c n iea d rl- ump k ac e ru t -- A c tu g u r r l i - - - To R t e a e s t a - e l- l O o t a h n e s r 4 Total f C ic e a r t t e i- s Guar- S p a o ta n l t i d t e i s - 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 5,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5," 386' 455 730 790 700 2,957 2,944 19,979 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 1/1,722 797 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—June 30 .... 46,800 16,928 7,888 495 726 554 562 3,501 3,203 29,872 2^1,098 1,509 i,872*3,546 14,485 2,685 2,934 2,840 > Dec. 31..... 59,263 16,088 7,387 1,089 934 538 3,423 2,717 43,175 3'L546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30p 67,150 14,822 52,328 46.975 2,877 2,476 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 4J772 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 f.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—June 30 14,019 4,066 2,775 66 9 430 167 121 499 9,953 5,550 402 ' 663' 1,746 4,572 1,166 623 781 Dec. 31 17,957 4,116 > v > 21 787 193 117 451 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 3QP 18,982 4,009 2,546 14,974 13 887 484 602 City of Chicago^ 1929—Dec. 31 1,757 1,448 19 251 533 21 623 309 116 2 19 94 96 96 1933—June 30 1,287 677 69 61 251 30 267 610 384 149 57 82 97 87 138 1939—Dec. 30 2,105 569 '365' 17 ""6 41 66 13 60 1,536 1,203 153 176 701 "in 162 170 1940—June 29 2,205 603 417 16 8 23 61 16 62 1,602 L.258 254 161 710 134 177 167 Dec. 31 2,377 696 476 17 5 42 54 19 84 1.681 L,3O7 297 145 752 112 188 186 1941—June 30 2,707 846 609 21 5 36 55 20 101 1,861 L,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—June 30..... 3,116 906 697 15 3 29 50 22 90 2,210 1,858 357 "m 162 1,068 90 164 188 v y Dec. 31..... 3,973 832 658 6 34 32 23 80 3,141 2,789 397 637 391 1,282 83 166 186 1943—June 3QP.... 4,315 781 3,534 3,155 208 170 Reserve City Banks 1929—Dec. 31 ... 12,029 9,084 168 664 2,775 1,538 3 937 2,944 ,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 2400 155 22i 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,134 156 176 87 210 1,372 1,230 6,795 1,947 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 5,467 295 751 4,248 1,173 956 820 1942—June 30..... 16,535 6,564 3,103 215 s 152 78 177 1,524 1,315 9,971 3,188 579 "674" 981 5,149 806 925 858 Dec. 31 ... 20,915 6,102 2,957 290 97 153 1,486 1,119 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30*\... 24,703 5,538 19,166 17 4.36 943 786 Country Banks 1929—Dec. 31..... 13,375 8,936 201 291 2,231 1,462 4,750 4,439 1,267 37 59 171 999 627 2,546 1933—June 30..... 7,873 4,275 35 25 1,117 1,055 2,043 3,598 1,469 2 63 299 1,106 581 1,549 1939—Dec. 30..... 10,224 4,768 1,151 163 495 20 224 1,477 1,238 5,456 3,159 31 431 1,972 "725' 1,061 1,236 1940—June 29 10,257 4,987 1,187 174 546 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31..... 10,826 5,309 1,267 187 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—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 1,377 110 481 2,926 861 1,222 1,028 1942-June 30..... 13,130 5,393 1,314 198 562 16 169 1,834 1,299 7,737 5,502 171 "355" 657 3,696 624 1,222 1,013 Dec. 31 ... 16,419 5,038 1,226 772 17 161 1,797 1,066 11,380 M72 671 1,251 1,240 5,436 574 1,252 956 1943—June 30*\... 19,149 4,494 14,655 12', 497 1,241 917 i p Preliminary. 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939 pp. 259-264, 332. Further revision of loan classification made Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. Beginning Tune 30, 1939, detailed classifications available on June and December dates only. • 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. This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comDarable with earlier figures. 6 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank cleposits Re- Bal- De- Call date F w ed it e h ral C i a n sh a w n d i c o t e - h s m d a e n - d Indi- Certi- Indi- States U Go .S v . - Domestic B ro o w r- - Ca a p c i - tal B s R e a r n e v - k e s vault b m a e n s k ti s c 1 ju p a o s d t s e - i d ts 2 p v a s id h rt u i n p a e s l , r s - , p S o a l t i a n t t i d e c s al f a o i f n e f d i d - U Go .S v . - p v a s id h rt u i n p a e s l , r s - , p a o n l d it- m er e n n - t banks F ei o g r n - ings counts and cor- subdi- cers' ern- and cor- subdi- Postal banks p ti o o r n a s - visions ch e e tc c . ks ment p ti o o r n a s - visions S in a g v s - mand3 Time Total—All Member Banks 1929—Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 • 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—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 1943—June 30p 47 859 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—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 1943—June 30** 14,001 City of Chicago* 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—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—June 3C 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 1943—June 30p 2,970 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—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 1943—June 30p 17 291 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 i 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—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 1943—June 30^ 13,598 p Preliminary. 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). AUGUST 1943 759 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 Com- or carrying securities Total merloans cial, Date or month i m n a v e n e n d s t t s - Total i t n t a a c r u d g i u n r u a r l d a i - l s - l , - T T a o n t o a d l b d ro ea k U G o l e b e . o r S r l v s i s . - t. 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 a o k n s s O lo t a h n e s r Total Total Bills f C o d i n c f e e e e a d r b i s t t n - t s e i - - - s Note Bonds G t a e u n e a - d r- O r s t i e t h c i e u e r - s gations Total—101 Cities 1942—June ..... 31,670 10,811 6,903 471 1,240 1,766 20,859 17,324 1,360 672 2,753 10,336 2,203 3,535 1943—February... 41,475 9,724 6,097 624 350 ,180 56 ,417 31,751 28,484 4,255 5,049 4,080 13,192 ,908 3,267 March 41,784 9,502 5,981 574 339 ,170 58 ,380 32,282 29,021 4,340 5,006 4,146 13,602 ,927 3,261 April 43,449 10,013 5,822 1,153 422 ,160 88 ,368 33,436 30,217 4,418 5,508 4,199 14,123 ,969 3,219 May 46,958 10,261 5,757 1,334 565 ,154 91 ,360 36,697 33,609 5,334 6,821 4,189 15,437 ,828 3,088 June 46,589 9,593 5,606 998 450 ,151 59 ,329 36,996 33,927 5,368 6,938 4,023 15,720 878 3,069 1943—Apr. 28 45,772 10,637 5,850 1,652 504 161 83 ,387 35,135 31,909 4,840 6,532 4,188 14,357 992 3,226 May 5 46,108 10,674 5,808 1,586 617 156 121 ,386 35,434 32,331 4,947 6,708 4,186 14,655 835 3,103 May 12 47,289 10,394 5,767 1,394 585 155 118 ,375 36,895 33,799 5,343 6,814 4,180 15,628 834 3,096 May 19 47,368 10,074 5,745 1,198 553 153 75 ,350 37,294 34,215 5,583 6,880 4,201 15,726 825 3,079 May 26 47,068 9,901 5,707 1,156 506 152 49 ,331 37,167 34,093 5,463 6,883 4,190 15,739 818 3,074 June 2 47,182 9,788 5,662 1,046 491 150 94 ,345 37,394 34,317 5,636 6,883 4,188 15,760 850 3,077 June 9 46,808 9,590 5,637 983 465 150 33 ,322 37,218 34,141 5,346 6,910 4,179 15,814 892 3,077 June 16 46,965 9,649 5,625 1,019 438 144 95 ,328 37,316 34,251 5,804 6,923 3,954 15,683 887 3,065 June 23 46,147 9,454 5,565 927 432 153 46 ,331 36,693 33,631 5,195 r6,986 r3,915 r15,657 878 3,062 June 30 45,843 9,485 5,542 1,014 424 158 28 ,319 36,358 33,295 4,860 6,991 3,878 15,685 881 3,063 July 7 45,563 9,593 5,565 1,092 420 148 57 1,311 35,970 32,987 4,463 6,985 3,872 15,775 892 2,983 July 14 46,822 9,675 5,638 1,102 405 160 70 1,300 37,147 34,165 4,627 6,982 4,819 15,859 878 2,982 July 21 46,612 9,449 5,618 948 394 159 48 1,282 37,163 34,207 4,762 6,985 4,863 15,900 697 2,956 New York City 1942—June 12,625 3,718 2,659 355 151 103 26 424 8,907 7,584 391 297 1,605 4,090 1,201 1,323 1943—February... 16,163 3,556 2,430 506 158 98 38 326 12,607 11,460 1,851 2,010 ,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 ,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 ,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 ,858 5,818 935 986 June 17,748 3,708 2,172 850 396 236 97 40 313 14,040 13,067 2,092 2,539 ,654 5,859 923 973 1943—Apr. 28. 18,038 4,380 2,301 1,396 1,031 242 99 27 315 13,658 12,557 1,720 2,549 ,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 ,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 ,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 ,874 5,878 930 981 May 26. 18,142 3,942 2,225 560 281 98 35 312 14,200 13,222 2,062 2,509 ,822 5,922 907 978 18,240 3,850 2,213 450 273 98 66 312 14,390 13,416 2,273 2,500 ,813 5,924 906 974 17,879 3,718 2,197 835 397 252 98 25 311 14,161 13,188 2,011 2,507 ,791 5,937 942 973 17,950 3,741 2,171 879 410 222 97 59 313 14,209 13,245 2,373 2,517 ,594 5,834 927 964 17,406 3,591 2,140 790 332 218 97 26 320 13,815 12,844 1,999 2,570 ,558 5,804 913 971 17,263 3,639 2,139 857 391 214 97 23 309 13,624 12,642 1,803 2,600 ,516 5,798 925 982 July 7 17,011 3,744 2,147 946 481 207 97 37 310 13,267 12,323 1,432 2,609 1,543 5,803 936 944 July 14 17,476 3,761 2,165 949 430 194 98 51 304 13,715 12,748 1,519 2,626 1,837 5,833 933 967 July 21 17,304 3,565 2,143 806 333 191 98 26 301 13,739 12,783 1,633 2,642 1,826 5,855 827 956 Outside New York City 1942—June 19,045 7,093 4,244 116 251 1,137 1,342 11,952 9,740 969 375 1,148 6,246 1,002 2,212 1943—February... 25,312 6,168 3,667 118 192 ,082 18 ,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 ,072 14 ,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 ,062 52 ,054 20,317 18,210 2,777 3,333 2,311 8,838 951 2,107 May 28,686 6,105 3,509 202 251 ,056 42 ,045 22,581 20,479 3,315 4,321 2,331 9,619 893 2,102 June 28,841 5,885 3,434 148 214 ,054 19 ,016 22,956 20,860 3,276 4,400 2,369 9,860 955 2,096 1943—Apr. 28. ... 27,734 6,257 3,549 256 262 ,062 56 ,072 21,477 19,352 3,120 3,983 2,325 8,961 963 2,125 May 5. ... 27,964 6,252 3,536 256 280 ,058 52 ,070 21,712 19,604 3,131 4,201 2,317 9,073 882 2,108 May 12. ... 28,817 6,149 3,515 206 258 ,056 55 ,059 22,668 20,564 3,298 4,330 2,312 9,738 886 2,104 May 19. . .. 29,038 6,059 3,502 178 241 ,055 49 ,034 22,979 20,881 3,431 4,380 2,327 9,848 895 2,098 May 26. ... 28,926 5,959 3,482 165 225 ,054 14 ,019 22,967 20,871 3,401 4,374 2,368 9,817 911 2,096 28,942 5,938 3,449 158 218 ,052 28 ,033 23,004 20,901 3,363 4,383 2,375 9,836 944 2,103 28,929 5,872 3,440 148 213 ,052 8 ,011 23,057 20,953 3,335 4,403 2,388 9,877 950 2,104 29,015 5,908 3,454 140 216 ,047 36 ,015 23,107 21,006 3,431 4,406 2,360 9,849 960 2,101 28,741 5,863 3,425 137 214 ,056 20 ,011 22,878 20,787 3,196'4,416 r2,357 r9,853 965 2,091 28,580 5,846 3,403 157 210 ,061 5 ,010 22,734 20,653 3,057 4,391 2,362 9,887 956 2,081 July 7 28,552 5,849 3,418 146 213 ,051 20 1,001 22,703 20,664 3,031 4,376 2,329 9,972 956 2,039 July 14..... 29,346 5,914 3,473 153 211 ,062 19 996 23,432 21,417 3,108 4,356 2,982 10,026 945 2,015 July 21 29,308 5,884 3,475 142 203 ,061 22 981 23,424 21,424 3,129 4,343 3,037 10,045 870 2,000 r Revised. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 19355 ((p . 876), A"n nual* R~e port' f'o r 1937 ("tables 65-67), and corresponding tables in previous Annual Reports. 76O 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 R a e r r i n e a t d v k h - l - e s v C a a i u s n l h t m b a w a d n e n o i c s t k - e t h i s s c j p m u a o d s a d s e t n e - - i d t d s 1 s p u p n v c a h o a a e i o n i d r l r p r r d s a - t - - s , - - , S p s d s a t i i o u i c a n o v l b a t d n i - e i l t s - - s c C c h o a e f e e e f i t n e f c r r c i d d . s t - k i ' - s m U G e e r . o n n S v - t . - s p p u h a v n c o a a n i e o i r r p d l d r r a t s - s - - - - , , S p s d s a i t i o u c i a o n v l b a t n d i i e - l t - s - s P m U G S o a e in a s n o . e r g S n v t n d v a s . - - t - l m D a e n b - d ank T s ime b F e a o i n r g k - n s B r in o o g w r s - - co C a i u t a c a n p - l - ts B d a e n b k tions tions Total 101 Cities 1942—June 9,759 510 3,398 25,878 25,393 1,905 485 846 4,924 20 9,080 87 667 3,949 9,348 1943—February.... 9,412 516 2,557 30,412 30,290 1,854 577 4,240 5,284 108 28 9,204 59 729 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 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 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 4,095 12,544 June 8,678 527 2,358 32,199 32,254 1,806 682 6,557 5,504 119 35 8,839 51 762 4,117 11,874 1943—Apr. 28 8,608 2,618 30,098 30,112 1,890 692 8,044 5,381 115 31 9,092 56 733 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 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 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 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 4,100 11,607 8,570 504 2,410 31,386 31,395 1,838 668 7,981 5,480 121 32 8,826 53 755 4,112 11,211 8,694 538 2,335 32,061 31,890 1,794 625 7,029 5,485 117 34 8,823 53 763 4,119 10,847 8,894 558 2,441 32,787 33,064 1,793 740 6,358 5,494 117 34 9,106 51 760 4,120 12,493 8,677 531 2,308 32,472 32,383 1,756 677 5,764 5,529 119 35 8,773 50 765 4,118 12,083 8,556 503 2,297 32,289 32,536 1,852 699 5,652 5,530 119 39 8,666 50 772 4,115 12,734 July 7 8,529 514 2,272 32,325 32,330 1,781 706 4,924 5,564 116 40 8,908 50 782 10,902 July 14 8,683 552 2,382 32,883 33,236 1,790 748 5,973 5,586 119 40 8,868 50 772 12,067 July 21 8,740 528 2,307 33,386 33,381i 1,811 578 5,345 5,616 117 40 8,748 49 773 4,128 11,657 New York City 1942—June 4,438 79 10,621 10,797 238 256 506 647 18 ...... 3,280 599 1,548 3,618 1943—February... 3,655 11,574 11,850 218 313 2,372 663 22 3,052 650 1,576 4,486 March 3,610 12,444 12,748 217 319 1,436 673 18 3,101 "l 657 1,578 4,687 April 3,271 12,219' 12,556 217 390 2,083 674 19 3,096 1 646 1,581 5,792 May 3,038 11,387 11,670 222 455 4,130 672 18 2,904 1 655 1,596 5,522 June 3,157 12,086 12,426 205 355 3,006 690 17 2,869 1 677 1,610 4,976 1943—Apr. 28 3,107 11,346 11,675 230 371 3,886 675 19 3,024 1 1,578 4,733 May 5.... 2,973 11,140 11,342 230 565 4,124 668 17 2,968 1 641 1,592 6,638 May 12 3,027 11,250 11,617 219 418 4,385 668 19 2,937 1 652 1,593 5,266 May 19.... 3,085 11,450 11,764 219 486 4,143 677 19 2,924 1 659 1,601 5,250 May 26 3,068 11,708 11,958 221 349 3,867 677 19 2,785 1 668 1,600 4,933 3,089 11,850 12,184 212 341 3,709 688 18 2,841 1 669 1,605 4,764 3,169 12,070 12,331 195 356 3,232 687 16 2,850 1 677 1,611 4,691 3,204 12,251 12,628 194 386 2,915 692 16 2,988 1 677 1,615 5,297 3,176 12,105 12,395 194 343 2,617 705 17 2,872 1 678 1,609 4,978 3,149 12,156 12,591 232 349 2,556 679 18 2,794 1 683 1,610 5,150 July 7 3,191 12,151 12,453 174 384 2,208 687 18 2,874 1 692 1,612 4,588 July 14 3,187 12,297 12,713 227 442 2,472 684 18 2,931 1 1,613 5,108 July 21 3,250 12,557 12,837 228 280 2,188 690 17 2,866 1 1,613 4,528 Outside New York City 1942—June 5,321 3,321 15,257 14,596 1,667 229 340 4,277 148 20 5,800 87 68 2,401 5,730 1943—February... 5,757 436 2,534 18,838 18,440 1,636 264 1,868 4,621 86 28 6,152 59 79 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 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 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 2,499 7,022 June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 50 85 2,507 6,898 1943—Apr. 28 . .. 5,501 472 2,587 18,752 18,437 1,660 321 4,158 4,706 96 31 6,068 55 85 2,489 7,224 May 5. .. 5,311 432 2,519 18,388 18,081 1,531 291 4,372 4,713 99 31 6,144 51 83 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 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 S3 83 2,498 7,054 May 26. .. 5,421 450 2,414 19,477 19,114 1,616 259 4,427 4,777 31 5,888 54 83 2,500 6,674 June 2... 5,481 425 2,378 19,536 19,211 1,626 327 4,272 4,792 103 32 5,985 52 86 2,507 6,447 June 9. .. 5,525 454 2,314 19,991 19,559 1,599 269 3,797 4,798 roi 34 5,973 52 86 2,508 6,156 June 16. . . 5,690 472 2,415 20,536 20,436 1,599 354 3,443 4,802 34 6,118 50 83 2,505 7,196 June 23... 5,501 452 2,285 20,367 19,988 1,562 334 3,147 4,824 101 35 5,901 49 87 2,509 7,105 June 30.... 5,407 423 2,272 20,133 19,945 1,620 350 3,096 4,851 102 39 5,872 49 89 2,505 7,584 101 July 7.... 5,338 429 2,248 20,174 19,877 1,607 322 2,716 4,877 98 40 6,034 49 90 2,519 6,314 July 14.... 5,496 463 2,356 20,586 20,523 1,563 306 3,501 4,902 101 40 5,937 49 84 2,516 6,959 July 21... 5,490 447 2,276 20,829 20,544 1,583 298 3,157 4,926 100 40 5,882 48 85 2,515 7,129 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. AUGUST 1943 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars Loans Investments Loans for U. S. Government obligations d F i e s d tr e i r c a ( t 1 l 9 a R 4 n 3 e d ) s e d r a v t e e m T l v a o e o e i n a n n s t d n - a t t - s s l Total C t m d c a r i o e u i n i n r a s m a d - l - - l - , , b o p T r s o r u o e k r c c c - a u h r r a r i s y ti i i e n n s g g e l R s o e t a a a n l t s - e b L a o t n a o k n s s Total Bills Ce c r i a o t n t i f - e f s i- Notes Bonds Gu an 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) June 23 2,535 589 372 21 12 69 270 r465 r185 r840 73 113 June 30 2,511 596 381 19 12 69 237 464 186 842 72 114 July 7 2,513 610 392 20 12 69 ""{" 224 465 186 842 72 114 July 14 2,546 616 394 24 12 69 1 216 467 218 845 72 112 July 21 2,560 612 393 23 12 69 1 235 476 222 847 56 112 New York (8 cities)* June 23.. 18,947 3,919 2,278 793 249 180 26 13,958 2,164 2,766 1,694 6,385 949 ,070 June 30 18,783 3,967 2,278 860 245 181 23 13,735 1,949 2,795 1,652 6,378 961 ,081 July 7 18,517 4,069 2,284 949 237 181 37 13,409 1,578 2,809 1,680 6,371 971 ,039 July 14... 19,036 4,086 2,303 952 224 181 51 13, 1,670 2,827 2,026 6,402 964 ,061 July 21 18,865 3,890 2,282 809 221 181 26 13,924 1,791 2,839 2,018 6,424 852 ,051 Philadelphia (4 cities) June 23 2,091 435 233 31 11 44 5 1,449 240 307 122 707 73 207 June 30. 2,068 427 229 31 11 45 1,433 225 304 122 703 74 208 July 7 2,062 431 230 30 11 45 ""5" 1,426 209 304 124 710 79 205 July 14... 2,104 432 231 30 11 45 5 1,469 211 298 170 711 79 203 July 21 2,095 426 231 31 11 44 1,467 211 297 171 711 77 I 202 Cleveland (10 cities) June 23 3,668 731 373 16 16 168 13 2,673 418 436 339 1,351 129 264 June 30 3,639 715 366 15 16 169 4 2,665 398 438 339 1,361 129 259 July 7...... 3,634 719 367 14 13 171 8 2,659 376 437 297 1,420 129 256 July 14 3,696 734 372 20 15 172 8 2,706 367 438 349 1,424 128 256 July 21.. 3,693 728 369 14 14 171 17 2,710 374 428 354 1,435 119 255 Richmond (12 cities) June 23 ,461 240 113 3 11 52 1,155 151 247 126 583 48 66 June 30 ,456 240 111 4 12 52 1,150 151 238 127 584 50 66 July 7... ,443 239 111 4 11 52 1,143 141 219 130 603 50 61 July 14 ,493 236 110 4 12 51 1,197 156 219 165 607 50 60 July 21 ,494 232 109 3 11 51 1,202 156 220 165 612 49 60 Atlanta (8 cities) June 23. ,389 286 170 4 9 27 990 137 251 143 405 54 113 June 30 ,370 287 171 4 9 27 971 126 247 140 404 54 112 July 7 1,370 284 171 6 10 27 973 124 253 140 402 54 113 July 14 1,478 287 172 6 10 27 1,078 164 252 201 408 53 113 July 21 1,477 283 169 6 10 27 1,081 167 252 203 408 51 113 Chicago (12 cities)* June 23 6,980 1,211 864 38 58 141 5,187 824 1,240 579 2,308 236 582 June 30 6,964 1,208 856 46 53 143 5,180 815 1,237 579 2,313 236 576 July 7 6,986 1,210 863 45 52 142 5,217 851 1,232 581 2,320 233 559 July 14... 7,132 1,226 880 41 53 142 5,365 874 1,221 701 2,336 233 541 July 21 7,079 1,228 883 40 53 142 5,321 839 1,216 713 2,339 214 530 St. Louis (5 cities) June 23 1,397 342 204 4 9 66 122 219 109 450 34 121 June 30 1,396 341 201 4 9 66 1 112 216 109 462 37 119 July 7 1,387 339 199 4 9 66 1 106 217 109 464 36 116 July 14.... 1,441 343 202 5 10 66 1 114 220 143 469 36 116 July 21 1,435 343 205 5 9 66 114 216 146 469 32 115 Minneapolis (8 cities) June 23 849 175 106 1 5 14 2 115 127 57 306 27 42 June 30 855 176 108 2 5 14 121 126 56 306 28 42 July 7..... 854 179 106 2 4 14 4 116 127 56 307 28 41 July 14... 879 180 108 2 4 14 4 115 127 83 307 27 40 July 21 872 178 106 1 4 15 4 109 127 84 307 27 40 Kansas City (12 cities) June 23 1,501 321 213 3 36 1,055 173 226 176 422 58 125 June 30 1,493 325 212 3 37 1,041 162 225 173 423 58 127 July 7 1,510 326 213 3 42 1,057 178 224 173 425 57 127 July 14 1,558 334 220 4 42 1,098 178 226 210 428 56 126 July 21 1,570 338 226 3 42 1,107 180 219 228 428 52 125 Dallas (9 cities) une 23 1,187 280 200 2 16 19 119 209 106 359 59 55 . une 30... 1,174 281 201 2 16 19 107 208 106 358 58 56 .uly 7. 1,179 276 202 1 13 19 117 208 105 359 59 55 uly 14... 1,232 279 199 1 17 19 125 201 157 359 56 55 uly 21 1,231 276 201 1 14 19 127 209 152 358 55 54 San Francisco (7 cities) June 23 4,142 925 439 11 28 337 2,913 462 493 279 1,541 138 304 June 30 4,134 922 428 24 28 336 2,909 457 493 289 1,546 124 303 July 7 4,108 911 427 1# 40 320 1 2,900 443 490 291 1,552 124 297 July 14.... 4,227 922 447 13 29 332 3,006 437 486 396 1,563 124 299 July 21 4,241 915 444 12 27 332 3,027 459 486 407 1,562 113 299 City of Chicago* June 23 4,349 780 624 32 47 23 3,181 481 797 399 1,430 74 388 June 30 4,344 780 621 40 41 23 3,182 479 799 400 1,430 74 382 July 7 4,358 784 629 39 40 23 3,207 507 798 400 1,428 74 367 July 14.... 4,422 798 644 35 42 23 3,276 524 789 450 1,439j 74 348 July 21.. 4,385 801 646 35 42 24 3,246 490 787 456 1,443 70 338 r Revised. * 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. 762, 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 I In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 3 e d ) s e d r a v t e e B s w F e R a e e r n i r e a t d v - k h l - e s C va a i u s n l h t m b a w e a n d i s c n o t t - e k h i s s c j p u m o a d s a d e t s n e - i - t d d s 1 s u p p v h n c a o a a i i e o n d p l r r r r d s a - t - s - , - , - S p d s t s o a i i i a u l c n v o t i a b i n t e d l - - s - s c C c h o e e a f e f e r t i n f r c t c e i s d k i . - d ' s - , U m G er . o e n S n v - . t - s p u p h n v c a a a o i o e i n 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 n d i i e - l t - s - s P m U G o S i e a n s a r o e . n g n t v S v n d a s - - . - t l m D a e n b - d ank T s ime b e F a i o g n r n k - s B r i o n o w g r s - - c C o i a a t u c a p n - l - ts B d i a e ts b n 2 - k tions tions Boston (6 cities) June 23 450 56 119 1,986 1,972 90 29 351 249 323 259 641 June 30........ 444 53 125 1,975 1,969 106 27 337 250 320 258 721 July 7............. 443 55 120 1,994 1,980 96 29 291 252 343 29 259 621 July 14............. 470 59 117 2,014 2,009 98 28 345 253 332 25 259 675 July 21.. 436 59 117 2,039 2,021 100 32 308 254 325 26 258 687 New York (8 cities)* June 23.... 3,387 112 116 13,251 13,380 380 376 2,787 1,099 19 2,942 739 5,341 June 30............. 3,364 110 120 13,289 13,587 421 384 2,720 1,076 20 2,863 685 741 5,585 July 7........ 3,399 117 121 13,278 13,434 352 411 2,351 1,086 20 2,950 694 742 4,909 July 14............. 3,397 124 134 13,445 13,719 404 476 2,663 1,085 20 3,007 690 ,743 5,481 July 21...... 3,455 115 131 13,712 13,847 407 308 2,359 1,093 19 2,940 690 ,743 4,855 Philadelphia (4 cities) June 23........... 400 28 83 1,645 1,623 105 18 254 158 2 360 6 222 523 June 30........... 391 25 83 1,613 1,643 98 20 249 158 2 364 7 222 554 July 7....... 391 27 81 1,636 1,628 100 22 214 159 2 366 6 223 439' July 14 ....... 394 28 88 1,653 1,659 98 18 262 159 2 356 6 223 5211 July 21 403 27 80 1,675 1,662 100 19 233 159 2 356 6 223 480> Cleveland (10 cities) June 23.......... 760 69 260 2,744 2,764 112 39 328 753 51 501 2 420 857 June 30........... 717 64 241 2,662 2,704 113 44 324 757 50 491 2 419 927 July 7........... 702 64 246 2,667 2,692 111 40 284 760 50 506 2 420 692 July 14........... 732 69 253 2,717 2,790 112 38 349 764 50 496 2 420 778 July 21 752 67 247 2,764 2,803 116 38 317 767 50 486 2 420 874 Richmond (12 cities) June 23........... 288 35 171 1,051 1,009 98 23 174 215 2 384 1 110 349 June 30........... 279 32 159 1,034 1,006 103 23 171 216 2 372 1 109 343 July 7.............| 294 34 162 1,045 1,009 99 24 150 217 2 387 1 108 306 July 14... .....I 293 36 177 1,055 1,030 101 21 211 218 2 384 1 108 308 July 21 1 278 34 166 1,059 1,016 106 20 189 219 2 375 1 108 338 Atlanta (8 cities) June 23... 280 25 170 943 894 128 12 152 218 2 464 4 105 350 June 30 277 22 173 928 889 135 13 148 219 2 464 4 105 349 July 7......... 283 23 168 939 899 121 8 133 220 2 464 4 105 451 July 14 291 26 191 971 936 123 10 245 222 3 464 105 322 July 21. 271 25 169 971 940 115 9 219 223 3 446 104 336 Chliiacago (12 cities)* June 23............. 1,325 97 415 5,024 4,902 373 76 790 1,070 2 1,471 467 1,848 June30.... ......... 1,290 90 426 4i>7 4,894 390 71 793 1,077 2 1,464 469 2,094 July 7........ 1,244 92 392 4,972 4,858 419 63 694 1,083 2 1,505 470 1,595 July 14............. 1,285 97 424 5,074 5,038 381 54 839 1,089 2 1,479 466 1,875 July 21 1,325 94 401 5,13. 5,024 396 51 751 1,095 2 1,460 467 1,851 St. Louis (5 cities) June 23.... 274 19 116 860 63 9 141 201 1 500 105 316 June 30 .... 257 18 117 861 872 64 17 136 202 1 493 105 338 July 7..... 266 18 114 859 887 62 13 118 204 1 505 105 272 July 14............. 270 19 116 887 928 62 10 164 205 1 493 105 304 July 21....... 281 18 116 911 928 63 9 146 206 1 489 105 326 Minneapolis (8 cities) June 23....... 151 10 78 551 506 91 7 114 115 242 70 205 June 30 150 10 87 56: 522 95 9 110 115 243 70 210 July 7............. 157 9 87 569 521 104 95 116 260 70 194 July 14..... 160 10 84 583 533 104 117 117 250 70 216 July 21 162 9 97 590 538 97 106 118 259 70 217 Kansas City (12 cities) June 23..... 346 21 279 1,030 1,022 114 16 123 152 727 121 413 June 30 357 20 292 1,051 1,049 117 17 121 153 724 120 376 July 7.. 359 19 288 1,050 1,054 111 18 107 154 751 120 359 July 14....... 362 21 300 1,076 1,080 114 17 149 155 747 120 411 July 21 360 20 300 1,079 1,082 120 17 136 156 764 120 437 Dallas (9 cities) June23 ... 271 21 246 952 958 53 20 129 135 9 423 2 99 310 June 30 283 20 228 935 948 60 19 124! 136 9 426 2 97 289 July 7............. 283 20 226 958 960 59 16 Ill' 135 8 420 2 98 252 July 14..... 295 21 239 988 999 59 16 156; 135 9 424 1 98 267 July 21 285 20 241 1,000 996 60 20 139 136 9 418 1 299 San Francisco(7 cities) June 23 745 38 255 2,435 2,473 149 52 421 1,164 29 436 25 401 930 June 30... 747 39 246 2,397 2,453 150 55 419 1,171 29 442 25 400 948 July 7.... 708 36 267 2,358: 2,408 147 54 376 1,178 28 451 25 411 812 July 14............. 734 42 259 2,420! 2,515 134 52 473 1,184 28 436 25 412 909 July 21 .... 732 40 242 2,451 2,524 131 48 442 1,190 28 430 25 412 957 City of Chicago* June23... ... 827 43 169 3,054 3,022 189 33 505 472 1,050 13 1,095 Tune 30....... 788 40 176 3,026 3,006 202 36 509 476 1,032 13 307 1,229 July 7..... 762 41 171 3,038 2,988 242 34 440 476 1.073 13 308 929 July 14...., 801 41 176 3,079 3,073 207 25 521 477 1,059 14 304 1,161 July 21 .........I 826 40 176 3,136 3,109 ! 206 26 465 479 1,043 13 304 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as m process of collection. 2 Debits to demand deposit accounts except interbank and U. S, Government accounts. 763 AUGUST 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 sta T o n o u d t t a i - n l g Total Accept O b i i n w l g l n s banks b B ou il g ls ht Othe ex D c o h l a l n ar ge G s o h o ip d p p s o e s d i t n o t b s r e e i t d n w i e n e n or 1942—March 384 183 146 89 57 37 April 373 177 139 86 53 38 May 354 174 133 82 51 41 June 315 163 122 78 44 41 July 305 156 119 77 42 38 August 297 139 108 71 37 31 September. 282 123 97 64 33 26 October... . 271 119 94 63 31 25 November . 261 116 90 61 29 26 December . 230 118 93 60 34 25 1943—January 220 120 95 60 35 24 February... 209 127 102 64 38 25 March 201 130 101 62 39 29 April 179 128 99 61 38 29 May. . 160 136 105 65 40 31 June 143 140 102 62 40 38 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.— See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY _BORRO WED, 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 b ( a n la e n t) c 1 es a in n a v d 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 orrowed2 Free O (n th et e ) r a I i n n n a d v c p e c t a o s r r t u a t m n d n e t i e s n n r g s t ' i a n n a v I c d e n c s t o r t f u m a ir 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 17 213 1942—June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 August e490 «300 e240 September e500 c310 c240 October e510 e310 e250 November e520 «320 e250 December 543 7 154 160 378 270 54 15 4 182 1943—January ... . e540 e290 "280 February 8550 e320 e310 March e350 r320 April e670 e57O r330 May r740 e55O r330 June 761 9 190 167 529 334 66" 15 7 212 r Revised. * 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). 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. mo Y w n e e th e a , k r , or m m 4 p P - c o a e r o n t p r i o m m c t e h i 6 r - e a s , - l l a a b P d c n a e r a c 9 c i n y r e 0 m e s k s p ' s i - e t , - c S h l n a c e o t r a e l o a x e a s n w - l - c n 2 l g k - e m b G o i 3 l o n - ls v t 3 h enl d m 9 c m e o - c e e b f r a o t n o t t t n i i t e e f n t 1 d s i s h - - 2 e - - c•u 3 t n a r - y i x o t t e o i t a a e e b r 5 s s l - e [Per c 1 e T 9 n t o c t p i a t e l ie r s annu Y N m C o e i ] t w r y k e E 7 N r c a n i o O s t r i t t a e t e h h n s r e n - d r 1 ! 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. . 7 3 6 2 1940 average .56 .44 1.00 .014 1 19 9 3 3 7 6 a a v v e e r r a a g g e e 1 1 2 2 . . 5 6 9 8 1 1 . . 7 7 3 2 3 2 . . 0 8 4 8 3 3. . 2 4 5 0 1 19 9 4 4 2 1 a a v v e e r r a a g g e e . . 5 6 4 6 . . 4 4 4 4 L . O 00 O . . 3 1 2 0 6 3 *** 1. . 1 7 3 6 1938 average1 2.53 1.69 2.75 3.26 1942-June .69 .44 LOO .363 1.15 1939 average 2.78 2.07 2.87 3.51 July .69 .44 .00 .368 1.20 1940 average..... 2.63 2.04 2.56 3.38 August .69 .44 LOO .370 4.80 1.25 1941 average 2.54 1.97 2.55 3.19 September.. .. .69 .44 LOO .370 .76 1.27 1942 average 2.61 2.07 2.58 3.26 October .69 .44 .00 .372 .75 1.28 1939—March 2.95 2.13 3.05 3.77 November .... .69 .44 LOO .371 .80 1.28 June 2.91 2.15 3.05 3.62 December .69 .44 .00 .363 .80 1.34 September.. 2.68 2.04 2.78 3.31 1943— M J F M A J u e a p a a n b n r y r i e r u c l u a h . a r . y ry . . . . . . . 6 6 6 6 6 6 9 9 9 9 9 9 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . ' 0 0 0 o 0 0 0 0 0 0 0 o . . . . . . 3 3 3 3 3 3 7 6 7 7 7 7 4 7 2 3 3 3 J . . . ^ . 7 7 7 7 O 7 5 6 8 3 8 1 1 U 1 1 1 . . . . 3 3 3 2 2 3 2 3 9 4 9 6 1940— J D D S M u e e e n a p c c e r t e e c e h m m m b b b e e e r r r . . . . . 2 2 2 2 2 2 . . . . . . 6 5 5 6 5 5 5 8 9 8 9 9 2 2 2 2 2 1 . . . . . . 9 0 0 1 0 0 6 6 3 4 0 0 2 2 2 2 2 2 . . . . . . 5 6 4 5 5 5 3 7 9 6 9 3 3 3 3 3 3 3 . . . . . . 3 2 3 3 3 4 5 5 2 8 6 3 Week ending: 1941— J M un a e rch 2 2 . . 6 5 0 5 1 1 . . 9 9 8 5 2 2 . . 6 5 2 8 3 3 . .2 2 9 3 J J J J J u u u u u n l l l l y y y y e 2 2 1 1 4 3 6 0 7 H-H % \ 1/ 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 4 4 4 5 4 5 . . . . . 6 6 6 6 6 8 9 7 8 9 61 1 1 1 1 . . . . . 3 2 2 3 3 2 9 8 1 2 1942— D J S M u e e n a p c e r t e c e h m m b b e e r r . . . . 2 2 2 2 2 . . . . . 4 6 7 6 4 1 3 0 2 8 2 2 2 1 1 . . . . . 8 0 8 0 2 8 9 5 7 8 2 2 2 2 2 . . . . . 4 6 5 6 4 5 3 6 6 8 3 2 3 3 3 . . . . . 2 3 2 9 2 6 4 5 9 0 September.. J Monthly figures are averages of weekly prevailing rates. December... 2.76 2.36 2.76 3.24 * The average rate on 90-day stock exchange time loans was 1.25 per 1943—March...... 3.00 2.70 2.98 3.38 cent during the entire period. " June 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 1 Prior to March 1939 figures were reported monthly on a basis not strictly J Average for Aug. 15 to 31. comparable with the current quarterly series. ° Number of issues included decreased from 2 to 1 on July 1. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description 6 Number of issues included increased from 1 to 2 on July 12. and for back figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS l [Per cent per annum] Corporate (Moody's)6 U. S. Government2 Munic- Corpo- Year, month, or week ipal rate By ratings By groups (high- Partially grade)3 grade)4 Total ex t e a m x- pt Taxable' Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 15 5 120 30 30 30 30 40 40 40 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3 11 1942 average 2.02 2.35 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1942--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 June 1.85 2.29 2.07 2.63 3.14 2.72 2.85 3.11 3.88 2.84 3.61 2.9a Week ending: June 26 1.83 2.28 2.05 2.62 3.14 2.72 2.84 3.11 3.88 2.83 3.61 2.98 July 3 1.81 2.27 2.04 2.61 3.13 2.71 2.84 3.10 3.86 2.82 3.60 2.97 July 10 1.80 2.26 2.03 2.59 3.12 2.70 2.83 3.10 3.84 2.81 3.59 2.96 July 17 1.81 2.27 1.97 2.58 3.11 2.69 2.82 3.10 3.81 2.80 3.57 2.95 July 24 1.83 2.28 1.96 2.56 3.10 2.69 2.81 3.09 3.80 2.79 3.55 2.95 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which arc 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. 5 Moody'sCInvestorsP!ervice, 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. 765 AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U. S. Munic- ing? m G er e o n n v - t - 2 gr i a p d a e l )3 H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fau D lt e e - d fe P r r r e ed - e Total In tr d i u a s l - R ro a a il d - P ut u il b it l y ic (i s s n a h n t a d h r s o e s u o ) - f Total trial road utility Number of issues 2-6 15 20 20 15 402 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 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—June 110.7 125.7 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 68 59 59 316 July 110.2 126.7 118.9 98.9 108.4 83.9 104.5 25.5 162.0 68 71 63 58 346 August 109.9 127.6 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September 109.8 128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October 109.5 128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November 109.4 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December 108.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 82 74 69 820 February 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 March 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 1,593 June .... 112.4 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 Week ending: June 26 112.7 131.9 120.6 109.9 116.7 98.4 114.6 47.2 174.2 96 92 84 865 July 3 113.0 132.1 120.8 110.5 117.0 99.6 114.8 48.5 175.0 98 101 95 86 977 July 10 113.2 132.3 120.9 110.5 116.6 100.1 115.0 48.8 175.0 101 95 87 946 July 17 113.0 133.4 121.1 110.9 116.4 101.0 115.2 48.8 175.9 101 104 100 89 1,257 July 24 112.7 133.6 121.1 111.1 116.7 101.1 115.6 48.7 176.4 100 102 98 89 873 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. * 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 Averaagge daaiillyy vvoolluume of tradingg in stocks on the New YYokr k Sotokc k Exchagnge. BBak ck figufrieFs. —For UUnitd Stt G bd Nb 1940 B f iil bd Al ited States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] ?ov new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( a f d e i o n g o s r d n - - ti ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks F ei o g r n - 2 m e ( a f 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 t i - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o 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 3S9 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 r2 119 rl 075 rl 075 342 108 r624 r506 118 rl 044 r1,044 181 440 r422 r411 rll 1942—June . ... 201 97 97 18 2 77 69 8 105 105 15 28 | 62 55 7 July 142 41 41 11 3 28 27 102 102 37 32 33 33 August 162 103 103 45 59 57 2 59 59 3 50 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 October 115 28 28 26 2 87 87 12 31 44 44 N D o ec v e e m m b b e e r r . . . . . . r r 1 1 0 5 0 0 r r4 3 l l r r 3 41 1 9 7 1 1 7 7 1 r 5 7 r1 r7 3 2 r11 6 0 9 r11 6 0 9 1 9 0 3 4 4 6 r6 1 6 4 r6 1 6 3 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 February.... 102 58 58 47 11 11 44 44 11 32 2 2 M Ap ar r c i h l... r1 2 5 0 8 0 r3 9 6 0 3 8 6 7 3 1 3 0 7 5 1 5 9 4 1 7 5 4 7 r 2 1 12 1 2 0 1 12 1 2 0 1 1 7 3 5 3 5 5 3 7 8 5 3 7 2 3 2 7 May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 r Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues. Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to xevision. Back figures.—See Annual Report for 1937 (table 78). 766 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] 1 Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o ap rk it 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 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. , ...... rl,062 rl,043 r474 r287 r187 r396 r366 r30 r138 35 1941-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........ r171 r167 r74 38 r35 r84 r82 r2 9 February . . r56 r54 r17 r10 r7 r24 r13 11 r3 11 March......... r125 r123 r62 r58 4 r45 r40 5 r16 April r135 r132 r75 r20 55 r21 r21 36 May........... r124 r123 r57 r25 r32 r14 r14 r51 4 June r152 r149 r75 57 r18 r61 r56 5 r10 r3 July........... r61 r60 r20 r17 r4 r31 r31 8 August. r43 r42 r38 33 r5 r4 r4 r September..... r82 r80 r31 r12 r25 r24 2 r4 r20 October....... r46 r45 r4 2 r2 r4l r4l N D o e v ce e m mb b e e r r . ...... r r 3 3 5 4 r r 3 3 4 3 r1 r5 6 r1 rl 5 r4 1 r2 1 8 7 r2 1 8 3 4 rl 1943— F J e a b n r u u a a r r y y . . . . . . . . . . . . . . . 4 9 9 4 8 9 1 1 2 io 2 1 3 6 4 3 6 4 2 3 March......... 98 96 39 6 32 48 42 7 1 8 April. .... 91 88 9 3 5 76 74 2 3 May..... 83 81 32 14 18 49 49 June........... 99 97 25 10 15 70 51 19 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS lln millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- Purceeds ties poses4 ceeds ties poses* ceeds ties poses4 ceeds ties poses 1934....... 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935. . 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 . 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 . ..... 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940............ 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1.340 317 993 30 828 244 463 121 94 55 18 21 1942 .. ... 47 32 15 r464 r145 r292 27 r527 r293 r89 r146 r4 1941—July.... 23 23 39 13 26 48 9 29 10 10 5 August 24 24 307 138 169 76 22 40 14 6 1 - September 42 7 35 114 6 106 2 23 13 9 1 1 1 October 25 21 4 79 11 63 5 75 49 13 14 22 10 November....... 1 1 59 46 11 1 85 41 24 21 6 4 December... 28 28 62 3 46 12 46 25 15 6 6 5 1942—January... 10 10 r110 18 r83 r44 43 rl r3 r3 February 4 4 r10 10 r40 r13 14 13 March 6 6 r71 r31 40 r47 r26 r5 r16 April r17 r13 r4 r115 r62 r17 36 May.. r30 r12 r13 r5 r93 r45 r47 June. 9 3 6 r70 17 r50 3 r70 r55 6 r10 1 1 July......... 2 2 r6 r3 r2 r52 29 8 August 2 2 r38 34 r4 r2 r2 September...... 1 1 r40 r6 r25 9 r38 r23 r15 October 9 9 r29 r29 r6 r4 3 November rl7 r16 r17 r4 r12 rl December....... 4 4 r27 r10 17 3 2 1 1943—Tanuary 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 ""i" 12 7 4 June............ 46 ""46" 1 1 50 25 23 r Revised. Figures for 1942 recently revised by the Securities and Exchange Commission. 1 Estimates of new issues sold tor cash in the United States. Current ngures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN, AUGUST 1943 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Other Non- Oil Year or quarter Total s I a t r n e o d e n l c M e h r i y a n - - t b o A i m l u e - o s - p e t m r t q o i a e u o r n n t n i a s p t - - - f m p e u a r r e c n r o t o t d a d s u l - s s O g d b o u t l h o r e a e d - r s F : b o a a o e b g n o v a e d d e c s r s c , - , o r p u a e i r n c f n o i g t d n s d - - c I h c t n e a r d i l m u a s i s l - - g O d n o u t b o o r h l n a d e e - - s r n s c M e i e e i l r c o s l e v u a - s - s - pr N of e i t ts1 Dividends Number of companies... 629 47 69 15 68 75 49 45 30 80 74 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 1940 1,818 278 158 242 173 133 148 112 194 160 132 1,028 1941 2,169 325 193 274 227 153 113 159 174 • 207 187 159 1,144 1942 1,792 236 159 209 202 138 90 151 152 164 136 165 883 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 46 251 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 J48 32 18 32 27 35 27 34 174 23 136 3 451 51 36 46 749 34 22 42 42 41 35 52 211 21 126 4 557 72 49 92 7754 36 30 44 49 48 35 47 294 23 158 1943—1 437 51 39 45 755 18 41 37 36 213 127 PUBLIC UTILITY CORPORATIONS [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 t c c a f o o o x m m r 4 e e e All N ro e a t d s inc I o n m s r o o e l a 1 v d e s nt d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e i m n c N om et e1 d D e i n v d i s - 5 O re p v i e n e r g n a u t e - inc N o e m t e* d D e i n v d i- s Number of companies... 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4.297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7.466 1,718 959 173 196 848 226 118 98 1,362 163 163 Quarterly 1939—1 898 -38 -43 21 175 46 39 19 259 44 42 2 906 -43 -47 23 166 37 32 19 267 49 42 3 1,058 68 58 (6) 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 L.010 15 3 -33 , 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 ,152 96 69 -5 28 201 59 43 18 295 43 44 2 L,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 55 26 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 73 36 19 3bt> 42 40 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. J Not available. 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. 768 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 lOn basis of daily statements of United States Treasury. In millions of dollars] End of month d T g d i r o r e o e t b s a c t s l t i b n T d e d t i a o e r e r e t r b i a e c n t l s t g t- Totals Tre b M a il s l a u s r r k y eta in b c C d l a e e n e t r e e b p t s s i t u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o . i l n S e n d . g s p s ub T l t i a c r x e i a n s s s o u u t r e e y s s S i p ss e u c e i s al i . b n e d N t a e e o r b r i n e t n - s g t- s g e t b t e c u e e F e u a r a d u r e r r i l a i s i t l n n t n y i - g e - - s 1940—June 42 968 42,376 34436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45025 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 57938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2.471 6,982 487 6,317 1942—June 72422 71,968 50,573 2,508 3,096 6,689 38.085 13,510 10,188 3,015 7,885 454 4,548 1942-July 77136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 4,551 Aug 81685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept 86483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92904 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 111069 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 June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 1 Including amounts held by Government agencies and trust funds, which aggregated $3,229,000,000 on May 31, and $3,198,000,000 (preliminary) on June 30, 1943. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including special 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, JUNE 30, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions Treasury bills Treasury bonds—Cont. a m t e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es July 7, 1943 805 Dec. 15, 1948-50 571 July 14, 1943 804 June 15, 1949-51 1,014 July 21, 1943 905 Sept. 15, 1949-51 1,292 1942—Apr 8,951 531 327 40 164 21 July 28, 1943 902 Dec. 15, 1949-51 2,098 May 9,569 634 422 43 170 22 Aug. 4, 1943 902 Dec. 15, 1949-52 491 June 10,188 634 433 41 160 23 Aug. 12, 1943 907 Dec. 15, 1949-53 1,786 July 11,078 901 508 74 319 25 Aug. 19, 1943 908 Mar. 15, 1950-52 1,963 Aug 11,751 697 454 52 191 32 Aug. 26, 1943 905 Sept. 15, 1950-52 1,186 Sept. 12,479 755 510 61 184 34 Sept. 2, 1943 906 Sept. 15, 1950-52 4,939 Oct.. .. 13,381 935 665 61 210 40 Sept. 9, 1943 909 June 15, 1951-54 .-.. .. 1,627 Nov 14,079 735 542 45 148 43 Sept. 16, 1943 1,000 Sept. 15, 1951-55 755 Dec 15,050 1,014 726 66 222 55 S Se e p p t t . . 3 23 0 , , 1 1 9 9 4 4 3 3 1 1, , 0 0 0 0 6 6 D D e e c c . . 1 1 5 5 , , 1 19 9 5 5 1 1 - - 5 5 5 3 1,1 5 1 1 8 0 1943—Jan 16,246 1,240 815 77 348 63- Mar. 15, 1952-54 1,024 Feb 17,067 887 634 48 205 76 Cert, of indebtedness. June 15, 1952-55 1,501 Mar 17,891 944 720 44 180 131 Aug. 1, 1943 1,609 June 15, 1953-55 725 Apr. 19,267 1,470 1,007 110 353 103 Nov. 1, 1943 2,035 June 15, 1954-56 681 May 20,507 1,335 995 86 254 104 Dec. 1, 1943 3,800 Mar. 15, 1955-60 2,611 June 21,256 875 696 35 144 141 Feb. 1, 1944 2,211 Mar. 15, 1956-58 1,449 Apr. 1, 1944 5,251 Sept. 15, 1956-59 982 Amount May 1, 1944 1,655 June 15, 1958-63 919 Maturity Date of issue outstanding Treasury notes J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 0 2- - 6 6 7 5 2 1 , , 1 48 1 5 8 June 30,1943 Sept. 15, 1943 279 Dec. 15, 1963-68 2,831 J M S S D u e e e a n p p c r e . t t . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 3 4 4 4 4 6 4 5 2 4 3 1 1 8 2 5 6 5 3 1 P C P o a o J S n s u n e t a n v p a m e t l e . r a 1 S 1 s 5 i 5 a C o , , v 1 n a 1 i 9 n 9 n 6 6 b a g 4 7 l s o - - 6 7 n l b 9 o 2 d o a s n nds 3 2, , 7 7 1 1 6 5 1 2 6 2 0 7 9 S S S S S e e e e e r r r r r i i i i i e e e e e s s s s s D A B C C — — — — — 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 7 6 8 9 F F F F F r r r r r o o o o o m m m m m J J M J J a a a a n a n n n i . . . 1 1 1 1 1, 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 7 8 6 5 4 4 3 7 1 8 0 9 1 7 6 4 9 2 4 Mar. 15, 1945 718 Total direct issues 95,310 Series D—1950 From Jan 1, 1940 990 D M M e a a c r r . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 5 6 5 1,6 5 5 0 3 0 6 1 3 Gu C a o r m an m t o e d ed it y se C c r u e r d i i t t i e C s orp. S S e e r r i i e e s s D D — —1 1 9 9 5 5 1 1 F F r r o o m m M Ja a n r. 1 1 t t o o F A e p b r . . 2 3 8 0 , . 1 1 9 9 4 4 1 1 3 1 3 1 1 3 Dec. 15, 1946 3,261 Feb. 15, 1945 412 Series E—1951 From May 1 1941 1,269 Fed. Farm Mortgage Corp. Series E—1952 From Jan 1, 1942 5,654 Treasury bonds Mar. 15, 1944-64 95 Series E—1953 From Jan 1. 1943 4,256 O Ap c r t. . 1 1 5 5 , , 1 19 9 4 4 4 3 - - 4 4 6 51 1 1 , , 5 4 1 0 9 1 Fe M d. a y 1 P 5 u , b 1 l 9 ic 4 4-49 Housing 835 S S e e r r i i e e s s F G — — 1 1 9 9 5 5 3 3 F F r r o o m m M M a a j y T 1 1 1 1 9 9 4 4 1 1 1,2 2 4 2 2 5 Dec. 15, 1944-54 1,037 Authority Series F—1954 From Jan 1, 1942 639 Sept. 15, 1945-47 1,214 Feb. 1, 1944 114 Series G—1954 From Jan 1, 1942 2,462 Dec. 15, 1945 541 Home Owners' Loan Corp. Series F—1955 From Jan 1, 1943 378 J M u a n r e 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 5 8 6 1,0 4 3 8 6 9 M Ju a n y e 1 1 , , 1 1 9 9 4 4 4 5 - - 5 4 2 7 _ 7 7 7 5 9 5 S S e e r r i i e e s s G un — cl 1 a 9 s 5 s 5 ified From Jan 1, 1943 1,4 1 1 0 5 8 J O u c n t e . 1 1 5 5 , , 1 1 9 9 4 4 7 6 - - 5 4 2 9 8 7 1 5 9 9 Re J c u o ly n st 1 r 5 u , c 1 ti 9 o 4 n 3 Fin. Corp. 324 Total. . 21,256 Dec. 15, 1947 701 Apr. 15, 1944 571 Mar. 15, 1948-50 1,115 Jan. 1, 1945 115 1 At current redemption values except Series G, which is stated at par. Mar. 15, 1948-51 1,223 Federal Housing Admin. Difference between "Funds received" and month to month changes in June 15, 1948 3,062 Various 23 "Amounts outstanding" represents the difference between accrued increases Sept. 15, 1948 451 Total guaranteed issues 4,023 in redemption values and redemptions of bonds during the month. 1 Called for redemption on Oct. 15, 1943. AUGUST 1943 769 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 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 l e t g - s S i e s p r a s e n n u c m d e i s a e t l n ru t s a t g f e P i u n s u n s c b d u ie l s e i s s c F R B H e e a s e n e l k d rv s e Total m b C e a o r n c m k ia s - l M sa b u v a i t n 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 t u k l h e e e e s t r - inv m es N a a to r b o k r l n s e e - 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 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 FFeebbrruuaar;y 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 6,455 113,199 48,740 5,170 12,600 20,100 26,600 May 138,757 10,198 3,562 6,222 118,775 p52,400 5,240 12,700 p20,100 28,300 p. Preliminary. 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- Gov- Total m er e n n - t F er e a d l - Com- M tu u al - Insur- Total m er e n n - t F e e ra d l - Com- M tu u al - Insurst i a n n g d- a c a g i n e e d n s - B s R e a r n e v - k e s m ba er n c k i s a 1 l b i s a n a n g v k s - sp a c a o n n m c i e e - s Other s o t i a n u n g t d - - a c a g i n e e d n s - B s R e a r e n v - k e sb m a c n i e a k r l - s b s i a n a n g v k s - s p a c a o n n m c i e e - s Other trust trust funds funds Total: 2 Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 Total: Nov 70,750 2,918 5,399 34,480 4,091 9,35114,510 1942—June. ........ 38,085 2,321 1,61714,828 3,442 7,766 8 110 Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 Nov 43,381 2 468 2,46417 377 3 666 8 515 8 891 1943—Jan 81,691 3,189 5,969 40,281 4,51910,80616,927 Dec. 49,268 2,739 2,77719,445 4,055 9,94410 308 Feb 82,921 3,119 5,871 40,649 4,58910,90917,784 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 5,05312,32822,570 Mar. 49,273 2,652 1,98420,829 3,979 9,61810 212 May 99,390 3,556 6,222 49,159 5,11712,42222,914 Apr... ........ . 55,201 3,059 2,01721,520 4,62411,46412,517 Treasury bills: May.......... . 57,975 3,068 1,70824,006 4,68711,53912,967 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: Nov 5,721 5 383 4 216 14 93 1 010 1942—June 3,915 336 1,599 224 581 1 173 Dec 6,627 11 1,010 4 497 10 26 1 073 Nov. 5,129 610 2,071 254 748 1,445 1943—Jan 7,423 9 689 5,568 21 45 1,091 Dec 5,830 754 2,565 253 726 1,531 M Fe a b r 8 9 , , 2 2 3 3 2 4 1 1 9 2 2 1 , 0 4 8 7 7 5 5 5, 0 3 6 0 9 2 6 2 5 4 15 6 7 3 1 1, 8 3 3 5 7 5 1943— F j e an b 5 5, 8 8 3 3 0 0 7 66 5 5 7 2 2 ,6 5 8 7 6 7 2 23 4 5 8 7 7 1 2 5 6 1 1, 5 5 2 2 6 1 Apr 10,044 9 2,430 6,415 14 4 1,173 Mar 5,830 672 2,737 222 664 1,532 May 10,853 12 2,442 7,017 14 22 1,345 Apr 5,830 735 2,806 190 599 1,500 Certificates: May 5,830 754 2,773 186 597 1,519 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: Nov. 7,161 16 1,187 4,389 99 114 1,356 1942—June 9,436 846 4,959 750 1,347 1,536 Dec 10,534 17 1,041 6,470 129 180 2,696 Nov 14,229 1,439 7,676 1,084 1,736 2,293 1943—Jan 10,741 19 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 2 997 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 May 16,561 49 1,099 9,759 178 263 5,213 Apr 19,448 1,349 10,032 1,430 2,693 3,943 Treasury notes: May 22,019 1,393 12,423 1,435 2,731 4,335 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Nov 10,095 85 1 343 5 828 196 290 2 354 1942—June 18,731 2, L68 7,009 1,957 3 510 4 086 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, L65 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 16,295 948 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 May 9,797 66 919 5 813 160 287 2,552 Apr. 16 295 1,556 7,122 1,381 2 604 3 530 Guaranteed securities: May 16,295 1,523 7,202 1,376 2,584 3,507 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: Nov 4,195 310 22 2 660 116 338 750 1942—June 6 002 593 258 512 2 326 1 315 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 I 286 1 095 4 339 2 323 Feb' 4,196 294 49 2 664 107 329 753 1943—Jan. 10 069 1,304 284 1 131 4 356 2 293 Mar 4,272 332 42 2,712 102 328 756 Feb.. .. 10 069 598 ,310 1 131 4 354 2 275 Apr. 4,288 350 54 2 754 83 317 731 Mar 10,069 <?65 ,463 1,141 4 153 2 346 May 4,008 327 54 2,552 77 309 689 Apr 13,629 1,333 J S61 1,626 5,566 3 544 May 13,831 1,305 ,603 1,691 5,626 3,605 * Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings of nonreporting banks and insurance companies as well as of other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown in the table above. lOn May 31, 1943, commercial banks reporting to the Treasury held $19,644,000,000 of United States Government securities due or callable within one5 yyeeiar out of a total of $35,468,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change) Period t c a I o x n m e - s e 1 i c n r n n e e e n t l u v o e a l e e a u r l 1 - - - s S t s r a o e i x c c ty u e ia s - l Other c T e r o e ip t - a t l s c N e r i e e p - t ts2 I d n e e t s e b t r t - a W c t t i i e a v s r i- T c f o t e e r r a r u a t u c s c n n - s . s t t t o s - , Other e p T b t t e u o u n r t d e e d a x g s l i - - - Deficit c T o e r a u u t c c n s - . t t s s, F a G b e u n i a r e n n c a l n - d e l - c g d r r e I e i o n n a b s - s t s e Fiscal year ending: 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 June 1943 16,094 4,553 1,508 ,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861.1 +6.515J 64,274 1942—June 2,086 298 42 67 2,494 2,492 390 3,829 1 310 4,530 2,037 -1,635! +179; 3,852 July 273 416 53 52 794 747 35 4,498 249 378 5,160 4,413! ii +296! 4,714 August 155 362 232 48 797 587 7 4,884 19 305 5,215 4,628| -134| 4,549 September... 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 3,404 +1,1481 4,798 October 206 350 48 45 648 607 70 5,481 56 .330 5,937 5,331 -496 +5941 6,420 November... 199 337 248 45 830 601 28 6,042 3 291 6,363 5,761 +736 -1,814 3,212 December... 1,972 630 50 50 2,702 2,701 353 5,825 25 297 6,500 3,799 -794 +7,461? 12,054 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 5,584 -135 -2,819; 2,899 February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 5,164 -122 -2,331! 2,954 March....... 4,732 374 50 51 5,207 5,206 262 6,744 1 347 7,354 2,147 -549 -1,213 1,483 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 7,092 1 300 7,435 5,955 -39 +70 6.064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 -206 -3,180 784 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 i n n d penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- i c a G n i o g n m o u g e c v n n e h a e t n c e s c r c i t n e - o k s - f - ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d e - i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s c n o e i i - s t a s i l - a O s t s h e e ts r l T ia t o i b e t i a s l l i- Total W a b i n o n a c r l g - k e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 ,162 452 2,991 2,229 June 1943....... 2,810 2,350 456 2,194 1,130 655 147 10,149 1,038 7,667 ,444 643 9,507 8,744 1942—June..... 136 297 51 1,417 110 69 48 3,443 603 1,679 ,162 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 ,215 494 3,288 2,525 August. 433 184 52 262 62 24 28 3,695 569 1,880 ,246 541 3,154 2,392 September.... 30 214 45 25 83 37 37 4,688 1,021 2,411 ,256 386 4,302 3,540 October... 126 49 38 583 96 26 21 5,313 619 3,373 L,321 416 4,896 4,134 November.... 471 170 34 -449 65 32 13 3,557 512 1,695 ,350 475 3,082 2,320 December.... 75 350 33 548 99 37 11,032 1,516 8,166 ,350 489 10,543 9,780 1943—January..... 110 43 35 186 74 47 8" 8,200 465 6,367 ,368 477 7,724 6,961 February 498 230 35 370 52 40 5,895 623 3,892 1,381 503 5,392 4,630 March........ 36 272 36 300 82 53 7 4,758 643 2,694 L.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 L.383 465 12,687 11,924 June. 169 428 31 -82 152 119 30 10,149 1,038 7,667 ,444 643 9,507 8.744 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 i C nd u u r i a r v l e i n d t - V t t o a i r c x y - c r C r a o e t r u i n p o r t o - n - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a t x i n a f e d t t s e A be l t v c a o e x r h e a o s g li e c b t T a a x c o c e - o s S t t a a 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 l o i l s e u a - s - s taxes fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943.. 16,299 5,771 "686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1942—June.. 2,131 715 766 55 584 11 284 25 86 71 3 56 42 July... 222 53 83 29 53 2 459 46 114 74 3 62 160 August....... 164 32 53 26 49 3 340 30 123 74 3 60 51 September.... 2,123 662 781 23 641 17 315 i ....28 111 77 3 56 39 October 220 19 109 27 58 7 348 35 119 83 3 66 42 November 185 19 67 24 73 2 478 185 27 104 79 3 47 32 December.... 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 1943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 ""2" 1,026 79 1,791 21 379 62 121 80 4 47 65 M A Ju p a n r y e il. 4 1 , , 0 0 7 2 0 5 7 8 3 1,8 3 1 0 6 0 0 2 3 3 2 8 9 5 1 8 97 8 7 0 9 3 4 7 7 1 3 4 1,2 2 1 0 0 0 3 0 3 3 1 7 3 3 3 4 7 2 5 3 9 4 4 2 0 6 9 1 1 10 1 1 9 5 3 7 8 7 7 0 1 5 5 5 4 6 3 9 0 9 8 6 6 0 4 1 1 Correction of December 1942 collection. 771 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 iAssets, other than interagency items> Lia in b t i e li r t a i g es e , n o cy th e it r e m th s an Secui•ities Bonds, notes, U. S. Pri- End of month Total Loans f s e t r o r c e k d , Cash G d U i o r . e S v c . t t . O G t o h v e t r . c o o a A t u n h c d n e - t r s p B n r e u o s s p s i - - P h e f r r e o o t l r y p d - O as t s h e e t r s a g F n u u d a l l r d y - ebentures O lia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i v o n w a t t e n e r e l e y d st etc. gu a a n r d an- a c g i e e n s1 - re a c b e le iv s - erty sale an b te y ed Other1 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 ,392 2,049 4,464 431 1942—May 17,343 8,356 649 732 1,088 55 733 833 3,067 1,830 5,687 ,440 2,950 6,828 437 June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 ,442 3,265 8,249 438 J • A ' u " u * l • g y ' u st .. 1 1 8 9 , , 4 4 8 0 2 1 8 8 , , 3 2 0 3 7 3 6 6 4 2 2 6 4 6 0 0 7 9 1 1 , , 1 14 1 4 3 5 5 8 7 8 7 5 7 3 3 8 92 7 4 9 3 4, , 1 8 7 0 7 8 2 2 , , 4 7 9 7 5 8 4 4, , 5 5 9 8 2 1 , ,4 4 4 4 5 3 3 3 , , 4 6 5 9 7 1 9 8 , , 2 5 3 6 4 2 4 43 3 9 8 September... 19,974 8,190 623 625 1,197 56 1,065 952 4,287 2,979 4,574 ,434 4,154 9,373 439 October 20.5C4 8,159 622 581 1,219 60 1,088 976 4,710 3,119 4,265 ,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 ,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 L,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 May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 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 T lo o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t F g i N o s a e o s a n g d r o - a e 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 F C g F a a o e o r g 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 i a r v e n c r e k a o s s - - m C C C o r o o e d r m d i p t i - . y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m A t i i f o i i d n c n - a . - p B p I o o m a r n r 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—May 8,356 ,468 1,692 181 79 216 365 1,715 567 282 99 230 258 456 340 112 296 June 8,379 ,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 July 8,307 L,479 1,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 8,233 ,496 1,640 160 85 215 357 1,679 547 287 104 181 254 457 344 117 310 September... 8,190 L,527 1,622 145 88 215 360 :,663 539 270 112 173 250 456 344 117 309 October 8,159 L,533 1,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November... 8,158 1,566 1,587 122 93 213 372 L,625 518 238 140 214 241 448 345 119 317 December ... 8,127 1,557 1,568 129 94 211 366 L,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 1,548 113 96 210 379 L.579 496 237 132 258 237 446 345 122 334 February.... 8,022 1,527 1,532 96 96 209 378 L,564 490 248 121 270 240 454 345 121 331 March. 8,003 L,530 1,507 79 97 206 381 L.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 May 7,949 1,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 344 126 416 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C e o co 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 Loans Recon- Home Fed. land Com- Recon- Com- Home to fi- Loans struc- Owners' banks and modity struction War modity Owners' Total nancial to Other tion Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan Other tu in ti s o ti n - s rT r o a aa i il l d - s Fi C n o a r n p c . e C ra o t r i p o o n - M C or o tg rp a . ge C ra o t r i p o o n - C u * w o r\ r a rr p r \ . c C a o k n - r n a - A rations C ra o t r i p o o n - C ra o t r i p o o n - •porations 1941—June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 December. .. 1,433 165 473 795 401 175 104 219 34 80 241 703 749 288 151 1942—May 1,468 146 473 849 379 167 103 222 S3 121 307 1,690 972 270 135 June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 July 1,479 143 472 - 864 377 162 103 226 107 144 296 2,285 1,126 258 139 August 1,496 144 472 880 372 153 101 231 35 238 349 2,561 1,226 252 138 September. .. 1,527 153 473 901 369 152 102 226 61 484 294 2,619 1,286 244 138 October 1,533 153 472 908 368 152 102 225 80 490 293 2,921 1,415 238 136 November. .. 1,566 169 471 926 367 152 102 213 65 497 294 3,221 1,109 231 140 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 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 May 1,487 150 434 903 355 109 93 192 187 763 372 4,703 1,153 203 108 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 1,850 million dollars on May 31, 1943. 77^ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e l a o u 5 1 n y m - 0 e t - 3 s ) 0 e 9 » Tota I l n (p d h u y 1 s 9 s tr 3 i i c 5 a a - D l l 3 u 9 p v f r M a r o - = a o c l t u d n 1 u m u u 0 r N c - d e 0 e o t u s ) i r n 8 o * - - n M er i a n l - s To a t w a 1 C l a 9 o r 2 c d n 3 o e s R - n d t 2 d t i e t e r 5 a r u n s l a ( i c - = v - c t a t i s 1 o lu 0 n o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l i - E l - - 1 m 9 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r 4 y 19 F t 3 o 1 a 0 9 r c y 0 - F c 1 a r = 9 i r e n 3 l i g o 1 5 g s a 0 - h 3 * d 0 t 9 - D 19 m = u e s s ( 2 v a t p e e o 3 a l ) 1 a e n - l * r 0 r 2 - s e t 6 t 0 5 - W m p = c r 1 s o o h i 9 a c d m o 1 2 l e i e l 0 6 - t s e y 0 4 - C 1 l - i 9 o v 3 s i 5 1 t n - 0 o g 3 0 4 f 9 able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 152 106 100.0 126.4 .1927 95 107 83 1*00 129 117 139 99.6 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 148 108 96.7 122.6 1929 122.9 110 132~ 93 107 117 87 142 106.0 106.1 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111 92 86.3 102.7 1938 89 78 95 97 64 45 80 95.1 91.0 89 85 78.6 100.8 1939 105.5 108 109 108 106 72 60 81 100.0 100.0 101 90 77.1 99.4 1940 113.8 123 138 113 117 81 72 89 104.2 107.5 109 94 78.6 100.2 1941 137.3 156 193 135 125 122 89 149 115.6 137.1 130 110 87.3 105.2 1942......... 171.9 181 250 141 129 166 235 124.2 152.3 138 124 116.5 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 77.5 100.5 July 113.1 122 120 136 113 118 85 77 91 103.3 105.2 103.1 106.6 110 92 77.7 August 114.1 124 124 143 112 113 90 82 98 104.6 108.1 107.8 115.1 112 98 77.4 September 115.6 127 132 151 112 117 93 82 101 105.3 109.7 112.2 122.1 112 97 78.0 100.4 October....... 117.1 131 136 155 116 114 95 85 103 106.5 112.0 114.8 126.9 110 94 78.7 100.2 November..... 117.7 134 136 157 120 119 111 87 130 108.1 114.6 116.0 127.5 116 100 79.6 100.1 December, ... 120.6 138 136 164 124 119 115 90 136 109.7 116.8 117.4 134.1 119 101 80.0 100.7 1941 January....... 121.3 140 136 170 123 120 103 84 117 110.3 118.9 116.9 132.6 122 101 100.8 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 56 140 130.5 167.9 166.4 297.5 141 168 102.5 121.0 March 204.9 202 199 298 147 133 85 42 119 "129.9 168.6 167.6 304.5 136 136 103.4 122.8 April 208.0 203 201 r301 147 131 63 33 87 129.3 '168.5 P167.6 p309.6 141 128 103.7 124.1 May ^210.0 203 204 303 147 130 52 31 68 128.4 168.2 167.2 313.4 141 125 104.1 125.1 June p201 P203 P302 P147 P32 P128.4 P169.2 P168.2 133 129 103.8 124.8 July ! p Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 774-777; for description, see BULLETIN for September 1941, pp. 878-881, aiuHor AH*™^ iQdn nn. 753-771 3 Based on F.W. Dodge Corporation data; forjdescription, Es ee p. 358 o"f" *BULLETIN for July 1931; by groups, see p. 780 of this BULLETIN. 4 -p^ of Laboi e 1 m 93 p 8 5 l o F y o m r e s n a t l e a s fi n g c d o i. m pa p y a r r i o so ll n s s . f . o b _ r y _ . 1 c r9 it 4 i 1 es a a n n d d 1 b 9 y 4 . . 2 d „ epartments see pp. 7w8 2-783 of this . BU . LLETIN. Back figures tw 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. AUGUST 1943 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 174 176 178 183 187 191 195 197 199 202 202 203 203 P201 Manufactures—Total 183 184 188 193 197 203 207 '-210 212 215 215 r216 217 P216 Durable 239 244 249 258 265 275 279 285 291 295 298 r301 303 p302 Nondurable1 138 136 138 140 142 144 148 149 149 ^150 147 147 147 ^147 Iron and Steel 200 198 196 197 199 207 203 200 204 208 210 209 208 201 Pig iron . . 192 194 192 190 194 199 199 197 197 201 202 197 196 190 Steel 219 216 216 218 219 229 224 221 226 231 233 235 233 227 Open hearth and Bessemer 182 178 175 177 179 186 182 179 182 185 188 186 184 177 Electric 488 489 506 507 503 536 527 523 542 560 559 580 584 583 Machinery. 279 287 289 299 310 320 329 340 348 352 359 362 365 P366 Government Arsenals and Quartermaster Depots Transportation Equipment 372 396 425 458 479 507 525 547 559 572 583 r597 606 P614 Aircraft. Automobile bodies, parts, and assembly 107 112 116 124 129 135 141 146 151 155 158 159 162 P164 Railroad cars Locomotives Shipbuilding Private yards Government yards * Nonferrous Metals and Products . 180 186 188 191 193 192 197 202 200 199 192 194 194 P194 Nonferrous metal smelting 163 Copper smelting 161 Zinc smelting 184 Lead production Copper deliveries 205 Lead shipments Zinc shipments 146 Tin consumption Lumber and Products — 130 131 133 129 125 129 128 127 124 129 124 r125 126 Lumber 124 127 130 125 119 123 122 119 116 121 114 115 117 P\\3 Furniture 143 139 137 136 136 141 139 144 139 144 144 144 143 PU3 Stone Clay and Glass Products. 155 147 140 145 152 152 153 148 163 155 149 144 145 PU2 Cement 172 171 169 177 182 184 180 165 169 156 146 134 131 Unglazed brick 104 92 90 87 Glass containers 178 163 145 153 163 162 169 171 208 199 197 194 200 Polished nlate glass 35 37 32 30 38 37 39 39 38 40 39 42 47 46 Textiles and Products 156 152 154 154 156 156 158 156 157 160 157 155 157 P153 Textile fabrics 146 143 145 144 146 147 148 145 147 150 147 145 147 Cotton consumption 175 169 166 169 172 172 171 163 171 171 166 166 169 160 Rayon deliveries 169 169 168 169 170 17 A 177 178 180 181 181 181 185 P183 Silk deliveries Wool textiles 150 151 160 154 155 156 161 163 154 166 163 157 158 Carpet wool consumption 5 46 43 27 34 43 43 44 29 39 40 38 32 Apparel wool consumption 201 194 208 206 198 205 212 218 208 230 228 214 222 Woolen yarn 172 165 175 173 175 178 182 184 176 190 187 179 181 Worsted yarn 168 166 176 173 168 171 175 175 167 177 172 165 171 Woolen and worsted cloth 179 172 184 177 179 175 180 185 177 187 182 177 176 Leather and Products ... 126 121 116 113 111 117 117 117 122 118 112 rll6 115 P116 Leather tanning 129 122 119 117 115 120 118 118 122 118 113 115 117 C Ca a l t f t le a n h d i d k e i p l e l a e t a h t e h r e s rs 14 9 8 4 1 8 4 8 3 14 8 4 9 1 9 4 5 1 1 9 3 6 6 1 9 4 4 3 1 9 3 4 9 1 9 3 3 9 1 9 4 5 2 1 9 3 3 6 1 9 2 2 7 ! 1 r9 3 1 1 1 9 3 2 4 Goat and kid leathers 105 94 79 70 76 82 81 84 89 89 93 90 90 Shoes 124 120 115 110 108 115 116 116 122 118 111 r117 115 Manufactured Food Products 134 138 143 143 P148 p146 P158 P157 P155 P152 P150 P148 V147 Wheat flour 105 102 106 105 101 108 115 126 129 130 126 121 117 118 Cane sugar meltings Manufactured dairy products. 142 138 143 143 *140 P139 P136 *14O PU1 PI 42 141 P140 P\31 138 Ice cream .. . . 145 145 154 153 Butter. 111 105 108 108 102 100 98 103 107 110 110 109 103 104 Cheese 178 168 169 165 156 145 141 138 148 148 148 146 143 148 Canned and dried milk 178 168 164 172 167 168 156 169 166 166 159 158 155 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication sepa .rately. 774 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] L942 1943 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 140 153 146 153 159 145 147 158 145 153 154 143 162 P15& Pork and lard 163 177 168 174 187 157 167 193 170 180 189 179 216 2*220 Beef * 121 137 130 136 129 133 122 119 126 134 127 113 111 Veal 94 103 103 113 127 129 128 107 76 76 73 61 60 2*58 Lamb and mutton 105 104 116 127 137 141 156 156 122 117 108 111 123 Pj22 Other manufactured foods.... 136 140 147 146 153 152 159 165 165 161 156 156 151 ^150 Alcoholic Beverages .. 111 104 122 135 139 126 122 111 105 123 112 103 94 Malt liquor 116 104 118 133 147 134 146 131 122 146 133 123 111 125 55 63 Other distilled spirits 80 61 83 71 35 62 62 37 42 63 35 31 21 Rectified spirits 158 163 183 223 238 226 159 159 159 161 157 141 139 Tobacco Products 120 122 126 130 133 141 136 160 140 131 131 133 120 118 Cigars 108 112 109 112 107 116 98 200 127 116 101 108 105 96 Cigarettes 137 136 146 152 159 166 167 166 162 153 159 160 139 142 Manufactured tobacco and snuff. ... 89 94 89 88 91 102 98 94 94 86 87 87 85 78 Paper and Paper Products1 143 134 125 131 132 135 135 132 133 135 135 134 136 Paper and pulp 147 135 125 132 133 137 137 133 135 137 137 136 139 Pulp . . 184 177 164 169 162 162 159 152 147 149 146 149 154 Groundwood pulp 120 116 113 117 112 114 111 104 103 107 103 100 102 Soda pulp 147 129 127 125 126 137 141 131 96 95 91 r90 92 Sulphate pulp 245 228 211 221 211 208 200 195 199 200 199 204 211 Sulphite pulp 173 173 157 161 154 153 149 143 140 142 137 141 147 Paper 142 129 119 126 128 134 134 130 133 135 136 134 136 Paperboard 141 120 109 123 131 136 137 134 137 143 150 150 150 152 Fine paper. 147 138 132 125 125 130 133 127 127 123 120 119 129 Newsprint production.... 104 103 103 108 106 107 100 97 92 93 90 89 89 Printing paper 124 110 109 113 117 130 129 121 124 127 122 119 119 Tissue and absorbent paper 175 178 148 161 166 163 174 175 177 170 170 163 169 Wrapping paper .... 150 139 127 132 125 128 123 120 125 129 127 125 130 Printing and Publishing2. 112 104 106 111 109 116 118 114 113 113 110 no 111 P110 Newsprint consumption. 100 97 103 108 101 102 110 106 102 99 97 100 102 100 Petroleum and Coal Products 116 115 118 121 122 123 123 119 117 120 118 120 121 Petroleum refining 109 108 111 114 116 117 117 112 109 113 110 113 114 Gasoline 103 101 105 109 109 111 110 104 99 102 99 101 104 ^106' Fuel oil 122 123 127 130 137 137 138 137 137 143 137 144 137 Lubricating oil 122 123 117 117 112 113 114 113 111 114 118 114 116 Kerosene 100 103 105 106 107 112 110 99 104 117 118 121 122 Coke 163 164 163 165 166 166 166 166 166 169 169 169 166 "l57' By-product coke 153 153 153 155 155 155 156 156 157 158 158 159 157 152 Beehive coke ... 508 539 502 505 523 524 500 498 485 543 551 519 r481 323 Chemicals 167 172 174 173 179 187 197 205 210 213 211 r218 221 P22S Rubber Products Rubber consumption ... Tires and tubes Pneumatic tires Inner tubes .... Minerals—Total . 126 127 126 130 131 129 130 127 125 131 133 131 130 PI 17 Fuels .... 121 121 121 126 129 127 130 126 124 131 133 131 129 P114 Bituminous coal 147 144 141 140 150 145 154 143 145 157 161 151 143 ^103 Anthracite 115 117 122 118 129 117 124 105 102 129 128 129 124 Crude petroleum 111 113 112 121 120 121 121 121 118 121 122 124 125 ^123 Metals 157 159 155 152 145 139 133 132 132 133 133 133 134 P137 Metals other than gold and silver 193 199 197 196 189 183 181 187 189 194 193 194 197 Iron ore shipments 232 236 241 239 227 218 211 223 232 234 235 235 242 Copper 174 Lead Zinc Gold Silver 106 104 98 99 88 82 74 73 73 72 r72 70 j" Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 1 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1943 775 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 175 177 180 187 193 195 195 194 194 197 199 201 204 p203 Manufactures—Total ... 183 185 189 196 203 205 206 207 208 211 212 r215 217 P217 Durable .. . . .. 240 246 251 260 267 276 279 283 287 292 296 300 304 p303 Nondurable*. 137 136 139 144 151 148 147 146 143 146 144 145 147 p147 Iron and Steel 200 198 196 197 199 207 203 200 204 " 208 210 209 208 201 Pig iron 192 194 192 190 194 199 199 197 197 201 202 197 196 190 Steel 219 216 216 218 219 229 224 221 226 231 233 235 233 227 Open hearth and Bessemer 182 178 175 177 179 186 182 179 182 185 188 186 184 177 Electric .... 488 489 506 507 503 536 527 523 542 560 559 580 584 583 Machinery 279 287 289 299 310 320 329 340 348 352 359 362 365 jovernment Arsenals and Quartermaster Depots Transportation Equipment... 372 396 425 458 479 507 525 547 559 572 583 r597 606 P614 Aircraft Automobile bodies, parts, and assembly 107 112 116 124 129 135 141 146 151 155 158 159 162 P164 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products... 180 186 188 191 193 192 197 202 200 199 192 194 194 p194 Nonferrous metal smelting 164 Copper smelting 161 L Zi e n a c d s p m ro e d lt u in c g tion 184 Copper deliveries 205 Lead shipments Zinc shipments ... 146 Lumber and Products 135 138 140 138 135 135 125 116 107 114 119 125 131 p130 Lumber .... 131 138 141 139 134 131 118 101 91 99 106 115 125 P123 Furniture 143 139 137 136 136 141 139 144 139 144 144 r144 143 ^143 Stone, Clay, and Glass Products... 163 158 151 160 163 163 157 139 138 132 133 141 154 p153 Cement .. 178 183 186 195 200 202 186 156 139 126 126 128 137 Unglazed brick 118 115 111 104 Glass containers 190 171 151 167 166 167 171 159 187 184 185 194 214 Polished plate glass....... 35 37 32 30 38 37 39 39 38 40 39 42 47 46 Textiles and Products 156 152 154 154 156 156 •158 156 157 160 157 155 157 p153 Textile fabrics 146 143 145 144 146 147 148 145 147 150 147 145 147 Cotton consumption 175 169 166 169 172 172 171 163 171 171 166 166 169 160 Rayon deliveries 169 169 168 169 170 174 177 178 180 181 181 181 185 Silk deliveries Wool textiles 150 151 160 154 155 156 161 163 154 166 163 r157 158 Carpet wool consumption 5 46 43 27 34 43 43 44 29 39 40 38 32 Apparel wool consumption 201 194 208 206 198 205 212 218 208 230 228 214 222 Woolen yarn 172 165 175 173 175 178 182 184 176 190 187 179 181 Worsted yarn 168 166 176 173 168 171 175 175 167 177 172 165 171 Woolen and worsted cloth 179 172 184 177 179 175 180 185 177 187 182 177 176 Leather and Products. .. 124 116 114 115 112 117 115 114 120 123 114 116 114 p113 Leather tanning .'.... 126 118 113 113 114 121 121 119 122 128 113 115 114 Cattle hide leathers 145 136 134 134 134 145 144 141 144 151 128 131 132 Calf and kip leathers 90 90 88 100 94 96 97 91 93 98 90 r88 88 Goat and kid leathers 102 94 78 69 77 81 79 85 89 93 93 93 88 Shoes 123 114 115 117 112 115 111 110 118 119 115 r117 115 P113 Manufactured Food Products. 130 139 156 165 p181 p156 p151 p150 p140 p134 p135 p142 p148 Wheat flour 96 95 105 106 116 118 119 121 130 129 123 114 106 111 Cane sugar meltings Manufactured dairy products 193 210 207 192 1*143 P91 *88 P89 ^102 PI 19 2*141 *>187 P210 Ice cream 197 232 259 248 Butter 143 147 132 119 101 "88' 78 82 86 94 98 "lO8' 133 146 Cheese 242 241 205 185 158 134 106 101 107 119 132 153 194 213 Canned and dried milk 257 249 200 177 154 134 109 117 126 141 156 179 224 r Revised. p Preliminary. * Included in total andgroupindexes but notavailable for publication separately. 1 Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverage industry. Figures notavailable for publication separately. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Co«tf«*<^ (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.May June Manufactured Food Products—Continued Meat packing.................. 140 149 138 132 147 146 166 186 171 147 140 136 162 ?)154 Pork and lard.............. 163 172 151 131 150 147 200 249 221 180 171 170 216 P213 Beef 121 134 131 137 144 144 128 119 126 121 115 105 111 P95 Veal 98 104 102 114 140 142 131 101 73 67 69 61 62 Lamb and mutton ...... 108 99 110 125 153 150 152 148 128 117 105 108 126 Other manufactured foods...... 123 133 157 173 198 170 161 158 145 140 138 137 138 PU2 Alcoholic Beverages ., 120 133 140 140 123 103 94 90 110 105 107 106 Malt liquor 136 134 148 152 149 121 111 105 100 128 123 130 129 Whiskey... 54 50 53 45 39 13 Other distilled spirits. I 14389 36 39 34 48 164 130 46 27 38 23 19 13 Rectified spirits........... ...... 130 183 223 238 226 159 159 159 161 157 141 139 Tobacco Products. .| 123 131 135 144 149 141 132 122 123 125 Cigars • i 107 120 113 115 123 140 117 154 103 101 93 103 104 102 Cigarettes . 142 150 153 160 170 169 167 147 159 144 148 149 144 156 Manufactured tobacco and snuff. .. 96 91 89 98 104 97 83 91 85 89 86 80 Paper and Paper Products1, 144 133 122 130 134 138 134 129 132 137 137 136 137 Paper and pulp. 149 134 121 130 132 138 137 131 135 140 139 138 140 Pulp 186 174 156 166 159 164 159 147 149 154 150 r152 155 Groundwood pulp. 133 118 100 100 98 106 114 108 107 111 110 112 113 Soda pulp 147 I 127 119 125 127 137 141 127 96 98 94 r93 92 Sulphate, pulp............ . 245 226 207 221 211 212 200 185 201 206 203 204 211 Sulphite pulp.................. 173 169 150 161 154 156 151 139 140 146 140 144 147 Paper ... 143 I 128 115 125 128 134 133 129 ! 132 138 138 136 137 Paperboard,.... .......... 141 120 109 123 131 136 137 134 137 143 150 150 150 152 Fine paper. 151 135 120 118 118 130 129 124 128 131 129 130 133 Newsprint production. 105 104 101 105 106 107 103 98 92 92 90 . _. 90 Printing paper 127 108 102 110 116 131 127 120 124 131 126 j 124 122 Tissue and absorbent paper.... 173 177 140 161 172 169 172 168 172 177 172 166 167 139 127 132 125 128 123 120 125 129 127 125 130 Wrapping paper... 150 103 103 109 \ 120 121 114 HI 115 114 116 114 p109 Printing and Publishing2*, 115 98 90 102 109 115 108 97 101 107 106 101 Newsprint consumption 104 117 115 117 121 122 123 123 119 116 120 118 121 121 Petroleum and Coal Products 110 108 110 114 116 117 117 112 109 113 110 114 114 Petroleum refining 103 101 105 109 109 I 111 110 104 99 102 99 101 104 Gasoline....... 122 123 127 130 137 j137 138 137 137 143 137 144 137 Fuel oil 127 123 115 116 112 I 113 114 112. 108 113 117 118 121 Lubricating oil 101 i 97 97 101 106 !112 113 102 106 123 120 124 124 Kerosene... 163 164 163 165 166 I 166 166 166 166 169 169 169 166 157 Coke ... 153 153 153 155 155 155 156 156 157 158 158 159 157 152 By-product coke 508 539 502 505 523 524 | 500 485 543 551 519 r481 323 Beehive coke. Chemicals 166 \ 166 167 170 181 192 j 199 206 209 213 216 r221 Rubber Products ,. Rubber consumption. Tires and tubes.. ... Pneumatic tires. .. Inner tubes.,. Minerals—Total. 131 132 131 136 137 134 132 119 116 122 124 125 133 P121 Fuels 121 121 121 126 129 127 130 126 124 131 133 131 129 P114 Bituminous coal.... 147 144 141 140 150 145 154 143 145 157 161 151 143 pl03 Anthracite 115 117 122 118 129 •117 124 105 102 129 128 129 124 P73 111 113 112 121 120 121 121 121 118 121 122 124 125 PI 23 Crude petroleum. . 190 195 192 194 184 143 79 69 H9 p164 Metals 259 266 I 264 264 249 239 192 85 114 234 Metals other than gold and silver. 372 382 i393 388 358 335 229 60 321 "°359 Iron ore shipments. 174 Copper Lead Zinc Gold 105 100 ! 97 I 97 89 ! 82 75 73 73 73 r74 71 Silver r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last lorted. 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. AUGUST 1943 777 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 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. | Apr. May Total 148.0 149.9 166.4 167.6 r167.6 167.2 168.2 221.4 225.7 234.5 297.5 304.5 r309.6 313.4 Durable goods 184.1 188.9 221.5 224.3 r225.6 225.9 227 A 287.2 300.0 312.1 410.6 421.0 r430.4 437.0 Nondurable goods 119.6 119.2 123.0| r122.9 122.0 120.8 121.5 157.0 159.0 158.7 186.9 r190. 191.5 192.5 Iron and Steel and Products 159.3 161.3 173.0 174.1 r174.4 173.2 173.0 230.5 236., 241.5 291., 297.6 r301.7 303.5 Blast furnaces, steel works, etc 141 141 135 135 135 135 188 192 193 212 215 217 222 Steel castings 240 246 279 281 284 279 368 375 383 476 r492 r500 503 Tin cans and other tinware 112 112 90 91 93 96 144 140 142 135 138 143 150 Hardware 127 125 122 124 125 125 208 204 203 227 232 239 242 Stoves and heating equipment 102 100 113 115 114 115 143 136 139 184 190 189 194 Steam, hot-water heating apparatus... 159 158 193 r195 r196 196 263 262 260 336 r341 r360 359 Stamped and enameled ware 135 135 149 154 158 160 199 203 207 263 278 293 299 Structural and ornamental metal work 167 171 198 198 198 196 242 248 258 343 350 r355 356 Forgings 223 226 259 263 264 266 365 372 380 495 503 505 501 Screw machine products. 260 269 293 292 290 290 405 424 446 533 545 544 553 Electrical Machinery... 201.7 203.6 260. i 267.4 268.4 268.3 269.8, 303.6 310.0 317.2 441.6 453.7 454.7 458.9 Machinery, except Electrical 200.2 204.0 230.8 233.3 234.1 235.2 236.6 315.4 325.8 337.9 410.0 417.7 422.3 427.2 Machin ery and machine shop products. 202 207 236 239 241 243 311 321 335 413 422 429 434 Tractors 139... 143 155 157 158 159 181 190 197 239 239 242 244 Agricultural, excluding tractors 135 131 120 124 126 129 194 199 195 215 228 238 248 Pumps 263 274 299 307 312 315 479 497 526 602 614 633 645 Refrigerators 92 90 149 150 151 153 128 132 145 237 250 244 250 Transportation Equipment, except Autos... 847.1 909.1 ,378.1 1',399.3 ,1412.0 1,4,3403.0.4 1,370.7 1,481.3 1,585.5 1,343.1 2,486.5,583.32,692.9 2,736.7 Automobiles 114.3 120.6 161.4 162.3 164.0 165.7 169.8 183.2 193.4 159.5 282.2 283.9 286.7 297.1 Nonferrous Metals and Products 162.9 164.9 179.6 178.8 179.2 178.8 180.6 240.7 245.9 253.0 308.6 312.1 318.5 322.0 Primary smelting and refining.. 128 130 155 156 160 163 170 175 183 245 252 268 272 Clocks and watches 134 132 129 124 123 121 212 221 224 240 238 236 234 Lighting equipment 106 103 110 112 r113 115 158 154 156 187 r192 r198 205 Lumber and Timber Basic Products 131.0 132.0 113.8 114.0 114.1 114.0 114.5 170.6 177.8 190.2 173.7 179.4 186.2 196.1 Sawmills 107 108 90 91 91 91 141 148 159 139 144 151 160 Planing and plywood mills 119 119 114 113 113 112 149 152 160 167 171 170 176 Furni F tu u r r e n it a u n r d e Lumber Products. 1 11 1 1 7.2 1 11 1 0 6.2 1 10 1 7 1.0 1 1 0 1 7 1.0 1 10 0 6 9.8 1 10 0 5 8.6 108.3 1 15 6 3 1.2 1 15 6 7 2.7 1 15 6 3 1.3 1 16 7 6 1.8 1 17 7 0 5.2 1 17 7 2 7. < 1 17 7 2 8.7 Stone, Clay, and Glass Products 128.2 128.1 122.4 122.0 r122.3 121.5 122. 165.3 168.9 167.6 179.2 181.9 185.3 187.7 Glass 123 121 121 123 124 125 159 161 151 174 176 r181 183 Cement 123 125 109 r106 104 103 146 152 161 139 137 141 145 Brick, tile, and terra cotta 119 118 94 r93 r92 90 151 154 155 138 r136 r138 138 Pottery and related products 136 134 135 136 134 132 174 174 171 186 189 193 191 Textile-Mill and Fiber Products 113.5 113.4 111.5 111.1 109.6 108.3 107.4 157.1 160.6 161.1 181.1 182.4 181.2 180.7 Cotton goods except small wares 128 129 128 127 126 124 190 196 196 217 217 217 216 Silk and rayon goods 88 88 82 82 81 80 127 128 128 132 134 134 134 Woolen and worsted manufactures.... 123 123 117 117 115 114 177 184 187 207 208 205 205 Hosiery 81 79 77 77 75 74 94 94 93 108 111 108 108 Knitted underwear 118 119 116 114 112 111 167 166 167 184 184 185 184 Dyeing and finishing textiles 105 102 108 107 104 103 145 137 132 166 165 162 159 Carpets and rugs, wool.^ 89 94 94 93 91 116 117 124 148 150 147 147 Apparel and Other Finished Textiles.... 118.3 110.6 113.7 114.' 112.6 109.3 108.1 156.c 150.9 132.9 167.5 177.5 174.8 164.3 Men's clothing, n.e.c 117 113 110 Ill 110 107 156 157 144 159 169 r170 163 W Sh o i m rts e , n ' c s o l c l l a o r t s h , i a ng n , d n n . i e g . h c twear 9 9 9 7 9 8 7 4 r89 r9 9 O 3 r8 9 9 2 8 8 9 6 1 1 2 4 8 4 1 1 4 1 2 8 1 9 3 2 6 1 1 3 3 7 4 1 1 4 3 8 6 1 14 3 4 9 1 1 3 3 1 6 Millinery 83 65 93 96 91 105 71 59 136 144 123 97 94 Leather and Leather Products 109.8 108.6 103.3 101.9 99.8 97.0 96.0 154.c 151.7 148.3 157.4 158.1 155.9 153.0 Leather 109 107 104 103 100 99 146 146 144 154 152 151 150 Boots and shoes 100 92 91 86 146 141 137 143 144 141 137 Food and Kindred Products 106.0 110.8 109.5 107.7 106.5 106.9 111.3 126.5 131.5 139.7 150.7 151.3 150.3 158.5 Slaughtering and meatpacking 137 144 147 138 129 128 151 158 172 185 180 170 191 Flour 97 100 113 114 113 111 113 116 122 169 172 165 163 Baking 104 106 109 110 107 107 119 124 130 142 146 143 148 Sugar, beet 45 46 48 38 40 40 56 62 66 70 57 59 58 Confectionery 99 95 117 117 110 107 128 121 123 164 167 161 158 Beverages, nonalcoholic 111 112 112 r115 r119 125 120 126 129 126 r131 r140 149 Malt liquors 117 115 115 118 121 124 128 145 136 144 147 r156 165 Canning and preserving 71 89 67 60 67 68 92 95 124 113 99 114 117 Tobacco Manufactures 97.2 99.0 100.2 99.9 98.6 95.1 95.2 124.7 124.6 132.0 138.5 143.3 146.5 144.3 Cigarettes 100 103 121 120 r120 114 125 129 141 r146 rl49 r157 155 Cigars 98 100 90 91 89 86 128 125 129 136 143 r144 141 Paper and Allied Products... 120.5 117.7 117.8 118.0 117., 117.: ..118.6 154.3 152. 149.4 171.3 173.1 175.5 178.0 Paper and pulp 119 117 109 109 108 108 156 155 153 165 166 167 170 Paper goods, n.e.c 123 121 132 131 129 128 147 148 143 178 179 182 181 Paper boxes 111 107 117 119 120 121 138 I 135 131 167 172 176 179 r Revised. NOTE.--Figures for June 1943 are preliminary. Indexes for major groups and totals have been revised for 1941 and 1942 and are adjusted to final Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 77° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES- Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1942 1943 I May June Mar. Apr. May June Apr. May June Feb. Mar Apr. May Printing and Publishing... 100.0 99.0 103.0 ! 101.8 100.6 100.4 101.5 111.I 111.0 110.2 121.6 T122 r121.8 Newspaper periodicals ... 99 98 95 I 95 96 96 106 107 107 107 108 110 in Book and job 98 97 107 i 105 101 101 112 110 108 129 128 124 126 Chemical and Allied Products 204.1 208.3 251.9 254.8 258.3 255.8 257.5 295.6 306.1 400.9 409.7 422.0 424.2 Paints, varnishes, and colors 111 108 104 103 102 103 140 140 134 140 141 147 155 Drugs, medicines, and insecticides. 133 134 156 159 160 161 159 161 159 212 220 225 228 Rayon and allied products 108 108 106 107 107 106 140 141 142 151 154 157 160 Chemicals, n.e.c 159 161 161 162 162 163 211 218 221 250 255 259 262 Cottonseed oil 73 61 128 117 108 93 110 89 79 198 181 177 151 Fertilizers 119 96 138 159 155 130 214 176 145 224 265 292 244 Products of Petroleum and Coal 118.7 120.7 115.2 115.6 116.0 117.3 117.8 144. i 147.1 150.0 164.9 r166.8 182.3 Petroleum refining 109 110 106 r107 r108 110 132 133 135 151 r154 r163 171 Coke and by-products . . 121 124 118 117 116 115 151 154 157 169 r169 r169 178 Rubber Products 116.9 120.7 152.8 153.8 153.8 153.9 155.8 149.9 157.6 164.5 238.3 246.2 248.1 250.9 Rubber tires and inner tubes 109 114 I 151 153 153 154 135 143 151 229 240 24Q 244 Rubber boots and shoes 120 116 150 146 147 147 159 170 165 241 239 244 248 Rubber goods, other.. 113 116 139 140 140 139 155 158 164 220 225 228 229 Miscellaneous Industries. 149.0 147.6 159.5 r162.8 r164.5 165.6 166.6 206.1 213.2 210.1 270.6 r283.3 r289.3 295.1 Photographic apparatus. . 133 136 157 162 162 163 178 186 192 241 250 252 257 Games, toys, and dolls 122 117 79 81 82 84 158 161 159 134 140 141 149 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 149.1 150.9 153.4 155.1 156.9 158.9 160.9 164.4 167.1 167.9 168.6 r168.5 168.2 169.2 Durable 184.2 188.9 193.9 198.5 201.6 205.6 209.6 215.4 219.3 222.5 225.1 225.7 226.0 227.4 Nondurable. 121.4 121.0 121.4 120.9 121.6 122.0 122.5 124.3 126.0 124.9 124.1 123.2 122.7 123.4 r Revised. NOTE.—Figures for June 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 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May All Manufacturing . 42 7 42 9 44 2 44 5 44 7 45 0 45 2 82 2 83 5 91 9 92.4 93.4 94.4 95.3 Durable Goods 44 9 45 2 45 9 46 2 46.4 r46.8 47 0 91 2 92.5 101.7 102.0 103.0 103.9 105.0 Iron and Steel and Products 43.1 43.5 45.0 45.8 46.1 r46.1 46.5 91.5 92.3 99.8 99.9 100.8 101.9 102.7 Electrical Machinery 45.9 46.2 47.0 46.9 47.1 r47.0 47.3 88.4 89.2 95.1 94.8 r95.4 r96.0 96.4 Machinery Except Electrical 49.3 49.5 49.6 49.6 r49.7 r49.8 49.8 93.1 94.9 102.2 103.0 103.8 104.7 105.5 Transportation Equipment Except Automobiles 48.1 48.0 46.9 46.7 r46.8 47.6 47.5 105.3 106.3 114.4 115.2 r116.4 117.4 118.5. Automobiles 44.7 44.3 45.7 46.0 45.7 45.9 46.3 114.6 116.3 122.2 121.1 121.7 121.5 123.1 Nonferrous Metals and Products 44.2 44.2 46.0 45.9 r46.6 47.0 47.2 88.1 89.3 98.5 98.6 r99.0 99.8 101.2 Lumber and Timber Basic Products 40.1 40.8 39.8 41.9 42.4 43.1 43.8 61.8 63.2 68.1 68.7 70.0 71.5 73.6 Furniture and Finished Lumber Products. 41.2 41.5. 42.8 43.6 43.9 44.4 44.5 64.7 65.2 69.6 70.6 71.5 72.2 73.4 Stone, Clay, and Glass Products 40.2 40.5 41.7 41.8 r42.1 r42.7 42.9 75.8 76.2 81.9 82.2 82.8 83.3 84.4 Nondurable Goods 40.0 40.1 41.8 42.0 42.3 42.4 42.7 70.3 71.2 76.8 77.3 78.2 79.0 79.6 Textiles—Mill and Fiber Products 40.1 40.3 41.3 41.5 41.6 41.7 41.8 58.0 58.9 65.2 65.4 r65.7 r66.0 66.4 Apparel and other Finished Products ... 37.3 36.8 37.4 38.2 r38.8 r38.7 38.1 62.4 62.0 65.5 67.3 70.0 r70.3 69.2 Leather and Manufactures 39.3 38.6 40.3 40.2 40.4 r40.2 40.2 67.1 67.5 72.1 72.0 72.9 73.9 74.7 Food and Kindred Products 40.4 40.9 43.2 42.9 43.4 r43.3 44.7 71.5 72.5 76.9 77.1 77.7 r78.8 79.7 Tobacco Manufactures 37.6 37.7 39.6 38.5 r39.5 r40.5 40.7 56.1 57.1 61.3 60.3 61.3 r62.0 62.9 Paper and Allied Products 41.7 41.6 44.2 44.5 44.9 45.3 45.6 71.9 72.7 77.4 78.1 78.2 r79.O 79.4 Printing, Publishing, and Allied Industries 38.3 38.1 39.8 39.5 39.8 39.6 39.7 94.0 94.6 97.3 97.1 98.2 99.0 100.2 Chemicals and Allied Products 42.5 42.7 44.5 44.6 45.0 r45 4 45.5 82.3 84.6 88.6 89.0 89.2 90.0 * 90.9 Products of Petroleum and Coal 38.7 39.1 41.1 42.4 42.6 r43.5 44.5 102.2 102.1 110.5 109.2 r109.1 rlll 1 112.2 Rubber Products 40.1 41.4 44.4 44.6 45.1 45.1 45.4 89.6 91.2 97.1 97.7 99.2 r99.8 100.5 Miscellaneous Industries 43.6 44.0 45.7 46.0 r46.6 46.4 46.4 75.6 76.8 83.8 84.6 r85.5 r86.6 87.6 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. 787.) AUGUST 1943 779 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] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational Other utilities 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 January. . 316.8 350.7 102.8 110.8 75.4 73.1 17.7 7.2 9.1 5.6 21.0 68.2 90.9 85.8 February 433.6 393.5 168.0 93.3 84.5 87.7 21.8 22.7 9.2 4.2 54.2 72.7 95.9 113.0 March 610.8 339.7 219.3 71.8 112.7 63.8 36.8 25.2 10.7 4.5 71.6 51.5 159.7 123.0 April 498.7 303.4 162.1 79.4 145.1 40.7 30.9 6.6 12.4 5.9 46.5 43.0 101.7 127.7 May 673.5 234.4 148.0 63.3 178.0 24.2 23.8 9.3 10.1 5.3 86.0 36.5 227.7 95.8 June 1,190.3 229.6 185.5 61.5 271.8 53.7 46.2 6.9 15.4 7.9 234.9 26.3 436.4 73.3 July 943 8 127.4 303.5 34.7 26.6 124.3 327.3 August 721.0 100.6 261.1 21.3 17.1 107.7 213.2 September 723.2 126.7 377.8 6.1 6.2 76.8 129.6 October . .... 780.4 161.2 240.3 18.9 10.6 103.3 246.2 November 654.2 156.7 106.7 14.1 11.6 124.1 241.0 December ,,., 708.7 159.7 70.6 30.0 8.9 168.6 271.0 Year 8,255.1 1,817.7 2,227.5 302.2 147.9 1,219.1 2,540.6 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownersh 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1 194 June May June ... . January...... 305 317 351 198 316 181 119 35 Boston 7,313 16,339 74,247 February..... 270 434 394 110254 310 364 166 123 30 New York 23,256 13,917 131,414 March........ 480 611 340 269 473 304 211 138 36 Philadelphia 10,215 8,175 42,881 April 407 499 303 184 355 253 223 144 50 Cleveland 23,534 26,271 110,077 May 549 674 234 267 569 192 281 105 42 Richmond 36,961 27,546 161,621 June 539 1,190 314 1,105 225 85 Atlanta 40,423 39,065 173,585 J A u u ly gust....... 5 76 7 0 7 9 7 4 21 4 3 52 4 0 8 8 63 7 3 6 2 24 2 0 9 6 88 8 C St h . ic L a o g u o i . s 3 1 8 0 , , 3 1 1 7 0 2 3 1 1 3 , , 0 70 4 5 2 1 1 2 0 5 1, , 6 3 8 3 7 8 September.... 623 723 403 661 220 62 Minneapolis 6,748 8,128 124,690 October 606 780 371 710 235 71 Kansas Citv 18,978 24,690 54,141 November.... 459 654 298 592 161 62 Dallas.....: 13,689 25,548 90,583 December,... 432 709 288 664 144 45 Total (11 districts) 229,599 234,426 1,190,264 Year. 6,007 8,255 3,492 7,146 2,515 1,109 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollarsl PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollarsl Title I Loans Mortgages on Year or month Total p P m e r i r o m r e o t v n y p - e t - - i | S s h c t t m o i o r o m u n a n c - l e - l 1 t l ( a o - T I m u i t D o s t i l e l e y 4 s - h R o ( g T e u r a I o n i I s n t ) i u t d l n a e p l g h ( o W T V u i a s t I l i r ) e ng End of month Total b C m c a o i n e a m r k l - s - b M s i t a n a u n g v 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 - Others 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 1 1 9 9 3 3 8 9 , 6 9 9 5 4 4 2 1 0 6 8 0 2 1 5 3 4 66 7 9 3 5 4 1 8 Dec 1,793 902 71 192 342 153 133 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1942—June 96 13 2 66 * 16 Dec 2,409 1,162 130 224 542 201 150 July 97 11 1 63 2 21 1941—Mar 2,598 1,246 146 230 606 210 160 Aug 89 10 1 52 * 25 June 2,755 1,318 157 237 668 220 154 Sept 95 10 * 48 37 Sept 2,942 1,400 171 246 722 225 178 Oct 99 11 1 44 * 42 Dec 3,107 1,465 186 254 789 234 179 Nov 92 10 1 39 43 Dec 97 9 1 39 49 1942—Mar 3,307 1,549 201 264 856 237 200 June 3,491 1,623 219 272 940 243 195 1943—Jan....... 80 7 31 42 Dec 3,620 1,669 236 276 1,032 245 163 Feb 64 5 20 * 39 Mar 73 6 19 47 Apr 59 7 16 37 1 The RFC Mortgage Company, the Federal National Mortgage Associa- May ..... 72 7 18 47 tion, the Federal Deposit Insurance Corporation, and the United States June ..... 78 8 19 51 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 insurance written during the period and do NOTE.—Figures represent gross amount of mortgages held, excluding not take account of principal repayments on previously insured loans. terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1939 1940 1941 1942 1943 1940 1941 1942 1943 1939 1940 1941 1942 1943 January 213 370 325 481 ^696 178 242 229 r254 35 128 96 228 P467 February 219 I 347 303 480 158 200 234 r254 P234 61 147 69 r226 P435 March 268 351 357 628 190 217 268 272 77 134 89 r355 *>679 April. 231 323 387 717 3^1,123 186 212 287 r235 45 111 100 r482 May 249 324 385 536 pl,0o9 202 211 297 191 P281 47 112 88 345 June.., 236 350 330 648 179 211 280 215 57 138 50 433 July.......... 230 317 365 650 169 232 278 213 61 84 87 437 August 250 351 460 704 176 221 282 186 74 130 178 518 September 289 295 425 732 182 195 262 196 107 101 162 536 October...... 332 344 666 802 215 207 304 200 117 137 362 602 November.... 292 328 492 787 235 224 281 168 57 104 211 619 December 368 322 653 873 247 253 344 359 121 69 309 514 January-May. 1,180 1,715 1,757 2,841 ^4,485 916 1,083 1,315 1,205 264 632 442 1,636 p3,236 p Preliminary. r Revised. 11 IInncclluuddiinngg bbootthh ddoommeessttiicc aanndd ffoorreeiiggnn mmeerrcchhaannddiissee.. 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 thrree months of 1943. Source.—Department of Commerce. Back figures.— See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT 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 L st i o v c e k - p F r e o s o r d t - - Ore l M c o a i e n u l s e s - - - M c l d . h c i e a s . r n e l - . - o r r p e T a v e i o r e l a w t n a 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 o r i p n a e c i N r l o w a e m t t a in e 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—April...... 143 160 200 117 101 160 289 141 1942—April....... 584 472 112 r70 May....... 143 163 197 115 98 155 289 142 May.. 618 487 131 88 June...... 141 161 r198 113 103 160 183 144 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,.. 141 158 208 145 118 138 209 142 April. 767 623 144 101 May,, 141 156 195 144 112 138 209 143 May ....... 783 624 159 June. . 133 119 180 143 110 140 171 144 June UNADJUSTED UNADJUSTED 1942—April...... 136 135 176 100 90 160 218 142 1942 -April 573 471 102 r57 May 138 139 181 99 88 161 303 144 May 601 491 110 64 June...... 139 135 178 111 81 166 318 145 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 55 j 1943—January.... 671 566 105 63 February.. 130 145 189 142 90 129 48 137 58 | February... 664 557 106 62 March. 130 144 189 131 92 133 56 138 62 March 756 627 130 85 April.. 132 133 183 124 105 138 106 143 April. 749 622 127 83 May.,.,... 137 132 179 123 101 143 269 145 May. 759 631 128 June..... 132 100 162 140 86 145 297 146 June 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. 781 AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS Based on value figures MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted Without seasonal adjustment 1940 1941 1942 1943 1940 1941 ; 1942 1943 1940 1941 1942 1943 Jan. 6.... ...82 Jan. 4.... . ..85 Jan. 3... ... 107 Jan. 2.... .112 J F M M J J A A O N D S a u u e e u c p e o n a a l n b p t c g y r v r y u o e r i e c t u e l u a b e m h s m r a e m t y b S r r b y A b e e r L e r r E . . . . . S . . . . 1 1 0 0 9 9 9 9 8 9 9 9 8 8 1 0 2 8 7 4 9 1 2 0 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 3 0 0 0 0 0 0 6 5 6 1 5 4 5 4 1 3 4 3 1 1 1 1 1 1 1 1 1 1 1 1 3 2 3 3 0 1 0 2 2 2 2 2 8 5 0 8 8 7 4 6 8 3 4 1 1 1 1 1 1 1 6 4 2 2 2 3 8 3 5 8 9 6 1 1 1 1 1 7 0 8 6 0 8 8 8 7 7 7 4 9 1 9 4 5 6 6 7 1 7 1 1 1 1 1 1 1 1 1 8 2 1 3 9 9 0 0 7 7 0 0 2 5 2 3 7 3 5 6 9 9 6 0 2 1 1 1 1 1 1 1 1 1 0 9 2 5 8 0 3 0 1 3 0 1 3 9 2 7 3 8 7 8 5 3 0 8 - 1 1 1 1 1 1 3 2 2 1 2 3 2 5 1 1 4 3 M A Fe p a b r r . . . 2 2 3 2 1 1 2 1 1 7 0 3 3 0 9 4 0 3 2 7 6 6 . . . . . . . . . . . . . . . . . . . . . . .. . . 1 1 . . . . 9 8 8 7 1 8 1 9 8 8 8 9 8 5 6 3 9 6 2 0 2 2 8 8 3 9 M F A e p a b r r . . . 2 1 1 1 2 2 2 1 1 5 1 8 2 9 8 1 5 5 5 8 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . 1 1 . . 1 . . 9 3 8 . I 0 9 0 8 9 9 1 9 9 0 1 9 5 8 l 9 1 4 5 7 7 7 l F M A e p a b r r . . . 3 1 2 1 2 1 2 2 2 1 7 0 7 8 1 4 4 7 1 8 4 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 1 . 1 . 1 1 1 1 1 1 1 1 1 1 1 3 1 1 3 1 2 4 1 2 6 3 4 0 9 1 9 0 5 4 1 7 6 0 1 0 F M A eb p a . r r . . 3 2 1 1 2 2 2 2 1 9 6 3 0 7 6 0 6 3 7 3 0 3 . . . . . " . . . ! . . . . ! . . . . . . . . ! . . . ! . . . . ! . . . ! . . . . . ! . . . 1 1 1 1 1 1 1 1 l 1 1 1 l 3 3 5 3 6 1 2 3 4 4 3 4 4 9 8 2 6 0 4 8 1 6 2 7 9 3 13... 97 12.... .136 11... ...120 10... .153 Year.. . 94 124 20.... . 99 19... ..117 18... ... 135 17... .154 27.... . 98 26.... .114 25... . .129 24.... .166 O N J J M M S D J F A A u u a e e o c p u e a a l n n p b t y v y r g c r e o u t i r e c u e l e b u a h m s m m e r a t S y r b r T b b y e O e e r C r r K . . S . . . . r r r r r 1 1 1 1 1 1 1 1 1 1 1 2 4 2 1 0 9 0 1 3 0 3 0 7 1 5 5 1 5 9 8 6 2 7 5 p1 1 r 0 9 9 9 0 8 0 0 3 1 2 7 1 1 6 8 6 7 7 7 8 9 7 7 0 1 4 7 9 5 6 5 4 5 3 4 8 0 r r r r r r 1 1 1 1 1 1 1 1 1 r 3 3 2 3 3 9 2 9 2 8 2 1 0 0 2 0 2 5 8 7 3 5 6 1 ^ r r r 9 9 9 9 9 8 3 2 2 5 0 9 M J Ju u a l y n y e 2 2 1 2 1 2 1 2 1 6 7 4 8 0 3 1 1 8 5 9 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . 1 1 1 . . 1 . . 9 . 7 7 6 6 0 2 9 9 8 9 0 1 9 7 2 8 7 9 7 0 9 2 8 4 0 M J J u u a l n y y e 2 2 1 1 1 1 5 3 2 2 1 2 3 6 0 4 9 8 1 1 7 4 . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . 1 1 1 . . 1 1 1 1 1 1 2 2 0 0 1 0 8 2 2 8 8 9 7 7 0 9 9 0 7 6 9 7 4 8 3 J J M u u n a ly y e 3 2 2 1 2 2 1 1 1 0 0 7 3 5 4 3 8 1 6 6 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 . 1 . 1 1 9 1 1 3 1 0 1 1 3 8 0 5 9 9 3 7 5 6 0 5 4 4 3 2 4 2 6 J J M u u a n l y y e 2 2 2 1 1 1 2 1 1 7 0 2 3 5 2 8 5 1 4 6 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r r . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 3 2 1 5 0 3 4 3 3 5 6 1 1 7 7 8 2 9 7 8 6 3 1 Aug. 3... ..81 Aug. 2.... 102 Aug. 1.. . . 96 31. Year 69 82 117 10... 79 9... .116 8... . .110 Aug. 7. r Revised. 2 1 4 7 . . . 8 9 1 2 1 2 6 3 . . . .-. . . 1 1 1 1 3 9 2 1 2 5 . . . . . . 1 .1 1 1 3 6 2 14 1 . . P Preliminary. 31. 118 30. .152 29. .132 28. Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- Sept 7. .109 Sept. 6. .122 Sept. 5. . .153 Sept. 4. quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent ssues. 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] S |1 j 9 u 4 n 3 e M 19 a 4 y 3 June May m 1 S 9 o i 4 x s 3 . J 1 u 9 n 43 eM 19 a 4 y 3 m 1 S 9 o i 4 x s 3 . J 1 u 9 n 43 e M 19 a 4 y 3 m 1 S 9 o i 4 x s 3 . United States.. +24 +18 +15 Boston +15 +14 +10 Cleveland (cont.) Chicago (cont.) Dallas +50 +42 +42 New Haven +8 +10 0 Youngstown +30 +22 +15 Peon'a +13 0 -1 Shreveport +18 +16 +12 Portland +34 +31 +39 Erie +16 +10 +13 Fort Wayne +17 +9 +8 Dallas +69 +50' +48 Boston +14 +14 +9 Pittsburgh +10 +3 +3 Indianapolis.... +38 +26 +26 Fort Worth +71 +371 +47 Springfield +14 +12 +12 Wheeling +25 +5 +9 Des Moines +27 +22 +20 Houston +42 +401 +34 Providence +15 +14 +9 Sioux City +48 +31 +31 San Antonio.... +34 +40 +46 Richmond +23 +18 +16 Detroit +9 +4 +9 New York +18 +7 Washington +16 +9 +8 Flint +14 +8 +19 San Francisco +33 r+29 +27 B A N r l e b i w d a g a n e r y k port + + + 1 4 8 4 r+ + 7 2 + -9 1 B W C a h i l n a t r s im l t e o o s n t r - o e S n a , le S m . C ... . + + + 2 3 5 3 7 1 + + + 2 3 5 2 6 2 + + + 1 3 2 7 9 3 M G La r i n a lw n si d a n u g R ke a e pids... + + +2 3 1 4 5 1 + + - 1 1 4 7 6 + + + 1 1 3 2 2 T B Ph u a o k cs e e o n r n i s x field + + + 4 5 7 4 4 0 + + + 2 4 3 7 4 6 + + + 5 3 3 1 4 8 Binghamton.... +29 + 19 +13 Greenville, S. C. +62 +38 +43 Fresno +31! +33 +23 Ph S U B E N N P R S i c l y o l u t e o i a m i h a r f u w c c d f a g e g h i a a e c r a n l h e Y l u a o r p e s k a s o t c h e e e r t i e F r k a a p a d .. s l C . y i l e s . i . t . . . y . . + + + + + + + + + - 3 2 2 1 1 2 1 1 1 3 4 0 5 5 9 1 6 5 5 ; + - + + + 4 + + + + 1 1 2 1 -1 6 5 9 6 6 7 7 4 0 j i | ! + + + + + + + + + - 3 1 1 1 2 9 8 4 7 5 3 3 0 8 Atl N L R H C B J C M a a y n i h o i l u c o c r a t n a r n a k m n h r f r c t k s o t m l i i h g o e s l n n k b b o s o n g g t u u n m v h o t r d r o i a n g e g l n m l . r e W y .Va. + + + + + + + + + + 2 3 6 2 3 2 2 1 3 4 7 2 2 7 0 2 4 0 1 2 + + + + + + + + + + 3 2 2 4 2 2 1 1 3 8 2 7 4 4 4 3 4 9 4 + + + + + + + + + + 2 2 1 5 1 2 3 1 7 5 2 5 9 0 8 8 0 3 \St F L . Q E L M S S o L p i t o v u e . t r r u a o i t m i t n L l n i n u e s c s o g p S i v y s v f h u R m i i . i l i i e l o l s s i l l e c t e d h k .. + + + + + + + + + 3 4 3 4 2 2 4 4 2 6 1 4 8 8 4 0 1 9 + + + + + + + + + 1 3 2 4 2 1 3 1 3 0 5 3 3 0 1 4 9 3 + + + + + + + + + 3 4 1 4 1 2 3 1 7 1 7 6 0 8 6 2 6 L L O S S S S S S o a a a o a a t a B o n n n n c n s k c r g e t l A a a k F D a J r m k o n t B r n i o R e a s e d g e e n l e g n o e e n a a o c l s y c t e n o i a h s s d co... + + + + + + + + 3 2 3 2 5 3 3 3 4 7 0 2 7 3 1 0 ) i r r + + + + + + + + + 3 4 2 2 3 2 2 2 2 2 1 2 4 2 7 8 7 7 1 1 + + + + + + + + 3 2 * 2 2 2 2 4 2 1 3 3 8 3 6 7 5 Trenton +20 +21 +19 Miami.. +471 +44 + 23 Minneapolis +26 +21 +19 Vallejo and Nap -4-56' +35 +46 Lancaster +26 +5 +9 Tampa +57j +52 +43 Boise and Philadelphia... +15 +9 +9 Atlanta +52! +42 +37 Kansas City +42 +31 +34 Nampa +57 +43| +46 jReading +14 +14 +10 Macon +59| +39 +44 Denver +40 +28 +33 Portland +30 +28 +29 Wilkes-Barre... +18 +10 +10 Baton Rouge +421 +25 +42 Hutchinson +50 +35 +39 Salt Lake City. +37 +19 +38 York +1 +12 +11 New Orleans +33 +27 +25 Topeka +47 +39 +38 Bellingham +31 +25 j +17 Jackson +39 +28 +24 Wichita +48 +36 +40 Everett +31 +33! +21 Cleveland +20 +13 +10 Chattanooga +30 +26 +21 Joplin +27 +8! +9 Seattle +28 +29 +25 A Ci k n r c o i n n nati # + + 2 2 9 1 + + 2 1 2 3 + + 2 1 1 2 K N n as o h x v v i i l l l l e e + + 4 2 0 8 + +3 2 5 4 + + 2 3 0 4 K St a . n J s o a s s e p C h ity... + +5 3 9 3 ! + + 2 3 3 4 + + 2 3 8 2 T Sp ac o o k m an a e + + 3 1 9 5 + + 1 4 7 6 + + 4 2 1 1 Cleveland +20 +16 +6 Omaha +34! +261 +30 Walla Walla * +38 Columbus +3; +30 +30 Chicago +18\ +11 +11 Oklahoma. City +73i +53 +58 Yakima +27 +24 +23 Toledo +27 +17 + 16 Chicago + 161 +11 +9 Tulsa +40 +28 +27 r Revised. * Data not yet available. 7 8z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Rati t o o o s f a l s e t s ocks Number Department of stores Percentage change Percentage change May reporting May 1943 May 1943 May 1942 from from from 1943 1942 May 1942 Apr. 1943 Apr. 1942 GRAND TOTAL—entire store. 348 +20 -10 -28 +2 +5 2.6 4.4 MAIN STORE-total 348 +22 -7 -10 -28 +2 +5 2.8 4.7 Women's apparel and accessories 346 +30 -15 -14 -21 +4 +5 2.0 3.3 Women's and misses' coats and suits 327 +59 -44 -53 -18 -1 +9 1.5 2.9 Women's and misses' dresses 329 +29 +10 0 +10 +3 +1 1.1 1.3 Blouses, skirts, sportswear, sweaters, knit apparel 307 +37 0 -9 -10 +15 +13 2.1 3.2 Juniors' and girls' wear 293 +37 -30 -16 -15 +7 +10 1.6 2.6 Infants' wear 297 +47 -24 -17 -37 +1 +6 2.0 4.7 Aprons, housedresses, uniforms 281 +17 +32 +17 -22 -3 0 1.3 1.9 Women's underwear, slips, negligees 316 +33 +22 +17 -38 0 +7 1.9 4.1 Corsets, brassieres 326 +26 0 -8 -33 -1 +8 2.4 4.7 Hosiery (women's and children's) 340 +2 -13 +1 —40 -6 +2 2.3 3.9 Gloves (women's and children's) , 320 +38 -44 -41 -38 0 +4 3.3 7.3 Shoes (women's and children's) 238 +6 -16 -9 -17 -2 +1 3.3 4.2 Furs 250 +206 -46 -63 +34 +48 +11 9.0 20.6 Men's and boys' wear 314 +17 -12 -11 -30 +4 +8 4.2 7.0 Men's clothing 223 +26 +1 -16 -29 2 +10 3.9 6.9 Men's furnishings, hats, caps 296 +13 -1 -2 -30 +8 +9 4.4 7.1 Boys' clothing and furnishings 272 +24 -43 -23 -34 +4 +7 3.4 6.4 Men's and boys' shoes and slippers 166 -10 -3 -24 +1 +5 6.1 7.4 Home furnishings 311 +7 +10 7 -38 -3 +5 3.4 5.9 Furniture, beds, mattresses, springs 228 +1 +9 -1 -34 -5 +3 3.2 5.0 Domestic floor coverings 236 +16 +11 "2 -43 c +9 3.3 6.6 Draperies, curtains, upholstery 284 +18 +13 +7 -26 -4 +1 2.7 4.3 Major appliances (refrigerators, washers, stoves etc.) 199 -55 -27 -44 -73 -9 -1 2.5 4.2 Domestics, blankets, linens, etc 285 +33 +25 +6 -35 +1 +7 3.5 7.2 China and glassware 222 +15 +13 0 -24 +1 +5 5.9 8.8 Housewares 218 -3 +5 -13 -40 ' -5 +5 3.3 5.3 Piece goods (dress and coat yard goods, all materials) 281 -29 +2 -6 -18 0 -3 2.7 4.3 Cotton wash goods 117 +21 +25 +19 -23 -9 -7 1.7 2.7 Small wares 327 +31 +6 +2 -21 +5 +4 3.2 5.4 Notions 213 +23 +13 +2 -27 0 +3 2.4 4.1 Toilet articles, drug sundries, prescriptions 313 +29 +7 +1 -19 +6 +4 3.2 5.1 Jewelry and silverware 282 +32 +7 +7 -20 +7 +5 3.6 5.9 Miscellaneous 291 +19 -2 -31 +5 +8 3.4 5.8 BASEMENT STORE—total 212 +8 -12 -8 -29 +4 +7 2.3 3.5 Women's apparel and accessories 199 +14 -16 -11 -26 +4 +8 1.7 2.6 Men's and boys' clothing and furnishings.. 160 +6 -17 —12 -31 +7 +9 3.8 5.8 Home furnishings 117 +10 +15 +4 -39 -2 +7 2.3 4.3 Piece goods 53 +19 +9 +2 -7 +4 -2 3.0 3.8 Shoes 130 -30 -18 -16 +2 +3 4.4 3.7 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS tndex numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month .Total Sa C le a s s h during I m m ns o e t n n a t l t - h a C c h c a o r u g n e t I a m n t s e t e n a n t l- d of a m C c h o c a o n r u t g h n e t I m ns e t n a t l- mont a h C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t e n a s t l- C ac h s c a a o l r e u g s n e- t 1942—April 109 113 95 108 94 107 112 107 50 7 43 May 98 109 66 93 86 99 111 116 53 6 41 June . ,. 95 r112 54 r85 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 85 106 60 5 35 May 117 146 61 97 45 75 79 105 60 4 36 June 122 151 57 101 42 76 72 100 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. AUGUST 1943 783 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 crec credit Total Automotive Other 1929 7,089 3,167 1,318 1,197 652 1,577 1,749 596 1930 ...... 6,341 2,706 928 1,104 674 1,451 1,611 573 1931 ...... 5,177 2,214 637 958 619 1,051 1,381 531 1932 ... 3,846 1,515 322 677 516 726 1,114 491 1933 3,717 1,581 459 663 459 588 1,081 467 1934 4,159 1.846 576 741 529 659 1,203 451 1935 5,148 2,599 940 865 794 785 1,292 472 1936 6,396 3,466 1,289 1,147 1,030 991 1,419 520 1937....... 7,054 3,919 1,384 1,368 ,167 1,119 1,459 557 1938 6,618 3,539 970 1,343 ,226 1,069 1,487 523 1939....... 7,518 4,351 1,267 1,525 ,559 1,089 1,544 534 1940 8,767 5,434 1,729 1,721 .984 1,123 1,650 560 1941....... 9,499 5,921 1,942 1,805 ,174 1,204 1,764 610 1942 r6,155 r2,922 482 rl,012 ,428 1,072 1,513 648 1942 May 7,952 4,611 2,705 1,239 1,466 ,906 1,151 1,561 629 Tune. 7,513 4,327 2,474 1,120 1,354 ,853 1,125 1,430 631 July 7,007 4,036 2,247 1,004 1,243 ,789 1,112 1,225 634 Aug 6,719 3,748 2,032 874 1,158 ,716 1,102 1,232 637 Sept 6,557 3,504 1,862 769 1,093 ,642 1,095 1,320 638 Oct........ 6,403 3,255 1,704 664 1,040 ,551 1,088 1,419 641 Nov 6,169 3,054 1,571 573 998 ,483 1,085 1,386 644 Dec. ...... r6,155 2,922 rl,494 482 p1.012 ,428 1,072 1,513 648 1943 Jan........ 5,702 2,660 1,314 404 910 ,346 1,058 1,333 651 Feb.. .... r5,490 r2,465 rl,190 351 r839 ,275 1,038 1,333 654 Mar........ 5,351 2,323 rl,071 287 r784 ,252 1,031 1,343 654 Apr 5,241 2,226 1,020 260 760 ,206 1,029 1,331 655 May p5,O75 P2,115 P955 P235 p72O ,160 pl,O27 pl,275 P658 June p5,057 p2,040 P894 p208 ,146 pl,019 pl,338 p660 I p Preliminary. r Revised. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau, of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System, v CONSUMER INSTALMENT SALE CREDIT, EXCLUDING ~ CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Repair Depart- End of Com- Credit Miscel- and End o r o f y e m a o r nth ex m T a c o u o lu t t t d o i a v - i l, n e g s o m m t a r o a d n e r i n e d e l r t - s F s u t t r u o n r r i e e - s H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e l s ry s 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 er n c k i s a 1 l unions l l a e n n e d o e u rs s m iz l o o a d t a e i n o r s n n houses 1929 652 43 32 95 1930 674 45 31 93 1931 619 39 29 78 1929 1,197 160 583 265 56 133 1932 516 31 27 58 1930 1,104 155 539 222 47 141 1933 459 29 27 50 1931 958 138 454 185 45 136 1934 529 39 32 60 27 1932 677 103 313 121 30 110 1935 794 71 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 141 91 200 1 1 9 9 4 4 0 1 1 1 , , 8 7 0 2 5 1 4 4 6 3 9 9 6 5 1 9 9 9 3 31 0 3 2 1 1 1 2 0 0 2 2 8 7 4 1 1942 1942. rl,012 254 391 130 r77 160 May 1,906 564 184 99 287 1942 June 1,853 546 179 98 276 July ,789 521 173 97 264 May 1,466 367 543 240 85 231 Aug ,716 491 166 95 252 June 1,354 332 512 218 79 213 Sept. 642 460 160 94 240 July 1,243 300 475 201 71 196 Oct ,551 421 152 92 227 Aug 1,158 277 449 183 67 182 Nov L.483 393 145 91 215 Sept 1,093 261 428 169 63 172 Dec ,428 370 141 91 200 Oct 1,040 253 408 154 61 164 Nov...... 998 247 392 141 61 157 1943 Dec. rl,012 254 391 130 r77 160 J F a e n b 1 1 , , 3 27 4 5 6 3 31 4 9 5 3 4 8 0 7 3 1 12 3 6 2 8 8 8 9 1 17 8 0 4 1943 Mar.... 1,252 312 387 127 87 155 Jan........... 910 228 359 116 64 143 Apr. 1,206 299 378 122 87 141 Feb. r839 210 338 103 r56 132 May pl,160 290 366 r118 p85 p127 Mar r784 196 322 91 r51 124 June p1,146 287 . 368 118 p86 PU3 Apr. 760 r190 319 81 r50 120 M Jun a e y.......... p r 7 6 2 8 O 6 P p 1 l 7 6 8 8 p P 3 3 0 0 8 0 P P 72 P r 4 4 8 7 P p1 M 0 4 8 P 1 P T r h e e l s im e i f n ig a u ry re . s for r a m Re o v u i n s t e s d . 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 (12 million r Revised, dollars at the end of June 1943), which are not shown separately 784 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 dollarsl [Estimates of volume made in period. In millions of dollarsl Month or year 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 a d 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 er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t chased erniza- ment Pur- Direct and tion cash chased loans direct loans loans 1929 . . 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1 1 1 1 9 9 9 9 4 4 3 4 2 1 0 9 . 1 1 1 , , , 3 5 0 7 4 2 8 8 0 0 8 7 3 2 3 1 0 1 9 3 0 0 6 6 3 2 1 1 0 3 2 6 3 0 2 0 2 2 1 1 7 1 5 4 9 0 0 3 2 2 2 1 6 4 2 5 0 6 0 4 3 3 2 2 6 4 8 3 4 0 0 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 6 4 7 3 . . . . .... , . . . . . . . . . ... 4 3 3 5 6 2 1 6 0 8 3 9 3 4 4 3 4 2 2 2 5 0 8 3 0 4 9 8 4 2 1 1 4 6 3 0 4 2 7 3 5 8 1942— J J S A M u u e u l n a p g y y e t u e s m t ber 1 1 1 1 , , , , 2 0 1 2 9 7 7 3 1 9 3 2 9 1 8 2 2 2 2 2 8 6 4 2 0 3 5 2 7 3 2 2 1 1 1 2 1 9 8 6 4 1 6 2 7 2 2 2 1 1 4 0 2 8 7 3 8 3 9 5 2 1 1 1 1 0 8 9 8 7 1 2 6 7 6 3 3 3 2 2 2 0 1 9 7 2 6 6 2 7 1 1 1 1 1 9 9 9 9 9 3 3 4 4 4 9 8 0 1 2..... ... ._ 6 9 9 7 7 0 2 8 6 9 4 7 3 3 8 4 4 5 4 5 1 8 5 0 3 7 9 8 8 6 2 3 3 1 2 5 2 4 7 1 7 0 3 9 5 October 922 190 148 159 168 257 1941 N D o e v ce e m m b b e e r r. . . ... 8 7 6 8 0 7 1 1 6 3 6 6 1 1 2 3 2 6 1 1 5 4 1 3 1 1 6 5 5 4 2 2 4 3 2 2 December 104 45 25 1942 1943—January 726 116 111 136 144 219 January.... 80 66 40 18 February. 662 101 100 121 135 205 February............. 66 65 35 19 M A M Ju p a a n r r y i e c l . h . . 5 5 6 5 2 8 5 1 8 0 1 9 r6 8 7 6 9 7 5 7 r8 9 8 9 9 1 5 5 1 1 9 8 0 0 3 4 0 8 1 1 1 1 1 1 0 2 7 1 4 5 2 1 1 1 9 0 8 9 5 4 9 0 M A J M u p a a n r y r e i c l . h 8 6 6 7 0 4 1 1 8 6 7 5 6 8 2 8 . 4 3 3 3 2 7 6 4 2 2 1 1 5 0 9 8 Volume extended during July 58 63 34 18 month: August 52 60 33 16 1942—May 110 • 17 18 25 9 41 O Se c p to te b m er ber. 4 4 9 4 6 5 0 9 3 3 1 0 1 1 6 4 J J A u u u n l g y e u st , , 1 9 9 0 5 3 2 2 1 1 3 6 5 1 1 1 6 6 4 1 1 1 6 3 1 9 9 9 4 4 3 1 6 6 N D o ec v e e m m b b e e r r . 3 4 7 3 8 59 2 3 2 1 5 1 1 8 4 September 82 14 13 12 8 35 1943 October 77 11 11 14 9 32 January 36 45 25 11 N D o ec v e e m m b b e e r r 6 6 4 9 7 6 1 9 0 1 1 5 4 7 6 2 3 7 2 M Fe a b r r c u h a . ry 3 5 5 3 8 5 6 0 3 2 8 6 2 1 2 3 1943— M F J e a a b n r u r c u a h r a y ry 5 5 7 2 9 4 6 8 6 1 9 9 3 1 8 9 4 4 4 5 2 3 2 5 9 6 A M Ju p a n r y i e l 4 4 50 1 0 6 8 5 2 1 8 3 3 2 5 1 9 1 1 1 5 9 4 April 64 9 12 10 5 28 May 65 9 12 11 6 27 1 These figures for loans made include only personal instalment cash June 77 9 13 12 8 35 loans and retail automotive direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (one million r Revised. dollars in June 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 June p m r M e o c a n e y d th ing Apr. Jun p e re m ce o M d n i a t n h y g o f ye A ar pr. Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e s p e - - J s e t w o e r l e r s y D s m t e o p e r a n e r t s t- 1943 1943 1943 1943 1942 Net sales: March 22 13 13 19 46 Total +12 +21 '+14 +2 April 21 13 13 19 47 Cash_ sales -7 +11 +41 '+43 +50 May 22 13 13 20 50 Cred C I i n t h s a s t r a a g l l e e m s: e a n c t count -2 r r + + 2 + + 1 8 4 + + 1 1 8 8 + r+ 1 9 6 + -5 6 J A J u u u l n y g e ust 2 2 2 4 2 3 1 1 1 4 6 4 1 1 1 3 3 3 2 2 2 2 5 2 5 6 5 9 0 6 September. 25 16 14 26 60 Accounts receivable, at end of October 29 18 15 30 65 month: November 29 17 15 31 63 Total. -3 -2 -1 -38 -40 -41 December 31 18 15 45 65 Instalment -3 -4 — 1 —39 -40 —40 1943 Collections during month: January. 28 17 16 31 61 Total.. +4 ! -1 -12 -7 i -5 February 28 17 16 29 61 Instalment -6 '+3 -17 -9 March 31 19 18 30 62 April 31 20 18 31 63 Inventories, end of month, at May 30 22 20 33 63 retail value .. . -4 r-4 -22 -17 -10 June 29 21 20 33 62 r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. AUGUST 194} 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week. m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e l c s t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u m ed n c i d t - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 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 98.8 104.4 989 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98.7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August.... 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 88.8 October... 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November. 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99.5 102.5 90.1 December. 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January... 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February.. 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 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 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 Week ending 1943—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 July 3 103.0 125.9 107.6 96.9 118.4 96.9 81.5 103.9 110.4 100.2 104.3 91.6 July 10.... 103.0 126.0 107.3 96.9 118.4 96.9 81.5 103.8 110.5 100.1 104.3 91.6 July 17.... 102.9 125.0 106.5 97.0 118.4 96.9 81.6 103.8 110.6 100.1 104.4 91.6 July 24... 102.9 124.8 107.0 97.1 118.4 96.9 81.8 103.8 110.6 100.1 104.4 92.1 1942 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 112.2 112.5 113.1 113.8 Agricultural implements... 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 116.9 135.7 134.0 130.5 128.6 Farm machinery 98.0 98.0 98.0 98.0 98.0 Other farm products 100.5 117.1 120.0 125.2 127.2 Iron and steel 97.2 97.2 97.2 97.2 97.3 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 92.0 113.2 113.3 113.1 109.5 Nonferrous metals 85.6 86.0 86.0 86.0 86.0 Cereal products 87.2 93.5 93.7 93.6 93.6 Plumbing and heating 98.5 90.4 90.4 90.4 90.4 Fruits and vegetables 105.4 115.6 123.2 137.7 143.6 Building Materials: Meats 113.9 115.5 115.8 115.9 111.6 Brick and tile 98.1 98.7 98.7 98.9 99.0 Other foods 91.0 96.3 96.0 96.4 97.0 Cement 94.2 94.2 94.2 93.9 93.6 Hides and Leather Products: Lumber 131.7 134.6 134.7 135.6 136.3 Shoes 126.4 126.4 126.4 126.4 126.4 Paint and paint materials.. 100.3 102.2 102.5 102.2 102.0 Hides and skins 118.5 116.0 116.0 116.0 116.0 Plumbing and heating 98.5 90.4 90.4 90.4 90.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.. . 103.8 102.0 101.6 101.6 101.7 Textile Products: Chemicals and Allied Products: Clothing 109.1 107.0 107.0 107.0 107.0 Chemicals 96.5 96.4 96.4 96.4 96.4 Cotton goods 112.7 112.6 112.6 112.6 112.6 Drugs and Pharmaceuticals 129.1 165.0 165.1 165.1 165.2 Hosiery and underv.ear 70.0 70.5 70.5 70.5 70.5 Fertilizer materials 78.4 79.0 80.0 80.0 78.6 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 108.5 101.5 101.5 102.0 102.0 Woolen and worsted goods 111.0 112.4 112.5 112.5 112.5 Eousefurnishing Goods: Other textile products 98.2 97.5 98.7 98.7 98.7 Furnishings 108.1 107.3 107.3 107.3 107.3 Fuel and Lighting Materials: Furniture 97.4 97.7 97.7 98.0 98.1 Anthracite 85.7 89.8 89.7 89.5 Miscellaneous: Bituminous coal 109.2 115.2 115.6 116.1 116.4 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.1 122.4 122.4 122.4 122.4 Cattle feed 140.0 148.2 150.9 150.6 150.6 Electricity 63.3 60.2 60.6 Paper and pulp 101.6 102.7 102.9 104.3 104.3 Gas 81.2 75.6 76.4 Rubber, crude 46.3 46.3 46.2 46.2 46.2 Petroleum products 59.8 61.5 62.0 62.5 62.6 Other miscellaneous 93.3 94.9 95.1 95.2 94.9 Backfigures—Tureau of Labor Statistics, Department of Labor. 786 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 st n r * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o v a e n r d n utilities cellaneous ment SEASONALLY ADJUSTED 1942—June 36,461 14,382 929 1,768 3,446 6,610 4,266 5,060 July 37,051 14,640 929 1,851 3,471 6,609 4,296 5,255 August 37,433 14,819 918 1,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 1,959 3,482 6,523 4,313 5,462 October 37,962 15,162 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December 38,842 15,687 2,004 3,535 6,635 4,331 5,766 1943—January 38,791 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 r38,656 16,043 864 1,564 3,551 6,424 4,347 r5,863 April r38,478 r16,025 858 1,363 3,572 6,433 4,331 r5,896 May 38,222 15,998 842 1,213 3,577 6,357 4,302 5,933 June 38,201 16,092 841 1,057 3,605 6,352 4,293 5,961 UNADJUSTED 1942—June 36,666 14,302 921 1,991 3,485 6,606 4,324 5,037 July 37,234 14,641 923 2,108 3,519 6,504 4,355 5,184 August 37,802 14,980 918 2,181 3,533 6,496 4,371 5,323 September 38,348 15,233 910 2,185 3,542 6,561 4,397 5,520 October 38,478 15,313 902 2,028 3,539 6,697 4,327 5,672 November 38,533 15,434 894 1,896 3,520 6,771 4,295 5,723 December 38,942 15,684 885 1,674 3,502 7,107 4,279 5,811 1943—January 37,862 15,743 867 1,470 3,463 6,371 4,259 5,689 February 37,958 15,851 867 1,386 3,456 6,291 4,270 5,837 March r38,115 15,958 861 1,357 3,475 6,328 4,281 r5,855 April r38,336 15,956 850 1,328 3,552 6,423 4,337 r5,890 May 38,262 15,911 837 1,299 3,587 6,331 4,349 5,948 June 38,328 16,008 835 1,200 3,649 6,349 4,350 5,937 r Revised. * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for June 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1, 1943. In thousands of units] Corn Totalwheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 July 1, 1943 1942 July 1,1943 1942 July 1, 1943 1942 July 1, 1943 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 8,024 7,506 40 40 40 40 New York 32,053 26,279 8,346 5,485 8,266 5,439 80 46 Philadelphia 50,041 47,212 14,072 13,289 13,944 13,143 128 146 Cleveland. 230,248 182,175 40,660 30,350 40,608 30,299 52 51 Richmond 133,387 136,717 26,208 21,463 26,208 21,463 Atlanta 177,796 172 094 7 381 6 560 7 381 6 560 Chicago 1,266,052 1,072,799 36,361 35,463 35,045 34,436 1,316 1,027 St. Louis 392,856 327,490 23,378 28,789 23,358 28,773 20 16 Minneapolis 360,806 297,138 292,868 244,828 42,573 21,096 250,295 223,732 Kansas City 420,741 324,195 371,083 270,670 365,641 265,768 5,442 4,902 Dallas 93,887 105,283 49,160 33,962 49,053 33,868 107 94 San Francisco.. . .. 9,263 7,664 111,770 99,924 91,176 58,345 20,594 41,579 Total.. 3,175,154 2,706,552 981,327 790,823 703,253 519,190 278,074 271,633 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 July 1, 1943 1942 July 1,1943 1942 July 1, 1943 1942 July 1, 1943 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,605 5,488 3,489 3,388 27,343 28,283 50,889 62,676 New York 34,615 13,771 6,227 6,212 1,636 860 32,627 35,643 Philadelphia 16,387 15,394 2,392 2,528 46,016 43,680 19,348 22,771 Cleveland 62,694 54,755 5,613 5,722 107,635 112,605 16,159 16,831 Richmond 26,359 27,362 4,658 5,058 808,552 761,335 24,784 30,155 Atlanta 22,052 21,642 4,203 4,343 143,263 150,708 15,920 19,345 Chicago 523,027 475,446 20,962 19,057 29,670 26,493 36,285 39,795 St. Louis 76,402 73,032 9,327 8,559 242,243 267,154 13,436 13,550 Minneapolis 390,377 348,062 11,949 11,331 2,472 2,129 45,785 47,018 Kansas City 149,083 154,504 8,943 7,633 3,607 3,363 37,817 39,590 Dallas 15,181 19,838 1,989 2,019 6 068 7 543 San Francisco 35,948 32,961 12,493 12,633 72,032 100,025 Total 1,358,730 1,242,255 92,245 88,483 1,412,437 1,396,610 371,150 434,942 NOTE.—1942 figures for tobacco are as revised in July 1943. 787 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 b p o a o g k e Ju 2 n 3 e Ju 3 n 0 e Ju 7 l y Ju 1 l 4 y Ju 2 l 1 y b p o ag o e k May June WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve bank credit: Reserve bank credit 5 6.76 6.68 7.07 U. S. Govt. securities, total.., 2, 4 6.75 7.20 7.68 7.64 7.58 rold stock 5 22.51 22.45 22.41 Bonds 4 1.52 1.50 1.48 1.48 1.48 Money in circulation 5 16.45 16.81 17.22 Notes 4 .83 .80 .74 .74 .72Treasury cash 5 2.23 2.25 2.77 Certificates 4 1.10 1.09 1.09 1.09 1.09 Treasury deposits 5 .28 .43 .15 Bills 4 3.29 3.82 4.36 4.33 4.29 Reserve balances 5, 8 12.72 12.02 12.29 Bills S p d e is c c ia o l u n c t e e r d ti ficates 2 4 "^02 2 .03 .01 .01 R Ex e c q e u s i s r e r d e s r e e r s v e e r s v , e s to tal 8, 9 8 10 1. . 9 7 5 7 10 1. . 7 2 3 9 1 1 0 . . 4 8 6 3 Gold stock 2 22.39 22.39 22.39 22.36 22.35 New York City 9 .05 .05 .02 Money in circulation 2 17.15 17.42 17.61 17.66 17.71 Chicago 9 .03 .01 .01 Nonmember deposits 2 1.39 1.48 1.49 1.47 1.54 Reserve city banks. 9 .89 .74 .59 Treasury deposits 2 .29 .46 .77 .62 .29 Country banks 9 .98 .93 .84 Member bank reserves 3 12.22 12.09 12.11 12.26 12.32 Money in circulation, total 10 16.66 17.11 17.42 Excess reserves*5 3 1.30 1.21 1.23 1.31 1.19 Bills of $50 and over 10 4.23 4.33 4,46 Excess reserves (weekly average),totale. 3 1.54 ?1.33 PI. 38 1.49 $10 and $20 bills 10 8.92 9.21 9.34 New York City 3 .02 02 .02 04 Coins, $1, $2, and $5 bills 10 3.51 3.58 3.62 Chicago 3 !oi !oi. !oi '.01 Reserve city banks 3 .56 .48 .47 .52 CONSUMER CREDIT Country bankse 3 .96 P. 81 P. 87 P.92 Consumer credit, total 18 5.24 P5.08 P5.06 Single-payment loans 18 1.03 PI. 03 PI. 02 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.33 p1.28 PI.34 Loans and investments 14 46.15 45.84 45.56 46.82 46.61 Service credit 18 .66 P.66 P.66 Demand deposits adjusted 14 32.47 32.29 32.33 32.88 33.39 Instalment credit, total 18, 19 2.23 Pl.Yl P2.04 U. S. Govt. obligations 14 33.63 33.30 32.99 34.17 34.21 Instalment loans 19 1.21 PI.16 Pi.15 Total loans 14 9.45 9.49 9.59 9.68 9.45 Instalment sale credit, total 19 1.02 P. 96 P. 89 Commercial loans, total 15 5.57 5.54 5.57 5.64 5.62 Automotive 19 .26 P. 24 P.21 New York City 15 2.14 2.14 2.15 2.17 2.14 Other 19 .76 P.12 P. 69 100 cities outside New York 15 3.43 3.40 3.42 3.47 3.48 Brokers' loans—New York City 15 .79 .86 .95 .95 .81 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 12.84 12.64 12.32 12.75 12.78 ing, total interest-bearing 20 133.01 138.76 139.47 Bonds 17 5.80 5.80 5.80 5.83 5.86 Bonds (marketable Treasury) .. 20 55.20 57.97 57.52 Notes and guar. securities 17 2.47 2.44 2.48 2.77 2.65 Notes, cert., and bills, total.... 20 36.00 37.21 37.59 Certificates 17 2.57 2.60 2.61 2.63 2.64 Notes , 21 9.80 9.80 9.17 Bills 17 2.00 1.80 1.43 1.52 1.63 Certificates 21 16.15 16.56 16.56 100 cities outside New York, total. 15 20.79 20.65 20.66 21.42 21.42 Bills : 21 10.04 10.85 11.86 Bonds ... 17 9.88 9.92 10.00 10.06 10.07 Savings bonds, tax notes, etc.. 20 27.46 29.09 29.20 Notes and guar. securities 17 3.31 3.31 3.28 3.92 3.90 Savings bonds 21 19.27 20.51 21.26 Certificates 17 4.40 4.37 4.36 4.34 4.32 Tax notes 21 7.78 8.16 7.50 Bills 17 3.20 3.06 3.03 3.11 3.13 Special issues 20 9.79 10.20 10.87 Holdings of U. S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 13.35 13.76 P14.29 Federal Reserve Banks 22 6.45 6.22 7.20 MONEY RATES, ETC. Commercial banks 22 48.74 P52A0 Treasury bills (new issues) 25 .374 .375 .374 374 .374 Private holders other than Treasury notes (taxable) 25 1.32 1.29 1.283i32 1.31 commercial banks, total 22 64.46 p66.38 U. S. Govt. bonds: Mutual savings banks 23 5.17 5.24 Partially tax-exempt 25, 33 1.83 1.81 1.80 1.81 1.83 Insurance companies 23 12.60 12.70 Taxable 25, 33 2.28 2.27 2.26 227 2.28 Other investors, total 23 46.70 P48.40 Corporate Aaa bonds 33 2.72 2.71 2.70 269 2.69 Marketable issues 23 20.10 2>20.10 Corporate Baa bonds 33 3.88 3.86 3.84 381 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 95.7 98.2 984 100.9 99.6 Treasury bills (new issues) 27 .373 .373 .374 Industrial 35 98.4 100.9 1009 103.5 101.9 Treasury notes (taxable) 27 1.39 1.36 1.32 Railroad 35 92.3 94.9 949 99.9 Commercial paper 29 .69 .69 .69 Public utility 35 83.6 86.0 870 88.6 U. S. Govt. bonds: Volume of trading (mill, shares) 35 .87 95 1.26 .87 Partially tax-exempt 33 2.02 1.92 1.85 Taxable ". 33 2.32 2.30 2.29 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.76 2.74 2.72 Steel production (per cent of capacity).. 50 97.6 966 97.0 98.0 Corporate Baa bonds .. 33 3.96 3.91 3.88 Electric power prod. (mill. kw. hrs.).... 50 4,120 4,111 3,919 4,184 4,196 Freight carloadings (thous. cars): Total.. 51 760.8 852.1 8086 877.3 883.8 In unit indicated Miscellaneous 51 390.0 386.9 3488 378.2 385. Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)... 52 118 116 101 111 109 Total 91.3 95.2 96.7 F.H. t A io . n h o (t m h e o u m s. o ) r 4 tgages, new construc- 52 R In a d il u r s o t a r d ial 9 9 2 3 . . 8 7 9 97 7 . . 5 2 9 9 9 4 . . 3 3 Wholesale prices (1926 = 100): Public utility 79.1 84.0 84.7 Total 63 103.1 103.0 1030 102.9 102.9 Volume of trading (mill, shares)... 1.49 1.59 .99 Farm products 63 126.2 125.9 126.0 125.0 124.8 Brokers' balances (mill, dollars): Other than farm and food 63 96.9 96.9 969 97.0 97. Credit extended customers.... e670 r740 761 Money borrowed e57O e550 529 Customers' free credit balances. r330 r330 334 * Estimated, p Preliminary. r Revised. J Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Number of issues included increased from 1 to 2 on July 12. 4 Publication discontinued. 5 Adjusted for seasonal variation. 6 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 788 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 1943 book page Apr. May June Apr. May* June MONTHLY FIGURES (Gont.) In unit indicated MONTHLY FIGURES (Gont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) I C n a c s o h O S m a f t e a l h a r p e m r r a i e y s i m n a c e o n n m d ts e w ( a ( m m g i e i l l l s , l , . d d . o . o . l , l l . l a . a r . r s . s ) . , ) . , . t t . o o . t t .. a a l l 5 . . 3 3 3 3 8 8 9 8 1 8 3 1 1 , , , , 3 1 5 6 8 1 2 4 7 5 9 4 "1 " " 3 8 1 1 , , , , 5 2 4 7 3 4 1 5 9 2 4 6 Expo E E Im r x x ts c p p e o o a s r r n s t t s d s o f e im xp p o o r r t t s s (mill, dollars): 6 6 6 1 1 1 'l " , " 1 2 8 2 5 6 7 3 5 . . . 5 8 3 1 J "l p p , 7 2 0 8 8 6 8 0 9 . . . 6 9 4 Livestock and products ,. 39 955 1,001 Excluding Lend-Lease exports. 61 Crops 39 367 398 Wholesale prices, total (1926 = 100).... 63 103.7 104.1 103.8 Govt. payments..... 39 65 40 Farm products 63 123.9 125.7 126.2 Industrial production:5 Other than farm and food 63 96.6 96.7 96.8 T G o ro ta u l p s ( 1 ( 9 p 3 o 5 i 7 n 39 ts = in 1 to 00 ta ) l index) 41, 42 203 203 "201 Cost F o o f o d living, all items (1935-39 = 100) 6 6 5 5 1 14 2 0 4 . . 6 1 1 14 2 3 5 . . 0 1 1 1 4 2 1 4 . . 9 8 Durable manufactures........ 41 rU4.0 114.7 "114.4 Clothing 65 127.9 127.9 127.9 Machinery, etc. 42 r75.7 76.6 "77.2 Rent 65 108.0 108.0 108.0 Iron and steel.. ....... 42 23.0 22.8 22.1 Other durable.. 42 r15.3 15.3 "15.1 Nondurable manufactures...... 41 r69.0 68.9 "69.0 1942 1943 Textiles and leather 42 20.1 20.3 "19.8 P O F a o th p o e e d r r s , n a l n o iq d n u d p o u r r r i , a n b a ti l n n e d g . .. t obac . c . o . 4 4 4 2 2 2 1 1 1 7 9 1 . . . 7 9 3 1 1 1 9 7 1 . . . 4 9 4 * " " 1 1 1 9 8 1 . . . 4 3 3 O D c ec t. . - J M a a n r . . - A J p u r n . e - Minerals 41,42 20.0 19.8 "17.8 Primary products (1935-39 = 100): In millions of dollars Steel... 43 235 233 227 Cement........... ............. 43 134 131 124 QUARTERLY FIGURES Lumber .............. . 43 115 117 "113 Budget receipts and expenditures: Coal 43 146 139 P97 Expenditures, total 24 18,800 19,845 23,228 Crude petroleum...... ..... 43 124 125 "123 War activities 24 17,348 18,460 21,535 Cotton consumption 43 166 169 160 Net receipts 24 3,909 6,950 7,563 Wool yarn....... ,, 43 173 177 Internal revenue collections, total 24 3,727 6,686 6.834 Paper.... ... 43 134 136 Corporate income taxes 24 1,789 3,364 2,781 Leather 43 115 117 Individual income taxes 24 616 2,234 3,007 Meats and dairy products.... 43 "142 "150 Misc. internal revenue 24 1,323 1,088 1,047 Other manufactured foods..... 43 156 151 "15C Corporate security issues: Labor force and employment (mill, Net proceeds 36 r113 153 266 persons): New money, total 36 r25 51 66 Labor force 44 52.1 53.0 54.6 Industrial 36 r10 35 41 Employment, total. .. 44 51.2 52.1 53.4 Railroad 36 4 12 7 Nonagricultural. 44 41.6 41.3 41.5 Public utility 36 HI 3 1 Agricultural... 44 9.6 10.8 11.9 Male.... 44 36.0 36.2 36.7 Female... 44 15.2 15.9 16.7 Per cent per annum Nonagricultural employment (mill. persons), total5. ........ 45 38.5 38.2 "38.2 Manufacturing and mining. 45 16.9 16.8 "16.9 Bank rates on customers' loans: Trade '.. . 45 6.4 6.4 "6.4 Total, 19 cities 29 2.63 2.76 3.00 Government. 45 5.9 5.9 "6.0 New York City 31 2.09 2.36 2.70 Transportation and utilities........ 45 3.6 3.6 "3.6 Other Northern and Eastern cities 31 2.63 2.76 2.98 Construction.. . 45 1.4 1.2 "1.1 Southern and Western cities. 31 3.26 3.24 3.38 Factory employment and pay rolls (1939 = 100): Pay rolls... 47 r309.6 313.4 Apr. 4, June 30, Dec. 31, Employment 47 167.6 167.2 "168^2 1942 1942 1942 Hours and earnings at factories: Weekly earnings (dollars) .... 48 42.48 43.08 Hourly earnings (cents) ..... 48 94.4 95.3 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 45.0 45.2 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........ 49 246 "235 Demand deposits adjusted 11 «40.00 41.84 48.85 Durable 49 330 "317 Time deposits 11 e27.20 27.31 28.40 Nondurable 49 184 "175 Currency outside banks. 11 e10.40 10.94 13.95 Shipments, total. 49 253 "245 Durable..... ......... 49 338 "335 Nondurable 49 186 "175 MEMBER BANKS Inventories, total......... ...... 49 175 "176 Loans and investments, total 12 44.29 46.80 59.26 Durable.... ...... 49 214 "213 U. S. Govt. obligations 12 20.45 24.10 37.55 Nondurable.. — 49 142 "143 Other securities .. 12 6.00 5.77 5.63 Resi T P d u o e b n ta l t i i l c a .. l contracts (mill, dollar . s . ):5 5 5 3 3 4 6 6 6 3 5 3 1 5 2 3 8 O S F t o t a h r t e e e r i g a d n n o d s m e l e c o s u c t r a i i c l t i s o e e s b c l u ig ri a t t i i e o s n s 1 1 1 3 3 3 3 ( ( 6 6 . ) ) 17 2 2 . . . 6 9 15 9 3 2 2 . . 6 9 6 7 Private, total 53 20 18 25 Loans, total 12 17.83 16.93 16.09 1- and 2-family dwellings. ... 53 19 17 24 Commercial loans 13 (6) 9.11 8.48 Other 53 1 1 1 Real estate loans 13 6 3.50 3.42 Construction contracts (3-mo. moving Street loans (brokers' loans).... 13 (6) .43 .79 av.. mill, dollars):5 Holdings of U. S. Govt. securities: Total 55 258 212 "197 By classes of banks: Residential.... 55 61 58 "58 New York City 16 7.38 8.55 12.55 Other 55 197 154 "138 Chicago 16 1.49 1.86 2.79 Freight car loadings:5 Reserve city banks 16 6.83 8.19 13.04 Total (1935-39 = 100).,. 57 141 141 133 Country banks 16 4.75 5.50 9.17 Groups (points in total index) By kinds of securities: Miscellaneous. ... 57 77.8 78.3 79.1 Bonds 16 (6) 14.49 18.95 Coal ..... 57 33.7 33.2 25.3 Notes • 16 6 3.55 5.41 All other ." 57 29.4 29.1 28.2 Certificates 16 6) 1.87 6.29 Department stores (1923-25 = 100) :5 Bills - 16 (c) 1.51 4.36 S S a to le c s k s ......... 5 5 9 9 1 8 2 7 8 1 r9 2 0 5 *i 1 o 2 c 5 Guaranteed 16 3.47 2.69 2.54 For footnotes see preceding page. 789 AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1943 Total Boston Y N o e r w k d P el h p i h la ia - C la le n v d e- Richmond Atlanta Chicago St. Louis M ap i o n l n is e- K C an it s y as Dallas San c is F c r o an- Current Earnings Discounted bills $47,375 $3,423 $26,604 $2 832 $2,285 $1,127 $2,697 $2,199 $3,079 $331 $829 $1,029 $940 Purchased bills U. S. Government securities. 33,550,123 2,346,820 9,303,670 2481360 3,009,012 1,972,886 1,512,123 4,449,827 1,657,677 940,494 1,529,766 1,248,108 3,098,380 Industrial advances 229,778 19,627 13,663 90 701 20,408 13,258 7,426 2,104 139 3,776 7,457 654 50,565 Commitments to make industrial advances 28,750 1,225 162 79 1,339 4,794 540 3,190 78 17,343 All other. 299,722 3,362 64,682 27550 35,258 1,617 4,575 64,035 10,300 "4;573 75,126 "6^080 2,564 Total current earnings. 34,155,748 2,374,457 9,408,781 2602 522 3,068,302 1,993,682 1,527,361 4,518,165 1,674,385 949,174 1,613,256 1,255,871 3,169,792 Current Expenses Operating expenses: Salaries: Officers 1,238,961 52,488 270,401 61,121 112846 77,953 70 299 150 734 80932 74762 79428 73 210 134,787 Employees 20,152.010 1,094,007 4 417,712 1212.414 2032 493 1,126,364 920 826 3 190329 1,065 226 688048 1,064 660 1,137 133 2,202,798 Retirement System contributions for current service 1,078,648 54,446 238,359 62,964 86 772 61,874 58 053 172 753 61 809 36 250 62901 61 548 120,919 Legal fees 28,118 5,751 2,562 8,039 7000 41 10 4 647 2 7 59 Directors' fees and expenses . . 63,131 5,165 4.765 4,821 4 951 4,121 6803 4 148 4 258 5 246 7344 5 058 6,451 Federal Advisory Council fees and expenses . . 8,919 550 718 545 704 295 705 431 850 854 992 425 1,850 Traveling expenses (other than of directors and members of Federal Advisory Council) 305,623 12,798 37.151 18,369 31092 18,509 23 376 49 770 23244 18790 19421 22 173 30,930 Postage and expressage... 4 679,362 371,322 666,258 428,032 553 750 338,311 287 396 805 507 194 780 133284 242 102 196,050 462,570 Telephone and telegraph 414,385 20,961 62,472 24,085 47 117 23,415 31 798 41431 32444 20019 33 453 26919 50,271 Printing, stationery, and supplies 1967,268 154,134 385,763 133,277 281333 97,410 81 523 268 571 103302 97941 93003 108,787 162,224 Insurance on currency and security shipments. 151,667 21,156 21,672 10,035 12063 15,823 13041 14805 4 499 3 334 6 969 6,812 21,458 Other insurance. . . ... 125,200 6,717 39,511 7,937 9 520 7,835 6 469 10729 7324 2480 7971 6,129 12,578 Taxes on bank premises 756,818 66,000 240,370 45,718 65031 37,525 31 335 99 588 26458 32 827 47 686 16,893 47,387 Depreciation on bank building 516,300 27,916 109,980 71,638 56 238 38,565 21 274 34 893 22 241 14423 35 156 46,538 37,438 Light, heat, power, and water ... 260,210 17,506 47,969 17,786 33953 20,615 16641 31009 16678 12,460 11657 16,754 17,182 Repairs and alterations to bank building ... 92,151 3,366 26,538 668 10486 7,423 5 330 12201 9 518 3357 4,005 2,719 6,540 Rent 323,089 4,018 78,796 9,902 69 715 3,225 18794 73883 8,774 3466 5 682 7,012 39,822 Furniture and equipment. 630,647 17,281 111,197 23,077 60,292 31,068 24,092 209,644 31,112 12,171 31,488 44,592 34,633 All other 1026,330 99,817 181,258 84,841 124,561 36,124 56,429 1C8,457 47,066 66,383 57,187 45,011 59,196 Total operating expenses ... 33818,837 2035,399 6943,452 2 225,269 3 599,917 1946,496 1,674,184 5338,893 1,740,515 1,230,742 1,811,107 1,823,770 3 449,093 Less reimbursements for certain fiscal agency and other expenses. 16615,828 806,896 2988,315 1,005,509 1917,303 844,507 829,319 2922,509 871,104 694,527 904,074 1,059,388 1,772,377 0 ft Net operating expenses 17203,009 1228,503 3 955,137 1,219,760 1682,614 1 101,989 844,865 2416,384 869,411 536,215 907,033 764,382 1,676,716 ft Assessment for expenses of Board of Governors.. 1 199,761 84,681 427,406 114,517 110,348 51,713 41,868 146,376 36,163 26,267 34,111 35,424 90,887 Federal Reserve Currency: Original cost . 2 287,068 158,334 392,005 173., 532 163,407 132,089 168,439 332,834 123,405 47,062 87,745 75,461 432,755 Cost of redemption.. 164,577 7,109 28,787 10,569 11,300 18,385 16,963 18,605 12,055 3,301 8,348 U,002 18,153 Total current expenses.. 20854,415 1478,627 4,803,335 1,518,378 1,967,669 1304,176 1,072,135 2914,199 1,041,034 612,845 1,037,237 886,269 2,218,511 w Current net earnings. . 13,301,333 895,830 4,605,446 1,084,144 1,100,633 689,506 455,226 1,603,966 633,351 336,329 576,019 369,602 951,281 < IT1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 792. Gold production... 793 Gold movements... . 793 Net capital movements to United States since January 1, 1935 .. 794 Central banks . 795-798 = c Money rates in foreign countries 799 Commercial banks... 800 Foreign exchange rates... 801 Price movements: Wholesale prices 8oz Retail food prices and cost of living 803 Security prices. . 803 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. AUGUST 1943 791 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 Bul- Canada Chile lom Co b - ia C v z s a e l c k o h - ia o- D m e a n r - k Egypt France m G a e n r- y 1936—Dec 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec... 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 *353 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 24 30 16 61 44 52 2,000 29 428 1942—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 29 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 *>355 143 274 47 42 2,000 May 22,426 48 43 June 22,388 End of month I H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- 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—July.. 24 26 4216 33 526 23 21 59 215 502 Aug.. 24 26 34 522 23 24 59 219 527 Sept.. 24 26 34 518 23 24 59 225 551 Oct... 24 26 36 514 23 24 59 234 582 Nov.. 24 26 37 510 23 25 59 239 610 Dec... 24 39 506 23 25 59 241 634 1943—Jan... 24 70 501 23 25 59 241 572 Feb... 24 90 497 23 25 59 242 523 Mar. 24 110 496 23 25 59 246 537 Apr... 126 496 23 25 59 ^252 558 May . 125 23 26 June. 126 26 583 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n s e - 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 3 3 3 3 4 4 7 6 8 9 0 1 — — — — — — D D D D D D e e e e e e c c c c c c 2 2 3 3 2 1 4 4 2 0 2 6 0 4 1 8 3 0 6 6 7 5 5 6 5 5 0 0 4 6 0 1 2 9 5 7 2 2 9 2 2 8 6 9 2 9 9 8 2 2 2 , , , 5 6 6 8 8 8 9 1 4 9 0 1 1 1 7 6 9 7 6 0 7 9 0 4 8 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 8 4 5 4 4 5 3 2 3 5 2 1 1 9 9 3 3 7 8 — — D f J M u e c n c a e r . : . . . . . . 1 1 4 6 8 5 9 4 0 4 4 1 1 3 1 4 , , , 4 7 3 9 7 8 3 9 3 5 9 2 5 4 9 3 5 3 5 1 9 1 8 4 1 6 1 4 5 2 1942— O A S Ju e u c l p t g y t 3 3 3 3 2 1 1 2 6 1 6 1 8 8 8 8 0 0 0 0 5 0 0 1 1 1 1 1 1 1 1 1 1 6 1 1 1 1 1 1 9 9 9 9 4 7 7 5 5 5 6 6 6 6 0 4 2 2 2 1 1 0 1 9 1 1 1 15 5 5 5 2 1 1 1 1 1 9 9 3 4 9 0 — — M D J S M M u ee a a a n cp y r r t e . . . . . . . . . . . . . . . . . . . 1 1 1 8 6 5 4 5 4 6 5 5876 477 1 1 7 7 N D o ec v 3 3 3 3 5 1 8 8 1 2 3 4 1 1 1 1 7 4 1 1 9 8 2 9 6 6 4 8 2 2 1 1 1 1 5 6 2 0 S Ju e n p e t. . . . . . . 1 8 0 6 5 17 1943— M F M J A J u a e p a a n n b r r y e 3 3 3 3 3 3 4 4 4 4 4 4 4 2 7 6 0 4 2 P * 8 8 8 8 & 8 4 3 5 5 6 6 2 2 1 9 6 7 pU 1 1 1 5 2 2 2 4 4 4 1 1 1 1 1 1 ? P P 8 8 9 Q 6 9 j 6 7 7 8 8 7 8 0 2 0 0 6 2 2 2 2 2 2 4 5 5 5 10 r1 1 1 1 1 1 8 8 6 8 8 8 2 4 0 2 3 4 1 1 9 9 4 4 1 2— — D J S D M M u e e e a a p n c c r r . t . e . . . . . . . . . 4 8 8 2 2 1 9 8 8 4 5 2 61 29 5 2 1 1 1 7 7 June... 8 P 1 2 P C B r h e eg a li n i m n g n i e n i n a f g r r o y m A . p p r r i r R l e v e 1 v i 9 o i 4 u s 0 s e , d D r . e e p c o e r m ts b o er n d c u e e rt l a a i r n g e A ly rg t e o n i t n in c e lu g s o io ld n o re f s g e o rv ld e s f o n r o m l e o r n ly g e n r o a t v r a e i p la o b r l t e e . d. 1943— S D M e e p c a t r . . . . . . . . 1 1 7 2 4 3 On May 1, 1940, gold belonging tp 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. z FEDERAL RESERVE BULLETIN 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Year or month North and South America Other Canada 5 Mexico1| Co b l i o a m-1 Chile | N g ic u a a r 7 a- Au li s a tr 8 a-1 I B I r n i d ti i s a h 9 $1 = 15& grains of gold f 0 fine; i.ea.n, ounceoj jine gold = $35 1934.....,,....,. 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 ,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938 , ,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939............. 208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940. ,297,349 1,094,264 491,628 29,155 32,163 ^8,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941............. ,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942............. r968,082 494,439 26,611 29,225 r130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—May r81,073 42,539 2,288 2,520 rll,167 r15,008 1,719 570 677 3,745 840 June. r79,235 42,005 2,210 2,450 r10,507 r14,979 1,579 611 905 3,325 665 July. r83,332 42,784 2,226 2,450 r12,756 r14,991 2,006 647 816 3,990 665 Aug r77,378 41,454 2,253 2,345 r10,166 r14,221 1,730 531 722 3,360 595 Sept r76,807 40,559 2,175 2,310 rl 1,839 r13,325 1,710 441 634 3,185 630 Oct.. r78,266 41,023 2,160 2,275 r12,015 r13,479 1,659 401 669 4,165 420 Nov r70,380 39,144 2,089 2,240 r7,83l r12,801 1,614 432 659 3,045 525 Dec... r68,372 38,616 2,146 2,135 r6,212 r12,704 1,433 544 906 2,940 735 1943—Jan., 64,861 37,687 1,984 2,135 4,654 11,708 2,055 440 672 2,827 700 Feb 63,903 38,835 1,901 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar... ^61,866 35,489 1,985 1,610 4,520 12,169 1,661 '450 622 '2,555 805 Apr.. P63,467 37,604 'l,985 1,645 4,891 11,308 1,648 '450 646 p2,485 '805 May. p63,070 38,367 '1,985 '1,645 4,065 10,969 PI,599 '450 700 '^2,485 '805 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. r Revised. * Figure carried forward. 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 American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for 1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1943 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 American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109, GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im T n o p e t o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 19341...... 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935....... 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 "2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1 1 1 1 1 9 9 9 9 9 4 3 3 4 3 1 8 7 0 9 , . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 4 1 , , , , 5 7 5 9 9 4 8 7 7 8 4 5 3 4 2 , , , , , 4 5 5 1 3 7 0 6 5 7 2 3 9 1 8 1 1 , , 2 8 8 6 0 2 9 3 8 6 1 3 3 . , , , , 7 4 5 7 0 2 3 0 7 8 8 1 3 9 3 -1 2 8 4 3 3 1 1 , , , 7 , 7 1 7 1 3 9 7 0 5 8 8 1 1 9 1 6 0 5 5 , , , 8 4 1 9 5 8 2 7 9 8 2 7 1 1 3 6 6 4 6 3 3 1 , , , , 4 0 2 6 6 4 1 6 1 9 8 0 1 6 2 6 0 8 1 1 , , , , 1 7 7 4 4 1 8 4 6 5 9 6 7 5 8 9 4 1 6 0 , , , , 4 3 9 3 8 5 8 6 2 9 2 7 0 3 9 2,6 4 6 1 2 1 7 1 1 2 6 2 2 1 , , , , , 3 3 9 0 4 3 1 4 5 8 0 5 9 6 0 3 3 3 2 1 8 6 3 9 6 , , , , , 4 4 6 8 7 8 7 1 8 9 2 2 0 0 1 2 1 1 2 2 3 8 0 3 4 , , , , , 3 5 2 9 4 9 5 3 9 4 7 7 9 9 8 4 2 3 3 2 2 5 8 5 7 , , , , , 6 4 6 6 8 2 7 2 3 8 7 8 7 6 0 1 3 3 6 7 0 4 9 7 4 3 , , , , , 1 4 7 7 2 6 9 7 1 5 2 2 7 3 0 2 1 2 9 8 2 2 4 , , , 8 8 7 4 1 6 5 9 0 8 2 6 3 1 1 2 1 1 1 4 6 6 1 9 6 8 5 1 , . , , , 4 4 7 6 7 4 6 0 4 3 0 4 5 9 4 4 5 5 1 9 9 0 0 6 , , , , , 9 7 9 6 1 6 5 8 5 6 2 6 9 9 5 5 3 4 1 1 3 26 0 0 8 2 7 0 2 8 9 , , , , , 9 4 4 4 9 7 0 8 6 9 5 4 5 8 8 1941 Jan....... 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb... ... 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3^046 2,951 Apr....... 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May...... 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June, 30,712 474 1 17,514 800 7 2,114 4,593 69 ' iii 5,009 July...... 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug.. 36,973 79 10,842 843 2,230 5,098 6,742 137 " i,995 69,008 Sept... .. 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct....... 40,440 55 16,072 1,020 2,107 3,141 6,151 200 "2,327' 69,365 Nov....... 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec...,. . 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 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. AUGUST 1943 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) . 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 •1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939).. 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 ,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 ,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 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 ,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22... 5,317.1 2,912.9 ,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29... 5,309.6 2,906.1 ,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6. .. 5,375.2 2,971.0 ,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13. . 5,358.6 2,951.4 ,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20. . 5,358.4 2,948.5 ,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27. . 5,384.8 2,974.7 ,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 ... 5,413.4 2,996.8 ,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10. . 5,456.4 3,039.1 ,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17.. 5,497.8 3,077.9 ,2*0.3 1,867.6 842.8 840.7 631.1 105.2 June 24. . 5,515.3 3,095.9 ,220.0 1,875.9 843.7 839.1 631.6 105.0 June302. 5,495.3 3,075.9 ,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31... 5,542.6 3,121.4 ,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31... 5,599.9 3,184.8 ,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30.. 5,654.9 3,212.6 ,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31... 5,694.7 3,204.2 ,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30.. 5,761.6 3,250.2 ,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 . 5,835.0 3,320.3 ,412.0 1,908.3 848.2 673.3 104.4 -Jan. 30... 5,907.7 3,471.1 1,536.6 1,934.5 761.3 678.5 107.0 Feb. 27... 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31.. 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30... 6,212.3 33,690.5 31,800.4 31,890.0 3909.9 809.5 692.9 3109.5 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New*York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central ibanks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940,also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to ggoovvernment 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 ffoorree iwgn 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 Dn the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Apr. 30, in millions of dollars: total foreign banking funds in United States, 4,357.7, including official funds, 2,422.6, and other funds, 1,935.0; United States banking funds abroad, 225.6; and brokerage balances (net due "foreigners") 32.6. Figures for "official funds" and "other funds" not strictly comparable to the corresponding figures for preceding months, owing to a change in reporting practice. The cumulative figures have been adjusted to exclude the unreal movements introduced into the data by this change in reporting practice. 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 Januaryr 1 1943, p. 98; April 1939 pp. 284-296; and May 1937, pp. 394-431. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s i n s m te 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 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O ia th b e il r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 1.7 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 1 1 9 9 4 3 0 9 — — D D e e c c . . 2 2 5 7 4. . 2 2 5c 5 6 8 3 0 0 . . 0 0 1. .9 0 2 1 5 3 . . 6 3 4 4 . . 0 3 1 1 7 9 6 9 . . 1 1 6 5 1 5 6 4 . . 9 6 1 13 1 5 7 . . 7 3 2 1 9 2 . . 7 5 4 5 2 1 . . 0 2 1 1 7 7 . . 9 9 1941—Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—July 29 .2 5880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26 .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept. 30 .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28 .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25 .2 880.0 1.1 10.2 2.7 206.6 870.0 148.8 7.7 46.3 17.8 Dec. 30 .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943-Jan. 27 .2 950.0 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24 .2 950.0 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 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 June 30 .2 1,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold m S d d S t o e t U l a r l l t a i n e n r i s s g ted S t h e o rm rt s 6 - ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e ion? Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other li O ab th il e it r ies 1935—Dec. 31 180.5 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31 179.4 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35,1 1942—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 June 30... 816.7 313.0 20.8 758.4 301.1 90.1 19.2 28.9 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; 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. AUGUST 1943 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits (Figures in millions Foreign Note Other of francs) Gold1 ch e a x n - ge m O a p r e k n et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 a O s t s h e e ts r cir t c io u n la- G m ov e e n r t n- C.A.R.4 Other li t a i b e i s li- 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—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 A 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 NW.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 1943—Jan. 28.. 84,598 37 43,448 108 5,061 216,334 I62,600 20,698 387,748 725 9,051 30 654 4,705 Feb. 25.. 84,598 37 43,103 105 7,533 230,911 | 57,800 21,458 397,319 1,521 9,521 32 886 4,299 Mar. 25.. 84,598 37 42,938 23 6,108 230,740 69,250 20,181 405,416 698 8,429 33 776 5,556 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) including Security Eligible Other circula- Deposits liabili- Total Gold Tre b a il s l u s ry loans a c s o n v o e t r e Other assets tion ties 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 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 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 71 11,392 30 804 393 2,498. 11,798 2,018 ,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 ,396 1941—Dec. 31 77 71 21,656 32 107 283 2,311 19,325 3,649 ,493 1912— 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 c77 27,869 18 41 85 2,345 24,697 4,340 ,397 Apr. 30 77 28,603 18 1 78 2,319 25,442 4,226 1,427 May 31 77 29,592 16 17 121 2,268 25,922 4,606 1,563 c Corrected. 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 Mar. 31, 1943, advances of 261,000 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 weekly 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. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr June Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): (Mar.)1 of kroner): Gold reported separately 1,076 Gold. 97 98 Other gold and foreign exchange.. 1,192 Foreign exchange 19 17 Negotiable Government bonds.... 368 Clearing accounts (net) 1,305 979 Rediscounted paper Loans and discounts 36 59 Other assets 240 Securities 61 36 Note circulation 1,624 Govt. compensation account4 125 125 Deposits-—Member bank 827 Other assets 1,638 1,083 Government. 285 Note circulation 1,001 844 Other....... 37 Deposits—Government 1,337 1,174 Foreign exchange sold forward..., Other 643 145 Other liabilities Other liabilities 300 233 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds) : sands of sucres): (Feb.)1 Issue department: Gold 137,093 96,858 Gold and English sterling.... 35,1411 35,141 26,611 Foreign exchange (net) 86,383 48,348 Securities . 112,4831 110,000 85,179 Loans and discounts 81,227 82,733 Banking department: Other assets 52,461 41,384 Coin, bullion, and cash. 7,399! Note circulation 172,701 134,166 London balances 45,419! Demand deposits 150,239 98,825 Loans and discounts 20,548| Other liabilities 34,225 36,331 Securities 215,5341 National Bank of Egypts Deposits ........ 176.917J Central Reserve Bank of El Salva- Note circulation. 138,356 dor (thousands of colones): National Bank of Belgium and Gold5 24,230 24,231 19,185 Bank of Issue of Brussels (mil- Foreign exchange 25,397 24,365 12,549 lions of belga) :2 Loans and discounts 401 561 527 Gold ............ Government debt and securities . 6,821 6,775 7,204 Foreign exchange,.. Other assets 568 654 553 Credits to State and public bodies. Note circulation 31,661 32,453 22,904 Credits to private economy...... Deposits 19,849 18,172 11,350 Reichskreditkasse Other liabilities 5r~~ 5,961 5,765 Other assets... Bank of Finland (millions of (Dec. (Dec. Note circulation markkaa): 1942)1 1941) Demand deposits ............ Gold... 171 171 Postal Checking Office. Foreign assets 763 1,227 Other liabilities Loans and discounts 15,873 12,225 National Bank of Bohemia and Mo- Domestic securities 328 377 ravia (millions of koruny): Other assets 441 m Gold 1,515 1,514 Note circulation 9,617 Foreign exchange...... 738 776 Deposits 1,189 7,317 Discounts 944 917 Foreign clearing accounts 2,956 1,296 Loans Other liabilities 3,814 1,490 Other assets 20,016 14,603 Bank of Greece3 4,076 Note circulation. 15,939 10,409 National Bank of Hungary (millions j Demand deposits................ 4,071 3,679 of pengo): Other liabilities 3,203 3,722 100 100 Central Bank of Bolivia (thousands Foreign~exchange reserve 4 13 of bolivianos): Discounts 2,116 1,205 Gold at home and abroad. ........ 511,975 380,859 Loans—To Treasury 714 761 Foreign exchange............ 433,321 333,398 To foreign countries... 578 404 Loans and discounts 222,243 308,147 Other i 21 35 Securities—Government....... 540,525 487,000 Other assets I 919 537 Other............. 41,603 11,216 Note circulation. I 3,015 2,176 Other assets 120,115 45,247 Demand deposits j 547 400 Note circulation 901,333 698,384 Consolidated foreign credits of 1931. 18 23 Deposits 854,498 718,315 Other liabilities j 871 454 Other liabilities ........ 113,951 149,168 Reserve Bank of India (millions of j National Bank of Bulgaria8 rupees): Central Bank of Chile (millions of Issue department: (Mar.)1 pesos): Gold at home and abroad . .. I 444 444 Gold ...... .. Sterling securities. ... . j 4,217 2,619 Discounts for member banks. ..... Indian Govt. securities . ... j 1,745 1,223 Loans to Government............. Rupee coin I 145 276 Other loans and discounts. Note circulation j 6,436 4,432 Other assets ................... Banking department: I Note circulation. Notes of issue department.... j 115 129 Deposits—Bank ............... Balances abroad 873 608 Other................... Treasury bills discounted I 7 1 Other liabilities Loans to Government......... j 2 50 Bank of the Republic of Colombia Other assets 81 184 (thousands of pesos): Deposits 880 772 Gold 75,486 72,665 27,160 Other liabilities 199 201 Foreign exchange 74,505| 67,620 39,474 Central Bank of Ireland (thousands Loans and discounts 3,854; 7,100 24,056 of pounds) :6 Government loans and securities 55,9251 56,161 59,463 Gold 2,646 2,646 Other assets 37,519 37,707! 31,919 Sterling funds 20,515 20,672 Note circulation. 104,702 100,748 80,616 Note circulation 23,161 23,318 Deposits . 100,409 98,924 59,116 Other liabilities................ 42,177: 41,582 42,340 1 Latest month for which report is available for this institution. 2 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 3 For last available reports from the central banks of Bulgaria (January 1943) and Egypt (December 1942), see BULLETIN for July 1943, p. 697; and from Greece (March 1941), see BULLETIN for March 1942, p. 281. 4 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 5 Gold revalued June 30,1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon. 6 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. AUGUST 1943 797 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) June ME AFr. June date of month) June May Apr. June Bank of Japan1 South African Reserve Bank (Continued) Bank of Mexico (thousands of pesos): Note circulation 43,077 43,135 32,106 Metallic reserve2 387,357 373,707 358,211 219,44 Deposits .. , 121,246 114,355 76,99? "Authorized" holdings of securi- Other liabilities. 4! 668 4! 590 ties, etc 1,101,158 1,055,014 1,019,708 599,07 Bank of Spain1 Bills and discounts . 139,201 138,005 134,204 108,11 Bank of Sweden (millions of kronor): Other assets. 56,528 61,038 54,365 57,754 Gold 766 762 758 681 Note circulation 915,245 895,916 864,104 607,209 Foreign assets (net) 627 596 584 543 Demand liabilities 634,184 598,919 568,782 270,559 Swedish Govt. securities and ad- Other liabilities 134,815 132,930 133,613 106,616 vances to National Debt Office5. 1,047 1,183 1,236 I Netherlands Bank (millions of guil- Other domestic bills and advances. 85 89 136 > 877 ders): Other assets 795 816 814 1,060 Gold 886 943 Note circulation i 1 969 1,918 1,923 1,705 Silver (including subsidiary coin). Demand deposits—Government... 563 685 884 375 Foreign bills 2,191 1 109 Other 181 293 151 550 Discounts 17 186 Other liabilities 606 549 570 531 Loans 153 152Swiss National Bank (millions of Other assets 207 218 francs): Note circulation 2 507 2393 Gold 3,750 3 746 3,717 3,442 Deposits—Government 697 Foreign exchange 62 53 56 143 Other 183 160 Loans and discounts 106 107 111 154 Other liabilities 72 63 Other assets (6) 368 278 Reserve Bank of New Zealand (thou- Note circulation 2 642 2 603 2,605 2,246 sands of pounds): Other sight liabilities 1,351 1412 1,370 1,477 Gold 2802 2802 2 802 Other liabilities (6) (6 276 294 Sterling exchange reserve 26,789 22 172 24 723Central Bank of the Republic of Advances to State or State under- Turkey (thousands of pounds): (Feb.)3 takings 42,671 38 940 34 260 Gold 155,539 137,114 Investments '. 10,298 10295 4 147 Foreign clearing accounts 89,866 62,380 Other assets 2,956 3 050 1203 Loans and discounts 734,483 584,434 Note circulation 31,812 31 685 25 529 Securities 193,752 190,540 Demand deposits 50,372 41 809 38 954 Other assets 23,626 20,933 Bank O t o h f e r N l o ia r b w il a it y i 1 es 3,332 3 765 2 652 N De o p te o s c it i s r — cu G la o ti l o d n 70 7 2 9 ,'3 5 5 8 8 7 59 7 9 9 , , 9 3 5 5 8 8 Bank of the Republic of Para- Other 239 814 145,584 guay (millions of pesos): Other liabilities 175!508 170,501 Gold 20 tank of the Republic of Uruguay Foreign exchange 2 169 (thousands of pesos): (Dec. Loans and discounts 80 Issue department: 1942)3 Government loans and securities. . 1 114 Gold and silver 90,875 92,237 Other assets 2 577 Note circulation... 112,764 113,275 Note circulation 2,231 Banking department: Demand deposits—Government... : 584 Gold and silver.... 55,451 66,839 Other 1613 Notes and coin 36,805 39,023 Other liabilities 1532 Advances to State and to Central Reserve Bank of Peru (thou- government bodies 41,135 34,076 sands of soles): (Feb •)3 Other loans and discounts. . . 102,301 104,891 Gold and foreign exchange 118 660 91,082 Other assets 113,316 117,021 Discounts .. • • 18 182 C12, 979 Deposits 130,584 136,696 Government loans 275 746 229, 641 Other liabilities 218,425 225,154 Other assets .. .... 25,865 614 Central Bank of Venezuela (thou- Note circulation 285 981243' 865 sands of bolivares): Deposits 132 748 79078 Gold 245 504 245,503 233 144 170 677 Other liabilities 19687 22!374 Foreign exchange (net)... 33 ,'640 26!831 37!025 26!234 Bank of Portugal (millions of (Dec. Credits to national banks. 31,230 31, 230 31,230 35,230 escudos): 1942)3 Other assets 5,203 5,232 6,210 10,228 Gold4 1391 1,372 Note circulation—Central Bank.. 224,028 212,452 201,075 147,030 Other reserves (net) 3 143 2,042 National banks.. 32,048 33,704 34,269 46,600 Nonreserve exchange 6,068 4,820 Deposits 52,570 55,988 65,681 42,782 Loans and discounts 245 288 Other liabilities 6,931 6,654 6,584 5,957 Government debt 1028 1,028National Bank of the Kingdom of Other assets 1040 820 Yugoslavia1 Note circulation.. .^ 5 481 4,511 tank for International Settlements Other sight liabilities 6 538 5,178 (thousands of Swiss gold francs7) : (Feb.)3 Other liabilities 896 681 Gold in bars 75,824 75,136 59,059 National Bank of Rumania (millions Cash on hand and on current acof lei): fMar• )3 count with banks 27,874 29,572 38,737 Gold 46,397 39,660 Sight funds at interest 15,575 15,642 16,764 Special exchange accounts 26,551 18,430 Rediscountable bills and accept- Loans and discounts 37,843 33,299 ances (at cost) 149,034 146,629 146,983 Snecia.1 loans (in liouidation) 294 434 Time funds at interest 20,936 20,935 20,987 Government debt 20,946 21,234 Sundry bills and investments. 194,692 196,013 202,117 Other assets 53,425 35,409 Other assets 147 144 141 Note circulation 118,963 97,622 Demand deposits (gold) 38,953 38,989 36,013 Demand deposits 40,831 38,577 Short-term deposits (various cur- Other liabilities 25, 662 12,268 rencies): South African Reserve Bank (thou- Central banks for own account. 15,226 16,068 15,829 sands of pounds): Other. . 2,539 2,344 6,471 Gold 70,695| 67,680 56,748 Long-term deposits: Special ac- Foreign bills 10,5481 8,675 1,118 counts 229,001 229,001 229,001 Other bills and loans. . 599 315 1,176 Other liabilities. ... 198,362 197,669 197,476 Other assets .... 87,148 85,010 54,652 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE- TIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see BULLETIN for May 1943, p. 414. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1941. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 See BULLETIN for December 1936, p. 1025. 798 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 ! K U do i n n m i g te - d! France Ger- g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l R Ju 3 a l 1 t y e ef D fe a ct t i e ve ba C n e k n t o r f a — l R Ju 3 a l 1 t y e ef D fe a ct t i e ve In effect Oct. 2, O O O c c c 1 t t t 9 . . . 3 9 2 1 6 0 6 3 A B B A o e l r b l g h g a e e i n m u n i n t a i i a n a a . n . d J M M a a a n r r . . . 2 2 1 5 1, , , 1 1 1 9 9 9 4 4 3 0 0 6 J L J L a a i a p v t t h a a v u n ia ania. .. 3 3 5 6 .29 A J F Ju a e p n l b r y . . . 1 1 1 4 7 5 7 , , , , 1 1 1 1 9 9 9 9 3 3 3 4 7 6 9 0 Nov. 26 in" Moravia.... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 Jan. 28, 1937 4 June 15 6 July 7. 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 3 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 Chile 3-4 j Dec. 16, 1936 Peru Aug. 1, 1940 M M a a y y 3 1 0 3 2y2 Colombia 4 July 18, 1933 Portugal.... Apr. 8, 1943 Sept. 28 3 Oct. 27 N Ja o n v .r . 4 2 , 5 1939 D Ec e u n a m d a o r r k O M c a t y . 2 1 6 6 , , 1 1 9 9 3 4 8 0 R So u u m th a n A ia fr . i . c .. a J S u e n p e t. 1 2 2 , , 1 1 9 9 4 4 1 0 Apr. 17 4 El Salvador... Mar. 30, 1939 Spain Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 VA 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 in May 29 June 27 In effect July 31, NOTE.—Changes since June 30: none. 1943 VA OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Switzerland Month ac - B c a e n p " t k a e n ~ r c s " ' e s "" Tre b a il s l u s ry Day-to-day a B ll a o n w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P i r s i c v o a u t n e t M f o o n r ey u L p o a to ns 3 d P i r s i c v o a u te nt 3 months 3 months on deposits rate rate 1 month months rate 1929—May 5.21 5.21 4.67 7.49 9.32 5.37 5.88 4M-6M 3.34 1930—May 2.16 2.11 1.93 1 3.89 3.62 2.29 2.53 2.44 1931—May 2.24 2.21 1.87 1 4.65 5.38 1.39 1.55 3-5 .12 1932—May 1.44 1.10 1.29 3^-1 4.87 5.91 .60 1.03 1.50 1933—May .50 .37 .58 ^A 3.88 5.24 2.11 1.69 31^-51^ .50 1934—May. 191 .85 .85 XA 3.88 4.72 1.33 1.22 2/^-5 L.50 1935—May.. .59 .51 .75 3.09 3.17 3.78 2.96 2J/2~43^2 2.39 1936—May.. .55 .54 .75 A 2.92 2.76 2.15 1.82 23^-5 2.25 1937—May.. .55 .51 .75 XA 2.88 2.69 .17 1.00 2//2~5 L.00 1938—May .53 .51 .75 A 2.88 2.66 .13 .50 VA-^ .00 1939—May .73 .70 .75 A 2.77 2.46 .72 .80 2A-5 .00 1940—May 1.03 1.02 1.00 A 2.38 L.98 x2.20 *3.21 L.41 1941—May :... 1.03 1.00 1.00 XA 2.25 .78 1.93 2.36 3-5A L.25 1942—May 1.03 1.00 1.03 2.13 .71 .25 1942—June i.03 1.00 1.00 A 2.13 L.90 1.25 July 1.03 1 00 1 00 2 13 75 .25 Aug 1.03 1.00 1.00 w 2.13 L.68 L.25 Sept 1.03 1 00 1.05 y 2 2.13 L.83 L.25 Oct 1 03 1 00 1 04 2 13 L 80 L.25 Nov 1 03 1 00 1 00 i/ 2 13 I 75 L.2S Dec 1.03 1 01 1.00 w 2.13 L 96 L.25 1943—Jan 1 03 1 01 1 08 1/ 2 13 JU L.25 Feb 1 1 0 0 3 3 1 1 0 0 0 0 1 9 1 0 0 I y v 2 > 2 2 .1 1 3 3 L L. . 2 2 5 5 Apr 1 03 1 01 1 03 2 13 1.25 May 1.03 1.00 1.07 L.25 1 Figures are for period May 1-9, inclusive. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. AUGUST 1943 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l e s m t a e i r l r i l n l i i g o n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e a o i y c n r 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 i o s p s u t i r s t y Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 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—July 342 132 273 607 L.O75 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 L.117 774 269 3,472 2,287 1,185 1 234 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 375 142 128 964 1,137 767 268 3,545 2,350 1,195 235 May 377 158 154 924 1,150 769 268 3,566 2,380 1,185 234 Assets Liabilities Canada Entirely in Canada Se lo cu an 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 ig e a d u d r i e b a s a n n i d n k o s m l . l a il r E l s i ' o n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 3,105 1,436 1,669 962 1942-July 369 26 1,096 182 1,958 614 73 3,174 1,521 1,654 999 August 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1,018 November 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 . 1,984 1,673 1,049 1943—January.., 347 29 1,100 242 2,302 582 58 3,494 1,772 1,723 1,050 February., 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 1,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 1,890 1,044 April...'.. 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 1,732 1,068 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r ig a u n r c e s s ) in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Deposits ac O c w ep n t - lia O b t i h li e t r ies Total Demand Time 4 large banks 1936—December., 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December.. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. . 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December4, 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 3 large banks 1939—December.. 4,499 3,520 27,512 7,155 2,170 39,647 39,271 375 786 4,423 1940—December. 6,258 3.546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 508 460 4,456 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 506 418 4,568 September 5,790 3,241 56,788 7,640 1,464 69,763 69,269 495 388 4,772 October 6,034 3,270 55,716 8,807 1,571 70,229 69,754 475 398 4,771 November 5,840 3,287 56,837 7,719 1,693 70,070 69,619 451 432 4,873 December 6,424 3,260 57,707 7,860 1,744 71,736 71,304 433 393 4,865 1942—May5 5,737 3,024 62,885 9,057 1,127 76,792 76,431 361 331 4,707 June 5,901 2,976 64,313 9,592 1,249 78,876 78,514 362 334 4,821 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 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. 5 No figures available January through April 1942. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES lAverages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Ar ( g p e e n so t ) ina A ( u p s o t u r n a d) lia Bel- (c B ru r z a e z ir il o1) British Bul- Canada(dollar) Chile(peso) China Year or month g i um India garia (yuan Official S E p x e p c o i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a an i) g- 1934 33.579 400 95 23.287 8.4268 37 879 1 2852 101 006 10 1452 34 094 1935 32.659 388 86 18 424 8 2947 36 964 1 2951 99 493 5 0833 36 571 1 1 9 9 3 3 6 7 3 3 3 2 . . 1 9 3 5 7 9 3 3 9 9 5 3 . . 9 9 4 4 1 1 6 6 . . 9 8 1 7 7 6 8 8 . . 5 6 6 4 8 3 1 7 25 6 . . 8 1 7 9 88 83 3 3 7 7 . . 5 3 2 2 3 6 1 1 . . 2 2 9 8 5 4 8 6 1 9 0 9 0 . . 9 00 1 4 3 5 5. . 1 1 6 2 9 4 7 0 24.66o6' 2 2 9 9 . . 6 75 0 1 6 1 1 9 9 3 3 8 9 3 3 2 0 . . 5 8 9 5 7 0 3 3 8 5 9 3 . . 5 3 5 8 1 1 6 6 . . 8 8 9 5 4 2 5 6. . 0 8 0 4 2 3 7 8 5.1248 3 3 6 3 . . 5 2 9 7 2 9 21.2424 9 9 6 9 . . 0 4 1 1 8 9 5 5. . 1 1 7 7 2 1 7 6 4 4 . . 0 0 0 0 0 0 0 0 2 1 1 1 . . 3 8 6 7 0 9 1940 29.773 305.16 216.880 6.0562 5.0214 30.155 290!909 85.141 5.1668 4.0000 6.000 1941 29.773 223i704' 322!80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942................. 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—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 June 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.099 Year or month C ( o p b l e o i s a m o) -C s ( l k o z o e v r c a u h n k a o ) ia - ( m D kr e a o n r n - k e) ( F l m a k i a a n n ) r - d k- F (f r r a an n c c ) e ( m m G r a e a e i r n r c - y k) hs- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H g p u e a n n r - y go) I (l t i a r l a) y J ( a y p en a ) n 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 -July ....... 57.059 20.567 322.78 Aug 57.186 20 568 322 78 Sept. 57.064 20.573 322 78 Oct 57.023 20.573 322.78 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 June. ... 57.280 20.580 324.42 United 1kingdom Uruguay Year or month N ( o k r ro 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 t c h d a ) ( S p p es a e i t n a) S S m (d t e e o r t l n a t l l a t i e t s r - s ) S ( w kr e o d na e ) n S e (f r w r l a a i n t n c z d ) - Offici ( a p l oiind) Free tr C o o ll n e - ( d peso) t N r c o o o l n n - l - ed Y ( s d l u a in g v a o ia r - ) 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 25271 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 2 296^ 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 22.239/ 1942 ......... 398 00 246.919 403.50 403.50 65.830 52.723 1942—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..... 398.00 403.50 65.830 52.710 June 398.00 403.50 65.830 52.829 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. AUGUST 1943 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES? [Index numbers] Nether- Year or month France Germany Italy Japan lands Sweden (October (1926-30 (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) 1926 134 237 106 U26 1930 554 125 85 181 90 i 103 126 1931 500 111 75 153 76 l 94 no 1932 427 97 70 161 65 i 92 96 1933 398 93 63 180 63 i 90 91 1934 376 98 62 178 63 i 96 90 1935 338 102 68 186 62 100 90 1936 411 104 76 198 64 102 96 1937 581 106 89 238 76 114 111 1938 653 106 95 251 72 111 107 1939 2 681 107 99 278 74 115 111 1940 110 116 311 3 88 146 143 1941 112 132 329 172 184 1942 114 189 210 1942—June 114 *>355 188 210 July 115 ^353 193 212 August. .. 115 ^357 192 211 September 115 P358 192 212 October... 115 2>357 193 212 November. 115 P358 195 214 December. 115 ?358 195 215 1943—January... 116 196 215 February.. 116 *>365 P197 217 March.... 116 P197 217 April 116 P197 May 116 P197 June P197 v Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R f m a p g a c o a w a t o r n u t d a u r ly s e n - d d F f u m c a g l h c o l a i y t o e n u f d u r l a s e y - n d d Foods p I r n o tr d d i u u al c s- ts p A r g t o u r d i r u c a c u l t l s - a p t f n r r I i i d n o n a i d d l s s u h r u e a e c s m w d - ts i- p tr r I i i o n s a d h d l u e u f d c i s n - ts - 1926 100 100 100 100 100 130 150 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 91 118 1933 51 61 71 51 57 70 83 87 87 113 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—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 93 98 93 162 r163 119 102 134 June 126 110 97 P99 P93 161 164 p Pre liminary. r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. $O2. 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 = n 9 ta 3 i 1 t 5 t 0 e e - 0 3 d s ) 9 1 (1 C = a 9 a 3 1 d n 5 0 a - 0 -3 ) 9 U K d = ( n 1 i J o 9 1 n i u m 1 t 0 l g e 4 0 y - d ) ( m 1 = G 9 a 1 e 1 3 n 0 r- - y 0 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d 0 e - s 1 ) r 3 , S er = ( w 1 J l 9 a 1 u i 1 0 t n n 4 z 0 e d ) - Year or month U ( S 1 = n t 9 a 1 3 i 0 t 5 t e 0 e -3 d ) s 9 (1 C = a 9 a 1 3 d 0 5 n a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 u 1 i n 1 t m 0 l g e 4 y 0 d - ) ( m 1 = G 9 a 1 1 e 3 0 n r - 0 y - 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e 0 -1 s r ) 3 -S e = ( r w 1 J l 1 9 u a i 1 0 t n n 0 4 z e d - ; 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937. 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 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 124 127 161 132 200 1942 117 117 200 137 193 1942—June 123 126 159 136 199 1942-June 116 117 199 139 193 J A u u ly gust.... 1 1 2 2 6 5 1 1 3 3 0 0 1 1 6 6 0 0 1 1 3 3 6 9 2 20 0 2 3 A J TUu u IJ l g v u st . 1 1 1 1 8 7 1 1 1 1 8 8 2 2 0 0 1 0 1 1 4 3 0 9 1 1 9 9 6 5 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. 131 132 163 129 206 November .. 120 119 200 135 199 December . 133 133 164 129 208 December. .. 120 119 200 136 200 1943—January ... 133 127 164 131 209 1943-January 121 117 199 137 201 February .. 134 127 164 132 210 February 121 117 199 137 201 March 137 128 165 133 210 March 123 117 199 138 201 April. 141 129 165 133 *>210 April 124 118 198 138 *>203 May... 1 143 130 165 134 May 125 118 199 139 p203 June 142 pm June 125 p119 *>198 p Preliminary. Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d t e r n a i r i c i t t v e e e e ) s d 1 d K ( 1 D U 9 i 2 e n n 1 c g e i = d t m e o 1 d b 0 m e 0 r ) (1 F 91 ra 3 n = c 1 e 00) G ( e a p r v r m e ic r a a e g n )2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t 3 a 1 i 5 0 t t e 0 - e 3 ) d s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s 0 r 0 - ) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926.... 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 * 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 7 84.7 100.7 8 77.9 88.1 70.8 7 120.6 114.6 9 95.0 1941 117.8 123.8 *>98.7 i°P103.0 80.0 72.5 "289.7 136.8 1942 118.3 127.3 7100.1 7103.3 69.4 75.3 p476 142.1 1942—June 118.0 126.7 66.1 73.7 p455 143.2 July 118.9 127.7 68.2 73.8 P455 142.2 August 118.7 127.5 68.3 74.4 *>518 142.4 September...... 119.0 127.8 69.4 75.7 »511 141.9 October 119.3 128.1 74.2 78.4 p507 142.7 November 119.5 127.5 75.2 80.4 *>529 142.8 December 118.9 127.3 75.9 80.1 *>583 143.5 1943—January 119.5 129.0 79.7 82.4 145.1 February 120.0 128.9 84.8 82.2 March 119.8 128.8 88.2 82.6 April 119.9 129.0 91.3 83.7 May 120.1 95.2 June 120.5 96.7 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for IS 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 13.9 bonds included in the calculation of the average price have all borne interest at 4>£ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937 Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. J Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9 7 Average based on figures for 5 months; no data available June-Dec. ° Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. 10 Average based on figures for 11 months; no data available for December. 11 Average based on figures for 10 months; no data available Jan.-Feb. Sources.-See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. 803 AUGUST 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General 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 LEO H. PAULGER, Chief FISCAL AGENT 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 SPROTJL, 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. GOLDEN WEISER, 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 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston, .... Albert M. Creighton Henry S. Dennison W.W. Paddock William Willett K. K. Carrick E. G. Hult J. C. Hunter1 Carl B. Pitman New York.. . Beardsley Ruml Allan Sproul L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whittier Alfred H. Williams Frank J. Drinnen W. J. Davis E. C. Hill C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland.... Geo. C. Brainard R. E. Klages M. J. Fleming 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. Walden,Jr. J. G. Fry Geo. H. Keesee1 R. W. Mercer E. A. Wayne Atlanta,,, Frank H. Neely 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. J. Mulroney Alfred T. Sihler ? St. Louis, Wm. T. Nardin Oscar G. Johnston Chester C. Davis F. Guy Hitt j O. M. Attebery I Henry H. Edmiston I C. M. Stewart Minneapolis.. W. C. CorFcv Roger B. Shepard J. N. Peyton O. S. Powell ! A. W. Mills1 ! Otis R. Preston '• E. W. Swranson i Sigurd Ueland I A. R. Upgren I Harry I. Ziemer Kansas City. R. B. Caldwell Robert L. Mehornay H. G. Leedy Henry O. Koppang | Raymond W. Hall I D. W. Woolley2 Dallas Jay Taylor J. B. Cozzo R. R. Gilbert E. B. Stroud | R. B. Coleman i W.J.Evans i W. O. Ford 1 W. D. Gentry2 San Franciscoj Henry F. Grady St. George Holden Wm. A. Dav 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 Richmond Baltimore W. R. Milford Oklahoma City G. H. Pipkin Charlotte W. T. Clements Omaha L. H. Earhart Atlanta Birmingham P. L. T. Beavers Jacksonville Geo. S. Vardeman, Jr. Dallas El Paso J. L. Hermann4 Nashville Joel B. Fort, Jr. Houston E. B. Austin4 New Orleans E. P. Paris San Antonio L. G. Pondrom4 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 Cashier. 2Also Cashier. 3Vice President. 4Manager. 805 AUGUST, 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 o FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ^^~ BOUNDARIES OF FEDERAL RESERVE DISTRICTS —— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES m • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis