Federal Reserve Bulletin, 1943-09

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

CONTENT§ = : PAGE Review of the Month—Recent Economic Developments. . 807-815 Statement to Banks. 816 Law Department: Absorption of Exchange Charges as a Payment of Interest on Deposits. 817-818 Amendment to Regulation T. . 818 Amendment to Regulation W . 818-819 Foreign Funds Control: Report of Property in Foreign Countries. 819 Treasury Department Releases 819-8x1 New Seasonal Adjustment Factors for Money in Circulation. 8:LX-8:L6 Postwar International Monetary Stabilization. . 82.7-840 Annual Report of the Swiss National Bank. 841-847 National Summary of Business Conditions . 848-849 Broadened Basis for Regulation V Loans. 849-850 Current Events. 850 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 851 for list of tables).. 851-899 International Financial Statistics (See p. 901 for list of tables) 901-913 Board of Governors and Stan1; Open Market Committee and Staff; Federal Advisory Council 914 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . , 915 Map of Federal Reserve Districts 916 Federal Reserve Publicanons (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 Sjrstem. 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 2.9 September NUMBER 9 RECENT ECONOMIC DEVELOPMENTS Industrial production advanced to a new modities and services continued to show high level in July, reflecting further in- little change or to rise gradually. creases in activity in leading war industries and resumption of activity at coal mines. INCOMES AND TAXES OF INDIVIDUALS In the construction industry, on the other BILLIONS OF OOLU hand, a phase of the war program which is far advanced, activity continued to decline. Marketings of agricultural commodities were in large volume and transport of industrial materials and products continued at a record level. Total income payments to individuals reached an annual rate in July of about 144 billion dollars—one-fourth larger than in the same period a year ago and double the level for 1939. Federal revenue receipts increased sharply as individual income tax collections were placed on a current basis beginning July 1. Incomes of individuals after taxes have continued, however, at a much higher rate than in earlier periods, as shown in the chart. The value of retail Department of Commerce figures; latest shown are Federal Reserve sales has continued at an exceptionally high estimates for the third quarter of 1943. Taxes include Federal, State, and local taxes paid by individuals. level for this season of the year. Wholesale and retail prices of foods, after rising Bank deposits of individuals and businessharply earlier in the year, declined some- ses and money in circulation increased to what in June and July, reflecting chiefly new high levels in July. Government exreductions in Federal maximum prices for penditure of funds from previously accumeats and small declines in prices of farm mulated balances contributed to this products from earlier high levels. The growth. Government security holdings of declines in farm products reflected seasonal commercial banks in the early part of expansion in supplies of fresh vegetables, August were well above their level at general improvement in crop prospects the end of June, as increased purchases of during July, and continued large output of new certificates more than offset sales of livestock products. Prices of other com- Treasury bills to the Federal Reserve Banks. SEPTEMBER 1943 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH These Federal Reserve bill purchases sup- leading durable products and activity in plied member banks with funds needed to the chemical, petroleum refining, and rubmeet the currency demand and reserves ber industries continued to increase in required against additional deposits. Sales July reflecting chiefly a further rise in outof Government securities to nonbank in- put of war products. vestors during the Third War Loan Drive With increases in some lines less rapid in September will substantially reduce than before and with a few lines showing deposits of individuals and corporations declines, total industrial production has at banks and temporarily decrease the am- increased little since February, in contrast ount of required reserves that banks must with the rapid rise during most of the maintain. preceding two years and a half. The actual rise, however, appears to have been INDUSTRIAL PRODUCTION more than is indicated by the Board's in- Industrial activity increased 3 points in dex, which is now being revised. July to Z05 per cent of the 1935-39 average, In the iron and steel industry, alloy steel according to the Board's seasonally ad- production has continued to rise this justed index, and preliminary figures indi- year and production of regular types of cate further increases in August. June had steel has shown little change. Total ingot been 1 point lower than May, as shown capacity in the industry is now 90.9 million in the chart, reflecting largely reductions tons per year as compared with 89.x million in coal output as many mines were closed tons a year ago. In the nonferrous metal owing to a wage dispute. In the latter part industries production of aluminum and of June operations were resumed on a large magnesium has risen sharply while output scale and production increased in July and of other nonferrous metals has declined the early part of August to the previous slightly from the level reached at the high level. Output of most other minerals beginning of the year. also increased in July and iron ore shipments Lumber production in recent months has reached the highest monthly rate on record. been about 10 per cent below the level of a In manufacturing industries, output of year ago. Production of bricks and cement is sharply below the levels reached in 1NDUSTRIAL PRODUCTION 1942. when construction activity was at an PER CEN p•fYStCAL VC LUME SEASONALLY ADJUSTED, I9SS-39"IOO OB TOTA POINTS <N all-time peak. Output of certain other 200 stone, clay, and glass products, however, I MA N N O U N F D A U C R T A U B R L E E S J has been generally maintained this year. 180 1 / TOTALj Continued restrictions in the use of tin for 160 f OTHER containers has sharply stimulated output of \A/"MACHINER> a glass containers. Limited supplies of met- [QUIP - !^ als for building purposes have stimulated 120 7y r the use of gypsum and plaster products, 1 1 and production of abrasives and asbestos 100 MINERALS V products has increased sharply owing to 80 1943 !939 the industrial demands rising out of the war Federal Reserve indexes. Groups are expressed in terms of points program. in the total index. Monthly figures, latest shown are for July. 8O8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Activity in most nondurable goods in- of i94x but has not been sufficient to meet dustries, including food, textiles, paper, and all demands. Newsprint consumption has printing, has either declined or shown little been curtailed somewhat by Federal action. change since February. Cotton consumption during July totaled 840 thousand CONSTRUCTION bales as compared with 995 thousand bales In the construction industry, contract in July 1941. Production of wool textiles awards in July were only about xo percent in June was about the same as a year ago of the peak level of the summer of 1942., while rayon deliveries were about 10 per as reported for the 37 Eastern States by the cent higher. Announcement was made F. W. Dodge Corporation. The construcat the end of July that half of the output tion of industrial facilities, financed largely of wool fabrics scheduled for delivery to the by the Federal Government, and of military Government by the end of 1943 would be installations, had been responsible for most deferred. As a result, manufacturers hold- of the increase in total awards during 1941 ing these contracts will be permitted to and 1942-, as indicated in the chart. The increase their production of wool products drawing to a close of this part of the war for civilian trade. Total production of program is responsible for most of the wool textiles this year has been running marked decline in new awards which has at a rate about 60 per cent above the 1935- been under way for the past year. Awards 39 average with more than half of the for residential work have declined to production for Government purposes. considerably less than half of what they Shoe production, notwithstanding some were a year ago as the volume of private decreases from earlier peak levels, is still projects was further reduced and as public at about the same volume as a year ago. projects, comprising the bulk of the total, Meanwhile, leather production has already also declined substantially. been reduced considerably and output of CONSTRUCTION CONTRACTS AWARDED shoes has been to some extent out of leather stocks. Output of manufactured foods has been relatively stable this year at a high level. In the meat packing industry hog slaughterings have been running much larger than a year ago and in recent weeks pork production has averaged 40 per cent higher than in the summer of i94x. Beef production increased in July and August from the low level of June but was still one-fifth lower than a year ago, notwithstanding the large number of beef cattle on farms. Production F. W. Dodge data for 37 Eastern States, total includes State and local government and private nonresidential building not shown sepof cigarettes in July was 70 per cent larger arately. Monthly figures, latest shown are for July. than the 1935-39 average. Paper and pulp Current construction activity has deproduction in recent months has generally clined, but not as much as contract awards, been somewhat higher than in the last half with work continuing on many projects SEPTEMBER 1943 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH initiated some time ago. Consumption of among townspeople, women, and children; building materials and over-all labor re- war prisoners have been put to work; quirements in the building industry are and nearly 60,000 Mexicans, Jamaicans, still as large as in most recent years except and Bahamians have been brought into 1941 and 194.x. According to estimates of the country to avoid possible crop losses the Department of Commerce, the value of as a result of labor shortages. construction work done in June was 700 The total civilian labor force, although million dollars as compared with 1,400 up seasonally during the summer because million in June 1942., and 5x5 million in of the closing of schools, in July was 1.3 the middle of 1939. million below a year ago. The number of women in the labor force increased 2.. 5 EMPLOYMENT million in this period while the number of men was reduced 3.8 million. The number The number of employees in manufacturof women working outside agriculture is ing increased seasonally in July and was now nearly 15 million. slightly larger than at the beginning of the year, following a rapid rise in i94x. DISTRIBUTION Mining employment as a whole showed little change in July and was 10 per cent Value of retail sales declined less than below the same month a year ago. To seasonally during the summer months and, relieve a shortage of workers at metal mines, as during earlier periods of this year, conthe War Department has authorized the tinued substantially above 1942. levels. release from active duty of 4,500 soldiers Through July sales by all types of retail for work in copper, zinc, and molybdenum outlets, including those specializing in mines. The number of employees engaged durable consumers' goods which are now in construction work has declined substan- scarce, as well as those selling nondurable tially and in July was 40 per cent less than a goods, averaged about 12. per cent larger year ago. Government employment, al- than a year ago, according to Department though declining slightly in recent months, of Commerce figures. Available data for was considerably above last July. Changes August indicates a continuation of sales at in employment in other nonagricultural a high level. The greater part of this inlines have been small during the past year. crease in value of sales reflects an actual rise Meanwhile, hours of work have continued in prices of particular items, especially in to increase generally. the case of foods, or an increase in the dol- In agriculture, the usual large seasonal lar value of sales resulting from a shift in increase in employment occurred this year consumers' purchases from lower-priced and the total number at work in July was lines of merchandise to higher-priced lines, not greatly below the same period of as, for instance, in shoes and clothing. earlier years in spite of the heavy wartime The actual physical volume of merchandise migration from farm to urban areas and the sold this year has approximated that of a withdrawal of men to the armed services. year ago. One factor difficult to appraise Hours of work have been lengthened; labor is the extent of decreases in the quality of has been exchanged among neighbors; goods sold, which has resulted from scarcity volunteer help has been recruited from of many materials, causing the use of sub- 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH stitutes, and from the limited supply of the first half of August. Total loadings skilled workmen available for production in July, which included the largest volume of goods for civilians. of coal transported in many years and considerably increased shipments of grain and DEPARTMENT STORE SALES, STOCKS, AND RECEIPTS livestock, were 10 per cent larger than in June. During the first half of this year the movement of freight by rail was xo per cent larger than during the same period of last year and the volume of commodities handled by other forms of transporation showed on the average a similar increase. Passenger traffic, on the railroads and other public carriers, increased 50 per cent in this period. COMMODITY PRICES The general level of wholesale com- Based on data for 296 independent department stores. Figures fox- modity prices showed little change in stocks are as of the end of the month; those for sales and receipts are monthly totals. The "Receipts" series is derived from sales and July and the early part of August following changes in stocks and represents approximately the new merchandise received by the stores in each month. These data are not adjusted for 9. decline in the latter part of June. At seasonal variation. Latest figures shown are for July. that time, reflecting reductions in prices of Despite the continuing large volume of farm products and foods, the general index sales so far this year, department stores of the Bureau of Labor Statistics declined seem to have been able to obtain about as 1 point to 103 per cent of the 19^6 average. much merchandise as has been sold, as is During June reductions were made in shown on the accompanying chart, which Federal maximum prices for butter and is based on reports from about 300 depart- meats, which were accomplished by subsidy ment stores scattered throughout the coun- payments to processors. try. Department store stocks have shown Reductions in retail prices of these little change this year in contrast with the products amounted to 8 per cent, according rapid rise that occurred in the early months to Bureau of Labor Statistics data. In the of I94X. In the Northeastern regions, where same period there were seasonal declines sales this year have shown less of an increase in prices of fresh vegetables from earlier from 19^ than in most other parts of the high levels, which were partly offset by country, stocks have declined since the first seasonal increases in egg prices allowed of the year, whereas in the Southern and under their maximum price schedule. Out- Western regions, where sales have shown side the food field, as indicated in the chart, large increases, stocks have risen. limited price changes that have occurred recently have been largely upward, includ- TRANSPORTATION ing some advances in clothing and in misfreight carloadings rose sharply in July cellaneous items. Rents continued at earand were maintained at a high level during lier levels. The total cost of living index SEPTEMBER 1943 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH declined one point from May to July and in they have been in recent years, but not as the latter month the index was 1x4 per cent small as in the extreme drought years of of the 1935-39 average as compared with 1934 and 1936. Milk production in July 118 per cent in September 194.x and 116was as large as in the same period a year in May 1942:. On August 16, the Director ago, while output of most other livestock of Economic Mobilization announced that products was greater. plans were being made for further reductions in prices of food necessities. BANK RESERVES During the early months of 1943, excess COST' OF LIVING reserves of member banks were around 2. NT 1935-39 AVERAGE-100 billion dollars. In April the law was 120 amended so as to exempt war loan deposits - TOTAL from reserve requirements. Heavy pur- 100 chases of securities by nonbanking depositors during the Second War Loan Drive, 140 FOOD/^ which shifted funds from private deposit accounts on which reserves are required to 120 war loan balances, therefore resulted in a -- CLOTHNG 100 sharp decrease in aggregate reserve require- ~^ ^ ments and an increase in excess reserves. 20 Since the Second War Loan Drive there has been a steady decline in excess reserves RENT 100 from somewhat over 2. billion dollars to HOUSEFURNISHINGS around 1.2. billion. Currency in circu- 20 lation during this period increased by - MISCELLl\NEOUS 00 "^ hUhL, ICE, 1 1.6 billion dollars, and the steady flow of ELECTRICITY J funds from war loan balances into private 1937 1938 1939 1940 194! 1942 1943 Bureau of Labor Statistics' indexes, latest shown are for July 1943, deposits increased requirements by almost iY billion dollars. During the same 2 AGRICULTURE period, holdings of Government securities General crop prospects improved some- by the Federal Reserve Banks increased by what during July according to Department between 2. and ?.%, billion dollars. All of of Agriculture reports. Forecasts for the the net increase in the System portfolio has corn and wheat crops were raised 6 per cent. been in the form of bills sold by member Production expected for corn and other banks to the Reserve Banks for the purpose feed grains, however, is 10 per cent less of obtaining reserve funds, and most of the than last year and for wheat is 15 per cent sales of these bills have carried an option less than the large crop of 194:1. Since from the Reserve Banks for the selling banks last year, livestock numbers on farms have to repurchase them at a fixed price. A subincreased further by about 10 per cent and stantial fraction of the bills offered have are considerably larger than at any previous come from member banks in New York time. Feed supplies per animal unit will City. Weekly reporting banks both in be considerably smaller next season than New York City and outside have shown a FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH net decline in bill holdings in spite of the further increase in currency demand will continued increase in Treasury offerings of also tend to lessen the increase in excess rethese securities. serves. Since most of the New York City and Chicago member banks were virtually on MONEY IN CIRCULATION a full-investment basis at the time of the Money in circulation, after rising by Second War Loan Drive, there has been over 4 billion dollars in 1942., increased little change in the excess reserves of these somewhat less rapidly during most of the banks, and, in fact, the loans and investfirst half of 1943 than in the preceding six ments of New York banks have shown some months. New seasonal adjustment factors, decline. At reserve city banks, excess redescribed on pages 82.2.-82.6 of this BULLEserves have been reduced by half, as shown TIN, make it possible to compare month-toin the following table, while investments month changes more accurately than can have continued to increase. At country be done with unadjusted data. The adbanks, there was little change in excess justed monthly increase reached a peak of reserves until the middle of July, but since over 600 million dollars in January 1943 that time there has been a moderate decline. and thereafter fell below 400 million dollars MEMBER BANK EXCESS RESERVES, BY CLASS OF BANKS for the period March through June of this [Averages of daily figures. In millions of dollars] year. In July and August, however, the Central reserve rate of increase has again risen substan- All city banks Reserve Country m b e a m n b k e s r New Chi- b c a i n ty ks banks tially, with the August seasonally adjusted York cago increase of 570 million dollars surpassed only Monthly figures: by January. The reduced rate of outflow 1943—January... 2,132 337 22 913 860 February 1,712 97 10 784 820 during the spring and early summer of 1943 March 1,884 96 34 852 903 April...,., 1,949 51 29 886 983 was undoubtedly connected to some extent May 1,730 49 14 738 930 June 1,461 22 7 589 843 with the large volume of income tax pay- July 1,327 29 9 473 816 Weekly figures:1 ments made by currency in March and June, August 6 PI,174 20 6 438 ^710 20.'.'.'.'.'.'. p P l I , , 1 2 4 0 0 7 2 1 3 4 1 7 2 4 3 0 7 9 7 P P 7 7 4 6 2 4 a special drain which will presumably not p Preliminary. recur in view of the shift to "withholding" 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. tax collection. It is too early, however, During the Third War Loan Drive this to tell how lasting the current resumption September, required reserves will again be of the increasing outflow rate will be. temporarily reduced as payments for securi- While all denominations of currency ties shift funds from private deposit ac- have risen substantially in the past two counts to exempted war loan balances. years, the increase has been most rapid This action may free around i}4 billion in 10 and 2.0 dollar bills, but more recently dollars of reserves, and is likely to cause this percentage growth has been surpassed member banks to repurchase Treasury bills by 50's and ioo's. Coin and small bills have from Reserve Banks now held there on shown a steady upward movement, modioption account, thus moderating the ten- fied by regular seasonal variations assodency for excess reserves to increase. Pay- ciated largely with fluctuations in retail ments for securities purchased for cash trade, but in general have increased less rather than through war loan accounts and than larger denominations. Very large SEPTEMBER 1943 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH bills of 500 dollars and over, which were paid out in the form of salaries and wages, widely demanded through the late 1930's it may be presumed that a substantial por- (presumably to a considerable extent for tion of it is being held relatively idle by hoarding) continued to show the most workers and farmers who have had large rapid increase through 1940, but thereafter increases in income and for one reason or leveled off and rose little until this year. another prefer to hold a considerable During the past several months, however, amount of currency rather than to invest it very large bills have again shown sub- in Government securities or deposit it in stantial increases, although at a rate rela- banks. This is indicated not only by direct tively somewhat less than that for 10 to information received from banks, but also 100 dollar bills. Dollar-wise, 10's and by the fact that money in circulation has zo's have consistently accounted for the increased more rapidly than the various largest increases. The relative movements active uses made of currency, primarily in of various denominations since the end of retail sales transactions. 1939 are shown in the accompanying chart. INTEREST RATES ON CUSTOMER LOANS MONEY IN CIRCULATION BY DENOMINATIONS Rates charged customers on short-term DECEMBER 31, 1939*100 END OF QUARTER FIGURES commercial and industrial loans at large banks in 19 principal cities2 increased further in the quarter ending in June and reached levels at or near the peaks for the past several years. As shown in the following table, the average rate at New York City banks increased from about 2. per cent a year ago to z.36 per cent in March 1943, and z.70 per cent in June. In seven other Northern and Eastern cities, the average rate increased to 3 per cent, a rise of about half of one per cent over the past year and of about a quarter of one per cent since March. A smaller increase occurred in eleven Southern and Western cities where rates averaged 3.38 per cent in June compared to 3.14 per cent in March. With the exception of Minneapolis, Seattle, Dallas, and Kansas City, all cities reporting showed rising rates over the past year. The percentage rise in currency has recently In general, the volume of loans made at been roughly parallel to that in deposits; rates of less than z per cent was smaller in it has also moved quite closely with the increase in salary and wage payments.1 2 Rates are reported by 87 banks on loans maturing in between While the bulk of this currency is being 30 days and 1.2 months, although now some demand loans made in connection with the war program that are fairly certain not to be called within 30 days are included. Average rates are computed on loans made or renewed in the first 15 days of March, June, September, and 1 See BULLETIN for June 1943, pp. 497-499. December. 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH COMMERCIAL LOAN RATES table, which compares the amount of loans AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS made at various rates in June 1942- and IN PRINCIPAL CITIES [Per cent per annum] June 1943. At New York City banks the 7 Other 11 South- total volume of loans made in the first half Total New- Northern ern and 19 cities York and Western of June this year was much smaller than in City Eastern cities cities the same period last year; reporting banks 1939—March 2.95 2.13 3.05 3.77 in other Northern and Eastern cities showed June 2.91 2.15 3.05 3.62 September., 2.68 2.04 2.78 3.31 a moderate decrease while those in Southern December.. 2.59 1.96 2.59 3.32 and Western cities reported a slight in- 1940—March...... 2.65 2.03 2.67 3.35 J S u e n p e tember.. 2 2 . . 5 6 9 8 2 2 . . 1 0 4 0 2 2 . . 5 4 6 9 3 3 . . 3 4 8 3 crease. December.. 2.59 2.00 2.53 3.36 1941—March 2.58 2.06 2.53 3.25 June 2.55 1.95 2.58 3.23 AMOUNT OF COMMERCIAL LOANS MADE AT VARIOUS September.. 2.60 1.98 2.62 3.29 RATES BY BANKS IN 19 CITIES, JUNE 1-15, 1942 December.. 2.41 1.88 2.45 2.99 AND JUNE 1-15, 19431 1942—March 2.48 1.85 2.48 3.20 [In millions of dollars] June 2.62 2.07 2.56 3.34 September.. 2.70 2.28 2.66 3.25 December.. 2.63 2.09 2.63 3.26 New York N 7 o O rth th e e r r n 11 Southern 1943—March 2.76 2.36 2.76 3.24 City and Eastern and Western June 3.00 2.70 2.98 3.38 cities cities Interest rate- NOTE.—See November 1939 BULLETIN, pp. 963-969 for description June June June June June June and for back figures. 1-15, 1-15, 1-15, 1-15, 1-15, 1-15, 1942 1943 1942 1943 1942 1943 June this year than in the same period last Less than 1 per cent.. 10.7 4.1 11.6 1.4 1.7 .3 year, while the volume made at rates of 1-2 per :ent 70.2 33.4 67.5 28.2 33.5 23.7 from 3 to 5 per cent was larger this year. 3 2 - - 4 3 p p e e r r :ent. 4 1 6 5 . . 1 3 2 2 2 0 . . 2 6 4 4 0 4 . . 8 9 5 5 8 7 . . 8 8 2 2 0 9 . . 7 3 3 3 5 0 . . 7 4 4-5 per 10.9 31.3 25.4 28.9 33.6 41.6 Thus borrowers who previously obtained 5-6 per 1.3 1.4 9.2 10.3 23.8 21.1 6-7 per 1.2 .8 3.7 3.3 8.3 7.3 funds at lower rates are apparently being 7 per cent and over.. .7 .7 charged somewhat increased prices for Total 155.7 113.8 203.0 188.7 151.4 160.8 money. This is indicated by the following 1 Does not include loans with maturity of over one year. 2 Ranges include the lower per cents shown but not the upper. 815 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO BANKS A statement in substantially the following form In following this policy, banks will not imhas been sent by the Reserve Banks to banking in- pair their ability to subscribe for the new stitutions in their districts: Treasury offerings that will be made shortly During the Third War Loan Drive in Septem- after the close of the drive. These offerings ber, banks having war loan accounts will find will not affect the level of reserve requirements that a substantial amount of their individual or of excess reserves at that time. Banks can deposits will be transferred to these accounts. pay for all of their purchases of these securities As a result, the required reserves of these banks by credits to war loan accounts. will decline, and their excess reserves will in- In connection with the drive, it is desirable crease accordingly. The attention of the banks to reduce as much as possible the amount of is called to the fact that this increase in excess speculative purchases of new securities. In reserves will be only temporary; as the Treasury order to accomplish this purpose, it is suggested spends the funds, they will be transferred from that banks make no loans for the purchase of war loan accounts to accounts on which re- Government securities except to investors who serves are required. will purchase the securities out of income that In these circumstances, banks are urged to they expect to receive over the next few months. invest their temporarily idle funds in Treasury It is desirable that these loans be on a shortbills, which are the best medium for adjusting term or amortization basis, fully repayable in for changes of this nature. Banks that have periods not exceeding six months. If banks sold bills to the Reserve Banks under option do make other loans on Government securities, can invest their funds by repurchasing these bills. Other purchases of bills can be made by particularly where there is evidence that they bidding for new issues and by purchasing bills may be speculative in character, they should, in the market. As excess reserves subsequently of course, be covered by substantial margins decline, banks can sell bills to the Reserve and carry a rate of interest high enough to dis- Banks under option. courage speculators. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Absorption of Exchange Charges as the absorption of exchange charges by the a Payment of Interest on Deposits subject bank, as above described, constitutes a "payment," and, second, whether such pay- The Board of Governors has been presented, ment is made as compensation for the use of in a specific case, with the question whether the funds constituting a deposit. absorption of exchange charges by a particular There can be no doubt that the absorption member bank constitutes a payment of interest of each exchange charge by the bank results in on demand deposits in violation of section 19 a "payment." In any such case, the depositor of the Federal Reserve Act and of the Board's receives a pecuniary benefit which he would not Regulation Q. otherwise receive. For example, if a check for The last report of examination of the member $1,000, drawn on a nonpar bank which imposes bank in question indicated that during the year an exchange charge of ^ of 1 per cent for paying 194Z this bank absorbed exchange charges in checks drawn upon it, is deposited with the the amount of $18,576.2.2. out of $2.5,187.15 subject bank, and is forwarded to the drawee exchange charges paid, and that during 1943 bank for collection, the nonpar bank would up to the date of the examination such charges remit to the subject bank $999 in payment of the were absorbed in the amount of $4,615.80 out of check. If the subject bank then credits its $5,506.81 paid. It appears that the bank has depositor in the amount of $1,000, thus absorbabsorbed exchange charges in hundreds of ining the $1 exchange charge, the depositor clearly stances and for numerous depositors, principally receives a "payment" in an amount equivalent with respect to balances maintained by corto the exchange charge. respondent banks; and that the practice has From-the facts in the present case it appears existed over a period of years. A previous rethat the "payments" resulting from absorption port of examination of this bank indicated that of exchange charges are made by the subject during 1937 the bank had absorbed exchange bank for the purpose of soliciting and augmentcharges in the amount of $14,953.68 out of ing its demand deposit accounts; in other words, $16,72.1.85 exchange charges paid; that such charges had been absorbed in amounts ranging as "compensation" for the use of funds confrom 10 cents to $160 for more than 1.^0 cor- stituting deposits. No other reason for the respondent banks; and that, in some instances, absorption of such charges is apparent. the exchange absorbed for particular banks The bank's correspondent bank deposits, with amounted to as much as z or 3 per cent of their respect to which exchange is regularly absorbed, balances with the subject bank. have increased from less than 7 million dollars at the end of 1941 to nearly 18 million in June The Board's Regulation Q defines interest as 4'any payment to or for the account of any 1943. It is significant that during this period depositor as compensation for the use of funds the ratio of this bank's correspondent bank deconstituting a deposit." This definition is posits to its total demand deposits has been much intended merely as a declaration of the general higher than at Reserve city banks as a whole, law. Accordingly, the questions to be de- both in its district and throughout the country, termined in the present case are first, whether notwithstanding the fact that the city in which SEPTEMBER 1943 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT it is located is only a short distance from , "If the security when so purchased is an which is a much larger financial center. issued registered security which is to be dis- That the absorption of exchange charges for tributed by a public utility holding company depositing banks is in consideration for balances pursuant to a plan provided for by section 11 maintained by them is further indicated by the of the Public Utility Holding Company Act of fact that in at least one instance the subject bank 1935 and which has been approved by a nahas advised a depositing bank that, since the tional securities exchange for trading on a bank's balance in a particular month was 'when distributed' basis, the period applicable negligible, exchange charges could not be ab- to the transaction under subdivision (V) of sorbed for such bank because the subject bank this section 4(V) shall be 7 days after the date would "have no way of making it back." on which the security is so distributed/* Moreover, it appears that the subject bank, on Amendment to Regulation W occasion, has written to its correspondent banks suggesting that they par items sent to such banks The Board of Governors, effective September in return for the parring by the subject bank of 1,1943, issued Amendment No. 10 to Regulation items received from such banks. W, relating to Consumer Credit. The changes are administrative and are designed to help While the practice exists principally with remerchants meet manpower problems in extendspect to deposits of correspondent banks, it is ing charge-account credit. The text of the understood that, in at least one instance, a Amendment is as follows: corporate account formerly carried with a competing member bank was obtained by the sub- AMENDMENT NO. 10 TO REGULATION W ject bank because of its absorption of exchange Regulation W is hereby amended in the folcharges. lowing respects, effective September 1, 1943: In the circumstances, the Board of Governors 1. By striking out the figure $5.00 in section expressed the opinion that, on the basis of the 5(f) and inserting in lieu thereof the figure facts here presented as outlined above, the ab- $10.00 so that section 5(f) will read as follows: sorption of exchange charges by the member (f) "Authorization" of Small Items.—In case bank in question constitutes a "payment of ina Registrant makes a charge sale of a listed terest*' within the meaning of the general law article the cash price of which is $10.00 or less, and is therefore a payment of interest on demand he shall not be deemed to have violated section deposits in violation of section 19 of the Federal 5(b) if the person authorizing such sale on be- Reserve Act and of the provisions of the Board's half of the Registrant acts in good faith without Regulation Q. knowledge that the customer's charge account Amendment to Regulation T is in default, provided the Registrant, promptly upon discovery that such charge account is in The Board of Governors, effective July 2.4, default and in any event within 15 days from the 1943, issued Amendment No. 3 to Regulation T date of sale, makes a request of the customer that entitled ' 'Extension and Maintenance of Credit he either return the article or else pay for it in by Brokers, Dealers, and Members of National full immediately. Securities Exchanges.'' The text of the Amendx. By adding at the end of the first paragraph ment, which relates to the date of payment for of section i2.(m) entitled "Cycle Billing" the securities purchased in a "special cash account," following sentence: is as follows: Such provisions shall be applicable also to any AMENDMENT NO. 3 TO REGULATION T Registrant who shall have established such a SECTION 4 (V) (3) of Regulation T is hereby system after having received from the Federal amended by adding at the end thereof a new Reserve Bank of his district a notification which sentence reading as follows: is still in force stating that the Federal Reserve 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Bank is satisfied (i) that the system is intended (c) A report received by the proper Federal Reserve to effectuate operating economies with respect Bank, Governor, or Consul, in a correctly addrested and to manpower or office machinery and (2.) that stamped envelope bearing a postmark of a time prior to midnight of the date upon which the report is due, shall its adoption is not for the purpose of circumventbe deemed to have been duly filed. ing this regulation. RANDOLPH PAUL, Acting Secretary of the Treasury. Foreign Funds Control Treasury Department Releases Report of Property in Foreign Countries The following releases relating to transactions The Treasury Department on July 14, 1943, in foreign exchange, etc., in addition to those amended Special Regulation No. 1 requiring heretofore published in the Federal Reserve BULreports of all property in foreign countries in LETIN, have been issued by the Office of the which any person subject to the jurisdiction Secretary of the Treasury under authority of the of the United States had an interest on May Executive Order of April 10, 1940, as amended, 31, 1943, so as to extend the time for filing and the Regulations issued pursuant thereto: such reports until November 1, 1943. Public Circular No. zi. containing instructions for Treasury Department the preparation of such reports was likewise Office of the Secretary amended. Special Regulation No. 1 was pub- July 7, 1943 lished in the July 1943 Federal Reserve BULLETIN at page 596. The text of the Amendment to the GENERAL RULING NO. 5 A Regulation is as follows: Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Sections $(a) and $(b) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Treasury Department Foreign Funds Control* Foreign Funds Control July 14, 1943 Regulations Relating to Certain Importations and Exhortations of Checks, Drafts, and Other Financial Instruments. AMENDMENT OF SPECIAL REGULATION NO. I* 1. Prohibition with respect to importation and exportation of and Section 137.4 of Special Regulation No. 1 is amended to dealings in checks, drafts, etc. The following transactions are read as follows: prohibited after the effective date of this general ruling unless Section 137.4 Filing. authorized by a license or other authorization of the Secretary (a) Reports by persons within the United States shall of the Treasury expressly referring to this general ruling: be filed on or before November 1, 1943, with the Federal (a) The sending, mailing, exporting, or otherwise Reserve Bank of the district or with the Governor of the taking of any check, draft, bill of exchange, promissory territory or possession of the United States in which the note, security, or currency from the United States, diperson filing the report resides or has a principal place of rectly or indirectly, to any blocked country (with the business or principal office or agency or, if such person exception of China and members of the generally licensed has no legal residence or principal place of business or trade area); principal office or agency in a Federal Reserve District or (b) The sending, mailing, importing, or otherwise a territory or possession of the United States, then with bringing into the United States from any foreign country the Federal Reserve Bank of New York or the Federal of any check, draft, bill of exchange, or promissory note Reserve Bank of San Francisco. which has been within, or which there is reasonable (b) Reports by persons outside the United States who cause to believe has been within, any blocked country are subject to the jurisdiction of the United States shall (with the exception of China and members of the generbe filed on or before November 1, 1943, with the United ally licensed trade area); States Consul of the district wherein such person is then (c) The presentation, endorsement, acceptance, collecpresent. tion, payment, transfer, or protest of, or any other * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Sec. * Sec. 5(b), 50 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Pub- 3, Public No. 831, 77th Congress; Ex. Order 8389, April 10, 1940, as lic No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 1941; Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1942 and July 26, 1941. amended June 14, 1941, and July 26, 1941. 819 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT dealing in or with respect to, any instrument to which from the collector of customs or his representative at the port the prohibitions of paragraph i(b) hereof apply and of exit. which is sent, mailed, imported, or otherwise brought 4. Exceptions. The foregoing provisions shall not be into the United States on or after August 15, 1943. deemed to apply to the following instruments, unless such 2. Delivery of imported checks, drafts, etc., to Federal Reserve instruments have been within, or there is reasonable cause to Bank of New York. Any person who, after the effective date of believe that they have been within, enemy territory, or unless this general ruling, receives any check, draft, bill of exchange, such instruments are destined for, or there is reasonable cause or promissory note which has been within, or which there is to believe that they are destined for, enemy territory, directly reasonable cause to believe has been within, any blocked or indirectly: country (with the exception of China and members of the (a) Non-negotiable bank payment orders; generally licensed trade area) shall within five days after (b) (i) Incoming travelers checks; receipt thereof forward such instrument to the Federal Re- (ii) Outgoing travelers checks which are carried serve Bank of New York, accompanied by a statement in by persons departing from the United States triplicate setting forth: for blocked countries and which are issued in (a) His name and address; the name of the person carrying them; (b) A complete description of the instrument; (c) Outgoing checks drawn on the Treasurer of the (c) The name and address of the person from whom he United States which are carried by persons in the service received the instrument; and of the United States Government and which are issued in (d) The names of any blocked countries in which the the name of the person carrying them; instrument has been, or in which there is reasonable (d) Outgoing currency valued at $50 or less which is cause to believe it has been. carried for traveling expenses by persons departing from The Federal Reserve Bank of New York will act only as fiscal the United States for blocked countries; agent of the United States hereunder and shall receive and (e) Incoming drafts or bills of exchange drawn under hold all such instruments as such fiscal agent, subject to the letters of credit; further order of the Secretary of the Treasury. Applications (f) Incoming drafts or bills of exchange drawn on for the release of any such instruments may be filed in the importers in the Western Hemisphere in connection with manner prescribed in section 130.3 of the Regulations, except the importation of goods, wares, or merchandise into the that the place for filing applications shall be the Federal Western Hemisphere; Reserve Bank of New York. (g) Incoming checks, drafts, bills of exchange, or 3. Reports on arrival and departure re checks, drafts, etc. warrants drawn on the Secretary of State of the United (a) Any individual entering the United States after the States, the Secretary of Navy of the United States, or the effective date of this general ruling from any foreign country Treasurer of the United States. shall report and surrender to the collector of customs or his 5. Transactions not authorised. This general ruling shall representative at the port of entry, before the examination of not be deemed to authorize any transaction prohibited by the his baggage or effects has begun (or, if his baggage is not Order or by any regulation, ruling, or instruction issued by subject to examination, before customs clearance), every the Secretary of the Treasury pursuant to sections 3(a) or 5(b) check, draft, bill of exchange, and promissory note carried on of the Trading with the enemy Act, as amended. his person or in his baggage or effects which has been within, 6. Definitions, (a) The term "member" of the generally or which there is reasonable cause to believe has been within, licensed trade area as used herein shall have the meaning preany blocked country (with the exception of China and mem- scribed in General License No. 53, as amended. bers of the generally licensed trade area). Such report shall (b) The term "enemy territory" as used herein shall have be made in duplicate on Form FFC-160, which may be ob- the meaning prescribed in General Ruling No. 11, as amended. tained from the collector of customs or his representative at 7. Effective date. The provisions hereof shall take effect the port of entry. August 2.5, 1943, with the exception of paragraphs i(a) and (b) Any individual departing from the United States after 3(b) which shall be effective on the date of issuance of this the effective date of this general ruling shall report to the general ruling. collector of customs or his representative at the port of exit, RANDOLPH PAUL, before customs examination has begun (or, if he is not subject Acting Secretary of the Treasury. to customs examination, before customs clearance), (i) all currency and (ii) every check, draft, bill of exchange, promis- Treasury Department, Office of the Secretary sory note, and security carried on his person or in his baggage or effects which is destined for, or which there is reasonable July 7, 1943 cause to believe is destined for, directly or indirectly, any blocked country (with the exception of China and members GENERAL LICENSE NO. 86 of the generally licensed trade area). Such report shall be Under Executive Order No. 8389, as Amended, Executive Order No. made in duplicate on Form FFC-161, which may be obtained gi93, and Section /(£) of the Trading with the Enemy Act, as 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Amended by the First War Powers Act, 1941, Relating to (i) The payment of premiums, the payment of Foreign Funds Control* loan interest, and the repayment of policy loans; (1) A general license is hereby granted authorizing the (ii) The effecting by a life insurance company or following transactions: other insurer of loans to an insured; (a) The payment of premiums and interest on policy (iii) The effecting on behalf of an insured of surloans with respect to any blocked life insurance policy; renders, conversions, modifications, and reinstate- (b) The issuance, servicing or transfer of any blocked ments; and life insurance policy in which the only blocked interest is (iv) The exercise or election by an insured of that of one.or more of the following: nonforfeiture options, optional modes of settlement, (i) A member of the armed forces of the United optional disposition of dividends, and other policy States or a person accompanying such forces (includ- options and privileges not involving payment by ing personnel of the American Red Cross, United the insurer. Service Organizations and similar organizations); (d) The term "transfer" shall mean the change of (ii) An officer or employee of the United States; beneficiary, or the assignment or pledge of the interest of or an insured in any blocked life insurance policy subsequent (iii) A citizen of the United States resident in a to the issuance thereof. blocked country not within enemy territory; and (5) This general license shall not be deemed to authorize (c) The issuance, servicing or transfer of any blocked any transaction with respect to any blocked life insurance life insurance policy in which the only blocked interest policy issued by a life insurance company or other insurer (other than that of a person specified in i(b) above) is which is a national of a blocked country or which is not that of a beneficiary. doing business or effecting insurance in the United States. Provided, however, that this paragraph does not authorize (i) RANDOLPH PAUL, any payment to the insurer from any blocked account in Acting Secretary of the Treasury. which an enemy national (other than a person specified in (i)(b) above) has an interest, or from any other blocked Treasury Department, Office of the Secretary account except a blocked account of the insured or beneficiary, July 19, 1943 or (ii) any payment by the insurer to a national of a blocked country unless payment is made by deposit in a blocked GENERAL LICENSE NO. 87 account in a domestic bank in the name of the national who Under Executive Order No. 8389, as Amended, Executive Order No. is the ultimate beneficiary thereof. 9193, Section /(£) of the Trading with the Enemy Act, as Amended (2.) Notwithstanding the provisions of General Ruling by the First War Powers Act, 1941, Relating to Foreign Funds No. 11, the transactions authorized by paragraph (i)(b) Control.* above may be effected even though they involve a communi- (1) Transactions licensed under Section 2AQ2) of the Order. A cation from a person specified in paragraph (i)(b)(i) or general license is hereby granted under Section 2A(i) of the (i)(b)(ii) above while such person is within enemy territory. Order authorizing the acquisition by, or transfer to, any per- (3) This general license further authorizes the application, son within the United States of any interest in: in accordance with the provisions of the policy or the estab- (a) Securities or evidences thereof physically situated lished practice of the insurer, of the dividends, cash surrender in Great Britain, Canada, Newfoundland, or Bermuda; value, or loan value, of any blocked life insurance policy for (b) Securities or evidences thereof issued in any other the purpose of: member of the generally licensed trade area, which are (a) Paying premiums; «, physically situated in, and payable solely in the currency (b) Paying policy loans and interest thereon; of, the country where issued, except securities or evi- (c) Establishing paid-up insurance; or dences thereof issued by a person engaged in the business (d) Accumulating such dividends or values to the of offering, buying, selling, or otherwise dealing or credit of the policy on the books of the insurer. trading in securities or evidences thereof issued by an- (4) As used in this general license: other person. (a) The term "blocked life insurance policy" shall (2.) Definitions. The term "member" of the generally mean any life insurance policy or annuity contract, or licensed trade area shall have the meaning prescribed in contract supplementary thereto, in which there is a General License No. 53, as amended. blocked interest. (3) Transactions not authorised. This general license shall (b) Any interest of a national of a blocked country not be deemed to authorize any transaction prohibited by any shall be deemed to be a "blocked interest". provision (or ruling or regulation thereunder) of the Order (c) The term "servicing" shall mean the following other than Section zA(2.)transactions with respect to any blocked life insurance RANDOLPH PAUL, policy: Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Pub- * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838, Ex. Order 8389, April 10, 1940, lic No. 354, 77th Congress, 55 Stat. 838, Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26 1941, Ex. Order 8963, December 9, 1941. and Ex. Order 8998, December 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended amended June 14, 1941, and July 26, 1941. June 14, 1941, and July 263 1941. SEPTEMBER 1943 8zi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION During the 192.0's changes in the volume of previously published, are on a proportional, money in circulation were mainly of a seasonal rather than an absolute basis. The dollar nature, rising to a peak during the Christmas magnitude of seasonal fluctuations remained season, falling rapidly in the following months, roughly constant through the 192.0's and apparleveling off through the summer, and beginning ently rose only slightly through the 1930's. early in the autumn to rise again toward the Thus seasonal adjustments could be made simply Christmas peak. These fluctuations seldom ex- by adding or subtracting relatively constant ceeded 300 million dollars per year, the bulk of dollar amounts for different months or weeks. which came in the Christmas season. Through However, since during the present decade the the 1930's the volume of money in circulation absolute size of seasonal variations has grown rose rapidly from the 4-5 billion dollar level of substantially with the growth in the total the ic^o's, reflecting increased "hoarding" volume of money outstanding, seasonal adjust- (especially during the early years of the decade) ment factors expressed as ratios, or proportions, and later an increasing volume of income and of the total currency outstanding give better expenditures, accompanied by other special results than do constant dollar adjustments. factors, such as higher bank service charges, increased income to lower income groups who MONTHLY SEASONAL ADJUSTMENTS make limited use of banks, etc. During the past Chart 1 shows, for the period beginning with three years the rate of increase in currency has 1938, the actual monthly figures for currency in far outdistanced even the rapid rise of the pre- CHART I ceding decade, and money outstanding at the end of August was 18.6 billion dollars with the rise MONEY IN CIRCULATION* continuing.1 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 In the past few years this large growth in money outstanding has overshadowed seasonal I 8 I 8 variations. In order to compare accurately current rates of increase with those for any earlier I 6 / I 6 period, however, it is still necessary to make /J I 4 I 4 adjustments for seasonal variations. Since the • dollar magnitude of seasonal fluctuations has 1 2 I 2 increased substantially with the increase in the total amount of money outstanding, new sea- y/ I 0 sonal adjustment factors have become essential for use in eliminating purely seasonal flucuNADJUSTE tuations from the currency in circulation ^ \ ^ series. These new adjustment factors and the . * A \ DJUSTED new seasonally adjusted currency series are presented in this article. The new adjustment factors, unlike those NOTE.—This article and the new seasonal factors presented in it were prepared by G. L. Bach of the Board's Division of Research and Statistics. 1 Some factors accounting for these changes in the volume of cur- 1938 1939 1940 1941 1942 1943 rency were discussed in the Federal Reserve BULLETIN for April 1942, pp. 312-316, and for June 1943, pp. 407-499. MONTHLY AVERAGE OF DAILY FIGURES. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION circulation and the seasonally adjusted figures for to pay taxes to the Government occasioned sharp the same period. The seasonally adjusted curve declines in the rate of net outflow of money to does not alter the sharp upward trend of recent the public. In view of the inception of pay-asyears, but it does substantially smooth the you-go personal income taxation in July, howupward growth. The new monthly seasonal ever, it is not expected that this phenomenon adjustment factors used beginning with 1941 are will recur, and for this reason no special tax shown in Table 1, together with the seasonally date adjustment has been incorporated beyond adjusted figures used in plotting the chart. The that called for by tax-date influences in earlier seasonally adjusted circulation figures for 1938 years. Rough special adjustments for March and through 1940 are based on the adjustment factors June, 1943 may be made by interpolation for the for those years published earlier;2 those begin- days involved, and the resulting specially adning with 1941 are based on the new factors. justed figures are given in footnote 2. to Table 1. TABLE 1 MONTHLY INCREASE IN SEASONALLY MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION—MONTHLY AVERAGES OF DAILY ADJUSTED SERIES FIGURES, 1938-1943 By utilizing the new seasonally adjusted [Amounts in milliors of dollars! series, it is possible to compare more closely the Adjust- Seasonally adjusted figures ment recent rate of currency increase with that for factors 1941- 19381 19391 19401 1941 1942 1943 earlier periods than could be done by using only 1943 the unadjusted series. The change from one January 100.3 6,410 6,727 7,458 8,565 11,072 15,353 February 100.0 6,380 6,757 7,486 8,679 11,328 15,837 month to the next in the seasonally adjusted March 99.7 6,390 6,814 7,528 8,862 11,542 216,197 April 99.2 6,430 6,912 7,587 9,068 11,739 16,581 series indicates the monthly rate of increase in May.. 99!3 6,470 6,974 7,672 9,258 11,982 16,934 Tune 99.5 6,495 7,026 7,812 9,489 12,274 217,303 currency outstanding, abstracting from seasonal July 99.8 6,510 7,096 7,929 9,689 12,557 17,716 August 99.5 6,525 7,143 8,012 9,888 13,004 18,288 variations. A variety of special factors may September 99.8 6,545 7,224 8,070 10,081 13,468 October 100.0 6,610 7,268 8,166 10,270 13,951 affect this month-to-month change, but the gen- November 100.3 6,660 7,323 8,325 10,465 14,430 December 102.6 6,690 7,409 8,488 10,707 14,736 eral level for any consecutive group of months should give a fairly accurate picture of the 1938, 1939, and 1940 computed on basis of old seasonal adjustment fact 2 o r N s o p u a b d l j i u s s h t e m d e i n n t A m u a g d u e s t f o 19 r 3 s 9 p B e U ci L a L l E in T f I l N u , e n p c . e 6 4 o 3 f . Federal income tax "trend" or ''nonseasonal rate" of outflow. dates. On basis of rough adjustment by interpolation for days concernedj specially adjusted figure for March would be 16,310, for June Chart 2. shows the month-to-month increase 17,350. in the seasonally adjusted figures for currency in The new adjustment factors beginning with circulation for each month since the beginning 1941 are applied by dividing the factors into the of 1941; the height of each bar indicates the monthly averages of daily figures of money in increase from the preceding month. The chart circulation. While the adjustments are based on the experience of the period from the beginning of 1938 through March 1943, with special MONTHLY INCREASE IN MONEY IN CIRCULATION emphasis on the later years of the period, they MfLUOWS OF DOLLARS should also provide a basis for correcting figures mmm700 of money in circulation for the next few years. 600 No special allowance has been made in the fac- 500 f- IK 500 tors for the influence of the Federal income tax 400 iiii B II I400 dates in March and June, 1943, when the number 300 300 of taxpayers in the lower income brackets was 200 200 greatly increased and the heavy use of currency 100 !OO 0 . 0 8z SEPTEMBER 1943 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION shows clearly the many changes in this rate of WEEKLY SEASONAL ADJUSTMENTS increase, reflecting the wide variety of factors Money in circulation figures are released by influencing the amount of currency desired by the Board each Friday for the preceding Wednesthe public. Early in 1941 currency was increasing at a rate slightly over 100 million dollars day date. These Wednesday data are the most per month. This rate soon increased to a level up-to-date figures regularly available to the pubof around 2.00 million monthly, which continued lic. Therefore, for analysis of very recent deuntil the end of the year. Somewhat higher velopments and of developments over more prerates prevailed during the first half of 1942., and cisely defined periods than monthly averages, in August there was a sharp increase in the it is useful to have seasonal adjustment factors monthly rate of growth to nearly 500 million also for this weekly series. Since currency dedollars. Late in the year the rate temporarily mand varies somewhat with the day of the fell back somewhat and then rose to a peak month and Wednesdays fall on different dates in of over 600 million dollars in January 1943.3 different years, an adjustment factor is required After February of this year the rate fell off for each numerical date of the year. These adsubstantially to below 400 million dollars, but justment factors are presented in Table z. The in July and August was again above that level. On the August seasonally adjusted basis, cur- weekly adjustment factors are applied in the rency is now flowing out at a rate approaching same manner as the monthly ones, namely by 7 billion dollars per year. dividing the adjustment factor into the amount of money in circulation on the date given. Like 3 Changes in the seasonally adjusted figures amounted to 306 million dollars in December 1942, and to 617 million in January 1943; on an un- the new monthly factors they are based on adjusted basis the peak rate of nearly 650 million came in December with an increase of only 220 million the next month. This difference recent experience but are probably applicable to indicates the substantial error which may be incurred by using unadjusted figures as an indication of annual rate of outflow around the currency movements for some period ahead, bar- Christmas season when seasonal factors are most important. TABLE 2 SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—WEDNESDAY DATES1 (We D dn a e t s e day) January February March April May June July August Se b p e te r m- October No b v e e r m- De b c e e r m- 1 1.022 .993 .999 .992 .992 .997 1.000 .993 1.001 1.005 1.009 1.015 2 1.020 .994 .999 .993 .993 .998 1.002 .993 1.003 1.006 1.010 1.015 3 1.017 .995 .999 .993 .993 .999 1.003 .994 L.006 1.007 1.011 1.016 4 1.014 .995 1.000 .994 .994 .999 1.004 .994 1.007 1.007 1.011 1.016 5 1.013 .995 1.000 .993 .993 .999 1.003 .994 L.008 1.006 LOU L.016 6 1.011 .995 .999 .993 .993 .998 1.002 .994 L.008 1.006 1.011 1.017 7 1.010 .995 .998 .993 .992 .998 1.002 .995 L.007 1.006 1.011 L.017 8 1.008 .996 .997 .993 .992 .998 1.001 .995 .006 1.006 L.011 L.018 9 1.006 .996 .996 .993 .992 .997 1.000 .995 .006 L.006 L.011 L.019 10 1.004 .996 .995 .993 .992 .997 1.000 .995 .006 1.006 1.011 L.020 11 1.002 .996 .995 .993 .992 .996 .999 .995 .005 1.006 L.011 L.021 12 1.001 .996 .994 .993 .992 .995 .998 .995 .004 1.006 L.OU L.022 13 .999 .996 .993 .992 .991 .995 .998 ,994 .004 1.006 L.011 1.024 14 .998 .995 .992 .992 .990 .995 .998 .994 .003 1.006 L.011 1.025 15 .997 .995 .992 .992 .990 .994 .997 .994 .003 L.006 L.011 1.025 16 .996 .995 .991 .992 .989 .994 .996 .994 .003 1.006 L.OU 1.026 17 .995 .995 .990 .991 .989 .993 .995 .994 .002 1.006 L.OU 1.027 18 .995 .995 .990 .991 .988 .993 .994 .994 .002 1.006 L.OU 1.028 19 .994 .995 .989 .991 .988 .992 .994 .995 .002 1.006 L.OU L.029 20 .993 .995 .989 .990 .988 .992 .993 .994 .002 1.005 L.010 .031 21 .992 .995 .989 .989 .988 .992 .993 .994 .001 1.005 .010 L.032 22 .992 .995 .988 .988 .989 .991 .992 .994 .001 .005 .010 .033 23 .991 .995 .988 .988 .989 .992 .991 .994 .001 .005 .010 .034 24 .990 .996 .988 .987 .989 .992 .991 .994 .001 .005 .010 .035 25 .989 .996 .988 .987 .990 .993 .990 .994 .000 .005 .010 .035 26 .989 .997 ,988 .987 .991 .993 .990 .994 .000 .005 .011 .035 27 .989 .997 .989 .988 .992 .994 .990 .995 .001 .005 .011 .034 28 .989 .998 .989 .989 .993 .994 .990 .996 .002 .005 .011 .032 29 .990 .998 .990 .990 .994 .995 .991 .997 .003 .006 .012 .030 30 .991 .991 .991 .995 .997 .991 .998 .004 .007 .014 .028 31 .992 .992 .996 .992 .999 .008 L.O27 1 Applicable to period beginning with 1941. 8x4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION ring unforeseen changes.4 Seasonally adjusted the period beginning with 1941, however, and weekly figures for money in circulation are some shift in the monthly pattern has also been shown in Table 3, at the end of this article, for taken into account. the period beginning with 1939. As in the In computing seasonal factors for Wednesday case of Table 1 the adjustments for 1939 and 1940 dates, actual Wednesday figures were plotted are made with the old adjustment factors, and against the monthly seasonally adjusted series, those beginning with 1941 are on the new basis. and the ratio of the actual to the seasonally ad- The new Wednesday seasonal adjustment fac- justed curve was computed for each Wednesday tors make allowances for a much larger seasonal date. This step provided very rough seasonal increase around the Christmas season than was adjustment factors (ratios) for each of the dates. previously true. It is also interesting to note These Wednesday ratios were then arranged in that there seems to have been a substantial in- chronological order within each year and plotted crease in the importance of month-end currency on a single graph having a one-year base line. drains, and this development appears to be con- Since the computations were begun with 1938 tinuing. If the present trend continues, there- this gave Wednesday ratios for most, though not fore, the adjustment factors computed now may all, calendar dates. A free-hand curve was fitted later prove to be somewhat too low for dates to the Wednesday ratios, giving primary emphanear month-ends. On the other hand, appar- sis to data from later years in cases where disently both the Easter and the July 4 short sea- crepancies occurred for adjacent dates. From sonal increases have become of less relative the smoothed curve through the Wednesday importance. As with the monthly adjustment ratios, preliminary adjustment factors (ratios) factors, no special allowance has been made in could be read for each possible date, including, the new factors for the March and June 1943 tax by interpolation, those on which Wednesday dates. Rough special adjustments, however, had not fallen since 1938. These adjustment may be made for these occasions by interpolation factors were further refined so that for every in the seasonally adjusted series for the weeks possible series of Wednesday dates they added concerned, and specially adjusted figures ob- to roughly 5,200 for the year, and the factors tained by this method for two weeks in March finally obtained are those shown in Table 2.. and two weeks in June are indicated in the foot- As indicated in the footnote to Table 2., a spenote to Table 3, cial adjustment of approximately 20 million dollars should be added to the seasonal factor for COMPUTATION OF SEASONAL ADJUSTMENT FACTORS the Wednesday preceding each Easter. This date apparently still requires a roughly constant The method used in computing monthly seadollar adjustment,* it could not be incorporated sonal adjustment factors for money in circulation in the regular seasonal factors because of the was essentially the same as that employed by the Board of Governors for other series.5 New pre- shifting date of Easter. The special adjustments previously mentioned for the March and June liminary monthly factors on a proportional basis tax dates in 1943 are also indicated in the footwere computed for the period beginning with note to the table. 1938. These preliminary factors corresponded Use of proportional factors makes it more fairly closely to the old (absolute) ones for the likely that the present seasonal factors will period through 1940, and there was no need to remain useful even though further large changes revise the factors computed in 1939. The prooccur in the amount of currency outstanding. portional factors were clearly better suited to But as in the case of the old seasonal factors, it 4 It should be noted that the factor for any given date applies only should be recognized that such adjustments are when that date falls on Wednesday, because there are also fairly regular and wide fluctuations in money in circulation as between different days necessarily somewhat rough and the resulting of the week. 5 This method was described in an article, "Adjustment for Seasonal range of error in any one seasonally adjusted Variations," in the BULLETIN for June 1941, pp. 518-528. SEPTEMBER 1943 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION figure may be substantial. It is unlikely, how- would recur regularly over adjacent weeks or ever, that a substantial positive or negative error months. TABLE 3 MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION—WEDNESDAY SERIES [In millions of dollars} 1939 1940 1941 1942 1943 Date Amount Date Amount Date Amount Date Amount Date Amount (Wednesday) (Wednesday) (Wednesday) (Wednesday) (Wednesday) Jan. 4 6,745 Jan. 3 7,454 Jan. 8 8,560 Jan. 7 10,999 Jan. 6 15,226 11 6,703 10 7,433 15 8,568 14 11,084 13 15,337 18 6,699 17 7,442 22 8,610 21 11,166 20 15,462 25 6,697 24 7,439 29 8,634 28 11,220 27 15,610 31 7,435 Feb. 1 6,710 Feb. 5 8,670 Feb. 4 11,287 Feb. 3 15,745 8 6,700 Feb. 7 7,440 12 8,700 11 11,364 10 15,861 15 6,729 14 7,448 19 8,732 18 11,396 17 15,925 (21) 22 6,742 21 7,487 26 8,751 25 11,468 24 16,016 28 7,454 Mar. 1 6,746 Mar. 5 8,805 Mar. 4 11,518 Mar. 3 16,170 8 6,771 Mar. 6 7,488 12 8,864 11 11,578 10 16,286 15 6,805 13 7,516 19 8,924 18 11,590 17 216,278 22 6,840 20 X7,547 26 8,949 25 11,601 24 216,260 29 6,840 27 7,554 31 16,381 Apr. 2 9,007 Apr. 1 H1,666 Apr. 5 16,883 Apr. 3 7,582 9 ^,036 8 11,692 Apr. 7 16,468 12 6,883 10 7,562 16 9,061 15 11,718 14 16,556 19 6,920 17 7,604 23 9,101 22 11,783 21 116,664 26 6,950 24 7,619 30 9,153 29 11,841 28 16,778 May 3 6,971 May 1 7,639 May 7 9,225 May 6 11,928 May 5 16,801 10 6,953 8 7,642 14 9,247 13 11,969 12 16,876 17 6,990 15 7,675 21 9,298 20 12,032 19 16,999 24 6,970 22 7,698 28 9,360 27 12,068 26 17,055 31 6,995 29 7,731 June 4 9,403 June 3 12,153 June 2 17,230 June 7 7,000 June 5 7,726 11 9,431 10 12,213 9 17,289 14 6,971 12 7,756 18 9,499 17 12,294 16 Hi,293 21 6,990 19 7,803 25 9,557 24 12,330 23 Hi, 292 28 7,004 26 7,835 30 17,472 July 2 9,684 July 1 12,416 July 5 7,051 July 3 7,900 9 9,695 8 12,477 July 7 17,572 12 7,048 10 7,884 16 9,684 15 12,540 14 17,693 19 7,064 17 7,912 23 9,721 22 12,647 21 17,831 26 7,073 24 7,925 30 9,785 29 12,762 28 17,979 31 7,947 Aug. 2 7,104 Aug. 6 9,854 Aug. 5 12,871 Aug. 4 18,123 9 7,106 Aug. 7 7,969 13 9,851 12 12,935 11 18,192 16 7,134 14 7,992 20 9,899 19 13,021 18 18,324 23 7,141 21 8,024 27 9,949 26 13,136 25 18,413 30 7,155 28 8,038 Sept. 3 9,974 Sept. 2 13,210 Sept. 6 7,203 Sept. 4 8,036 10 9,976 9 13,309 13 7,206 11 8,040 17 10,026 16 13,400 20 7,222 18 8,068 24 10,060 23 13,505 27 7,231 25 8,090 30 13,648 Oct. 1 10,132 Oct. 4 7,258 Oct. 2 8,123 8 10,176 Oct. 7 13,748 11 7,302 9 8,150 15 10,222 14 13,849 18 7,286 16 8,180 22 10,227 21 13,925 25 7,266 23 8,195 29 10,246 28 14,012 30 8,224 Nov. 1 7,286 Nov. 5 10,308 Nov. 4 14,156 8 7,328 Nov. 6 8,294 12 10,358 11 14,251 15 7,304 13 8,304 19 10,420 18 14,308 22 7,360 20 8,352 26 10,452 25 14,503 29 7,374 27 8,373 Dec. 3 10,548 Dec. 2 14,629 Dec. 6 7,419 Dec. 4 8,434 10 10,622 9 14,707 13 7,387 11 8,448 17 10,733 16 14,710 20 7,448 18 8,479 24 10,844 23 14,825 27 7,411 24 8,519 31 10,867 30 14,987 31 8,502 1 Includes special Easter adjustment of +20 million dollars. 2 Does not include any adjustment for influence of Federal income tax dates. Rough adjustment by interpolation would give the following adjusted figures: March 17—16,386, March 24—16,486; June 16—17,345; June 23—17,415. S2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION On August xo, 1943, the United States Government departments and agencies. While Treasury Department released a revised draft it includes suggestions made by technical repreof the preliminary plan for an International sentatives of other countries in the course of Stabilization Fund of the United and Associated informal discussions with our experts in Wash- Nations made public by the Secretary of the ington, it does not necessarily reflect the views Treasury on April 7, 1943.1 The revised draft of experts from any other country. The text is in every sense still a preliminary document of the revised plan is given below, preceded by and has not received the official approval of a press release, a summary, and a statement of either the Treasury or the Government. It the main features of the plan, as issued by the was prepared by the technical experts of the Treasury. Minor changes have been made in a Treasury in consultation with experts from other few headings. TREASURY PRESS RELEASE Secretary Morgenthau made public today a in their view that international monetary corevised draft of the Treasury's tentative proposal operation is essential if we are to avoid the colfor an International Stabilization Fund of the lapse of some monetary systems, to prevent the United and Associated Nations. disruption of foreign exchanges and to facilitate The revised draft was prepared by technical the restoration and balanced growth of interexperts of the Treasury in cooperation with ex- national trade," he said. perts of other Departments. The revision fol- There will be further discussions with the lowed exploratory discussions that have been representatives of other countries who are exgoing on for more than two months between the pected to arrive during the month, Secretary monetary experts of this Government and the Morgenthau said. He said that no conference monetary experts of nearly thirty countries. would be called until he had had an oppor- While suggestions of representatives of other tunity to consult with the Congressional comcountries have been included in the revised draft, mittees. Secretary Morgenthau pointed out that it does "This revised draft," he said, "is in every not necessarily reflect the views of the experts of sense still a preliminary document. It has not any other countries. received the official approval either of the Treas- The exploratory technical discussions in ury or of this Government." Washington have been held in response to an Secretary Morgenthau pointed out that he is invitation Secretary Morgenthau sent late last keeping the appropriate committees of the March to the finance ministers of the United Senate and the House fully informed of the dis- Nations, enclosing for their examination, a precussions. On April 5 and 6, 1943, Mr. Morgenliminary draft of the Treasury's tentative prothau appeared before three committees of the posal. The finance ministers were requested to Senate and three committees of the House to submit the draft for study by their technical explain the proposal for an International Stabiexperts and to send their experts to Washington lization Fund. Mr. Morgenthau said he inco discuss the feasibility of international monetended to appear before the appropriate comtary cooperation along the suggested lines. mittees of the Senate and the House soon after Secretary Morgenthau said the exploratory Congress convenes to consult with them further discussions have been extremely helpful in on the proposal. clarifying the views widely held by the experts of the United Nations. "Treasury officials," Mr. Morgenthau said, "I believe the technical experts are unanimous "are arranging discussions with representative public groups to explain what we are doing, and iFor the text of this preliminary plan, together with the text of a to get their suggestions. There will be a contentative plan for an International Clearing Union proposed by the British Government on the same day, see BULLETIN for June 1943, ference of officers and directors of several Fedpp. 501-521. A preliminary plan offered for consideration by the. Canadian Minister of Finance on July 12, 1943, was reproduced in the eral Reserve Banks in Chicago next week at BULLETIN for August 1943, pp. 718-728. SEPTEMBER 1943 8x 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION which proposals for postwar stabilization of banking groups. Arrangements are also being currency will be fully discussed." made for meetings with members of the Foreign The Secretary indicated that similar con- Trade Council and other organizations repreferences will be held with other Federal Reserve senting business men engaged in foreign trade. Banks. Secretary Morgenthau said the Treasury had Within the next few weeks Treasury officials received a large number of letters regarding the will hold conferences with the Advisory Coun- proposal, many of them embodying interesting cil of the American Bankers Association, the suggestions. All of these letters are being care- New York City banks and other representative fully considered. SUMMARY OF THE REVISED PROPOSAL FOR AN INTERNATIONAL STABILIZATION FUND PURPOSES OF THE FUND cept with the approval of 85 per cent of the member votes. The United Nations and the countries assoz. The accounts of the Fund shall be kept and ciated with them recognize, as declared in the published in terms of unitas. No change in Atlantic Charter, the need for the fullest coexchange rates shall be permitted to alter the operation among nations with the object of value of the assets of the Fund. securing economic advancement and rising standards of living for all. They believe that attain- EXCHANGE RATES ment of these objectives will be facilitated by international monetary cooperation. There- 1. Initial rates of exchange for member curfore, it is proposed that there be established an rencies shall be based upon their value in dollars International Stabilization Fund with the fol- on July 1, 1943. If such a rate is clearly inaplowing purposes: propriate, the initial rate shall be determined by consultation between the country and the i. To help stabilize the foreign exchange Fund. rates of the currencies of member countries. z. When essential to the correction of fundaz. To reduce the use of such foreign exchange mental disequilibrium, exchange rates may be restrictions and discriminatory foreign exchange changed only with the approval of three-fourths practices as hamper world trade. of the member votes including the countries 3. To help create conditions under which the concerned. Because of the extreme uncersmooth flow of foreign trade and of productive tainties of the immediate postwar period, capital will be fostered. special provision is made for adjusting exchange rates during the first three years. COMPOSITION OF THE FUND 1. The Fund shall amount to at least 5 billion POWERS AND OPERATIONS dollars contributed on the basis of quotas deter- 1. The Fund may sell to any member country mined by an appropriate formula. The quota foreign exchange required to meet an adverse of a country can not be increased without its balance of payments predominantly on current consent. account. One-half of such exchange shall be z. Each country shall pay in gold 50 per cent paid for with gold or acceptable foreign exof its quota and the remainder in local currency. change. A country with inadequate gold holdings may z. The Fund's total holdings of the currency have its gold contribution reduced and a counof any member country shall not exceed its try may substitute some government securities quota by more than 100 per cent, except with (redeemable at par) for local currency. the specific approval of the Board of Directors, 3. The resources of the Fund shall be used and provided satisfactory measures are being exclusively for the benefit of the member countaken to correct the disequilibrium. tries. 3. When a member country is preventing or unduly delaying a sound balance in its inter- MONETARY UNIT OF THE FUND national accounts, the Fund may place condi- 1. The monetary unit of the Fund shall be the tions upon additional sales of foreign exchange unitas (UN) equal in value to 137^ grains of to that country. The Fund may also require fine gold (equivalent to $10). No change in the country to deposit gold or other suitable the gold value of the unitas shall be made ex- collateral. 8x8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION 4. When the Fund's holdings of the currency 1. Each country shall have 100 votes plus one of a member country become excessively small, vote for each million dollars of its quota. No the Fund shall render a report to that country. country shall cast more than one-fifth of the The Fund shall also inform member countries aggregate basic votes. of the probable supply of the currency and of a 3. In voting on the sale of foreign exchange, proposed method for its equitable distribution. the votes of creditor countries shall be inceased 5. Each member country agrees that it will and those of debtor countries decreased. In offer to sell to the Fund, for its local currency or voting on proposals to suspend or restore memfor foreign exchange which it needs, one-half of bers, each country shall cast one vote. the gold and foreign exchange it acquires in 4. Any country may withdraw from the Fund excess of its official holdings at the time it be- by giving notice of one year. A country failcame a member of the Fund. ing to meet its obligations to the Fund may be 6. During the first 2. years, the Fund may buy suspended by a majority of the member counfrom the governments of member countries, tries. blocked balances held in other member countries, not exceeding in the aggregate 10 per cent POLICIES OF MEMBER COUNTRIES of the quotas. At the end of 2. years, the Fund shall propose a plan for the gradual further Each member country of the Fund undertakes: liquidation of blocked balances. 1. To maintain by appropriate action ex- 7. The Fund may levy a charge on the amount change rates established by the Fund and not to of currency held by the Fund in excess of the alter exchange rates except as provided above. quota of a country. If the Fund finds it neces- z. To abandon restrictions (except on capital sary to borrow currency to meet the demands of transfers) over foreign exchange transactions members, an additional charge shall be made with other member countries, and not to impose sufficient to cover the costs of borrowing. additional restrictions without the approval of 8. The Fund shall deal only with member the Fund. governments and their fiscal agents and not in- 3. Not to enter upon any new bilateral cleartrude in the customary channels for conducting ing arrangements or engage in multiple currency international commerce and finance. practices which retard the growth of world trade or the international flow of productive MANAGEMENT capital. 1. The administration of the Fund shall be 4. To give consideration to the views of the vested in a Board of Directors consisting of one Fund on any monetary or economic policy, the director and alternate appointed by each member government. The Board shall appoint an Ex- effect of which would be to bring about a serious ecutive Committee of not less than eleven of its disequilibrium in the balance of payments of members. other countries. HIGHLIGHTS OF THE TENTATIVE PROPOSAL FOR AN INTERNATIONAL STABILIZATION FUND The proposed plan providing for the stabiliza- priate safeguards while taking timely tion of currencies and establishing a mechanism steps to adjust their international posifor supplying needed exchange under safeguards tion. can not by itself achieve monetary stability. It (3) Encouragement for the adoption of meascan, however, provide a working basis for the ures to bring about equilibrium in the recovery of world trade, facilitate the restora- international balance of payments of tion of international economic equilibrium, and member countries. contribute to the maintenance of world mone- (4) Policies designed to eliminate exchange tary stability. controls and discriminatory currency prac- The plan provides in general for: tices which interfere with the balanced (1) An international agreement to help stabi- growth of international trade. lize foreign exchange rates and avoid com- More specifically, the principal features of the petitive currency depreciation. tentative proposal are: (2.) Resources from which countries can buy Membership: All of the United Nations and needed foreign exchange under appro- the countries associated with them would es- 819 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION tablish the International Stabilization Fund as Exchange Rates: Initial exchange rates are an institution for international monetary co- to be established at the dollar quotation for operation. Other countries may be permitted member currencies on July 1, 1943, unless either to join later. A country may withdraw from the member country or the Fund considers the membership by giving one year's notice. A rate inappropriate. In such case the rate is to country may be suspended from membership if be determined by consultation between the memit does not meet its obligations to the Fund. ber country and the Fund. All member coun- Capital of the Fund: Each country agrees to tries agree to maintain the exchange rates escontribute to the Fund a stated amount (referred tablished. to as its quota) partly in gold and partly in local Because of the uncertainty of postwar condicurrencies and securities. The gold portion of tions, during the first 3 years a member country each country's quota is graduated in accordance may alter its rate by 10 per cent after consultawith the size of its gold holdings, up to a maxi- tion with the Fund in order to maintain a balmum of 50 per cent of the quota. The quota of anced position for that country. Further each country is determined by a formula which changes in the first three years require the aptakes account of its gold holdings, national in- proval of a majority vote of the Fund. come, the amount of its exports and fluctuations After the first three years changes in rates can in its net balance of trade. Aggregate quotas be made only when necessary for the correction shall amount to at least 5 billion dollars. of a fundamental disequilibrium and with the No country can be called on to contribute approval of a % vote of the Fund. more than its quota. For example, any dollars Although the Fund contemplates relative in addition to the United States contribution stability of exchange rates it does not contemcan be obtained by the Fund only by selling gold plate absolute rigidity. The Fund may recomto the United States or by borrowing. The mend changes in exchange rates as a means of Fund can not borrow here without our consent. restoring balance in an individual country's Voting PowTer: A country's share in the vot- foreign exchange transactions in those exing power and management of the Fund is de- ceptional cases where such action is deemed in termined as follows: each country has 100 votes the general interest. plus 1 vote for every million dollars contributed Capital Movements: Large movements of to the Fund. No country is entitled to more short-term funds from one country to another than one-fifth of the total voting power. In for speculative reasons or because of a loss of voting on the use of the Fund's resources, the confidence in the monetary system of a particuvotes of countries whose currencies in the Fund lar country have been a disturbing element in are being depleted are increased and those of international monetary relations. Under the countries whose currencies in the Fund are proposal, any country is allowed to control growing are decreased. capital movements into or out of the country Foreign Exchange Sales to Member Countries: and all countries agree to cooperate with other Each member country may, under safeguarding countries which have imposed controls on the provisions, purchase foreign exchange from the export of capital with the approval of the Fund, Fund for the purpose of meeting deficits in in- Furthermore, a country buying exchange from ternational balances of payments arising from the Fund may be required, if deemed essential, the purchase of goods and services. The Fund to control an outflow of capital as a condition may refuse to sell foreign exchange to a member of obtaining further aid from the Fund. country that is using the resources of the Fund Exchange Controls: Another disturbing eleto prevent or unduly delay the correction of a ment has been the rapid growth of restrictions maladjustment in its international position. of all sorts on foreign exchange transactions. The Fund may also require a country to take Under the proposal, member countries agree to steps to adjust its position as a condition for abandon all restrictions on foreign exchange providing additional exchange. transactions as soon as they feel that they are in The Fund may purchase blocked foreign bala position to do so, except for the restrictions ances held by member countries under repurchase which are imposed as a means of controlling provisions. Such purchases are limited to 10 capital movements.' All countries agree not to per cent of aggregate quotas in the first 2. years impose any new restrictions without the apof the Fund's operations. At the end of 2. years proval of the Fund except those required to conthe Fund will report a plan for gradual further trol capital movements. More specifically, liquidation of blocked balances. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION member countries agree not to enter into any if, in the judgment of the Fund, these arrangenew bilateral clearing arrangements nor to have ments retard the growth of world trade or the different exchange rates for different purposes international flow of productive capital. AN INTERNATIONAL STABILIZATION FUND OF THE UNITED AND ASSOCIATED NATIONS [Preliminary Draft Outline, Revised July 10, 1943] international trade. Clearly, such formidable FOREWORD problems can be successfully handled only By HENRY MORGENTHAU, Jr., Secretary of the through international action. Treasury The creation of instrumentalities adequate to When the United Nations have brought this deal with the inevitable postwar monetary war to a successful conclusion, they will be problems should not be postponed until the end faced with many urgent international economic of hostilities. It would be ill-advised, if not and financial problems. Some of these are new dangerous, to leave ourselves unprepared at the problems arising directly from this war; others end of the war for the difficult task of interare continuing consequences of failure to solve national monetary cooperation. Specific and the problems that have been with us since the practical proposals must be formulated by the last war. The solution of these problems is experts and must be carefully considered by the essential to the development of a sound economic policy-shaping officials of the various countries. foundation for world peace and prosperity. In each country acceptance of a definitive All of the important international economic plan can follow only upon legislative or execuand financial problems are closely interrelated. tive action. And even when a plan is finally Monetary stabilization, commercial policy, the adopted, much time will be consumed in prepaprovision of long-term international credit, ration before an international institution for promotion of stability in the prices of primary monetary cooperation can begin effective work. products, and arrangements for relief and re- There is another important reason for initihabilitation are problems that join at innumer- ating now concrete discussions of specific able points. Nevertheless, because of their proposals. A plan for international monetary complexity, they must be taken up separately, cooperation can be a factor in winning the war. although each in turn must be integrated with It has been suggested, and with much cogency, the rest. that the task of assuring the defeat of the Axis It is generally recognized that monetary powers would be made easier if the victims of stability and protection against discriminatory aggression could have greater assurance that a currency practices are essential bases for the victory of the United Nations will not mean in revival of international commerce and finance. the economic sphere a repetition of the ex- For this reason, an appropriate starting point change instability and monetary collapse that might well be the consideration of postwar followed the last war. The people in all of the international monetary problems. Success in United Nations must be given some assurance dealing with international monetary problems that there will not again be two decades of in the postwar period will contribute toward postwar economic disruption. The people must final solution of the other international financial know that we at last recognize the fundamental and economic problems. Despite the technical truth that the prosperity of each country is difficulties involved, the common interest which closely linked to the prosperity of other all countries have in the solution of postwar countries. monetary problems provides a basis for One of the appropriate agencies to deal with agreement. international economic and monetary problems It is still too soon to know the precise form would be an international stabilization fund and magnitude of postwar monetary problems. with resources and powers adequate to the task But it is certain that we shall be confronted of helping to achieve monetary stability and of with three inseparable monetary tasks: to pre- facilitating the restoration and balanced growth vent the disruption of foreign exchanges, to of international trade. A proposal along these avoid the collapse of monetary systems, and to lines was drafted by American technical exfacilitate the restoration and balanced growth of perts and made public on April 7, 1943. There SEPTEMBER 1943 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION have been informal discussions on this draft in national stabilization fund, and its provisions which nearly thirty countries have participated. are in every sense tentative. Obviously, there These discussions have shown that all countries are many details that have been omitted and think joint action in this field is necessary for that can be better formulated after there is the reconstruction of the world economy. agreement on the more important points. We It is recognized that an international stabiliza- believe that a workable and acceptable plan can tion fund is only one of the instrumentalities emerge only from the joint efforts of the United which may be needed in the field of international Nations supported by enlightened public economic cooperation. Other agencies may be opinion. needed to provide long-term international credit for postwar reconstruction and development, PRELIMINARY DRAFT OUTLINE OF A PROPOSAL FOR to provide funds for rehabilitation and relief, AN INTERNATIONAL STABILIZATION FUND OF and to promote stability in the prices of primary THE UNITED AND ASSOCIATED NATIONS international commodities. There is a strong inclination on the part of some to entrust to a PREAMBLE single agency the responsibility for dealing I. There is a growing recognition that with these and other international economic progress toward establishment of a functioning problems. We believe, however, that an inter- democratic world in the postwar period will national economic institution can operate most depend on the ability of free peoples to work effectively if it is not burdened with diverse together in solving their economic problems. duties of a specialized character. Not the least of these is the problem of how to Although an international stabilization fund prevent a widespread breakdown of currencies can provide the facilities for cooperation on with resultant international economic disorder. monetary questions, the establishment of such We must assure a troubled world that the free an institution would not of itself assure the countries will solve these perplexing problems, solution of these difficult problems. The opera- and that they will not resort to competitive tions of such a fund can be successful only if exchange depreciation, multiple currency practhe powers and resources of the fund are used tices, discriminatory bilateral clearing, or other wisely, and if member countries cooperate with destructive foreign exchange devices. the fund's endeavors to maintain international z. These are not transitory problems of the equilibrium at a high level of international immediate postwar period affecting only a few trade. Such cooperation must include com- countries. The history of the past two decades mercial policies designed to reduce trade barriers shows that they are continuing problems of and to terminate discriminatory practices that vital interest to all countries. There must be a have in the past hampered the balanced growth general realization that world prosperity, like of international trade. The nations of this world peace, is indivisible. Nations must world can be prosperous only if they are good act together to restore multilateral international neighbors in their economic as well as their trade, and to provide orderly procedure for the political relations. maintenance of balanced economic growth. The draft proposals that have been put for- Only through international cooperation will it ward on a tentative basis have received wide be possible for countries successfully to apply publicity in the United States, the United King- measures directed toward attaining and maindom, Canada, and in other countries. It is in taining a high level of employment and income the best democratic tradition that the people which must be the primary objective of should have the fullest opportunity to express economic policy. their views and to shape the policies of their 3. The International Stabilization Fund of Governments on the important problems af- the United and Associated Nations is proposed fecting national well-being. And it is an as a permanent institution for international extension of this tradition that all the United monetary cooperation. The resources of this Nations should have an opportunity to partici- Fund would be available under adequate safepate in the formulation of a program for inter- guards to maintain currency stability, while national monetary cooperation. giving member countries time to correct malad- This revised draft is published with the hope justments in their balance of payments without that it will call forth further comments and resorting to extreme measures destructive of constructive suggestions. It aims to present international prosperity. The resources of the only the essential elements of a workable inter- Fund would not be used to prolong a basically 8 z FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION unbalanced international position. On the II. COMPOSITION OF THE FUND contrary, the Fund would be influential in 1. The Fund shall consist of gold and the curinducing countries to pursue policies making rencies and securities of member governments. for an orderly return to equilibrium. z. Each of the member countries shall sub- 4. The Fund would deal only with member scribe a specified amount, to be called its quota. governments and their fiscal agents, and would The aggregate of quotas of the member counnot intrude in the customary channels for contries shall be the equivalent of at least 5 billion ducting international commerce and finance. dollars. The Fund is intended to provide supplemental 3. Each member country shall meet its quota facilities for the successful functioning of the contribution in full on or before the date set established foreign exchange institutions and to by the Board of Directors for the Fund's operafree international commerce from harmful retions to begin. strictions. (a) A country shall pay in gold not less than 5. The success of the Fund must ultimately an amount determined as follows. If its depend upon the willingness of nations to act gold and free foreign exchange holdings together on their common problems. Interare : national monetary cooperation should not be (i) In excess of three times its quota, it regarded as a matter of generosity. All counshall pay in gold 50 per cent of its tries have a vital interest in the maintenance of quota. international monetary stability, and in the (ii) More than two but less than three balanced growth of multilateral international times its quota, it shall pay in gold trade. 40 per cent of its quota plus 10 per cent of its holdings in excess of I. PURPOSES OF THE FUND twice its quota. The United Nations and the countries associ- (iii) More than its quota but less than twice its quota, it shall pay in gold ated with them recognize, as declared in the 30 per cent of its quota plus 10 per Atlantic Charter, the need for the fullest cocent of its holdings in excess of its operation among nations with the object of quota, securing economic advancement and rising (iv) Less than its quota, it shall pay in standards of living for all. They believe that gold 30 per cent of its holdings. attainment of these objectives will be facili- The gold payment required of a memtated *by international monetary cooperation. ber country, substantial parts of whose Therefore, it is proposed that there be estab- home areas have been wholly or partly lished an International Stabilization Fund with occupied by the enemy, shall be only the following purposes: three-fourths of the above. (For other 1. To help stabilize the foreign exchange gold provisions, cf. v-z-a and v-6, 7.) rates of the currencies of the United Nations and A member country may include in the the countries associated with them. legal reserve account and in the published z. To shorten the periods and lessen the de- statement of the reserves of gold and gree of disequilibrium in the international foreign exchange in its Treasury or balance of payments of member countries. Central Bank, an amount not to exceed its gold contribution to the Fund, minus 3. To help create conditions under which the its net purchases of foreign exchange smooth flow of foreign trade and of productive from the Fund paid for with local capital among the member countries will be currency. fostered. (#) It shall pay the remainder of its quota in 4. To facilitate the effective utilization of the local currency, except that a- member blocked foreign balances accumulating in some country may substitute government secountries as a consequence of the war situation. curities (redeemable at par) for local 5. To reduce the use of such foreign exchange currency up to 50 per cent of its quota. restrictions, bilateral clearing arrangements, 4. A quota for each member country shall be multiple currency devices, and discriminatory computed by an agreed upon formula which foreign exchange practices as hamper world gives due weight to the important relevant trade and the international flow of productive factors, e. g., a country's holdings of gold and capital. free foreign exchange, the magnitude and the SEPTEMBER 1943 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION fluctuations of its balance of international the value of its currency in terms of unitas and payments, its national income, etc. to the value of unitas in terms of gold. (Cf. Before computing individual quotas on the vii-1.) basis of the agreed upon formula, there shall be 3. No change in the value of the currencies reserved an amount equal to 10 per cent of aggre- of member countries shall be permitted to alter gate quotas to be used as a special allotment for the value in unitas of the assets of the Fund. the equitable adjustment of quotas. Where Whenever the currency of a member country the initial quota of a member country as com- has depreciated to a significant extent, that puted by the formula is clearly inequitable, the country must deliver to the Fund when requota may be increased from this special allot- quested an amount of its local currency or ment. securities equal to the decrease in the unitas 5. Quotas shall be adjusted on the basis of value of the Fund's holdings of the local curthe most recent data 3 years after the establish- rency and securities of the country. Likewise, ment of the Fund, and at intervals of 5 years if the currency of a member country should thereafter, in accordance with the agreed upon appreciate to a significant extent, the Fund must formula. In the period between adjustment of return to that country an amount (in the curquotas, the Fund may increase the quota of a rency or securities of that country) equal to country, where it is clearly inequitable, out of the resulting increase in the unitas value of the the special allotment reserved for the equitable Fund's holdings. adjustment of quotas. 6. Any changes in the formula by which the IV. EXCHANGE RATES quotas of member countries are determined shall 1. The rates at which the Fund will buy and be made only with the approval of a four-fifths sell one member currency for another and at vote of the Board. which the Fund will buy and sell gold for local 7. No increase shall be made in the quota of a currency shall be established in accordance with member country under 11-4, 5, or 6 without the the provisions below. (Cf. also in-x and v-2..) consent of the representative of the country 2.. The initial rates of exchange for member concerned. countries' currencies shall be determined as 8. The resources of the Fund shall be used exfollows: clusively for the benefit of the member countries. (jd) For any country which becomes a member prior to the date on which the Fund's III. MONETARY UNIT OF THE FUND operations begin, the rates initially used 1. The monetary unit of the Fund shall be by the Fund shall be based upon the value the unitas (UN) equal in value to 137^ grains of the currency in terms of United States of fine gold (equivalent to $10). No change in dollars which prevailed on July 1, 1943. the gold value of the unitas shall be made If, in the judgment of either the memexcept with the approval of 85 per cent of the ber country or the Fund, the above rate member votes. When such change is made, is clearly inappropriate, the initial rate the gain or loss sustained by the Fund on its shall be determined by consultation beholdings of gold shall be distributed equitably tween the member country and the Fund. among the members of the Fund. No operations in such currency shall be The accounts of the Fund shall be kept and undertaken by the Fund until a rate has published in terms of unitas. been established which has the approval 2.. The value of the currency of each member of the Fund and of the member country country shall be established in terms of unitas in question. and may not be altered except as provided in (£) For any member country which has been iv-5, below. (Cf. IV-I, i, below.) occupied by the enemy, the Fund shall No member country shall purchase or ac- use the exchange rate fixed by the governquire gold, directly or indirectly, at a price in ment of the liberated country in consultaterms of its national currency in excess of the tion with the Fund and acceptable to the parity which corresponds to the value of its Fund. Prior to the fixing of a definitive currency in terms of unitas and to the value of rate, operations in such currency may be unitas in terms of gold; nor shall any member undertaken by the Fund with the apcountry sell or dispose of gold, directly or in- proval of the Board at a tentative rate directly, at a price in terms of its national cur- of exchange fixed by the member country rency below the parity which corresponds to in consultation with the Board. No 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION operations shall be continued under this markets within the range established by the provision for more than 3 months after Fund. the liberation of the country or when z. To sell to the Treasury of any member the local currency holdings of the Fund country (or Stabilization Fund or Central Bank exceed the quota of the country, except acting as its agent) at the accepted rate of that under special circumstances the exchange, currency of any member country period and the amount of such opera- which the Fund holds, provided that: tions may be extended by the Fund. (a) The foreign exchange demanded from the 3. The Fund shall not come into operation Fund is required to meet an adverse until agreement has been reached on the ex- balance of payments predominantly on change rates for currencies of countries repre- current account with any member counsenting a majority of the aggregate quotas. try. (Cf. v-3, for capital transfers.) 4. The Fund shall determine the range within When the gold and free foreign exwhich the rates of exchange of member cur- change holdings of a member country rencies shall be permitted to fluctuate. (Cf. exceed 50 per cent of its quota, the Fund vii-i.) in selling foreign exchange to such mem- 5. Changes in the exchange value of the ber country shall require that one-half currency of a member country shall be con- of such exchange shall be paid for with sidered only when essential to the correction of gold or foreign exchange acceptable to fundamental disequilibrium in its balance of the Fund. (Cf. v-6, 7; on gold colpayments, and shall be made only with the lateral, see v-2.-c.) approval of three-fourths of the member votes (F) The Fund's total holdings of the curincluding the representative of the country rency and securities of any member concerned. country shall not exceed the quota of Because of the extreme uncertainties of the such country by more than 50 per cent immediate postwar period, the following ex- during the first year of operation of the ceptional provisions may be used during the Fund, and thereafter shall not exceed first 3 years of the Fund's operations: such quota by more than 100 per cent (a) When the existing rate of exchange of a (except as otherwise provided below). member country is clearly inconsistent The total holdings thus permitted are with the maintenance of a balanced inter- termed the -permissible quota of a counnational payments position for that try. When the Fund's holdings of local country, changes from the established currency and securities are equal to the rate may be made at the special request permissible quota of a country, the Fund of that country and with the approval may sell foreign exchange for such addiof a majority of the member votes. tional local currency only with the (V) A member country may change the estab- specific approval of the Board of Dilished rate for its currency by not more rectors (cf. vi-3-a, below), and provided than 10 per cent provided that the mem- that at least one of the following two ber country shall notify the Fund of its conditions is met: intention and shall consult with the (i) In the judgment of the Fund satis- Fund on the advisability of its action. factory measures are being or will be taken by the country whose cur- V. POWERS AND OPERATIONS rency is acquired by the Fund, to The Fund shall have the following powers: correct the disequilibrium in the 1. To buy, sell and hold gold, currencies, and country's balance of payments; or government securities of member countries; to (ii) It is believed that the balance of earmark and transfer gold; to issue its own obli- payments of the country whose curgations, and to offer them for discount or sale rency is acquired by the Fund will in member countries. be such as to warrant the expecta- The Fund shall purchase for local currency or tion that the excess currency needed foreign exchange any member currency holdings of the Fund can be disposed in good standing acquired by another member of within a reasonable time; country in settlement of a balance of payments Provided further, that when the Fund's on current account, where such currency can holdings of the currency of any member not be disposed of in the foreign exchange country or countries fall below zo per SEPTEMBER 1943 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION cent of their respective quotas, the sale The representative of the country in question shall also require the approval of the shall be a member of the Fund committee representatives of these countries. appointed to draft the report. This report (c) When the Fund's holdings of local cur- shall be sent to all member countries and, if rency and securities exceed the per- deemed desirable, be made public. Member missible quota of a country, the Board countries agree that they will give immediate may require the member country to de- and careful attention to recommendations made posit collateral in accordance with by the Fund. regulations prescribed by the Board. 5. Whenever it becomes evident to the Board Such collateral shall take the form of of Directors that the anticipated demand for gold, foreign or domestic currency or any particular currency may soon exhaust the Government bonds, or other suitable Fund's holdings of that currency, the Fund shall collateral within the capacity of the inform the member countries of the probable member country. supply of the currency and of a proposed method (d) When, in the judgment of the Fund, a for its equitable distribution, together with member country, whose currency and suggestions for helping to equate the anticisecurities held by the Fund exceed its pated demand for and supply of that currency. quota, is exhausting its permissible quota The Fund shall make every effort to increase more rapidly than is warranted, or is the supply of the scarce currency by acquiring using its permissible quota in a manner that currency from the foreign balances of that clearly has the effect of preventing member countries. The Fund may make special or unduly delaying the establishment of a arrangements with any member country for the sound balance in its international ac- purpose of providing an emergency supply counts, the Fund may place such condi- under appropriate conditions which are acceptations upon additional sales of foreign ble to both the Fund and the member country. exchange to that country as it deems to To facilitate appropriate adjustment in the be in the general interest of the Fund. balance of payments position of member coun- 3. The Fund may sell foreign exchange to a tries, and to help correct the distortions in the member country, under conditions prescribed pattern of trade balances, the Fund shall apporby the Fund, to facilitate a transfer of capital, tion its sales of such scarce currency. In such or repayment or adjustment of foreign debts, apportionment, it shall be guided by the when in the judgment of the Board such a principle of satisfying the most urgent needs transfer is desirable from the point of view of from the point of view of the general interthe general international economic situation, national economic situation. It shall also provided the Fund's holdings of the currency consider the special needs and resources of the and securities of the member country do not particular countries making the request for the exceed 150 per cent of the quota of that country. scarce currency. When the Fund's holdings of the local currency The right of any member country to acquire and securities of a member country exceed 150 an amount of other currencies equal to its perper cent of the quota of that country, the Fund missible quota shall be limited by the necessity may, in exceptional circumstances, sell foreign of assuring an appropriate distribution among exchange to the member country for the above the various members of any currency the supply purposes with the approval of three-fourths of of which is scarce. the member votes. (Cf. v-i-a, above; on vot- 6. In order to promote the most effective use ing, vi-3-a, below.) of the available and accumulating supply of 4. When the Fund's holdings of the currency foreign exchange resources of member countries, and securities of a member country become ex- each member country agrees that it will offer to cessively small in relation to prospective acquisi- sell to the Fund, for its local currency or for tions and needs for that currency, the Fund foreign currencies which the member country shall render a report to that country. The needs, one-half of the foreign exchange rereport shall embody an analysis of the causes of sources and gold it acquires in excess of its the depletion of the Fund's holdings of that official holdings at the time it became a memcurrency, a forecast of the prospective balance ber of the Fund, but no country need sell gold of payments in the absence of special measures, or foreign exchange under this provision unless and finally, recommendations designed to in- its official holdings (/'. e., Treasury, Central crease the Fund's holdings of that currency. Bank, Stabilization Fund, etc.') are in excess of 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION X5 per cent of its quota. For the purpose of than one per cent, payable in gold, shall this provision, only free and liquid foreign be levied annually against each country exchange resources and gold shall be considered. on the amount of such balances remain- The Fund may accept or reject the offer. (Cf. ing to be purchased by it. 11-3-a, v-2.-a, and v-7.) 0?) If the country selling blocked balances to /To help achieve this objective each member the Fund asks for foreign exchange rather country agrees to discourage the excessive accu- than local currency, the request will not mulation of foreign exchange resources and gold be granted unless the country needs the by its nationals. The Fund shall inform any foreign exchange for the purpose of member country when, in its opinion, any meeting an adverse balance of payments further growth of privately held foreign ex- not arising from the acquisition of gold, change resources and gold appears unwar- the accumulation of foreign balances, or ranted. other capital transactions. |l 7. When the Fund's holdings of the local (/) Either country may, at its option, incurrency and securities of a member country crease the amount it repurchases annually. exceed the quota of that country, the Fund shall, But, in the case of the country selling upon request of the member country, resell to blocked balances to the Fund, not more the member country the Fund's excess holdings than z per cent per annum of the original of the currency of that country for gold or sum taken over by the Fund shall become acceptable foreign exchange. (Cf. v-14, for free, and only after 3 years shall have charges on holdings in excess of quota.) elapsed since the sale of the balances to 8. To buy from the governments of member the Fund. countries, blocked foreign balances held in (g) The Fund has the privilege of disposing other member countries, provided all the of any of its holdings of blocked balances following conditions are met: as free funds after the z3-year period is (a) The blocked balances are held in member passed, or sooner under the following countries and are reported as such (for conditions: the purpose of this provision) by the (i) Its holdings of the free funds of the member governments and are verified country in which the balances are by the Fund. held fall below zo per cent of its (£) The member country selling the blocked quota; or balances to the Fund agrees to transfer (ii) The approval is obtained of the counthese balances to the Fund and to re- try in which the balances are held. purchase from the Fund 40 per cent of (P) The country in which the blocked them (at the same price) with gold or balances are held agrees not to impose such free currencies as the Fund may wish any restrictions on the use of the installto accept, at the rate of z per cent of the ments of the 40 per cent portion gradually transferred balances each year for zo repurchased by the country which sold years beginning not later than 3 years the balances to the Fund. after the date of transfer. (f) The Fund agrees not to sell the blocked (/) The country in which the blocked balances acquired under the above aubalances are held agrees to transfer to the thority, except with the permission or Fund the balances described in (F) above, at the request of the country in which and to repurchase from the Fund 40 per the balances are being held. The Fund cent of them (at the same price) with may invest these balances in the ordinary gold or such free currencies as the Fund or special government securities of that may wish to accept, at the rate of z country. The Fund shall be free to sell per cent of the transferred balances each such securities in any country under the year for zo years beginning not later provisions of v-11, below. than 3 years after the date of transfer. (/) The Fund shall determine from time to (d) A charge of 1 per cent on the amount of time the maximum proportion of the blocked balances sold to the Fund, pay- blocked balances it will purchase under able in gold, shall be levied against the this provision. country selling its blocked balances and Provided, however, that during the first against the country in which the balances z years of its operation, blocked balances are held. In addition a charge of not less purchased by the Fund shall not exceed SEPTEMBER 1943 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION in the aggregate 10 per cent of the quotas holdings of its currency in excess of the perof all member countries. At the end of missible quota of that country. 2. years of operation, the Fund shall In case the Fund finds its necessary to borrow propose a plan for the gradual further currency to meet the demands of its members, liquidation of blocked balances still out- an additional charge, payable in gold, shall be standing indicating the proportion of made by the Fund sufficient to cover the cost the blocked balances which the Board of the borrowing. considers the Fund can appropriately 15. To levy upon member countries a pro rata purchase. share of the expenses of operating the Fund, Blocked balances acquired under this pro- payable in local currency, not to exceed onevision shall not be included either in computing tenth per cent per annum of the quota of each the amount of foreign exchange available to country. The levy may be made only to the member countries under their quotas (cf. extent that the earnings of the Fund are inv-2., 3), or in computing charges on balances of adequate to meet its current expenses. local currency in excess of the quotas (cf. v-14). 16. The Fund shall deal only with or through: (a) The Treasuries, Stabilization Funds, or 9. To buy and sell currencies of nonmember Central Banks acting as fiscal agents of countries but shall not acquire more than member governments. 10 million dollars of the currency of any one (F) Any international banks owned prenonmember country nor hold such currencies dominantly by member governments. beyond 60 days after date of purchase except The Fund may, nevertheless, with the apwith the approval of the Board. proval of the representatives of the govern- 10. To borrow the currency of any member ments of the countries concerned, sell its own country provided the additional amount is securities, or securities it holds, directly to the needed by the Fund and provided the reprepublic or to institutions of member countries. sentative of that country approves. 11. To sell member-country obligations VI. MANAGEMENT owned by the Fund provided that the representatives of the country issuing the securities 1. The administration of the Fund shall be and of the country in which the securities are vested in a Board of Directors. Each governto be sold approve, except that the approval ment shall appoint a director and an alternate, of the representative of the issuing country in a manner determined by it, who shall serve shall not be necessary if the obligations are to for a period of 5 years, subject to the pleasure be sold in its own market. of their government. Directors and alternates To use its holdings to obtain rediscounts or may be re appointed. x. In all voting by the Board, the director or advances from the Central Bank of any country alternate of each member country shall be enwhose currency the Fund needs. titled to cast an agreed upon number of votes. 12.. To invest any of its currency holdings in The distribution of basic votes shall be closely government securities of the country of that related to the quotas of member countries, currency provided that the representative of although not in precise proportion to the quotas. the country approves. An appropriate distribution of basic voting 13. To lend to any member country its local power would seem to be the following: Each currency from the Fund for 1 year or less up to country shall have 100 votes, plus 1 vote for 75 per cent of the currency of that country held the equivalent of each 100,000 unitas (1 million by the Fund, provided the local currency holddollars) of its quota. ings of the Fund are not reduced below 2.0 per No country shall be entitled to cast more cent of the quota. than one-fifth of the aggregate basic votes, 14. To make a service charge on all gold and regardless of its quota. exchange transactions. 3. All voting shall be according to basic To levy a charge uniform to all countries, at votes except as follows: a rate not less than 1 per cent per annum, pay- (a) In voting on proposals to authorize the able in gold, against any country on the amount sale of foreign exchange, each country of its currency held by the Fund in excess of the shall cast a number of votes modified quota of that country. An additional charge, from its basic vote: payable in gold, shall be levied by the Fund (i) By the addition of one vote for each against any member country on the Fund's 2. million dollars of net sales of its 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION currency by the Fund (adjusted for manner consistent with the general policies its net transactions in gold), and and practices of the Board. (ii) By the subtraction of one vote for 9. The Board of Directors may establish each 2. million dollars of its net pur- procedural regulations governing the operachases of foreign exchange from the tions of the Fund. The officers and committees Fund (adjusted for its net transactions of the Fund shall be bound by such regulations. in gold). 10. The Board of Directors shall hold an (F) In voting on proposals to suspend or annual meeting and such other meetings as it restore membership, each member coun- may be desirable to convene. The annual meettry shall cast one vote, as provided in ing shall be held in places designated by the v-n, below. Executive Committee, but not more than one 4. All decisions, except where specifically annual meeting in any 5-year period shall be provided otherwise, shall be made by a ma- held within the same member country. jority of the member votes. On request of member countries casting one- 5. The Board of Directors shall select a fourth of the votes, the Chairman shall call a Managing Director of the Fund and one or more meeting of the Board for the purpose of conassistants. The Managing Director shall be- sidering any matters placed before it. come an ex officio member of the Board and shall 11. A country failing to meet its obligations be chief of the operating staff of the Fund. to the Fund may be suspended provided a The operating staff shall be selected in accord- majority of the member countries so decides. ance with regulations established by the Board While under suspension, the country shall be of Directors. denied the privileges of membership but shall be 6. The Board of Directors shall appoint subject to the same obligations as any other from among its members an Executive Com- member of the Fund. At the end of 1 year the mittee of not less than 11 members. The country shall be automatically dropped from Chairman of the Board shall be Chairman of the membership unless it has been restored to good Executive Committee, and the Managing Di- standing by a majority of the member countries. rector of the Fund shall be an ex officio member Any country may withdraw from the Fund of the Executive Committee. by giving notice, and its withdrawal will take The Executive Committee shall be continu- effect 1 year from the date of such notice. Durously available at the head office of the Fund ing the interval between notice of withdrawal and shall exercise the authority delegated to it and the taking effect of the notice, such country by the Board. In the absence of any member shall be subject to the same obligations as any of the Executive Committee, his alternate shall other member of the Fund. act in his place. Members of the Executive A country which is dropped or which with- Committee shall receive appropriate remun- draws from the Fund shall have returned to it an eration. amount in its own currency equal to its con- 7. The Board of Directors may appoint such tributed quota, plus other obligations of the other committees as it finds necessary for the Fund to the country, and minus any sum owed work of the Fund. It may also appoint ad- by that country to the Fund. Any losses of the visory committees chosen wholly or partially Fund may be deducted pro rata from the confrom persons not employed by the Fund. tributed quota to be returned to the country that 8. The Board of Directors may at any meet- has been dropped or has withdrawn from meming authorize any officers or committees of the bership. Local currency holdings of the Fund Fund to exercise any specified powers of the in excess of the above shall be repurchased by Board not requiring more than a majority vote. that country with gold or foreign exchange The Board may delegate any authority to the acceptable to the Fund. Executive Committee, provided that the dele- When any country is chopped or withdraws gation of powers requiring more than a majority from membership, the rights of the Fund shall of the member votes can be authorized only by be fully safeguarded. The obligations of a a majority (of the Board) of the same size as country to the Fund shall become due at the specified, and can be exercised by the Execu- time it is dropped or withdraws from membertive Committee only by like majority. ship; but the Fund shall have 5 years within Delegated powers shall be exercised only which to liquidate its obligations to such until the next meeting of the Board, and in a country. 839 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION 12.. Net profits earned by the Fund shall be free from any restrictions as to their use. This distributed in the following manner: provision does not apply to blocked foreign (a) Fifty per cent to reserves until the re- balances acquired by the Fund in accordance serves are equal to 10 per cent of the with the provisions of v-8, above. aggregate quotas of the Fund. 4. To cooperate effectively with other mem- (V) Fifty per cent to be divided each year ber countries when such countries, with the among the members in proportion to approval of the Fund, adopt or continue contheir quotas. Dividends distributed to trols for the purpose of regulating international each country shall be paid in its own movements of capital. Cooperation shall incurrency or in gold at the discretion of clude, upon recommendation by the Fund, the Fund. measures that can appropriately be taken, such as: VII. POLICIES OF MEMBER COUNTRIES (a) Not to accept or permit acquisition of Each member country of the Fund undertakes deposits, securities, or investments by the following: nationals of any member country imposi. To maintain by appropriate action ex- ing restrictions on the export of capital change rates established by the Fund on the except with the permission of the governcurrencies of other countries, and not to alter ment of that country and the Fund; exchange rates except as provided in iv-5, (b) To make available to the Fund or to the above. government of any member country such Exchange rates of member countries may be information as the Fund considers necespermitted to fluctuate within the specified sary on property in the form of deposits, range fixed by the Fund. securities and investments of the nationals 2.. Not to engage in exchange dealings with of the member country imposing the member or nonmember countries that will restrictions. undermine stability of exchange rates estab- 5. Not to enter upon any new bilateral clearlished by the Fund. ing arrangements, nor engage in multiple cur- 3. To abandon, as soon as the member counrency practices, which in the judgment of the try decides that conditions permit, all restric- Fund would retard the growth of world trade tions (other than those involving capital or the international flow of productive capital. transfers) over foreign exchange transactions 6. To give consideration to the views of the with other member countries, and not to im- Fund on any existing or proposed monetary or pose any additional restrictions (except upon economic policy, the effect of which would be capital transfers) without the approval of the to bring about sooner or later a serious dis- Fund. equilibrium in the balance of payments of other The Fund may make representations to memcountries. ber countries that conditions are favorable for the abandonment of restrictions over foreign 7. To furnish the Fund with all information exchange transactions, and each member coun- it needs for its operations and to furnish such try shall give consideration to such repre- reports as the Fund may require in the form sentations. and at the times requested by the Fund. All member countries agree that all of the 8. To adopt appropriate legislation or delocal currency holdings of the Fund shall be crees to carry out its undertakings to the Fund. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National Bank for modity market the excess purchasing power which had resulted from an insufficiency of the year ending December 51, 1942, was -presented to the supplies of goods. annual meeting of the shareholders by the Board of Directors on February in, 1943. The text of the WARTIME SUPPLY PROBLEMS report is given in translation herewith:1 It is evident that the increasing difficulties By its duration and extension to all continents, which have been besetting international trade the war has paralyzed even more completely must affect the Swiss economy with increasing than in previous years the functioning of world severity. There was no interruption of negotiaeconomy—already so shattered that its very tions with foreign countries to assure our supply existence might be doubted. Whereas before of foodstuffs and raw materials. The precarious the conflict the currents of commercial relations state of the food supply of the country and flowed out in all directions, the exchange of the indeterminate length of the war forced goods today can scarcely be effected at all except the authorities to issue a succession of new as domestic trade within certain groups of measures. On the one hand, increases in agricountries. The blockade measures applied by cultural and industrial production, intensive both belligerents and the scarcity of transporta- exploitation of our own resources of raw matetion facilities, more particularly of shipping, rials, the manufacture of substitute products have impeded commerce even more; furthermore, and the utilization of salvaged materials have all countries restrict the import of nonessentials increased the supply of goods; while on the and the export of essential goods. The dis- other hand restrictions, the allocation of raw ruptions in economic life occasioned by the war materials, limitation of deliveries of coal, rationhave been extended and multiplied. Efforts ing of electric power, and other provisions have are made to mitigate the effects of the blockade directed consumption into fixed channels. The through the development of agricultural and changes which have occurred and the adaptation industrial production. In order to increase the to the conditions of an economy of scarcity can production of war materials countries engaged not be accomplished without a deep encroachin the conflict have found themselves forced to ment on the private economy. utilize all available manpower and to reduce The development of imports shows strikingly considerably the output of goods for civilian how war hampered the building up of stocks of consumption. Since in all countries the whole foodstuffs and raw materials. In the course of population is at work, the problem with which the year, only 44x,ooo carloads of 10 tons each the governments have been concerned is not one reached Switzerland—about 10 per cent less of unemployment but rather that of the widen- than the preceding year. Imports amounted to ing gap between the production and the demand about three-fifths of the volume reported in 1938 for goods. In order to insure the most equitable and hardly half of that in 1939—a year when distribution possible of articles of consumption imports were, it is true, extraordinarily high. and to maintain equilibrium between purchasing As for exports, they corresponded to about 65 power and the supply of goods, the State has per cent (by weight) of the figure for the last had to intervene not only to increase production prewar year. From the index of average values but to direct consumption as well. The govern- in our foreign trade statistics, weighted accordments have tried, with varying success, to pre- ing to volume, it appears that since 1938 imports vent the rise of prices and wages and for the on the average have risen 116 per cent and exsame purpose have limited the profits of enter- ports 61 per cent. This rise indicates that of prise. When the high level of business activity the value of imports—say 2^049 million francs— increased earnings, efforts were made by means more than half, viz., 1,100 million francs, is the of new taxes and the development of voluntary result of price increases while of 1,572. million and forced saving to drain away from the com- francs representing the value of exports, some 595 million is due to the rise in prices since 1 The report, available in French, contains, in addition, a section on 1938. Since import goods have shown a much the personnel and administration of the Bank as well as a number of supplementary tables showing the detailed operations of the Bank. greater rise than export commodities, the rela- For earlier reports, see BULLETIN for July 1942, July 1940, May 1939, tion between imports and exports has been etc. SEPTEMBER 1943 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK increasingly to our disadvantage. The striking yield to the numerous official regulations indifference which exists between the trend of stituting control of production and utilization import prices and that of export prices arises of output. The rise in prices of certain agrifrom the fact that Switzerland requires from cultural products has occasioned serious disabroad principally foodstuffs and raw materials, cussions on the problem of price. The index and sells abroad almost exclusively manu- of prices paid to producers has risen 8 per cent factured products. Experience shows that in during the year as against 18 per cent in 1941. wartime the rise of prices of raw materials and At the end of 1942., it is higher by 64 per cent food is greater and more rapid than that of than in 1939. According to the index of prices finished goods on which wages, which have not of agricultural equipment and supplies, agririsen in proportion, exert a strong influence. cultural costs have risen 50 per cent since the It must be remembered that considerable trans- outbreak of war. portation costs are included in the prices of import goods and that the prices of exports are in PRICES AND THE COST OF LIVING part set by trade agreements. The upward movement of the index of wholesale prices, which includes food, feed, and fer- INDUSTRY AND AGRICULTURE tilizers, as well as the price of industrial raw Although the scarcity of raw materials, of materials and secondary products, has slackened solid and liquid fuels, and of lubricants has off. It has gone up 100 per cent in round numforced enterprise to restrict its activity, industry bers since the opening of hostilities; the index in general has been fairly busy, thanks to the number of imported commodities has risen 157 steps taken for the manufacture of new articles per cent and that of domestic products 63 per and to bring about adaptation to changed con- cent. This year, as last, the new rise in the ditions. Construction of dwellings and of in- index of foreign goods is attributable principally dustrial buildings has likewise been more active to the increased transportation costs. The than during 1941 despite the scarcity and higher official index of the cost of living, which reports costs of materials. Since the execution of the the trend of prices of necessities and is calculated program for expansion of agriculture and of by taking as a base a fixed volume of consumppublic works has intensified the demand for tion goods, has increased 45.5 per cent since the manpower, the state of the labor market re- beginning of the war. mained favorable throughout the year. The The cause of the price rise up to the present is number of unemployed and of applications for well known. It results chiefly from swollen work were usually below the low figure of last prices of imports and from the increased costs year. If it is desired to get an exact idea of the incident to the expansion of agriculture, to the conditions prevailing in the labor market, ac- production of substitutes, and to the exploitacount must be taken of the number of workers tion of native raw materials. Moreover, since who are regularly under arms in voluntary the prices of agricultural products were relamilitary service or occupied in labor companies tively low before the war, concessions which or surveillance groups. are not entirely justified by increased prime The tourist trade remains unsatisfactory. costs have been granted to agriculture in this Compared with prewar years the number of field. The extraordinary expenditures continuforeigners is negligible; the majority of them ously made by the Confederation to insure the come to Switzerland to convalesce in the climate military and economic defense of the country of the high-mountain resorts. Although the have made an addition to the receipts and profits influx of Swiss visitors has been greater than in of private enterprise which taxation has only previous years, it was not sufficient to offset partially reabsorbed. Thus it is probable that the absence of the foreign clientele. they have intensified the demand for merchan- In the presence of the difficulties surrounding dise and accordingly exercised a certain influence the importation of foodstuffs, the abundant on the level of prices. crops obtained by our agriculture this year give The increasing cost of living in the past year occasion for the utmost satisfaction. With continued to hold the attention of the public. certain exceptions, the compulsory plan for the The rise of prices, by reducing purchasing power extension of cultivation has been successfully and discouraging the spirit of thrift, can be a carried out. The cultivated area is nearly disturbing factor in society. It would also double that of the prewar period. As in the render more difficult the reassociation of the case of industry, agriculture has been obliged to Swiss economy with the world economy in the 841 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK postwar period. That is why it is so necessary The commission recommends the setting up of a to combat it at any cost. Even though it descending scale of rates for prewar family inwould be out of the question to stabilize all comes above that average. Lastly, it obprices, it is necessary to consolidate forces to serves that the rates ought not to be applied prevent, as far as possible, any new price rise rigidly, but that account must be taken of the imposed on consumers or paid to producers. particular circumstances of the wage earners Present conditions do not appear unfavorable and of the enterprise. According to the quarto the attainment of a certain stability since by terly statistical reports on workers engaged in reason of the falling off of imports, of the calm industry, wages, including the allowances prevailing in the movement of prices on foreign regularly granted, have risen on an average markets, and the rise of domestic production, some 2.4 per cent between the outbreak of imported goods are no longer invested with the hostilities and the end of September 1942.. same importance as during the first years of the conflict. GOVERNMENT FINANCE During the past year, the advisory commis- Under war conditions, the national defense sion on wages, established in 1941 by the Federal and the provisioning of the country occasioned Department of Public Economy, has issued expenditures which imposed a heavy burden on directives and established standard rates for the the public finances. Up to the end of 1942., the adjustment of wages made necessary by the expenditures and contracts let for army needs rise in the cost of living. To determine these reached a total of 5.7 billion francs—amortized standard rates, the commission has used as a in the amount of 1.1 billion. About half of basis the official index of the cost of living the revenues were derived from a sacrifice tax; which expresses the price rise affecting the nec- 2.50 million were furnished by the devaluation essary expenses for the maintenance of a house- profits of the National Bank; taxes introduced hold; it has taken account, on the other hand, during the year produced, up to the end of of increases and decreases in consumption as 1941, 400 million francs in all. well as of changes in the character of expendi- It is to the interest of the entire national econtures by families of laborers and employees. omy, of the country's credit, and especially of The advisory commission on wages assumes the currency, that the extraordinary expendithat the official index number of the cost of tures be amortized as rapidly as possible. The living accurately reflects the movement of annual payment required to wipe out the debt in prices. But it is of the opinion that wage inthe period contemplated—say 2.0 years—is 335 creases are justifiable only in so far as they are million francs. Since supplemental revenues necessary for the purchase of goods, the quanof 155 million francs each year are necessary to tity of which is reduced because of the war. make up this amount, as the national defense It is of the opinion, also, that it is proper to tax and the tax on business turnover will bring consider not only reductions in supply due to in only 180 million francs, the Federal Council present circumstances but also increases which adopted a resolution on November zo, 1942., may occur later on. The data relative to the providing for an increase in the general tax for increases and decreases in consumption are national defense, the partial increase of the based on the fixed rations and quotas for goods business turnover tax, and the imposition of a under restriction, and on the estimates made by new sacrifice tax for national defense, the first the offices of war economy for other articles. instalment falling due in 1945. Moreover, the The estimates for the consumption of wage Federal Council is considering a tax deducted earners are based upon the surveys of houseat the source on the earnings of circulating hold expenditures, made in 1937 and 1938. capital; and besides on October 31, 1942., it put It results from the structure of consumption into effect the resolution of October 13, inthat the standard rates set up to adjust wages stituting a tax on luxury expenditures, the reto the cost of living decrease in proportion as turn from which will be held in reserve to proincome increases. At the end of September, vide for the unforeseen expenditure of the war they stood at 19 per cent for incomes less than economy as is that from the war profits tax. 3,000 frsncs, 2.4 per cent for incomes between In the course of the year the Confederation 3JOOD and 4,000 francs, 2.1 per cent for incomes twice resorted to the capital market. At the between 4,000 and 5,000 francs, 2.0 per cent for end of February and at the beginning of March incomes from 5,000-6,000 francs, and 18 per it issued for public subscription a 400 million cent for a prewar income averaging 7,300 francs. francs loan at 3^ per cent, amortizable in iz SEPTEMBER 1943 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK years, the proceeds of which have been used foreign exchange, settlement by the method of exclusively for conversion and repayment of clearing ("compensation") has gained imporprevious issues. In the middle of June, it tance in recent years. In 1938, only one-third of placed a loan amounting to 375 million francs. our foreign trade was handled through clearing Subscriptions to this issue greatly exceeded the agreements while in 1942. about three-fourths amounts required. The Confederation accepted was under this regime. This is a result of the 600 million francs in all, Z50 million in 1J/2 per fact that payments between Switzerland and cent certificates of deposit maturing in 7 years, European States other than Portugal and Sweden 2.50 million in 3^ per cent bonds redeemable are no longer free and that with the advent of in 15 years and 100 million francs in 3^ per war trade between Switzerland and these States cent bonds redeemable in 30 years. In addition has expanded because of the severe restrictions Treasury bills on the market which had reached on commercial relations with overseas areas. maturity have been renewed in part on terms Gold is generally used to cover deficits in the more favorable to the Confederation. balance of payments since the dollar can not be employed as a means of international payment FOREIGN EXCHANGE AND INTERNATIONAL to the same extent as formerly. Also, gold PAYMENTS transactions between the Swiss National Bank and foreign banks of issue have sometimes The Swiss monetary policy, the principles of reached considerable amounts. Switzerland which are established under the National Bank finds itself forced to make payment in gold not Law, the resolution of the Federal Council of only for commodities from different countries September 17, 1936, and the instructions of the but also for transportation costs. Federal Council promulgated on the same date, The National Bank makes a constant effort to has been directed, as hitherto, toward insuring facilitate payments abroad. To this end it has the greatest possible stability for the Swiss franc. concluded arrangements with banks of issue of The prices at which the bank of issue buys and South American States in order to put Swiss sells gold remain unchanged. francs at their disposal to pay for goods bought All efforts made to secure a relaxation of the in our country or to enable Swiss importers to control freezing Swiss assets in the United States meet their obligations more easily. and to obtain more freedom in payments, have, The foreign exchanges have in general reunfortunately, been without success; on the conmained stable; the rates of the principal extrary, difficulties have rather been aggravated. changes have not varied at all or at least have Thus the National Bank has been unable to undergone only minor fluctuations. Other accept dollars more liberally; it has limited countries also have attached greater importance itself, as before, to accepting those which origithan ever before to the maintenance of stability nated from the export of goods, from transit in exchange. Only the French franc has fallen, trade and insurance, or remittances to the diphaving dropped sharply in November, following lomatic corps, to the International Red Cross, the events in North Africa and the occupation of and to persons resident in Switzerland whose sole the whole of France by the Axis forces. At the support is made up of dollar funds. In return, end of January, 1942., the Danish monetary Switzerland has refused on principle dollars authorities revalued the krone by 8 per cent and arising from transfers or earnings of capital thereafter the clearing rate with Switzerland because she considers it necessary above all to rose from 83.2.5 to 90.08. After Switzerland safeguard the interests of foreign trade. In the had considered the collection of a compensatory absence of possibilities of using the dollar, the premium Denmark gave assurance, in an agreebank of issue must limit its acquisition of gold ment adopted February 2.6, 1942., that her princiand blocked exchange. Since importers' repal export products would be sold to Switzerland quirements can not nearly absorb the supply at the prices in force before the revaluation of from exporters and since it is practically imposthe krone. sible to utilize dollars in third countries, monetary reserves have been greatly increased. They consist principally of gold. GOLD TRANSACTIONS The agreement concluded with the banks in The evolution of the gold market in Switzer- September 1941, relative to the purchase and land and especially the trade in gold coin induced sale of dollars, remains in effect. the National Bank at the beginning of August to Whereas formerly international payments conclude an agreement with the banks concernwere carried out chiefly through the medium of ing the trade in the metal. However, the 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK measures taken were not adequate to bring order debentures and of the third instalment of the into the gold market; they remained ineffective national defense loan, the discount of commermainly because they provided no means of reach- cial and government-endorsed bills resulting ing certain important gold transactions which from the obligatory accumulation of stocks of were being negotiated without the aid of the goods, as well as the acquisition of gold and banks. That is why the Federal Council, at the foreign exchange by the bank of issue, supplied suggestion of the National Bank, issued its liquid funds to the market; but the calling up of resolution of December 7, 1942., regulating the subscriptions to federal loans in June absorbed trade in gold. By virtue of this resolution and more than half a billion francs. The fact that of the regulations issued the same day by the the defense expenditures of the Confederation, Federal Department of Public Economy and the the discount of commercial bills and the purchase Federal Department of Finance and Customs, all of gold and foreign exchange by the bank of issue persons desiring to trade in gold must be pro- did not produce, later on, a greater increase in vided with an authorization issued by the Cen- the available funds in the money market must be tral Bureau for the Control of Precious Metals; attributed to the fact that only a part of these only an authorized concessionnaire has the right funds returned to the central collection centers to buy or sell gold. The import and export of and also that toward the close of the year, cergold are permitted only under a written authori- tain holdings in giro accounts were converted zation from the National Bank; but this authori- into currency. zation is conditional and may be revoked at any The large volume of funds held by depositors time. Maximum prices for gold bars and gold in postal checking accounts also gives evidence coin are fixed by the Federal Price Control of a high degree of liquidity on the market; dur- Service by agreement with the National Bank. ing the entire year they exceeded 600 million They apply to domestic trade as well as to imfrancs and reached a maximum figure of 761 ports or exports. The maximum price, exclusive million. of the business turnover tax, for gold is 4,970 The demand by private enterprise for credit at francs per fine kilogram; for the Swiss 2.0-franc the bank of issue remained very limited. Only piece, it is 30.50 and for the 10-franc piece the discount of bills created for the obligatory 15.15 francs. At the same time the Federal accumulation of stocks of goods occasionally Department of Finance and Customs imposed the reached high levels, which declined temporarily business turnover tax—at present 4 per cent— when the Confederation was able to place its on the trade in Swiss and foreign gold coin available funds in bills of this type endorsed by which, however, had lost its function as a methe special war agencies. dium of exchange and become a mere commodity. In the course of the year new measures of land Thereafter it was customary, from the fiscal improvement were put into effect to insure the standpoint, to treat coins the same as gold bulfood supply of the country. In 1942 as in previlion which had been from the first subject to the ous years, the National Bank assisted in the turnover tax. The control of gold does not financing of a program to extend cultivation and in any way influence Swiss monetary policy. Its facilitated the reduction of costs by agreeing to establishment was necessary to prevent abuses rediscount bills so created. But these bills which might arise in commercial and arbitrage rarely entered the portfolio of the bank of issue; transactions in gold between Switzerland and in general they remained in the possession of the foreign countries from injuring our national banks which granted the credits. interests. The National Bank grants a monthly Although foreign banks of issue have found quota of gold to industries and individual artithe State resorting to them for credit to an insans who use the metal for trade and professional creasing extent, the portfolio of the Swisspurposes. National Bank contained bills of the Confederation for only a short period—from the end of THE MONEY MARKET March to the end of June and in the last weeks of During the entire year liquidity has prevailed December. The discount of government bills on the Swiss money market. Exclusive of the reached a maximum of 172 million francs but the debt of the Confederation, total deposits in giro average for the year was only 2.5 million. Thus, account at the bank of issue reached an annual creation of money to provide for the State's average of 1,197 million francs as against 1,309 requirements by recourse to the National Bank million last year. During the first half of the has been negligible in the past year; rather is it year the redemption of unconverted Federal the Confederation which has provided the bank SEPTEMBER 1943 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK of issue with funds, often in considerable vol- tion did not undergo any notable change in 194Z. ume, since they reached a maximum of 336 However, it registered some modifications by million francs and an annual average of 87 comparison with the prewar period. Since the million. circulation of 100-franc notes rose greatly from In 194Z, the prevailing rates of interest on the the end of 1938 to the end of 1942., their proporshort-term money market remained unchanged. tion in the total monetary circulation passed By agreement, the banks continued to apply the from 39.76 per cent to 42.-74 per cent while that private rate of ij^ per cent on bankers' accept- of 500 and 1,000-franc notes fell from 37.35 per ances and the highest grade of Swiss commercial cent to 34.98 per cent. Despite the considerable bills. The rates of the bank of issue—discount demand for small denominations, more suitable rate iJ/2 Per cent and rate on secured advances for payments than for hoarding, their proportion x}/2 per cent—did not undergo modification. in the volume of circulation showed a slight The policy of the National Bank is not one of decline. Mention should be made of the relamaintaining at all costs the lowest possible rate tively large increase in five-franc notes needed but rather of insuring moderate and stable rates. in larger volume for replacement of the "ecus" (5-franc silver coins). NOTE CIRCULATION During the early months of the year note cir- CAPITAL MARKET culation tended to rise somewhat, then registered The absorptive capacity of the Swiss capital the usual fluctuations until autumn, thereafter market has created conditions favorable to the rising in the last months of the year from a high placement of loans. Besides the Confederation, level to a still higher one. It reached 2.,637 corporations of public interest and private entermillion francs at the end of December, about 300 prise resorted to the capital market. The volmillion more than at the end of 1941. ume, at the issue price, of loans issued for sub- The increase in the total circulation has been scription in 1942. reached 1.5 billion francs, somewhat greater, notes in circulation and almost the same amount as in the preceding year. demand liabilities having reached 355 million Since more than half of this sum was used for francs. If, however, this is surprising, it is due conversions, the amount of new money raised to the fact that by contrast with what occurred on the market is 695 million francs. However, during the first years of the war, the domestic the capital market has not been the only source and foreign political developments have prob- called upon to furnish funds; some have been ably not created an unusually large demand for provided by the repayment of loans. Including bills. Proof of that is the fact that the banks the annuities applied to the amortization of have not been subject to unusual withdrawals of loans issued by the Confederation and the Fedfunds; on the contrary, during the first 11 months eral Railways, the total repayment of loans in of the year, deposits other than interbank the form of Swiss obligations included in the deposits held by 43 establishments which are statistics amounted to 2.65 million francs. Alrequired to submit periodic balance sheets though the net amount of newr money raised on (cantonal banks, the big banks, and important the security market, say 430 million francs, local banks) increased by 2.06 million francs of proves to be 300 million less than last year, it which 77 million represent savings accounts. should not be adjudged less worthy of note if The principal causes of the increase in fiduciary account is taken of the degree of liquidity from circulation undoubtedly lie in the increased need which commerce and industry as well as the of notes for payments. Higher prices, abundant cantons and municipalities benefited. crops, increased cost of living, rising wages and Rarely has the yield on government securities the granting of cost of living allowances as well shown as narrow fluctuations as in 1942.. as the activity in industry and the crafts required Making allowance for the date of maturity, it more abundant means of payment and stronger fluctuated around 3 per cent. Even the large cash reserves. loans of the Confederation did not exert any During the year, notes of all denominations lasting influence on it. Under the influence of registered a marked rise; compared with the the political events in the first part of November, previous year, notes of 500 and 1,000 francs bond prices registered a slight decline which increased by 139 million, those of 100 francs raised their yield about J4 per cent. increased by 114 million, and those of smaller The rates charged by banks tended to weaken denominations by 48 million. The percentage somewhat during the first half of the year but of different denominations in the total circula- their variations were of minor importance. It 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE SWISS NATIONAL BANK frequently happened that, instead of lowering the middle of February 1942.. After a drop to 178 rate on new certificates of deposit, it was decided in the middle of June it recovered and stood at to lengthen the maturity. Since mortgage se- 193 at the end of the year. The volume of stock curities were much in demand, the mortgage exchange transactions was somewhat smaller rate of 3% Per cent has been applied with in- than in 1941. creasing frequency. As a result of repayment or In conclusion, it may be said that the year transfers of debts, mortgage loans underwent a 1942. from an economic point of view was not too reduction which doubtless would have been unfavorable. The mobilization of all forces to much more marked but for the fixed terms gov- get the best possible results from a deficit econerning the duration of loans. omy has made it possible to overcome the mount- The continued abundance of capital, the ing difficulties that the vicissitudes of war public's desire to make investments, and the created for our country. The results achieved satisfactory br.iness situation of many enter- must not be allowed to conceal the serious prises have, in general, favored activity on the tensions existing in our economic system; the stock exchanges. It is true that buyers some- longer the war lasts, the more arduous will be times manifested a certain caution inspired by the adjustment to it. But these difficulties can, the opinion they formed as to the probable without doubt, be conquered if all economic duration of the war, the situation with regard to groups agree to collaborate in the spirit of food and raw material supplies, and the possi- mutual confidence. In any event, it will not bility of utilizing man power in industry. The be possible to cope with the ills of the times index of share prices, which was 178 at the end without recourse to new and serious encroachof 1941, reached the highest level, 194, in the ments on economic life. BALANCE SHEET OF THE SWISS NATIONAL BANK [In thousands of francs] Assets Dec. 31, 1942 Dec. 31, 1941 Liabilities Dec. 31,1942 Dec. 31,1941 Gold in Switzerland and abroad 3,565,241 2,878,499 Notes in circulation 2,637,298 2,336,693 Other cash items 3,490 2,751 Giro accounts 1,147,848 896,874 Foreign exchange: Federal accounts 13,608 194,661 Eligible as note cover. 56,792 671,535 Other deposits 42,036 44,636 Other 5,009 7,466 Foreign clearing accounts 95,666 108,863 61,801 679,001 Miscellaneous liabilities 68,354 78,008 Swiss portfolio: Drafts and checks in circulation 1,961 1,626 Swiss bills 123,743 32,526 Other liabilities 145,768 145,957 Government notes 85,300 4,400 Capital 50,000 50,000 Other discounts 818 2,259 Surplus 15,500 15,000 209,861 39,185 Reserve for printing bank notes. 1,000 1,000 Securities of the Federal Loan Office 12,000 12,800 Reserve for uninsured risks 1,000 1,000 Advance on securities: 10 days' notice... 25,170 25,006 Reserve for taxes 1,000 1,000 Items for collection 1,176 1,558 Net profits 5,413 5,253 Due from correspondents in Switzerland 16,260 15,774 Due from postal check offices 3,605 2,287 Miscellaneous assets 12,953 30.629 Government securities 63,943 69,641 Coupons. 117 41 Bank premises 2,000 2,500 Furniture and fixtures (1) (l) Other assets 223,832 95,900 Unpaid capital 25,000 25.000 Total assets 4,226,450 3,880,571 Total liabilities., 4,226,450 3,880,571 * Carried at 1 franc. 847 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMAEY OF BUSINESS CONDITIONS Compiled August 19 and released for publication August 25. More complete discussion of business and credit developments and charts appear in the Review of the Month elsewhere in this BULLETIN Industrial production advanced to a new high part price increases. In the first half of August level in July following a slight decline in June, sales at department stores increased by about both of the changes reflecting chiefly fluctua- the usual seasonal amount. tions in coal production. Maximum food Freight carloadings rose sharply in July and prices were reduced recently with a consequent were maintained at a high level during the first slight decline in cost of living in July. Retail half of August. Total loadings were 10 per sales continued in large volume. cent higher than the previous month owing to the largest volume of coal transported in many INDUSTRIAL PRODUCTION years and shipments of grain and livestock Industrial activity increased in July, reflecting showed a considerable increase over June. a large rise in mineral production. Output at coal mines advanced sharply from the reduced COMMODITY PRICES level in June, production of crude petroleum The general level of wholesale commodity increased, and iron ore shipments reached the prices showed little change in July and the early highest monthly rate on record. part of August. In manufacturing industries, output of most The cost of living declined somewhat from durable products and chemicals continued to June 15 to July 15, according to Bureau of Labor increase in July, reflecting chiefly a further rise Statistics data. Food prices declined by 2. per in production of munitions. At meat packing cent as a result of reductions in maximum prices plants and cigarette factories production was for meats and seasonal declines in prices of also larger in July. Output of leather and fresh vegetables from earlier high levels. textile products had shown small decreases in June and further declines occurred in July. AGRICULTURE Activity in most other nondurable goods in- General crop prospects improved somewhat dustries showed little change from June to July. during July according to Department of Agri- The decline in the value of construction con- culture reports. Forecasts for the corn and tracts awarded continued during July, according wheat crops were raised 6 per cent. Production to reports of the F. W. Dodge Corporation. expected for corn and other feed grains, however, Most of the decline is accounted for by a drop is 10 per cent less than last year and for wheat in awards for publicly-financed industrial facili- is 15 per cent less than the large crop of 1942.. ties and for public works and utilities. Milk production in July was as large as the same period a year ago, while output of most other DISTRIBUTION livestock products was greater. Value of retail sales declined less than seasonally in July and continued substantially larger BANK CREDIT than a year ago. During the first six months The average level of excess reserves at all of this year sales had averaged about 12. per member banks, which had been about 1.5 cent larger than in the corresponding period of billion dollars in mid-July, declined to 1.2. 1942. and in July the increase was somewhat billion in the latter part of the month and congreater. The higher level of sales this year as tinued at that level during the first two weeks compared with last year reflects for the most of August. There was some further decrease FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS of excess reserves at reserve city banks, but most Government securities, principally Treasury of the decline occurred at country banks, where bills bought with option to repurchase. there had previously been little change. Two During the four weeks ending August 11, factors were principally responsible for the member banks in 101 leading cities increased decline in excess reserves: an increase in deposits their holdings of Government securities other subject to reserve requirements, as funds ex- than Treasury bills by almost 800 million dolpended by the Treasury from war loan accounts lars. Of this amount, 570 million represented returned to the banks in other accounts; and a allotments to banks of new certificates of ingrowth of over 500 million dollars in money in debtedness issued in early August. Bill holdcirculation. During the four weeks ending ings declined as member banks made sales to August 18 additional reserve funds were sup- adjust their reserve positions. Commercial plied to member banks by an increase of 580 loans increased somewhat over the four-week million dollars in Reserve Bank holdings of period, but other loans declined. BROADENED BASIS FOR REGULATION V LOANS The following press statement was released by the upon termination of their contracts. Banks will Office of War Information on September 1, 1943: be enabled to make such advances at once, and Government guaranteed V loans will be made with a minimum of complications. The estabavailable to war contractors and subcontractors lishment of such credit arrangements will greatly on a much broader basis than heretofore, effec- minimize the problem of termination of war tive immediately, under a plan jointly announced contracts. today by the War and Navy Departments, the The services stress the fact that cancellation U. S. Maritime Commission and the Federal of contracts must not be construed as marking Reserve Board. the beginning of a general curtailment of war The plan is designed to assure contractors that production. On the contrary, with the war their working capital invested in war production rapidly becoming one of movement, with great will not be frozen in the event of contract ter- Allied offensives in progress and in prospect, minations. Interest on loans guaranteed under material requirements are subject to sudden and the new program will be assumed by the Gov- unavoidable changes, and it is essential to reernment upon termination of contracts as under move all possible causes of delays in war producpresent Regulation V guarantees. tion. This decision to broaden industrial credit Details of the procedure for obtaining the facilities was reached with a view to preventing liberalized V loans have gone forward to all any lag in war production, which might be Federal Reserve Banks from Washington. caused by fear on the part of contractors that their capital would be tied up as contracts are FURTHER INFORMATION REGARDING THE cancelled in response to swiftly changing war BROADENED V LOAN PROGRAM requirements. This broadened V loan will go The contractor or subcontractor will obtain a far toward allaying such fears. V loan exactly as at present except that, if the In the past, advances under V loans have been loan is intended to free his own working capital restricted, in general, to working capital needs upon termination of contracts as well as to profor war production. The broadening of the vide him with working capital needed to finance plan will enable contractors to obtain the use of .them, then there are to be two changes in the most of their own working capital immediately present guarantee agreement, viz.: 849 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BROADENED BASIS FOR REGULATION V LOANS (i) The bank will be required at all times to reason of contract cancellations. Subcontrachave a participation in the loan and, accord- tors and suppliers will receive protection under ingly, the original percentage of guarantee this program, because a borrower will be respecified in the guarantee agreement will not be quired to pay them whatever he owes them in increased by reason of contract cancellations, and connection with the items used as a basis for (2.) The bank must share with the Govern- the borrowing. ment any commitment fee, which may not ex- Loan agreements under the new program will ceed J^ of 1 per cent per annum on the undis- include provision for such amounts of working bursed portion of the credit, in the same propor- capital to carry out war production contracts, as tion that the guarantee fee now bears to the may be needed by the contractor in the particular interest payable on V loans, viz.; if the per- case. In general, where the amount of credit centage of guarantee is needed to carry out the war production contracts 60 per cent, the Government's share is is small in proportion to the amounts needed 10 per cent of the commitment fee. to free his own working capital upon contract 65% 12.^% terminations, the maturity of the credits under 70% 15% the new program may be longer and a minimum 75% i73^% of restrictions will be placed upon the borrower 80% 10% by the guaranteeing agencies. 85% When cancellations of the borrower's con- 90% tracts occur, the maturity of that part of the The amount of loans which a contractor will loan proportionate to the amount of the conbe entitled to obtain in the event of cancellations tracts cancelled will be suspended and interest of his contracts will be stated in the loan agree- waived thereon, as is now provided under V ment as a percentage of inventories, work in guarantees. This suspension of maturity and process, accounts receivable, and (without waiver of interest will apply whether the funds duplication) amounts paid or concurrently to be have been advanced to the borrower before or paid by him to subcontractors or suppliers by after the cancellations have occurred. CURRENT EVENTS Admissions of State Banks to Membership Michigan in the Federal Reserve System Lincoln Park—The State Savings Bank of The following State banks were admitted to Lincoln Park, Michigan membership in the Federal Reserve System during the period July 16, 1943 to August 15, 1943, Ohio inclusive: Rossford—The Rossford Savings Bank Connecticut Smithfield—The Miners & Merchants Bank Hartford—Riverside Trust Company Pennsylvania Indiana Akron—The State Bank of Akron Chambersburg—Farmers and Merchants Trust Fort Wayne—Dime Trust and Savings Bank Company of Chambersburg Medaryville—The Medaryville State Bank Virginia North Manchester—Indiana Lawrence Bank and Trust Company Roanoke—Mountain Trust Bank 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items.... 853 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements.. .... 854 Federal Reserve Bank statistics.. 855-859 Guaranteed war production loans 859 Deposits and reserves of member banks. 860 Money in circulation 861 Gold stock; Postal Savings System; bank suspensions; bank debits... 862. All banks in the United States, number, deposits, loans and investments 863 Condition of all member banks.. 864-865 Weekly reporting member banks 866-869 Commercial paper, bankers' acceptances, and brokers' balances... 870 Money rates and bond yields. 871 Security markets. 87Z-873 Corporate profits. 874 Treasury finance.. 875-877 Government corporations and credit agencies.. 878 Business indexes 879-887 Department store statistics 888-889 Consumer credit statistics. 890-891 Wholesale prices. 892 Employment in nonagricultural establishments.. 893 August crop report, by Federal Reserve districts. . 893 Current statistics for Federal Reserve chart book.. 894-895 Member bank operating ratios, 194Z . .... 896-898 Changes in number of banking offices in the United States 899 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. SEPTEMBER 1943 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 16 (2 4 1937 1938 1939 1940 1941 1942 1943 Latest figures for Aug. 25. See p. 853. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve U.S. Government Treas- u T ry r e d a e s- - Other balances Treassecurities ury Money posits Non- Fed- Date c B o d e u i is l d n - ls t- Total Tr a b u e n i r a l d y l s s - o A th l e l r ot A h l e l r* Total s G to o c ld k s r t c e o i a n u n u n g r c t d - - y - i c n t u io c la n i - r- i c h n u a o g r s l y s h d- F B e s w d a e R i e n r e t v - r h k a e s l b p m e o r e s m i d t - e s - c s o e e a R u r r c v e a n - - e l ts Total Excess2 certificates Monthly averages of daily figures: 1942—May 7 2,457 161 2,297 150 2,614 22,706 3,296 11,898 2,191 317 1,407 294 12,510 2,667 June 5 2,580 259 2,321 176 2,761 22,725 3,310 12,213 2,192 136 1,334 297 12,624 2.704 July 4 2,984 624 2,360 180 3,168 22,742 3,319 12,532 2,204 425 1,363 296 12,409 2,237 1943—May 18 6,276 3,2')9 2.977 387 6,681 22.451 4,041 16,815 2,252 433 1,336 312 12,024 1.730 June . 14 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 July 13 7,675 5,460 2,215 508 8,197 22,360 4,086 17,681 2,272 454 1,497 330 12,410 1,327 End of month figures: 1942—May 30... 7 2,489 183 2,306 138 2,634 22,714 3,305 12,074 2,192 261 1,429 293 12,405 2,486 June 30 3 2,645 310 2,336 126 2,775 22,737 3,313 12,383 2,187 290 1,362 297 12,305 2,362 July 31 4 3,153 783 2,370 188 3,345 22,744 3.326 12,739 2,223 266 1,401 294 12,492 2,130 1943—May 31 31 6,222 3,541 2,681 394 6,647 22,426 4,069 17,114 2,257 62 1,366 313 12,031 1,728 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 31 16 8,187 5,988 2,199 483 8,685 22,335 4,086 17,955 2,264 345 1,622 329 12,590 1,268 Wednesday figures: 1942—Oct. 7 8 3,592 1,104 2,488 184 3,784 22,756 3,356 13,830 2,235 393 1,342 295 11,801 2,291 Oct. 14 11 3,809 1,101 2,708 222 4,042 22,758 3,359 13,932 2,228 123 1,283 291 12,303 2,713 Oct. 21 7 4,225 1,111 3,114 261 4,494 22.745 3,363 13,995 2.238 521 1.254 290 12.304 2,352 Oct. 28 9 4,441 1,137 3,304 127 4,578 22,739 3,366 14,082 2,249 372 1,448 286 12,246 2,158 Nov. 4 11 4,551 ,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 ,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18 8 4,695 ,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25 10 4,843 ,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 ,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 ,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 ,'460 4^077 508 6',055 22!744 15', 092 2,184 13 1,163 269 13,517 2,637 Dec. 23 10 5,6?7 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 8,117 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14 10 7,645 5,419 2,226 495 8,150 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 8,033 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 July 28 13 7,951 5,752 2,199 453 8,418 22,334 4,090 17,799 2,272 559 1,571 331 12,309 1,020 Aug. 4 18 8,165 5,967 2,199 400 8,582 22,335 4,093 18,014 2,281 398 1,650 332 12,336 1,030 Aug. 11 24 8,317 6,119 2,199 377 8,718 22,306 4,091 18,101 2,281 295 1,651 331 12,456 1,199 Aug. 18 18 8,156 5.957 2,199 412 8,586 22,291 4,092 18,214 2,279 99 1,388 329 12,660 1,288 Aug. 25 40 8,777 5,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. JSJOTF—por 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. SEPTEMBER 1943 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES fin effect August 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 o e ig 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 I p e 1 r 3 a) , 1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 V Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 iy2 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 b2 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Inter- (ex. . and 4 mi paragraph of Section 13 is 90 days. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- [Per cent per annum ] VANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturities not exceeding five years Maturity August 31 ginning— rate [In effect August 31. Per cent per annum] Treasury bills1 H 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 IX Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M re in a i s m ur u y M m b E b i M l u ls y B i o E n f g R f e r r a e B t d e A . s N o K n p R ri E m S e E b R an V k E e rs R ' E ac Q c U ep I t R an E c M es E . NTS adva O n n ces1 co m m O e m n n . t i s t- fo i p r n o s w O r ti t h i t n o u ic n - h m O a n i n r i e n - g jm O i n tm c e o n m ts - [Per cent of deposits! tion is portion obligated Net demand deposits1 Time Boston deposits New York.... 2^-5 (all Philadelphia. 2^-5 C re e s n e t r r v a e l Reserve Country member Cleveland 2^-5 b c a i n ty ks b c a i n ty ks banks banks) R A i t c l h a m nt o a n .. d . . . 2 2H ^- - 5 5 J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u e g b . . 1 2 5 8 , , 1 1 9 9 3 3 6 7 1 1 3 9H 1 1 0 5 io S C t h . ic L a o g u o is... 2 2^ H - 5 5 11M M Ma a y r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 1 0 5 , , 1 1 9 9 3 3 7 8 2 26 2% 2 17 0 3^ n 14 M Ka in n n sa e s a p C o i l t i y s 8 N A A p o u r g v . . . 2 1 0 1 6 , , , 1 1 1 9 9 9 4 4 3 2 1 8 - - - S A O e u c p g t t . . . 1 1 3 3 9 1 , , , 1 1 1 9 9 9 4 4 4 2 2 1 2 2 2 6 4 2% 20 1 1 1 2 4 4 D Sa a n l la F s rancisco 2 2 ^ H - 5 5 8 S E e ff p e t c . t 1 iv 4 e , 1 O 9 c 4 t 2 . -O 3, c 1 t. 9 42 2, 1942 2 2 0 2 2 2 0 0 1 1 4 4 2 1 R In a c t l e u d ch in a g rg 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 it r h a t f e in . ancing institutions. (e 1 x c G e r p o t ss p r d i e v m at a e n d b a d n e k p s o a s n it d s A m m in e u r s i c d a e n m b a r n a d n c b h a es la o nc f e f s o r w ei i g th n b d a o n m k e s) s ti a c n d b c a a n s k h s 3 4 M Ra a te y c c h h a a r r g g e e d s a b m o e rr o ra w te e r. as charged borrower by financing institution, if items in process of collection. low 5 e F r i . nancing institution is charged }4 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 Prescribed by Board of Governors of the Federal the Board of Governors under provisions of Regulation Q Reserve System in accordance with Securities [Per cent per annum ] Exchange Act of 1934 Nov. 1,1933- Feb. 1,1935- Effective Jan. 31,1935 Dec. 31, 1935 Jan. 1,1936 For extensions of credit by brokers and dealers on Fo l r i s s te h d o r s t e s c a u l r e i s t , i e u s n , d u e n r d R er e g R u e l g a u ti l o a n ti o T n T P S o av st i a n l g s s a d v e i p n o g s s i t d s epos # its... For loans by banks on stocks, under Regulation U.... Other deposits payable: In 6 months or more l Regulations T and U limit the amount of credit that may be extended on In 90 days to 6 months. a security by prescribing a maximum loan value, which is a specified In less than 90 days percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective Feb. 1, 1936, are the Requirement under Regulation T was the margin "customarily re- same as those in effect for member banks. Under Regulation Q the rate quired" by the broker. 3 Regulation U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1943 1943 1942 Aug. 25 Aug. 18 Aug. 11 Aug. 4 July 28 July 21 July 14 July 7 July ! June July Assets Gold certificates on hand and due from U. S. Treasury 20,036,216 20,049,712 20,069,214 20.108,216 20,111,215 20,130,21620,145,71720,167,716 20,108,216*20,170,716 20,531,628 Redemption fund—F.R. notes.. 86,414 74,985 71,957 54,423 53,510 52,428 55,110 55,185 54,527 53,673 14,158 Other cash 330,551 328,676 333,981 340,738 354,750 353,638 354,080 342,328 345,067 357,587 255,792 Total reserves. 20,453,18120,453,373 20,475,152 20,503,377 20,519,47520,536,28220,554,907 20,565,229 20,507,810 20,581,976 20,801,578 Bills discounted: For member banks 40,239 17,822 24,105 17,420 12,955 8,771 10,222 33,632 15,810 4,990 2,614 For nonmember banks, etc.... 125 125 125 100 50 50 50 50 1,500 Total bills discounted... 40,364 17,947 24,230 17,520 13,005 8,821 10,272 33,632 15,860 4,990 4,114 Industrial advances 11,791 11,491 11,687 11,826 12,126 12,688 12,934 12,597 12,676 11,984 U.S. Government securities: Direct: Bonds 1,450,732 1,444,732 1,444,732 1,444,732 1,444,732 1,444,732 1,450,132 1,452,132 1,444,732J 1,467,732 1,642,966 Notes 720,900 720,900 720,900 720,900 720,900 720,900 721,900 721,900 720,900 773,900 722,150 Certificates: Special series Other 1,106,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 217,731 Bills: Under repurchase option 4,254,128 3,671,512 3,903,118 3,751,120 3,566,980 3,245,025 3,355,660 3,426,407 3,802,847 2,809,728 Other 1,211,235 1,193,715 1,123,770 1,123,770 1,093,580 1,041,510 971,658 930,490 1,093,580 1,005,507 565,541 Guaranteed 33,116 33,116 33,116 33,116 33,116 33,116 53,616 53,616 33,116 53,616 4,775 Total U.S. Government securities, direct and guaranteed 8,776,811 8,155,675 8,317,336 8,165,338 7.951,008 7,576,983 7,644,666 7,676,245 8,186,875 7,202,183 3,153,163 Other Reserve Bank credit outstanding 307,834 400,768 365,209 387,595 441,381 434,034 482,444 394,212 470,771 355,923 175,855 Total Reserve Bank credit outstanding... 9,136,800 5,585,881 8,718,462 i, 582,2798,417,520 8,032,526 8,150,316 8,116,686 3,685,416 7,575,772 3,345,116 Liabilities F.R. notes in actual circulation. 14,710,29314,625,58314,522,39414,432,826 14,228,23314,144,66114,094,445 14,034,48814,364,033 13,872,422 9,720,823 Deposits: Member bank—reserve account 12,702,11512,659,568 12,455,80412,336,07812,309,17512,318,904 12,259,84112,107,50312,590,49112,084,540 12,491,579 U. S. Treasurer—general account 303,649 99,080 295,466 397,584 559,195 293,176 615,927 772,743 344,900 455,178 266,124 Foreign | 1,229,603 1,148,042 1,272,141] 1,246,945 1,200,242 1,149,948 1,094,073 1,134,623 1,217,288 1,114,099 900,342 Other deposits 375,409 239,516 379,154 403,274 370,941 394,301 371,5601 357,848 404,798 368,480 500,883 Total deposits 14,610,77614,146,206 14,402,56514,383,88114,439,55314,156,329 14,341,40114,372,71714,557,47714,022,29714,158,928 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 69.8 70.8 72.6 72.3 72.4 70.9 73.8 87.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o o d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e e o a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: July 28 13,005 11,660 425 640 280 Aug. 4 17,520 12,400 3,450 1,170 500 Aug. 11 24,230 17,995 4,505 1,080 650 Aug. 18 17,947 16,230 95 930 692 Aug. 25 40,364 38,376 970 923 95 Industrial advances: July 28 12,126 10,368 62 403 102 492 249 321 129 Aug. 4 11,826 10,092 396 157 53 423 257 322 126 Aug. 11 11,687 10,026 394 147 54 361 256 323 126 Aug. 18 11,491 10,156 4 155 39 435 257 321 124 Aug. 25 11,791 10,460 76 39 442 248 312 125 U. S. Government securities, direct and guaranteed: July 28 7,951,008 893,691 667,439 1,633,717 1,832,988 698,825 426,600 239,600 698,671 859,477 Aug. 4 8,165,338 617,751 709,530 1,819,081 2,185,418 346,160 689,650 239,600 698,671 859,477 Aug. 11 8,317,336 767,735 673,605 2,191,827 1,990,671 206,100 689,650 239,600 698,671 859,477 Aug. 18 8,155,675 911,218 689,549 2,217,103 1,644,307 206,100 689,650 239,600 698,671 859,477 Aug. 25 8,776,811 979,120 967,009 2,242,868 1,873,316 217,100 693,650 239,600 698,671 865,477 SEPTEMBER 1943 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars) Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S o t u . is M a i p n o n l e is - K C s a i a n t - s y Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: July 28 20,111,21 1,222,5905,054,5341,229,6701,838,4931,119,466 966,9993,760,229 675,820 4861,,510 829,804 593 2,333,202 Aug. 4 20,108,21 1,215,161 4,949,440 '1,246,237 1,845,1121,154,139 985,0 2"2 3,726,62r 678,518 483,,528 828982 612,' 763 2,382,687 Aug. 11 20,069,21 1,250,955 4,846,6011,248,6351,796,47'1,154,318 998,0393,742,530 679,855 474,,553 842404 624 2,411,090 Aug. 18 20,049,71 1,215,665 4,935,1371,186,4831,826,1251,132,818 991,829 3,795,977 665,423 455,,910 845, 548 613', 299 2,385,498 Aug. 25 20,036,21i ,210,182 4,606,779 1,210,8981,885,1851,155,425 990,345 3,900,146 690,291470,915 870,450620,298 2,425,302 Redemption Fund- Federal Reserve Notes July 28 53,510 5,298 1,113 6,083 978 8,237 4,725 1,086 20,466 179 833 373 4,139 Aug. 4 54,423 5,208 1,692 5,936 870 7,455 6,441 982 20,430 165 810 348 4,086 Aug. 11 71,957 5,144 20,469 5,818 790 6,781 6,369 20,401 156 792 324 4,026 Aug. 18 74,985 5,083 20,227 8,202 705 8,088 6,298 803 20,370 148 773 305 3,983 Aug. 25 86,414 8,018 29,987 8,079 623 7,362 6,222 72: 20,341 139 755 783 3,383 Other cash: July 28.... 354,750 30,655 86,982 24,729 25,705 32,608 17,496 43,736 13,791 9,868 17,697 9,280 42,203 Aug. 4.... 340,738 29,620 83,338 24,892 24,193 31,954 17,312 41,351 12,878 10,036 16,848 9,202 39,114 A A u u g g . . 1 1 1 8 . . . . . . . . 3 32 3 8 3 , , 676 2 2 8 8 , , 3 2 1 5 5 7 8 8 4 0 , , 7 5 3 7 3 0 2 25 5 , , 7 4 2 0 5 0 2 22 3 , , 1 8 7 7 . 5 2 2 9 9 , , 9 9 9 2 5 3 1 16 6 , , 9 7 6 9 9 0 4 3 0 9 , ,9 2 3 8 5 4 1 12 2 , r9 0 1 6 7 9 8 9, , 1 5 0 6 : 8 1 1 6 6 , , 1 2 1 3 8 6 8 8, , 7 7 8 4 4 3 3 3 8 8 , , 3 7 7 9 3 6 Aug. 25.... 330,551 27,920 83,155 24,981 23,366 28,283 15,942 40,793 12,345 8,853 16,510 10,258 38,145 Total reserves: July 28.... 20,519,475 ,258,543*5,142,629 1,260,482 ,865,176 ,160,311 989,220 3,805,051 710,077 496,557 848,334 603,551 2,379,544 Aug. 4.... 20,503,377 ,249,989 5,034,470(1,277,065 ,870,175 ,193,548 1,008,775 3,768,960 711,826 493,729 846,640 622,313 2,425,887 Aug. 11.... 20,475,152 ,284,356'4,951,803 1,279,853 ,821,139 ,191,022 1,021,198 3,783,701 713,173 483,277 859,014 633,127 2,453,489 Aug. 18... 20,453,373 ,249,063 5,035,93411,220,410 ,849,005 ,170,901 1,015,096 3,836,715 697,862 465,165 862,557 622,388 2,428,277 Aug. 25.... 20,453,181 ,246,120 4,719,921 1,243,958 ,909,174 ,191,070 1,012,509 3,941,661 722,977 479,907 887,715 631,339 2,466,830 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed : July 28 13,005 2,500 5,090 80 385 325 500 2,550 275 1,100 200 Aug. 4. 17,520 2,000 6,290 7,730 535 390 200 50 100 25 200 Aug. 11.. 24,230 6,000 8,830 7,905 485 480 150 100 50 230 Aug. 18 17,947 4,040 6,785 2,360 585 1,280 2.425 10 100 117 230 Aug. 25 40,364 6,200 24,807 740 525 2,030 5,500 100 100 117 230 Other bills discounted: July 28 Aug. 4 Aug. 11... Aug. 18 Aug. 25 Total bills discounted: July 28. 13,005 2,500 5,090 385 325 500 2,550 275 1,100 200 Aug. 4 17,520 2,000 6,290 7,730 535 390 200 50 100 25 200 Aug. 11 24,230 6,000 8,830 7,905 485 480 150 100 50 230 Aug. 18 17,94' 4,040 6,785 2,360 585 1,280 2,425 10 100 117 230 Aug. 25 40,364 6,200 24,807 740 525 2,030 5,500 100 100 117 230 Industrial advances: July 28 12,126 1,464 159 4,943 761 405 235 4,000 Aug. 4. 11,826 1,464 159 4,769 728 375 233 4,000 Aug. 11 11,687 1,464 159 4,679 660 375 253 4,000 Aug. 18... 11,491 1,463 159 4,448 709 375 240 4,000 Aug. 25 11,791 1,461 159 4,759 706 375 234 4,000 U. S. Government securities, direct and guaranteed: Bonds: July 28 1,475,348 119,341 256,738 122,083 173,476 96,523 86,879 204,069 48,021 50,289 72,850 74,834 170,245 Aug. 4 1,475,348 119,263 257,832 122,067 173,281 96,423 86,722 203,847 48,160 50,249 72,835 74,712 169,957 Aug. 11 1,475,348 119,263 257,832 122,067 173,281 96,423 86,722 203,847 48,160 50,249 72,835 74,712 169,957 Aug. 18 1,475,348 119,087 260,306 122,032 172,838 96,197 86,365 203,343 48,476' 50,159 72,800 74,437 169,308 Aug. 25 1,481,348 119,477 262,699 122,508 173,304 96,467 86,526 203,897 48,842 50,314 73,076 74,593 169,645 Notes: ' July 28 723,400 58,516 125,885 59,861 85,059 47,328 42,599 100,060 23,546 24,658 35,720 36,693 83,475 Aug. 4 723,400 58,478 126,421 59,853 84,964 47,279 42,522 99,951 23,614 24,638 35,713 36,633 83,334 Aug. 11 723,400 58,478 126,421 59,853 84,964 47,279 42,522 99,951 23,614 24,638 35,713 36,633 83,334 Aug. 18 723,400 58,391 127,635 59,835 84,747 47,168 42,347 99,704 23,769 24,594 35,696 36,498 83,016 Aug. 25 723,400 58,345 128,286 59,825 84,631 47,109 42,254 99,571 23,851 24,570 35,686 36,427 82,845 Certificates: July 28.... 1,091,700 88,305 189,979 90,338 128,366 71,422 64,287 151,004 35,535 37,213 53,906 55,372 125,973 Aug. 4.... 1,091,700 88,249 190,785 90,326 128,220 71,349 64,170 150,838 35,638 37,183 53,894 55,285 125,763 Aug. 11.... 1,091,700 88,249 190,785 90,326 128,220 71,349, 64,170 150,838 35,638; 37,183 53,894 55,285 125,763 Aug. 18.... 1,091,700 88,121 192,615 90,297 127,896 71,182 63,909 150,465 35,8681 37,115 53,868 55,083 125,281 Aug. 25.... 1,106,700 89,260 196,261 91,525 129,473 72,067 64,641 152,331 36,490 37,588 54,597 55,725 126,742 Bills: Under repurchase option: July 28 3,566,980 46,126 2,473,988 166,337 31,951 30,286 15,390 378,165 232,237 18,690 21,080 17,800 134,930 Aug. 4 3,751,120 50,6412,588,738 150,622 54,001 36,331 24,165 430,963 228,717 18,055 30,983 20,374 117,530 Aug. 11 3,903,118 49,7042,657,716 159,777 62,061 41,751 24,315 484,890 234,217 27,330 27,573 19,974 113,810 Aug. 18 3,671,512 50,303 2,570,053 196,427 48.911 35,251 17.999 384,137 226,984 28,095 19,618 5,374 88,360 Aug. 25 4,254,128 70, ,027,071 205,152 56,046 50,537 30,420 410,672 216,900 35,850 17,778 16,164 116,985 856 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 l i p l 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 a i n t s y - Dallas F c S i r s a a c n n o - Other bills: July 28... 1,093,580 88,460 190304 90,493 128,586 71,546 64,397 151,263 35,595 37,276 53,999 55,470 126,191 Aug. 4 1,123,770 90,842 196390 92,979 131,988 73,445 66,056 155,270 36,683 38,275 55,478 56,908 129,456 Aug. 11... 1,123,770 90,842 196390 92,979 131,988 73,445 66,056 155,270 36,683 38,275 55,478 56,908 129,456 Aug. 18... 1,193,715 96,354 210615 98,737 139,845 77,834 69,879 164,526 39,222 40,584 58,903 60,228 136,988 Aug. 25 1,211,235 97,691 214798 100,169 141,703 78,877 70,748 166,718 39,936 41,140 59,751 60,992 138,712 U. S. Government securi ties, direct and guar anteed—Total: July 28. 7,951,008 400,748 3,,236,894 529,112 547,438 317,105 273,552 984,561 374,934 168,126 237,555240,169 640,814 Aug. 4............ 8,165,338 407,473 3,360,166 515,847 572,454 324,827 283,635 1,040,869 372,812 168,400 248,903243,912 626,040 Aug. 11............ 8,317,336 406, ,429,144 525,002 580,514 330,247 283,785 1,094,796 378,312 177,675 245,493243,512 622,320 Aug. 18............ 8,155,675 412,2563,361,224 567,328 574,237 327,632 280,499 1,002,175 374,319 180,547 240, 231,620 602,953 Aug. 25......... 8,776,811 435,3263,829,115 579,179 585,157 345,057 294,589 1,033,189 366,019 189,462 240,888243,901 634,929 Total bills and securities: July 28...... 7,976,139 404,712 3,242,143 534,135 548,584 317,835 274,287 984,626 377,484 168,447 238,685240,187 645,014 Aug. 4...... .... 8,194,684 410,937 3,366,615 528,346 573,717 325,592 284,068 1,040,873 372,862 168,446 249,033243,955 630,240 Aug. 11 ... ......... 8,353,253 414,000 3,438,133 537,586 581,659 331,102 2841,,038 1,094,800 378,462 177,720 245,623243,580 626,550 Aug. 18.............. 8,185,113 417,759 3,368,168 574,136 575,531 329,287 280,',739 1,002,194 376,744 180,602 241,015231,75. 607,183 Aug. 25..... 8,828,966 442,9873,854,081 584,678 586,388 347,462 294,823 1,033,208 371,519 189,,607 241,018244,036 639,159 Due from foreign banks: July 28... 134 10 Aug. 4., 134 10 Aug. 11...... 127 11 Aug. 18....... 127 11 Aug. 25...... 127 11 Federal Reserve notes of other banks: July 28...... 61,108 1,429 10,279 2,218 2,549 5,852 5,679 7,357 4,489 1,533 7,12, 2,243 10,355 Aug. 4. 62,602 1,448 9,547 2,258 2,185 7,112 6,177 6,584 4,697 1,731 6,923 2,568 11,372 Aug. 11 62,370 1,648 9,555 2,360 2,461 6,280 6,371 6,744 4,302 1,815 7,449 2,229 11,156 Aug. 18.............. 62,438 1,375 10,773 2,301 2,205 6,848 6,839 7,083 4,216 2,156 6,289 2,838 9,515 Aug. 25........ 62,078 1,436 10,811 2,334 2,754 7,965 5,706 6,715 4,176 1,301 7,572 2,218 9,090 Uncollected items: July 28..... 1,563,134 135,099 340,014 84,362 184,679 115,934 80,648 228,424 61,863 30,374 82,438 48,161 171,138 Aug. 4,...,. 1,612,704 150,765 333,515 94,081 173,883 115,465 97,239 233,864 68,380 34,360 80,578 47,703 182,871 Aug. 11....... 1,521,120 144,650 292,404 85,355 170,802 109,419 95,182 212,961 60,860 29,703 77,087 51,299 191,398 Aug. 18....... 1,705,955 147,917 361,082 100,395 183,479 123,700 93,113 249,622 71,110 34,027 96,117 59,742 185,651 Aug. 25.. 1,422,466 132,362 303,565 78,953 148,554 110,065 '76,664 204,694 60,313 33,056 78,463 47,327 148,450 Bank premises: July 28......... 38,680 2,689 9,713 4,684 4,261 2,974 1,671 2,884 2,084 1,295 2,767 1,010 2,648 Aug. 4....... 38,631 2,689 9,695 4,672 4,260 2,974 1,671 2, 2,083 1,292 2,761 1,002 2,648 Aug. 11.............. 38,632 2,689 9,695 4,672 4,261 2,974 1,671 2,884 2,083 1,292 2,761 1,002 2,648 Aug. 18........ 38,631 2,689 9,695 4,672 4,261 2,974 1,671 2,8" ' 2,083 1,292 2,761 1,002 2,647 Aug. 25...... 38,602 2,689 9,695 4,672 4,251 2,966 1,667 2,8 2,082 1,292 2,761 1,002 2,641 Other assets: July 28........ 63,102 4,549 11,737 4,576 8,260 4,039 3,405 8,932 2,221 2,203 3,012 3,222 6,946 Aug. 4.......... 62,310 4,454 11,685 4,573 8,078 4,079 3,388 8,664 2,316 2,221 3,099 3,086 6,667 Aug. 11..... 62,947 4,466 12,186 4,563 8,111 3,976 3,384 8,717 2,297 2,218 3,056 3,153 6,820 Aug. 18....... 64,298 4,616 12,462 4,637 8,281 3,945 3,465 8,977 2,328 2,272 3,101 3,270 6,944 Aug. 25..... 64,071 4,540 12,558 4,634 8,153 4,005 3,478 8,776 2,262 2,268 3,125 3,176 7,096 Total assets: July 28 30,221,7721,807,024 8,756,569 1,890,470 21,613,522 ,606,951 1,354,915 5,037,2911,158,221700,4111,182,365898,378 3,215,655 Aug. 4....... 30,474,4421,820,285 81.,765,5811,911,008 21,632,3111,648,7776 1,401, ,061,846 ,162,167701,7811,189,038920,6313,259,695 Aug. 11...... 30,513,6011,851, i,713,8221,914, :,588,446 1,644,779 1,411, ,109,8241,161,180696,0271,194,994934,3943,292,072 Aug. 18....... 30,509,9351,823, ,798,160 ,906, :,622:,,775 1,637,661 1,400,9285,107,4921,154,346685,516 1,211,844920,9993,240,228 Aug. 25......... 30,869,4911,830,137 8, ; 910,6771,919,242 21,659•,,287 1,663,539 1,394,852 5,197,9551,163,332707,4331,220,658929,1023,273,277 Liabilities Federal Reserve notes in actual circulation: July 28 14,228,233 ,016577 3,.146,545 999,4661,296,536 912,584 736,888 2!, 770,057594, ,000 509,059323,6191,580,856 Aug. 4. 14,432,826 ,027,0953,181,460 1,007,078 1,306,355 934,534 766,580 21,794,134 604,850 344,167 521,498340,637 ,604,438 Aug. 11... 14,522,394 ,032,479 3,198,349 ,016,2371,321,847 942,688 766,243 21,811,837 607,732345,753 524,404340,6661,614,159 Aug. 18........ 14,625,583 ,038,099 3,232,0321,022,9811,332,164 951,413 769,435 21,831,753 611,173347,219 526,398341,4501,621,466 Aug. 25...... 14,710,293 ,043,646 3,251,1311,029,7741,342,647 958,919 772,399 21,847,982 613,049 348,891 528,916341,105 ,631,834 Deposits: Member bank—reserve account: July 28..... 12,309,175 637,685 4[, 197,653643,438 1,002,249 506,938 477,519 1,840,411 431,245262,556 536,502459,802 ,313,177 Aug. 4... 12,336,078 630,405 4,218,212 640,818 979,995 514,750 488,1981,832,131 427,544277,530 536,322 473,817 ,316,356 Aug. 11..... 12,455,804 652,790 4,219,956 653,957 974,085 515,260 504,7581,874,229 426,925268,284 547, ,235 ,328,621 Aug. 18.... 12,659,568 639,199 4,389,029 655i,,3"5"3 1,010,830 512,209 502,6591,897,687 426,944269,566 562,629478,669 ,314,794 Aug. 25.... 12,702,115 623, 1,346,139 653, ,022,460 523,782 484,545 1,971,430 422,969273,984 564,562 :75,354 ,339,753 U. S. Treasurer—General account: July 28..... 559,195 28,917 217,171 27,494 47,033 21,651 17,987 69,235 22,954 28,823 18,130 29,945 29,855 Aug. 4 397,584 25,449 122,075 26,607 48,901 24,046 12,139 60,758 13,528 9,568 7,487 18,862 28,164 Aug. 11 295,466 21,148 53,766 23,368 31,873 18,063 12,452 59,040 12,885 12,897 7,416 9,506 33,052 Aug. 18.. 99,080 614 92,060 354 556 565 573 1,035 526 582 637 573 1,005 Aug. 25... 303,649 8,825 85,890 21,846 29,705 11,835 18,925 32,496 15,645 14,527 15,280 25,614 23,061 1 After deducting $80,000 participations of other Federal Reserve Banks on Aug. 4; $81,000 on Aug. 11, Aug. 18, and Aug. 25. SEPTEMBER 1943 857 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] Iota1 Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C sa i a t s n y - Dallas F c S i r s a a c n n o - Foreign: July 28 1,200,242 30,920 ^66,013 99,986 96,828 45,257 36,837 128,403 31,574 23,155 29,469 31,574 80,226 Aug. 4 1,246,945 31,362 1586,596 104,239 100,947 47,182 38,404 133,865 32,918 24,140 30,723 32,918 83,651 Aug 11 1,272,141 31,355 ^95, 160 106,998 103,619 48,431 39,420 137,408 33,789 24,778 31,536 33,789 85,858 Aug 18 1,148,042 29,402 ^42,523 95,472 92,458 43,214 35,174 122,607 30,149 22,109 28,139 30,149 76,646 Aug. 25 1,229,603 28,626 1577,989 103,276 100,015 46,746 38,049 132,629 32,614 23,917 30,439 32,614 82,689 Other deposits: July 28 370,941 7,633 269,155 6,815 12,313 5,467 4,325 4,776 11,344 8,117 3,668 1,771 35,557 Aug. 4 403,274 5,630 279,252 9,411 18,307 6,418 2,267 12,700 11,535 9,509 4,283 4,095 39,867 Aug 11 379,154 5,121 272,050 4,330 8,641 5,949 3,088 4,331 12,636 7,979 4,076 6,005 44,948 Aug. 18 239,516 4,653 143,511 3,804 8,204 6,441 2,131 4,285 9,993 7,952 2,440 5,567 40,535 Aug. 25 375,409 4,659 273,537 5,221 8,874 8,423 2,674 4,935 8,863 8,501 4,544 2,476 42,702 Total deposits: July 28 14,439,553 705,155 ,249,992 777,733 ,158,423 579,313 536,668 ,042,825 497,117 22,651 587,769 23,092 ,458,815 Aug. 4 !14.383,881 692,8465,206,135 781,075 ,148,150 592,396 541,008 ,039,454 485,525 20,747 578,815 29,692 ,468,038 Aug. 11 14.402,565 710,4145,140,932 788,653 ,118,218 587,703 559,718 ,075,008 486,235 13,938 590,732 38,535 ,492,479 Aug. 18 14,146,206 673,8685,167,123 754,983 ,112,048 562,429 540,537 ,025,614 467,612 00,209 593,845 14,958 ,432,980 Aug. 25 4,610,776 665,9295,283,555 783,661 ,161,054 590,786 544,193 ,141,490 480,091 20,929 614,825 36,058 ,488,20S Deferred availability item J s u : ly 28 1,121,887 55,384 212,495 74,478 118,361 95,945 65,364 169,235 52,639 24,459 71,556 38,149 143,822 Aug. 4 1,225,243 70,134 230,335 84,108 137,619 102,622 77,765 173,113 57,366 25,553 74,786 36,839 155,003 Aug. 11 1,156,038 79,068 226,660 70,683 108,095 95,241 69,915 167,739 52,787 25,000 65,912 41,732 153,206 Aug. 18 1,305 314 81,491 250,946 89,768 138,368 104602 74,988 194,913 61,191 26,748 77,670 51,084 153,545 Aug 25 1,114,759 90,657 227,652 66,879 115,300 94,647 62,238 153,110 55,783 26,227 62,973 38,380 120,913- Other liabilities, including accrued dividends: July 28 5 581 741 1,735 519 453 160 217 599 229 177 331 176 244 A A 5,770 1,015 1,842 456 414 249 177 579 224 145 258 119 292 AAuugg. 141 5 546 664 1,938 490 499 167 172 596 224 165 242 108 281 Aug. 18 5539 771 1,983 468 383 222 163 499 197 162 285 141 265 Aug. 25 5 885 674 2,104 532 442 181 198 586 208 199 261 178 322: Total liabilities: July 28 29 7952541,777,8578,610 767 ,852,1962,573,773 ,588 002 ,339,1374,982,7161,144,031689,287 ,168,715 85 036 ,183 737 Aug. 4 30047 7201,791,0908,619 772 ,872,7172,592,538 ,629 801 ,385,530 ,007 2801,147,965690,612 ,175,357907 2873,227 771 Aug. 11 30086 5431,822 6258,567 879 ,876,0632,548,659 ,625 799 ,396,048 ,055,1801,146,978684,856 ,181,290 210413,260 125 Aug 18 300826421,794 2298 652084 ,868,2002,582,963 ,618 666 ,385,123 ,052,779 ,140,173674,338 ,198,198 07 633 ,208,256 Aug. 25 30441 7131,800 9068,764 442 ,880*,8462,619,443 ,644 533 ,379,028 ,143,168 ,149,131696,246 ,206,975 15 721 ,241,274 Capital Accounts Capital paid in: July 28 148911 9 543 55021 11,680 15,433 5991 5,342 16,540 4,636 3,185 4,839 4 534 12,167 Aug. 4 148974 9 535 55029 11,677 15,435 6 029 5,347 16,548 4,636 3,185 4,841 4 535 12,177 Aug. 11 149022 9 532 55032 11,706 15436 6030 5,348 16559 4,636 3,185 4,842 4 535 12,181 Aug. 18 149028 9 532 55016 11,707 15444 6 038 5,348 16563 4,637 3,186 4,841 4 535 12,181 Auc 25 149025 9 532 55008 11,706 15444 6038 5,348 16,566 4,637 3,187 4,841 4 536 12,182 Surplus (section 7): July 28 160411 11 160 58001 15670 14767 5 236 5 725 22925 4,966 3,221 3,613 4 083 11,044 Aug. 4 160411 11 160 58001 15670 14767 5 236 5 725 22925 4,966 3,221 3,613 4 083 11,044 Aug. 11 160411 11 160 58001 15670 14767 5 236 5 725 22925 4,966 3,221 3,613 4 083 11,044 Aug. 18 160411 11 160 58001 15670 14767 5 236 5 725 22925 4,966 3,221 3,613 4 083 11,044 Aug. 25. 160411 11 160 58001 15670 14767 5 236 5 725 22925 4,966 3,221 3,613 4 083 U,044 Surplus (section 13b): July 28 26 829 2874 7070 4 393 1007 3 244 717 1429 530 1,000 1137 1307 2 121 Aug. 4 26829 2 874 7070 4 393 1007 3 244 717 1429 530 1,000 1137 1307 2 121 Aug. 11 26829 2874 7070 4 393 1007 3 244 717 1429 530 1,000 1 137 1307 2 121 Aug. 18 26829 2874 7070 4 393 1007 3 244 717 1429 530 1,000 1137 1307 2 121 Aug. 25 26 829 2874 7070 4 393 1007 3 244 717 1429 530 1,000 1 137 1307 2 121 Other capital accounts: July 28 90 367 5 590 25,710 6531 8 542 4,478 3994 13681 4,058 3,718 4 061 3418 6 586 Aug. 4 90,508 5626 25,709 6 551 8 564 4,466 4 004 13,664 4,070 3,763 4 090 3 419 6 582 Aug. 11 90,796 5 621 25,840 6 570 8 577 4,470 4 011 13,731 4,070 3,765 4 112 3,428 6601 Aug. 18 91,025 5627 25,989 6 594 8,594 4,477 4 015 13,796 4,040 3,771 4 055 3441 6 626 Aug 25 91,513 5,665 26,156 6,627 8,626 4,488 4,034 13,867 4,068 3,779 4 092 3,455 6,656 Total liabilities and capital accounts: July 28 30,221,7721,807,0248,756,5691,890,4702,613,5221,606,9511,354,9155,037,2911,158,221700,4111,182 365898,3783,215,655 Aug. 4 30,474,44 1,820,2858,765,58 1,911,0082,632,31 1,648,7761,401,3235,061,8461,162,167701,78 1,189,038920,6313,259,695 Aug. 11 30,513,60 1,851,8128,713,82 1,914,4022,588,4461,644,7791,411,8495,109,8241,161,180696,027 1,194,994934,3943,292,072 Aug. 18 30,509,93 1,823,4228,798,1601,906,5642,622,7751,637,6611,400,9285,107,4921,154,346685,5161,211,844920,9993,240,228 Aug. 25 30,869,49 1,830,1378,910,67 1,919,2422,659,28 1,663,5391,394,8525,197,9551,163,332707,4331,220,658929,1023,273,277 Commitments to make industrial advances: July 28 11,87 715 1,755 37 990 6 1,617 3,000 3,349 Aug. 4 11,83 715 1,905 41 1,000 6 1,477 3,00 3,258 Aug. 11 11,98 715 1,994 47 1,000 6 1,477 3,00 3,258 Aug. 18 12,31 710 2,163 40 964 4 1,768 3,00 ^,251 Aug. 25 11,93 710 1,84 40 94 4 1,76 3,00 3,219 1 After deducting $629,293,000 participations of other Federal Reserve Banks on July 28; $655,789,000 on Aug. 4; $672,145,000 on Aug. 11; $603,017,000 on Aug. 18; and $650,566,000 on Aug. 25. 858 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 - la A n t- ta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes: Issued to F. R. Bank by F. R. agent: July 28 14,801,5911,069,1923,250,677 1,032,4681,337,154 941,563 794•,, 436 2,829,312 632,740 348,007 531,684361,045 1,673,313 Aug. 4 14,927,4381,066,7683,289,287 1,039,9601,340,183 957,434 807 ,843,663 634,533 350,171 538, ,1841,696,939 Aug. 11 15,031,5301,075,0273,299,"219 1,046,290 1,354,305 967,772 811,155 2,,864,521 638,,081 350,579 543,870 369',,8741,710,837 Aug. 18 15,143,3771,082,8443,328,265 1,053,3441,374,445 979,823 818^560 2',878,800 636,,982 352,531 546,554 369,282 1,721,947 Aug. 25 15,263,3251, 884 3,347,702 1,060,5551,378,132 985,778 833,0612,899,616 651,464 355,063 553,553 377,2361,732,281 Held by Federal Reserve Bank: July 28 573,358 52,615 104,132 33,002 40,618 28,979 57,548 59,255 38,694 6,007 22,625 37,426 92,457 Aug. 4 494,612 39,673 107,827 32, 33,828 22,900 40,597 49,529 29,683 6,004 16,641 22,547 92,501 Aug. 11 509,136 42,548 100,870 30,053 32,458 25,084 44,912 52,684 30,349 4,826 19,466 29,208 96,678 Aug. 18 517,794 44,745 96,233 30,363 42,281 28,410 49,125 47,047 25,809 5,312 20,156 27,832 100,481 Aug. 25 553,032 45,238 96,571 30,781 35,485 26,859 60,662 51,634 38,415 6,172 24,637 36,131 100,447 In actual circulation:1 July 28 14,228,233 ,016,57 3,146,545 999,466 1,296,536 912,584736,888 2,,770,057 594,046 342,000 509,059 323,6191,580,856 Aug. 4 14,432,826 ,027,0953,181,4601,007,078 1,306,355 934,534 766,5802,794,134604,850 344,167 521,498340,637 1,604,438 Aug. 11 14,522,394 ,032,4793,198,3491,016,237 1,321,847 942,688766,"2 4•3 2,811,837607,732 345,753 524,404 340,666 1,614,159 Aug. 18 14,625,583 ,038, ,232,0321,022,981 1,332,164 951,413 769,4352,831,753 611,173 347,219 526,398 341,450 1,621,466 Aug. 25 14,710,293 ,043,646 3,251,1311,029,774 1,342,647 958,919772,-~~ ,847,982 613,049 348,891 528,916 341,1051,631,834 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: July 28 .- 14,223,000 980,0003,265,000 950,000 1,345,000 837,000 7100,,0002,840,000 350,,000 350,000 530,000 367,000 1,699,000 Aug. 4 14,138,00C 980,0003,095,000 950,000 1,350,000 847, 0,0002,870,000350,000 352,000 540,000 370,000 1,724,000 Aug. 11 14,029,000 980,000 2,920,000 950,COO 1,360,000 857,000 7255,0002,870,000350,000 352,000 540,000 376,000 1,749,000 Aug. 18 14,097,000 990,0002,945,000 910,000 1,380,000 867,000 7255,0002,900,000350,000 355,000 550,000 376,000 1,749,000 Aug. 25 14,011,000 970,000 2,770,000 920,000 1,380,000 877,000 740,000 2,930,000 375,000 356,000 560,000 384,000 1,749,000 Eligible paper: July 28 11,920 2,500 5,090 80 325 2,550 275 1,100 Aug. 4 16,560 2,000 6,290 7,730 390 50 100 Aug. 11 23,465 6,000 8,830 7,905 480 150 100 Aug. 18 17.000 4,040 6,785 2,360 1,280 2,425 10 100 Aug. 25 39,477 6,200 24, 740 2,030 5,500 100 100 U. S. securities: July 28 762,237 100,000 100,COO 125,000 100,000 332,237 5,000 Aug. 4 958,717 100,000 200,000 100,000 125,000 100,000 328,717 5,000 Aug. 11 1,164,217 100,000 400,000 100,000 125,000 100,000 334,217 5,000 Aug. 18 1,206,984 100,000 400,000 150,000 125,000 100,000 326,984 5,000 Aug. 25 1,416,900 120,000 600,000 150,000 125,000100,000 316,900 5,000 Total collateral: July 28 4,997,157 082,5003,270,090 1,050,080 1,345,000 962,325 810,000 2,840,000 684,787 350,275 536,100 367,000 1,699,000 Aug. 4 .5,113,277 082,0003,301,290 ,057,730 ,350,000 972,390 810,000 2,870,000 678,767 352,000 545,100 370,000 1,724,000 Aug. 11 .5,216,682 086,0003,328,830 1,057,9051,360,000 982,480 825,000 2,870,000 684,367 352,000 545,100 376,000 1,749,000 Aug. 18 5,320,984 094,040 3,351,785 1.062,3601,380,000 993,280 825,000 2,900,000 679,409 355,010 555,100 376,000 1,749,000 Aug. 25 .5,467,377 096,2003,394,807 1,070,7401,380,000 1,004,030 840,000 2,930,000 697,400 356,100 565,100 384,000 1,749,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE Ap- BANKS UNDER REGULATION V "W l D a e s a p d t t n e e d r e i s a o ( d y l d a a ) y o s t f or Nu A m p b a p p e l r p i r c o a A v ti e o m d n o s unt (a b p p m u c r l o t e o o m t v n u e e - o d n d t 1 t) s ( t a v a m a o n A n u o d d c t u i - - e n n s g t) 2 C ( s a t m o a m o n m e u o d n t m u i - t n n s i g t t - ) ( s P a p t m a a a o r n t u o t i d t i o u - c i n n n i s - t g ) [Amounts i i i d n z e l d t o h a o n u s sand G s u o o a f r u a d t n s o t t l a e la n e r d d s i ] l n o g ans a A va d i d l i a t b io le n al to borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Amount amount guarai ments 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 J M D J D S u u e e e a n n p c c r e e . . t . . 3 3 2 2 2 1 1 1 3 1 1 5 4 9 9 9 5 0 4 . 4 4 2 1 3 3 3 3 3 3 3 , , , , , , 3 2 3 4 0 2 6 5 9 2 6 0 1 2 4 3 7 2 4 3 3 2 2 2 0 6 3 3 7 9 8 4 8 8 9 7 , , , , , , 7 5 9 9 8 8 3 0 4 1 2 6 7 5 5 6 2 0 2 1 8 8 8 4 6 7 , , , , , , 1 0 2 2 3 6 9 9 9 9 4 4 9 8 0 6 4 8 1 1 1 1 1 9 0 0 1 5 4 , , , , , , 3 5 3 2 8 1 1 3 4 6 8 2 2 7 9 5 2 6 1 1 1 1 1 1 6 3 4 4 2 0 , , , , , , 0 5 1 8 6 3 7 9 8 3 6 6 2 7 7 2 1 4 1 2 1 2 1 1 4 6 9 3 9 7 , , , , , , 0 6 4 0 1 3 1 0 8 0 3 8 1 0 6 5 0 0 M J J N O A S D u u e u o c e a n l p t g c v y y . e t . . . . 3 3 3 3 3 3 3 3 1 1 1 1 1 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 , , , 2 6 3 9 3 5 7 1 2 8 6 4 1 0 0 0 4 7 8 0 7 9 5 0 , , , , , , , , 6 8 3 0 2 7 2 2 9 4 8 0 9 0 1 9 7 2 0 4 7 4 2 0 8 4 6 5 2 1 0 4 2 8 2 9 5 3 4 7 1 7 4 1 , , , , , , , 7 5 9 1 1 7 1 2 5 1 8 0 2 5 0 8 8 6 8 0 4 3 6 4 2 5 1 5 3 3 6 4 2 3 f 6 9 4 2 0 9 1 1 ) , , , , , , , 4 9 0 6 8 6 5 7 8 9 7 6 7 3 4 9 7 7 9 4 2 1 1 1 , , , 4 3 3 2 2 1 1 3 0 8 0 3 5 3 8 0 3 6 0 8 7 , , , , , , , 1 1 3 6 7 3 8 6 9 2 0 4 8 2 8 9 0 8 0 4 1 J F a e n b . . 3 2 0 7 3 3 , , 4 4 3 4 2 0 4 4 3 4 4 6 , , 6 31 3 9 8 I i 6 5 , , 6 88 7 2 2 i 1 1 3 2 , , 7 8 1 9 7 7 1 1 2 2 , ,1 1 1 6 7 0 2 2 3 3 , , 9 1 1 7 5 7 1943 Mar. 31 3,443 459,296 ! 5,164 13,182 13,143 20,316 Jan. 31 .... . 2,999,731 974,083 768 249 1,440,943 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 Feb. 28. ... 3,479,172 1,040,828 828,221 1,706,849 May 31 3,448 473,399 ! 3,045 13,378 12,950 20,166 Mar. 31 .... 3,726,241 1,245,711 999,394 1.865,618 June 30 3,452 475,468 | 3,203 13,044 12,132 19,070 Apr. 30 4,058,731 1,339,078 1,073,972 2,018,838 July 31 3,455 477,681 I 2,883 12,320 11,832 18,832 May 31. 4,554,278 1,415,777 1,150 040 2,077,018 1 Includes applications approved conditionally by the Federal Reserve J J u u n ly e 3 3 1 0. .. 4 4 , , 7 9 1 0 8 0, 8 9 1 0 8 5 1 1 , ,5 4 3 2 6 8 , , 2 2 9 5 6 3 1 1 , , 1 26 5 9 3 4 7 1 5 6 6 2 2 , , 2 3 1 8 6 8 , , 0 7 7 4 3 1 Banks and under consideration by applicant. 2 Includes industrial advances past due 3 months or more, which are not 1 Not available. included in industrial advances outstanding in weekly statement of condi- NOTE.—The difference between guaranteed loans authorized and sum tion of Federal Reserve Banks. of loans outstanding and amounts available to borrowers under guarantee NOTE.—The difference between amount of applications approved and the agreements outstanding represents amounts repaid, guarantees available sum of the following four columns represents repayments of advances, and but not completed, and authorizations expired or withdrawn. applications for advances and commitments withdrawn or expired. 859 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, JULY 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b n a te n r k - w G m a o U r v e . e S l n o r . t n an - Other A d p d e o j m s d u i e a s t - t s n e d d p N m o e d s a t e i n - t d d s e 3 - p T o i s m it e s4 d b o a m l f d a r u o e n e m s c t e i s c Held qu R i e r - ed Exces? banks deposits1 All member banks 70,280 10,813 6,741 52,726 49,579 55,041 13,996 5,589 12,410 11,082 1,327 Central reserve city banks New York 20,902 3,763 2,451 14,689 13,824 17,552 790 54 3,587 3,558 29 Chicago 4,775 1,101 458 3,216 3,020 3,960 482 165 830 821 9 Reserve city banks—Total. 26,422 4,930 2,302 19,190 17,619 20,771 5,573 1,912 4,961 4,489 473 Boston district 1,960 344 216 1,399 1,320 1,640 96 51 342 334 8 New York district 433 31 42 360 336 345 158 23 84 78 6 Philadelphia district 2,174 348 202 1,624 1,526 1,801 129 76 382 368 14 Cleveland district 3,469 502 289 2,678 2,504 2,794 765 213 693 605 89 Richmond district 1,572 308 159 1,104 1,029 1,220 258 121 306 259 47 Atlanta district 1,683 491 190 1,002 898 1,245 202 155 290 261 29 Chicago district 3,345 437 299 2,610 2,430 2,560 918 315 614 567 47 St. Louis district 1,581 520 138 923 825 1,246 185 105 271 260 10 Minneapolis district 858 245 88 525 473 653 87 66 141 136 6 Kansas City district 2,172 762 124 1,286 1,143 1,611 174 305 380 333 48 Dallas district 1,562 412 126 1,024 942 1,132 143 228 291 235 56 San Francisco district.... 5,613 531 427 4,655 4,193 4,525 2,458 253 1,167 1,052 115 Country banks—Total 18,181 1,018 1,530 15,632 15,116 12,758 7,150 3,458 3,031 2,215 816 Boston district 1,924 96 156 1,672 1,599 1,489 647 212 314 247 67 New York district 2,922 91 353 2,478 2,375 2,161 1,685 310 532 404 129 Philadelphia district 1,344 12 121 1,211 1,172 1,004 904 186 262 195 67 Cleveland district 1,591 21 130 1,440 1,402 1,132 858 293 314 210 104 Richmond district 1,467 177 108 1,181 1,118 1,002 442 308 217 167 51 Atlanta district 1,446 182 120 1,144 1,097 965 302 332 204 153 50 Chicago district 2,307 74 207 2,026 1,986 1,596 1,046 468 402 286 115 St. Louis district. 993 125 68 800 774 673 280 229 149 111 38 M Ka in n n sa e s a p C o i l t i y s d d i i s s t t r r i i c c t t. 1,1 7 3 4 1 8 6 6 4 1 6 6 5 4 1,0 6 0 2 3 3 9 6 8 0 8 6 5 7 0 0 5 4 3 1 2 6 3 5 3 1 5 6 5 4 1 1 2 6 5 6 1 9 0 0 8 3 5 5 8 Dallas district 1,313 92 80 1,141 1,112 835 98 379 186 123 63 San Francisco district 995 24 57 913 694 399 223 160 121 39 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. 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 [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 JULY 1943 [Averages of daily figures. In millions of dollars] Central reserve m A e l m l - city banks se R r e v - e Coun- a I n n d p o l v a e c r e s p o o f p u 1 l 5 a , t 0 i 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r ba b n er ks b c a i n t k y s banks1 ?o7k Chicago Federal Reserve district Demand Demand deposits deposits except Time except Time Total reserves held: inter- deposits inter- deposits 1942—June 12,624 4,859 979 4,448 2,338 bank2 bank2 July 12,409 4,609 1,000 4,447 2,353 1943—June 12,293 3,501 816 4,983 2,993 July 12,410 3,587 830 4,961 3,031 Total.. 10,801 4,194 6,362 2,957 Week ending (Friday): 1943—July 2 12,211 3,520 820 4,900 2,970 Boston 1,586 512 242 135 July 9 12,289 3,526 818 4,901 3,043 New York 2,184 1,090 647 595 July 16 12,505 3,573 832 5,005 3,094 Philadelphia 795 423 537 482 July 23 12,470 3,616 832 5,018 3,004 Cleveland 955 459 614 399 July 30 12,399 3,634 838 5,007 2,920 Aug. 6 12,461 3,664 839 4,986 2,972 Richmond 833 214 456 228 Aug. 13 12,446 3,649 841 4,939 3,017 Atlanta 903 208 361 93 Aug. 20 12,642 3,721 858 5,009 3,054 Chicago 1,375 631 859 415 Excess reserves: St. Louis 369 154 500 126 1942—June 2,704 556 1,232 827 July 2,237 269 1,105 799 Minneapolis 1943—June 1,461 22 589 843 Kansas City July 1,327 29 473 816 Dallas Week.ending (Friday): San Francisco 1943—June 25 rl,444 24 556 r858 July 2 1,316 25 479 800 July 9 1,366 21 472 864 July 16 1,463 37 519 895 July 23 1,321 32 502 780 July 30 1,154 22 457 670 Aug. 6 pl,174 20 438 p710 Aug. 13 pl,140 14 377 p742 Aug. 20 pl,207 23 409 p Preliminary. r Revised. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a o t t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i r - o T n f r u o e 1 r t a 8 y e 9 s s - 0 S s u i a b lv r s y e id r i- | M c i o n i o n r U S n n t o i a t t t e e e s d s R F n e e o s d e t e e r r s v a e l F R n e B e d o a s e t n e e r k r s a v l e n t b N i o a a o t - n n e a k s l 1942—July 12,739 59 67 1,764 1 510 215 315 9,650 19 138 August 13,200 59 69 1,786 1 521 218 321 10,068 18 138 September 13,703 59 71 1,754 1 537 222 324 10,580 18 137 October 14,210 59 73 1,704 1 551 225 326 11,118 18 136 November 14,805 58 74 1,731 1 565 227 327 11,667 18 136 December 15,410 58 76 1,751 1 575 228 317 12,082 188 135 1943—January , 15,590 58 77 1,700 1 567 226 312 12,152 362 135 February 16,088 58 78 1,703 1 573 226 317 12,523 474 134 March 16,250 58 79 1,674 1 583 228 316 12,643 534 134 April. 16,660 57 81 1,667 1 593 230 318 13,023 557 133 May 17,114 57 82 1.670 1 600 232 324 13,440 574 133 June 17,421 57 84 1,649 1 610 236 322 13,747 584 132 July 17,955 57 85 1,633 1 619 239 322 14,268 599 131 Back figures.—-See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c u c la i - r- s U or n t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1942—July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 August 13,200 9,795 809 731 48 1 517 3,379 3,310 3,409 868 1,663 266 575 8 29 4 September 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,12° 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February. 16 088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16 660 12 428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and FederalfReserve 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, JULY 31, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s ai s n e s c t u g ri o t l y d Treasury Fo R r e F s e er d v e e ral b B y R a n e F k s e s e d r e v a r e n a d l c M ir o cu n l e a y t i i o n n1 and silver cash Banks and agents certificates agents Gold 22,335 20,219 22,115 Gold certificates *20,219 17,347 2,815 57 Federal Reserve notes 14,859 38 553 14,268 Treasury currency—total. 44,086 1 ^ 899 111 345 3,629 Standard silver dollars 533 379 85 Silver bullion 1,520 1,520 Sliver certificates and Treasury notes of 1890., 31,899 265 1,634 N M F U S e u a n i d b n t i i e t s o o e r i r d d n a l i c a a S l o R r i t y b n a e a s t s e n e i s k r l v v n e e n o r o B t t c e e a s o s n in k notes 6 2 3 6 1 4 6 4 3 3 7 9 8 7 2 36 4 3 2 1 4 7 1 1 5 3 5 6 2 1 9 2 3 1 3 9 2 9 9 1 Total— J J J u u u n l l y y e 3 3 3 1 1 0 , , , 1 1 1 9 9 9 4 4 4 3 2 3 3 3 S 4 4 3 1 0 6 , , , 2 8 2 7 6 1 9 8 8 r3 3 Z ' 2 2 2 2 2 2 , , , 5 1 1 7 1 9 7 8 9 4 4 4 2 2 2 , , , 2 2 2 6 2 6 4 3 8 1 1 1 7 7 7 , , , 3 7 4 4 3 0 7 0 9 3 3 3 , , 7 , 7 5 1 7 3 2 0 6 1 1 1 7 7 2 , , , 9 4 7 5 2 3 5 1 9 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 ls lu b d y e s w $ e 1 e ,8 k 0 s 0 a ,0 re 0 0 s ,0 h 0 o 0 w n E x in c h t a a n b g l e e o S n ta p b il 8 iz 5 a 3 t . i on Fund, $143,722,888 balance of increment resu , l ti . ng f , rom reduction in wei • g i h t of e . t . h e go u ld d A o l n l ar, and J $156,039,431 held as reserve against United States notes and Treasury notes of 1890. e 3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total oi all torms ot mone; since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion. 4 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 853. 5 Less than $500,000. bank notes are in process of retirement. SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- 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 i s n t g o o c l k d N im et p g o o rt ld go c o l r r d e i : a n s d - e e- p ti r c t o i o d g n u o 1 c ld - End of month a i n b to c a e r l- s s ' 1 Total i C n p o a d s s e i h - - securities C se r a r e s v - h e crease (—) tory Di- Guar- funds banks Total rect an- etc.2 teed 19342 8,238 4,202.5 1,133.9 82.6 92.9 1935 10,125 1,887.2 1,739.0 .2 110.7 1936 311,258 1,132.5 1,116.6 -85.9 131.6 1934—June 1,198 1,225 695 453 418 35 76 1937 312,760 1,502.5 1,585.5 -200.4 143.9 Dec. 1,207 1,237 540 597 467 130 100 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1935—June 1,205 1,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Dec. 1,201 1,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June 1,232 1,265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec 1,260 1,296 145 1,058 892 167 93 1942 22,726 -10.3 ) -458.4 125.4 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 1,270 1,308 131 1,097 931 167 80 1942—July 22,744 7.6 -24.4 12.8 1938—June 1,252 1,290 115 1,103 936 167 73 August.... 22,756 11.4 -21.8 10.2 Dec 1,252 1,291 86 1,132 965 166 73 September 22,754 -1.3 -27.8 11.8 1939—June 1,262 1,304 68 1,157 1,011 146 78 October... 22,740 -14.3 -56.4 12.0 Dec 1,279 1,319 53 1,192 1,046 146 74 November 22,743 3.3 -10.8 7.8 1940—June 1,293 1,337 43 1,224 1,078 146 69 December. 22,726 -17.2 -31.0 6.2 Dec 1,304 1,348 36 1,224 1,078 146 88 1941—June 1,304 1,356 30 1,251 1,104 146 75 1943—January .. 22,683 -43.3 -76.1 4.7 Dec 1,314 1,396 26 1,274 1,128 146 95 February.. 22,644 —39.3 -63.4 4.1 1942—June 1,316 1,525 24 1,272 1,146 126 229 March 22,576 -68.0 -59.0 4.5 April 22,473 —103.1 -101.0 4.9 1942—Aug. 1,344 1,575 20 1,271 1,146 126 283 May 22,426 -46.3 -45.1 4.1 Sept 1,358 1,415 19 1,267 1,141 126 129 June 22,388 -38.9 -51.7 3.9 Oct 1,377 1,429 18 1,266 1,140 126 146 July 22,335 -52.7 5—63.7 '3.9 Nov 1,396 1,444' 17 1,266 1,140 126 161 Dec 1,417 1,464 16 1,345 1,220 126 102 Jan-July. 22,335 -391.4 5-460.0 p30.1 1943—Jan 1,445 1,493 14 1,381 1,255 126 98 Feb 1,468 1,517 14 1,378 1,270 109 125 p Preliminary, f Figure carried forward. Mar 1,493 1,545 13 1,421 1,360 61 111 1 Annual figures are estimates of the United States Mint. Monthly figures Apr 1,517 1,569 12 1,450 1,389 61 107 are those published in table on p. 903, adjusted to exclude Philippine May 1,546 1,596 12 1,500 1,449 51 83 Islands production received in United States. June pl,576 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a July ^1,622 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars p Preliminary. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Outstanding principal, represented by certificates of deposit. Does not 4 The net gold import figures for months subsequent to December 1941 include accrued interest nor outstanding savings stamps. have not been released for publication. 2 Includes working cash with postmasters, 5 per cent reserve fund and 5 Gold held under earmark at FederalaReserve Banks for foreign account miscellaneous working funds with the Treasurer of the United States, amounted to 3,133.7 million dollars on July 31, 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 ti N o a n - al State su I r n e - d2 in N s o u n re - c To a t ll al, New I 140 Other Year and month report- York other reporting NT umber of banks suspended: ing City centers1 centers2 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.-July 3 1 2 1942—June 52,848 18,601 28,751 5,496 Deposits of suspended banks July 52,975 18,401 28,968 5,605 (in thousands of dollars):3 August 51,989 18,324 28,286 5,379 1934 36,937 40 1,912 34,985 September 55,701 19,919 29,990 5,791 1935 10,015 5,313 3,763 939 October 58,334 19,823 32,131 6,380 1936 11,306 507 10,207 592 November 53,773 18,512 29,489 5,772 1937 19,723 7,379 1,708 10,156 480 December 68,822 25,897 36,077 6,848 1938 13,012 36 211 11,721 1,044 1943—January 57,972 21,437 30,723 5,812 1939 34,998 1,341 24,629 6,589 2,439 February 54,872 21,112 28,437 5,323 1940 5,943 256 5,341 346 March 65,782 24,062 35,261 6,459 1941 3,726 3,144 503 79 April 73,661 29,193 37,683 6,784 1942 1,702 1 37^ 327 May 64,246 25,737 32,602 5,908 1943—jan -July 2,103 862 1,241 June 66,894 25,464 34,959 6,472 July 65,347 23,976 34,954 6,417 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks 1 National series for which bank debit figures are available beginning whose deposit liabilities were assumed by other banks at the time of closing with 1919. (in some instances with the aid of Federal Deposit Insurance Corporation 2 Figure for 1929 includes 128 centers; for 1937-1942 annual figures include loans). 133 centers; monthly figures include 193 centers. 2 Federal deposit insurance became operative Jan. 1, 1934. NOTE.—See p. 717 of August 1943 BULLETIN for description of revision 3 Deposits of member banks and insured nonmember banks suspended are beginning with May 1942. as of dates of suspension, and deposits of noninsured nonmember banks Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning are based on the latest data available at the time the suspensions were with 1919, by Federal Reserve districts and for individual centers, are reported. available for distribution and will be furnished upon request. Back figures.—See Annual Report for 1937 (table 76). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g s a s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a- al State M s b a a u v n t i u n k g a s l s m O n b e t o h e m n r e - - r banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929--June 29.. 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30.. 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34,745 22,553 12,193 10, 296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31... 54,054 36,211 23,497 12,714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30... 55,992 38,027 24, 534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30... 58,344 39,930 25, 661 14,269 10, 613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29... 60,582 42,039 26,931 15,108 310,631 37,912 Dec, 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31... 65,021 46,007 29,214 16,793 10,658 8,356 1941—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 1 544 7,582 1942—June 305., 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 1 Mutual savings Danks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Dec. 31 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4,903 5,470 7,205 3,692 3,513 1942—June 305 63,976 25,078 38,897 46,800 16,928 29,872 10,353 4,819 5,534 6,822 3,331 3,492 Dec. 31 78,097 23,913 54,185 59,263 16,088 43,175 10,746 4,698 6,048 8,088 3,126 4,962 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, beginning June 30, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, up to and including Dec. 30, 1939, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938^ were approximately $50,000,000 and $100,000,000, respectively. ^Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. Back figures— See Annual Report for 1937 (tables 48-49). 863 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- T lo o a t n a s l Com- or carrying Direct gat o i f ons Call date i # m n v a e n e n s d t t s - Total1 m a c n i e a d r l - O m k p a e e r t n - - A c tu g u r r l- - i- T se o cun les R t e a e s t a - e l- O o m an e s r 4 Total C Ic e a r t t e i s - Guar- S p a o ta n li t t d 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 al - rities and ers3 debt- divideal- ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5,386 455 730 790 700 2,957 2,944 19,979 4,328 563 2,223 8,398 3,iu 2,692 2,959 1940—June 29 34,451 13,969 5,538 450 736 447 668 3,069 3,062 20,482 4,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 456 865 642 652 3,228 3,273 21,805 5,823 652 2,594 9,091 3,486 3,013 2.970 1941—June 30 40,659 16,729 7,270 537 738 575 635 3,365 3,609 23,930 18,078 ,127 2,631 10 4813,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 607 972 594 598 3,494 3,692 25,500 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 24,098 ,509 i',sn 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 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30*\... 67,150 14,822 52,328 46,975 2,877 2,476 New York 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 1,768 120 ' ' 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275" 579 693 1940—June 29 9,829 3,014 1,801 103 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 100 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,405 97 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,716 91 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—June 30 14,019 4,066 2,775 6 s 6 9 430 167 121 499 9,953 8,550 402 "663' 1,746 4,572 1,166 623 781 Dec. 31 .... 17,957 4,116 2,546 21 787 193 117 451 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30*\... 18,982 4,009 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 60 61 251 30 267 610 384 149 57 82 97 87 138 1939—Dec. 30 2,105 569 " 365* 17 "6 41 66 13 60 1,536 1,203 153 176 701 "in 162 170 1940—June 29 2,205 603 417 16 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 17 5 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 609 21 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 21 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942-June 30 3,116 906 C97 15 3 29 50 22 90 2,210 1,858 357 "l8l" 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 30?.... 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 -,937 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1 1 9 9 4 3 0 9 — — D J D u e e n c c . e . 3 3 2 1 0 9 1 1 1 2 2 3 , , , 2 1 0 7 6 1 2 0 3 5 5 5 , , , 3 9 3 3 2 6 1 9 5 2 2 2 , , , 1 4 i 3 b 3 4 6 o 1 1 1 5 5 5 5 6 3 2 2 1 6 2 7 3 6 i" 1 1 1 8 1 9 7 5 2 2 2 2 1 0 2 0 7 1 1 1 , , , 3 3 4 3 7 3 5 2 6 1 1 1 , , , 1 3 2 7 2 3 7 2 0 6 6 7 , , , 9 7 0 4 8 9 1 3 5 5 4 5 , , , 1 9 2 9 4 0 4 7 4 1 6 8 0 3 7 3 8 8 7 1 3 7 9 9 1 3 3 3 , , , 3 2 0 8 3 5 1 9 2 1,0 9 9 4 7 6 9 2 9 8 9 9 9 8 8 0 4 1 8 8 8 6 6 9 0 8 3 1941—June 30 14,013 6,498 2,879 202 175 100 198 1,477 1,466 7,5!5 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,206 250 300 114 194 1,527 1L.512 8,243 6,467 295 751 4,248 1,173 956 820 1942—June 30 16,535 6,564 3,103 215 • 152 78 177 1,524 1,315 9,971 8,188 579 "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 17,436 943 786 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 15' 163 495 20 224 1,477 L,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 L,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—June 30 11,446 5,607 1,377 216 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 Dec. 31 12,518 5,890 1,431 245 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—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 1943— D Ju e n c. e 3 3 1 0 . ? . . . . . .. 1 19 6 , , 1 4 4 1 9 9 4 5 , , 4 0 9 3 4 8 26 772 17 161 1,797 1066 1 1 1 4 , , 3 6 8 5 0 5 1 9 2 , , 1 4 7 9 2 7 671 1,251 1,240 5,436 574 1 1 , , 2 2 5 4 2 1 9 9 1 5 7 6 p Preliminary. J Classincations indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939 5? i<5c1 SS -i A iurt4er J.evlsion °f I?*"1 classification made Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. Beginning June 30, 1939, detailed classifications avaiJable on June and December dates only. csumiugjuu j Not shown in call reports prior to December 1938. to brole^and^fers11111111 ^^ tO DeC' 31' 1938' represent a11 loans on securities, regardless of purpose, excepting only loans on securities to banks and with eariieiSfi ^s ^ ^^ ^includes loanS to banks* Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable 6 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Call date F B s w e R e a d i r n e t e v h k - r e s al v C a i a u n s l h t b m a w a n d e n i c s o t k t e h - i s s c 1 j m p u a o s d a d t s e n e - i - d d ts 2 a v p n a i s p t I d d h r i o n o t u i r d n c p n a a i o e s s - l - , r s r - - , p v s S o i u l s a t i b a i n t o d t i d e c n i s - a s l c C c h e f a o e e i e t f n e f c r r c d i d s t . - k i ' - s m G U er e o . n n S v - t . - a p v n a s p i t I d d h r i o n o t u i r d n c p n a a e i o s s - l - , r s r - - , v s S p i u i a s t o c b i a n o l a t d d i l n e t i - s s - P m U G S e a o a r n e o . s n v S d n t v - a - . t - l m D a D n e- d o b 3 m an e k s s T ti i c me b F e a i o g n r n k - s B r i o n o w g r s - - C c a o a p u c i - n ta ts l ings Total—A11 Member Banks 1929—Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—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 30** 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 1.502 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 L727 1943_june 3QP 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—Tune 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 i941—Tune 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 30*> 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—Tune 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 ,517 1939—Dec 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 ,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 ,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 ,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 ,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 ,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 33 Preliminary. 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). 865 SEPTEMBER 1943 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 - s l - l , - T T a o n o ta 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 e f e e e a i r b d s n t t - t e s i - - - s Notes Bonds G t a e u n e a - d r- O r s i e t t c h ie u e s - r gations Total—101 Cities 1942—July 32,998 10,741 6,796 561 401 1,233 32 1,718 22,257 18,852 1,656 1,465 2,886 10,809 2,036 3,405 1943-^March 41,784 9,502 5,981 574 339 1,170 58 1,380 32,282 29,021 4,340 5,006 4,146 13,602 1,927 3,261 April 43,449 10,013 5,822 1,153 422 1,160 88 1,368 33,436 30,217 4,418 5,508 4,199 14,123 1,969 3,219 May 46,958 10,261 5,757 1,334 565 1,154 91 1,360 36,697 33,609 5,334 6,821 4,189 15,437 1,828 3,088 June 46,589 9,593 5,606 998 450 1,151 59 1,329 36,996 33,927 5,368 6,938 4,023 15,720 1,878 3,069 July 46,370 9,549 5,612 1,034 399 1,156 56 1,292 36,821 33,858 4,583 6,995 4,602 15,880 1,798 2,963 1943—June %.... 47,182 9,788 5,662 1,046 491 1,150 94 1,345 37,39' 34,317 5,636 6,883 4,188 15,760 1,850 3,077 June 9.... 46,808 9,590 5,637 983 465 1,150 33 1,322 37,218 34,141 5,346 6,910 4,179 15,814 1,892 3,077 June 16 46,965 9,649 5,625 1,019 438 1,144 95 1,328 37,316 34,251 5,804 6,923 3,954 15,683 1,887 3,065 June 23 46,147 9,45< 5,365 927 432 1,153 46 1,331 36,693 33,631 5,195 6,986 3,915 15,657 1,878 3,062 June 30 45,843 9,485 5,542 1,014 424 1,158 28 1,319 36,358 33,295 4,860 6,991 3,878 15,685 1,881 3,063 July 7 45,563 9,593 5,565 1,092 420 1,148 57 1,311 35,97C 32,987 4,463 6,985 3,872 15,775 1,892 2,983 July 14 46,822 9,675 5,638 1,102 405 1,160 70 1,300 37,14" 34,165 4,62' 6,9 4,819 15,859 1,878 2,982 July 21 46,612 9,449 5,618 948 394 1,159 48 1,282 37,163 34,207 4,762 6,9 4,863 15,900 1,697 2,956 July 28 46,482 9,479 5,628 992 379 1,157 47 1,276 37,003 34,072 4,478 7,029 4,852 15,988 1,725 2,931 Aug. 4 46,954 9,57 5,678 1,058 371 1,154 36 1,274 37,383 34,464 4,238 7,599 4,872 15,992 1,763 2,919 Aug. 11 46,899 9,543 5,714 985 371 1,151 53 1,269 37,35' 34,437 4,114 7,581 4,890 16,049 1,803 2,919 Aug. 18 47,040 9.56C 5,740 1,010 363 1,147 39 1,261 37,48C 34,57' 4,13! 7,603 4,880 16,155 1,804 2,906 Aug. 25 46,719 9,608 5,739 1,052 366 1,147 44 1,260 37,11 34,209 3,678 7,633 4,870 16,213 1,815 2,902 New York City 1942—July 13,097 3,784 2,641 151 103 415 9,313 8,06C 499 586 1,639 4,242 1,094 1,253 1943—March 16,230 3,44 2,379 456 146 318 12,78* 11,635 1,814 1,966 1,845 5,010 1,000 1,154 April...... 17,025 3,906 2,298 965 622 195 314 13,11' 12,007 1,641 2,175 1,888 5,285 1,018 1,112 May 18,272 4,15i 2,248 1,132 718 314 315 14,111 13,130 2,019 2,500 1,858 5,818 935 986 June 17,748 3,708 2,172 850 396 236 97 313 14,04C 13,067 2,092 2,539 1,654 5,859 923 973 July 17,261 3,664 2,149 885 414 194 303 13,59' 12,645 1,516 2,635 1,754 5,853 887 952 1943—June 2.... 18,240 3,85C 2,213 450 273 312 14.39C 13,41(3 2,273 2,500 1,813 5,924 906 974 June 9 17,879 3,718 2,197 835 397 252 311 14,16: 13,188 2,011 2,507 1,791 5,937 942 973 June 16 17,950 3,74 2,171 879 410 222 313 14,20S 13,245 2,373 2,51 1,594 5.834 927 964 June 23.... 17,406 3,59 2,140 790 332 218 320 13,815 12,844 1,999 2,570 1,558 5,804 913 971 June 30 17,263 3,63' 2,139 857 391 214 309 13,624 12,642 1,803 2,600 1,516 5,798 925 982 July 7 17,011 3,744 2,147 946 481 207 310 13,26' 12,323 1,432 2,609 1,543 5,803 936 944 July 14 17,476 3,76: 2,165 949 c480 194 304 13,71. 12,748 1,519 2,626 1,837 5,833 933 967 July 21..... 17,304 3,565 2,143 806 333 191 301 13,73C 12,78: 1,633 2,642 1,826 5,855 827 956 July 28 17,251 3,584 2,139 841 361 182 298 13,66r 12,725 1,480 2,663 1,808 5,920 854 942 Aug. 4 17,464 3,663 2,159 907 417 178 98 299 13,80 12,866 1,394 2,855 1,793 5,938 935 Aug. 11 17,345 3,62C 2,170 836 373 176 298 13,72. 12,786 1,295 2,833 1,791 5,941 926 939 Aug. 18 17,438 3,61 2,176 851 387 175 295 13,82- 12, 1,311 2,867 1,793 5,997 923 932 Aug. 25 17,283 3,666 2,168 908 457 175 296 13,61 12,683 1,030 2,918 1,773 6,034 928 934 Outside New York City 1942—July 19,901 6,95' 4,155 117 250 1,130 1,303 12,944 10,792 1,157 1,247 6,567 942 2,152 1943—March 25,554 6,06 3,602 118 193 1,072 1,062 19,49; 17,386 2,526 3,040 2,301 8,592 927 2,107 April 26,424 6,io; 3,524 188 227 1,062 1,054 20,31' 18,210 2,77" 3,333 2,311 8,838 951 2,107 May....... 28,686 6,10. 3; 509 202 251 1,056 1,045 22,58 20,479 3,315 4,321 2,331 9,619 893 2,102 J J u u n ly e 2 2 9 8, , 8 1 4 0 1 9 5 5, ,88i 3 3, , 4 4 6 3 3 4 1 1 4 4 9 8 2 2 0 1 5 4 1 1, , 0 0 5 5 8 4 1, 9 0 8 1 9 6 2 2 2 3 , , 9 2 5 2 6 4 2 21 0 , , 2 8 1 6 3 0 3 3, , 0 2 6 7 7 6 4 4, , 3 4 6 0 0 0 2 2 , , 3 8 6 4 9 8 1 9 0 , , 8 0 6 2 0 7 9 9 5 1 5 1 2 2 , , 0 0 9 1 6 1 1943—June 2.... 28,942 5,938 3,449 158 218 1,052 1,033 23,004 20,901 3,363 4,383 2,375 9,836 944 2,103 June 9. ... 28,929 5, 3,440 148 213 1,052 1,011 23,05' 20,953 3,335 4,403 2,388 9,877 950 2,104 June 16. . .. 29,015 5,908 3,454 140 216 1,047 1,015 23,10' 21,006 3,431 4,406 2,360 9,849 960 2,101 June 23.... 28,741 5, 3,425 137 214 1,056 1,011 22,878 20,787 3,196 4,416 2,357 9,853 965 2,091 June 30 28,580 5, 3,403 157 210 1,061 1,010 22,734 20,653 3,057 4,391 2,362 9,887 956 2,081 July 7 28,552 5,84S 3,418 146 213 1,051 1,001 22,703 20,664 3,031 4,376 2,329 9,972 956 2,039 July 14 29,346 5,91 3,473 153 211 1,062 996 23,43: 21,417 3,108 4,356 2,982 10,026 945 2,015 July 21 29,308 5,88 3,475 142 203 1,061 981 23,424 21,42' 3,129 4,343 3,037 10,045 870 2,000 July 28 29,231 5,89 3,489 151 197 1,059 978 23,33i 21,347 2,998 4,366 3,044 10,068 871 1,989 Aug. 4 29,490 5,908 3,519 151 193 1,056 975 23,58: 21,598 2,844 4,744 3,079 10,054 877 1,984 Aug. 11 29,554 5,92. 3,544 149 195 1,053 971 23,63 21,65 2,819 4,748 3,099 10,108 877 1,980 Aug. 18 29,602 5,94. 3,564 159 188 1,049 966 23,65 21,683 2,821 4,736 3,087 10,158 881 1,974 Aug. 25 29,436 5,94. 3,571 144 191 1,051 964 23,49. 21,52' 2,648 4,715 3,097 10,179 887 1,968 c Corrected. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding tables in previous Annual Reports. 866 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 Re- Date or month B s s w F e e e R a r e r i r n v e a t d v h k - e l - e s s v C a i a n u s l h t m b a w B a n d e n a o i c s t l k - e t h - i s s c j p m u D o a d s a d e s t e n e - i - - t d d s 1 s u I p v n c h a n a a i e o n i d d l r p r r d s i t - - - s , - - , S p d s a t i o u c a i n v l a t d b i e i l t - - - s c C c h o a f e e e i f n e f r r c d i d t s - k i ' - s m U G e e r . o n S n v - . t - s I p u v h n a n c a a n i i e o d r d p l r d r s i t - - s - - - , , S p d s a t i o u i c a n v l a b t d i i e l - t - s - P U m G o S a e s o a . n r e S n t v d v n a . - - - t l m D D a e n o b - d m an e k s T s ti i c me b F e a i o n g r k n - s B r in o o g w r s - - co C i a u t a c a n p - l - ts B d i a e t n b s k 2 pora- sions etc. tions pora- ings tions Total 101 Cities 1942—July 9,421 494 2,820 25,992 25,756 1,767 1,657 4,962 125 20 8,538 82 679 15 3,951 9,437 1943—March 9,476 519 2,589 31,956 31,837 1,861 626 2,708 5,344 96 29 9,448 57 739 51 4,054 11,716 April 9,020 522 2,594 31,591 31,659 1,855 706 4,271 5,382 107 30 9,372 55 728 83 4,067 13,372 May 8,381 520 2,516 30,354 30,377 1,783 721 8,748 5,419 117 31 8,897 54 738 86 4,095 12,544 June 8,678 527 2,358 32,199 32,254 1,806 682 6,557 5,504 119 35 8,839 51 762 48 4,117 11,874 July 8,667 533 2,300 33,108 33,159 1,807 681 5,255 5,611 118 40 8,767 49 777 51 4,133 11,473 1943—June 2 8,570 504 2,410 31,386 31,395 1,838 7,981 5,480 121 32 8,826 53 755 82 4,112 11,211 June 9 8,694 538 2,335 32,061 31,890 1,794 625 7,029 5,485 117 34 8,823 53 763 21 4,119 10,847 June 16 8,894 558 2,441 32,787 33,064 1,793 740 6,358 5,494 117 34 9,106 51 760 82 4,120 12,493 June 23 8,677 531 2,308 32,472 32,383 1,756 677 5,764 5,529 119 35 8,773 50 765 41 4,118 12,083 June 30 8,556 503 2,297 32,289 32,536 1,852 699 5,652 5,530 119 39 8,666 50 772 14 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 66 4,131 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 72 4,129 12,067 July 21 8,740 528 2,307 33,386 33,381 1,811 578 5,345 5,616 117 40 8,748- 49 773 34 4,128 11,657 July 28 8,714 539 2,238 33,840 33,688 1,846 693 4,777 5,677 120 40 8,544 49 782 32 4,143 11,267 Aug. 4 8,705 515 2,217 33,746 33,535 1,857 726 5,300 5,701 119 40 8,582 49 789 37 4,153 12,236 Aug. 11 8,776 526 2,222 33,796 33,797 1,831 529 5,131 5,732 119 40 8,604 48 779 48 4,160 10,578 Aug. 18 8,986 515 2,296 34,311 34,341 1,802 564 4,769 5,766 119 40 8,838 48 785 32 4,158 11,294 Aug. 25 9,050 525 2,186 35,145 34,963 1,829 636 3,791 5,769 121 45 8,550 49 790 50 4,161 10,259 New York City 1942—July 4,203 75 10,552 10,801 322 877 651 12 3,151 610 14 1,541 3,694 1943—March 3,610 78 12,444 12,748 217 319 1,436 673 18 3,101 1 657 39 1,578 4,687 April 3,271 80 12,219 12,556 217 390 2,083 674 19 3,096 1 646 79 1,581 5,792 May 3,038 80 11,387 11,670 222 455 4,130 672 18 2,904 1 655 74 1,596 5,522 June 3,157 82 12,086 12,426 205 355 3,006 690 17 2,869 1 677 40 1,610 4,976 July 3,220 85 12,456 12,768 213 378 2,201 688 18 2,864 1 692 45 1,615 4,693 1943—June 2 3,089 79 11,850 12,184 212 341 3,709 688 18 2,841 1 669 66 1,605 4,764 June 9 3,169 84 12,070 12,331 195 356 3,232 687 16 2,850 1 677 15 1,611 4,691 June 16 3,204 86 12,251 12,628 194 386 2,915 692 16 2,988 1 677 79 1,615 5,297 June 23... . 3,176 79 12,105 12,395 194 343 2,617 705 17 2,872 1 678 32 1,609 4,978 June 30 3,149 80 12,156 12,591 232 349 2,556 679 18 2,794 1 683 11 1,610 5,150 July 7 3,191 85 12,151 12,453 174 384 2,208 687 18 2,874 1 692 60 1,612 4,588 July 14 3,187 89 12,297 12,713 227 442 2,472 684 18 2,931 1 688 66 1,613 5,108 July 21 3,250 81 12,557 12,837 228 280 2,188 690 17 2,866 1 688 30 1,613 4,528 July 28 3,253 84 12,820 13,068 223 407 1,937 692 20 2,783 1 700 24 1,623 4,547 Aug. 4 3,295 81 12,929 13,197 206 434 2,142 693 20 2,771 1 703 26 1,631 4,980 Aug. 11 3,292 84 12,872 13,195 204 264 2,048 694 20 2,748 1 694 32 1,633 4,208 Aug. 18 3,433 81 13,111 13,422 196 287 1,901 699 20 2 881 1 707 22 1,632 4,222 Aug. 25 3,421 81 13,449 13,702 194 362 1,489 702 22 1 2,751 1 714 36 1,631 3,859 Outside New York City 1942—July 5,218 419 2,779 15,440 14,955 1,551 780 4,311 113 20 5,387 82 69 1 2,410 5,743 1943—March 5,866 441 2,551 19,512 19,089 1,644 307 1,272 4,671 78 29 6,347 56 82 12 2,476 7,029 April 5,749 442 2,563 19,372 19,103 1,638 316 2,188 4,708 88 30 6,276 54 82 4 2,486 7,580 May 5,343 440 2,486 18,967 18,707 1,561 266 4,618 4,747 99 31 5,993 53 83 12 2,499 7,022 June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 50 85 8 2,507 6,898 July 5,447 448 2,274 20,652 20,391 1,594 303 3,054 4,923 100 40 5,903 48 85 6 2,518 6,780 1943—June 2..... 5,481 425 2,378 19,536 19,211 1,626 327 4,272 4,792 103 32 5,985 52 86 16 2,507 6,447 June 9 5,525 454 2,314 19,991 19,559 1,599 269 3,797 4,798 101 34 5,973 52 86 6 2,508 6,156 June 16. 5,690 472 2,415 20,536 20,436 1,599 354 3,443 4,802 101 34 6,118 50 83 3 2,505 7,196 June 23. 5,501 452 2,285 20,367 19,988 1,562 334 3,147 4,824 102 35 5,901 49 87 9 2,509 7,105 June 30 5,407 423 2,272 20,133 19,945 1,620 350 3,096 4,851 101 39 5,872 49 89 3 2,505 7,584 July 7...... 5,338 429 2,248 20,174 19,877 1,607 322 2,716 4,877 98 40 6,034 49 90 6 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 6 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 4 2,515 7,129 July 28 5,461 455 2,213 21,020 20,620 1,623 286 2,840 4,985 100 40 5,761 48 82 8 2,520 6,720 Aug. 4 5,410 434 2,195 20,817 20,338 1,651 292 3,158 5,008 99 40 5,811 48 86 11 2,522 7,256 Aug. 11 5,484 442 2,200 20,924 20,602 1,627 265 3,083 5,038 99 40 5,856 47 85 16 2,527 6,370 Aug. 18 5,553 434 2,270 21,200 20,919 1,606 277 2,868 5,067 99 40 5,957 47 78 10 2,526 7,072 Aug. 25 5,629 444 ] 2,161 21,696 21,261 1,635 274 2,302 5,067 99 44 5,799 48 76 14 2,530 6,400 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. 867 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [la millions of dollars Loans Investments Loans for U. S. Government obligations Total Com- purchasing d F i e s d tr e i r c a ( t 1 l 9 a R 4 n 3 d e ) s e d r a v t e e m l v o a e i e n a n n s d n - t t - s s Total m t d c a r i i u n i n e a a d s - r l l - - , , b o T r s r o o e k c c - a u r r r i y ti i e n s g e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o r n t t f - e if s i Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) July 28 2,529 613 392 25 12 69 115 1,91 1,80 202 478 222 847 56 111 Aug. 4 2,539 606 389 22 12 68 i 114 1,93 1,82 187 509 226 844 56 111 Aug. 11 2,545 614 393 25 12 68 1 115 1,93 1,820 188 505 226 845 56 111 Aug. 18 2,540 609 392 21 12 68 1 115 1,93 1,820 189 504 224 847 56 111 Aug. 25. 2,502 600 389 17 12 68 114 1,90 1,790 162 502 225 845 56 112 Newv YYoorrkk (8 cities)* July 28 18,803 3,913 2,278 847 212 181 26 369 14,890 13,853 1,621 2,865 2,001 6,488 878 1,037 Aug. 4 19,026 3,995 2,299 916 208 181 22 369 15,03 14,001 1,522 3,075 1,987 6,507 910 1,030 Aug. 11 18,914 3,948 2,312 839 206 181 42 368 14,966 13,932 1,427 3,055 1,980 6,520 950 1,034 Aug. 18 19,002 3,945 2,320 855 204 181 20 365 15,057 14,031 1,442 3,084 1,982 6,576 947 1,026 Aug. 25 18,817 3,997 2,313 911 205 179 23 366 14,820 13,792 1,133 3,132 1,962 6,613 952 1,028 Philadelphia (4 cities) July 28 2,067 426 229 29 11 44 4 109 1,641 1,440 187 292 169 714 78 201 Aug. 4 2,091 427 236 30 11 44 106 1,664 1,463 174 321 169 724 75 201 Aug. 11 2,094 429 237 31 11 43 107 1,665 1,467 173 312 174 733 75 198 Aug. 18 2,077 429 236 30 10 44 3 106 1,648 1,455 158 304 170 748 75 193 Aug. 25 2,072 429 235 30 11 43 4 106 1,643 1,451 156 296 170 754 75 192 Cleveland (10 cities) July 28 3,704 730 378 14 14 171 12 141 2,974 2,719 365 436 357 1,442 119 255 Aug. 4 3,767 732 384 14 13 171 11 139 3,035 2,779 362 498 374 1,426 119 256 Aug. 11 3,759 729 386 13 14 171 8 137 3,030 2,773 350 498 364 1,438 123 257 Aug. 18 3,769 733 387 14 13 171 13 135 3,036 2,780 365 496 358 1,442 119 256 Aug. 25 # 3,753 731 388 13 13 171 13 133 3,022 2,769 345 501 360 1,444 119 253 Richmond (12 cities) July 28 1,498 232 109 3 11 51 1 57 1,266 1,206 153 222 166 615 50 60 Aug. 4 1. .SOS 233 112 3 11 50 57 1,272 1 211 149 230 166 618 48 61 Aug. 11 1,515 235 112 4 11 50 1 57 1,280 1^219 143 227 166 637 46 61 Aug. 18 1,518 234 111 4 11 50 1 57 1,284 1,226 146 226 165 644 45 58 Aug. 25 1,512 237 115 3 11 50 2 56 1,275 1,217 133 225 170 644 45 58 Atlanta (8 cities) July 28 1,464 283 168 7 10 27 1 70 1,181 1,068 155 251 204 407 51 113 Aug. 4 L,470 282 166 8 9 27 1 71 1,188 1,074 139 271 207 406 51 114 Aug. 11 1,469 279 165 8 9 26 1 70 1,190 1,075 140 271 207 406 51 115 Aug. 18 1,470 277 163 9 9 26 1 69 1,193 1,079 142 269 208 409 51 114 Aug. 25 1,464 278 163 9 9 26 1 70 1,186 1,072 136 269 208 405 54 114 Chicago (12 cities)* July 28.. 7,106 1,237 893 45 48 142 109 5,869 5,349 842 1,227 714 2,349 217 520 Aug. 4 7,152 1,253 911 44 47 141 110 5,899 5,386 788 1,308 726 2,347 217 513 Aug. 11 7,120 1,258 920 42 46 141 109 5,862 5,351 741 1,312 72/ 2,356 215 511 Aug. 18 7,181 1,281 931 55 45 141 109 5,900 5,384 770 1,311 724 2,363 216 516 Aug. 25 7,121 1,281 939 48 45 140 109 5,840 5,324 719 1,302 725 2,362 216 516 St. Louis (5 cities) July 28 1,427 344 204 5 9 66 60 1,083 968 101 215 145 475 32 115 Aug. 4 1,444 344 206 4 8 66 60 1,100 985 103 230 143 476 33 115 Aug. 11 1,446 348 209 4 9 66 60 1,098 983 99 225 149 477 33 115 Aug. 18 1,451 347 209 4 8 66 60 1,104 989 104 225 149 478 33 115 Aug. 25 1,442 348 208 4 9 66 1 60 1,094 979 95 221 148 480 35 115 Minneapolis (8 cities) July 28 880 176 107 1 4 15 2 47 704 664 113 132 85 308 26 40 Aug. 4 893 175 106 1 4 15 1 48 718 678 115 144 85 308 26 40 Aug. 11 893 174 105 2 4 15 48 719 679 105 145 107 296 26 40 Aug. 18 891 175 107 2 4 14 48 716 676 101 145 110 294 26 40 Aug. 25 888 175 107 1 4 15 48 713 674 98 146 111 293 26 39 Kansas City (12 cities) July 28 1,573 337 225 3 8 42 59 1,236 1,111 175 219 231 435 51 125 Aug. 4 1,589 338 227 3 8 42 58 1,251 1,128 164 246 233 433 52 123 Aug. 11.... 1,593 341 229 4 8 42 58 1,252 1,129 165 249 234 429 52 123 Aug. 18 1,597 340 229 3 8 42 58 1,257 1,134 165 251 235 431 52 123 Aug. 25 1,601 341 230 3 8 42 58 1,260 1,137 164 252 236 432 53 123 Dallas (9 cities) July 28 1,211 273 199 1 14 18 1 40 938 884 116 207 153 353 55 54 Aug. 4 1,223 275 199 2 14 19 41 948 894 113 224 152 351 54 54 Aug. 11 1,232 275 199 2 14 19 41 957 903 115 231 151 352 54 54 Aug. 18 1,231 273 200 1 13 19 40 958 904 109 235 150 353 57 54 Aug. 25 1,227 276 200 2 13 20 41 951 898 104 233 150 354 57 53 San Francisco (7 cities) July 28 4,220 915 446 12 26 331 100 3,305 3,005 448 485 405 1,555 112 300 Aug. 4 4,255 911 443 11 26 330 101 3,344 3,043 422 543 404 1,552 122 301 Aug. 11 4,319 913 447 11 27 329 99 3,406 3,106 468 551 405 1,560 122 300 Aug. 18 4,313 917 455 12 26 325 99 3,396 3,096 441 553 405 1,570 127 300 Aug. 25 4,320 915 452 11 26 327 99 3,405 3,106 433 554 405 1,587 127 299 City of Chicago* July 28....... 4,411 812 655 39 41 24 53 3,599 3,271 499 797 455 1,450 70 328 Aug. 4 4,435 826 671 37 41 23 54 3,609 3,288 466 839 464 1,449 70 321 Aug. 11 4,402 829 678 35 40 23 53 3,573 3,255 431 840 465 1,450 69 318 Aug. 18 4.458 850 686 48 40 23 53 3,608 3,286 463 837 463 1,454 69 322 Aug. 25 4,391 849 692 41 40 23 53 3,542 3,220 406 829 464 1,452 69 322 * 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. 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- | serves Bal- De- Indi- Indi- Domestic 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 B s w F e R a e e r i n r e a t d v - k h l - e s C va i a n u sh lt m b a w n a d e i n c o s t e - k h ti s s c p m u o a d s a d s e t n e - i - t d d s 1 s u p p v h n c a a o a i i e o n d p l r r r r d s a - t - s - , - - , S p d s s a t i i o i u a c o n v l t b a n i d i e t - l - s - s c C h c o e a f e e e i f t n e f r c r c d i t s d . k - i ' - s U m G e . e o rn S n v - t - . s p u p h v n c a a a o i i o e n l r p d r r r s d t a - s - - - , - , S p d s s a t i i o i u a c n o v l b t a d n i i e - l t - s s - P U G m o S i e a n s . a r o e n g t n v v S 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 o n r g w - s - c C o i a a u t c p a n - - t l s B d i a e t n s b 2 k tions tions Boston (6 cities) July 28 444 58 110 2,050 2,026 105 29 270 255 319 26 259 633 Aug. 4 438 56 112 2,032 1,989 112 27 297 256 313 27 259 700 Aug. 11 458 58 106 2,052 2,029 102 24 287 258 315 28 260 612 Aug. 18 445 56 113 2,063 2,043 102 28 265 259 326 21 260 661 Aug. 25 438 57 111 2,080 2,052 104 23 209 260 319 18 260 598 New York (8 cities)* July 28. 3,455 117 120 13,978 14,078 402 435 2,087 1,096 22 2,855 4 702 1,754 4,888 Aug. 4 3,504 111 125 14,095 14,205 390 463 2,304 1,099 22 2,844 4 705 1,762 5,313 Aug. 11 3,491 115 125 14,042 14,208 396 294 2,204 1,102 22 2,819 4 696 1,764 4,519 Aug. 18. 3,645 111 129 14,29' 14,444 386 315 2,046 1,109 22 2,954 4 708 1,762 4,553 Aug. 25 3,629 112 110 14,616 14,717 380 384 1,603 1,114 24 2,819 4 716 1,762 4,168 Philadelphia (4 cities) July 28 397 27 75 1,663 1,644 103 15 216 159 2 345 7 223 467 Aug. 4........ 392 27 78 1,652 1,638 106 15 237 160 2 350 6 223 580 Aug. 11 403 28 75 1,659 1,635 118 13 22' 160 2 363 6 224 475 Aug. 18. 405 27 83 1,681 1,669 112 15 210 161 2 356 6 224 470 Aug. 25 403 27 83 1,72' 1,688 117 20 174 162 2 344 7 224 446 Cleveland (10 cities) July 28 , 732 68 246 2,787 2,801 118 41 29: 771 50 476 13 2 420 783 Aug. 4 710 65 235 2,754 2,746 120 36 343 775 50 481 13 2 420 824 Aug. 11 692 67 236 2,747 2,772 119 36 331 779 50 474 13 1 420 687 Aug. 18 730 66 244 2,804 2,843 118 37 307 783 50 490 13 1 420 794 Aug. 25 741 67 235 2,876 2,890 126 37 246 785 50 465 13 2 421 694 Richmond (12 cities) July 28 275 36 154 1,078 1,030 105 21 169 220 2 360 7 108 317 Aug. 4 279 35 166 1,067 1,019 108 20 186 221 2 374 7 1 108 356 Aug. 11.... 278 35 163 1,073 1.C37 105 17 178 222 2 380 8 1 108 307 Aug. 18 284 35 156 1,077 1,047 100 19 165 224 2 387 7 2 108 337 Aug. 25 286 35 164 1,116 1,080 101 18 131 224 2 385 8 1 109 315 Atlanta (8 cities) July 28 279 26 150 983 929 131 194 224 3 430 1 3 105 289 Aug. 4 282 25 152 970 914 139 208 226 3 439 1 3 105 336 Aug. 11 293 24 158 981 935 135 200 227 3 449 1 3 106 314 Aug. 18 296 24 158 992 939 138 185 229 3 454 1 3 106 319 Aug. 25 285 25 139 1,010 951 134 148 229 3 437 1 3 106 294 Chicago (12 cities)* July 28 1,316 94 432 5,231 5,108 409 48 670 1,139 2 1,449 6 14 469 1,864 Aug. 4 1,305 91 406 5,148 5,009 400 57 747 1,145 2 1,454 5 17 470 1,957 Aug. 11 1,356 93 406 5,187 5,088 389 43 726 1,150 2 1,459 5 15 471 1,631 Aug. 18 1,366 90 409 5,266 5,160 390 49 673 1,156 2 1,494 5 16 471 1,953 Aug. 25. .....e 1,437 92 397 5,471 5,322 408 51 534 1,143 2 1,443 5 15 471 1,728 St. Louis (5 cities) July 28 281 19 118 928 946 62 10 128 206 1 483 1 105 289 Aug. 4. 278 18 111 925 942 62 9 142 206 1 481 1 106 340 Aug. 11 276 18 114 934 955 63 9 137 208 479 1 106 286 Aug. 18 274 18 114 941 964 61 10 127 210 479 1 106 311 Aug. 25 274 19 113 969 986 61 9 101 210 465 1 106 265 Minneapolis (8 cities) July 28 159 10 91 609 552 99 94 118 253 2 1 70 198 Aug. 4 161 9 79 59! 543 97 102 119 258 2 1 71 224 Aug. 11 159 9 80 594 557 87 7 104 120 257 2 1 71 225 Aug. 18 161 9 88 605 566 86 7 96 121 260 2 2 71 225 K _ a A n u s g a . s 2 C 5 i ; ty (12 cities) 167 9 84 615 574 85 9 77 121 268 2 2 71 217 July 28... 362 22 280 1,090 1,086 124 15 121 159 753 5 120 390 Aug. 4 351 20 278 1,066 1,060 124 15 141 160 758 6 120 416 Aug. 11 361 21 285 1, 1,078 123 15 136 162 765 5 120 388 Aug. 18 371 20 294 1,102 1,095 124 15 127 162 779 5 121 412 Aug. 25 : 372 21 267 1,123 1,112 126 15 101 163 759 5 121 389 Dallas (9 cities) July 28 285 21 234 1,003 990 63 17 124 136 403 2 271 Aug. 4 286 20 237 995 986 65 17 136 137 414 2 280 Aug. 11 296 20 239 1,013 1,011 62 15 130 138 422 2 58 258 Aug. 18 286 20 252 1,017 1,021 59 15 121 139 428 2 98 307 Aug. 25 282 21 234 1,0321 1,026 59 16 97 139 411 2 99 273 San Francisco (7 cities) July 28 729 41 228 2,440 2,498 125 48 412 1,194 28 418 11 24 412 878 Aug. 4 719 38 238 2,445 2,484 134 51 457 1,197 28 416 11 24 411 910 Aug. 11 713 38 235 2,429 2,492 132 47 471 1,206 29 422 10 25 412 876 Aug. 18 723 39 256 2,466 2,550 126 46 447 1,213 28 431 11 23 411 952 Aug. 25 736 40 249 2,513 2,565 128 46 370 1,219 29 435 11 23 411 872 City of Chicago* July 28 807 39 171 3,154 3,139 200 21 410 519 1,039 13 305 1,147 Aug. 4 39 174 3,138 3,097 197 23 460 521 1,031 14 307 1,131 Aug. 11 40 179 3,159 3,147 189 20 448 522 1,039 13 307 959 Aug. 18. 863 40 184 3,240 3,224 189 24 414 524 1,064 13 307 1,224 Aug. 25 913 40 179 3,368 3,343 196 25 324 507 1,019 13 307 1,030 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. 869 SEPTEMBER 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 Accept O in w g n banks Bills Others2 I U m i n p n i o t t o e r d ts E U x f n r p o i o t m e r d ts 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 d t n w i e n e n or Total bills bought States States United Foreign States countries 1942—April 373 177 139 86 53 38 97 17 48 14 May 354 174 133 82 51 41 101 16 43 13 Tune 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 45 11 August 297 139 108 71 37 31 78 41 11 September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 118 93 60 34 25 57 9 (3) 38 14 1943—January 220 120 95 60 35 24 57 12 38 12 February 209 127 102 64 38 25 60 14 41 12 March 201 130 101 62 39 29 69 12 39 10 April 179 128 99 61 38 29 71 9 38 11 May 160 136 105 65 40 31 79 8 37 12 June 143 140 102 62 40 38 82 10 36 12 July 150 139 102 64 38 36 81 12 35 10 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a i n n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 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 m t n d n e t i e s n n r g t s' i a n n a v c d I e n c s t o t r f u m i a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June . .. 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—JUne 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 August «490 «300 e240 September e500 c310 e240 October e510 e310 e250 November e52O e320 e250 December 543 7 154 160 378 270 54 15 4 182 1943—January 6540 e290 e280 February e55O e320 •310 March e610 e350 e320 April e67O c570 e330 May e740 e55O e330 June 761 9 190 167 529 334 66 15 7 212 July e780 e530 e340 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 87O 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. Stock Government securities [Per"cent per annum] mo Y w n e e th a e , k r , or m m 4 p P c - o a e r o n t p i r m o m c t e h i r - 6 e a s , - l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s - e i t , - ch l n a c e o r a e l a x e a n w l - - n l g - e m b o i 3 l n - ls t s h 9 c m o - e c f r a o t t o t n i i e n f t 1 s i h - - 2- 3 t n a - y x o t e o a t a e b r 5 s l - e 1 T 9 o c t i a t l ies Y N C o e it w r y k 7 e E N r c a n o i O s t r i t t a e t e h h n s r e - n d r 1 W e 1 r c n e S i s t o i a t e e u t s i r t d n hde n b e t s e s d- 1 1 9 9 3 3 4 5 a a v v e e r r a a g g e e 1 1 3 2 . . 4 9 5 3 2 1 . . 4 7 5 6 3 3 . .3 7 9 1 4 3 . . 3 7 2 6 1 1 1 9 9 9 4 4 4 0 2 1 a a a v v v e e e r r r a a a g g g e e e . . . 5 5 6 4 6 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 3 1 1 2 0 4 6 3 1. . 1 7 3 6 1 1 1 9 9 9 3 3 3 6 7 8 a a a v v v e e e r r r a a a g g g e e e 1 1 1 2 2 2 . . . 6 5 5 8 9 3 1 1 1 . . . 7 7 6 2 3 9 3 2 2 . . . 0 8 7 4 8 5 3 3 3 . . . 4 2 2 0 5 6 1942—July .69 .44 1.00 .368 1.20 1939 average 2.78 2.07 2.87 3.51 August .69 .44 1.00 .370 4.80 1.25 1940 average 2.63 2.04 2.56 3.38 September.... .69 .44 1.00 .370 .76 1.27 1941 average 2.54 1.97 2.55 3.19 October .69 .44 1.00 .372 .75 1.28 1942 average 2.61 2.07 2.58 3.26 November .... .69 .44 1.00 .371 .80 1.28 1939—March 2.95 2.13 3.05 3.77 December .69 .44 1.00 .363 .80 1.34 June 2.91 2.15 3.05 3.62 September.. 2.68 2.04 2.78 3.31 1943— M M J F A J u e a p a a n b n r y r e i r u c l u a h a ry 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 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 6 7 7 7 7 7 7 2 3 4 3 3 . . . . . . 7 7 7 7 7 7 5 6 8 3 0 8 1 1 1 1 1 1 . . . . . . 2 2 3 3 3 3 4 9 2 9 3 6 1940— J D 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 . . . . . 6 5 5 5 6 5 9 9 9 8 2 1 2 2 2 . . . . . 9 0 0 1 0 3 0 4 6 0 2 2 2 2 2 . . . . . 5 4 6 5 5 9 9 7 6 3 3 3 3 3 3 . . . . . 3 3 3 3 4 2 5 8 6 3 July .69 .44 1.00 .374 .68 1.30 December.. 2.58 2.06 2.53 3.25 1941—March 2.55 1.95 2.58 3.23 Week J e u n l d y i n 3 g 1 : 5A-% % 1,00 .374 .68 1.31 June 2 2 . . 4 6 1 0 1 1 . . 9 8 8 8 2 2 . . 4 6 5 2 3 2 . . 2 9 9 9 Aug. 7 5A-% % 1.00 .374 .74 1.30 September.. 2.48 1.85 2.48 3.20 A A A u u u g g g . . . 2 2 1 8 1 4.. 5 5 5 A A A - - - % % H % 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 4 5 . . . 7 7 7 5 9 3 1 1 1 . . . 2 2 3 8 9 1 1942— D J M u e n a c e r e ch mber.. 2 2 2 . . . 7 6 6 0 2 3 2 2 2 . . . 0 0 2 7 9 8 2 2 2 . . . 6 5 6 3 6 6 3 3 3 . . . 3 2 2 4 5 6 September.. 1 Monthly figures are averages of weekly prevailingj rates, December.. 2.76 2.36 2.76 3.24 2 The average rate on 90-day stock exchange timmee loans was 1.25 per 1943—March 3.00 2.70 2.98 3.38 ce 3 n t R d a u te r in o g n t n h e e w e n is ti s r u e e s p e o r f i f o e d re . d within period. Tax-exempt bills prior to June March 1941; taxable bills thereafter. l Prior to March 1939 figures were reported monthly on a basis not strictly 4 Average for Aug. 15 to 31. comparable with the current quarterly series. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures Back figures— See November 1939 BULLETIN, pp. 963-969 for description on Treasury bills and Treasury notes available on request. and for back figures. BOND YIELDS1 [Per cent per annum] Corporate (Moody's)5 U. S. Munic- Corpo- Year, month, or week ipal rate By rating By groups (high (high- Partially grade)3 grade)4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3 11 1942 average 2.02 "l.ZS" 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1942—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 2.98 July 1.82 2.27 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 Week ending: July 31 1.83 2.28 1.92 2.57 3.10 2.69 2.80 3.09 3.80 2.79 3.55 2.95 Aug. 7 1.84 2.28 1.91 2.56 3.10 2.69 2.80 3.09 3.81 2.79 3.56 2.95 Aug. 14 1.83 2.28 1.91 2.56 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.95 Aug. 21.. 1.83 2.28 1.91 2.58 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 Aug. 28 1.83 2.28 1.91 2.58 3.11 2.69 2.82 3.09 3.82 2.79 3.56 2.96 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 6 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. Back figures—Set 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. SEPTEMBER 1943 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 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 g ( r i h a p i d a g e l h ) - 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 rr r e e d - e Total In tr d i u a s l - I R ro a a il d - P ut u i b li l t i y c (i s s n a h n a t d h r s e o s u o ) - f Total trial road utility Number of issues.. 2-6 50 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 80 71 81 629 1942 average 109.9 I 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1942—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 I 127.6 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September. 109.8 128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October... 109.5 | 128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November.. 109.4 | 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December.. 108.9 | 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January 109.4 > 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 80 82 74 69 820 February. 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 March 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 July 112.9 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 1,145 Week ending: July 31... 112.7 134.4 121.5 110.6 116 7 99.6 115.5 45.7 176.4 95 97 93 86 1,511 Aug. 7.... 112.6 134.6 121.3 110.4 116 8 98.8 115.6 43.5 176.4 94 96 90 86 876 Aug. 14... 112.7 134.6 121.2 110.5 117.0 98.9 115.6 44.0 176.4 94 96 90 86 543 Aug. 21... 112.7 134.6 121.1 110.5 116 9 98.8 115.7 45.0 176.4 95 97 92 86 545 Aug. 28... 112.7 134.6 121.0 110.3 117 3 98.1 115.6 44.2 176.4 94 96 90 86 500 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 Standa~d and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( a f e d i o n g s o r d n t - - i ) c Total S n m a p t i n a c a u d t i l - 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 e F-ig or n-2* m e ( a f i e o d g n s r o d n t - :i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r 2 - 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1 386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,119 1,075 1 075 342 108 624 506 118 1,044 1,044 181 440 422 411 11 1942—June 201 97 97 18 2 77 69 8 105 105 15 28 62 55 7 July 142 41 1 41 11 3 28 27 102 102 37 32 33 33 August 162 103 ! 103 45 59 57 2 59 59 3 50 6 6 September 100 45 1 45 17 28 18 10 55 55 7 18 30 30 October... 115 28 ! 28 26 2 2 87 87 12 31 44 44 November. 100 31 i 31 7 17 7 7 69 69 10 46 14 13 December. 150 41 41 9 17 15 13 2 110 110 9 34 66 66 1943—January... 176 7 ; 7 4 3 3 170 80 45 27 8 8 90 February.. 102 58 1 58 47 11 11 44 44 11 32 2 2 March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 7 April 158 36 36 10 •y 19 15 4 122 122 13 35 75 73 2 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 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 8 x FEDERAL RESERVE BULLETIN 7 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] Year or month 1934 1935. 1936 1937 1938 1939. 1940 ... . 1941 1942. . 1941—October......... November December....... 1942—January......... February. March.......... April............ May.......... Tnnpi . Ml Proposed uses of net proceeds Est g im ro a ss ted Esti n m e a t ted New money i 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 a r p k i i t n al g ! Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 2,3 3 3 9 2 7 2,2 3 6 8 6 4 2 5 0 7 8 1 3 1 2 1 1 9 26 6 j 1,8 2 6 3 5 1 1,7 2 9 3 4 1 n "" 1 8 7 4 0 2 1 3 1 4,572 4,431 858- 380 478 3,368 3,143 226 154 49 2,310 2,239 991 574 417 1,100 911 190 111 36 2,155 2,110 681 504 177 1,206 1,119 87 215 7 2,164 2,115 325 170 155 1,695 1,637 59 69 26 2,677 2,615 569 424 145 1,854 1,726 128 174 19 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1,062 1,043 474 287 187 396 366 30 138 35 204 201 91 64 27 92 91 1 14 S 155 152 92 61 31 37 37 1 22 144 142 57 36 21 62 52 10 17 171 167 74 38 35 84 82 2 9 56 54 17 10 7 24 13 11 3 125 123 62 58 4 45 40 5 16 11 135 132 75 20 55 21 21 36 124 123 57 25 32 14 14 51 1 152 149 75 57 18 61 56 s" " 10 3 61 60 20 17 4 31 31 8 43 42 38 33 5 4 4 September...... 82 80 31 12 19 25 24 2 4 20 October........ 46 45 4 2 2 41 41 November...... 35 34 5 1 4 28 28 1 December ... 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February........ 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April........... 91 88 9 3 6 76 74 2 3 May. 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July. 76 3 3 59 40 19 2"" 10 74 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses ceeds ties poses4 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 1,199 30 7/4 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 1 1 9 9 4 3 0 9 3 1 1 8 9 2 1 8 1 5 5 1 9 8 7 6 "is" 1 1 , , 2 1 4 8 6 0 2 4 4 3 5 1,1 9 5 2 7 2 4 1 7 3 9 5 6 8 1 4 1 1 8 6 8 7 3 7 5 3 3 8 4 5 3 6 1 1 0 5 2 5 4 9 2 8 9 8 10 5 4 1941 ...... . 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 2t 1942 47 32 15 464 145 292 27 527 293 "89 146 4 4 1941—October 25 21 4 79 11 63 5 75 49 13 14 22 10 12 November 1 1 59 46 11 85 41 24 21 6 4 2 December....... 28 28 62 3 46 12 46 25 15 6 6 5 1942— January.... 10 10 110 18 83 10 44 43 3 3 February 4 4 10 10 40 13 14 •"13" March 6 6 71 31 40 47 26 •5 16 April 17 13 4 115 62 17 36 May ... . .. 30 12 13 5 93 45 1 47 ::::::: ....... June 9 3 6 70 17 50 3 70 55 6 10 July 2 2 6 3 2 52 15 29 August 2 2 38 34 4 2 2 September.. 1 1 40 6 25 9 38 23 15 ::::::: October. ....... 9 9 29 29 6 4 3 November...... 17 1 16 17 4 12 \ December 4 4 27 10 17 3 2 1 1943—January......... 8 I 6 2 February 8 8 39 2 34 3 2 2 March.......... 15 5 10 22 1 20 1 59 S3 18 8 April........... 3 3 58 1 55 3 27 5 22 M vJ J ixau u y a n l y y e.... 4 1 6 7 4 14 ... _ 7 .. 3 2 8 6 1 3 2 8 4 1 1 4 5 1 0 0 7 2 1 3 5 1 2 2 7 3 6 ""2" 11 1 2 2 7 4 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. SEPTEMBER 1943 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e O t m r t q o i a t e u o r h n t n i n e a s p t r - - - f m p e N u a r r e c o r n o t o t n d a d s u l - - s s O g d b o u t l h o r e a d e - r s t F o b a a o b e g n o v a e d d c e s c r s , - , o pr r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l a u s l s i- - O g d n o u b o t o h r l n e a d e - - r s n s c M e i e e c r l o i e v l s u a - s - - s pr N of e i t ts1 fe P D r r r e e i - v d iden C m d o o s m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 236 159 209 202 138 90 151 152 164 136 165 883 88 554 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 751 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 148 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 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 r441 51 39 r47 r754 r34 r19 r39 r36 r42 36 r42 r211 21 127 2 452 52 43 49 751 33 22 40 42 41 39 40 216 22 132 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 c c f o o o m m re e e All N ro e a t d s inc I o n m s r o o e l 1 a 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 inc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r g n a u t e - in N co e m t e1 d D e i n v d i- s Number of companies.. 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 226 118 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 58 21 167 34 30 19 266 47 43 4 1,133 139 126 61 184 43 36 22 274 51 48 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 -5 28 201 59 43 18 295 43 44 2 1,272 145 103 0 36 191 48 33 24 308 44 45 3 1,468 267 189 23 34 196 46 25 18 311 45 44 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 4 3 2 2, , 0 1 4 3 7 9 5 5 9 5 4 6 3 2 8 8 7 3 6 6 4 0 34 2 2 0 2 8 1 5 5 5 6 3 2 5 6 1 1 9 9 3 3 5 4 8 4 o82 46 2 3 3 9 8 1943—1.. ... 2,091 | 513 209 52 28 229 r7l r34 19 366 42 40 2.. ,.| 2,255 i 605 239 56 49 220 61 29 18 383 44 42 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. 6 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. 7 Partly estimated. 8 Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully Total Total interest- Non- guaran- End of month d g d i r e r o e b s c t s t b d e d i a e r r e b i c n t t g Total2 Tre b a i s ll u s ry in c C d a e n e t r e e b t s s i t f s e o i d - f - Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U v o . i n n S d g s . s T ta r x e a n s o u t r e y s S i p ss e u c e ia s l i b n e d t a e e r r b i e t n s g t- se t b t e c e e e u r a d r e r i s i i t n n t i - g e - s 1940—June.. 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec... 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June.. 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec... 57,938 57,451 41,562 2,002 5,997 33,367 8,907 (,140 2,471 6,982 487 6,317 ,1942—June.. 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 1942—Aug... 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept.. 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct... 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov.. 96,116 95,458 66,554 5,721 37,161 10,095 43,381 20,117 14,079 5,703 8,787 657 4,244 Dec... 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—Jan... 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,0-'. !> 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 1,1.3 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 1,119 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 M J J u u a n l y y e . . . . . . 1 1 1 3 4 3 6 1 5 , , , 5 6 9 2 1 9 4 3 6 1 1 1 3 3 4 4 5 0 , , , 6 3 2 7 3 8 5 8 0 9 9 9 5 8 5 , , , 3 3 6 8 1 1 2 0 3 1 1 1 1 2 0 , , , 8 4 8 6 6 5 0 4 3 1 1 ij 6 6 ,5 , , 5 5 6 6 6 1 1 1 1 9 9 1 , , , 1 7 8 6 9 7 8 7 5 5 5 5 7 7 7 , , , 5 9 5 2 7 2 0 5 0 3 2 2 0 9 9 , , , 0 1 2 9 6 0 5 9 0 2 2 2 0 2 1 , , , 5 0 2 0 3 5 7 0 6 8 7 7 , , , 1 4 6 6 9 7 3 5 8 1 1 1 0 0 1 , , , 1 8 1 9 7 5 8 1 6 1 1 1 , , , 2 2 3 3 8 1 8 6 6 4 A 3 , , . 7 0 0 8 9 8 2 2 2 ' 1 Including amounts held by Government agencies and trust funds, which aggregated $3,202,000,000 on June 30, and $3,144,000,000 (preliminary) on July 31,1943. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including special 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, JULY 31, 1943 [In millions of dollarsl [On basis of daily statements of United States Treasury. In millions of dollarsl Amount FFuunnddss received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions at end of Treasury bills Treasury bonds—Cont. month1 se A ri l e l s Aug. 4, 1943 902 Dec. 15, 1948-50 571 Aug. 12, 1943 907 June 15, 1949-51 1,014 Aug. 19, 1943 908 Sept. 15, 1949-51 1,292 1942—Apr 8,951 531 Aug. 26, 1943 905 Dec. 15, 1949-51 2,098 May . 9,569 634 Sept. 2, 1943 906 Dec. 15, 1949-52 491 June 10,188 634 Sept. 9, 1943 909 Dec. 15, 1949-53 1,786 July 11,078 901 Sept. 16, 1943 1,000 Mar. 15, 1950-52 1,963 Aug 11,751 697 Sept. 23, 1943 1,006 Sept. 15, 1950-52 1,186 Sept 12,479 755 Sept. 30, 1943 1,006 Sept. 15, 1950-52 4,939 Oct 13,381 935 Oct. 7, 1943 1,003 June 15, 1951-54 1,627 Nov 14,079 735 Oct. 14, 1943 1,001 Sept. 15, 1951-55 755 Dec 15,050 1,014 Oct. 21, 1943 1,004 Dec. 15, 1951-53 1,118 Oct. 28, 1943 1,003 Dec. 15, 1951-55 510 1943—Jan 16,246 1,240 Mar. 15, 1952-54 1,024 Feb 17,067 887 Cert, of indebtedness. June 15, 1952-55 1,501 Mar 17,891 944 Aug. 1, 1943 1,609 June 15, 1953-55 725 Apr 19,267 1,470 Nov. 1, 1943 2,035 June 15, 1954-56 681 May 20,507 1,335 Dec. 1, 1943 3,800 Mar. 15, 1955-60 2,611 June 21,256 876 Feb. 1, 1944 2,211 Mar. 15, 1956-58 1,449 July 22,030 890 Apr. 1, 1944 5,251 Sept. 15, 1956-59 982 May 1, 1944 1,655 J D u e n c. e 1 1 5 5 , , 1 1 9 9 6 5 0 8 - - 6 6 5 3 1,4 9 8 1 5 9 Amount Tr S e e a p s t u . r 1 y 5 , n 1 o 9 t 4 e 3 s 279 J D u e n c. e 1 1 5 5 , , 1 1 9 9 6 6 3 2- - 6 6 7 8 2 2 , , 1 8 1 3 8 1 Maturity Date of issue J o u u l t y s t 3 a 1 n , 1 d 9 in 4 g 3 Dec. 15, 1943 All June 15, 1964-69 3,762 Mar. 15, 1944 515 Sept. 15, 1967-72 2,716 J S S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 4 4 4 4 6 2 1 3 8 6 5 3 P C P a o o n s n t a v a m e l r a s S i a C o v n a i n n b a g l o s n l b o d o a s n nds 11 5 ^ 7 9 0 F F F F r r r r o o o o m m m m M J J J a a a a n n n r . . . . 1 1 1 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 8 6 5 4 4 3 1 8 1 0 7 6 2 5 5 Mar. 15, 1945 718 Total direct issues 98,613 From Jan. 1, 1939 800 M M D D Se e e a a c p c r r . . 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 7 5 6 5 6 1 3 2 , , , 6 2 7 5 5 0 6 0 3 0 6 1 7 1 3 Gu C F a e o F r d m a e . n m b F t . o a e 1 r d e m 5 d it , y M 1 s 9 C o e 4 r c 5 r t e u g d r a i i g t t e ie C s C o o rp rp . . 412 F F F F r r r r o o o o m m m m M M J J a a a a n n y r . . . 1 1 1 , t 1 t o o 9 4 F A 0 e p b r . . 2 3 8 0 , , 1 1 9 9 4 4 1 1 5 1 , , 6 2 9 3 1 1 6 9 3 1 7 6 2 2 2 Tr M M M J J O D D A D O S e u u e e e e c p a c a a a n n c c c p t t r s r r r . . e e . . . . t . . . u . 1 1 1 r 1 1 1 1 1 1 1 1 1 5 y 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , b 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 o 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 n 4 7 3 4 4 6 6 6 5 8 8 7 5 d - - - - - - - - - 5 - 4 4 5 4 4 5 5 5 s 4 2 5 6 4 8 9 6 0 1 7 1 1 1 1 1 1 1 1 , , , , , , , 0 5 2 0 4 1 2 4 5 8 7 7 3 1 1 3 1 0 2 8 1 4 5 0 7 9 4 6 5 1 3 9 9 1 9 1 H F F R e e o e M M M A F V J A J d d m c u a e . e a u p o a a a n e n b r r t r y y n r e a i . h . . . s o l O 1 o t 1 1 1 u 1 1 , 1 P r r w , 5 s 5 u , H 5 , i u 1 , t , 1 c n 1 , 1 y b o 9 9 t 1 1 9 e 9 1 l 4 u i 4 9 9 4 i r 4 o 9 c s 5 s 4 4 4 4 5 4 n i ' 4 - - 4 4 n 5 4 - L - g 4 2 7 6 F o 9 4 H i < a n A n o . d u C C m si o o i n n r r g p p . . . 8 1 7 7 5 1 3 9 1 7 5 7 2 2 5 5 4 9 5 1 9 2 4 1 2 1 , , , , 8 2 4 5 6 2 4 1 6 4 8 5 3 2 1 0 9 0 3 7 8 4 6 6 - June 15, 1948 3,062 Total guaranteed issues 3,711 Sept. 15, 1948 451 i Called for redemption on Oct. 15, 1943. 875 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i e n b c T e t u e a o r r r i e t i t a n s ie l t g - s S is p a s e n u c e d i s a t l rust f P i u s u n s b d u l e s i s c F R B e e b a d s n y e e k r r v a s l e Total m b C e a o r n c m k ia s - l M sa b v u a i n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i a O s a s b r t u k l h e e e e s t r - inv m es N a a to r o b k r n l 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 November 99,702 8,787 2,922 5,399 82,594 36,700 4,180 9,600 12,600 19,500 December 111,591 9,032 3,207 6,189 93,163 41,340 4,560 11,000 15,200 21,100 1943—January 114,301 9,172 3,195 5,969 95,965 42,970 4,630 11,100 14,700 22,600 February 117,126 9,565 3,126 5,871 98,564 43,450 4,710 11,200 15,400 23,800 March 118,637 10,004 3,130 5,919 99,584 44,090 4,630 10,900 16,100 23,900 April 133,006 9,795 3,557 6,455 113,199 48,740 5,170 12,600 20,100 26,600 May 138,757 10,198 3,562 6,222 118,775 52,510 5,240 12,700 20,000 28,300 June 139,472 10,871 3,440 7,202 117,959 p52,OOO 5,280 12,800 p19,500 28,400 v 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 I$SUED 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 - Insurout- agen- Re- mercial sav- ance Other out- agen- Re- mer- sav- ance Other stand- cies serve banks1 ings com- stand- cies serve cial ings coming and Banks bankspanies ing and Banksbanks banks panies trust trust funds funds Totals Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 Total: Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 1942—June. . 38,085 2,321 1,61714,828 ,442 7,766 8,110 1943—Jan 81,691 3,189 5,969 40,281 4,51910,80616,927 Dec 49,268 2,739 2,77719,445 t,055 9,944 10,308 Feb 82,921 3,119 5,871 40,649 4,58910,90917,784 1943—Jan 49,273 2,736 2,63719,760 11,080 9,981 10,079 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 95,680 3,550 6,455 45,723 5,05312,32822,570 Mar. 49,273 2,652 1,98420,829 *,979 9,618 10,212 TLfjLl 99,390 3,556 6,222 49,159 5,11712,42222,914 Apr. . . . . 55,201 3,059 2,01721,520 ,624 11,46412,517 June 99,333 3,434 7,202 48,665 5,16112,48622,385 May 57,975 3,068 1,70824,006 1,78711,539 12,967 Treasury bills: June 57,520 3,045 1,46824,226 4,725 11,442 12,615 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: 6,627 ii 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 ,173 1943—jan 7,423 9 689 5,568 21 45 1,091 Dec 5,830 754 2,565 253 725 1,531 Feb 8,232 12 1,475 5,302 24 63 1,355 1943—Jan '. 5,830 757 2,577 248 726 ,521 Mar 9,234 19 2,087 5,069 65 157 1 837 Feb. 5,830 665 2 686 235 715 ,526 Apr 10,044 9 2,430 6,415 14 4 1,173 Mar 5,830 672 2,'737 222 664 ,532 May 10,853 12 2,442 7,017 14 22 1,345 Apr 5,830 735 2,806 190 599 L,500 June 11,864 11 3,815 6,502 21 154 1,361 May 5,830 754 2 773 186 597 51Q Certificates: June 9,474 867 5412 298 991 2| 195 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: Dec 10,534 17 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,535 1943—Jan 10,741 19 1,317 6,594 136 157 2,518 Dec 17,080 1,574 9,353 ,129 2,101 2,920 M Fe a b r . 1 1 1 1 , , 1 1 6 6 1 1 2 1 9 9 8 7 5 8 0 9 6 6 , , 8 83 4 7 5 2 1 0 8 6 3 2 26 6 6 1 3 2 , ,9 0 9 3 7 9 1943— F J e a b n. 1 1 7 7 , , 0 0 8 8 0 0 l 1 f , 5 4 2 2 1 0 9 9 ', 5 50 3 5 6 L 1, , 1 1 6 4 5 5 2 2 , , 1 2 4 3 2 6 2 2 , , 7 7 3 5 7 8 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 ,430 2,693 3,943 \J unJe 16,561 51 1,092 9,823 184 305 5,106 May 22,019 1,093 12,423 ,435 2,731 4,335 Treasury notes: June 17,921 776 10,107 ,308 2,325 3,401 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Dec 9,863 92 1,324 5,670 167 283 2,327 1942—June 18,731 2,168 7,009 ,957 3,510 4,086 1943—Jan 9,863 81 1,275 5,698 174 294 2,341 Dec. 16,295 2,165 6,240 580 2,778 3,531 Feb 9,863 86 1,190 5,699 183 298 2,407 1943—Jan 16,295 2,090 6,'364 L,'555 2,'756 3,'529 Mar 9,797 67 957 5,850 182 297 2,444 Feb 16,295 1,948 6,635 1,538 2 651 3,520 Apr 9,797 65 957 5,825 163 286 2,501 Mar. 16,295 4 680 6,955 ,500 2,613 3,545 May 9,797 66 919 5,813 160 287 2,552 Apr 16^295 656 7,'122 ^381 2,604 3! 530 Guaranteed Ju n se e c urit;ies: 9,168 61 774 5,500 155 276 2,402 M Ju a n y e 1 1 6 7 , , 2 21 9 4 5 1,6 6 2 4 3 5 7 7 , , 6 2 1 0 1 2 1 , , 4 3 0 7 5 6 2 2 , , 5 8 3 9 4 6 3 3 , , 6 50 5 7 7 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: Dec. 4,196 311 37 2,665 108 333 743 1942—June 6,002 593 ,258 512 2,326 1,315 1943—Jan 4,196 311 50 2,650 108 329 748 Dec. 10*065 021 .',286 ,095 4*, 339 2,323 Feb. 4,196 294 49 2,664 107 329 753 1943—Jan 10,069 004 ,*284 131 4 356 2 293 Mar 4,272 332 42 2,712 102 328 756 Feb 10^069 998 L',310 L* 1514*354 2',275 Apr 4,288 350 54 2,754 83 317 731 Mar. 10,069 965 ,463 ,141 4,153 2,346 May 4,008 327 54 2,552 77 309 689 Apr 13,629 1,333 L',56l U626 5^566 3',544 June 4,023 231 54 2,602 76 309 751 May 13.831 1,305 1,603 1,691 5,626 3,605 June 12,912 1,221 1,385 1,713 5,229 3,366 iioiuuigs viuuLuuiug icia,Lively siiiaii CUIUJUIILS UI J for certain dates are shown in the table above. 1 On June 30, 1943, commercial banks reporting to the Treasury held $19,658,000,000 of United States Government securities due or callable within one year out of a total of $35,811,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period ta c I x o n e m - s* e i c n r M n n e e e n t l v u o i a e l s e e a u l r - - 1 - - s S t s r a o e i x c c ty e u ia s - l Other c T e r o i e t p - a t l s ce N r i e e p - t ts2 I d n e o e t s n e b t r t - a W c t t i i e a v s r i- ( c T f o t e e r r a u r t a u s c c n n - s . t t s t o s - , Other e p T b t t e u u o n r d t e d e a x g s l i - - - Deficit c T o e r a u u t c c n s - . t t 3 s, C F G h b e u a i a r e n n l a n n d - l g - e c d r I e e n a b - s t 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 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 1942—July 273 416 53 52 794 747 35 4,498 249 378 5,160 4,413 A +296 4,714 August 155 362 232 48 797 587 7 4,884 19 305 5,215 4,628 -54 -134 4,549 September 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 3,404 -245 +1,148 4,798 October 206 350 48 45 648 607 70 5,481 56 330 5.937 5,331 -496 +594 6,420 November 199 337 248 45 830 601 28 6,042 3 291 6,363 5,761 +736 -1,814 3,212 December.. 1,972 630 50 50 2,702 2,701 353 5,825 25 297 6,500 3,799 -794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 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 7,469 247 8,327 3,758 -206 —3,180 784 July.. 1,255 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 -635 -912 4,828 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 pe N n e d t i t e u x r - es Other Assets Ge B n a e l r a a n l ce F u in nd Period in checking ac- De- De- Total 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- c G a o g m o u e v n n e e t c n s r i t n e o - 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 o s d i s n e e i r t r v s a e l d s p p e o p e i s n c o i i s t a s i l - O as t s h e e t r s li t a i b e i s li- Total W a b i n o n a c r g l- k e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943...... 2,810 2,350 456 2,194 1,130 655 147 10,149 1,038 7,667 1,444 643 9,507 8,744 1942—July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 2,525 August 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 2,392 September... 30 214 45 25 83 37 37 4,688 1,021 2,411 1,256 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 November... 471 170 34 —449 65 32 13 3,557 512 1,695 1,350 475 3,082 2.32D December... 75 350 33 548 99 37 11,032 1,516 8,166 1,350 489 10,543 9,780 1943—January 110 43 35 186 74 47 8,200 465 6,367 1,368 477 7,724 6,961 February.... 498 230 35 370 52 40 -3 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 1,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 1,444 643 9,507 8.744 July 245 179 29 726 315 252 9 9,127 979 6,790 1,358 532 8,595 7,832 1 Details on collection basis given in table below. 1 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 n u d u r i a r v l e i n d t - V t t o a i r c x y - c r r a C 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 a p x c it k al E ta s a g x t n i a f e d t t s e b A e l t v c a o e x h r e a o s g li e c b t T a a x c o c e - o s S ta ta x m es p re t e t u a x a r n i c e l d i e r s s e r ' s' n t c M a e e x l o i l e s a u - 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-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 April 1,008 362 298 73 73 200 1 345 ' i_l2 40 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 June r4,026 1,800 5 970 41 1,203 7 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652 ' 136 ' 48 125 87 4 59 193 r Revised. 1 Correction of December 1942 collection. SEPTEMBER 1943 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, u. s. Pri- End of month Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans f s e t r o r c e k d , Cash d G i o re v c t t . G O o th v e t r . o a t n h d er p n r e o s p s - h f e o l r d O as t s h e e t r s g F u u a ll r y - li t a i b e i s li- interest interest 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 1,392 2,049 4,464 431 1942—June 17,962 8,379 648 403 1,097 57 in 859 3,512 2,233 4,568 1,442 3,265 8,249 438 July 18,482 8,307 642 407 1.113 58 in 879 3,808 2,495 4,581 1,443 3,457 8,562 438 JA ug J ust 19,401 8,233 626 609 1,144 57 853 924 4,177 2,778 4,592 1,445 3,691 9,234 439 September... 19,974 8,190 623 625 1,197 56 1,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 L,219 60 1,088 976 4,710 3,119 4,265 1,413 4,185 10,230 442 November... 20,992 8,158 621 563 1,222 52 1,069 1,001 4,701 3,605 4,264 1,404 4,601 10,281 443 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 L,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 L,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 June 26,708 7,685 556 1,765 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo T 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 r m a s p n ' n e . - F H b L e a o o a d n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a 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 g l h s . ic . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i i . s - t - f o B o t p a i r v e n r c e k a o s s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m t A i i f o i i d n c n - . a- p B p I o o m a r r n t - t - k Other 1941—June 8,106 1,082 1,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December.... 8,487 1,433 1,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 July 8,307 1,479 1,657 174 83 215 388 1,692 554 291 104 201 256 458 343 115 297 August 8,233 1,496 1,640 160 85 215 357 1,679 547 287 104 181 254 457 344 117 310 September... 8,190 1,527 1,622 145 88 215 360 1,663 539 270 112 173 250 456 344 117 309 October 8,159 1,533 1,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November... 8,158 1,566 1,587 122 93 213 372 1,625 518 238 140 214 241 448 345 119 317 December ... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February 8,022 1,527 1,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March 8,003 1,530 1,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 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 June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Total n t L u i a to n o t n i s a c o f t n i i i n - s a - s l L r r o o a t a a o il n d - s s Other F R i s C n t e t i o r a c o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n o e n rs - ' Other F b M F e a e d C o n d . r k o . t s F r g l p a a a a . n r g n m d e d m C r C C a o o r t o r d e i p m o d i o t n i - y - t C p s w F o o t R r i r r a e u n a p r c c a t . o c i t n a o i o n c o n n r - e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r e d i m p o d i o n t i - y t - O C H r L w a o o o t n r m i a p o e n o e n rs - ' Other 1941—June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 December... 1,433 165 473 795 401 175 104 219 34 80 241 703 749 288 151 1942—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 L,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 ,363 227 128 1943—January 1,554 161 463 930 364 140 101 203 129 519 354 3,793 ,495 223 127 February.... 1,527 159 449 919 361 110 94 205 103 659 473 3,928 ,614 219 122 March 1,530 155 444 931 359 109 94 195 75 677 356 4,041 :,700 216 117 April 1,512 153 437 922 358 109 93 197 209 700 358 4,442 i,316 212 111 May 1,487 150 434 903 355 109 93 192 187 763 372 4,703 1,153 203 108 June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 1 Excluding Federal land, bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to 1,866 million dollars on June 30, 1943. 878 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 5 1 u n y m - 0 e t - 3 s ) 0 e 9 i Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D l l 3 9 u p f v M a r r o = - c o l a t u d u n 1 u m r 0 u N c e d 0 - e t s u o ) i 2 o r n * - 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 2 t d t e e t i r 5 s r n a u i a ( - l c = v c - t a t i s 1 o lu 0 n o e 0 t A ) h l 3 e l r N t a c u g o u r r n l a i - E - l - 1 m 9 p 39 lo 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 0 a - h 3 * d 0 t 9 - D 19 m = e s u s ( 2 a v t p e e 3 o l a 1 ) a e n - r * l 0 r 2 s e - t 6 t 0 5 - W m p = c r 1 s o o i h 9 a c d m o 1 2 l e i e 0 l 6 t - s e y 0 4 - C 1 li 9 o v 3 s i 5 1 t n - 0 g 3 o 0 4 9 f able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 1O6!6' 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 108 109 108 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940 113.8 123 138 113 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 156 193 135 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 181 250 141 129 166 82 235 124.2 152.3 242.3 138 124 116.5 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 80.8 100.8 February... 123.5 143 140 175 126 119 99 76 118 111.5 121.3 120.0 140.3 124 103 80.6 100.8 March 125.4 147 145 179 128 126 94 74 109 111.7 123.3 122.7 145.9 126 103 81.5 101.2 April....... 128.2 144 144 180 131 96 103 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 133.7 154 155 191 135 121 101 111 113.6 129.5 128.6 161.3 135 105 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 r155.2 171 165 221 143 133 118 82 147 120.4 142.2 139.8 200.7 140 138 96.0 112.0 February... r157.1 172 167 225 142 133 128 100 151 120.8 143.7 142.3 208.2 139 126 96.7 112.9 March r159.1 172 168 230 139 126 125 95 149 121.0 145.3 144.3 215.1 137 124 97.6 114.3 April r163.4 173 172 234 139 125 128 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 r169.6 176 177 244 136 127 193 76 288 122.5 150.9 149.9 234.5 141 104 98.6 116.4 July r172.8 178 180 249 138 126 206 74 313 124.5 153.4 153.4 242.7 142 121 98.7 117.0 August r176.2 183 187 258 140 130 182 65 278 125.8 155.1 157.1 254.8 143 130 99.2 117.5 September.. r178.4 187 193 265 142 131 179 70 268 126.5 156.9 159.6 261.8 136 123 99.6 117.8 October.... r183.0 191 195 275 144 129 185 83 269 127.6 158.9 160.7 270.9 133 128 100.0 119.0 November.. r189.2 195 195 279 148 130 198 90 286 128.8 160.9 161.9 280.4 134 138 100.3 119.8 December.. r193.4 197 194 285 149 127 175 91 243 130.5 164.4 164.5 287.9 134 125 101.0 120.4 1943 January r196.5 199 194 291 149 125 145 79 198 130.4 167.1 164.8 290.9 135 143 101.9 120.7 February r200.6 202 197 295 150 131 102 56 140 130.5 167.9 166.4 297.5 141 168 102.5 121.0 March r204.4 202 199 298 147 133 85 42 119 129.9 168.6 167.6 304.5 136 136 103.4 122.8 April r207.3 203 201 301 147 131 63 33 87 129.3 168.5 167,7 309.7 141 128 103.7 124.1 May r208.7 203 204 303 147 130 52 31 68 128.4 168.2 167.2 313.5 141 125 104.1 125.1 June 211.5 202 203 302 147 118 45 32 55 128.9 169.7 168.7 317.9 133 129 103.8 124.8 July ^205 P147 Hi p50 P128.6 PI69.5 '169.5 146 103.2 123.8 August e146 e103.2 p Preliminary. * Average per working day. r Revised. e Estimated. l Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 880-883; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for'description, see p. 358 of BULLETIN for July 1931; by groups, see p. 886 of this BULLETIN. of Labor agricultural employment covers employees only and excludes personnel in the armed forces. s For sales comparisons by cities and by departments see pp. 888-889 of this BULLETIN. «,,«.,.,*** i J Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight car loadings, June 1941, pp. 529-533. 879 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 176 178 183 187 191 195 197 199 202 202 203 203 202 p205 Manufactures—Total 184 188 193 197 203 207 210 212 215 215 2,6 217 217 p217 Durable 244 249 258 265 275 279 285 291 295 298 301 303 302 Nondurable* 136 138 140 142 144 148 149 149 150 147 147 147 147 ^147 Iron and Steel 198 196 197 199 207 203 200 204 208 210 209 208 201 203 Pig iron 194 192 190 194 199 199 197 197 201 202 197 196 190 191 Steel 216 216 218 219 229 ,224 226 2U 233 235 233 227 229 Open hearth and Bessemer 178 175 177 179 186 182 179 182 185 188 186 184 177 180 Electric 489 506 507 503 536 527 523 542 560 559 580 584 583 577 Machinery - - • • •287 289 299 310 320 329 340 348 352 359 362 365 368 371 Government Arsenals and Quartermaster Depots Transportation Equipment. 396 425 458 479 507 525 547 559 572 583 597 606 618 p622 A Au ir t c o r m a o ft b . i . l . e . bodies, parts, and assembly 112 116 124 129 135 141 146 151 155 158 159 162 165 pm Railroad cars • Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products. 186 188 191 193 192 197 202 200 199 192 194 194 195 p189 Nonferrous metal# smelting Copper smelting Zinc smelting. Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption Lumber and Products 131 133 129 125 129 128 127 124 129 124 125 126 124 p126 127 130 125 119 123 122 119 116 121 114 115 117 113 139 137 136 136 141 139 144 139 144 144 144 143 144 pU5 Stone Clav and Glass Products. 147 140 145 152 152 153 148 163 155 149 144 145 138 p134 Cement 171 169 177 182 184 180 165 169 156 146 134 131 124 114 XJnglazed brick 92 90 87 Glass containers . . 163 145 153 163 162 169 171 208 199 197 194 200 °188 188 Polished nlate glass 37 32 30 38 37 39 38 39 46 50 39 40 42, 47 Textiles and Products 152 154 154 156 156 158 157 157 154 p151 156 160 155 157 Textile fabrics 143 145 144 146 147 148 147 147 144 Cotton consumption 169 166 169 172 172 171 114653 171 117510 166 116465 116497 160 153 Rayon deliveries 169 168 169 170 174 177 178 180 181 181 181 185 183 ^182 Silk deliveries Wool textiles 151 160 154 155 156 161 163 154 166 163 157 158 160 Carpet wool consumption 46 43 27 34 43 43 44 29 39 40 38 31 30 Apparel wool consumption 194 208 206 198 205 212 218 208 230 228 214 111 226 WToolen yarn 165 175 173 175 178 182 184 176 190 187 179 181 187 Worsted yarn 166 176 173 168 171 175 175 167 177 172 165 171 173 Woolen and worsted cloth 172 184 177 179 175 180 185 177 187 182 177 r177 179 Leather and Products ... 121 116 113 HI 117 117 117 122 118 112 116 116 112 p110 Leather tanning 122 119 117 115 120 118 118 111 118 113 115 117 107 Cattle hide leathers 143 144 141 136 143 139 139 142 136 127 131 134 122 Calf and kip leather* 88 89 95 96 94 94 9? 95 93 92 91 92 86 Goat and kid leathers 94 79 70 76 82 81 84 89 89 93 90 90 86 Shoes 120 115 110 108 115 116 116 122 118 111 117 115 115 PIII Manufactured Food Products 138 143 143 p148 p146 p152 p157 p155 P152 p150 p148 p148 pU5 Wheat flour 102 106 105 101 108 115 126 129 130 126 121 117 118 118 M Ca a n n e u f s a u c g t a u r r e m d el d t a in ir g y s products 138 143 143 *140 *>139 3*136 *14O *141 pUl pU\ ^140 ^137 pm Ice cream 145 154 153 Butter 105 108 108 102 100 98 103 107 110 110 109 103 104 Cheese 168 169 165 156 145 141 138 148 148 148 146 143 148 Canned and dried milk . 168 164 172 167 168 156 169 166 166 159 158 155 148 RReevviisseedd.. p PPrreelliimmiinnaarryy.. * Included in total and group indexes but not available for publication separately, 1 BBegiii nningi inJ January1 914924 2i includes industrial alcohol produced in the alcoholic beverage industry. Figures not avaliilable for publication separately. 88o 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 = 1001 1942 1943 Industry June July A ! Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 153 146 153 159 145 147 158 145 153 154 143 162 163 *178 Pork and lard 177 168 174 187 157 167 193 170 180 189 179 216 229 P242 Beef . . 137 130 136 129 133 122 119 126 134 127 113 111 96 P113 Veal 103 103 113 127 129 128 107 76 76 73 61 60 62 Lamb and mutton . .. 104 116 127 137 141 156 156 122 117 108 111 123 117 P149 Other manufactured foods 140 147 146 153 152 159 165 165 161 156 156 151 150 piu Alcoholic Beverages 104 122 135 139 126 122 111 105 123 112 103 94 105 106 Malt liquor 104 118 133 147 134 146 131 122 146 133 123 111 125 127 Whiskey 63 96 82 49 14 Other distilled spirits 61 83 71 35 62 62 37 42 63 35 31 21 23 28 Rectified spirits . 163 183 223 238 226 159 159 159 161 157 141 139 144 144 Tobacco Products ... 122 126 130 133 141 136 160 140 131 131 133 120 118 132 Cigars. 112 109 112 107 116 98 200 127 116 101 108 105 96 95 Cigarettes 136 146 152 159 166 167 166 162 153 159 160 139 142 166 Manufactured tobacco and snuff.... 94 89 88 91 102 98 94 94 86 87 87 85 78 83 Paper and Paper Products1 . 134 125 131 132 135 135 132 133 135 135 134 136 135 Paper and pulp . 135 125 132 133 137 137 133 135 137 137 136 139 137 Pulp 177 164 169 162 162 159 152 147 149 146 149 154 145 Groundwood pulp. ... 116 113 117 112 114 111 104 103 107 103 100 102 105 Soda pulp 129 127 125 126 137 141 131 96 95 91 r90 92 84 Sulphate pulp. .. . 228 211 221 211 208 200 195 199 200 199 204 211 186 Sulphite pulp 173 157 161 154 153 149 143 140 142 137 141 147 145 Paper 129 119 126 128 134 134 130 133 135 136 134 136 136 Paperboard . 120 109 123 131 136 137 134 137 14? 150 150 150 152 143 Fine paper 138 132 125 125 130 133 127 127 123 120 119 129 126 Newsprint production 103 103 108 106 107 100 97 92 93 90 89 89 91 91 Printing paper 110 109 113 117 130 129 121 124 127 122 119 119 124 Tissue and absorbent paper 178 148 161 166 163 174 175 177 170 170 163 r168 180 Wrapping paper 139 127 132 125 128 123 120 125 129 127 125 130 118 Printing and Publishing2 104 106 111 109 116 118 114 113 113 no 110 111 112 p114 Newsprint consumption 97 103 108 101 102 110 106 102 99 97 100 102 100 104 Petroleum and Coal Products 115 118 121 122 123 123 119 117 120 118 120 121 123 Petroleum refining 108 111 1H 116 117 117 112 109 113 110 113 114 118 Gasoline 101 105 109 109 111 110 104 99 102 99 101 104 109 Fuel oil 123 127 130 137 137 138 137 137 143 137 144 137 138 Lubricating oil 123 117 117 112 113 114 113 111 114 118 114 116 120 Kerosene .. 103 105 106 107 112 110 99 104 117 118 121 122 126 Coke 164 163 165 166 166 166 166 166 169 169 169 166 157 161 By-product coke 153 153 155 155 155 156 156 157 158 158 159 157 152 152 Beehive coke 539 502 505 523 524 500 498 485 543 551 519 481 323 462 Chemicals.. 172 174 173 179 187 197 205 210 213 211 218 221 227 p228 Rubber Products * Rubber consumption * Tires and tubes * * * Pneumatic tires Inner tubes * Minerals—Total . 127 126 130 131 129 130 127 125 131 133 131 130 118 p137 Fuels 121 121 126 129 127 130 126 124 131 133 131 129 115 p137 Bituminous coal 144 141 140 150 145 154 143 145 157 161 151 143 103 pl55 Anthracite 117 122 118 129 117 124 105 102 129 128 129 124 74 ^129 Crude petroleum 113 112 121 120 121 121 121 118 121 122 124 125 124 p130 Metals ...... 159 155 152 145 139 133 132 132 133 133 r132 134 137 Metals other than gold and silver 199 197 196 189 183 181 187 189 193 193 r193 197 201 J>199 Iron ore shipments 236 241 239 227 218 211 223 232 234 235 235 242 249 256 Copper Lead * Zinc * Gold * Silver 104 98 99 88 82 74 73 73 72 72 70 72 hen figures were last reported. 753-771 and 825-882. 881 SEPTEMBER 1943 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] Industry June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Industrial Production—Total. 177 180 187 193 193 195 194 194 197 199 201 204 203 P207 Manufactures—Total 185 189 196 203 205 206 207 208 211 212 215 217 218 P219 Durable 246 251 260 267 276 279 283 287 292 296 300 304 304 ^306 Nondurable1.. 136 139 144 151 148 147 146 143 146 144 145 147 148 Iron and Steel.... 198 196 197 207 203 204 210 209 208 201 203 Pig iron 194 192 190 194 199 199 197 197 201 202 197 196 190 191 Steel 216 216 218 219 229 224 221 226 231 233 235 233 227 229 Open hearth and Bessemer.. 178 175 177 179 186 182 179 182 185 188 186 184 177 180 Electric 489 506 507 503 536 527 523 542 560 559 580 584 583 577 Machinery 287 289 299 310 320 329 340 348 352 359 365 368 P371 Government Arsenals and Quartermaster Depots... Transportation Equipment 396 425 458 507 525 547 559 572 583 597 606 618 P622 Aircraft Automobile bodies, parts, and assembly 112 124 135 146 151 155 158 165 P168 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products 186 188 191 193 197 200 192 194 194 195 p188 Nonferrous metal smelting.. Copper smelting Zinc smelting. Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption Lumber and Products. 138 140 138 135 135 125 107 114 119 125 130 P132 Lumber 138 141 139 118 101 91 99 106 115 125 123 p125 Furniture... 139 137 136 139 144 139 144 144 144 143 144 Stone, Clay, and Glass Products., 158 151 160 163 157 139 138 132 141 154 149 PU1 Cement 183 186 195 186 156 139 126 126 137 131 Unglazed brick 115 111 104 Glass containers 171 151 167 171 159 187 184 185 194 214 197 195 Polished plate glass. .^ 37 32 30 39 39 38 40 39 42 47 46 50 Textiles and Products 152 154 154 158 156 157 160 157 155 157 154 P151 Textile fabrics 143 145 144 148 145 147 150 147 145 147 144 Cotton consumption 169 166 169 171 163 171 171 166 166 169 160 Rayon deliveries 169 168 169 177 178 180 181 181 181 185 183 Silk deliveries Wool textiles 156 161 163 154 166 163 157 158 160 Carpet wool consumption.... 43 43 44 29 39 40 38 32 30 Apparel wool consumption... 205 212 218 208 230 228 214 222 226 Woolen yarn 178 182 184 176 190 187 179 181 187 Worsted yarn 171 175 175 167 177 172 165 171 173 Woolen and worsted cloth 175 180 185 177 187 182 177 r177 179 Leather and Products 117 115 123 114 116 114 110 p108 Leather tanning 121 121 119 122 128 113 115 114 104 Cattle hide leathers 145 144 141 144 151 128 131 132 116 Calf and kip leathers 96 97 91 93 98 90 88 88 Goat and kid leathers 81 79 85 89 93 93 93 86 Shoes 115 111 110 118 119 115 117 115 113 Manufactured Food Products... P156 P151 P150 '140 P134 P135 P142 p148 p157 Wheat flour 118 119 121 130 129 123 114 116 Cane sugar meltings * Manufactured dairy products.. PUS PH9 Ice cream ^88 Butter ioi' "is' 82 86 94 108 133 146 C C h a e n e n s e e d and dried milk.... 1 1 5 5 8 4 1 10 0 9 6 1 1 0 1 1 7 1 12 0 6 7 1 1 4 1 1 9 1 1 5 3 6 2 1 17 5 9 3 2 1 2 9 4 4 2 2 1 1 3 8 r Revised. p Preliminary. * Included in total andgroupindexes but not available for publication separately. 1 Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. 881 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 149 138 132 147 146 166 186 171 147 140 136 162 158 P166 Pork and lard.. . 172 151 131 150 147 200 249 221 180 171 170 216 222 ^218 Beef 134 131 137 144 144 128 119 126 121 115 105 111 94 Veal 104 102 114 140 142 131 101 73 67 69 61 62 63 Lamb and mutton 99 110 125 153 150 152 148 128 117 105 108 126 111 P141 Other manufactured foods 133 157 173 198 170 161 158 145 140 138 137 138 142 P154 Alcoholic Beverages 116 133 140 140 123 103 94 90 110 105 107 106 127 126 Malt liquor 134 148 152 149 121 111 105 100 128 123 130 129 161 159 Whiskey 50 53 45 39 13 Other distilled spirits 36 39 34 48 164 130 46 27 38 23 19 13 13 13 Rectified spirits 130 183 223 238 226 159 159 159 161 157 141 139 144 144 Tobacco Products 132 131 135 144 149 141 137 132 122 123 125 123 128 138 Cigars 120 113 115 123 140 117 154 103 101 93 103 104 102 99 Cigarettes .. ,... 150 153 160 170 169 167 147 159 144 148 149 144 156 175 Manufactured tobacco and snuff 96 91 89 98 104 97 83 91 85 89 86 86 80 84 Paper and Paper Products1... 133 122 130 134 138 134 129 132 137 137 136 137 134 Paper and pulp .. 134 121 130 132 138 137 131 135 140 139 138 140 136 Pulp 174 156 166 159 164 159 147 149 154 150 152 155 143 Groundwood pulp 118 100 100 98 106 114 108 107 111 110 112 113 107 Soda pulp 127 119 125 127 137 141 127 96 98 94 93 92 84 Sulphate pulp 226 207 221 211 212 200 185 201 206 203 204 211 184 Sulphite pulp 169 150 161 154 156 151 139 140 146 140 144 147 142 Paper .. . 128 115 125 128 134 133 129 132 138 138 136 137 135 Paperboard 120 109 123 131 136 137 134 137 143 150 150 150 152 143 Fine paper ^ 135 120 118 118 130 129 124 128 131 129 130 133 123 Newsprint production 104 101 105 106 107 103 98 92 92 90 89 90 92 89 Printing paper 108 102 110 116 131 127 120 124 131 126 124 122 121 Tissue and absorbent paper 177 140 161 172 169 172 168 172 177 172 166 167 178 Wrapping paper 139 127 132 125 128 123 120 125 129 127 125 130 118 Printing and Publishing2. 103 96 103 109 120 121 114 HI 115 114 116 114 111 P103 Newsprint consumption... 98 90 95 102 109 115 108 *97 98 101 107 106 101 91 Petroleum and Coal Products 115 117 121 122 123 123 119 116 120 118 121 121 122 Petroleum refining 108 110 114 116 117 117 112 109 113 110 114 114 117 Gasoline 101 105 109 109 111 110 104 99 102 99 101 104 109 ^109 Fuel oil ... 123 127 130 137 137 138 137 137 143 137 144 137 138 Lubricating oil 123 115 116 112 113 114 112 108 113 117 118 121 120 Kerosene 97 97 101 106 112 113 102 106 123 120 124 124 119 Coke 164 163 165 166 166 166 166 166 169 169 169 166 157 161 By-product coke 153 153 155 155 155 156 156 157 158 158 159 157 152 152 Beehive coke 539 502 505 523 524 500 498 485 543 551 519 481 323 462 Chemicals 166 167 170 181 192 199 206 209 213 216 221 220 P221 Rubber Products Rubber consumption Tires and tubes Pneumatic tires Inner tubes Minerals—Total... 132 131 136 137 134 132 119 116 122 124 125 133 122 P142 Fuels 121 121 126 129 127 130 126 124 131 133 131 129 115 P137 Bituminous coal 144 141 140 150 145 154 143 145 157 161 151 143 103 p155 Anthracite • • 117 122 118 129 117 124 105 102 129 128 129 124 74 Crude petroleum 113 112 121 120 121 121 121 118 121 122 124 125 124 p130 Metals 195 192 194 184 176 143 79 68 69 69 85 154 164 Metals other than gold and silver 266 264 264 249 239 192 93 80 85 114 234 251 Iron ore shipments 382 393 388 358 335 229 19 60 321 359 398 Copper Lead * Zinc Gold n Silver 100 97 97 89 82 75 73 73 73 71 72 r Revised. v Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under Paper. NOTE.—For description and back figures, see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 883 SEPTEMBER 1943 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 1942 1943 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 149.9 153.4 167.6 "167.7167.2 168.7 169.5 228.7 234.5 242.7 304.5 309.6 '313.5 317.9 Durable goods 188.9 193.9 224.3 225.6 225.9 228.5 229.3 300.0 312.1 323.9 421.0 430.4 r437.1 442.9 Nondurable goods.. 119.2 121.4 122.9 122.0 120.9 121.6 122.3 159.0 158.7 163.3 190.7 191.7 r192.6 195.8 Iron and Steel and Products 161.3 162.5 174.1 174.4 173.2 173.3 172.7 236.3 241.5 245.7 297.6 301.7 303.5 305.6 B St l e a e s l t c fu as rn ti a n c g e s s, steel works, etc 2 14 4 1 6 2 1 5 4 0 0 2 1 8 3 1 5 2 1 8 3 4 5 2 1 7 3 9 5 2 1 7 3 9 4 3 1 7 9 5 2 3 1 8 9 3 3 3 1 8 9 4 7 4 2 9 1 2 5 in r4 1 9 1 5 1 4 1 9 1 8 6 Tin cans and other tinware 112 112 91 93 96 102 140 142 146 138 500 150 161 Hardware 125 123 124 125 125 128 204 203 200 232 143 242 249 Stoves and heating equipment 100 103 115 114 115 115 136 139 147 190 239 194 196 Steam, hot-water heating apparatus... 158 159 195 196 196 198 262 260 261 341 189 359 363 Stamped and enameled ware 135 132 154 158 160 162 203 207 203 278 360 299 299 Structural and ornamental metal work 171 176 198 198 196 195 248 258 264 350 293 356 362 S F c o r r e g w in g m s achine products 2 2 6 2 9 6 2 27 2 1 9 2 2 6 9 3 2 2 2 9 6 0 4 r2 29 6 0 2 2 2 6 9 3 3 3 4 7 2 2 4 3 4 8 4 0 6 3 4 7 5 2 6 5 5 0 4 3 5 3 5 5 0 5 5 5 5 0 5 1 3 4 5 9 4 4 7 544 Electrical Machinery 203.6 209.1 267.4 268.- 268, 270.9 273.4 310.0 317.2 325.7 453.7 454.7 458.9 470.2 Machinery, except Electrical 204.0 207.0 233.3 234.1 235, 236.7 236.9 325.8 337.9 339.1 417.7 422.3 427.2 428.0 Machin ery and machine shop products. 207 210 239 241 243 244 321 335 337 All 429 434 436 Tractors 143 146 157 r157 r158 162 190 197 199 239 r243 r245 237 Agricultural, excluding tractors 131 125 124 126 129 136 199 195 179 228 238 248 264 Pumps 274 275 307 312 315 319 497 526 521 614 633 645 647 90 94 150 151 244 250 Refrigerators 149 153 128 132 136 250 255 Transportation Equipment, except Autos... 909.1 982.5 1,378.1 1 ,399.3 1,412.0 1,441.6 ,450.11 ,481.31,585.51,753.22,583.3 2,692.9 2,.736.7 1,777.8 Automobiles 120.6 127.4 161.4 162.3 164..0 167.1 170.4 183.2 193.4 202.5 283.9 286.7 297.1 305.8 Nonferrous Metals and Products 1 13 6 0 4.9 1 1 6 3 6 4 .3 1 1 7 5 8 6 .8 1 16 7 0 9.2 1 1 7 6 8 3 . 1 1 8 6 0 7 .9 181.0 2 1 4 7 5 5 .9 2 1 5 8 3 3 .0 2 19 6 0 0.0 3 25 1 2 2.1 r2 3 6 1 5 8.5 r2 3 7 2 7 2.0 3 2 2 8 5 6 .0 Primary smelting and refining 132 130 124 123 121 125 221 224 228 238 236 234 237 LCilgohcktisn ga nedq wuiaptmcheenst. 103 107 112 113 115 116 154 156 168 192 198 205 204 Lumber and Timber Basic Products.. 132.0 133.0 114.0 114.1 114. 114.8 115.3 177.8 190.2 189.4 179.4 186.2 196.1 200.8 Sawmills 108 109 91 91 91 92 148 159 157 144 151 160 164 Planing and plywood mills 119 121 113 113 112 113 152 160 162 171 170 176 181 Furniture and Lumber Products 116.2 114.0 111.0 109.8 108. 109.1 109.9 162.7 161.3 157.1 r174.9 r177.9 r178.9 181.1 Furniture 110 108 107 106 105 105 157 153 150 170 172 171 174 Stone, Clay, and Glass Products... 128.1 125.7 122.0 122.3 121.5 122. b 122.2 168.9 167.6 163.2 181.9 185.3 187.7 190.2 G Ce la m ss ent 1 1 2 2 1 5 1 1 1 2 5 6 1 1 0 2 6 3 1 1 2 0 4 4 1 1 2 0 5 3 1w02 1 1 6 5 1 2 1 1 6 5 1 1 1 1 4 6 1 2 1 13 7 7 6 1 1 8 4 1 1 1 1 8 4 3 5 1 1 4 8 6 5 Brick, tile, and terra cotta.... 118 116 93 92 90 91 154 155 153 136 138 138 140 Pottery and related products. 134 132 136 134 132 1?9 174 171 163 189 193 191 190 Textile-Mill and Fiber Products 113.4 113.0 111.1 109.6 108.3 107.8 106.6 160.6 161.1 162.0 182.4 181.2 180.7 179.4 Cotton goods except small wares... 129 129 127 126 124 123 196 196 193 217 217 216 211 Silk and rayon goods 88 88 82 81 80 80 128 128 126 r135 r135 r135 135 Woolen and worsted manufactures. 123 123, 117 115 114 113 184 187 201 208 205 205 207 Hosiery 79 78 77 75 74 74 94 93 91 111 108 108 108 Knitted underwear 119 118 114 112 111 110 166 167 166 184 185 184 184 Dyeing and finishing textiles 102 102 107 104 103 107, 137 132 135 165 162 159 159 Carpets and rugs, wool 89 90 94 93 91 91 117 124 125 150 147 147 144 Apparel and Other Finished Textiles.. 110.6 109.7 114.4 112.6 109.3 107.7 105.3 150.9 132.9 135.2 177.5 174.8 164.3 161.7 Men's clothing, n.e.c 113 110 111 110 107 106 157 144 139 169 170 163 159 Shirts, collars, and nightwear... 97 97 90 89 86 86 142 136 135 136 139 136 138 Women's clothing, n.e.c 84 85 93 92 89 118 92 101 148 144 131 131 Millinery 65 67 96 91 70 71 59 64 144 123 97 Leather and Leather Products., 108.6 107.7 101.9 99.8 97.0 96.0 94.7 151.7 148.3 148.7 158.1 155.9 153.0 150.8 Leather 107 105 103 100 99 . 98 146 144 147 152 151 150 149 Boots and shoes 98 98 91 89 86 85 141 137 137 144 141 137 134 Food and Kindred Products 110.8 123.1 107.7 106.5 106.9 111.5 118.8 131.5 139.7 153.7 151.3 150.3 158.5 168.5 Slaughtering and meatpacking . 144 149 138 129 128 132 158 172 175 180 170 191 201 Flour 100 102 114 113 111 113 116 122 131 172 165 163 170 Baking 106 110 110 107 107 109 124 130 135 146 143 148 152 Sugar, beet 46 55 38 40 40 43 62 66 73 57 59 58 64 Confectionery 95 102 117 110 107 105 121 123 127 167 161 158 159 Beverages, nonalcoholic 112 122 115 119 125 134 126 129 141 131 140 149 169 Malt liquors 115 120 118 121 124 130 145 136 150 147 156 165 182 Canning and preserving 89 142 60 67 68 80 95 124 214 99 114 117 135 Tobacco Manufactures. 99.0 100.2 99.9 rggg r96., 95.7 95.0 124.6 132.0 133.8 143., r146.8 r144.4 149.3 Cigarettes 103 108 120 r124 r118 118 129 141 150 149 157 155 159 Cigars 100 99 91 89 86 85 125 129 126 143 144 141 148 Paper and Allied Products 117.7 113.7 118.0 117.7 117.7 119.5 119.4 152., 149.4 144. 173.1 175.5 178.0 181.9 Paper and pulp. 117 113 109 108 108 111 155 153 147 166 167 170 175 Paper goods, n.e.c 121 118 131 129 128 130 148 143 140 179 182 181 187 Paper boxes 107 104 119 120 121 122 135 131 126 172 176 179 180 r Revised. cover wage earners only. 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Contsuued (Without Seasonal Adjustment) [Index~numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 June July Mar. Apr. May June July May June July Mar. Apr. May June Printing and Publishing 99.0 99.3 101.8 100.6 100.4 101.8 101.7 111.0 110.2 110.0 122.3 r121.7 r 123.0 126.4 Newspaper periodicals 98 96 95 96 96 96 107 107 104 108 110 111 112 Book and job 97 100 105 101 101 103 110 108 111 128 124 126 131 Chemical and Allied Products 208.3 212.8 254.8 258.3 255.8 257.2 256.5 295.6 306.1 317.2 409.7 r423.6 r425.2 432.5 Paints, varnishes, and colors .. 108 103 103 102 103 106 140 134 128 141 147 155 161 Drugs, medicines, and insecticides.... 134 136 159 160 161 167 161 159 160 220 225 228 234 Rayon and allied products 108 106 107 107 106 107 141 142 141 154 157 160 164 Chemicals, n.e.c 161 160 162 162 163 166 218 221 225 255 r262 r265 274 Cottonseed oil 61 66 117 108 93 83 89 79 87 181 177 151 142 Fertilizers ... 96 89 159 155 130 100 176 145 141 265 292 244 188 Products of Petroleum and Coal 120.7 121.5 115.6 116.0 117.3 118.5 118.8 147.1 150.0 154.0 166.8 173.9 182.3 189.2 Petroleum refining 110 110 107 108 110 111 133 135 138 154 163 171 175 Coke and by-products 124 125 117 116 115 116 154 157 163 169 169 178 189 Rubber Products 120.7 126.3 153.8 153.8 153.9 156.4 159.6 157.6 164.5 176.3 246.2 248.1 250.9 264.0 Rubber tires and inner tubes 114 121 153 153 154 157 143 151 167 240 240 244 257 Rubber boots and shoes. 116 125 146 147 147 150 170 165 172 239 244 248 260 Rubber goods, other. 116 118 140 140 139 141 158 164 169 225 228 229 241 Miscellaneous Industries 147.6 147.0 162.8 r164.9 r 166.0 166.3 166.8 213.2 210.1 213.3 283.3 r290.3 r296.2 296.7 Photographic apparatus.. . 136 138 162 162 163 167 186 ' 192 189 250 252 257 265 Games, toys, and dolls 117 96 81 82 84 84 161 159 127 140 141 149 143 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 150.9 153.4 155.1 156.9 158.9 160.9 164.4 167.1 167.9 168.6 168.5 168.2 169.7 169.5 Durable 188.9 193.9 198 5 201.6 205.6 209.6 215.4 219.3 222.5 225.1 225.7 226.0 228.4 229.3 Nondurable 121.0 121.4 120.9 121.6 122.0 122.5 124.3 126.0 124.9 124.1 123.2 122.7 123.5 122.3 NOTE.—Figures for July 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 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June All Manufacturing . 42.9 42.9 44.5 44.7 45.0 r45.3 45.2 83.5 84.5 92.4 93.4 94.4 r95.4 95.9 Durable Goods . . 45.2 45.2 46.2 46.4 46.8 47.0 46.8 92.5 93.3 102.0 103.0 r 104.0 105.0 105.5 Iron and Steel and Products 43.5 43.6 45.8 46.1 r46.2 r46.4 46.5 92.3 92.7 99.9 100.8 101.9 102.7 103.4 Electrical Machinery 46.2 46.4 46.9 47.1 47.0 47.3 47.1 89.2 90.1 94.8 95.4 r96.1 96.4 97.1 Machinery Except Electrical 49.5 49.7 49.6 49.7 49.8 49.8 49.6 94.9 96.0 103.0 103.8 104.7 105.5 105.8 Transportation Equipment Except Automobiles . . 48 0 47 7 46 7 46.8 r47.5 47 5 47.1 106 3 106.5 115.2 116.4 117.4 118.5 118.9 Automobiles 44.3 44.4 46.0 45.7 45.9 46.3 46.2 116.3 116.1 121.1 121.7 121.5 123.1 123.6 Nonferrous Metals and Products 44.2 44.6 45.9 46.6 r46.8 r47.1 47.0 89.3 90.4 98.6 99.0 r100.1 101.4 101.0 Lumber and Timber Basic Products 40.8 41.1 41.9 42.4 43.1 43.8 44.4 63.2 65.7 68.7 70.0 71.5 73.6 73.9 Furniture and Finished Lumber Products. 41.5 41.5 43.6 43.9 r44.5 r44.6 44.6 65.2 65.3 70.6 71.5 72.2 73.4 74.0 Stone, Clay, and Glass Products 40.5 40.1 41.8 42.1 42.7 r43.0 43.2 76.2 77.2 82.2 82.8 83.3 r84.3 84.4 Nondurable Goods 40.1 39.9 42.0 42.3 H2.5 r42.8 42.8 71.2 71.8 77.3 78.2 79.0 r79.7 80.4 Textiles—Mill and Fiber Products 40.3 40.2 41.5 41.6 41.7 r4l.9 41.6 58.9 59.3 65.4 65.7 66.0 66.4 66.5 Apparel and other Finished Products ... 36.8 35.4 38.2 38.8 r39.0 r38.4 38.1 62.0 60.9 67.3 70.0 r70.4 r69.3 69.9 Leather and Manufactures 38.6 38.1 40.2 40.4 40.2 40.2 39.8 67.5 67.8 72.0 72.9 73.9 74.7 75.2 Food and Kindred Products 40 9 41.5 42.9 43.4 43.3 44 7 44.9 72.5 72.7 77.1 77.7 78.8 79.7 80.3 Tobacco Manufactures 37.7 38.5 38.5 39.5 r40.0 r40.2 41.0 57.1 58.1 60.3 61.3 62.0 62.9 64.5 Paper and Allied Products 41.6 40.6 44.5 44.9 45.3 45.6 45.7 72.7 74.2 78.1 78.2 79.0 79.4 79.8 Printing, Publishing, and Allied Industries 38.0 39.5 39.8 r39.8 r39.9 40.1 94.6 95.3 97.1 98.2 r98.8 r99.9 100.8 Chemicals and Allied Products 42^7 42.8 44.6 45.0 r45.5 r45.6 45.7 84.6 85.8 89.0 89.2 r90.1 r91.0 92.0 Products of Petroleum and Coal 39.1 39.0 42.4 42.6 43.5 44.5 45.6 102.1 102.7 109.2 1091 111.1 112.2 112.9 Rubber Products 41.4 41.5 44.6 45.1 45.1 45.4 46.0 91.2 92.1 97.7 99.2 99.8 100.5 102.4 Miscellaneous Industries . 44.0 43.9 46.0 46.6 46.4 46.4 46.5 76.8 76.6 84.6 85.5 r87.O r88.0 87.8 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. 893.) 885 SEPTEMBER 1943 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 Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p i u ti b e l s ic 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 A. 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 j une 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 47.1 107.7 213.2 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 ownership 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 July June July January 305 317 351 124 198 316 181 35 Boston 15,082 7,313 37,986 February.... 270 434 394 105 310 364 166 30 New York.... 12,186 23,256 76,997 March 480 611 340 269 473 304 211 36 Philadelphia.. 18,595 10,215 28,203 April 407 499 303 184 355 253 223 50 Cleveland.... 17,548 23,534 79,005 May 549 674 234 267 569 192 281 42 Richmond — 35,914 36,961 89,972 Tune 539 1,190 230 314 1,105 183 225 46 Atlanta 17,768 40,423 159,891 July 577 944 184 348 876 122 229 61 Chicago 29,584 38,310 118,334 August 760 721 520 633 240 St. Louis. 8,720 10,172 102,656 September... 623 723 403 661 220 Minneapolis.. 2,066 6,748 42,159 October 606 780 371 710 235 Kansas City. 11,786 18,978 107,434 November... 459 654 298 592 161 Dallas 14,412 13,689 101,159 December... 432 709 288 664 144 Total (11 districts) 183,661 229,599 943,796 Year 6,007 8,255 .... 3,492 7,146 .... 2,515 1,109 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Year or month Total p P m e r i r o m r e o t v y n p - e t - - S h s c t t m o i o r o m u n a n c - l e l - h f 1 ( a - o T m I u i t I o t s i ) l l e e y 4 s - h R o ( g T e u r a I n o s i n I t ) i t u d l n a e p l g h ( o W T V u i a s t I r l ) i e ng End of month Total b C m a c o i n e a m k r l - s - b s M t a a u n v u a k - l - s a a s S l t a i s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - - s a c F e g i e r e e a d s n l l - - Other2 1936—Dec 365 228 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 1 1 9 9 3 3 7 8 4 6 9 9 5 4 1 6 6 0 0 "ii " 4 4 2 7 4 3 4 1 8 1 1939— D Ju e n c e 1 1 , , 7 4 9 7 3 8 9 7 0 5 2 9 5 7 0 1 1 1 6 9 7 2 2 3 7 4 1 2 1 1 5 3 3 7 1 9 3 4 3 1939 . . 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 "l3 " June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec 2,409 1,162 130 224 542 201 150 1942—July 97 11 1 63 2 21 Aug 89 10 1 52 * 25 1941—Mar 2,598 1,246 146 230 606 210 160 O Se c p t t 9 9 5 9 1 1 0 1 1 * 4 4 8 4 * 3 4 7 2 J S u e n p e t 2 2 , , 7 9 5 4 5 2 1 1 , , 3 4 1 0 8 0 1 1 5 7 7 1 2 2 3 4 7 6 6 7 6 2 8 2 2 22 2 5 0 1 1 5 7 4 8 Nov 92 10 1 39 43 Dec 3,107 1,465 186 254 789 234 179 Dec 97 9 1 39 49 1943— F Ja e n b 8 6 0 4 5 7 * * 3 2 1 0 * 4 3 2 9 1942— J D M u e a n c r e 3 3 3 , , , 3 4 6 9 0 2 1 7 0 1 1 1, , , 6 5 6 6 4 2 9 9 3 2 2 2 1 0 3 9 1 6 2 2 2 6 7 7 4 2 6 1,0 8 9 3 5 4 2 6 0 2 2 2 4 3 4 5 7 3 2 1 1 0 9 6 0 5 3 Mar 73 6 1 19 47 Apr 59 7 ....^... 16 37 J J M u u a l n y y e 7 8 7 2 4 8 8 7 7 * * 1 2 1 8 1 9 4 5 5 7 1 6 H tio o 1 n u T , s i h t n h e g e R F C F e C o d r e p M r o a o r l a rt D t g io e a n p g . o e si C t o I m ns p u a r n a y n , ce t he C F o e r d p e o r r a a l t i N on a , t io a n n a d l M th o e rt U g n a i g t e e d A s S so ta c t i e a s - 2 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. 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. 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 January 213 370 325 481 695 178 242 229 254 P228 35 128 96 228 *>466 February 219 347 303 480 ?669 158 200 234 254 P234 61 147 69 226 H35 March 268 351 357 628 ?927 190 217 268 272 2>249 77 134 89 355 p678 April 231 323 387 717 3pl,124 186 212 287 235 p258 45 111 100 482 3p866 May 249 324 385 536 PI,069 202 211 297 191 -P281 47 112 88 345 P788 June 236 350 330 648 PI,004 179 211 280 215 P302 57 138 50 433 P702 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-June 1,416 2,064 2,086 3,490 P5,488 1,094 1,294 1,594 1,420 PI ,552 322 770 492 2,070 ^3,936 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated owing to inclusion in April export statistics of shipments valued at 160 million dollars actually exported in first three months of 1943, Source.—Department of Commerce. Back figures—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND JNCOME OF CLASS 1 [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 u r e c o o s t r t d s - - Ore l M e a o e n u i l s e - s - - M c I d . h C i e s a . r e I n - . - 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 N i c r l o w a e m t t a in e y g in N co e m t e 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 ADJUSTED SEASONALLY 1942—May 143 163 197 115 98 155 289 142 62 ADJUSTED June 141 161 198 113 103 160 183 144 60 1942—May 618 487 131 88 July 142 155 205 95 90 172 180 149 57 June 627 r499 128 85 August 143 154 208 106 106 165 176 152 57 July 643 519 124 79 September.... 136 135 188 126 102 154 174 146 55 August 669 539 130 85 October 133 121 180 130 110 149 221 144 56 September 663 535 128 82 November 134 125 176 126 114 140 221 144 58 October 661 533 128 81 December 134 116 177 143 117 137 210 146 59 November...... 722 563 159 121 December. 708 554 155 110 1943—January 135 119 161 157 102 130 202 149 57 February 141 127 154 170 113 135 193 153 61 1943—January .... 710 577 134 92 March........ 136 140 182 152 117 133 216 141 61 February 744 591 153 111 April 141 158 208 145 118 138 209 142 62 March 740 616 124 82 May ...... 141 156 195 144 112 138 209 143 62 April 767 623 144 101 June 133 119 180 143 110 140 171 144 63 May 783 624 159 118 July.... ...... 146 172 207 119 115 150 178 148 64 June.., 749 629 120 P78 UNADJUSTED 1942—May. ....... 138 139 181 99 88 161 303 144 62 UNADJUSTED June.......... 139 135 178 111 81 166 318 145 60 1942 May 601 491 11° 64 July 142 132 177 138 76 173 325 148 57 June 624 505 119 78 August 144 136 175 129 100 173 308 152 57 July 665 532 133 90 September.... 152 142 184 139 135 167 304 162 57 August 684 549 135 89 October....... 150 138 180 139 169 158 260 163 58 September 698 543 155 105 November..... 140 139 186 123 144 138 206 150 59 October 746 561 185 136 December..... 126 132 193 130 113 122 59 135 56 November...... 690 541 149 111 December 703 532 171 137 1943—January....... 124 135 193 138 98 117 50 132 55 February 130 145 189 142 90 129 48 137 58 1943—January.. 671 566 105 63 March 130 144 189 131 92 133 56 138 62 February 664 557 106 62 April.......... 132 133 183 124 105 138 106 143 63 March 756 627 130 85 May 137 132 179 123 101 143 269 145 62 April 749 622 127 83 June. 132 100 162 140 86 145 297 146 63 May 759 631 128 86 July 146 146 178 172 97 150 323 147 63 June 747 638 110 P71 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for I Revised. p Preliminary.# June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtained tion of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics. Basic data compiled with weights derived from revenue data of the Interstate Commerce Commission, (by the Interstate Commerce Commission. 887 SEPTEMBER 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 Feb. 3 Feb. 1 ...94 Jan. 31.. ...121 Jan. 30 121 SALES 10 8 ...95 Feb. 7.. ...114 Feb. 6 136 January 92 101 138 143 71 79 108 111 17 15 ...97 14.. ...116 13 163 February 90 103 ' 126 168 71 82 99 132 24 22 ...88 21.. ...110 20 146 March 89 103 124 136 86 93 118 121 Mar. 2 Mar. 1 ...101 28.. ...119 27 150 J M J A O N D A S u u e c u o e p a n l p t c g v r y y e o i e t u e l . b e m m s e m t b r b . e b e r . r e r . . . . .. . . .. 1 10 9 9 9 9 0 9 8 8 1 4 7 2 8 0 1 9 9 1 1 1 1 1 1 1 1 1 1 0 1 1 3 1 0 0 0 1 5 6 6 4 5 4 5 4 1 1 1 1 1 1 1 1 1 2 3 2 1 2 3 0 0 2 5 8 8 7 3 0 4 8 1 1 1 1 1 4 2 2 2 2 9 8 5 1 1 1 1 7 6 1 0 8 8 8 0 7 9 4 4 1 6 9 7 5 7 1 1 1 1 1 1 1 1 9 1 2 0 0 7 0 0 3 7 2 5 5 6 9 0 6 3 2 1 1 1 1 1 1 1 2 8 5 0 0 1 3 0 3 2 3 7 8 3 5 7 0 3 1 1 1 9 2 2 3 8 5 4 3 A M p a r y . 4 3 2 2 2 1 1 6 9 0 7 0 3 3 6 . .. ! . . . . ... May 2 2 2 1 1 3 8 6 2 9 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 9 1 2 1 1 0 1 3 3 7 7 4 4 7 5 1 6 1 M M Ap a a r y r . . 2 2 1 2 4 1 1 2 7 8 4 1 5 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 2 3 2 3 2 4 4 6 3 9 5 5 4 0 0 7 0 1 M A M p a a r y r . . 2 2 1 2 1 1 6 3 1 7 4 3 0 0 7 1 1 1 1 1 1 1 1 1 4 2 4 3 3 6 4 5 5 2 7 9 4 7 6 3 4 3 Year 94 110 124 1 1 8 1 . . . . . . 1 1 0 7 . .. . . . 1 1 1 2 0 8 1 9 6. . . . .. . . . . . 1 1 3 1 6 5 1 8 5 1 1 5 3 2 3 25..., 24 ...117 23.. ...114 22 137 Januar S y TOCKS 68 71 95 102 61 64 85 92 June 1 June 3 7 1 . .. . . . 1 1 2 0 7 9 June 3 6 0. . . . . .. . . . 1 9 3 5 5 June 2 5 9 1 1 3 3 7 6 February 71 73 102 93 68 69 97 89 15... 14 ... 120 13.. ...117 12 151 March 70 73 109 91 71 75 111 93 22... 21 ...107 20.. ...116 19 148 April 68 73 118 87 71 76 123 90 29... 28 ...109 27.. ...100 26 118 M Ju a n y e 6 6 8 8 7 7 4 6 1 1 2 3 7 6 9 9 0 8 6 7 4 0 7 7 5 3 1 1 3 3 0 0 9 9 3 2 July 6 13 . . . .. . July 1 5 2 . . . . . . 8 9 6 3 JU M:: . .. . . . . . 10 8 2 4 July 1 3 0 1 1 1 0 6 1 July 68 82 '142 110 61 74 '128 99 20... 19 ...89 .... 93 17 Ill August ... 69 87 137 66 84 132 27... 26 ...87 18.. .... 92 24 109 September 70 91 125 73 95 130 Aug. 3... Aug. 2 ...102 25.. .... 96 31 107 October 70 97 115 79 108 128 10... 9 ...116 Aug. 1. ....110 Aug. 7 117 November 72 95 105 83 110 122 17... 16 ...113 8.. ....113 14 118 December 71 92 101 66 87 95 24. 23 ...119 15.. ....116 21 132 Year 69 82 '118 Sept. 3 7 1 . . Sep M 30 :: . . . . . . 1 1 5 2 2 2 2 2 2 9 . . . . . . . . . . . . 1 1 3 5 2 3 Sept. 2 4 8 14. ...133 Sept. 5.. ....129 11 r Revised. 21. 20 ...131 12.. ....137 18 Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- 28. 27 ...148 19.. ....155 25 quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent Oct. 5. Oct. 4 ... 169 26.. ....173 Oct. 2 issues. Oct. 3.. 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] J 1 u 94 ly 3 J 1 u 9 n 4 e 3 S m 1 e 9 o v 4 s e 3 . n J 1 u 94 ly 3 J 1 u 9 n 4 e 3 S m 1 e 9 o v 4 s e . 3 n J 1 u 94 ly 3 J 1 u 9 n 4 e 3 S m 1 e 9 o v 4 s e 3 . n United States.. +19 +24 +16 Boston +10 +15 +10Cleveland (cont.) Chicago (cont.) Dallas +50 +50 +43 New Haven +13 +8 +1 Youngstown Peoria +8 +13 +1 Shreveport +28 +18 +14 Portland +25 +34 +37 Erie Fort Wayne.... +10 +17 +9 Dallas +59 +69 +50 Boston +4 +14 +9 Pittsburgh Indianapolis... +26 +38 +26 Fort Worth +54 +71 +47 Springfield +6 +14 +11 Wheeling Des Moines +29 +27 +21 Houston +45 +42 +35 Providence +15 +15 +10 Sioux City..... +45 +48 +33 San Antonio.... +37 +34 +44 Ne A B B N U B E N S N R P S w c l u i y o r l e t o e i m n b i i h a f w r w u c d c Y f g a a g e g h i a a g o a n c n h a r l e h Y r r e a u y o e r a k s k k p a s c o m t e e o e t r e a F t k r r o t d p a n y s C l i l i e s t . . y . .. + + + + + + + + - + + + - 1 4 1 2 1 2 7 4 4 9 5 9 2 7 4 8 8 7 5 '+ + + + + + + + + + + + + — 1 2 1 2 2 1 3 2 1 1 1 3 4 8 5 9 9 0 5 4 1 5 6 8 3 + + + + + + — - + + + - + 1 1 1 1 6 3 3 8 5 8 7 7 2 7 0 4 5 0 5 R A i t c l G L N W B W C R C H C B M a h y a i h r h o n i l u m o a i c r a e n l t a r a n n m s n a t h r e o f r c r s i h t k o t n m l n l m h i i t g e i s e l n n v o d n b k s o b o o s g i g n g t u n u l m t r o h - t l o t e r d r o e S n o a g e g n , n m n a . r , W y S le S . . m . V C . C a . . . . . / D F M G L F . L Q E M L S S l a o L i o p t v e r u i i e . t n a l r u t r n o a i t m w t r n i n s L l t i u n n o e s i c d a p o i s n S g v i y s u h t v u g R f i m R k l i i i i l s e s o l e a i e l l t e c p e d h k i . . . . . d . . . . . s.. + + + + + + + + + + + + + + 1 2 2 1 4 4 1 2 3 1 1 3 4 2 8 0 8 0 4 1 2 9 4 9 5 4 3 2r r r+ + + + + + + + + + + + + + 4 2 3 3 2 1 1 3 4 4 2 2 4 5 8 3 9 5 4 4 1 6 1 0 4 8 1 + + + + + + + + + + + + 1 2 4 3 1 3 1 2 3 1 9 4 8 0 6 8 8 3 8 8 2 7 S)ta B L P T F L O S S S S S n h r o a a a u o a a a a B e n n n F o n c k n c s k s r s e g e e r t l n a A a o D a F a J n r r o m k o n n n B i r s n i x R e s c f d a e g e e i e l i g n e o e a s n e l o a c c s l c y t d e n o o a i h s s d co... + + + + + + + + + + + + + 3 5 2 3 2 4 2 1 1 3 3 2 2 5 9 3 1 4 1 1 8 2 2 0 4 9 ' r r+ + + + + + + + + + + + + 3 2 3 5 7 4 2 2 3 3 3 3 3 8 7 4 4 0 4 7 4 4 1 0 1 3 + + + + + + + + + + + + + 2 2 5 3 2 3 2 2 2 2 2 2 2 4 5 2 8 5 4 9 1 4 9 3 7 7 Ph T il r a e d n e t l o p n hia + +2 1 7 1r+ + 1 2 4 0 + + 20 8 M Ja i c a k m so i nville Minneapolis... +24 +26 +20 V St a o l c le k j t o o n and Nap; + + 4 4 7 8 + + 5 5 2 6 + + 4 4 7 6 Lancaster +16 '+25 +10 Tampa Boise and Philadelphia.... +10 +15 +9 Atlanta "... _|_39 Kansas City.. +31 +42 +33 Nampa +47 +57 +46 Reading +18 '+13 +11 Macon Denver.. +20 +40 +31 Portland +23 '+31 +29 Wilkes Barre... +13 '+17 +10 Baton Rouge Hutchinson +42 +50 +39 Salt Lake City. +38 +37 +39 Cl A e Y C C C v l i k o o e e n r l r l v c a u o k e i n n m n l d a n b n a u d t s i + + + + + + 1 1 1 2 2 1 3 6 3 1 8 8 + + + + + + 2 2 3 1 2 2 9 0 7 3 1 0 + + + + + + 1 1 2 3 1 7 1 2 1 0 1 Ch N J K N C i a c e h n a c a w s a o k g h t x s o t v o O v a i n i n l r l l o l l e e e o a g n a . s . . +12 T W O O K St o m k a . i p l c n a a J e h s o h h k a i s a o t a s a e m p C a h i C ty i . t . y . + + - + + + + r 5 3 4 2 6 3 3 0 3 0 9 0 0 1 + + + + + + + 4 4 2 3 7 3 5 7 8 7 4 3 3 9 + + + + + + + 3 4 2 2 3 1 5 9 1 8 9 3 1 8 B E T W S S Y p e v a e a a a o l c e k l l t k o l i r i t a n m e a l m e g t n a W t h a e a . a . m . lla + + + + + * * 2 1 4 1 1 0 0 6 8 6 + + + + + + 2 3 3 3 2 1 9 1 1 8 7 5 + + + + + 2 1 1 2 3 7 9 3 7 6 Toledo +27 +27 +17 Chicago +10 Tulsa +46 +40 +30 'Revised. * Data not yet available. 888 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) Ratio of stocks to sales Number Department of stores Percentage change Percentage change June reporting June 1943 June 1943 June 1942 June 1943 June 1943 June 1942 from from from from from from 1943 1942 June 1942 May 1943 May 1942 June 1942 May 1943 May 1942 GRAND TOTAL—entire store. 343 +27 -7 -27 +1 0 2.7 4.7 MAIN STORE—total.. 343 +29 -2 -7 -27 +1 0 2.8 5.1 Women's apparel and accessories. 341 +39 -5 -11 -14 +5 -3 2.2 3.6 W W o o m m e e n n ' ' s s a a n n d d m m i i s s s s e e s s ' ' d c r o e a s t s s e s and suits... 3 32 2 5 0 + +4 4 2 3 - + 52 1 -46 +15 + — 4 1 8 8 - + 29 7 4 0. . 9 6 5 1 . . 7 0 Blouses, skirts, sportswear, sweaters, knit +27 apparel . ................ 301 +40 +10 +8 +3 +6 2.0 2.7 Juniors' and girls' wear. 288 +44 -2 +4 +10 -10 1.8 2.4 Infants' wear ...... 293 +42 -7 _4 -31 +8 -2 2.3 4.8 Aprons, housedresses, uniforms 276 +33 +13 -1 -20 -13 -15 1.0 1.6 Women's underwear, slips, negligees........ 312 +41 -4 -10 -37 +5 +4 2.1 4.7 Corsets, brassieres 320 +27 -4 -39 +1 2.3 4.9 Hosiery (women's and children's).......... 334 -1 -17 -14 -37 +3 -2 2.9 4.5 Gloves (women's and children's)........... 315 +29 -40 -36 -36 +7 +4 5.9 11.9 Shoes (women's and children's). .... 235 +61 +32 -13 -21 -12 -6 2.2 4.5 Furs 248 +300 -17 -37 +50 +34 +20 14.7 39.0 Men's and boys' wear........ ........... 309 +29 +35 +24 -35 -8 -1 2.8 5.6 Men's clothing 220 +33 +22 +15 -37 -9 +3 2.9 6.1 M M Bo e e y n n s ' ' s s ' c f a l u n o r d t n h i b i s n o h g y i n s a g ' n s s , d h o h f e a u s t r s n a , i n s c h d a i p n s s g l s ippers.......... 2 2 1 9 6 6 2 9 4 + + + 2 2 4 5 5 9 + + + 5 7 2 5 6 + + 4 1 0 - - - 3 3 3 4 4 0 - - - 1 9 1 1 - - 2 3 2 3 3. . . 1 3 6 5 6 6 . . . 0 7 3 Home furnishings ................. 304 +13 -13 +9 -39 0 +1 3.9 7.3 Furniture, beds, mattresses, springs......... 225 +10 -12 -17 -35 +2 +5 3.8 6.4 D D o ra m p e e s r t i i e c s , fl c o u o r r ta c i o n v s e , r u in p g h s olstery 2 2 8 3 1 0 + + 2 3 0 4 - — 1 2 9 2 - -3 1 2 9 - - 4 2 4 8 -2 +1 0 4 3. . 3 1 5 9 . . 4 8 M H D C o h o a e i u m j t n o c s a e r e . ) s w a . t a . i a n p c r d p s e , l s i g a b l n a la s c n s e w k s e a ( t r r s e e , f l r i i n g e e n ra s, t o e r t s c , washers, stoves, 2 2 2 1 1 8 1 9 5 2 6 2 + + - ^ 5 4 1 ? 0 - — - 1 5 1 7 0 4 - - - - 2 2 5 1 3 0 — - — - 7 2 4 3 6 6 1 7 - + - — 1 1 6 1 1 + + + 2 2 2 3 2 3 6 . . . . 3 1 4 5 5 9 6 7 . . . . 5 1 1 7 -17 Piece goods (dress and coat yard goods, all materials) 276 +42 -5 -13 -15 -2 -6 2.8 4.7 Cotton wash goods 112 +35 +2 -7 -24 -19 -17 1.3 2.4 Small wares 323 +30 -3 -2 -19 +3 0 3.4 5.4 Notions 210 +31 —6 -12 -22 +4 -3 2.7 4.4 Toilet articles, drug sundries, prescriptions... 310 +33 +2 -1 -18 +2 3.2 5.2 Jewelry and silverware 279 +23 +3 -16 +5 +1 3.9 5.8 0 Miscellaneous 285 +19 +7 +7 -31 +4 +4 3.3 5.7 BASSEMNTE NTS TSOTORE—total 209 +17 +3 -5 -27 -1 2.3 3.7 M W e o n m 's e n a 's n d a p b p o a y r s e ' l c a lo n t d h i a n c g c e a s n s d or i f e u s r ni . s hi ^ ngs 1 1 9 5 7 8 + +1 2 7 0 +32 + - 1 7 9 - -3 2 3 1 -4 +1 2 1 . . 8 9 4 2 . . 9 8 Home furnishings 118 +15 -18 -21 -38 +3 +1 2.9 5.4 Piece goods 52 +34 -6 -17 -1.0 2.9 4.4 Shoes 130 +6 +41 -6 -17 2.8 3.6 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS [ndex numbers, without seasonaladjustment, 1941 average = 103 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargement account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1942—May . 98 109 66 93 86 99 111 116 53 6 41 June r96 112 54 85 77 83 104 120 56 5 39 July r80 97 r51 r67 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 r152 57 101 42 76 72 100 60 4 36 July.... 97 126 53 73 39 64 70 103 62 5 33 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. 889 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n r o e su d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939.. . 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1.123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 ,204 1,764 610 1942 6,155 2,922 1,494 482 1,012 1,428 ,072 1,513 648 1942 June 7,513 4,327 2,474 1,120 1,354 1,853 ,125 1,430 631 July 7,007 4,036 2,247 1,004 1,243 1,789 ,112 1,225 634 Aug. 6,719 3,748 2,032 874 1,158 1,716 ,102 1,232 637 Sept 6,557 3,504 1,862 769 1,093 1,642 ,095 1,320 638 Oct 6,403 3,255 1,704 664 1,040 1,551 ,088 1,419 641 Nov. 6,169 3,054 1,571 573 998 1,483 ,085 1,386 644 Dec 6,155 2,922 1,494 482 1,012 1,428 ,072 1,513 648 1943 Jan. r5,703 2,660 1,314 404 910 1,346 ,058 1,333 r652 Feb. r5,491 2,465 1,190 351 839 1,275 L,038 1,333 r655 Mar r5,353 2,323 1,071 287 784 1,252 1,031 1,343 r656 Apr. r5,243 2,226 1,020 260 760 1,206 1,029 1,331 r657 May r5,079 r2,116 955 235 720 rl,161 1,027 1,275 r661 Tune P5,064 P2.046 P896 P208 P688 PI,150 p1,014 PI,338 P666 July P4,843 PI,952 P838 P196 P642 PI,114 P997 Pi,222 P672 p Preliminary. r Revised. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Depart- End of Com- S lo m a a n ll In t d ri u a s l - Credit Miscel- Re a p nd air End o r o f y e m a o r nth ex m T a c o u o lu t t t i d o a v - i l, e ng s o m m t a r o a e d n r i n d e e l t r - s F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w or e e lr s y s r o t e t A o t h a r l e l e i r l s mo y n e t a h r or Total m ba er n c k i s a 1 l p c a o n m ie - s b p a c a n o n k m i i e n - s g unions l l a e n n e d o e u rs s m iz l o o a d t a e i n o r s n nhouses 1 1 9 9 2 3 9 0 6 67 5 4 2 4 45 3 2 28 6 7 3 2 2 1 1 8 9 3 3 1 2 9 9 3 5 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 ""27" 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936........ 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939. 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1 1 9 9 4 4 0 1 1 1 , , 7 8 2 0 1 5 4 4 6 3 9 9 6 5 1 9 9 9 3 3 0 1 2 3 1 1 1 2 0 0 2 2 8 7 4 1 1942 1942 „. 1,012 254 391 130 77 160 June 1,853 546 493 261 179 98 276 July 1,789 521 481 253 173 97 264 1942 Aug 1,716 491 466 246 166 95 252 June 1,354 332 512 218 79 213 Sept 1,642 460 452 236 160 94 240 July L.243 300 475 201 71 196 Oct 1,551 421 437 222 152 92 227 \ J 1^ 158 277 449 183 67 182 Nov 1,483 393 428 211 145 91 215 ASeUp2t. 1,093 261 428 169 63 172 Dec. 1,428 370 424 202 141 91 200 Oct 1,040 253 408 154 61 164 1943 Nov. 998 247 392 141 61 157 Dec 1,012 254 391 130 77 160 Jan 1,346 345 403 193 132 89 184 Feb 1,275 319 387 185 126 88 170 1943 Mar. 1,252 312 387 184 127 87 155 Jan 910 228 359 116 64 143 Apr 1,206. 299 378 179 122 87 141 Feb. 839 210 338 103 56 132 May rl 161 290 366 174 118 85 r128 Mar 784 196 322 91 51 124 June PI',150 287 r371 174 118 P86 P114 Apr 760 190 319 81 50 120 July PI,114 281 363 170 114 P85 P101 May 720 178 308 72 48 114 June P688 PI 68 P301 P64 2>47 P108 P Preliminary. r Revised. July P642 P154 P286 P56 P45 P101 1 These figures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the folp Preliminary. lowing page and a small amount of other retail direct loans (11 million dollars at the end of July 1943), which are not shown separately. 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars! [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive O re p t t u h a r e i - l r , R m e a p n o d a d i - r i s n P o s e n t r a a - l l Month or year Co b m a m nk 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 1939. ... 1,020 210 160 150 220 280 1933 304 202 33 1940 1,340 300 230 210 260 340 1934 384 234 42 1941 1,588 396 303 279 246 364 1935 423 288 67 1942 787 136 122 143 154 232 1936 563 354 105 1937. 619 409 148 1942—June 1,211 265 211 223 196 316 1938 604 417 179 July 1,139 242 196 208 187 306 1939....... 763 489 257 August 1,072 227 182 189 182 292 1940 927 536 320 September 998 203 167 175 176 277 1941 983 558 343 October 922 190 148 159 168 257 1942.. 705 798 408 215 November 860 166 136 151 165 242 1942 December.. 787 136 122 143 154 232 January 80 66 40 18 1943— A M F J e p a a r b n r i c u l r h u ar a y r . y .. .. . . . . . . . .. . . . 5 6 6 7 8 6 1 2 0 2 9 6 1 1 8 7 1 0 7 6 1 7 1 1 9 0 9 1 1 0 5 1 1 1 1 1 0 2 3 0 0 1 6 8 1 1 1 1 1 3 4 2 7 5 4 5 2 2 1 2 0 1 9 0 5 9 5 4 M A M Fe p a a b r r y i r c l u h ary 6 8 6 7 6 0 1 1 6 8 5 7 5 6 8 2 3 4 3 3 5 2 7 4 2 1 1 1 5 9 9 8 May 551 69 89 93 111 189 June 64 68 36 20 June r529 65 85 84 r105 190 July 58 63 34 18 July 510 60 82 78 102 188 August 52 60 33 16 September 49 60 31 16 Volume extended during October. 44 59 30 14 month: November............ 37 59 25 14 1942—June 102 15 16 16 9 46 December......... 43 82 31 18 July 95 16 16 13 9 41 1943 N O A S D e o c u e p t c v g o t e e u e b m m s m e t b r b b e e e r r r 9 8 6 7 6 3 2 4 9 7 2 1 1 3 7 6 1 4 1 1 1 1 9 4 1 0 3 1 1 1 1 1 4 4 1 2 5 9 9 8 7 6 3 3 3 2 3 6 5 2 7 2 M J A F a e p a n b r r u i r c l u a h r a y ry 4 3 5 3 1 6 3 5 6 8 4 5 2 6 5 0 3 3 2 2 8 1 5 6 2 1 1 1 2 5 3 1 May 40 58 29 14 1943—January 59 6 9 14 4 26 June 50 r80 r35 19 February 52 6 9 8 4 25 July 43 62 34 15 March 74 8 13 9 5 39 April 64 9 12 10 5 28 1 These figures for loans made include only personal instalment cash May 65 9 12 11 6 27 loans and retail automotive direct loans, which are shown elsewhere on June 77 9 13 12 8 35 this page, and a small amount of other retail direct loans (one million July 66 8 13 9 7 29 dollars in July 1943), which are not shown separately. r Revised. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. r Revised. 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 July p m r J e o u c n e n d t e h ing May Ju p ly re m ce o J d n u i t n n h g e o y f e M ar ay Month D s m t e o p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t l o i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1943 1943 1942 Net sales: April 21 13 13 19 47 T C o as ta h l sales - - 7 6 r-6 + + 4 8 + + 2 4 2 0 ^ r+ + 4 2 3 2 + + 1 4 4 3 M Ju a n y e 2 2 2 2 1 1 3 4 1 1 3 3 2 2 0 2 5 5 0 6 Credit sales: July 23 14 13 22 60 C In h s a t r a g lm e e a n c t count r_ — 9 2 + + 2 1 + + 1 2 7 4 r+ + 2 1 1 8 + + 1 9 6 S A e u p g t u e s m t ber.. 2 2 5 4 1 1 6 6 1 1 4 3 2 2 6 5 6 5 0 9 October.... 29 18 15 30 65 Accounts receivable, at end of November. . 29 17 15 31 63 month: December... 31 18 15 •45 65 Total —5 -3 -2 -36 -38 -40 Instalment -5 —3 -4 -38 -39 1943 January. 28 17 16 31 61 Collections during month: February 28 17 16 r30 61 Total 0 r-4 +4 -7 r-ll -7 March... 31 19 18 30 62 Instalment. +4 -6 +3 -11 r-16 -9 April .. . 31 20 18 31 63 May.... .. 30 22 20 33 63 Inventories, end of month, at June 29 21 r21 33 62 retail value r-3 -4 -22 r-20 -17 July.... ... 30 22 21 34 62 r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. r Revised. SEPTEMBER 1943 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d t s u h a c e n t r s d p T ro e d xt u i c le ts m F li u a g t e h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s c C a a l h l s l e i e m a d n i d - 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 products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 . 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94 8 77.0 88.5 77.3 1941. . .. 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 .'. 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8. 110.2 97.1 102.4 89.7 1942—January 96.0 100.8 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 Kehrtiarv 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March " 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 98.7 104.5 98.7 95.6 119.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 104.4 98 9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98 7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 88.8 October ... 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 Novpmhpr 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 1<W»rimrv 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 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 Week ending 1943— »np 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 une 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 une 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 une 26 103.1 126.2 J08.0 96.9 118.4 96.9 81.4 103.9 110.4 100.2 104.3 91.6 uly 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 uly 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 uly 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 uly 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 uly 31 102.8 124.3 106.4 97.1 118.4 96.9 81.6 103.8 110.8 100.1 104.2 92.1 1\ugust 7 103.0 125.0 106.6 97.2 118.4 96.9 81.6 103.8 111.9 100.1 104.2 92.2 1\ugust 14 .. 102.7 122.9 105.1 97.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 1August 21 0 102.8 123.8 105.8 97.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 i\ugust 28 1942 1943 1942 1943 Subgroups Subgroups July Apr. May June July July Apr. ]May June July Farm Products: Metals and Metal Products: Grains 89.1 112.5 I 113. 116.0 Agricultural imDlements 96 9 96.9 96.9 96.9 96.9 Livestock and poultry 117.8 134.0 130 128.6 127.6 Farm machinery 98 0 98.0 98.0 98.0 98.0 Other farm products 101.5 120.0 PS 2 124.8 Iron and steel 97.2 97.2 97.2 97.3 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 96.0 113.3 111 1 109.5 108.9 Nonferrous metals 85.6 86.0 86.0 86.0 86.0 Cereal Droducts 87.2 93.7 93.6 93.8 Plumbing and heating 94 1 90.4 90.4 90.4 90.4 Fnlits and vegetables 98.5 123.2 137.7 143.6 138.0 Building Materials: Meats 113.4 115.8 1150 Ill 105.9 Brick and tile 98 0 98.7 98.9 99.0 99.0 Other foods 91.9 96.0 96 4 97.0 97.1 Cement 94 2 94.2 93.9 93.6 93.6 Hides and Leather Products: Lumber 132.9 134.7 135.6 136.3 13M She)es 126.4 126.4 126.4 126.4 126.4 Paint and paint materials.. 100.7 102.5 102.2 102.0 102.0 Hi(les and skins 118.5 116.0 116.0 116.0 116.0 Plumbing and heating 94.1 90.4 90.4 90.4 90.4 Leeither 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Otller leather products... 115.2 115.2 115.2 115.2 115.2 Other building materials... 103.8 101.6 101.6 101.7 101.3 Textile Pro ducts: Chemicals and Allied Products: Clcthing 107.2 107.0 107.0 107.0 107.0 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 129.1 165.1 165.1 165.2 165.2 Hosiery and underwear... 69.7 70.5 70.5 70.5 70.5 Fertilizer materials 78.5 80.0 80.0 78.6 79.3 Sillc Mixed fertilizers 82 8 85.8 85 8 85.8 85.8 Ravon 30.3 30.3 30.3 30.3 30.3 Oils and fats 104.2 101.5 102.0 102.0 102.0 Woolen and worsted goods 111.0 112.5 112.5 112.5 112.5 Housefurnishing Goods: Otller textile Droducts 98.2 98.7 987 987 98.7 Furnishings 108 0 107.3 107.3 107.3 107.1 Fuel and Lighting Materials: Furniture 97.5 97.7 98.0 98.1 98.1 Anthracite 85.7 89.8 89.7 89.5 89.6 Miscellaneous: Bituminous coal 109.8 115 6 1161 116 116 5 Auto tires and tubes 73 0 73 0 *n n 73 0 73 0 Coke 122.1 122 4 1?? 4 122.4 122.4 Cattle feed 136 3 150 9 150 6 150.6 149 7 Ele'Ctricity 62.7 60.6 59.5 Paper and pulp. 100.5 102.9 104.3 104.3 104.3 Gas 81.4 77.S Rubber, crude 46 3 46.2 4fi.2 46.2 46 2 Petroleum products 60.6 2 0 62.5 62.6 62.8 Other miscellanec5US 93.3 95.1 95.2 94.9 96.3 Back figures.—Bureau of Labor Statistics, Department of Labor. 891 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 m tio s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv i m ce is , - lo S c t a a l t g e, o v a e n r d n utilities cellaneous ment SEASONALLY ADJUSTED 1942—July 37,051 14,640 929 1,851 3,471 6,609 4,296 5,255 August 37,433 14,819 918 1,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 1,959 3,482 6,523 4,313 5,462 October 37,962 15,162 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6.673 4,333 5,690 December 38,842 15,687 884 2,004 3,535 6,635 4,331 5,766 1943—January 38,791 15,932 870 1,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 1,748 3,545 6,458 4,356 5,866 March 38,656 16,043 864 1,564 3,551 6,424 4,347 5,863 April 38,478 16,025 858 1,363 3,572 6,433 4,331 5,896 May 38,222 15,998 842 1,213 3,577 6,357 4,302 5,933 June 38,345 16,139 842 1,123 3,610 6,373 4,297 5,961 Julv 38,281 16,127 833 1,050 3,631 6,381 4,306 5,953 UNADJUSTED 1942—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 Occober 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 38,115 15,958 861 1,357 3,475 6,328 4,281 5,855 April 38,336 15,956 850 1,328 3,552 6,423 4,337 5,890 May 38,262 15,911 837 1,299 3,587 6,331 4,349 5,948 June 38,485 16,056 835 1,277 3,653 6,371 4,355 5,938 July 38,370 16,127 828 1,201 3,684 6,283 4,364 5,883 * Includes contract construction and Federal force account construction. »rated businesses, self-employed persons, LSUHUI.^ m uiv armed forces. Figures for July 1943 rn on p. 1156 of the November 1942 BULLETIN. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1943. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Aug. 1, 1943 1942 >, Aug. 1,1943 1942 Aug. 1, 1943 1942 Aug. 1, 1943 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 8 024 7 645 40 40 New York 32,053 26,371 8,266 5,265 80 50 Philadelphia 50,041 47,738 13.944 12,460 128 146 Cleveland 230,248 183,798 40,608 28,633 52 49 Richmond 1 460 1 463 133 387 139 528 26 208 20 801 Atlanta 2,533 2,548 177,796 166,032 7,381 6,102 Chicago 1,266 052 1,159 762 35,045 32,837 1,316 1,015 St Louis 13,922 23,617 392,856 324,502 23,358 28,695 20 16 Minneapolis 360,806 334,488 42,573 24,814 250,295 253,958 Kansas City 588 415 420,741 374,818 365,641 277,006 5,442 5,031 Dallas 3,745 4,046 93,887 102,093 49,053 36,386 107 67 San Francisco 576 469 9,263 7,936 91,176 60,858 20,594 40,665 Total 12,824 12,558 3,175,154 2,874,711 703,253 533,857 278,074 301,037 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Aug. 1,1943 1942 Aug. 1,1943 1942 Aug. 1, 1943 1942 Aug. 1, 1943 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,605 5,444 3,489 3,372 27,3^3 27,513 50.889 64,991 New York 34,615 13,732 6,227 6,212 1,636 911 32,627 37,134 Philadelphia 16,387 14,347 2,392 2,450 46,016 43,680 19,348 22,170 Cleveland 62,694 44,726 5,613 5,681 107,635 110,496 16,159 16,113 Richmond 26,359 26,547 4,658 4,991 808,552 780,835 24,784 30,526 Atlanta 22,052 21,575 4,203 4,178 143,263 152,887 15,920 19,168 Chicago 523,027 432,161 20,962 18,838 29,670 28,557 36,285 42,055 St. Louis 76,402 66,968 9,327 8,124 242,243 260,496 13,436 13,569 Minneapolis 390,377 354,455 11,949 11,369 2,472 2,381 45,785 52,333 Kansas City 149,083 156,358 8,943 7,690 3,607 3,947 37,817 38,893 Dallas 15,181 19,850 1,989 1,872 6,068 7,538 San Francisco 35,948 33,383 12,493 12,836 72,032 98,577 Total 1,358,730 1,189,546 92,245 87,613 1,412,437 1,411,703 371,150 443,067 1 Includes 21,000 bales grown in miscellaneous territory. 2 Includes 20,000 bales grown in miscellaneous territory. NOTE.—1942 figures for cotton are as revised in August 1943. 893 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1943 Chart 1943 book book page July Aug. Aug. Aug. Aug. page May June July 28 4 11 18 25 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve bank credit: Reserve bank credit 5 6.68 7.07 8.20 U. S. Govt. securities, total 2, 4 7.95 8.17 8.32 8.16 8.78 Gold stock 5 22.45 22.41 22.36 Bonds 4 1.48 1.48 1.48 1.48 1.48 Money in circulation 5 16.82 17.22 17.68 Notes 4 .72 .72 .72 .72 .72 Treasury cash 5 2.25 2.27 2.27 Certificates 4 1.09 1.09 1.09 1.09 1.11 Treasury deposits 5 .43 .15 .45 Bills 4 4.66 4.87 5.03 4.87 5.47 Reserve balances 5, 8 12.02 12.29 12.41 Special certificates 4 Required reserves 8 10.29 10.83 10.98 Bills discounted 2 Excess reserves, total 8, 9 1.73 1.46 1.33 Gold stock 2 22^33 22! 34 22.31 22^29 22.29 New York City 9 .05 .02 .03 Money in circulation 2 17.80 18.01 18.10 18.21 18.30 Chicago 9 .01 .01 .01 Nonmember deposits 2 1.57 1.65 1.65 1.39 1.61 Reserve city banks 9 .74 .59 .47 Treasury deposits 2 .56 .40 .30 .10 .03 Country banks 9 .93 .84 .82 M E E x x e c c m e e s s b s s e r r r e e b s s e e a r r n v v k e e s s r ' e 3 ( s w e e rv ek es ly average),total*2 3 3 3 1 1 1 2 . . . 1 0 3 5 2 1 P 1 1 I 2 . . . 1 0 3 7 4 3 P 1 1 I 2 . . . 2 4 1 0 6 4 P 1 I 1 2 . . . 2 2 6 9 1 6 1 1 2. . 7 1 0 1 Mon B $ e 1 y i 0 l l i s a n n o c d f i r | # c 5 2 u 0 0 l a a b t n i i l d o ls n o , v t e o r t al 1 1 1 0 0 0 1 4 9 7 . . . 3 2 1 3 1 1 1 4 9 7 . . . 3 4 4 4 6 2 1 9 4 7 . . . 6 6 9 5 2 6 New York City2 3 .02 .02 .01 .02 Coins, $1, $2, and $5 bills 10 3.58 3.62 3.68 Chicago2 3 .01 .01 .01 .01 Reserve city banks2 3 .46 .44 .38 .41 CONSUMER CREDIT Country bankse2 3 .67 P.71 P.74 P.76 Consumer credit, total 18 5.08 P5.06 P4.84 Single-payment loans 18 1.03 PI.01 PI. 00 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.28 PI. 34 PI. 22 D Lo e a m n a s n a d n d d e i p n o v s e i s ts tm a e d n ju ts s ted 1 1 4 4 3 4 3 6 . . 8 4 4 8 3 4 3 6 . . 7 9 5 5 3 4 3 6 . . 8 9 0 0 3 4 4 7. . 0 3 4 1 4 3 6 5 . . 7 1 : 5 I S n e s r t v a ic lm e e c n re t d c i r t edit, total 18, 1 1 9 8 2. . 1 66 2 P P 2 . . 6 0 7 5 P P 1 . . 6 9 7 5 U. S. Govt. obligations 14 34.07 34.46 34.44 34.57 34.21 Instalment loans 19 1.16 PI.15 PI.11 T C o o t m al m l e o r a c n ia s l loans, total 1 1 4 5 9 5 . . 4 6 8 3 9 5 . . 5 6 7 8 9 5 . . 5 7 4 1 9 5 . . 5 7 6 4 9 5 . . 6 7 1 4 Insta A lm ut e o n m t o s t a i l v e e c redit, total 1 1 9 9 . . 9 2 6 4 P P . . 9 21 0 P P . . 8 2 4 0 N 10 e 0 w c i Y ti o e r s k o C ut i s ty id e New York 1 1 5 5 3 2 . . 4 1 9 4 3 2 . . 5 1 2 6 3 2 . . 5 1 4 7 3 2 . . 5 1 6 8 3 2 . . 5 1 7 7 Other 19 .72 P. 69 P. 64 Brokers' loans—New York City 15 .84 .91 .84 .85 .91 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 12.73 12.87 12.79 12.89 12.68 ing, total interest-bearing 20 138.76 139.47 144.02 Bonds 17 5.92 5.94 5.94 6.00 6.03 Bonds (marketable Treasury).. 20 57.97 57.52 57.52 Notes and guar. securities 17 2.66 2.68 2.72 2.72 2.70 Notes, cert., and bills, total... 20 37.21 37.59 40.90 Certificates 17 2.66 2.86 2.83 2.87 2.92 Notes 21 9.80 9.17 11.88 Bills 17 1.48 1.39 1.30 1.31 1.03 Certificates 21 16.56 16.56 16.56 100 cities outside New York, total.. 15 21.35 21.60 21.65 21.68 21.53 Bills 21 10.85 11.86 12.46 Bonds ..; 17 10.07 10.05 10.11 10.16 10.18 Savings bonds, tax notes, etc.. 20 29.09 29.20 30.17 Notes and guar. securities 17 3.92 3.96 3.98 3.97 3.98 Savings bonds 21 20.51 21.26 22.03 Certificates 17 4.37 4.74 4.75 4.74 4.72 Tax notes 21 8.16 7.50 7.68 Bills r 17 3.00 2.84 2.82 2.82 2.65 Special issues 20 10.20 10.87 11.46 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 13.76 14.31 P14.80 Federal Reserve Banks 22 6.22 7.20 8.19 MONEY RATES, ETC. Commercial banks 22 52.51 P52.00 Treasury bills (new issues) 25 .374 .374 .375 .374 .375 Private holders other than Treasury notes (taxable) 25 1.31 1.30 1.28 1.29 1.31 commercial banks, total 22 66.27 P65.96 U. S. Govt. bonds: Mutual savings banks 23 5.24 5.28 Partially tax-exempt 25, 33 1.83 1.84 1.83 1.83 1.83 Insurance companies 23 12.70 12.80 Taxable 25, 33 2.28 2.28 2.28 2.28 2.28 Other investors, total 23 48.30 ^47.90 Corporate Aaa bonds 33 2.69 2.69 2.69 2.69 2.69 Marketable issues.... 23 20.00 P19.50 Corporate Baa bonds 33 3.80 3.81 3.81 3.81 3.82 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 95.2 94.1 94.4 95.2 93.7 Treasury bills (new issues) 27 .373 .374 .374 Industrial 35 97.1 96.1 96.4 97.2 95.5 Treasury notes (taxable) 27 1.36 1.32 1.30 Railroad 35 93.3 90.3 90.3 91.9 Commercial paper 29 .69 .69 .69 Public utility 35 86.2 85.7 85.6 86.4 85.7 U. S. Govt. bonds: Volume of trading (mill, shares) 35 1.51 .88 .54 .55 Partially tax-exempt 33 1.92 1.85 1.82 Taxable...- 33 2.30 2.29 2.27 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.74 2.72 2.69 Steel production (per cent of capacity)5. 50 97.4 97.7 97.8 98.2 Corporate Baa bonds 33 3.91 3.88 3.81 Electric power prod. (mill. kw. hrs.) 50 4,227 4,241 4,288 Freight carloadings (thous. cars): Total 51 885.5 872.1 887.2 891.2 In unit indicated Miscellaneous 51 386.0 377.9 385.0 389.7 Stock prices (1935-39 = 100): D F W . e H h p o . a T F t l A i r e a o o t . s r n t m a m h a l l e o e ( n t m p p h t r e r o o s i u t c d m o s e u r . o s c ) e r 3 t t ( s s g 1 a 9 a le 2 g s 6 e s ( = , 1 9 n 1 3 e 0 5 w - 0 3 ) 9 c : o = n s 1 tr 0 u 0 c ) - ... 5 6 6 5 2 3 3 2 1 1 0 2 1 2 4 0 . . 8 3 7 1 1 0 2 1 3 5 1 . . 0 0 7 1 1 0 2 1 2 2 1 . . 7 9 8 1 1 0 2 1 2 3 3 . . 8 8 2 V Br o o lu k T R P I m e n u o a r d e b t i s l u a ' l r o l i s b o c f t a a r u t l d i a r a t a n i l d l c i i e t n y s g ( m (m il ^ i l l , l, d o sh ll a a r r e s) s : )... 3 3 3 3 3 5 5 5 5 5 8 9 9 9 1 4 . 7 5 7 5 . . . . 9 2 0 2 5 9 9 9 84 6 4 9 .9 . . . . 7 7 3 3 9 1 8 9 9 1 0 7 . 8 6 0 1 . . . . 5 7 5 6 9 Other than farm and food 63 97.1 97.2 97.3 97.3 Credit extended customers.... 37 e740 761 780 Money borrowed 37 e55O 529 530 Customers'free credit balances. 37 e330 334 340 e Estimated. p Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Figures for July 21 :# Total, 1.32; New York City, .03; Chicago, .01; Reserve city banks, .50; and Country banks, .78. 3 Publication discontinued. 4 Adjusted for seasonal variation. 5 New series based on increased capacity beginning July 1, 1943. Revised figures for earlier weeks are: July 7, 96.0; July 14, 96.4; July 21, 97.7 per * Copies of the Chart Book may be obtained at a price of 50 cents each. 8 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKr-Continued Chart Chart 1943 book book page May June July page May June July MONTHLY FIGURES (Cont.) In unit indicated MONTHLY FIGURES (Gont.) In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Income payments (mill, dollars), total4 38 11,683 PI 1,840 Exports and imports (mill, dollars): Salaries and wages 38 8,211 2*8,349 Exports 61 2*1,069.32*1,004.3, Other 38 3,472 2*3,491 Imports 61 2*280.9 2*302.2 Cash farm income (mill, dollars), total. 39 1,440 2*1,407 Excess of exports 61 2*788.4 2*702.0 Indu L C G s i t r o v r o v i e p a t s s . l t o p p c a r k y o m d a u n e d c n t t i p s o r n o ; d 4 ucts 3 3 3 9 9 9 1,0 3 0 9 4 1 9 0 2 2 * * 2 3 9 * 9 8 2 8 5 4 Who F O le a t s h r a m e l E e r x p p t c r h r l o u i a d c n d u e i s c n f , a t g s r t m L o t e a a n l n d d - (1 L 9 f e o 2 a o 6 s d e = e x 1 p 0 o 0 r ) t . s . .. . 6 6 6 6 3 1 3 3 1 1 9 2 0 6 5 4 . . . 7 7 1 1 1 9 2 0 6 6 3 . . . 8 2 8 1 1 9 2 0 6 5 3 . . . 9 0 2 T G o ro ta u l p s ( 1 ( 9 p 3 o 5 i 7 n 39 ts = in 1 t 0 o 0 ta ) l index) 41, 42 203 202 2*205 Cost F o o f o d li ving, all items (1935-39 = 100) 6 6 5 5 1 14 2 3 5 . . 0 1 1 1 4 2 1 4 . . 9 8 1 13 2 9 3 . . 0 8 Dura M bl a e c h m in a e n r u y f , a c e t tc u res 4 4 1 2 1 7 1 6 4 . . 6 7 1 7 1 7 4. . 7 6 P 2 U *7 S 8 . . 3 1 R C e lo n t t h . i . n . g 6 6 5 5 1 1 2 0 7 8 . . 9 0 1 1 0 27 8 . . 9 0 128.6 Iron and steel 42 22.8 22.1 22.3 Other durable 42 15.3 15.0 14.9 Nondurable manufactures 41 68.9 69.1 2*6.88 1942 1943 Textiles and leather 42 20.3 19.8 2*19.5 Paper and printing 42 11.4 11.4 2*11.5 Oct.- Jan.- Apr.- Foods, liquor, and tobacco 42 19.4 19.5 2*19.5 Dec. Mar. June Other nondurable 42 17.9 18.3 2*18.4 Minerals 41, 42 19.8 18.0 Primary products (1935-39 = 100): In millions of dollars Steel 43 233 227 229 Cement 43 131 124 114 QUARTERLY FIGURES Lumber 43 117 113 2*116 Budget receipts and expenditures: Coal 43 139 97 2*150 Expenditures, total 24 18,800 19,845 23,228 Crude petroleum 43 125 124 2>130 War activities 24 17,348 18,460 21,535 Cotton consumption 43 169 160 153 Net receipts 24 3,909 6,950 7,563 Wool yarn 43 177 181 Internal revenue collections, total 24 3,727 6,686 6,834 Paper 43 136 136 Corporate income taxes 24 1,789 3,364 2,781 Leather 43 117 107 Individual income taxes 24 616 2,234 3,007 Meats and dairy products 43 2*150 2*150 Misc. internal revenue 24 1,323 1,088 1,046 Other manufactured foods 43 151 150 2*144 Corporate security issues: Labor force and employment (mill, Net proceeds • 36 113 153 266 persons): New money, total 36 25 51 66 Labor force 44 53.0 54.6 55.5 Industrial 36 10 35 41 Employment, total 44 52.1 53.4 54.3 Railroad 36 4 12 7 Nonagricultural 44 41.3 41.5 42.2 Public utility ... 36 11 3 1 Agricultural 44 10.8 11.9 12.1 Male 44 36.2 36.7 37.2 Female 44 15.9 16.7 17.1 Per cent per annum Nonagricultural employment (mill. persons), total4 45 38.2 38.3 ^38.3 Manufacturing and mining 45 16.8 17.0 17.0 Bank rates on customers' loans: Trade 45 6.4 6.4 2*6.4 Total, 19 cities 29 2.63 2.76 3.00 Government 45 5.9 6.0 2*6.0 New York City 31 2.09 2.36 2.70 Transportation and utilities 45 3.6 3.6 2*3.6 Other Northern and Eastern cities 31 2.63 2.76 2.98 Construction 45 1.2 1.1 2*1.1 Southern and Western cities 31 3.26 3.24 3.38 Factory employment and pay rolls (1939 = 100): Pay rolls 47 r313.5 317.9 June 30, Dec. 31,June 30, Employment 47 167.2 168.7 1942 1942 1943 Hours and earnings at factories: Weekly earnings (dollars) 48 r43.22 43.35 Hourly earnings (cents) 48 r95.4 95.9 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 r45.3 45.2 New orders, shipments, and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency 11 81.93 99.67 New orders, total 49 235 2*270 Demand deposits adjusted 11 41.84 48.85 D No u n ra d b u l r e a ble 4 4 9 9 3 1 1 7 4 7 P P 3 1 9 7 3 9 T C i u m rr e e n d c e y p o o s u i t t s s i ; de banks 1 1 1 1 2 1 7 0 . . 3 9 1 4 2 1 8 3 . . 4 9 0 5 Shipments, total 49 247 P256 Durable 49 338 P343 Nondurable 49 177 P188 MEMBER BANKS Inventories, total 49 176 2*173 Loans and investments, total 12 46.80 59.26 2*67.15 Durable 49 214 pin U. S. Govt. obligations 12 24.10 37.55 p46.98 Nondurable 49 143 2*140 Other securities 12 5.77 5.63 2*5.35 Residential contracts (mill, dollars):4 State and local obligations 13 2.93 2.97 2*2.88 Total 53 51 53 Other domestic securities 13 2.69 2.66 2*2.48 Public 53 33 28 Foreign securities 13 .15 Private, total 53 18 25 Loans, total 12 16.93 16.09 2*14.82 1- and 2-family dwellings 53 17 24 Commercial loans 13 9.11 8.48 Other 53 1 1 Real estate loans 13 3.50 3.42 Construction contracts (3-mo. moving Street loans (brokers' loans).... 13 .43 .79 av., mill, dollars):4 Holdings of U. S. Govt. securities: Total 55 212 185 2*179 By classes of banks: Residential 55 58 60 2*66 New York City 16 8.55 12.55 2*13.89 Other 55 154 125 2*113 Chicago • 16 1.86 2.79 2*3.16 Freight car loadings:4 Reserve city banks 16 8.19 13.04 2*17.44 Total (1935-39 = 100).., 57 141 133 146 Country banks 16 5.50 9.17 2*12.50 Groups (points in total index) By kinds of securities: Miscellaneous 57 78.3 79.1 81.0 Bonds 16 14.49 18.95 Coal 57 33.2 25.3 36.6 Notes 16 3.55 5.41 All other 57 29.1 28.2 27.9 Certificates 16 1.87 6.29 Department stores (1923-25 = 100) :4 Bills 16 1.51 4.36 Sales 59 125 129 142 Guaranteed 16 2.69 2.54 Stocks 59 90 98 110 For footnotes see preceding page. 895 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1942 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed as percentages] Federal Reserve district All Item dis- Boston Y N o e r w k P p ad h h e i i a l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n s p - - K C an it s y as Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and dividends on securities. 28.6 34.0 36.1 36A 33.8 26.4 24.7 29.2 28.7 24.8 20.3 19.3 23.8 Interest and discount on loans 54.5 47.5 47.9 51.2 52.8 59.3 55.3 52.8 54.6 51.4 61.0 64.1 58.8 Service charges on deposit accounts. 6.2 7.9 7.0 3.7 4.7 5.2 6.6 7.3 5.7 4.4 7.8 6.9 6.2 Other current earnings 10.7 10.6 9.0 8.7 8.7 9.1 13.4 10.7 11.0 19.4 10.9 9.7 11.2 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 33.1 31.5 26.1 28.2 29.7 32.6 32.1 31.7 31.9 37.2 38.2 34.3 Interest on time deposits.. 13.9 11.9 15.1 19.2 18.5 19.1 12.7 14.4 12.9 16.3 7.9 3.5 15.3 Other current expenses 27.9 29.3 28.4 27.9 27.7 26.2 28.7 26.7 28.9 27.1 31.6 24.8 26.9 Total expenses 73.9 74.3 75.0 73.2 74.4 75.0 74.0 73.2 73.5 75.3 73.3 74.4 72.0 Net current earnings. 26.1 25.7 25.0 26.8 25.6 25.0 26.0 26.8 26.5 24.7 26.7 25.6 28.0 Net charge-offs, etc.1.. 2.4 5.3 5.5 17.8 2.5 .4 2.2 +.3 + .0 +2.4 +4.1 .3 +.4 Taxes on net income. . 3.3 2.9 2.4 1.8 2.5 3.8 3.6 3.1 3.3 3.1 5.1 4.5 4.5 Net profits.. 20.4 17.5 17.1 7.2 20.6 20.8 20.2 24.0 23.2 24.0 27.0 21.9 21.5 Ratios to total capital accounts: Net current earnings. 7.7 5.9 6.7 6.2 6.7 6.9 8.0 8.5 7.8 9.2 9.2 8.6 9.2 Net profits 6.0 3.9 4.5 1.6 5.4 5.6 6.0 7.4 6.6 8.7 8.6 6.8 7.4 Cash dividends declared. 2.7 2.2 1.8 1.8 2.1 2.7 3.1 2.4 2.9 3.3 4.2 3.9 3.0 Ratios to total assets: Total earnings 3.0 2.8 2.9 3.2 2.9 2.8 2.8 2.7 2.8 3.3 3.3 3.3 3.0 Net current earnings... .8 .7 .7 .9 .8 .7 .8 .7 .7 .9 .9 .8 Net profits .6 .5 .5 .2 .6 .6 .6 .7 .6 .9 .6 U. S. Government obligations. 22.9 27.1 30.9 25.1 24.4 21.7 17.7 25.1 21.9 23.7 17.2 13.7 21.4 Other securities 10.9 11.7 13.1 15.1 13.9 8.5 9.7 10.7 10.6 9.5 7.6 9.4 8.0 Loans 30.1 29.6 28.7 31.9 28.7 31.8 27.2 27.9 27.0 32.6 33.3 31.4 30.9 Real-estate assets. 2.0 2.0 2.5 3.7 2.1 2.3 2.0 1.4 1.7 1.6 1.2 1.7 1.7 Cash assets 33.9 29.5 24.6 24.1 30.8 35.5 43.1 34.9 38.7 32.4 40.6 43.7 37.9 Total capital accounts. 11.1 13.5 11.9 14.5 11.8 11.0 10.1 9.0 10.3 9.4 10.8 11.7 9.0 Ratios to securities: Interest and dividends on securities. 2.4 2.4 2.3 2.7 2.5 2.3 2.4 2.1 2.4 2.3 2.5 2.5 2.3 Recoveries on securities .2 .2 .2 .4 .3 .2 .1 .2 .2 .3 .1 .1 .1 Profits on securities sold .1 .2 .2 .2 .2 .2 .2 .1 .1 .1 .1 .1 .1 Losses on securities .4 .6 .5 1.1 .6 .3 .3 .4 .4 .3 .2 .2 .3 Net return on securities 2.3 2.2 2.2 2.2 2.4 2.4 2.4 2.0 2.3 2.4 2.5 2.5 2.2 Ratios to loans: Interest and discount on loans. 5.6 4.7 5.1 5.2 5.5 5.4 5.9 5.3 5.8 5.5 6.3 7.2 6.1 Recoveries on loans. .5 .4 .4 .2 A .3 .4 .5 .5 .7 .8 .8 .5 Losses on loans .4 .6 .6 .9 A .2 .4 .3 .3 .4 .4 .7 .4 Net return on loans., 5.7 4.5 4.9 4.5 5.5 5.5 5.9 5.5 6.0 5.8 6.7 7.3 6.2 Other ratios: Total capital accounts to: Securities, loans, and real-estate assets 17.3 19.7 15.9 19.2 17.3 17.3 18.4 14.2 17.6 14.3 18.7 21.3 15.0 Total assets less cash and U. S. Government securities 27.7 33.6 28.7 29.8 28.3 26.9 27.2 25.2 28.4 23.1 27.5 29.4 24.1 Total deposits 12.8 16.2 13.8 17.3 13.6 12.6 11.6 10.1 11.7 10.5 12.3 13.7 10.0 Time to total deposits 34.9 32.8 49.0 54.3 44.7 39.0 26.0 36.1 27.7 39.9 17.4 8.1 33.4 Interest on time deposits to time deposits2. . 1.4 1.1 1.0 1.3 1.3 1.6 1.5 1.2 1.5 1.5 1.6 1.7 1.5 Trust department earnings to total earnings2. 3.9 5.1 3.8 4.2 5.1 4.1 3.0 3.5 3.0 2.7 3.1 2.9 5.1 Number of banks3 6,609 344 793 638 682 460 315 918 433 450 743 564 269 1AA pplluuss iinnddiiccaatteess nneett rreeccoovveerriieess,, eettcc.. 22 BBakn ks wiihth no tiim e depdoisits, or no trust department earnings, as thecase may be, were excluded in computing this average, 3 The ratios for 70 member banks in operation at the end of 19*2 were ldd f th ilti b f ilbili plete year's operations certain accounting adjustments lack of compa 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1942—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed as percengages] Size group—total deposits (in thousands of dollars) Ratio of tune deposits to total deposits (per cent) All Item groups U 2 n 5 d 0 er 2 5 5 0 0 0 - 1,000 1 2 ,0 ,0 0 0 0 0 - 2 5 ,0 ,0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 o a 0 v n ,0 e d 0 r 0 Un 2 d 5 er 25-50 50-75 o a v 7 n e 5 d r Ratios to total earnings: Interest and dividends on securities 28.6 15.9 22.5 25.2 29.7 32.3 33.1 32.3 38.6 24.2 28.6 34.0 40.8 Interest and discount on loans 54.5 70.5 62.8 59.4 54.6 50.1 46.2 45.3 39.4 56.2 53.7 53.7 50.1 Service charges on deposit accounts 6.2 4.7 5.2 5.7 6.1 7.0 7.7 6.9 3.9 7.6 6.4 4.1 1.8 Other current earnings 10.7 8.9 9.5 9.7 9.6 10.6 13.0 15.5 18.1 12.0 11.3 8.2 7.3 Total earnings _ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 38.7 34.3 32.1 31.0 31.3 31.6 32.8 31.7 36.7 31.5 27.3 23.0 Interest on timek deposits 13.9 8.4 13.2 14.9 15.5 14.6 12.9 10.2 5.8 5.5 15.3 22.4 28.5 Other current expenses 27.9 28.2 27.1 27.1 27.6 29.2 30.2 29.8 27.8 25.5 25.0 30.1 30.0 Total expenses 73.9 75.7 74.1 73.6 73.5 73.7 73.2 72". 0 74.6 75.2 76.5 77.2 67.5 Net current earnings 26.1 24.3 25.9 26.4 26.5 •26.3 26.8 28.0 25.4 24.8 23.5 22.8 32.5 Net charge-offs, etc.1 '. 2.4 + .6 .4 1.5 2.8 4.0 4.2 1.9 1.2 + .8 1.9 6.4 17.9 3.3 3.4 3.6 3.6 3.1 2.9 3.0 3.7 4.6 4.4 3.1 2.2 1.9 Taxes on net income 20.4 20.3 20.5 26.7 24.4 16.2 3.7 Net profits Ratios to total capital accounts: 7.7 5.4 6.7 7.9 7.9 7.8 7.9 8.3 8.7 8.4 7.7 7.0 6.0 Net current earnings 6.0 4.6 5.6 6.4 6.2 5.8 5.6 6.4 6.9 7.1 6.1 4.7 .9 Net profits 2.7 2.4 2.6 2.9 2.8 2.6 2.4 2.7 3.3 3.5 2.5 2.0 1.9 Cash dividends declared Ratios to total assets: Total earnings 3.0 4.0 3.5 3.2 3.0 2.8 2.7 2.4 1.9 2.9 3.0 3.2 3.4 Net current earnings .8 1.0 .9 .9 .8 .8 .7 .7 .6 .8 .8 .8 .8 Net profits .6 .7 .7 .6 .5 .5 .5 .5 .7 .6 .5 .1 U. S. Government obligations 22.9 13.6 17.4 19.8 22.6 25.6 27.8 29.9 34.4 19.6 24.0 25.6 25.8 Other securities 10.9 6.7 9.4 10.5 12.1 12.6 11.7 8.6 7.2 8.3 10.6 14.6 18.2 Loans 30.1 37.9 34.9 32.6 29.9 27.6 26.1 25.4 23.2 29.0 29.7 32.0 33.1 Real-estate assets 2.0 2.1 1.9 1.8 1.9 2.2 2.5 2.2 1.7 1.5 2.2 2.4 3.0 Cash assets 33.9 39.7 36.3 35.3 33.4 32.0 31.6 33.7 33.2 41.5 33.4 25.3 19.9 Total capital accounts 11.1 18.6 13.9 11.6 10.9 10.3 9.8 8.3 7.4 10.7 10.7 12.2 14.4 Ratios to securities: Interest and dividends on securities 2.4 2.9 2.6 2.5 2.4 2.2 2.1 1.9 1.7 2.3 2.3 2.5 2.9 Recoveries on securities .2 .4 .2 .2 .2 .2 .2 .2 .1 .1 .2 .3 .4 Profits on securities sold .1 .1 .2 .1 .2 .2 .2 .2 .2 .1 .2 .2 .2 Losses on securities .4 .4 .3 .4 .5 .5 .5 .4 .3 .2 .4 .7 1.4 Net return on securities 2.3 3.0 2.7 2.4 2.3 2.0 1.9 1.7 2.3 2.3 2.3 2.1 Ratios to loans: Interest and discount on loans 5.6 7.7 6.5 6.1 5.7 5.3 4.9 4.4 3.2 5.9 5.5 5.4 5.4 Recoveries on loans .5 .9 .7 .5 .4 .5 .4 .6 .3 .6 .5 .4 .2 Losses on loans .4 .7 .6 .4 .4 .5 .5 .5 .3 .4 .5 .8 Net return on loans 5.7 7.9 6.6 6.2 5.7 4.8 4.5 3.2 6.1 5.6 5.3 4.8 Other ratios: Total capital accounts to: Securities, loans, and real-estate assets 17.3 31.9 22.6 18.4 16.6 15.4 14.5 12.6 19.0 16.3 16.4 18.0 Total assets less cash and U. S. Government securities 27.7 42.5 32.2 27.9 26.8 26.1 25.6 24.9 24.6 29.8 26.6 26.3 29.3 Total deposits 12.8 23.6 16.6 13.4 12.4 11.7 11.1 9.2 8.1 12.4 12.2 14.1 17.3 Time to total deposits 34.9 19.7 31.1 34.8 38.1 39.8 36.9 27.9 14.5 12.0 37.7 59.3 79.8 Interest on time deposits to time deposits2 1.4 1.9 1.7 1.6 1.4 1.2 1.0 1.0 .8 1.4 1.3 1.4 1.4 Trust department earnings to total earnings2. 3.9 4.2 2.6 2.2 2.1 2.8 4.1 6.0 8.5 5.4 4.0 2.4 2.5 Number of banks3 6,609 176 755 1.579 1,621 1,337 519 452 170 2,299 2,506 1,713 91 For numbered footnotes, see page 896. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1942. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1941, and Apr. 4, June 30, and Dec. 31, 1942, except for a limited number of banks for which all four reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (229 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 897 SEPTEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1942— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed as percentages] Banks with ratios of time to Banks with ratios of time to Banks with ratios of time to total deposits total deposits total deposits of under 25 per cent of 25-50 per cent of 50 per cent and over All groups Size group—total deposits (in thousands of dollars): U 5 n 0 d 0 er 2 5 , 0 00 0 0 - 2 10 ,0 ,0 0 0 0 0 - 1 o 0 a v , n 0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 2 10 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 5 2, 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Ratios to total earnings: Interest and dividends on securities 28.6 17.4 22.4 27.5 33.4 22.4 27.0 31.5 34.6 28.6 33.2 38.0 36.1 Interest and discount on loans 54.5 66.6 58.6 50.1 43.9 62.8 56.6 49.3 43.2 60.9 55.6 47.9 44.9 Service charges on deposit accounts 6.2 6.2 8.0 9.6 6.0 4.6 6.1 7.5 6.5 3.0 3.7 4.8 5.0 Other current earnings 10.7 9.8 11.0 12.8 16.7 10.2 10.3 11.7 15.7 7.5 7.5 9.3 14.0 Total earnings . • 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages . ... 32.1 39.4 36.6 36.4 33.7 32.7 31.3 31.3 31.4 28.6 26.7 27.4 28.0 Interest on time deposits 13.9 4.8 5.4 6.2 5.4 16.3 16.4 14.1 13.0 24.0 23.7 20.7 18.2 Other current expenses 27.9 29.9 29.0 30.3 31.7 28.2 27.2 28.3 28.4 26.0 25.0 25.9 26.6 Total expenses 73.9 74.1 71.0 72.9 70.8 77.2 74.9 73.7 72.8 78.6 75.4 74.0 72.8 Net current earnings 26.1 25.9 29.0 27.1 29.2 22.8 25.1 26.3 27.2 21.4 24.6 26.0 27.2 Net charge-offs, etc.* 2.4 +2.6 +1.4 1.7 .3 .6 1.2 3.0 3.2 6.4 6.8 7.3 6.8 Taxes on net income . 3.3 4.3 4.5 4.1 4.6 3.2 3.2 2.9 3.0 2.2 2.4 2.0 2.6 Net profits 20.4 24.2 25.9 21.3 24.3 19.0 20.7 20.4 21.0 12.8 15.4 16 7 17 S Ratios to total capital accounts: Net current earnings 7.7 7.0 9.0 8.5 8.3 6.3 7.7 7.9 8.6 5.3 7.0 7.2 8.6 Net profits 6.0 6.3 7.9 6.5 6.7 5.3 6.2 6.0 6.4 3.4 4.6 4.6 5.8 Cash dividends declared .. 2.7 3.4 3.8 3.3 3.0 2.1 2.7 2.4 2.6 1.5 2.0 2.2 2.9 Ratios to total assets: Total earnings . 3.0 3.6 3.0 2.6 2.0 3.5 3.1 2.8 2.6 3.4 3.2 3.0 3.0 Net current earnings 8 1.0 9 .7 .6 8 8 8 .7 8 8 8 9 Net profits .6 .9 .8 .5 .5 .7 .6 .6 .5 .5 5 5 6 U. S. Government obligations 22.9 14.1 17.4 22.0 29.9 18.0 22.0 26.5 32.6 21.2 24.2 29.2 33.0 Other securities 10.9 7.1 8.7 9.8 6.8 9.1 10.5 11.5 9.6 12.7 14.8 15.6 12.4 Loans • • • • 30.1 35.2 29.9 24.8 24.1 35.2 30.8 27.3 25.5 36.7 33.1 28.9 27.6 Real-estate assets 2.0 1.5 1.4 1.6 1.5 2.4 1.9 2.3 2.7 2.4 2.2 2.7 3.0 Cash assets 33.9 42.1 42.5 41.6 37.3 35.3 34.7 32.2 29.3 27.0 25.5 23-5 23.9 Total capital accounts. . 11.1 15.3 10.8 8.8 7.3 14.0 10.8 9.8 8.8 14.9 12.3 11.6 10.2 Ratios to securities: Interest and dividends on securities. 2.4 2.7 2.4 2.1 1.7 2.7 2.3 2.2 2.0 2.8 2.6 2.4 2.2 Recoveries on securities .2 .2 1 1 2 2 2 2 2 4 3 3 3 Profits on securities sold 1 1 1 1 1 1 2 2 2 2 2 2 Losses on securities .4 .2 2 .3 .3 .3 .3 .5 .4 7 7 7 5 Net return on securities... 2.3 2.8 2.4 2.0 1.7 2.7 2.3 2.1 2.0 2.7 2.4 2.2 Ratios to loans: Interest and discount on loans 5.6 7.3 6.3 5.4 3.7 6.4 5.8 5.1 4.5 5.8 5.6 5.1 5.1 Recoveries on loans .5 .9 .6 .4 .3 .6 .5 .4 .8 3 3 4 5 Losses on loans .4 .6 4 .4 .3 5 4 4 6 5 5 6 7 Net return on loans.. 5.7 7.6 6.5 5.4 3.7 6.5 5.9 5.1 4.7 5.6 5.4 4.9 4.9 Other ratios: Total capital accounts to: Securities, loans, and real-estate assets 17.3 27.4 19.3 15.6 11.9 22.2 16.7 14.8 12.5 20.5 16.5 15.2 13.4 Total assets less cash and U.S. Government securities 27.7 38.0 29.6 26.3 24.4 31.3 26.6 25.4 25.2 29.5 25.9 26.5 26.0 Total deposits 12.8 18.7 12.4 9.9 8.0 16.7 12.3 11.1 9.8 17.8 14.2 13.4 11.5 T In im te e r e t s o t o to n t a t l i m d e e p d o e s p it o s s its to time depos # its2. . . . . . . 3 1 4. . 9 4 1 1 0 . .5 9 1 1 1 . .3 6 1 1 4 . .6 2 12 . . 9 6 37 1 . . 6 7 37 1 . . 8 5 37 1 . . 9 1 3 1 6. . 5 0 5 1 9. . 9 6 6 1 0 . .6 4 6 1 0 . .3 2 58 1 . . 7 0 Trust department earnings to total earnings2.. 3.9 2.7 2.0 3.8 7.5 3.1 2.5 3.7 6.0 .7 1.8 2.5 3.9 Number of banks3 6,609 452 1,030 466 351 291 1462 816 237 188 1,008 574 34 For numbered footnotes, see page 896. 898 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for 1943 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks M sav u i t n u g a s l Private1 Insured in N su o r n e - d Number of Banks (Head Offices) December 31, 1933 15,029 5,154 857 28,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941. „ 14,825 5,117 3l,502 6,809 800 545 52 December 31, 1942 14,680 5,081 31,598 6,666 741 543 June 30, 1943 , 14,619 5,060 31,643 6,597 727 4542 550 Number of Branches and Additional Offices December 31, 1933 2,911 1,121 960 2700 125 December 31, 1934 3,133 1,243 981 6778 126 December 31, 1940 3,666 1,539 1,002 940 44 135 December 31, 1941 3,699 1,565 1,015 932 46 135 December 31, 1942 3,739 1,592 1,023 935 46 137 June 30, 1943, total 3,825 1,667 1,032 939 45 4136 In head-office cities 1,728 694 779 128 11 115 Outside head-office cities.. 2,097 973 253 811 34 21 Analysis of Bank Changes January 1—June 30, 1943 Increases in number of banks: Primary organizations (new banks)7 +22 +1 +2 +14 +5 Unclassified +1 +1 Decreases in number of banks: Suspensions -3 -1 -2 Consolidations and absorptions.... -48 -17 —6 -20 -5 Voluntary liquidations8 -32 -3 -1 -20 -7 Unclassified -1 -1 Inter-class bank changes: Conversions— National into State +4 State into national +3 -3 Federal Reserve membership9— Admissions of State banks +52 -51 -1 Withdrawals of State banks. .... -2 +1 +1 Federal deposit insurance10— Admissions of State banks . +7 Withdrawals of State banks Net increase or decrease in number of banks... .... -21 +45 -69 -14 Analysis of Branch Changes January 1—June 30, 194311 Increases in number of branches: De novo branches +14 +1 +2 +8 +3 Banks converted into branches +12 +3 +5 +4 Decreases in number of branches: Branches discontinued -28 -5 Inter-class branch changes: From national to State +1 From State member to nonmember -1 From nonmember to State member. . . .. +2 +1 From uninsured to insured nonmember +1 +88 +77 +9 Branches and additional offices established at military reservations. +2 +86 +75 +9 +4 Net increase or decrease in number of branches. 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency, and accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 Includes 3 mutual savings banks. 4 Number of banks comprises 58 insured and 484 noninsured; number of branches comprises 49 insured and 87 noninsured. The figures beginning with 1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 5 Number of banks comprises 1 insured and 49 noninsured; all branches were noninsured. 6 Separate figures not available for branches of insured and noninsured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 11 This analysis covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government. Back figures .—See Annual Report for 1942 (tables 17 and 18). SEPTEMBER 1943 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGB Gold reserves of central banks and governments Gold production 903 Gold movements 903 Net capital movements to United States since January z, 1935 904 Central banks 905-908 Money rates in foreign countries 909 Commercial banks 910 Foreign exchange rates 911 Price movements: Wholesale prices 91Z Retail food prices and cost of living 913 Security prices 913 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States 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 n, 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 /cars. SEPTEMBER 1943 901 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 in n r a - - g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia Cz v s e a l c o k h - ia o- D m e a n rk - Egypt Greece 1936—Dec. 11,258 501 632 25 275 20 188 29 19 91 54 1937—Dec. 12,760 469 597 32 274 24 184 30 16 92 53 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 1 1 9 9 4 4 0 1 — — D D e e c c . . 2 2 1 2 , , 9 7 9 3 5 7 13 3 5 5 3 4 2 7 7 3 3 4 4 5 7 1 0 2 2 7 7 4 4 37 5 3 3 0 0 1 1 7 6 5 6 8 1 5 4 2 4 1942—Aug. 22,756 354 735 81 274 25 9 31 19 61 44 Sept. 22,754 354 735 82 274 25 8 36 21 61 44 Oct.. 22,740 354 735 113 274 25 5 36 23 61 44 Nov. 22,743 354 735 114 274 25 6 36 24 61 44 Dec. 22,726 354 735 115 274 25 6 36 25 61 44 1943—Jan.. 22,683 354 734 120 274 25 7 38 27 61 44 Feb.. 22,644 354 734 121 274 6 42 28 61 44 Mar. 22,576 354 734 127 274 6 46 30 61 44 Apr.. 22,473 355 734 143 274 5 47 42 61 44 May. 22,426 354 734 274 5 48 43 61 44 June. 22,388 6 July. 22,334 End of month H ga u r n y - I (P I e r r a s n ia") Italy Japan Java Mexico N l e a t n h 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 ni m a a- A S f o r u ic th a Spain 1936—Dec 25 25 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—Dec 25 25 210 2ol 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec 37 26 193 104 80 29 998 23 94 20 85 69 133 220 1939—Dec 24 26 144 104 90 32 692 23 94 20 4 84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 24 26 6164 235 47 575 23 21 59 182 366 1942—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 42 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 24 126 496 23 25 59 252 558 May 24 125 496 23 26 571 June 126 23 26 583 July 125 Government gold reserves1 not included in previous figures End of month S d w e e n - | ! Sw la i n t d zer- T k u e r y - U K d n i o n i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g vi o a - B.I.S. c O t o r t i u h e n s e - 7 r 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- 1936—Dec 240 657 26 2,584 77 59 48 11 183 1937—June ... 169 3 934 115 1 1 9 9 3 3 8 7— — D D e e c c 3 2 2 4 1 4 6 7 5 0 0 1 2 2 9 9 2 2 , , 6 6 8 9 9 0 6 7 9 4 5 5 2 2 5 5 1 7 1 5 4 1 1 8 4 5 2 193g— D M ec ar 4 1 1 , , 4 3 8 9 9 5 81 1939—Dec 308 549 29 81 68 52 59 7 153 June.. . 44 62 1940—Dec... 160 502 88 1 90 9 29 12 145 Dec. ... 80 4 759 331 44 1941—Dec 223 665 92 1 100 41 483 12 142 1939—Mar. ... 154 1,732 559 May 477 1942—Aug 316 800 111 1 97 56 19 151 June... 85 17 Sept 321 801 111 1 95 60 20 151 Sept.... 164 5876 Oct 326 805 116 1 94 64 21 152 Dec 156 17 N D o ec v 3 3 3 3 5 1 8 8 1 2 3 4 1 11 1 4 7 1 1 9 8 2 9 6 6 4 8 2 2 1 1 1 16 5 0 2 1940— J M u a n r e . . . . . . . 1 8 4 6 5 ""if 1943—Jan 340 832 124 1 89 68 22 160 Sept.... 105 Feb 342 842 124 1 89 70 24 10182 Dec ... 48 292 17 Mar 344 851 124 1 72 25 182 1941—Mar. ... 88 Apr 344 859 145 1 76 25 183 June... 89 May 346 866 1 25 184 Sept.... 24 June 347 1 184 Dec 25 17 July 1 184 1942—Mar.... 12 June... ? Sept.... p Preliminary. Dec 12 1 Beginning April 1940, reports on certain Argentine gold reserves no longer available. 1943—Mar.. . . 14 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 1 Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Greece— layed basis: U. S.—Exchange Stabilization Fund Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia (Special A/c No. 1); U. K.—Exchange Equali- —Feb. 28, 1941. zation Account; France—Exchange Stabilization 5 Figures for December 1936 and December 1937 are those officially reported on Aug. 1, Fund and Rentes Fund; Belgium—Treasury. 1936, and Apr. 30, 1938, respectively. 2 For complete monthly series from October 1938- 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. May 1939, see BULLETIN for February 1941, p. 170- 3 Figure for end of March 1937, first date reported. 4 Figure for end of September. 5 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. lan 6 d F o i n g u t r h e a t f o d r at S e e . pt. 1, 1941. 9 Beginning December 1940, figures refer to gold reserves of new Central Bank only. 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. 9O2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o .S ut . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o i - a A W fri e c s a t 2 B C e o l n g g ia p n s Chile I I N g ic u a a r 7 a-Au li s a t 8 r a-1 I B In ri d ti i s a h 9 $1 = 15#i grains of gold x 9 0 fine; i.e., an ounce of fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 968,082 494,439 26,611 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—-June.. .... 79,235 42,005 2,210 2,450 10,507 14,979 1,579 611 905 3,325 665 July 83,332 42,784 2,226 2,450 12,756 14,991 2,006 647 816 3,990 665 Aug.... 77,378 41,454 2,253 2,345 10,166 14,221 1,730 531 722 3,360 595 Sept.... 76,807 40,559 2,175 2,310 11,839 13,325 1,710 441 634 3,185 630 Oct 78,266 41,023 2,160 2,275 12,015 13,479 1,659 401 669 4,165 420 Nov.... 70,380 39,144 2,089 2,240 7,831 12,801 1,614 432 659 3,045 525 Dec.... 68,372 38,616 2,146 2,135 6,212 12,704 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.... *61,761 35,489 1,985 1,610 4,520 12,169 1,661 '450 622 ^2,450 805 Apr.. . . P63,467 37,604 A,985 1,645 4,891 11,308 1,648 •^450 646 ^2,485 805 May ^63,000 38,367 A, 985 A, 645 4,065 10,969 1,599 •^450 700 p2,415 '805 June. .. ^62,365 37,424 •f 1,985 •f 1,645 3,945 11,431 1,540 ^450 724 •^2,415 /805 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. 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. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu el m - 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 l i a i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o r t A i h u e l e n l s r - 19341 131,994 499 870 260 223 8902 94,348 17 402 86,879 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 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 1116,584 174 093 573 671 3 351 71,006 2 7511 72,648 39,966 11,911 21,513 23,280 8 77 892 39,735 1937 1585 503 891 531 -13 710 90 859 6 461 6 54 452 111,480 38,482 18,397 25,427 34,713 181 246,464 50 762 29,998 1938 1973 569 ,208 728 81 135 15 488 163 049 60 146 1363 76,31.5 36,472 10557 27,880 39,162 401 168,740 16 159 267,975 1939 3 574 1511,826 403 3 798 165 122 341 618 28 715 86 987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50 956 3102, 404 1940 4 744 472 633 083 241 778 977 63 260 161 489 90 3202,622,330 29,880 23 999 38,627 103,777 184,756 111, 739 40 989 4388,468 1941 982 378 3,779 1 1 1 747 899 412,056 16,791 24 448 42,678 67,492 292 893 9 444 9 665 B100,485 1941 Tan. 734 747 37 1 1 746 46,876 1,147 3 168 3,185 11,136 149,73S 6 08 S 501 6,062 Feb 108 600 1 337 81, S?0 814 11 2,772 6,738 06 615,093 Mar. 118 S67 817 95,610 866 2 73? 3,984 76? 2 788 3 046 2,951 171 009 71 20, 1,147 2 034 3,587 4,770 132 313 6,793 May 34 830 16,306 060 9 704 3,384 4,104 3 S04 3,589 June.. 30 719 474 1 17,S14 800 7 2,114 4,S03 60 131 5,009 July 37011 54? 19 10X0 9 PS 4 970 s100 88 3,811 Aug 073 70 10842 843 9 5 098 6,71? 137 i 995 69,008 Sept. 65,709 7 SO 42,56? 40S 9 488 3 107 9,064 3604 611,041 Oct 10 110 ss 1607? 1 9 107 3 141 1S1 327 69 355 Nov. SO 24 017 336 9 110 1 830 s080 10 69'039 Dec 52',896 163 20 377 1273 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 countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.t $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. SEPTEMBER 1943 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) . 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3). 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June: (Jul!y 3") 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sepp.t . ((cOtc. t.2 2)).. 5,748.1 3,092.8 ,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 ,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2).. 5,526.5 3,148.8 ,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2).. 5,575.4 3,193.3 ,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1)... 5,no.3 3,139.5 ,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 2,856.2 ,053.7 1,802.6 791.3 855.5 626.7 100.9 5,230.7 1942—Jan. 7.... 5,225.3 2,841.7 ,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan- 14... 5,199.1 2,816.9 ,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 ,210.3 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 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30... 5,907.7 3,471.1 ,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27... 6,014.9 3,590.1 ,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31.... 6,147.1 3,643.4 ,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30.... 6,212.3 3,690.5 .,800.4 1,890.0 909.9 809.5 692.9 109.5 May 29. .. 6,282.6 33,769.6 81,870.2 31,899.4 3905.1 807.0 692.5 3108.5 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 banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on May 29, in millions of dollars: total foreign banking funds in United States, 4,436.8, including official funds, 2,487.8, and other funds, 1,949.0; United States banking funds abroad, 230.4; and brokerage balances (net due "foreigners") 31.6. 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 JJaa nuary 1943, p. "9"8 ; *A pr"il 1939, pp. 284-296; and May 1937, pp. 394-431. 9°4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o u u re n s d s i n st m e i r l li l n i g on ) 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 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 ' 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. *.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 6 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Aug. 26. .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept. 30. .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28.. .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25. .2 880.0 1.1 10.2 2.7 206.6 870.0 148.8 7.7 46.3 17.8 Dec. 30. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Jan. 27.. .2 950.0 .5 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24. .2 950.0 .8 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 Mar. 31. .2 950.0 1.2 15.7 9.9 198.4 934.5 144.3 5.9 56.8 18.1 Apr. 28. .2 61,000.0 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 July 28. .2 1,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig 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 S te t U a rl t i n e n i s g ted securities a O s t s h e e ts r circ N u o la te tion! li O ab th il e it r ies dollars S t h e o rm rt- * Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31.. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31.. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31.. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30.. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31.. (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31.. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Aug. 31. 1.0 518.7 351.3 14.7 592.6 225 A 15.5 28.1 24.1 Sept. 30.. .8 628.7 284.7 22.1 625.4 246.0 18.5 24.7 21.6 Oct. 31.. .5 797.5 199.3 21.7 657.6 - 304.6 19.3 12.2 25.3 Nov. 30.. .5 780.6 204.2 17.8 666.3 273.2 24.6 13.8 25.2 Dec. 31 . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Jan. 30... .3 768.0 231.8 17.6 677.6 237.7 14.8 61.3 26.3 Feb. 27.. .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 Mar. 31.. .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19 A Apr. 30.. .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 May 31... 11.8 826.1 302.5 24.9 746.8 313.1 46.8 34.2 24.4 June 30.. 47.2 816.7 313.0 20.8 758.4 301.1 90.1 19.2 28.9 July 31.. .5 800.7 333.1 22.1 776.1 295.0 48.4 13.2 23.7 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 mmiilllliioonn ppoouunds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds t:rraamns *ferred from Exchange Account to bbaannkk; ;oonn SSeeptt. . 6,, 1939,, 279 mill.io..n. ^p ounds transferred from Bank to Exchan„ge Account. 6 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. SEPTEMBER 1943 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn a O s t s h e e ts r ci N rc o u te la- ' l O ia t b h i e l r ichange ! Special*! Other c F u c o p o r a s t o t i s c o 3 - n Other2 tion I G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27. 41,668 25,942 5,612 8,624 7,850 1,812 1 1 9 9 3 3 1 0 — — D D e e c c . . 3 2 0 6 . . 5 6 3 8 , , 5 8 7 6 8 3 2 2 6 1 , , 1 1 7 1 9 1 5 7 , ,1 3 5 0 7 4 8 7 , , 4 3 2 8 9 9 2 11 2 , , 6 1 9 8 8 3 2 l[f2 98 4 9 1 1932—Dec. 30. 83,017 4,484 6,802 3,438 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 13,414 lf940 1934—Dec. 28. 82,124 963 5,837 3,971 15,359 1,907 1935—Dec. 27. 66,296 1,328 5,800 9,712 8,716 2,113 1936—Dec. 30. 60,359 1,460 5,640 1,379 8,465 17,698 13655 2,557 1937—Dec. 30. 58,933 911 5,580 652 10,066 31,909 19326 3 160 1938—Dec. 29. 87,265 821 7,422 1,797 7,880 20,627 25 595 2 718 1939—Dec. 28. 597,267 112 11,273 2,345 5,149 34,673 14 751 2 925 1940-Dec. 26. 584,616 42 43,194 661 3,646 72,317 63,900 'ii.'ioo' 27 202 3 586 1941—Dec. 31. 84,598 38 42,115 12 4,517 142,507 69,500 64,580 25 272 3 894 1942—May 28. 84,598 42,804 11 4,176 168,930 66,250 54,410 30 653 4 040 June 25. 84,598 I 42,699 9 4,000 174,938 62,950 48,093 30 724 4 753 July 30. 84,598 | 43,743 9 4,744 180,678 57,650 39,908 31 963 3 985 A Se u p g t . . 2 2 7 4 . 8 8 4 4 , , 5 5 9 9 8 8 i ! 4 4 3 3 , , 8 4 6 2 9 7 i" 4 4 , , 0 5 3 2 8 5 1 1 8 8 0 3 , , 9 7 9 5 9 8 6 6 3 7 , , 8 5 5 0 0 0 3 3 1 5 , , 1 3 0 7 0 1 3 3 3 2 2 1 9 4 8 2 4 5 2 1 9 1 3 1 Oct. 29. 84,598 44,239 69 4,599 193,376 66,900 25,726 35,007 3 807 Nov. 26. 84,598 44,562 212 6,509 198,868 68,700 19,769 35,181 3 547 Dec. 31. 84,598 43,661 169 5,368 210,965 68,250 16,857 29 935 4 461 I 1943—Jan. 28. 84,598 43,448 108 5,061 216,334 62,600 9,051 30,654 4 705 Feb. 25. 84,598 43,103 105 7,533 230,911 57,800 9,521 32,886 4 299 Mar. 25. 84,598 42,938 23 6,108 230,740 69,250 8,429 33,776 5 556 Apr. 29. 84,598 42,883 26 6,686 248,320 57,650 8,749 34,186 4 058 May 27. 84,598 42,930 6 6,199 260,919 56,900 10,166 37,750 5,177 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) i T n r c e l a u s d u in ry g E as li g n i o b t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s libills cover 1929—Dec. 31. 2,848 92 656 5,044 755 736 1930—Dec. 31. 2,572 102 638 4,778 652 822 1931—Dec. 31 4,242 161 1,065 4,776 755 1,338 1932—Dec. 31 2,806 398 1,114 3,560 540 1,313 1933—Dec. 30 3,226 ""259 322 735 3,645 640 836 1934—Dec. 31 4,066 445 319 827 3,901 984 1,001 1935—Dec. 31 4,552 349 315 853 4,285 1,032 923 1936—Dec. 31 5,510 221 303 765 4,980 1,012 953 1937—Dec. 31 6,131 106 286 861 5,493 1,059 970 1938—Dec. 31. ,244 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 11,392 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 15,419 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31 21,656 107 283 2,311 19,325 3,649 1,493 1942—July 31 21 205 2,162 21,344 2,804 1,448 Aug. 31. 34 204 2,262 21,808 2,864 1,530 Sept. 30 68 204 2,251 22,037 2,985 1,594 Oct. 31. 63 201 2,117 22,600 2,887 1,624 Nov. 30. 71 210 2,146 23,052 3,241 1,673 Dec. 31. 87 210 1,664 24,375 5,292 1,680 1943—Jan. 30. 51 185 2,477 23,664 3,892 1,526 Feb. 27. 49 180 2,370 24,266 3,820 1,369 Mar. 31. 41 85 2,345 24,697 4,340 1,397 Apr. 30. 1 78 2,319 25,442 4,226 1,427 May 31. 17 121 2,268 25,922 4,606 1,563 June 30. 1 67 2,178 26,650 4,881 1,711 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 horn 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 in 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. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July I June May July Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,074 1,074 1,07 Gold 97 97 98 Other gold and foreign exchange. 1,506 1,408 60S Foreign exchange 20 20 16 Negotiable Government bonds.... 349 379 362 Clearing accounts (net) 1,474 1,367 1,011 Rediscounted paper Loans and discounts 35 36 55 Other assets 251 "251 Securities 62 66 32 Note circulation 1,692 1,648 1,489 Govt. compensation account3 125 125 125 Deposits—Member bank 873 844 654 Other assets 1 825 1,721 1,124 Government 429 467 4< Note circulation 1,058 1,022 839 Other 77 49 3 Deposits—Government 1,573 1,468 1,049 O Fo th re e i r g n li a e b x i c li h t a ie n s ge sold forward io9 104 Other liabil O it t i h e e s r 3 69 1 6 1 3 6 0 3 8 4 3 2 3 4 2 0 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds): sands of sucres): (Feb.) Issue department: Gold 137,093 97,110 Gold and English sterling.... 35,141 35,141 26,61' Foreign exchange (net) 86,383 45,212 Securities 112,477 112,483 87,41 Loans and discounts 81,22' 85,317 Banking department: Other assets 52,461 46,721 Coin, bullion, and cash 7,583 7,399 7,26= Note circulation 172,701 140,934 London balances 45,310 45,419 38,18^ Demand deposits 150,239 98,853 Loans and discounts 21,976 20,548 27,612 Other liabilities 34,225 34,573 Securities 213,959 215,534 104,465 National Bank of Egypt2 Deposits 175,692 176,91 129,425 Central Reserve Bank of El Salva- Note circulation 138,356 138,356 104,85i dor (thousands of colones): National Bank of Belgium and Gold5 .... 24,218 24,230 21,703 Bank of Issue of Brussels (mil Foreign exchange 27,684 25,397 10,138 lions of belga) i1 Loans and discounts 463 401 652 Gold. 4,331 4,331 4,33. Government debt and securities.. 6,802 6,821 7,150 Foreign exchange 7,835 7,586 3,496 Other assets 682 568 530 Credits to State and public bodies 3,2701 3,267 4,194 Note circulation 32,062 31,661 23,420 Credits to private economy 85 75 6' Deposits 21,832 19,849 10,974 Reichskreditkasse 717 730 78S Other liabilities 5,955 5,908 5,779 Other assets 508 510 58 Bank of Finland (millions of (Dec. (Dec. Note circulation. 14,760 14,508 11,695 markkaa): 1942)4 1941) D P O o e th s m t e a r a l n l d i C a h b d e i e l c p i k t o i i e s n s i g ts Office ...... 8 8 2 4 5 9 5 1 1 8 8 2 3 8 7 1 3 8 7 2 7 2 8 5 : ' 8 G F L o o o r a l e d n i s g n a n a d s s d e i t s s counts 15,8 7 1 7 6 7 3 3 1 1 1 2 , , 2 2 1 2 2 7 7 5 1 National Bank of Bohemia and Mo- Domestic securities 328 377 ravia (millions of koruny): Other assets 441 178 Gold 1,515 1,515 1,515 Note circulation 9,617 7,317 D Fo is re c i o g u n n t e s xchange 9 7 4 4 4 6 9 7 4 4 4 1 9 7 1 6 7 9 F D o e r p e o ig s n it s clearing accounts 2 1 , ,1 9 8 5 9 6 1 1, , 4 2 9 9 0 6 L O o th a e n r s assets '22^611 21,586 ' 14 ,'820Ban O k t h o e f r G lia r b e i e l c it e i 2 es 3,814 4,076 Note circulation 17,450 16,642 10,510 National Bank of Hungary (millions Demand deposits ..... 4,311 4,541 3,869 of pengo): Other liabilities 4,055 3,604 3,641 Gold 100 100 100 Central Bank of Bolivia (thousands Foreign exchange reserve 4 7i of bolivianos): Discounts , 2,183 2,130 1,282 Goldat home and abroad. 554,005 388,282 Loans—To Treasury 690 714 760, Foreign exchange 374,684 306,905 To foreign countries 653 624 430! Loans and discounts 231,525 299,406 Other 15 15 351 Securities—Government 542,151 492,229 Other assets 928 945 5221 Other 41,586 41,220 Note circulation 3,201 3,084 2,254! Other assets 129,601 72,373 Demand deposits 454 519 377 Note circulation 944,949 717,715 Consolidated foreign credits of 1931. 18 18 21 Deposits 836,817 724,114 Other liabilities 900 910 485 Other liabilities 91,787 158,585 Reserve Bank of India (millions of National Bank of Bulgaria2 rupees): Central Bank of Chile (millions of Issue department: pesos): Gold at home and abroad.... 444 444 Gold 240 233 Sterling securities 5,325 2,868 Discounts for member banks. ..... 44 37 261 Indian Govt. securities 1,207 1,024 Loans to Government 773 785 729 Rupee coin 176 297 Other loans and discounts 939 947 907 Note circulation 7,041 4,510 Other assets 874 822 112 Banking department: Note circulation 2,090 2,018 1,582 Notes of issue department 111 123 Deposits—Bank 363 413 278 Balances abroad 823 806 Other 153 115 88 Treasury bills discounted 7 1 Other liabilities 263 277 210 Loans to Government 6 Bank of the Republic of Colombia Other assets 116 8& (thousands of pesos): Deposits 850 878 Gold 89,744 78,122 75,486 30,676 Other liabilities 208 146 Foreign exchange 79,052 81,272 74,505 52,336 Central Bank of Ireland (thousands Loans and discounts 5,129 12,456 3,854 15,384 of pounds) :6 Government loans and securities... 55,822 55,925 55,925 59,493 Gold 2,646 2,646 Other assets 30,573 27,994 37,519 32,119 Sterling funds 20,518 20,515 Note circulation 108,327 108,495 104,702 83,150 Note circulation 23,164 23,161 Deposits 96,380 92,190 100,409 64,465 Other liabilities 55,613 55,084 42,177 42,393 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 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. 3 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. 4 Latest month for which report is available for this institution. 5 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of thecolon. 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. SEPTEMBER 1943 907 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) July June May July date of month) July June May July Bank of Japan1 South African Reserve Bank (Con- Bank of Java1 tinued) Bank of Mexico (thousands of pesos): Note circulation 43,077 44,191 35,657 Metallic reserve2 387,357 373,707224,883 Deposits 121,246 116,598 82,601 "Authorized" holdings of securi- Other liabilities 4,668 4,606 4,233 ties, etc.. 1,101, 1,055,014 620,196Bank of Spain1 Bills and discounts 139, 138,005107,402Bank of Sweden (millions of kronor): Other assets 56, 61,038 58,118 Gold 811 766 762 686 Note circulation 915, 895,916 612:,920 Foreign assets (net) 571 627 596 546 Demand liabilities 634, 598,919 286,,610 Swedish Govt. securities and ad- Neth O e t r h l e a r n l d ia s b i B li a ti n e k s (millions of guil- 134, 132,930111,069 Ot v h a e n r c d e o s m to e s N ti a c t i b o il n l a s l a D nd e b a t d v O a f n fi c c e e s 5 . . 1,03 9 7 7 1,04 8 7 5 1,18 8 3 9\ 863 ders): Other assets 893 795 816 1,001 Gold 886 939 Note circulation 1,969 1,969 1,918 1,702 Silver (including subsidiary coin). 4 4 6 Demand deposits—Government... 353 563 685 292 Foreign bills 1,292 2,250 1,179 Other 476 181 293 704 Discounts 151 Other liabilities 610 606 549 937 Loans 140 140 162Swiss National Bank (millions of Other assets 256 235 226 francs): Note circulation !,596 2,482 2,451 Gold. 3,791 3,750 3,746 3,464 Deposits—Government 569 589 Foreign exchange 66 62 53 108 Other 340 370 148 Loans and discounts ef 106 107 62 Other liabilities 73 73 64 Other assets ( 346 381 274 Reserve Bank of New Zealand (thou- Note circulation 2,670 2,642 2,603 2,245 sands of pounds): Other sight liabilities 1,395 1,351 rl,413 1,378 Gold 2,802 2,802 Other liabilities 271 272 285 Sterling exchange reserve 26,789 24,669Central Bank of the Republic of Advances to State or State under- Turkey (thousands of pounds): takings 42,671 32,300 Gold. 197,955 138,603 Investments 10,298 4,146 Foreign clearing accounts 64,860 53,041 Other assets 2,956 1,229 Loans and discounts 659,311 589,131 Note circulation 31,812 25,923 Securities 193,454 189,867 Demand deposits 50,372 36,499 Other assets 18,645 17,842 Other liabilities 3,332 2,724 Note circulation 736,297 599,527 Bank of Norway1 Deposits—Gold 79,358 79,358 Bank of the Republic of Para- Other 151,317 143,846 guay (millions of pesos): Other liabilities 167,253 165,753 Gold 20 Bank of the Republic of Uruguay Foreign exchange 2,127 (thousands of pesos): Loans and discounts 81 Issue department: (Feb.)3 Government loans and securities... 1,552 Gold and silver 90,797 92,237 Other assets 2,226 Note circulation 114,733 111,157 Note circulation 2,231 Banking department: Demand deposits—Government.... 494 Gold and silver 55,414 66,839 Other 1,711 Notes and coin 34,995 41,128 Other liabilities 1,570 Advances to State and to Central Reserve Bank of Peru (thou- government bodies 40,602 33,394 sands of soles): (Mar.')3 Other loans and discounts 105,898 102,371 Gold and foreign exchange 119,215 89,330 Other assets 138,286 109,889 Discounts 13,649 14,860 Deposits 140,944 137,414 Government loans 285,189 2481,011 Other liabilities 234,252 216,208 Other assets 21,055 :24,189Central Bank of Venezuela (thou- Note circulation 287,843 254,760 sands of bolivares): Deposits 132,612 86,253 Gold 245,504 245,504 245,503 171,377 Other liabilities 18,653 35,378 Foreign exchange (net) 37,178 33,640 26,831 30,148 Bank of Portugal (millions of Credits to national banks 31,230 31,230 31,230 35,230 escudos): (Jan.)3 Other assets 18,393 5,203 5,232 11,137 Gold4 1,392 1,374 Note circulation—Central Bank.. 235,167 224,028 212,452 156,551 Other reserves (net) 3,226 2,352 National banks.. 30,448 32,048 33,704 45,205 Nonre serve exchange 6,290 4,846 Deposits 60,734 52,570 55,988 39,781 Loans and discounts 218 283 Other liabilities 5,956 6,931 6,654 6,355 Government debt 1,060 1,028National Bank of the Kingdom of Other assets. 933 879 Yugoslavia1 Note circulation 5,289 4,585Bank for International Settlements Other sight liabilities 6,983 5,448 (thousands of Swiss gold francs7): Other liabilities 846 730 Gold in bars 75,824 65,242 National Bank of Rumania (millions Cash on hand and on current acof lei): count with banks 27,874 35,861 Gold 49,166 40,533 Sight funds at interest 15,575 15,804 Special exchange accounts 30,524 19,896 Rediscountable bills and accept- Loans and discounts 37,651 33,839 ances (at cost) 149,034 144,368 Special loans (in liquidation) 281 428 Time funds at interest 20,936 20,940 Government debt 20,853 21,235 Sundry bills and investments 194,692 199,722 Other assets 55,566 38,404 Other assets 147 41 Note circulation 120,954 97,441 Demand deposits (gold) 38,953 37,721 Demand deposits 49,024 41,747 Short-term deposits (various cur- Other liabilities 24,064 15,147 rencies) : South African Reserve Bank (thou- Central banks for own account 15,226 15,899 san G d o s l d of pounds): 69,355 60,963 Long O - t t h er e m r depos . i m ts: Special ac- 2,539 5,425 Foreign bills 9,655 1,206 counts 229,001 229,001 Other bills and loans 500 377 Other liabilities 198,362 193,932 Other assets 85,886 59,946 r Revised. c Corrected. 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (Februarv 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. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS (Per cent per annum ] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - t d z- ba C n e k n t o r f a — l R A 3 a u 1 t g e . ef D fec a t t i e ve ba C n e k n tr o a f— l Rate ef D fe a ct t i e ve In effect Oct. 2, m 1936.... 2 3 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 2H Argentina Mar. 1, 1936 Java. 3 Jan. 14, 1937 Oct. 16 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1910 O N c o t v . . 2 2 0 6 . .. 2Y2 "Hi" Bo M he o m ra i v a i a and Oct. 1, 1940 L M it e h x u i a c n o i . a . . . .. . . . 6 J J u ul n y e 1 4 5 , , 1 1 9 9 4 3 2 9 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28. 1935 New Zea- Sept. 3 Bulgaria 5 Dec. , 1. 1940 land July 26, 1941 Nov. 13 3 2 Canada Mar. 11,'1935 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru........ 5 Aug. 1, 1940 May 13 2H Colombia..... 4 July 18, 1933 Portugal.... 3 Apr. 8, 1943 May 30 3 Sept. 28 3 Oct. 27 V/2 Nov. 25............ Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2 2 Ecuador...... 7 May 26, i938 South Africa 3 June 2, 1941 Apr 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 4 Oct. 26.. 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United^King- Jan. 25, 1940 2 Greece Mar. 1, 1942 dom....... 2 Oct. 26, 1939 M Ap a r y . 9 17 . . .. sy 2 3H H It u a n l g y a . r . y ....... M Oc a t y . 2 1 2 8 , , 1 1 9 9 4 3 0 6 Y U. u g S o . s S la . v R ia . . .. 4 5 J F u e l b y . 1 1 , , 1 1 9 9 3 3 5 6 Mar. 17, 1941 1% 6 Mav 29 3 June 27 2H NOTE.—Changes since July 31: none. In effect August 31, 1943 2 2 3 OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ic 3 B c a e m n p o t k a n e n t r c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y o -t n o e - y day o a n B l lo a d n w ep k a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e - y day d P is r ri a c v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to t n h s s 3 d P i r s r i a c v o te a u t n e t 1929—June.. 5.32 5.35 4.23 7.50 7.90 5.30 5.30 3.26 1930—June. -2.31 2.30 1.93 3.58 3.74 1.89 1.93 2.06 1931—June.. 2.09 2.10 1.64 6.05 6.74 1.05 1.07 1.12 1932—June.. 1.05 .85 .99 4.75 5.70 .39 1.00 1.50 1933—une.. .50 .40 .62 3.88 4.93 2.18 2.06 1.50 1934— une.. .91 .85 .92 3.76 4.57 .78 1.00 1.50 1935— .71 .64 .75 3.00 3.16 4.42 3.83 2.60 1936— .78 .78 .75 2.88 2.67 3.92 3.95 2.25 1937— .68 .68 .79 2.88 2.78 .15 1.00 .00 1938—; .59 .59 .75 2.88 3.06 .13 .50 .00 1939— .75 .76 .77 2.79 2.71 .49 .75 .00 1 19 9 4 4 0 1 — — ' 1 1. . 0 0 3 3 . .0 0 0 2 1 1 . . 0 0 0 0 2 2 . . 3 1 8 3 1 1 . . 9 9 3 8 (J) 2 C .2 1) 5 . . 2 5 5 0 1942— 1.03 .00 1.00 2.13 1.90 1.88 .25 1942-July.. 1.03 .00 1.00 2.13 1.75 .25 Aug. . 1.03 .00 1.00 2.13 1.68 .25 Sept.. 1.03 .00 1.05 2.13 1.83 .25 Oct... 1.03 .00 1.04 2.13 1.80 .25 Nov... 1.03 .00 1.00 2.13 1.75 .25 Dec... 1.03 .01 1.00 2.13 1.96 .25 1943—Jan... 1.03 .01 1.08 2.13 1.84 .25 Feb... 1.03 .00 1.10 2.13 .25- Mar... 1.03 .00 .90 2.13 .25 Apr... 1.03 .01 1.03 2.13 .25 May.. 1.03 .00 1.07 2.13 1.25 June.. 1.03 1.00 1.06 1.25 1 Figure not available. NOTE.—For fagures lor other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. SEPTEMBER 1943 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities til F L i o g p n u o d r u o e n s n d i c s n l e s m a te r i i l r n l 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 o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 1935—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 3o6 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—July 342 132 273 607 1,075 807 261 3,264 2,138 1.126 232 August 351 133 283 634 1,082 795 257 3,305 2,161 1,143 231 September 349 127 277 693 1,097 785 263 3,358 2,218 1,140 233 October .... 350 136 271 744 1,108 785 263 3,424 2,261 1,163 232 November 367 135 241 804 1,117 774 269 3,472 2,287 1,185 234 December 390 142 198 896 1,120 794 325 3,629 2,429 L,200 236 L943—January 379 146 197 935 1,112 773 271 3,577 2,369 1,207 237 Februarv 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 L.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 June 387 165 236 859 1,159 758 305 3,630 2.432 1,199 238 Assets Liabilities Entirely in Canada Deposits payable in Canada (10 chartered banks. End of excluding interbank deposits m o o f n t C h a f n ig a u d r i e a s n in do m lla il r l s io ) ns Security | l O o t a h n e s r i j lia O b t i h l e it r ies loans and dis- Total Demand Time counts 1936—December 114 2,303 755 1,548 837 1937—December 76 2,335 752 1,583 850 1938—December 65 2,500 840 1,660 843 1939—December 53 2,774 1,033 ,741 963 1940—December 40 2,805 1,163 ,641 846 1941—December 32 3,105 1,436 ,669 962 1942—July 26 1,958 3,174 1,521 ,654 999 August 24 2,192 3,311 1,612 ,700 1,008 September 27 2,340 3,486 1,738 ,748 1,006 October 25 2,379 3,604 1,895 ,709 1,018 November 29 2,304 3,680 2,050 ,630 1,032 December 31 2,293 3,657 1,984 ,673 1,049 1943—January 29 2,302 3,494 1,772 ,723 1,050 February 29 2,380 3,533 1,738 ,796 1,048 March 24 2,689 3,816 1,927 ,890 1,044 April..." 25 2,818 3,984 2,058 ,926 1,056 May 33 2,728 4,152 2,419 ,732 1,068 June 42 2,687 4,101 2,319 1,782 1,084 France Assets Liabilities (4 large banks. End of month Deposits Own figur o es f f in ra n m c i s l ) lions re C se a r s v h es Du b e a n f k r s om B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Total Demand Time a a c n c c e e p s t- lia O b t i h li e t r ies 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—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—April4 5,542 3,442 54,198 8,155 1,665 68,239 67,275 964 490 4,273 May 5,740 3,522 56,229 8,129 1,588 70,321 69,379 941 477 4,409 June 5,905 3,558 58,255 8,410 1,674 72,589 71,607 982 497 4,716 July 6,021 3,474 57,503 7,897 1,828 71,456 70,476 980 479 4,788 August 5,613 3,487 59,856 7,741 1,736 73,094 72,111 984 438 4,900 September 5,952 3,451 60,721 8,010 1,764 74,397 73,425 972 402 5,099 October 6,205 3,488 59,854 9,202 1,873 75,108 74,156 952 415 5,098 November.. 5,997 3,509 60,942 8,150 1,994 74,946 74,018 928 446 5,201 December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—January 6,054 3,385 62,679 8,807 1,279 77,415 76,514 901 388 4,401 Fe:bbruary. 6,321 3,367 62,308 9,301 1,237 77,759 76,873 887 377 4,398 March.... 6,166 3,122 63,506 9,674 1,297 78,777 78,382 395 298 4,691 April 6,085 3,153 64,463 9,570 1,371 79,430 79,051 379 302 4,910 May 5,928 3,236 67,539 9,496 1,421 82,239 81,879 361 344 5,037 June 6,061 3,211 68,897 10,185 1,550 84,405 84,044 362 349 5,150 July 6,200 3,221 70,427 10,259 1,784 86,180 85,835 346 392 5,318 August. .. 6,224 3,272 71,963 10,265 1,842 87,753 87,423 330 383 5,429 /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. ergency at a discount equal to the Bank of England rate. :e included in total. ^ .,. ~ . „ ....^^ September 1940-March 1941. 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. 9IO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) g- 1934...., 33.579 400.95 23 287 8.4268 37.879 1.2852 mi nnfi 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939.... 30.850 353.38 16.852 6.0027 5.1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322!80' 305.16 216.880 6.0562 5.0214 30.155 '290-909- 85.141 5.1668 4.0000 6.000 1941 29.773 '223^704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24. 0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—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 July 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.585 Year or month C ( o p b l e i o s a m o) - C s ( l k o z o e v r c a u h n k o a ia ) - ( m D kr a e o n r n k - e) ( F l m k a i a a n n r ) d - k- F ( r fr a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d d - ) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 ...... 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1942—Aug 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct 57.023 20.573 322.78 Nov. 57.030 20.573 322.78 Dec. 57.177 20.573 322.78 1943—Jan 57.222 20.573 322.78 Feb 57.220 20.573 323.30 Mar. 57.233 20.573 324.42 Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 June 57.280 20.580 324.42 July 57.278 20.577 324.42 United 1kingdom Urug,uay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S m S (d e t e o r t l n a t l l a i t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ovind F ) ree tr C o o ll n e - ( d peso t ) r N c o o o l n l n e - - d Y ( s d l u a i g n 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 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 '2403!50' 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1942—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 •*QR 00 403.50 403.50 65.830 52.803 Mar. ... | 3Q8 HO 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 i 398 00 403.50 65.830 52.829 July I 398 on 403.50 65.830 52.866 1 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. SEPTEMBER 1943 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a c p to a b n er (1 la 92 n 6 d - s 30 Sweden (Ju la ly n 1 d 914 (1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100) =100; (1935 = 100) =100) 1926 100 100 1124 695 134 237 106 1126 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 193 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 1*4 1942 99 96 159 114 189 210 1942—July- 99 96 160 115 P3S3 193 212 August 99 96 159 115 P357 192 211 September 100 96 159 115 P358 192 212 October 100 97 160 115 ^357 193 212 November 100 97 161 115 P358 195 214 December 101 97 161 115 2*358 195 215 1943—January 102 97 162 116 196 215 February 103 93 162 116 *>355 197 217 March 103 99 162 116 197 217 April 104 99 163 116 p197 218 May 104 99 163 116 P197 P218 June 104 100 163 116 P197 July 103 P100 *>164 116 p Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above! United States Canada United Kingdom Germany (1926=100) (1926=100) (1930= 100) (1913 = 100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u r ly e - d f m c a h c a i t e n u f u r l e y - d Foods p I ro n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l s - a t f n r i i d n a i l s s h e ra e m w d i- tr l i i n s a a h l u e fi d s n * goods goods products products 1926 , 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1942—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 83 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 93 162 163 119 102 134 June 126 110 97 94 99 93 161 164 119 102 135 July 125 107 97 *>96 P100 P93 *164 p Preliminary. Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 9 iz 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 t a 3 i 1 t 5 t 0 e - e 0 3 d s ) 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 U K = d ( n 1 J i o 1 9 i n u m 0 1 t l g 0 4 e y - ) d (1 m = 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 s 1 r ) 3 - S e = r w ( 1 J l 9 1 a i u 1 t 0 n n z 0 4 d e - ) Year or month U ( S 1 = n t 9 1 a 3 i 0 5 t t 0 e e -3 ) d s 9 (1 = C a 9 a 1 3 d n 0 5 a - 0 -3 ) 9 U K = d ( n 1 J i o 9 1 i n u m 1 t 0 l g e 4 0 y - d ) ( m 1 = G 9 1 a 1 e J 3 n r O - y - 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d e 0 - s 1 r ) - 3 S e = ( r w 1 J l 9 u a i 1 1 t n n 0 4 z 0 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 96 143 123 136 123 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1839 95 101 in 123 130 132 1939 99 102 158 126 140 138 1940 97 106 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 164 129 175 1941 105 112 199 133 174 1942 124 127 168 132 200 1942 117 117 200 137 193 161 1942-July 125 130 160 139 203 1942-July 117 118 200 140 196 August 126 130 160 136 202 August 118 118 201 139 195 September.. 127 129 160 129 203 September.. 118 117 200 135 195 October .... 130 130 162 128 204 October 119 118 200 135 197 November . 131 132 163 129 206 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 143 130 165 134 May 125 118 199 139 P203 June 142 131 165 June 125 119 198 *203 July 139 p132 168 July 124 PI 19 200 ^Preliminary. J Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Average based on figures for 3 months; no data available since March 1940, when figure was 141. a 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 1 Bonds Common stocks Year or month ( U S p d t r n e a i r i c i t t v e e e e ) s d 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = t m d e 1 o d b 0 m e 0 r ) (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r a e a ) g n 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 0 5 t t 0 e - e 3 d ) s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 6 50.3 46 1933. 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1 1 9 9 3 3 5 4 1 9 0 8 5 . . 2 5 1 1 2 2 7 9 . . 5 9 8 83 2 . . 5 1 c6 9 9 0 5 .7 .1 1 10 1 7 3 . . 8 4 8 7 2 6 . . 9 6 8 8 6 5. . 7 3 8 7 3 9. . 7 3 8 7 2 1 . . 9 1 5 5 5 5 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 '84.7 100.7 8 77.9 88.1 70.8 i 120.6 114.6 •95.0 1941 .. . 117.8 123.8 p98.7 io ^103.0 80.0 72.5 "289.7 136.8 1942 118.3 127.3 7100.1 7103.3 69.4 75.3 *>476 142.1 1942—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 *>5O7 142.7 November 119.5 127.5 75.2 80.4 *>529 142.8 December 118.9 127.3 75.9 80.1 2*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 July 121.1 98.5 Preliminary . 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4J£ 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. SEPTEMBER 1943 9*3 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 WINGFDSLD, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS 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 MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT WM. A. DAY Vice President ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE W. S. MCLARIN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT W. W. PADDOCK H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist W. DALE CLARK, KANSAS CITY DISTRICT MALCOLM H. BRYAN, Associate Economist KENNETH H. MACKENZIE, Associate Economist NATHAN ADAMS, DALLAS DISTRICT OLIVER P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market •Account WALTER LICHTENSTEIN, Secretary 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston Albert M. Creighton Henry S. Dennison W. W. Paddock William Willctt K. K. Carrick J. C. Hunter1 Carl B. Pitman New York... Beardsley Ruml Allan Sproul L. R. Rounds R. M. Gidney T W VnnVt* Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whitticr Alfred H. Williams Frank J. Drinncn W. J. Davis F C Hill C. A. Mcllhenny* 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. MacKenzic W. F. Taylor Richmond. . . Robt. Lassiter W. G. Wysor Hugh Leach J.S, Waldcn,Jr. J. G. Fry OrPn H JCt*f>Qf»*l R. W. Mercer Edw. A. Wayne Atlanta Frank H. Neely J. F. Porter W. S. McLarinJr. Malcolm H. Bryan L. M. Clark H F CnnnifF 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 Alfred T. Sihler St. Louis Wm. T. Nardin Oscar G. Johnston Chester C. Davis F. Guy Hitt O. M. Attebery Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffey Roger B. Shepard J. N. Peyton O. S. Powell A. W. Mills1 E. W. Swanson Sigurd Ueland A. R. Upgren Harry I. Ziemer Kansas City.. R. B. Caldwell Robert L. Mehornay H. G. Leedy Henry O. Koppang Raymond W. Hall D. W. Woolley2 Dallas Jay Taylor J. B. Cozzo R. R. Gilbert E. B, Stroud R. B. Coleman v\7 T p _ W. O. Ford W. D. Gentry* San Francisco Henry F. Grady St. George Holdcn Wm. A. Day Ira Clerk C. E. Earhart 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 1Cashier. 2Also Cashier. 3Vicc President. 4Managcr. SEPTEMBER 1943 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w 0 w f1 sssa BOUNDARIES OF FEDERAL RESERVE DISTRICTS 7* — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES td q O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 § BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis