Federal Reserve Bulletin, 1943-10

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

=CONTENTS= PAGE Review of the Month—Ownership of Bank Deposits . Law Department: Amendment to Regulation K. . 92.3 Foreign Funds Control: Treasury Department Releases. . . 913-919 Statistics of Deposit Ownership . 93°~93^ Current Events 937 National Summary of Business Conditions .... 938-939 Revision of Industrial Production Index 940-984 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 985 for list of tables). 985-1031 International Financial Statistics (Sec p. 1033 for list of tables) 103 3-1045 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1046 Senior Officers of Federal Reserve Banks; Managing Officers of Branches.. 1047 r Map of Federal Reserve Districts 1048 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subsenptions 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 October 1943 NUMBER IO OWNERSHIP OF BANK DEPOSITS Both business and individual deposits surveys suggests that the recent accumulahave been swollen to record levels by de- tion of deposits has been predominantly in velopments of the past few years. Business business holdings, with both incorporated and individual demand deposits, which re- and unincorporated businesses showing very cently totaled 56 billion dollars, were only rapid increases. While the results of the 2.8 billion in 1939 and xi billion in 192.9. March deposit survey, which contained The question of who owns these deposits is some information about the ownership of of major importance for future economic deposits at the end of 1941, were necessarily developments and for the formulation of tentative because of the preliminary nature banking and fiscal policies. The Board of the inquiry and the incomplete sample has therefore recently made two surveys obtained, the joint evidence of the two surof the ownership of deposits, as of March veys indicates that perhaps three-fourths of 31 and July 31, 1943. Estimates based the nearly 18 billion dollar total increase on the results of the July survey indicate in business and individual demand deposits that demand deposits belonging to busi- since the end of 1941 may have been in businesses, incorporated and unincorporated, ness accounts. A large part of the dollar amounted to 39 billion dollars at the end increase in business deposits has been in of July, while demand deposits of indi- large accounts, although smaller-sized balviduals totaled about 14 billion dollars. ances have also shown large percentage Business deposits thus account for nearly 70 increases. The total amount of deposits per cent of all demand deposits, other than held in very large accounts of individuals Government and interbank deposits, while has apparently decreased somewhat. individuals hold about x$ per cent of the It should be remembered, however, that total. The remainder belongs to nonprofit these figures cover only demand deposits of organizations and to foreigners. These individuals and businesses and thus include estimates are in harmony with the results of only a portion of the total money supply the March survey and indicate a larger outstanding. Such evidence as is available amount of business deposits and a smaller indicates that individuals hold the bulk of volume of deposits belonging to individuals both the 19 billion dollars of currency now than had previously been estimated from outstanding and the 31 billion dollars of the limited data available. time deposits in commercial and savings No strictly comparable estimates are banks and in the Postal Savings System. available for the division of deposits be- Thus cash holdings of individuals, including tween business and personal accounts for currency and time deposits, substantially previous years. The evidence of the present exceed those of businesses. While time OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH deposits are probably for the most part The 18.4 billion dollars of deposits of intended as relatively long-term savings, manufacturing and mining concerns domicurrency holdings, which have increased nate the business accounts and represent rapidly in recent years, are probably at least one-third of all holdings of both individuals as volatile as demand deposits, and con- and businesses. Metal manufacturing and sideration of these other forms of money is mining concerns alone held over 10 billion essential to a complete picture of the cash of deposits while other manufacturing conposition of businesses and individuals. cerns accounted for 8.3 billion. Businesses engaged in wholesale and retail trade rank PRINCIPAL GROUPS OP OWNERS next in importance with over 7 billion of The estimated ownership of demand de- deposits, followed by public utilities, other posits of businesses and individuals at all nonfinancial businesses, and insurance combanks in the United States on July 31, based panies. on the survey results, is shown in the table. SIGNIFICANCE OF RESULTS Deposits owned by individuals are esti- Recent developments have combined to mated at 14.3 billion dollars, or x6 per cent make businesses in a sense the residual holdof the total, and deposits of domestic busiers of much of the increased money supply nesses at 38.7 billion, or 70 per cent of the generated by wartime deficit financing total. Holdings of nonprofit associations, through the banks. In the war economy such as churches, eleemosynary institutions, which now prevails, the total increase in and labor organizations, totaled 1.4 billion, deposits and currency is determined fundaand deposits of foreign holders were i.z mentally by the volume of Government billion. securities taken into the banking system. The division of this total between businesses ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDI- VIDUALS AND BUSINESSES AT ALL BANKS, and individuals, however, depends on the JULY 31, 1943 decisions businesses and individuals make Amounts as to the use of their incomes. Consumer (in Per Type of depositor billions cent of expenditures have risen rapidly since prewar of total dollars) years and even now show no appreciable Total domestic business 38.7 69.6 decline. Coupled with drastic restrictions Nonfinancial business—total 32.8 58.9 on ordinary business uses of funds and large M M an e u t f a a l c t m ur i i n n i g n g a n a d n d m i m ni e n t g a — l t m ot a a n l ufacturing, 18.4 33.1 Government expenditures, this heavy conincluding machinery and transportation equipment 10.1 18.2 sumer spending has transferred a consider- All other manufacturing and mining 8.3 14.9 Public utilities, transportation, and com- able volume of deposits into business munications 3.4 6.1 Retail and wholesale trade and dealers in balances, where they have tended to pile up. commodities 7.5 13.4 All other nonfinancial < business, including To the extent that businesses invest their construction and services 3.5 6.3 surplus balances in Government securities, Financial business—total 6.0 10.7 business deposit holdings are reduced and Insurance companies 1.8 3.2 Trust funds of banks 1.3 2.4 All other, including investment, loan, and the amount of new Government financing real estate companies, etc 2.9 5.1 necessary through banks is decreased. If Personal, including farmers 14.3 25.7 the present rate of consumer spending con- Nonprofit associations, clubs, churches, etc 1.4 2.5 tinues, however, when the Government Foreign businesses and individuals 1.2 2.2 spends these funds they will again gravitate Total demand deposits of individuals, partnerships, and corporations 55.6 100.0 toward business balances. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH With such a large volume of demand ness expenditures, can be financed out of deposits held by all types of businesses, the accumulations alone if individuals make uses made of such deposits in the future will these expenditure decisions. depend more largely on business policies The highly liquid position of both busithan on those of individuals. Even now, nesses and individuals raises important business in the aggregate may be approaching questions as to methods of fiscal and credit a position where its reconversion and im- control that may be effectively used in promediate postwar expansion needs can be moting economic stability in the future. A financed with a minimum of reliance on smooth rate of expenditures out of these bank loans and other external financing. liquid accumulations might prove a wel- Rapidly growing Government security port- come addition to the regular volume of folios held by businesses strengthen this consumer and business expenditures over financial independence, and continued the postwar period. On the other hand, financing of Government "war expenditures concentrated use of any substantial portion through borrowing rather than taxes will of the balances for consumer expenditures or continue to build up liquid accumulations. for business materials and inventory accu- It may be significant that the largest deposit mulation in the immediate postwar period accumulations are occurring generally in before output of peace goods is well under metal manufacturing and trade, which are way could easily result in disastrous inflathe lines of business where postwar recon- tionary pressure. version and inventory accumulation needs The results of the deposit surveys help are apt to be greatest. But it must be re- to explain the large volume of corporation membered that even when business in the subscriptions to new Treasury issues in the aggregate has an unusual degree of liquid- War Loan Drives. In so far as individuals ity, many individual firms or even entire spend, rather than save, a large proportion groups may still find themselves short of of their incomes under present conditions, funds. As is indicated later, business bal- the Treasury can reach accumulated funds ances are heavily concentrated in large ac- in large amounts by sales of securities to counts; this is particularly true in manu- business concerns. However, this fact in facturing and mining, less so in trade and no way lessens the importance of drastically other nonfinancial businesses. This distri- increased security sales or taxes to absorb a bution of deposits may provide evidence as larger portion of current consumer income and to the location of business reconversion thereby to reduce the heavy pressure of conneeds for "outside" financing. sumer spending on finished goods prices, Individual cash holdings, when currency which constitutes the core of the present and time deposits are taken into account inflationary problem. along with demand deposits, will also be unprecedentedly large by the war's end, LARGE GROWTH IN BUSINESS DEPOSITS even though personal demand deposits are Viewed more narrowly from the side of smaller than previously supposed. Here, business income and outlay, the recent very too, huge holdings of salable or cashable large increases in cash holdings of businesses Government securities greatly increase total reflect a wide variety of war-period influliquid holdings. Thus, a very high volume ences. Perhaps most important, private of consumer expenditures, as well as of busi- business capital outlays have been greatly OCTOBER 1943 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH lessened by Government action in providing Although the September War Loan Drive plant and equipment and by drastic restric- was still six weeks distant on the survey tions on private capital expansion and re- date, many businesses had probably begun placement, in a period when business oper- by the end of July to accumulate special ating income has increased unprecedentedly. cash holdings with a view to large Sep- Apparently a substantial portion of these tember security purchases. This factor had funds which would normally have been less influence on results of the present surspent for capital replacement and expansion vey, however, than in the case of the preis being held in the form of cash, part of vious survey, which was made as of March which represents reserves set up to meet 31, immediately preceding the April Drive. reconversion needs. Ordinary sources of This difference is especially evident in the short-term business funds have also been case of insurance companies, whose balheavily augmented by direct and indirect ances on July 31 were less than 1.8 billion financing provided by the Government. compared with well over 2. billion at the The peak levels of wartime production end of March, contrary to the general trend. require greatly increased working capital This combination of factors increasing funds in many lines. This factor is of maj or the flow of funds to businesses and restrictimportance for manufacturing concerns ing the normal outlets for funds has comwhere war production is concentrated. bined to produce the large increases reported While total business inventories have in business cash. The sharp deposit deincreased considerably in recent years and cline involved in heavy security purchases have not as yet been seriously depleted, by corporations in the April War Loan inventories of consumers goods, both in Drive had been more than replaced by the process and on dealers shelves, have been end of July, and apparently all types of substantially reduced. Part of the funds holders except some financial businesses had obtained in this liquidation may be held gained some portion of the x»5 billion dolin the form of cash. This factor is im- lar net deposit increase over the four portant especially in the case of wholesale months. and retail trade concerns, whose balances have now apparently reached levels far DEPOSIT OWNERSHIP BY SIZE OF ACCOUNT above those of any earlier period. Information obtained in the July survey Accrued tax liabilities have reached un- throws light on the ownership of deposits precedented levels and, while holdings of in different-sized accounts and in large and tax notes and other Government securities small banks, as well as in the aggregate. have risen rapidly, it may be that part of Estimates of deposit ownership by size of the increase in cash is intended as a reserve account reveal the overwhelming predomiagainst tax liabilities. Business profits nance of business accounts in very large after taxes and dividends have increased deposits and the relatively greater imrapidly, especially in transportation and portance of personal deposits in small trade, and in almost all fields are at rela- accounts. As indicated by the accompanytively high levels. Part of these earnings ing chart showing the ownership of deposits are being retained in a liquid form to aug- in different-sized accounts, nearly 90 per ment postwar reserves or simply because of cent of the x6 billion dollars in accounts unavailability of normal expenditure out- having balances of over $100,000 each are lets. funds of domestic business concerns. Manu- 9x0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH facturing and mining accounts of over concerns hold their funds in large balances, $100,000 total 13.4 billion dollars, with while balances of smaller-scale businesses concerns producing metals and allied prod- and personal deposits are primarily in ucts holding over 8 billion, or about one- smaller accounts. Around 80 per cent of third of all deposits in these large accounts. all deposits of public utilities, metal manu- Personal deposits in this group are only facturing and mining concerns, and insur- 1.3 billion. Individuals, however, hold ance companies are in accounts of over much larger portions of the deposits in $100,000 each. Concerns engaged in trade smaller accounts, and own nearly two- and other nonfinancial activities, on the thirds of all deposits under $15,000. other hand, have substantially larger por- Wholesale and retail trade concerns also tions of their deposits in medium-sized and bulk relatively larger among smaller ac- small accounts, with only about one-fourth counts, and services, such as restaurants, of their funds in accounts of over $100,000. movies, hotels, etc., account for much of the Less than 10 per cent of all personal deposits rest of these small deposits. are in these very large accounts, while 70 per cent are in the smallest-sized group. A OWNERSHIP OF DEMAND DEPOSITS, JULY 31, 1943 BY SIZE OF ACCOUNT table showing estimates of the amount held by each type of depositor in each size of account is published in the article, "Statistics of Deposit Ownership/' on page 935 of this BULLETIN. DEPOSIT OWNERSHIP AT LARGE AND SMALL BANKS As might be expected, the ownership of deposits varies widely as between larger and smaller banks, reflecting somewhat the same characteristics as ownership classified by size of account. Business deposits dominate the picture at very large banks, averaging around 80 per cent of all funds at banks having demand deposits of businesses and individuals in excess of 100 million dollars each. In these very large ACCOUNTS OF ACCOUNTS OF ACCOUNTS OF UNDER ABOUT $15,000 OVER banks manufacturing and mining concerns ABOUT $15,000 TO $100,000 $100,000 NOTE.—Includes only demand deposits of individuals, partnerships, alone own between 40 and 50 per cent of and corporations. Most banks classified separately accounts of between $10,000 and $100,000, but many classified those of between all business and individual deposits, and $25,000 and $100,000. Hence $15,000 is used as an approximate dividing line between columns 1 and 2. personal accounts average only around 15 Substantial differences were found in the per cent of the total. At smaller banks, size of accounts held by concerns in different however, a much larger portion of total lines of business. About 46 per cent of all deposits belong to individuals, rising to deposits are in accounts of over $100,000 about 50 per cent for banks having total each, while less than 30 per cent are in ac- business and individual deposits of less than counts below about $15,000. As might be 5 million dollars, and about 40 per cent of expected, industries made up mostly of large all personal deposits are in banks of this OCTOBER 1943 92.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH size. Most of the deposits of concerns en- cluded nearly all very large banks in the gaged in trade and in nonfinancial activities United States, the bulk of other large banks other than manufacturing and public utili- in the country, and a wide sample of small ties are also found in medium- and small- banks having demand deposits of indisized banks. Detailed estimates of deposit viduals and businesses of less than 5 million holdings for different-sized banks are shown dollars. Moreover, the banks in all size in the article, "Statistics of Deposit groups were well diversified as to type of Ownership," on page 936. business and geographical location. There is reason to believe, therefore, that the COVERAGE OF SURVEY over-all estimates derived from the survey Nearly 1,650 banks cooperated in the and here presented are reasonably accurate. July survey, compared with about 700 in Details of the sample and a brief description March. The banks reporting in July held of the method used in estimating all-bank demand deposits of businesses and indi- figures from the sample, together with a viduals totaling over 35 billion dollars, or comparison of this method with that used about 64 per cent of the 55.6 billion of such in compiling other estimates of individual deposits at all banks in the United States and business cash holdings, are given on on July 31. Reporting institutions in- pages 930-936. 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. Amendment to Regulation K in the stock of any corporation engaged in the business of banking, or an amount in excess of The Board of Governors, effective as of 10 per cent of its capital and surplus in the stock November i, 1943, amended section IX of Reguof any other kind of corporation. lation K entitled "Banking Corporations Au- "No Corporation shall purchase, own, or thorized to Do Foreign Banking Business under hold any stock or certificates of ownership in the Terms of Section 2.5 (a) of the Federal Reserve any other corporation organized under the Act," commonly known as "Edge Act Corpoterms of section 2.5(a) of the Federal Reserve rations/' so as to make it necessary for such Act or under the laws of any State, which is in corporations to obtain the Board's consent in substantial competition therewith, or which each case before investing in the stock or certifholds stock or certificates of ownership in icates of ownership of other corporations of the corporations which are in substantial competikind specified in that section. The text of tion with the purchasing Corporation." section IX as thus amended reads as follows: Foreign Funds Control SECTION IX. INVESTMENTS IN THE STOCK Treasury Department Releases OF OTHER CORPORATIONS "With the consent of the Board of Governors The following releases relating to transactions of the Federal Reserve System first obtained, a in foreign exchange, etc., in addition to those Corporation may purchase and hold stock, or heretofore published in the Federal Reserve other certificates of ownership, of any other BULLETIN, have been issued by the Office of the corporation organized— Secretary of the Treasury under authority of the "GO Under the provisions of section 2-5(a) Executive Order of April 10, 1940, as amended, of the Federal Reserve Act; and the Regulations issued pursuant thereto: "(T) Under the laws of any foreign country Treasury Department or a colony or dependency thereof; Foreign Funds Control "(0 Under the laws of any State, de- August 2.0, 1943 pendency, or insular possession of the United States; GENERAL RULING NO. 16 "Provided, first, That such other corporation Under Executive Order No. 8389, as Amended, Executive Order is not engaged in the general business of buying No. 9193, Sections 3(0) and $(JS) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating or selling goods, wares, merchandise, or comto Foreign Funds Control* modities in the United States; and second, that it is not transacting any business in the United Regulations Relating to Safe Deposit Boxes Leased to Nationals States except such as in the judgment of the of Blocked Countries or Containing Property in Which Nationals Board of Governors of the Federal Reserve of Blocked Countries Have an Interest. (1) Except as hereinafter authorized or as specifically System may be incidental to its international or licensed or authorized by the Secretary of the Treasury, no foreign business. person shall be granted access to any safe deposit box within "Except with the approval of the Board of Governors of the Federal Reserve System first * 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, obtained, no Corporation shall invest an amount 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998. in excess of 15 per cent of its capital and surplus December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. OCTOBER 1943 92-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the United States leased to any blocked country or national accordance with the provisions of Public Circular No. 4C, thereof or containing any property in which any blocked excluding Section II-D thereof, which shall be inapplicable, country or national thereof has any interest or which there but any reports required under Public Circular No. 4 and not is reasonable cause to believe contains property in which already rendered, shall also be filed. When no other date any blocked country or national thereof has an interest. is applicable the effective date of reporting for Scries L (2.) (a) Access to any safe deposit box leased to a blocked shall be the date of access. If none of the entries specified country or national thereof or containing property in which by Section IV-5~(c) is applicable, the phrase "General Ruling any blocked country or national thereof has an interest, and No. 16, access to box on , 1940" shall be the deposit therein or removal therefrom of any property, entered in Part A. is hereby authorized provided all the following conditions (3) As used in this general ruling, the term "designated are complied with: enemy country" and the term "national of a designated (i) Access shall be permitted only in the presence of enemy country" shall have the meaning prescribed in Exan authorized representative of the lessor of such box; ecutive Order No. 9193 of July 6, 1942.. (ii) In the event that any property in which any RANDOLPH PAUL, blocked country or national thereof has any interest is Acting Secretary of the Treasury. to be removed from such box, access shall be permitted Treasury Department only in the presence of an authorized representative of a banking institution within the United States, which Foreign Funds Control may be the lessor of such box, which (subject to any September 3, 1943 applicable rules, regulations, and orders of the Office of the Alien Property Custodian) shall receive such GENERAL RULING NO. 4, AS AMENDED property into its custody immediately upon removal Under Executive Order No. 8389, as Amended, Executive Order from such box and which shall hold the same in a No. 9193, Sections $(a) and /(£) of the Trading with the Enemy blocked account under an appropriate designation in- Act, as Amended by the First War Powers Act, 1941, Relating dicating the interests therein of blocked countries or to Foreign Funds Control* nationals thereof; Except as specifically provided herein or otherwise, all (iii) In the event that there is to be removed from definitions appearing in Executive Order No. 8389 of April any such box any property in which a designated enemy 10, 1940, as amended, and the Regulations issued thereunder, country or a national of a designated enemy country shall apply to the terms employed in all rulings, licenses, has an interest, access shall not be permitted except in instructions, etc., and, in addition, the following definitions the presence of, or with the consent of, a duly authorized and rules of interpretation are prescribed: agent or representative of the Office of the Alien Prop- (1) The term "Order" shall mean Executive Order erty Custodian; No. 8389, as amended. (iv) Access to any safe deposit box leased to a desig- (2.) The term "license" shall mean a license issued nated enemy country or a national of a designated enemy under the Order. country shall not be permitted except in the presence of, (3) The term "interest" when used with respect to or with the consent of, a duly authorized agent or repre- property shall mean an interest of any nature whatsosentative of the Office of the Alien Property Custodian. ever, direct or indirect. The above conditions (i) through (iv) shall not apply to (4) The term "blocked country" shall mean any access granted to a representative of the Office of the Alien foreign country designated in the Order. Property Custodian pursuant to any rule, regulation or order (5) The term "Netherlands East Indies" shall mean of such Office. the following: Java and Madura, Sumatra, Riouw- (b) The lessee or other person granted access to any safe Lingga archipelago, Banka, Billiton, Celebes, Borneo deposit box under this general ruling (except an agent or (West, South and East Divisions), Timor archipelago, representative of the Office of the Alien Property Custodian) Bali and Lombok, Lesser Sunda Islands and Dutch New shall furnish to the lessor a certificate in triplicate that he Guinea. has filed or will promptly file a report on Form TFR-300 with (6) The term "Netherlands West Indies" shall mean respect to such box, if leased to a national of a foreign coun- the following: Dutch Guiana, Dutch St. Martin, Curatry, and with respect to all property contained in the box cao, Bonaire, Aruba, St. Eustatius and Saba. to which access is had in which any foreign country or (7) Any person licensed as a "generally licensed national thereof has an interest. The lessor shall deliver national" shall, while so licensed, be regarded as a two copies of such certificate to the Federal Reserve Bank of person within the United States who is not a national the District in which the box is located. The certificate of any blocked country; provided, however, that the licensis required only on the first access to the box and need not be ing of any person as a "generally licensed national" furnished if a certificate had been filed pursuant to General * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 License No. ix prior to the revocation thereof. In case a Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, report on Form TFR-300 has not been made before August 2.0, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 1943, a report is hereby required to be filed on Series L in Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 9x4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT shall not be deemed to suspend in any way the require- (16) No license shall be deemed to authorize any ments of the Order and Regulations relating to reports, transaction prohibited by reason of the provisions of and the production of books, documents, records, etc. any law, proclamation, order or regulation, other than (see section 4 of the Order and section 130.4 of the the Order and Regulations. Regulations). (17) Any amendment, modification, or revocation (8) The term "blocked account" shall mean an ac- of any order, regulation, ruling, instruction, or license count in which any blocked country or national thereof issued by or under the direction of the Secretary of the has an interest, with respect to which account pay- Treasury pursuant to sections 3(a) or 5(b) of the Trading ments, transfers or withdrawals or other dealings may with the enemy Act, as amended, shall not be deemed not be made or effected except pursuant to a license au- to affect any act done or omitted to be done, or any suit thorizing such action. The term "blocked account" or proceeding had or commenced in any civil or criminal shall not be deemed to include free dollar accounts case, prior to such amendment, modification, or revoof the type referred to in General License No. 32., as cation, and all penalties, forfeitures, and liabilities amended, or the accounts of generally licensed na- under any such order, regulation, ruling, instruction, tionals. or license shall continue and may be enforced as if such (9) The term "banking institution" shall have the amendment, modification, or revocation had not been meaning prescribed in Section 5F of the Order. made. (10) The term "domestic bank" shall mean any (18) No license or other authorization issued by or branch or office within the United States of any of the under the direction of the Secretary of the Treasury following which is not a national of any blocked coun- pursuant to the Order or sections 3(a) or 5(b) of the try: any bank or trust company incorporated under the Trading with the enemy Act, as amended, shall be banking laws of the United States or of any state, deemed to authorize or validate any transaction effected territory, or district of the United States, or any pri- prior to the issuance thereof, unless such license or other vate bank or banker subject to supervision and exami- authorization specifically so provides. nation under the banking laws of the United States or RANDOLPH PAUL, of any state, territory or district of the United States. Acting Secretary of the Treasury. The Treasury Department may also authorize any other banking institution to be treated as a "domestic bank" Treasury Department for the purpose of this definition or for the purpose of Foreign Funds Control any license, ruling, or instruction. September 3, 1943 (11) The term "national securities exchange" shall mean an exchange registered as a national securities GENERAL RULING NO. 5, AS AMENDED exchange under section 6 of the Securities Exchange Act Under Executive Order No. 8389, as Amended, Executive Order of 1934 (48 Stat. 885, U.S.C., title 15, sec. 78O. No. 9193, Sections $(a) and s(f) of the Trading with the Enemy (12.) Reference to any general license or general ruling Act, as Amended by the First War Powers Act, 1941 Relating to which has been amended shall be deemed to refer to Foreign Funds Control* such license or ruling as amended. General Ruling No. 5, as amended, is hereby further (13) Any person who by virtue of any definition in amended to read as follows: the Order is a national of more than one blocked coun- Regulations Relating to Importation of Securities and Currency. try shall be deemed to be a national of each of such (1) Prohibition with Respect to Importation of Securities or blocked countries. Currency. Except as authorized herein, or as authorized by (14) In any case in which a person is a national of a license or other authorization of the Secretary of the two or more blocked countries, a license with respect Treasury, the sending, mailing, importing, or otherwise to nationals of one of such blocked countries shall not bringing into the United States from any foreign country of be deemed to include such person unless a license of equal any securities or currency, or the receiving or holding in or greater scope is outstanding with respect to nationals the United States of any securities or currency sent, mailed, of each other blocked country of which such person is a imported, or otherwise brought into the United States from national. any foreign country is prohibited. (15) The Secretary of the Treasury reserves the right (z) Declaration and Surrender of Securities and Currency by Perto exclude from the operation of any license or from the sons Entering the United States. Any individual entering the privileges therein conferred or to restrict the appli- United States from any foreign country shall declare and cability thereof with respect to, particular persons, trans- surrender to the collector of customs or his representative at actions or property or classes thereof. Such action the port of entry, before the examination of his baggage or shall be binding upon all persons receiving actual notice thereof, or constructive notice if in any case notice is * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 filed pursuant to the provisions of the Federal Register Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Act (49 Stat. 500, as amended by 50 Stat. 304; U.S.C., 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended Sup. V, title 44, sec. 301 et seq). June 14, 1941, and July 26,1941. OCTOBER 1943 92-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT effects has begun (or, if his baggage is not subject to ex- The governors of the territories and possessions of the amination, before customs clearance), all securities and United States shall act as the agents of the Secretary of the currency which he has on his person or in any of his baggage Treasury in receiving and holding, subject to the further or effects. If the port of entry is in the Panama Canal Zone, order of the Secretary of the Treasury, securities and currency such securities and currency shall be declared and sur- delivered to them pursuant to this general ruling, and are rendered to the customs officer or other representative of the authorized to take appropriate measures, by rules, regula- Governor of the Panama Canal Zone at such port. Securi- tions, or otherwise, for the enforcement of the general ruling ties and currency so declared and surrendered shall not be in their respective jurisdictions. deemed to have been imported or brought into the United (5) Duty of Persons Receiving Imported Securities or Currency. States in violation of this general ruling, but nevertheless Securities or currency sent, mailed, imported, or otherwise shall be subject to all other provisions hereof. brought from a foreign country to the United States and de- (3) Inspection by Customs Officers and Postal Employees. livered to any person in the United States under circumstances Any articles sent, mailed, imported, or otherwise brought which do not clearly disclose or indicate that such securities into the United States from any foreign country which, in or currency have been delivered for examination, pursuant the opinion of customs officers or postal employees contain to this general ruling, to a Federal Reserve Bank or governor any securities or currency, shall be subjected to customs in- of a territory or possession of the United States shall be forspection in accordance with the Customs Regulations of warded by the person receiving them, within five days after 1943 (or, if arriving in the Panama Canal Zone, in accord- receipt thereof, to a Federal Reserve Bank or governor of a ance with customs regulations in effect in the Panama Canal territory or possession of the United States, together with a Zone) and the Postal Laws and Regulations of 1940. Any statement in triplicate setting forth: securities or currency found in any article opened by, or under (a) His name and address; the supervision of, a customs officer or postal employee shall (b) A complete description of the securities and curbe taken up by or surrendered forthwith to such customs rency; officer or postal employee. Any securities or currency (c) The name and address of the person from whom he contained in any article sent or mailed to the United States, received the securities or currency; and otherwise than as baggage, shall not be deemed to have been (d) The reasons why the provisions of General Ruling sent or mailed in violation of this general ruling if the outer- No. 5 are considered applicable to such securities most wrapper or container in which they are enclosed is or currency. labeled in such a manner as to notify the customs officers Securities or currency forwarded to a Federal Reserve Bank or postal employees of its contents, or if the attendant cir- or governor of a territory or possession of the United States cumstances otherwise disclose or indicate that no attempt in compliance with this paragraph shall not be deemed to has been made to avoid customs inspection of such securities have been received or held in violation of this general ruling or currency. Such securities and currency nevertheless shall by the person forwarding such securities or currency. Such be subject to all other provisions hereof. securities or currency nevertheless shall be subject to all (4) Delivery of Imported Securities and Currency to Federoatlher provisions hereof. Reserve Bank or Governor of Territory or Possession of the Unite(d6) Exceptions. The provisions of this general ruling shall States: Duty of Federal Reserve Bank or Governor. not apply to: (a) Customs officers and postal employees shall deliver (a) Securities or currency sent or mailed to the United any securities or currency taken up by or surrendered to States from Great Britain, Canada, Newfoundland, them pursuant to this general ruling to a Federal Reserve or Bermuda; Bank or to the governor of a territory or possession of the (b) Securities or currency carried on the person or in United States. Except as otherwise instructed by the Treas- the baggage or effects of any individual arriving ury Department, any Federal Reserve Bank to which, or in the United States from Great Britain, Canada, governor of a territory or possession of the United States to Newfoundland, or Bermuda who has not passed whom, securities or currency are delivered pursuant to this through any other foreign country en route to the general ruling shall hold such securities and currency until United States. the Treasury Department is satisfied that no blocked coun- This exception shall not apply to any securities or currency try or national thereof has, at any time on or since the effec- which there is reasonable cause to believe were sent, mailed, tive date of the Order, had any interest therein. Applica- exported, or otherwise brought from Great Britain, Canada, tions for release of securities or currency so held may be Newfoundland, or Bermuda in violation of the laws thereof. filed with the Federal Reserve Bank or the governor of the (7) Definitions. As used herein: territory or possession of the United States holding such (a) The term "securities" shall include all securities securities or currency. and evidences thereof; (b) The Federal Reserve Banks shall act only as fiscal (b) The term "currency" shall include United States agents of the United States hereunder, and shall receive and and foreign currency, including coins (other than hold securities and currency delivered to them pursuant to gold coins). this general ruling as such fiscal agents, subject to the fur- RANDOLPH PAUL, ther order of the Secretary of the Treasury. Acting Secretary of the Treasury. 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department issued by the President on December 13, 1941, does not license any act or transaction not authorized hereunder. Foreign Funds Control (4) Definitions. As used in this general ruling and in any September 3, 1943 other rulings, licenses, instructions, etc.: REVOCATION OF GENERAL RULING NO. 6A (a) The term "enemy national" shall mean the following: Under Executive Order No. 8389, as Amended, Executive Order No. (i) The Government of any country against which 9193, Sections $(a) and /(£) of the Trading with the Enemy the United States has declared war (Germany, Act, as Amended by the First War Powers Act, 1941, Relating Italy, Japan, Bulgaria, Hungary, and Ruto Foreign Funds Control* mania) and any agent, instrumentality, or General Ruling No. 6A, issued March 13, 1942., is hereby representative of the foregoing Governments, revoked. or other person acting therefor, wherever Any United States or foreign currency to which General situated (including the accredited representa- Ruling No. 6A was applicable prior to this revocation shall tives of other governments to the extent, and continue to be subject to the provisions of General Ruling only to the extent, that they are actually No. 5, as amended. representing the interests of the Governments RANDOLPH PAUL, of Germany, Italy, and Japan and Bulgaria, Acting Secretary of the Treasury. Hungary, and Rumania); Treasury Department (ii) The government of any other blocked country having its seat within enemy territory, and Foreign Funds Control any agent, instrumentality, or representative September 3, 1943 thereof, or other person acting therefor, actually situated within enemy territory; GENERAL RULING NO. II, AS AMENDED (iii) Any individual within enemy territory, except Under Executive Order No. 8389, as Amended, Executive Order No. any individual who is with the armed forces 9193, Sections 3(0) and §(Jf) of the Trading with the Enemy of any of the United Nations in the course of Act, as Amended by the First War Powers Act, 1941, Relating his service with such forces or who is accomto Foreign Funds Control* panying such armed forces in the course of his General Ruling No. 11 is hereby amended to read as fol- employment by any of the Governments of lows: the United Nations or organizations acting on Regulations Relating to Trade or Communication with or by an their behalf; Enemy National. (iv) Any partnership, association, corporation or (1) Trade and Communication with an Enemy National Pro- other organization to the extent that it is hibited. Unless authorized by a license expressly referring actually situated within enemy territory; to this general ruling, no person shall, directly or indirectly, (v) Any person whose name appears on The Proenter into, carry on, complete, perform, effect, or otherwise claimed List of Certain Blocked Nationals, engage in, any trade or communication with an enemy and any person to the extent that he is acting, national, or any act or transaction which involves, directly directly or indirectly, for the benefit or on or indirectly, any trade or communication with an enemy behalf of any such person; provided that no national. person so acting shall be deemed to be an (2.) Acts and Transactions by an Enemy National Prohibited. enemy national if he is acting pursuant to Unless authorized by a license expressly referring to this license issued under the Order or expressly general ruling, no enemy national who is within the United referring to this general ruling; and States shall, directly or indirectly, enter into, carry on, com- (vi) Any person to the extent that he is acting, diplete, perform, effect, or otherwise engage in, any financial, rectly or indirectly, for the benefit or on behalf business, trade, or other commercial act or transaction. of an enemy national (other than a member of (3) Certain Transactions Licensed Under Section $(/*). Every the armed forces of the United States captured act or transaction prohibited by section 3(a) of the Trading by the enemy) if such enemy national is within with the enemy Act, as amended, is hereby licensed there- any country against which the United States under unless such act or transaction is prohibited by para- has declared war; provided that no person so graph (1) or paragraph (2.) hereof or otherwise prohibited acting shall be deemed to be an enemy national pursuant to section 5(b) of that Act and not licensed by if he is acting pursuant to license issued under the Secretary of the Treasury. Attention is directed to the the Order or expressly referring to this general fact that the General License under section 3(a) of the Act, ruling. * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 (b) The term "enemy territory" shall mean the fol- Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as lowing: amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; (i) The territory of Germany, Italy, Japan, Bul- Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. garia, Hungary, and Rumania; and OCTOBER 1943 9x7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (ii) The territory controlled or occupied by the Treasury Department military, naval, or police forces or other Foreign Funds Control authority of Germany, Italy, or Japan. The territory so controlled or occupied shall be August to, 1943 deemed to be the territory of Albania; Austria; REVOCATION OF GENERAL LICENSE NO. 12. that portion of Belgium within continental Europe; Bulgaria; that portion of Burma oc- Under Executive Order No. 8389, as Amended, Executive Order cupied by Japan; that portion of China occupied No. 9193, Section j(f) of the Trading with the Enemy Act, by Japan; Czechoslovakia; Danzig; that por- as Amended by the First War Powers Act, 1941, Relating to tion of Denmark within continental Europe; Foreign Funds Control* Estonia; that portion of France within con- General License No. 12. is hereby revoked. tinental Europe, including Monaco and Cor- RANDOLPH PAUL, sica; French Indo-China; Greece; Hong Kong; Acting Secretary of the Treasury. Hungary; Latvia; Lithuania; Luxembourg; British Malaya; that portion of the Nether- Treasury Department lands within continental Europe; that portion Foreign Funds Control of the Netherlands East Indies occupied by Japan; Norway; that portion of the Philippine August 2.5, 1943 Islands occupied by Japan; Poland; Rumania; GENERAL LICENSE NO. 88 San Marino; Thailand; that portion of the Union of Soviet Socialist Republics occupied Under Executive Order No. 8389, as Amended, Executive Order No. by Germany; Yugoslovia; and any other ter- 9193, Section /(&) of the Trading with the Enemy Act, as Amended ritory controlled or occupied by Germany, by the First War Powers Act, 1941, Relating to Foreign Funds Italy or Japan. Control.\ (c) The term ' The Proclaimed List of Certain Blocked (1) Certain transactions authorised notwithstanding General Nationals" shall mean The Proclaimed List of Cer- Ruling No. $A. A general license is hereby granted, nottain Blocked Nationals, as amended and supple- withstanding General Ruling No. 5A, authorizing the folmented, promulgated pursuant to the President's lowing transactions: Proclamation of July 17, 1941. (a) The exportation of any United States postal (d) The term "trade or communication with an enemy money order drawn in favor of a member of the armed national" shall mean any form of business or com- forces of the United States or other authorized person mercial communication or intercourse with an enemy and sent through the Army Post Office or other official national after March 18, 1942., including, without channels of the United States armed services or carried limitation, the sending, taking, obtaining, convey- by a member of the armed forces of the United States or ing, bringing, transporting, importing, exporting, other authorized person departing from the United or transmitting, or the attempt to send, take, ob- States; tain, convey, bring, transport, import, export, or (b) The importation of any United States postal transmit, money order sent by a member of the armed forces of the (i) Any letter, writing, paper, telegram, cable- United States or other authorized person to the United gram, wireless message, telephone message, or States through the Army Post Office or other official other communication, whether oral or written, channels of the United States armed services or carried of a financial, commercial, or business char- into the United States by a member of the armed forces acter; or of the United States or other authorized person; (ii) Any property of any nature whatsoever, in- (c) The importation of any personal check drawn by cluding any goods, wares, merchandise, se- a member of the armed forces of the United States or curities, currency, stamps, coin, bullion, money, other authorized person against an account within checks, drafts, proxies, powers of attorney, the United States in favor of a payee within the United evidences of ownership, evidences of indebted- States and sent to the United States through the Army ness, evidences of property, or contracts; Post Office or other official channels of the United States directly or indirectly to or from an enemy national armed services; after March 18, 1942.; provided, however, that with respect to any government or person becoming an * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; enemy national after March 18, 1942., the date upon Public No. 354, 77th Congress, 55 Stat. 838, Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July which such government or person became an enemy 26,1941, Ex. Order 8963, Dec. 9,1941, and Ex. Order 8998, Dec. 26,1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended national shall be substituted for the date March 18, June 14, 1941, and July 26, 1941. t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 I942- Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, RANDOLPH PAUL June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, D.ec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Acting Secretary of the Treasury. Regulations, April 10,1940, as amended June 14,1941, and July 26,1941. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (d) The negotiation, collection or payment of, or any- and payments, transfers, or withdrawals from any such other dealings in or with respect to, any item authorized special account upon the approval or other authorization of to be imported by paragraphs i(b) and i(c) above. the Alien Property Custodian may be effected in the same (2.) Transactions not authorized. This general license shall manner and to the same extent as payments, transfers, or not be deemed to authorize any transaction (i) by, or on withdrawals may be effected from an account in which no behalf of, or pursuant to the direction of, a national of a national of any blocked country has an interest. Payments blocked country (other than an authorized person), or (ii) or transfers of credit may be made to any such special account involving property in which a national of a blocked country pursuant to such Regulations without a Treasury license to (other than an authorized person) has, at any time on or the same extent that payments and transfers thereto could be since the effective date of the Order, had any interest. made under General License No. 1 if such special account (3) Definitions. As used in this general license, the term were a blocked account. "authorized person" shall mean any individual who is with RANDOLPH PAUL, the armed forces of the United States in the course of his Acting Secretary of the Treasury. service with such forces or who is accompanying such armed forces in the course of his employment by the Government Treasury Department of the United States or any organization acting on its behalf. Foreign Funds Control RANDOLPH PAUL, September 3, 1943 Acting Secretary of the Treasury. PUBLIC CIRCULAR NO. X3 Treasury Department Under Executive Order No. 8389, as Amended, Executive Order Foreign Funds Control No. 9193, Sections 3(0) and j(f) of the Trading with the Enemy September 3, 1943 Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* PUBLIC CIRCULAR NO. 5B (1) Reference is made to the provisions of Section 130.3 Under Executive Order No. 8389, as Amended, Executive Order of the Regulations of April 10, 1940, as amended on June 14, No. 9193, Sections $Qa) and jQi) of the Trading with the Enemy 1941, issued under Executive Order No. 8389, as amended, Act, as Amended by the First War Powers Act, 1941, Relating relating to applications for licenses. to Foreign Funds Control* (2.) The provisions of such regulations arc hereby waived (1) Reference is made to the provisions of the Regulations in the following respects: issued by the Alien Property Custodian under General Orders (a) Applications for licenses shall henceforth be filed in Nos. 11 and 13, relating to the establishment of special duplicate instead of in triplicate. accounts and the prohibition of transfers of interests in such (b) Applications executed by persons within the United special accounts. States need not be executed under oath. (2.) Any special account established pursuant to such RANDOLPH PAUL, Regulations shall hereafter be deemed not to be a blocked Acting Secretary of the Treasury. account as that term is defined in General Ruling No. 4, * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June June 14, 1941, and July 26, 1941. 14, 1941, and July 26, 1941. OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP The major results of the second Federal Re- not classified as to ownership at reporting banks serve survey of the ownership of bank deposits were those under these limits. are summarized and discussed in the Review of Table 3 shows the reported sample for each the Month, on pages yij-yia. of this BULLETIN.1 of these four size groups of banks (labeled In obtaining these summary results, a consider- Groups 1 to 4, respectively), together with the able amount of more detailed information than that shown in the Review was compiled. Some TABLE 1 of these more detailed statistics on deposit OWNERSHIP or DEMAND DEPOSITS OF INDIVIDUALS, ownership are presented below, together with PARTNERSHIPS, AND CORPORATIONS AT 1,649 REPORTING BANKS, JULY 31, 19431 the actual data reported by the cooperating b i d n a a n t e a k s s t r i e m a c n e a d i t v in a e g d b . r a ie ll f b su an m k m t a o ry ta l o s f f t r h o e m m t e h t e h o s d a m us p e le d Type of depositor2 A m d m o i / l l i o o l l n i a f u o r n n s t ) s s r P e o e b p a f r a t o t n r c o a t k e l t i l s a n n l g t P o e b a f r a t t n c o a k e l t s l a n l t Domestic business—total 22,301 62.9 40.1 NATURE OF SURVEY SAMPLE Nonfinancial business—total 18,497 52.2 33.3 Demand deposits of individuals, partnerships, Manufacturing and mining—total3.... 11,723 33.1 21.1 and corporations were classified as to ownership Metal 6,937 19.6 12.5 All other 4,561 12.9 8.2 by 1,649 banks in the July Federal Reserve sur- Public utilities 2,770 7.8 5.0 Trade 2,733 7.7 4.9 vey. The ownership of deposits at these Other nonfinancial 1,271 3.6 2.3 reporting banks, together with their relation to Financial business—total3 3,804 10.7 6.8 deposits at all banks in the United States on July Insurance 1,386 3.9 2.5 Trust funds of banks 982 2.8 1.8 31 is indicated by Table 1. Table 2. on the next All other 1,348 3.8 2.4 page shows the ownership of reported deposits Personal, including farmers.... 2,342 6.6 4.2 Nonprofit institutions 580 1.6 1.1 separately for each Federal Reserve district. Foreign businesses and individuals 441 1.2 .8 Deposits at reporting banks were 64 per cent of Total classified deposits 25,664 72.3 46.2 Total unclassified deposits 9,804 27.7 17.6 deposits at all banks in the country, and 72. per Total deposits at reporting banks 35,468 100.0 63.8 cent of all deposits at reporting banks were Deposits at nonreporting banks4 20,092 36.2 classified as to ownership. In general, all Total—all commercial banks4 55,560 100.0 accounts of over $100,000 each were classified at 1 Includes 6 banks sending reports too late to be included in Tables banks having total business and individual de- 2 an 2 d D 3 e . posits classified as to ownership generally include all those in mand deposits of over 500 million dollars; all of accounts of over $100,000 at 16 banks having over $500,000,000 of demand deposits of individuals, partnerships, and corporations on July over $10,000 or $2.5,000 at banks having between 31; in accounts of over $25,000 or $10,000 at 41 banks having from $100,000,000 to $500,000,000 of deposits; in accounts of over $10,000 100 million and 500 million of such deposits; all at 449 banks having from $5,000,000 to $100,000,000 of deposits; and in accounts of over $3,000 or $10,000 at 1,143 banks having less than of over $10,000 at banks having between 5 mil- $5,000,000 of deposits. Where two lower limits are indicated, approximately half the reporting banks used each. lion and 100 million of such deposits; and all of 3 Subgroups not reported by some smaller banks. Hence subgroups do not add to totals. over $3,000 or $10,000 at smaller banks, al- 4 Estimated. though some banks in the largest group classified proportion the sample is of all banks for each accounts of less than $100,000 each. Deposits size group.2 Thus, reporting banks in Group i held 85 per cent of the deposits of all banks of 1 Results of the March survey, which were very tentative because of the preliminary nature of the survey and the smaller sample used, were published in the August BULLETIN, pp. 713-716. In both surveys figures were collected by the Federal Reserve Banks; reported 2 It should be observed that total deposits of banks in these various data for the country as a whole were assembled and estimates of the groups are substantially more than demand deposits of individuals distribution of national totals were compiled by the Division of Re- and businesses. Many banks in Group 2, for example, may have more search and Statistics of the Board of Governors. G. L. Bach of that than 500 million total deposits, including deposits of other banks and Division is primarily responsible for that work and for the preparation of governmental bodies, even though they have less than 500 million of the summary of the findings. of demand deposits of individuals and businesses. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP TABLE 2 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS AND BUSINESSES AT 1,643 REPORTING BANKS, BY DISTRICTS, JULY 31, 1943 [In millions of dollars] Type of depositor1 B b o a 4 s n 2 t k o s n Y b N a 9 o e n 6 r w k k s d P b e h a 2 lp 1 i n l 7 h k a i s - a C b l l a a e 9 n n 4 v k d e s - m b R a 1 i o 3 c n n 0 h k d - s b l A a a 1 n 5 n t- t 2 k a s b C a a h 6 g n i 3 o c k - s L ba o S 4 n u 6 t. k is s M a b p i a 4 n o n 1 n l k i e s s - K b C a a 2 n i 9 n t s 2 y k a s s D b a a 1 l 1 n l 0 a k s s F b c S 3 a i r s 6 a a n c n 0 n k o - s b U t 1 o a ,6 . n t S 4 a k 3 l . s Domestic business—total 1,259 8,436 1,338 2,021 814 742 2,586 339 375 856 569 1,876 21,210 Nonfinancial business—total 965 6,853 1,024 1,746 669 628 2,268 299 320 719 483 1,580 17,554 Manufacturing and mining—total2. 679 4,835 602 1,286 297 247 1,648 139 131 311 181 787 11,140 Metals and products 372 2,921 282 898 92 96 1,246 59 67 108 52 405 6,597 All other 284 1,881 314 335 180 134 397 72 57 183 126 354 4,318 Public utilities 112 1,109 211 166 106 120 285 47 79 112 85 173 2,606 Trade 130 628 140 206 187 175 226 81 80 198 140 407 2,600 Other nonfinancial 44 281 71 88 79 86 109 32 30 98 77 213 1,208 Financial business—total2. 294 1,583 314 275 145 114 318 40 55 137 86 296 3,656 Insurance 155 671 68 42 51 39 105 11 21 45 44 84 1,337 Trust funds of banks 56 375 170 96 27 21 75 9 10 22 9 44 915 All other 76 527 74 119 59 49 134 16 21 54 31 156 1,316 Personal, including farmers 153 567 184 244 135 117 155 49 29 209 163 287 2,290 Nonprofit institutions 39 135 41 54 64 28 61 10 10 30 20 66 558 Foreign 3 428 2 4 (3) 1 1 (3) 2 441 Total classified deposits 1,454 9,566 1,565 2,323 1,013 888 2,802 399 414 1,095 754 2,229 24,499 Total unclassified deposits 522 4,080 690 573 472 396 662 184 134 504 334 936 9,489 All demand deposits at reporting banks. 1,976 13,646 2,255 2,896 1,485 1,284 3,464 583 548 1,599 1,088 3,165 33,988 Total such deposits at all member banks on June 30 1943 2,814 16,396 2,578 3,809 2,009 1,849 7,076 ,1,539 949 1,921 1,972 4,952 47,863 Ratio of sample to deposits at member banks 70.2 83.2 87.5 76.0 73.9 69.4 49.0 37.9 57.7 83.2 55.2 63.9 71.0 1 See footnote 2 to Table 1 for details as to accounts classified as to ownership. 2 Subgroups not reported by some smaller banks. Hence subgroups do not add to totals. 3 Less than $500,000. TABLE 3 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS AND BUSINESSES AT 1,643 REPORTING BANKS, BY SIZE OF BANK, JULY 31, 1943 [In millions of dollars] Banks having deposits of individuals, partnerships, and corporations of— Type of depositor Over $100,000,000 to $5,000,000 to Under $500,000,000 $500,000,000 $100,000,000 $5,000,000 (15 banks) (39 banks) (447 banks) (1,142 banks) Domestic business—total 9,525 4,528 6,247 911 Nonfinancial business—total 7,824 3,787 5,140 803 Manufacturing and mining—totals 5,646 2,508 12,700 1287 Metals and products 3,525 1,648 1,386 39 Allother 2,121 860 1,290 47 Public utilities 1,289 572 685 60 Trade.... 599 474 1,188 338 Other nonfinancial 290 233 567 118 Financial business—total. 1,701 741 11,107 1108 Insurance 747 241 344 6 Trust funds of banks 412 222 271 10 All other 542 278 481 16 Personal, including farmers 543 476 875 395 Nonprofit institutions 144 154 210 50 Foreign 429 5 5 1 Total classified deposits 10,641 5,163 7,337 1,357 Total unclassified deposits 4,170 1,369 2,928 1,025 Total deposits at reporting banks 14,811 6,532 10,265 2,382 Deposits at all commercial banks2 17,446 10,556 15,168 12,390 Ratio of sample to deposits at all banks 84.9 61.9 67.7 19.2 1 Subgroups do not add to this total because some banks did not report breakdown. 2 Estimated. OCTOBER 1943 93j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP this size, those in Group 2., 62. per cent, in Group by type of owner was computed for each size of 3, 68 per cent, and in Group 4, 19 per cent. deposit group for which the sample provided Reporting banks in Groups 2. and 3, and some in data. This gave percentage breakdowns for 8 Group 1, further subdivided their accounts so of the 12. size groups. The other 4 size groups as to classify separately the ownership of ac- comprised the unclassified portion of deposits counts of over and under $100,000 each, and for each group of banks. The ownership of this Group 4 banks classified separately accounts of portion was estimated at Group 4 banks as being over and under $10,000 each, although this virtually all personal, although little concrete detail is not shown in Table 3. evidence is available as to the ownership of these very small deposits at small banks, and at the ESTIMATING PROCEDURE other 3 groups primarily on the basis of the The estimated ownership of deposits at all distribution of reported deposits among the banks was obtained by stratifying the reporting smaller sized accounts in the banks in the next sample into the four bank size groups indicated smaller size group. and into three groups by size of account within (4) The percentage distribution of accounts each of the four groups of banks. The per- by type of owner for each of the ii account centage distribution of accounts among different groups was applied to the all-bank dollar total owners in each of these stratified groups was for each group. Addition of the results for the then computed and applied to deposits at all ix groups gave the estimates shown for deposit commercial banks in each of these twelve de- ownership at all banks. posit groups, to obtain the estimates of ownership for all commercial banks. A detailed des- COMPARISON WITH SAVINGS ESTIMATES cription of the estimating procedure will later be Estimates of "individual" savings, which made available in mimeographed form. The include the savings of both individuals and following general steps were involved. unincorporated business, are made quarterly by (1) Total demand deposits of individuals, the Department of Commerce and by the Securipartnerships, and corporations at all banks in the ties and Exchange Commission. The S.E.C. United States were estimated for July 31 and subdivides this total into types of savings, this total was subdivided among banks in the giving estimates for savings in the form of cash, four size groups on the basis of call report both for "individuals" and for corporations. figures for June 30. The regular S.E.C. estimates show quarterly (JL) Demand deposits at each of the four bank changes in liquid holdings, as a reflection of cursize groups were divided into three subgroups by rent savings. The Commission, however, has size of account, on the basis of this division at recently estimated that the cash holdings of reporting banks. At reporting Group 4 banks, domestic corporations (including small amounts for example, 41 per cent of all deposits were in of currency and time deposits) outstanding on accounts of over $10,000 each, 2.0 per cent in June 30, 1943, amounted to about 2.x billion accounts between $3,000 and $10,000, and the dollars. This would indicate that demand remainder in accounts under $3,000. These per- deposits of individuals and unincorporated busicentages were applied to the total amount of nesses, after deducting deposits of foreigners and deposits at all Group 4 banks, and a similar pro- items in process of collection between banks cedure was followed for the other three groups. ("interbank float"), were close to 30 billion This procedure gave the volume of deposits in dollars. These estimates of the S.E.C. may be each of 12. size groups, 3 within each of the four compared with the Board's estimates, presented bank size groups. in this article, of 39 billion dollars of demand (3) The percentage distribution of accounts deposits of domestic businesses, incorporated and 93 2- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP unincorporated, and of 14 billion dollars of personal are based on reports received from a sample of deposits at the end of July. A substantial part, corporations. Since the corporations report though not all, of the discrepancies between the balances as shown by their books on the report two sets of figures are due to differences in the date, this reported figure excludes checks written methods used in compiling the estimates. by corporations but not yet received by the payee (1) In the Federal Reserve estimates the figure of the check and hence not reported by him as for business deposits includes funds of all busi- funds on hand. The cash figure reported by nesses, incorporated and unincorporated, whereas corporations also excludes float between banks in the S.E.C. estimates unincorporated business (the interbank float included in the Federal deposits are grouped with those of individuals, Reserve figures) because the corporation writing and a separate figure is given for corporations. a check immediately deducts the amount from This is the most important factor accounting for its own books, even though its bank account the discrepancy in the business estimates, and may not actually be debited for several days. precise reconcilement is not possible because no The S.E.C. estimate of "individual" cash satisfactory data are available as to the amount savings for any period is obtained by subtracting of deposits of unincorporated business. the increase in corporate cash from the total busi- (2) The published S.E.C. figures on "cash" ness and personal increase, excluding interbank savings include changes in time deposits and float. The lowering of the corporate figure by currency, as well as demand deposits, whereas the exclusion of intercustomer float is, therefore, the present Federal Reserve figures cover only reflected in a higher residual for "individual" demand deposits. savings, which tends to raise the estimate for (3) The different handling of "float" sub- individual as against corporation savings, as stantially affects the estimates of cash holdings compared to the Federal Reserve method. In made by the two methods. It is not, however, summary, therefore, the S.E.C. figures for total a major source of discrepancy in figures showing corporate and individual cash are lower than changes in cash holdings from one date to an- those of the Federal Reserve by the amount of other, since the volume of float apparently interbank float, while the S.E.C. handling of varies only moderately as between different intercustomer float tends to lower further its month-end dates. estimated corporation balances and to raise The S.E.C. corporation cash figures exclude individual balances relative to the Federal both interbank and intercustomer float, while Reserve method. Interbank float generally the Federal Reserve figures include both. The amounts to between 3 and 4 billion dollars on Federal Reserve figures include all business and month-end dates; the amount of intercustomer individual demand deposits on the books of float is uncertain. banks on the reported date. They therefore (4) Trust funds of banks are included under include deposited items for which banks have financial business accounts in the Federal Regiven credit to depositors but which are in serve figures but are included with individual transit between banks and have not yet been balances in the S.E.C. figures. deducted from accounts of the drawers of the (5) Deposits of nonprofit associations are rechecks. Deduction of this interbank float ported independently in the Federal Reserve would reduce the Federal Reserve total deposit survey, while these balances are included with figure by around 3 billion dollars, but since there individuals by the S.E.C. is no precise way of allocating the float between These factors are of substantial importance in the various types of depositors, the deposit fig- explaining the apparent differences between the ures including float are used. The S.E.C. Federal Reserve and the S.E.C. estimates. It corporation cash estimates, on the other hand, would appear, however, that they do not explain OCTOBER 1943 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP the entire discrepancy, and even after adjustment nature of the sample, no clear size division of for these methodological differences the Federal accounts of under $100,000 can be estimated. Reserve figures would show a smaller amount By throwing these reporting groups together, belonging to individuals and larger business however, a very rough division of such accounts deposits than the estimates of the S.E.C. In can be obtained, with the dividing line averagview of the importance of the volume and ing between $10,000 and $15,000—perhaps changes in business and individual cash holdings around $15,000.4 The second column thus for current and future economic developments shows the estimated ownership of deposits in and policies, further study of the figures and of accounts of less than $100,000 but over $10,000 the best methods to be used is in progress. It is or $15,000 each, and the third column includes hoped that regular semiannual surveys by the estimates of the ownership of all smaller Federal Reserve System, which are now contem- deposits. Of all demand deposits of businesses plated, will help to establish a more seasoned and individuals, about 46 per cent are in accounts statistical measure of changes in individual and of over $100,000 each, 15 per cent in accounts business ownership of deposits. under $100,000 but over $10,000 or $15,000, and the remaining 30 per cent in accounts under $10,000 or $15,000. Comparison of this esti- DEPOSIT OWNERSHIP BY SIZE OF ACCOUNT AND mated distribution of deposits with earlier data SIZE OF BANK indicates, as would be expected, that the propor- Because the cooperating banks reported sepation of total deposits held in large accounts is rately the ownership of different-sized accounts, continuing to increase as the volume of deposits it was possible to estimate the ownership of expands.5 deposits at all banks in different sizes of A further analysis of deposit ownership by accounts. It was also possible to estimate size of account may be made by comparing the separately the ownership of deposits for banks total amount of funds held by each type of in each of the four bank size groups indicated, depositor in different-sized accounts. This is since a satisfactory sample was obtained for each done in Table 5, which, using the same dollar of these groups. The tables on pages 935-936 figures as Table 4, shows the per cent of deposits show the estimates made of deposit ownership of each group of owners held in very large, large, in different-sized accounts and at different-sized and smaller accounts. banks. The differing ownership of deposits at large Table 4 shows the estimated ownership of and small banks is shown in Table 6 on page deposits in three different sizes of accounts, 936. This table gives estimates of deposit owntogether with the percentage distribution of ership for banks in each of the four size groups, deposits in each size group.3 The second column, together with the percentage distribution of covering nearly 16 billion dollars, includes all deposits within each group. accounts having balances of over $100,000 each. The third and fourth columns show the owner- 4 Both as to number of banks and to dollar amounts covered, the ship of smaller deposits. In reporting, some banks reporting accounts down to $10,000 were the more important. 5 Surveys made by the Federal Deposit Insurance Corporation on banks classified separately accounts of from September 24, 1941, and September 21, 1938, divided deposits into four size groups (under $5,000, $5,000-$10,000, $10,000-$25,000, and over $15,000 to $100,000 and others accounts of from $25,000), although no information was obtained on deposit ownership. The F.D.I.C. surveys, which also covered a period of expansion in the $10,000 to $100,000. Thus, because of the total volume of demand deposits of individuals, partnerships, and corporations, showed that the proportion of such deposits in accounts of $25,000 or more increased from 44 per cent of the total in 1938 to 61 per cent of the total in 1941, while those in accounts of from $10,000 3The figures in this table are the basis for the chart on page 921 to $25,000 amounted to a little less than 10 per cent of the total in both of the Review of the Month. years. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP TABLE 4 ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS AND BUSINESSES AT ALL BANKS, BY SIZE OF ACCOUNT, JULY 31, 1943 [Amounts in millions of dollars] Deposits in accounts of— Total deposits Type of depositor Over $100,000 each o U ve n r d $ e 1 r 0 $ ,0 1 0 0 0 0 - ,0 $ 0 2 0 5, 0 a 0 n O d 1 Under $10,000-$25,0001 Amount P o e f r to ce ta n l t Amount P of e r t o c t e a n l t Amount P o e f r t c o e t n al t Amount P o e f r t c o e t n a t l Domestic business—total 38,726 69.6 22,764 88.9 10,002 73.3 5,960 36.5 Nonfinancial business—total 32,755 58.9 18,961 74.0 8,378 61.4 5,416 33.2 Manufacturing and mining—total.... 18,389 33.1 13,389 52.3 3,640 26.7 1,360 8.3 Metals and products 10,117 18.2 8,133 31.8 1,489 10.9 495 3.0 All other 8,272 14.9 5,256 20.5 2,151 15.8 865 5.3 Public utilities 3,386 6.1 2,764 10.8 531 3.9 91 .6 Trade 7,455 13.4 1,884 7.3 2,922 21.4 2,649 16.2 Other nonfinancial 3,525 6.3 924 3.6 1,285 9.4 1,316 8.1 Financial business—total 5,971 10.7 3,803 14.9 1,624 11.9 544 3.3 Insurance 1,772 3.2 1,388 5.4 320 2.3 64 .4 Trust funds of banks 1,335 2.4 1,193 4.7 94 .7 48 .3 All other 2,864 5.1 1,222 4.8 1,210 8.9 432 2.6 Personal, including farmers 14,255 25.7 1,219 4.8 3,108 22.8 9,928 60.9 Nonprofit institutions 1,379 2.5 460 1.8 489 3.6 430 2.6 Foreign 1,200 2.2 1,163 4.5 37 .3 Total demand deposits of individuals, partnerships, and corporations 55,560 100.0 25,606 100.0 13,636 100.0 16,318 100.0 1 Most banks classified separately accounts of between $10,000 and $100,000, but many classified those of between $25,000 and $100,000; hence the limits of this group can not be precisely denned. TABLE 5 ESTIMATED PROPORTION OF DEMAND DEPOSITS AT ALL BANKS HELD IN LARGE AND SMALL ACCOUNTS, BY TYPE OF DEPOSITOR, JULY 31, 19431 Percentage of total deposits in accounts of— Type of depositor Total deposits Over $100,000 each $ U 1O n , d a O e n O r d O $ - o $ 1 2 v 0 5 e 0 ,O r ,0 O 0 O 0 2 $10,0 U 00 n - d $ e 2 r 5,0002 Domestic business—total 100.0 58.8 25.8 15.4 Nonfinancial business—total 100.0 57.9 25.6 16.5 Manufacturing and mining—total 100.0 72.8 19.8 7.4 Metals and products 100.0 80.4 14.7 4.9 All other 100.0 63.5 26.0 10.5 Public utilities 100.0 81.6 15.7 2.7 Trade 100.0 25.3 39.2 35.5 Other nonfinancial 100.0 26.2 36.5 37.3 Financial business—total 100.0 63.7 27.2 9.1 Insurance 100.0 78.3 18.1 3.6 Trust funds of banks 100.0 89.4 7.0 3.6 All other 100.0 42.7 42.2 15.1 Personal, including farmers 100.0 8.6 21.8 69.6 Nonprofit institutions 100.0 33.4 35.4 31.2 Foreign > • • 100.0 96.9 3.1 Total demand deposits of individuals, partnernerships, and corporations 100.0 46.1 24.5 29.4 1 Per cents computed on dollar amounts shown in Table 4. 2 Most banks classified separately accounts of between $10,000 and $100,000,but many classified those of between $25,000 and $100,000; hence the limits of this group can not be precisely defined. OCTOBER 1943 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS OF DEPOSIT OWNERSHIP TABLE 6 ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS AND BUSINESSES AT ALL BANKS, BY SIZE OF BANK, JULY 31, 1943 [Amounts in millions of dollars] Banks having demand deposits of individuals, partnerships, and corporations of— Over $100,000,000 to $5,000,000 to Under Type of depositor $500,000,000 $500,000,000 $100,000,000 $5,000,000 (Group 1) (Group 2) (Group 3) (Group 4) Amount P o e f r t c o e ta n l t Amount P o e f r t c o e t n al t Amount P o e f r t c o e t n al t Amount P o e f r t c o e ta n l t Domestic business—total 13,980 8,154 77.2 10,779 71.0 5,813 46.9 Nonfinancial business—total 11,679 66.9 6,883 65.2 9,029 59.5 5,164 41.7 Manufacturing and mining—total 8,218 47.1 4,295 40.7 4,250 28.0 1,626 13.1 Metals and products 4,650 26.7 2,670 25.3 2,176 14.3 621 5.0 All other , 3,568 20.4 1,625 15.4 2,074 13.7 1,005 8.1 Public utilities 1,225 7.0 776 7.3 1,050 6.9 335 2.8 Trade 1,430 8.2 1,190 11.3 2,486 16.4 2,349 18.9 Other nonfinancial 806 4.6 622 5.9 1,243 8.2 854 6.9 Financial business—total 2,301 13.2 1,271 12.0 1,750 11.5 649 5.2 Insurance 832 4.8 391 3.7 523 3.4 26 .2 Trust funds of banks 493 2.8 354 3.3 425 2.8 63 .5 All other 976 5.6 526 5.0 802 5.3 560 4.5 Personal, including fanners 2,282 13.1 1,811 17.2 3,965 26.2 6,197 50.1 Nonprofit institutions 284 1.6 307 2.9 413 2.7 375 3.0 Foreign 900 5.2 284 2.7 11 .1 5 (1) Total deposits of individuals, partnerships, and corporations 17,446 100.0 10,556 100.0 15,168 100.0 12,390 100.0 1 Less than one-tenth of one per cent. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Advisory Council appointment of a Vice President of the Federal The third meeting of the Federal Advisory Reserve Bank of Dallas to serve as the managing Council during the current year was held in officer of each of those branches. Washington on September 19-10, 1943. The The former Managers were elected Vice Presi- Council met with the Board of Governors on dents of the Federal Reserve Bank of Dallas and September 2.0, 1943. will continue as the managing officers. Admissions of State Banks to Membership in the Appointment of Class C Director Federal Reserve System The Board of Governors of the Federal Re- The following State banks were admitted to serve System on September 14, 1943 announced membership in the Federal Reserve System durthe appointment of Mr. Robert D. Calkins, ing the period August 16, 1943 to September Dean of the School of Business of Columbia 15, 1943, inclusive: University, New York City, as Class C Director Indiana of the Federal Reserve Bank of New York for the unexpired portion of the term ending December Columbus—Irwin-Union Trust Company 31, 1943. Sunman—Peoples Bank and Trust Company The Board also announced that Mr. William Kansas I. Myers of Ithaca, New York, a Class C Director, had been designated Deputy Chairman of Holyrood—The Bank of Holyrood the Federal Reserve Bank of New York for the Michigan remainder of the current year. Centreville—The Wolf Bros. State Bank, Cen- Appointment of Branch Director tre ville, Michigan The Board of Governors of the Federal Re- Mississippi serve System on September 14, 1943 announced the appointment of Mr. John Davidson Clark, Hattiesburg—Citizens Bank of Hattiesburg Dean, College of Business Administration, New Jersey University of Nebraska, Lincoln, Nebraska, as a director of the Omaha Branch of the Federal Paterson—United States Trust Company of Reserve Bank of Kansas City for the unexpired Paters on, New Jersey portion of the term ending December 31, 1943. New York Announcement of Chaages at the Houston and Lockport—Lockport Exchange Trust Company San Antonio Branches Ohio In September the by-laws of the Houston and San Antonio Branches were amended to elim- Hamler—The Hamler State Bank inate the position of Manager and to permit the Sunbury—The Farmers Bank OCTOBER 1943 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled September 20 and released for publication September 22. Figures shown on charts may differ from preliminary figures used in text. Industrial activity and war expenditures were figures indicate that output was about one-fifth maintained in August at a high level. Com- larger than a year ago. Output of most other modity prices showed little change. Retail manufactured foods declined somewhat further. trade continued in large volume. Production of petroleum, coke, and rubber products continued to advance in August while INDUSTRIAL PRODUCTION chemical production showed little change. Output of manufactures and minerals showed Production of crude petroleum continued to rise little change in August and the Board's season- and in August was in the largest volume on ally adjusted total index of industrial production record. Lake shipments of iron ore likewise remained at the July level. Production of reached a record level. Production of coal durable manufactures increased. Output of and metals was maintained in large volume. iron and steel continued to advance and reached the peak levels achieved earlier this year. DISTRIBUTION There were further slight increases in activity Department store sales continued large in at war plants in the transportation equipment August and the first half of September. Inindustries. Output of other durable products creases during this period were less than seashowed little change. sonal, however, following maintenance of sales Production of nondurable goods declined in at a comparatively high level during July. For August, reflecting further decreases in output of the year to date value of sales at department textile, leather, and food products. Cotton stores has been about 13 per cent greater than in consumption in August was about 15 per "cent the corresponding period last year, reflecting in lower than the same period a year ago and was part price increases. Inventories at department at the lowest level since the beginning of 1941. stores have increased in recent months and are Leather output has also declined in recent now somewhat higher than at the beginning months and is currently close to prewar levels. of this year, indicating that receipts of new Activity at meat packing plants showed the merchandise have been in excess of the value of usual seasonal decline in August but preliminary goods sold. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS 220 HYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39.100 FOR TOTAL 200 1 • MAN ON U D F U A RA C B T LE URES ^ 180 ~^\ y TOTAL 160 J OTHER DURABLE-^ a 140'-f 1 120 100 MINERALS 1 __ Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for in the total index. Monthly figures, latest shown are for August. August. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Total carloadings were maintained in large subject to reserve requirements. During the volume during August and the first half of four weeks ended September 15 the Reserve September. Shipments of grain showed a less System holdings of Government securities inthan seasonal decline from the July peak. creased by about 1 billion dollars in addition to the special certificates taken directly from the COMMODITY PRICES Treasury. Most of the increase was in the form The general level of wholesale commodity of Treasury bills sold to the Reserve Banks with prices continued to show little change in sellers retaining the option to repurchase. Over August and the early part of September. Prices this four-week period currency in circulation of lumber and newsprint were increased, while increased by about 560 million dollars to a total prices of fruits and vegetables showed declines. of 18.8 billion outstanding. In retail food markets prices of apples and MEMBER BANK RESERVES AND RELATED ITEMS fresh vegetables decreased further from mid- July to mid-August. The Bureau of Labor ""^OLD STOCK Statistics cost of living index declined one-half of one per cent as decreases in foods were partly offset by small increases in retail prices of other MEMBER BANK goods and services. RESERVE BALANCES / AGRICULTURE /- General crop prospects declined slightly in August according to official reports. The / forecast for corn production was raised by 3 RESERVE BANK CREDIT J' per cent to almost 3 billion bushels, while - f*\-v yL/*^—^™<EASURY DEPOSITS /t-^v. 1 prospects for other feed crops declined. Pro- 1938 1939 1940 1941 1942 1943 duction of cotton indicated on September 1 Wednesday figures, latest shown are for Sept. 22. was 11.7 million bales as compared with a crop In the last two weeks of August and the first of iz.8 million last season. Milk production in week of September, reporting member banks in August was estimated to be z per cent smaller IOI leading cities showed a net decline in than output a year ago, while marketings of security holdings as a result of the sale of bills to most other livestock products were larger. the Reserve System. In the week ending September 15, however, some nonbanking BANK CREDIT holders sold securities to the banks in anticipa- In mid-September excess reserves of member tion of purchases during the Drive, and bank banks rose sharply to about z billion dollars holdings also increased through repurchase of from the average level of about 1.1 billion which bills from the Reserve System. had prevailed in the latter part of August and Commercial loans, which had expanded by early in September. This increase was due in 100 million dollars in July and in August, inpart to the fact that the Treasury was making creased by 2.50 millions during the week ending disbursements out of temporary borrowing from September 15. This increase in commercial Reserve Banks on special certificates in anticipa- loans was shared by both New York and other tion of tax collections and receipts from the reporting member banks. In the week ending Third War Loan Drive. It also reflected in part the 15th, loans to brokers and dealers in New a substantial decrease in required reserves at the York City increased 370 million dollars, most of middle of the month when funds from indi- which was for purchasing and carrying Governvidual and corporate deposits were transferred ment securities, and there was also an increase in to Government loan accounts which are not loans on securities to others. OCTOBER 1943 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX Expansion of the military program since the has declined or shown little change. The war- United States entered the war has been so rapid time rise in industrial production, particularly and far-reaching in its effects on manufacturing in manufacturing, has been much greater than activity and has so greatly affected the statistics the increase in most other major lines of ecoused to measure output as to require a broad re- nomic activity because war production is largely vision of the Board's index of industrial produc- of an industrial character. tion. Output has increased further to a level more than twice that of 1939; additions to INDUSTRIAL PRODUCTION INDEX - REVISED capacity through new plant construction have been extremely large; more workers have been employed, at longer hours; production processes in many lines have been reorganized; and activity has been shifted to the manufacture in great volume of finished products previously produced only on a small scale or not at all. These developments greatly increased the difficulty of maintaining accurate measures of physical output and, whereas the total index had reflected most of the rise in output from 1939 to the end of 1941, it understated the rise in 1942. and this year by a substantial amount. As a result of this revision, covering the period since the beginning of 1939, the index has been raised to a level 8 points or 5 per cent higher than the old index in the latter part of 1941 and about 36 points or 18 per cent higher than the old index at the present time. The revised index for July stood at 139 per cent of the 1935-39 average and the indexes 1935 J936 )937 1938 1939 1940 1941 1942 1943 for August and September, as indicated on the chart, are estimated at Z41 and 2.43. GENERAL NATURE OF REVISIONS The new figures indicate that total output of Composition of the index, which was first factories and mines has doubled since the published in 192.7, was drastically changed in inception of the defense program in June 1940, 1940 and at that time some changes were also and has risen 130 per cent since the outbreak'of made in methods of computation. The present > the European war in the summer of 1939. Since revision largely reflects the insertion of new and the early part of this year the rise in industrial revised series, developed from new data which activity has been at a reduced rate as output have become available during the past year. in leading war industries has risen less rapidly Some of these series represent products previously than before and activity in most other industries not covered directly and others replace less satisfactory series previously used. Weights have NOTE.—The work on this revision has been organized and conducted by Clayton Gehman, John M. Crawford, and Lorman Trueblood, under been revised only within groups and only to the the general supervision of Frank R. Garfield, head of the Domestic Business Conditions Section of the Division of Research and Statistics. extent necessary to take account of the series This article has been prepared by Mr. Gehman and Mr. Garfield. In the early stages, Paul Simpson, now an Ensign in the Navy, contributed added. New seasonal adjustment factors have substantially to the revision. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OP INDUSTRIAL PRODUCTION INDEX been computed where necessary. The general more comprehensive statistics as a result of the method of computing the index is unchanged.1 war program has permitted a very considerable The index is an overall measure of changes in improvement in the production series for a numthe physical volume of production of manufac- ber of industries. tures and minerals; it does not cover other types This revision brings the index more closely of goods and services and it does not reflect into line with employment and income statistics changes in prices. As now revised the index is as now compiled for manufacturing and mining. derived from about ioo individual series, 2.0 more PRINCIPAL REVISIONS IN SERIES than heretofore. These 100 series, distributed among 16 groups of manufacturing industries The upward revision of 36 points in the and two groups of mining industries, are listed current level of the index reflects principally and described in the table on pages 953-957. sharp revisions in the figures for output in the Some of the individual series are based on chemical, transportation equipment, and mastatistics of monthly output of materials or chinery industries, but there were important finished products while other series relate to PRODUCTION OF CHEMICAL PRODUCTS consumption or shipments of materials, machinery hours active, or man-hours worked. Statis- P 4 ER 5 0 CE«T SEASONALLY ADJUSTED, l935-39» 100 PE 450 tics of man-hours worked in a number of lines I 400 are adjusted to allow for broad changes in output per man-hour, as measured by other data not 350 / 350 i suitable for use in a monthly production index. / INDUSTRIAL Many of the other series are also adjusted to 300 TCTAL«/ CHEMICALS I 300 r more accurate physical volume figures not avail- / able monthly, such as census statistics. All 250 t 250 / / principal groups of industries in manufacturing 1 and in mining are directly represented in the 200 ; / RAYON. 200 index at some stage in the production process. 150 / // 150 Peacetime classifications and titles are retained PAINTS in this revision but for a number of series, espe- 100 100 cially machinery and transportation equipment, the titles are no longer accurately descriptive of 50 50 the output of the plants covered. •INCLUDES EXPL06IVES AHO OTHER CHEMICAL 0 PRODUCTS IN ADDITION TO SERIES CHARTED. 0 Discontinuance of the collection of certain 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 benchmark data like those provided by the revisions also in certain smaller groups, espebiennial Census of Manufactures has operated to cially nonferrous metals, rubber products, and make problems of measurement more difficult, petroleum products. The large upward revision particularly as to level, and results less accurate. in chemicals, previously covered only broadly On the other hand, the development of new and by a group index of man-hours adjusted to census 1 Earlier articles in Federal Reserve BULLETINS for recent levels of output through 1937, resulted mainly years dealing with problems relating to the index of industrial produc- from the use for recent years of new production tion are listed below. The first four are available as reprints. "New Federal Reserve Index of Industrial Production," by- data relating to various parts of the group and Maxwell R. Conklin, August 1940 "Measurement of Production," by Woodlief Thomas and especially to industrial chemicals and to explo- Maxwell R. Conklin, September 1940 "Adjustment for Seasonal Variation," by H. C. Barton, Jr., sives and ammunition. Adjustment of the old June 1941 "General Indexes of Business Activity," by Frank R. Garfield, chemicals index for 1939 to a higher level indi- June 1940 "The Rise in the Federal Reserve Index of Production," cated by Census figures for that year contributed October 1940 "Revision in the Index of Industrial Production," by Frank to the upward revision of the chemicals index for R. Garfield and Paul M. Simpson, September 1941 "Industrial Production Index Under War Conditions," July the entire period. 1942 OCTOBER 1943 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX Higher figures for production in the trans- tially, while for minerals the only change made portation equipment and machinery industries was a minor one, replacement of iron ore shipwere the result of study of a variety of informa- ment figures by iron ore production data since tion on production in these groups. New January 1943. more comprehensive employment figures were Revisions of the index were for the most part available and there were also more data to in- in series reflecting output for war purposes; the dicate the extent of changes in output per man- output of customary peacetime products was hour. Revisions in the nonferrous metals index reasonably well measured by the old index. As were made possible by new production data. a consequence, the revised index shows a larger proportion of industrial production for war pur- In the rubber products group a man-hour series poses than was estimated on the basis of the old was substituted for the series on rubber conindex. sumption, obsolete as a measure for that group; It appears that currently about 70 per cent and in petroleum refining the old series were supof industrial production is going for war purplemented by new series and re weighted, poses, including munitions and supplies used by chiefly to give proper consideration to aviation the armed forces, exports under Lend-Lease, and gasoline and other special war products of the also the industrial equipment and materials petroleum refining industry. produced to make these finished products. The The effects of various revisions on the total remaining 30 per cent of total industrial output index are summarized in the table by major constitutes goods produced for civilians; this groups of industries affected. Revisions are proportion of the present greatly enlarged outshown in terms of points in the total index. put, however, represents as much as 70 per cent of average production for civilians in 1935-39. INDUSTRIAL PRODUCTION INDEX REVISIONS The table on pages 944 and 945 summarizes BY MAJOR GROUPS [Increases over old index in points in total index—decreases indicated all revisions made at this time in individual by minus signs] series and groups, except for changes in seasonal J 1 u 9 l 4 y 3 a 1 v a 9 g e 4 e r 2 - a 1 v a 9 g e 4 e r 1 - a 1 a v 9 g e 4 e r 0 - a 1 a v 9 g e 3 e r 9 - s a h d o ju w s n tm o e n n t p a f g a e c s t o 9 r 5 s. 9 -9 N 62 e . w . seasonal factors are Chemical products.. 11.1 6.4 2.3 1.0 All series—new, revised, and unrevised—that Transportation equipment 9.9 4.1 1.2 .2 Machinery 8.3 5.2 1.2 .1 can be individually published are shown back Nonferrous metals 2.1 .7 .2 .1 to January 1939 in tables on pages 964-984. Rubber products 2.1 1.3 .2 .0 Petroleum products 1.2 .5 .1 .1 Major groupings of the series, expressed as points Stone, clay, and glass..... .8 .5 .3 .1 Manufacturing arsenals... .3 .2 .1 .0 in the total index, are shown for the same period Textiles and products.. .2 .2 .1 .0 in a table on page 963. The series are all de- Paper and products .1 .1 .3 .0 Leather products .1 .1 .0 .0 scribed briefly on pages 953-957, in a table Metal mining -.2 .0 .0 .0 Food products — .4 -1.0 — .1 — .1 which shows the basic data and their sources, Total index... 35.7 18.4 6.0 1.5 the relative importance of each series in the base NOTE.—Revisions in annual level were limited to the years begin- period, the daily average base, and the year in ning with 1940, except for the chemicals group. The old series for that group showed a decline from 1937 to 1939 whereas a comprehensive which the series first appears in the index. physical volume index, developed from the biennial Census of Manufactures by Solomon Fabricant of the National Bureau of Economic Several of the new series, such as those for Research, showed an increase. It seemed necessary, mainly for the purpose of showing an improved chemical group series, to revise this production of explosives and aluminum, can not series upward in 1939 by a substantial amount. With this revision the Board's index of total manufacturing rose 25 per cent from 1935 to 1939 be published at this time for reasons of national as compared with an increase of 24 per cent shown by Fabricant. The Board's index rose somewhat more from 1935 to 1937 than did Fabri- security. New series will be shown separately, cant's index and declined somewhat more from 1937 to 1939. however, for industrial chemicals and a number These various revisions raised both the durable of other products. and nondurable manufactures groups substan- All important new and revised series not con- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX fidential are shown through July in the accom- required by various series. For example, allowpanying charts.2 ances were often made for anticipated changes in coverage of sample series, and, in the case of MEASUREMENT OF PEACETIME AND WARTIME series based currently on man-hours worked, for PRODUCTION probable changes in output per man-hour. The problem of developing accurate over-all These techniques developed for peacetime condimeasures of changes in output, especially of tions have proved essential, but they have not fabricated products, was difficult enough during been adequate to maintain the production index peacetime. The great volume of new, highly without large revision in even a short period of processed products turned out during the war sweeping wartime changes in the economy. has very considerably increased that problem. In wartime the urgency of expanding produc- Also, during peacetime the displacement of old tion is greater than in peacetime and, as a result, plant and equipment by more efficient facilities productive processes, particularly for critical and the development of new industries and products, are much more quickly reorganized. processes were relatively gradual from year to Existing plant is more fully utilized and plant year and changes in total industrial capacity capacity is rapidly increased. Mass production were small over short periods. methods are extended to new products with all Even then continuous attention had to be that that involves in the way of standardization given to the production index to maintain and of products, a breakdown of labor tasks, and improve its accuracy. It was necessary to adjust specialized plant operations. current sample data to comprehensive bench- In addition to these influences of war, parmark data and to take account, in the constructicularly this war, in stimulating as much tion of the index, of industries previously not production as possible with all available readequately represented, developing new methods sources, there has been a special influence affectof current measurement where they yielded more ing the basic composition of industrial proaccurate results. After the comprehensive 1940 duction. The war program has greatly revision, however, the adjustments necessary accelerated the general drift in our industrial under peacetime conditions would have been economy toward greater output of highly prorelatively small, at least over short periods. cessed goods. The finished products of war are The most important new technique developed at generally more complex and more highly that time was the direct measurement of activity fabricated than peacetime products so that in fabricating industries by means of man-hour actually there is much more processing activity data adjusted to levels of production indicated per unit of material consumed. For the greater by various available measures of production. part war products are designed to perform com- This practice has in fact proved very useful plex functions and to operate under extremely under war conditions, providing a much better difficult and varied conditions. Manufacturing representation of the growth in such activity standards are set high, and inspections are more than would have resulted from continued use of rigorous than they generally are for peacetime data on production and consumption of products. War products are designed to take materials. as little space as possible and to be as light as Another of the special devices introduced at possible in view of the functions to be performed. that time to maintain the current accuracy of the All this means use of higher grade materials and index was the use of allowances estimated in a great deal more fabrication. Moreover, conadvance for regularly recurring adjustments servation of materials has been stimulated by 2 This broad revision of the index has made necessary a new edition shortages, contributing to the higher indicated of Federal Reserve Chart Book II, which will show all series not confidential. This will probably be available about the end of this year. amount of fabrication per unit of material used. The price will be the same as that charged heretofore, $1.00 per copy. OCTOBER 1943 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX In the first place, the building of so much new TYPES OF WARTIME REVISIONS manufacturing capacity for the production of fin- The changes wrought by the huge expansion ished war products and critical materials, some in war production since the last revision of the of which were previously unimportant and not Board's index, announced in the September 1941 directly represented in the index, has made cer- BULLETIN, have affected the adequacy of previ- tain of the old measures obsolete; and time has ous measures of output in three important ways. been required to develop new series or revised SUMMARY OF OCTOBER 1943 CHANGES IN INDUSTRIAL PRODUCTION SERIES Series Date b e r g e a v n ision (Sources and desc C ri h p a t n io g n e s s m sh a o d w e n i n in s t e a r b ie le s on pp. 953-957) Industrial Production—Total Jan. 1939 See durable and nondurable manufactures and minerals. Durable Manufactures Jan. 1939 Revisions made in machinery, manufacturing arsenals, all transportation equipment series, copper fabricating, lead refining, and tin consumption. New series added for smelting and refining aluminum, magnesium, and tin; for manufacture of various products in the stone, clay, and glass group; and for aluminum and magnesium fabricating. Machinery Jan. 1939 Revisions made in Federal Reserve adjusted man-hour series partly to take account of new data on employment described in January 1943 Federal Reserve BULLETIN, p. 13. Manufacturing Arsenals and Depots... Jan. 1939 Same as machinery. Confidential. Transportation Equipment Jan. 1939 All series revised. Aircraft Jan. 1939 Similar to machinery, but Federal Reserve adjustments for man-hour series revised considerably. Confidential beginning January 1942. Automobiles Jan. 1939 Same as machinery. Railroad cars Jan. 1939 Same as machinery. Confidential beginning January 1942. Locomotives Jan. 1939 ditto Shipbuilding Jan. 1939 Same as aircraft. Series for private shipyards confidential, beginning January 1942. Nonferrous Metals and Products... Jan. 1939 New and revised series for aluminum, copper, lead, magnesium, and tin. Weights for series revised and the "other" special series discontinued. Smelting and refining... Jan. 1939 New series added for aluminum, magnesium, and tin; and lead series changed. Lead refining... Jan. 1939 New series for refinery lead production supersedes former series on receipts of lead ore at smelters. Confidential beginning June 1942. Aluminum Jan. 1939 New series added for primary aluminum production. Confidential. Magnesium Jan.1939 New series added for primary magnesium production. Confidential. Tin Apr. 1942 New series for domestic production of refined tin from foreign ores. Confidential. Fabricating Jan.1939 New subgroup includes old series for lead and zinc shipments; revised series for copper and tin; and new series added for aluminum and magnesium fabricating. Copper products Jan. 1942 Revised series based on shipments of copper products by processors. Confidential. Aluminum products Jan. 1939 New series added on shipments of aluminum products by processors. Confidential. Magnesium products ... Jan. 1939 New series added on shipments of magnesium products by processors. Confidential. Tin consumption Jan.1939 Revised Federal Reserve series excluding tin consumed in the manufacture of tin plate and terneplate. Confidential. Stone, Clay, and Glass Products... Jan.1939 New Federal Reserve series added for clay products, gypsum and plaster products, and abrasive and asbestos products; also for other stone and clay products (not published). Weights for all series revised and "other'' special series discontinued. Glass products Jan.1939 New subgroup combining glass containers and plate glass. Clay products Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Gypsum and plaster products Jan. 1939 ditto Abrasive and asbestos products Jan.1939 ditto NOTE.—Other changes made in series prior to October 1943 and since the 1941 revision have been as follows: new confidential series for "industrial alcohol produced in the beverage industry" included in the nondurable manufactures group and total index; and subgroups computed for "metals other than gold and silver," "woolen and worsted yarn" and "coal." Automobile factory sales series dropped beginning December 1941 and weight transferred to automobile bodies, parts and assemblies series. In this revision same change made for period beginning January 1939. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX measures to replace or supplement the old. For had been placed on a regular basis, it was example, as regards new series, comparable necessary to develop comparable annual data monthly reports on production of aluminum and for earlier years back to 1935 and monthly estimagnesium and their primary products began mates for a considerable period. The new series to be available only about a year ago; and after so derived are now being introduced into the the current reporting of these production data index beginning with January 1939. They SUMMARY OF OCTOBER 1943 CHANGES IN INDUSTRIAL PRODUCTION SERIES—Continued Date revision Changes made in series Series began (Sources and descriptions shown in table on pp. 953-957) Nondurable Manufactures... - Jan. 1939 Revised series for leather, silk, "other manufactured foods," paperboard containers, petroleum refining, chemicals, and rubber products. Textiles and Products.... May 1940 Revised silk series, Textile fabrics May 1940 ditto Nylon and silk consumption.. May 1940 New Federal Reserve series compiled by adding estimated nylon yarn consumption to old series for silk deliveries. Confidential. Leather and Products... Jan. 1939 New series added for sheep and lamb leather production. Leather tanning Jan.1939 New series added for sheep and lamb leather production and weight of goat and kid leather series reduced. Sheep and lamb leathers Jan.1939 New series. Manufactured Food Products... Jan. 1939 New seriee added for processed fruits and vegetables, confectionery, and other food products formerly covered by "other manufactured foods" series. Revised wheat flour series. Wheat flour Dec. 1942 Revised series based on more comprehensive production data. Other manufactured foods Jan. 1939 New Federal Reserve subgroup based «n new series shown below. Processed fruits and vegetables., Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Confectionery Jan. 1939 New Federal Reserve series based on pounds of candy sold by manufacturers. Other food products Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Paper and Paper Products Mar. 1940 Revised paperboard container series. Paperboard containers Mar. 1940 Federal Reserve series for paperboard production substituted for, old series on paperboard container production. Petroleum and Coal Products Jan. 1939 Revised petroleum refining subgroup. Petroleum refining Jan. 1939 New series added for "other" petroleum products previously not adequately represented. Weights revised for regular petroleum products. Other petroleum products.. Jan. 1939 New Federal Reserve series. Confidential. Chemical Products Jan. 1939 New Federal Reserve series developed for paints; soap; rayon: industrial chemicalsr explosives and ammunition; and other chemical industries (not published). Note that new group index is higher than old index in 1939; index published for 1938 and earlier years is not entirely comparable. Paints Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Soap Jan. 1939 ditto Rayon Jan. 1939 ditto Industrial chemicals.. Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Confidential. Explosives and ammunition.... Jan. 1939 New Federal Reserve series, monthly changes estimated from man-hour data. Confidential. Rubber Products.... Mar. 1941 New Federal Reserve series based on man-hour data. Minerals Jan.1943 Revised series for iron ore. Metals Jan.1943 ditto Metals other than gold and silver.. Jan. 1943 ditto Iron ore Jan. 1943 New series for iron ore production substituted for former series on iron ore shipments. See note on opposite page. OCTOBER 1943 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX contributed to improvement in both the smelt- also, current reports for a time did not show the ing and fabricating components of the nonferrous full rise in man-hours worked. metals group, for which new figures are shown The new Bureau of Labor Statistics employin the chart. ment figures, used in this revision, are adjusted Improving the accuracy of various existing to the 1939 Census of Manufactures and include series, relating for the most part to fabricated for major industrial groups special adjustments products, presented more important difficulties to more comprehensive data provided by Social than the introduction of series for new materials. Security records. At the present time these lat- A number of the series for fabricated products ter adjustments have been carried through using were based upon current data for man-hours final data for 1941 and preliminary data through worked in particular industries with adjustments the second quarter of 194Z. As later benchmark for estimated changes in output per man-hour. data become available, final adjustments to the The reporting of basic employment data for levels of 1942. and subsequent periods will be these series was greatly complicated by the incorporated in the Bureau's employment statisbuilding of new plants, the conversion of old tics. plants, and the entrance of new companies into In the second place, the upward adjustments manufacturing. All these developments made made earlier for estimated changes in output per it much more difficult to maintain adequate man-hour proved to be considerably too small coverage and comparability, requiring consider- for some industries because of the substantial able revisions when later and more complete increases in efficiency accompanying the rapid reports were compiled. These new data pub- growth of these industries to large-scale operalished in December 1942., with some revisions tions with new facilities. This was particularly later, showed employment had increased more true for the aircraft and shipbuilding industries. than previous figures had indicated in several Consequently large upward revisions were reimportant manufacturing lines, especially in the quired in these productivity adjustment factors. automobile industry and in other industries of Determination of new factors for the war period the transportation equipment group. In certain was complicated by the fact that employment important branches of the chemical industry, data necessarily continued to be reported by PRODUCTION IN THE PRODUCTION OF NONFERROUS METALS AND PRODUCTS MACHINERY AND TRANSPORTATION EQUIPMENT INDUSTRIES SEASONALLY ADJUSTED. 1955-39-100 SEASONALLY ADJUSTED, 1935-39*100 / / / / MA(3HINERY/^ / / 400 / TR>VNSPORTATION / EQUIPMENrTV AUT3MOB1LI:s 1 INCLUDE CRAFT, SHPBUILD- ING.RAS AUTOMOBILES.AIRCOMOTIVE S. LROAD CARS, AND LC 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 [939 1940 1941 1942 1943 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX plants classified in particular industries accord- certain industries not mainly engaged in war ing to the principal prewar product; while production, as in the case of manufactured food information becoming available on war produc- products. tion was reported on the basis of finished war While the revision was under way, the opporproducts—whether manufactured in new plants tunity was taken also to revise various seasonal or in old, in one industry or many. adjustment factors. Seasonal variation has been Finally, some series not involving the use of greatly reduced or eliminated in some industries man-hour data were invalidated by conversion during the war years by such factors as the exof existing plants to new products after the ceptional volume of demand and various Federal United States entered the war. Rubber con- production regulations. Seasonal factors were sumption, for example, no longer was even reas- revised in September 1941 and February 1943 to onably satisfactory as the principal measure of take account of these changes. In the present activity at factories in the rubber products group. revision all the seasonally adjusted series have In this revision a series based on man-hours been reviewed again and revised where necworked in plants in the rubber products industry essary. was introduced at the level reached by the old Owing to the greatly increased need for speed series in the early part of 1941. in output and growing shortages of labor, work- In some instances, like refined petroleum weeks have been extended and there has not been products, the former series were too low owing the usual observance of holidays. Some of these to a combination of several wartime influences. changes had already been allowed for, however, In the exceptional case of chemicals there was and it seemed hardly worth while to undertake the additional factor that the preliminary pro- further revisions at this time. duction data for 1939, to which the current series were linked, proved to be considerably too low. FURTHER REVISIONS IN WAR AND EARLY POSTWAR Meanwhile, collection of new types of indus- PERIODS trial data and improvement in coverage of re- Further revisions of the index for the war ports for some industries has made possible the period should be small—but not too much reintroduction of new measures of activity for liance should be placed on forecasts of this sort. PRODUCTION OF PETROLEUM AND RUBBER PRODUCTS PRODUCTION OF MANUFACTURED FOOD PRODUCTS SEASONALLY ADJUSTED. 1935" 39• 100 SEASONALLY ADJUSTED, 1935-39-100 PER 2 CE 0 N 0 T* 400 * r ' TOTAL 350 •^ VA— 300 P A R N O D CE. V S E E G D E T F A R B U LE IT S S y 0 RUBBEFPRODUCTs/ 200 P C E O r \L R O P L R E O UK D H U C A T N S D J vl -* / - /* 100 100 CONFECTIONERY . '^ FO O O T D H PR : 3 R DUCTS , 50 50 "INCLUDE FLOUR, SUGAR, MEArs, AND DAIRY 0 0 PRODUCT ON TO SERES CHARTED. 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 {942 1943 1939 1940 1941 1942 !943 OCTOBER 1943 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX New war plant construction has been largely changes over a longer period can be made and completed and so have conversions. Also, the until some of the classification problems are advantages of large-scale operations have been clarified and more comprehensive data on physiachieved in considerable part. With the econ- cal volume of output are assembled and inteomy now closer to its over-all limits of man- grated. power, materials, and plant capacity than two years ago, much less actual expansion in total SPECIAL PROBLEMS IN, MEASURING WARTIME industrial output can be expected. Also, there OUTPUT has been an improvement in the current data The revised index of total industrial producavailable and in the technique of currently esti- tion is still a less accurate measure in wartime mating industry and group totals from some of than in peacetime, and many of the group and the sample series used in compiling the index. individual indexes have lost much of their usual The principal developments that may affect the meaning because of the widespread shifts that accuracy of the index in the near future and call have occurred in the type of manufactured goods for further revision will be such changes as occur produced in plants grouped together in the in the amount of physical output per man-hour statistics. It is confusing, for example, to have apart from those for which allowances are a series entitled automobile production when made. It is not likely that extensive improve- more than half of the products covered by it ments in basic production and employment data, currently are aircraft, aircraft parts, guns and which have contributed greatly to the current other products not manufactured by the industry revision, will be so important again in the near in peacetime. future. Further intensive study will be neces- It is, moreover, difficult to judge how sary, however, as new current production data much output of war products in an industry become available in such lines as textiles and corresponds to a given output of peacetime paper and as new benchmark data are compiled, products. This problem of changing products particularly when another Census of Manu- exists to some degree in peacetime as the comfactures is taken. Such study will relate to the position of output shifts within an industry, but weighting of various series as well as to the series the changes are far greater in the transition from themselves. peace to war production. Shifts occasioned by It is expected that the revised measures of out- the widespread transition to manufacture of put adopted at this time and earlier to measure different products are extremely complex, with war production will provide a more accurate marked changes in the types and proportion of index during the period of industrial conversion materials used and especially in the amount of to peacetime production than would have existed processing applied to these materials. There is no wholly satisfactory way of showing what otherwise. But at best only certain of the probhappens to production (value added in terms of lems that will arise with important new developconstant prices) as industry goes on a wartime ments in economic affairs or in statistical inbasis. formation can be taken care of in advance and The problem of changing products is particuin due course it will be necessary again to make larly important in the metal fabricating indusrevisions. Already it is evident that there will tries. Figures on the consumption of metals, be important classification problems which it is even if available for the various metal fabricatnot possible to handle in advance at this time. ing industries, would be far from accurate in Also, present estimates of changes in productive many cases as a measure of processing activities, efficiency for some important lines of activity particularly because these figures would give no must be regarded as tentative for the recent past clue to the extent of changes in the amount of as well as the near future until a review of the processing per unit of material. Actually such 8 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX information on consumption generally is not to the other items, thus creating problems as to available for measuring current changes or de- the appropriateness of the weights. There are, termining production levels in particular lines. however, certain offsetting developments such In some cases, however, as in the nonferrous as more rapid increases in average hourly wage metals group, measures reflecting consumption payments in some of these rapidly expanding are available, appear to be reasonably accurate industries. Further consideration of weight as measures of fabrication in certain stages of problems will be necessary later, when more manufacture, and are used in the index. information becomes available, but probably A more direct measure of processing activity will not affect the level of the total index very is provided by man-hour figures and these figures significantly. are now available in more accurate and detailed form than ever before. In general—not in every SELECTIVE USE OF ADJUSTED MAN-HOUR DATA case—workers of fairly similar skills are em- In this revision use of adjusted man-hour series ployed in an industry in the transition to war to show current monthly changes in production production and it is possible to make rough in various fabricating industries has been conestimates of the changes in productivity arising tinued and even increased somewhat; it should from changed conditions. It is easy to see the be noted, however, that in more lines than bedifficulties involved in such estimates even when fore, adjustment to benchmark production data all collateral information on production is taken can now be made quarterly or annually so that into account; it is difficult to suggest alternative dependence on man-hour data has in some methods of measuring production where shifts respects been diminished rather than increased. from peacetime to wartime products are great. Previously, adjusted man-hour data were used The primary aim, where man-hour data are to measure current monthly changes for series used, is to make an independent determination of which in 1935-39 represented 32 per cent of the production for various periods and to use man- total index and by June 1943 accounted for 50 hours to interpolate. For simplicity's sake the per cent of the index. This rise reflected the fact ratios between the man-hours and these deter- that the most rapidly growing industries generminations of level have been described as ally were covered by man-hour series. In the productivity adjustments. Continuous atten- revised index the corresponding percentage for tion has been given both in peacetime and war- the current period is 58. For the most part the time to the problem of determining changes in higher share covered currently by adjusted manoutput per man-hour. Current information on hour data, 58 per cent as compared with 50 per this point is much better in some lines than in cent, reflects greater upward revisions in the others and consequently certain of the adjust- adjusted man-hour series than in other series, ments for productivity are fairly accurate while but in part it is due to inclusion of new man-hour others are only very rough approximations. series for the rubber products group and for part These problems are discussed somewhat further of the stone, clay, and glass group. in a later section. The use of adjusted man-hour data has been Data on value added by manufacture, used in continued, and extended somewhat, simply bethe calculation of weights to be assigned in com- cause such series seem to provide the best availbining the various series, relate to the prewar able measures of current activity in the indussituation (1937) and are, like some of the old tries concerned. It is believed that the defects series, less satisfactory for wartime use. One of of such data have been overemphasized in some the difficulties is that rapid increases in effi- discussions and that the limitations of alternaciency, mainly in industries where output has tive measures have not been sufficiently recogrisen sharply, are likely to lead to decreases in nized. Questions have arisen partly because of value added per unit of the new items, relative misunderstanding as to how the man-hour data OCTOBER 1943 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX have been handled in constructing the adjusted One such use was in the new series for clay man-hour series included in the index. products. Here, in the absence of over-all pro- Man-hour data have been used in many cases duction figures for pottery products since 1939, just to show month-to-month movements in unadjusted monthly man-hour figures for the series whose level has been determined wholly pottery industry were combined with adjusted or in large part by other measures of production. monthly man-hour figures for various structural For the new rayon series in the index, data on clay products. Also, no adjustments were made filament yarn and staple fiber output were avail- in the man-hours figures used in representing able only by quarterly periods; so monthly man- activity in the rubber products group since the hour data were used to interpolate. For a early part of 1941. After the factories in this number of other series, including processed industry converted to war production they were fruits and vegetables and abrasive and asbestos making such a diverse list of new products that products, adequate production data were avail- their output could hardly be summarized in the able only for annual periods. In the case of usual terms. Figures on the value of the inindustrial chemicals annual output figures were dustry's shipments of manufactured products used for early periods in deriving the new series were subject to conflicting interpretation for shown in the index and since the latter part of this purpose, partly because they were reported 1941 quarterly data have been reported and used on a corporate rather than a plant classification in the determination of levels to which man-hour basis. It is anticipated that when synthetic figures were adjusted. For still other series or natural rubber becomes available in sufficient benchmark production data' are scanty, in part quantities so as to permit the production of because there was no biennial Census of Manu- customary rubber products on a large scale, adfactures for 1941, and more basically because of justments for the man-hour series can be deterdifficulties in measurement of production of mined on a better basis or another type of fabricated products. measurement can be used for this industry. Whenever man-hour data have been used the PRODUCTION OF STONE, CLAY, AND GLASS PRODUCTS. basic aim has been to represent physical produc- SEASONALLY ADJUSTED. 1935-39-100 tion of goods, not the lapse of workers' time. The so-called "productivity factors" are really adjustment factors used to relate current monthly man-hour data to levels of output determined on the basis of all available information relating to production. At times these factors show changes which represent technical adjustments to reconcile man-hour and production figures and are not related to any changes in industry itself. In carrying forward the adjusted man-hour series currently it is necessary to accept temporarily the new levels they indicate, but checks can be made from time to time against other data that may be available, such as those relating to 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 the number of units of major products com- In a few cases man-hour data have been used pleted, value of shipments, consumption of without any adjustment for level where the materials and the like, to see whether the series changes that they show seem to be reasonable. are getting far out of line. It may be noted, 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX however, that in each case the aim is to measure monthly series and carrying series forward that the production process as a whole rather than man-hour data used for these purposes should the initial processing of materials or the final be reasonably comparable for short periods. assembly of finished products; and in the check- In connection with the use of man-hour data, ing process due allowance must be made for it should be noted that the man-hour figures and differences in timing of fluctuations at different the allowances for changes in output per manstages of the production process. hour are applicable to particular industries. The To the extent that man-hours are used simply question then is not how output per man-hour to determine monthly changes for production varies in manufacturing as a whole, but how it data, which are adequate except that they are varies in shipyards or in the aircraft industry or available only quarterly, or annually, or even in the automobile industry. That problem is less often, the only question is whether the difficult enough, but at least it is more tangible timing of the production process is properly than the question of productivity at large. The represented. In cases where the production greatest difficulties arise where there is a large process is long—as in shipbuilding, for exam- amount of conversion. The automobile indusple—man-hours are more accurate for measuring try is a case in point and there little allowance current changes in activity than are data on com- has been made for increased productivity. For pletions. Man-hour figures are also especially the shipbuilding and aircraft industries the useful in indicating current changes in output allowances are considerably larger although still where an industry produces a wide variety of less than 15 per cent since the base period, 1935products, particularly if they are not highly 1939. The allowance for the machinery indusstandardized. try, which includes production of aircraft In using man-hour figures one of the first engines, is also fairly substantial. In some of problems is to select from various series available the lines where satisfactory production data are for similar lines the most appropriate for estimat- available on a quarterly or annual basis, indiing month-to-month changes in production cated increases in productivity are very large, as series whose level has been established as indi- in the case of industrial chemicals; in others little cated. Often annual data on the output of a change is shown. In general, the industries number of products are assembled and a weighted showing no increase or some decline in producannual production series is derived. Then tivity arc lines in which little new equipment monthly changes are estimated for this series on has been installed or special circumstances prethe basis of man-hour data which appear to be vail; and they can not be regarded as typical of most representative. The man-hour series used all manufacturing or of that part of manufacturmay be based on data for a single industry or for ing represented in the index by adjusted mana composite of several industries. In other in- hour data. stances, because of the lack of correspondingly Second, the question is one of output per mandetailed or comprehensive data, there is little hour, not one of labor productivity. Output per choice as to the series to be used. man-hour may increase because existing equip- As indicated earlier in this section, questions ment is more fully utilized; because more modern as to the comparability of man-hours for indus- machinery is installed; because a new managetry or product coverage from one period to ment arranges the flow of materials more evenly; another are not quite as decisive as has some- because products are standardized; because times been thought in appraising the accuracy transport and other factors outside the plant of production series in which they are used, contribute to smoother functioning of operbecause production levels are determined as far ations; because more skilled workers are emas possible on the basis of other information. ployed; because those on the job work harder. Nevertheless, it is important in developing All these and more factors may contribute to OCTOBER 1943 95j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF INDUSTRIAL PRODUCTION INDEX increases in output per man-hour, and the with regard to production and then to consider number of developments that may lead to de- the possible reliability of the results indicated creases in output per man-hour is also large. In for output per man-hour under the circumstances times such as these, more inexperienced workers prevailing in a particular industry. are employed; hours are lengthened, sometimes In peacetime the record of the past offers conto a point where average output per hour is siderable guidance and the changes in output reduced; temporary bottlenecks due to lack of per man-hour to be dealt with are generally materials or component parts appear; in some fairly small and somewhat similar in related instances there is hoarding of labor; changes in industries. In wartime the problems are much design may disrupt the continuous flow of mate- more difficult. The past is a less reliable guide rials and parts so requisite to the success of mass and changes are both large and varied. It may production technique; and where there is be that a reluctance to show too much change extensive conversion output of new products from past conditions has had an influence on the may involve less use of factors of production results of this revision; if so, it is probably in other than labor. To arrive at adjustment fac- the direction of showing too little rather than tors solely by assessing and combining each of too much rise in output per man-hour, as was these factors for each industry would be difficult the case in some of the preliminary figures indeed and to draw conclusions from estimates of worked out in 1940 for 1939 and later years. In any one or two factors would not yield very any event the upward revision in the index at good results. But it is possible, at least in some this time is due largely to the use of new data lines, to make the sort of checks discussed earlier in determining levels of production. 952- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION [As revised October 1943] Proportion of Initial Scries* ind to e t x a l in Daily average base d s a e t r e i e o s f Source and description** 1935-1939 in index Industrial Production—Total... 100.00 Manufactures—Total 84.80 Durable Manufactures 37.93 Iron and Steel 11.00 1.70 85,000 net tons American Iron and Steel Institute, production of pig iron includ- Pig iron ing ferromanganese and spiegel. Computed by using the following series and weights: open hearth Steel... steel (4.27) and electric steel (.60). 8.70 125,333 net tons 1919 American Iron and Steel Institute, production of open hearth and Open hearth steel.. Bessemer steel ingots and steel for castings. .60 2,198 net tons 19401 American Iron and Steel Institute, production of electric steel Electric.. ingots and steel for castings. Machinery... 10.81 Based on man-hour data for electrical machinery, other machinery, and aircraft engine industries and for ordnance industries not elsewhere represented in the production index. Adjustments for estimated changes in output per man-hour based on biennial index of output of machinery industries estimated from Census of Manufactures data. (Description of method may be obtained from Division of Research and Statistics.) Beginning in 1940 adjustments extrapolated by use of machinery manufacturers' shipments, aircraft engine production, and other benchmark data. Manufacturing Arsenals and Depots. Based on estimated man-hours in U. S. Government manufacturing arsenals and depots. Adjustments for estimated changes in output per man-hour same as machinery. Confidential. Transportation Equipment. 5.92 Aircraft .25 19321 Based on man-hour data; employment figures adjusted for recent periods. Adjustments for changes in output per man-hour estimated from confidential production or delivery data in terms of various units of measurement, as compiled by war agencies; and also by use of confidential studies relating man-hours worked to comparable output statistics. Before 1940 adjustments were estimated from Census of Manufactures and other benchmark data. Confidential after 1941. Automobiles.. 4.79 1919 Based on man-hour data for factories in the automobile industry group, adjusted for changes in output per man-hour by use of National Research Project and Bureau of Labor Statistics studies. Before 1935: Bureau of Census, automobile factory sales. Computed by using a daily average base of 15,107 passenger cars and trucks, and weight of 4.79. 1935-1938: manhour series for automobile bodies, parts and assembly industry assigned a weight of 4.31; remainder of weight (.48) assigned to automobile factory sales series. Railroad cars. Based on man-hour data. Adjustments for changes in output per man-hour before 1940 estimated from general measures of productivity for manufacturing industries compiled by National Research Project and Bureau of Labor Statistics; adjustments extrapolated for recent years from general data for munitions and metal-working industries. Confidential after 1941. Locomotives .07 1923 Same as railroad cars. Confidential after 1941. Shipbuilding Private yards.. .53 (*) 1923 Same as aircraft except that before 1940 adjustments for changes in output per man-hour estimated similarly to those for railroad cars. Confidential after 1941. Government yards. 1935 Based on man-hour data for ship construction and ordnance work and part of ship service and repair activity in U. S. Navy yards. Before 1940 adjustments for changes in output per manhour estimated similarly to those for railroad cars. Adjustments for recent years estimated similarly to those for aircraft and private shipbuilding. Confidential. Nonferrous Metals and Products^.. Before 1939: Computed by using the following series and weights: nonferrous metal smelting (.41), copper deliveries (.44), lead shipments (.15), zinc shipments (.21), tin consumption (.20), and "other5' (1.40). Latter series derived by adjusting the total of the individual series in this group to the general level shown by Census of Manufactures data for the group. Smelting and refining... .81 Before 1939: Computed by using the following series and weights: copper smelting (.21), lead production (.07), and zinc smelting (.13). Copper smelting... .36 2,027 net tons Current: Copper Institute, total mine and smelter production and custom intake of U. S. duty-free copper. Monthly figures Aug.-Dec. 1939 estimated. Before July 1933: Based on data from American Bureau of Metal Statistics and unpublished figures. Confidential after May 1942. * Certain of the titles, which are based on 1937 Census of Manufactures, are not accurately descriptive of wartime activities. ** Series derived by Federal Reserve unless otherwise noted. Estimates and adjustments referred to were made by Federal Reserve. Bureaus listed as sources (except American Bureau of Metal Statistics and Hughes Statistical Bureau) are in United States Government agencies. Man-hour figures in recent years compiled by Federal Reserve from Bureau of Labor Statistics data on number of wage-earners and average weekly hours worked. 1 Monthly figures available only from date shown. Unpublished monthly estimates used to obtain group and total indexes for years back to 1923. 2 Bases are shown only for those series for which indexes can be computed directly from regularly published data. 3 Confidential. For method of including activity in manufacturing arsenals and Government shipyards in group and total indexes, see description in Federal Reserve BULLETIN for September 1941, p. 880. 4 Proportions of total index shown for component parts of this group are approximate. OCTOBER 1943 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION—Continued Propor- Series* tion in Daily average base Source and description* 1935-1939 Nonferrous Metals and Products—Cont. Smelting and refining—Continued Lead refining .12 1,273 net tons 1921 Current: American Bureau of Metal Statistics, production of refined lead from domestic and foreign ore and secondary material. Before 1939: Lead production, same series as used for lead in minerals group. Confidential after May 1942. Zinc smelting.. .23 1,391 net tons American Zinc Institute, output of slab zinc of all grades, including production from foreign ores beginning Jan. 1940. Confidential after May 1942. Aluminum.. .11 (*) 1939 Current: War Production Board, production of primary aluminum. 1935-1938: Bureau of Mines. Confidential. Magnesium... .004 1939 Current: War Production Board, production of magnesium. 1935-1939: Bureau of Mines, annual figures before 1939 based on quantities sold or used. Monthly figures estimated for 1939 and 1940. Confidential. Tin <*> 1942 War Production Board, domestic production of refined tin from foreign ores beginning Apr. 1942. Confidential. Fabricating4 2.00 Copper products. .92 1923 Current: War Production Board, shipments of fabricated copper products by wire mills, brass mills, foundries, and other copper processors. Aug. 1933-1941: Copper Institute, deliveries of U. S. duty-free refined copper for domestic consumption, including deliveries of foreign copper for domestic consumption beginning Mar. 1941. Monthly figures Aug.-Dec. 1939 estimated. Before Aug. 1933: American Bureau of Metal Statistics. Three-month moving average placed at last month for period before 1942. Confidential after 1941. Lead shipments.. .28 1,623 net tons 19291 American Bureau of Metal Statistics, shipments of domestically refined lead. Beginning Oct. 1940, adjusted to include imports for consumption of pig lead. Three-month moving average placed at last month. Confidential after 1941. Zinc shipments... .41 1,683 net tons 1923 American Zinc Institute, domestic shipments of slab zinc. Three-month moving average placed at last month. Confidential after May 1942. Aluminum products. .21 1939 Current: War Production Board, shipments of aluminum products fabricated from primary and secondary metal. 1935-1941: Annual figures based on Bureau of Mines data; monthly figures estimated from man-hour data. Confidential. 1939 Current: War Production Board, shipments of magnesium Magnesium products. products fabricated from primary and secondary metal. 1935- 1941: Annual figures based on Bureau of Mines data for apparent consumption of primary magnesium metal; monthly figures estimated. Confidential. Tin consumption.. 140.95 long tons C p u r r i r m e a n r t y : a W nd a r s ec P o r n o d d a u ry c ti t o in n , a B d o ju a s r t d e , d d to o m ex e c s l t u ic d e c t o in n s u u s m ed p t i i n o n tin o - f Elate and terneplate. 1939-1941: Bureau of Mines, monthly gures for 1939 estimated. 1935-1939: American Bureau of Metal Statistics, total tin consumption. Before 1935: Commodity Exchange, Inc., deliveries of tin, three-month moving average placed at last month. Confidential after 1941. Lumber and Products 4.39 Lumber 2.90 1919 Based on board feet cut by major re:gions estimated from data published by the National Lumber xM-xaannuufiaavc-tuuuriewrso Ai.s^svociiaautiuoun and regional lumber associations. Adjusted by use of Census of Manufactures and other benchmark data. (Description may be obtained from Division of Research and Statistics.) Furniture. 1923 Based on man-hour data for furniture industry. Adjustments for changes in output per man-hour estimated from National Research Project and Bureau of Labor Statistics data. Stone, Clay, and Glass Products*. 3.00 Before 1939: Computed by using the following series and weights: cement (.40), bricks (.12), glass containers (.35), plate glass (.12), and "other" (2.01). Latter series derived by adjusting the total of the individual series in this group to the level shown by Census of Manufactures data for the group. Brick series based on Bureau of Census data and prior to 1934 American Face Brick Association data also used. Adjusted to Census of Manufactures data. Glass products .98 .21 546,900 sq. ft. 1923 Hughes Statistical Bureau (formerly Plate Glass Manufacturers Plate glass of America), production of polished plate glass. 19251 Based on Glass Container Association data on total shipments of Glass containers.. glass containers. Adjusted to Census of Manufactures data. .54 291,700 barrels 1919 Bureau of Mines, production of finished Portland cement. Cement .62 1939 Annual figures based on weighted indexes of (1) output of bricks Clay products and tile, estimated from Bureau of Census data; (2) output of clay refractory products, estimated from Bureau of Mines data; and (3) man-hours worked in the pottery industry. Monthly changes estimated from man-hour data for brick, tile, and terra-cotta and for pottery industries. Gypsum and plaster products .25 1939 Annual figures based on weighted indexes of output of the gypsum, lime, wallboard, and mineral wool industries, estimated from Bureau of Mines data. Monthly changes estimated from man-hour data for above industries. Abrasive and asbestos products.. 1939 Annual figures based on weighted index of output of abrasive materials, estimated from Bureau of Mines data; and on index of man-hours worked in the asbestos products industry. Monthly changes estimated from man-hour data for abrasive wheels and asbestos products industries. Other stone and clay products... 1939 Based on man-hours worked in the stone, clay, and glass products group not elsewhere represented in the index. Adjustments for changes in output per man-hour estimated on the basis of selected data for related series. Unpublished. For footnotes, see p. 953. 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION—Continued Propor- Initial Series* tion in Daily average base date Source and description** 1935-1939 in index Nondurable Manufactures 46.87 Textiles and Products.. 11.22 Textile fabrics Computed by using the following series and weights: cotton consumption (2.92), rayon deliveries (.77), nylon and silk consumption (.84), and wool textiles (1.82). Cotton consumption. 4.78 26,069 bales 1919 Bureau of the Census, cotton consumed in running bales, round oc }iolf T"\oloe or»rl f /vr*»i err* in <*nnixral<vn f ^nO_T"*rviTnrl lvalue Rayon deliveries. 2.06 1923 Based fi.be deliveries to mills by domestic producers, plus imports tor consumption. Three-month moving average placed at last month. Nylon and silk consumption.. 1919 Current: Based on consumption of nylon yarn and raw silk estimated from confidential data. Before May 1940: Silk deliveries only. Reported by Commodity Exchange, Inc., 1934-1941, and National Federation of Textiles, Inc., and Silk Association of America for earlier periods, adjusted to exclude re-exports. Three-month moving average placed at last month with a daily average base of 1,641 bales. Confidential after 1941. Wool textiles Computed by using the following series and weights: carpet wool consumption (.29), apparel wool consumption (.16), woolen and worsted yarn (.77), and woolen and worsted cloth (.60). Carpet wool consumption .29 375,700 pounds 1919 Bureau of the Census, raw wool consumed (scoured basis), carpet class—free foreign wools. Apparel wool consumption . . .16 1,100,800 pounds 1919 Bureau of the Census, raw wool consumed (scoured basis), apparel class—domestic and duty paid foreign wools. Woolen and worsted yarn.. .77 Woolen yarn. .45 (2) 1919 Based on Bureau of the Census data on number of woolen spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. Worsted yarn .32 1919 Based on Bureau of the Census data on number of worsted spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. Woolen and worsted cloth. 2.16 1919 Based on Bureau of the Census data on number of broad loom hours operated. Adjusted for estimated changes in output per active loom hour. Leather and Products ... 2.28 Leather tanning .92 Before 1939: Computed by using the following series and weights: cattle hides (.54), calf and kip (.16), and goat and kid (.22). Cattle hide leathers.. .54 85,140 hides 1922 Current: Tanners Council of America. Before May 1932: Bureau of the Census, Calf and kip leathers .16 52,230 skins 1922 ditto Goat and kid leathers.. .13 169,000 skins 1922 ditto Sheep and lamb leathers . .09 141,000 skins 1939 Tanners Council of America. Shoes 1.36 1,585,000 pairs 1919 Current: Bureau of the Census, production of boots, shoes, and slippers, other than rubber. Before 1921 estimated. Manufactured Food Products.. 10.92 Wheat flour.. . .53 350,300 barrels 1919 Food Research Institute, Stanford University. Currently based on The Northwestern Miller and Bureau of Census data. Cane sugar meltings. .23 17,888 net tons 1919 Current: Bureau of Agricultural Economics. Before 1935: Based on Willett & Gray weekly figures. Manufactured dairy products. 1.07 Butter. . . .33 4,616,000 pounds 1923 U. S. Department of Agriculture, factory production of creamery butter (including whey butter). Cheese.. .07 1,818,300 pounds 1923 U. S. Department of Agriculture, factory production of all cheese, excluding cottage, pot, and bakers' cheese. Canned and dried milk. .18 9,238,000 pounds 1923 Based on U. S. Department of Agriculture data on factory production of all canned, dried, and concentrated milk products. Adjusted to include factory production of cottage, pot, and bakers' cheese. Currently estimated from reports on production of evaporated and condensed milk (case goods) and selected dried milk products. Ice cream... 689,400 gallons U. S. Department of Agriculture, production of ice cream in wholesale plants. Currently estimated from International Association of Ice Cream Manufacturers data on sales by United States producers. Meat packing Pork and lard.... .58 20,910,000 pounds U. S. Department of Agriculture, dressed weight of animals slaughtered under Federal inspection. Adjustments for certain periods in years 1933-36 to include slaughtering under Federal emergency programs, Beef. .. . .43 17,226,000 pounds 1919 ditto Veal .06 2,187,000 pounds 1919 ditto Lamb and mutton .08 2,473,000 pounds 1919 ditto Other manufactured foods. 1923 Before 1939: Based on man-hour series for baking, beet sugar, canning and preserving, confectionery, and all other manufactured food industries not elsewhere represented in the index. Adjustments for changes in output per man-hour estimated from biennial production data compiled by the National Bureau of Economic Research. Processed fruits and vegetables 1.43 1939 Current: Annual figures based on weighted indexes of output of canned, frozen, and dehydrated vegetables; canned, frozen, and dried fruits; and canned fruit juices estimated from confidential data compiled by Bureau of Foreign and Domestic Commerce and Bureau of Agricultural Economics. Monthly changes estimated from man-hour data for canning and preserving industry. 1935-1939: Annual figures estimated from Census of Manufactures data and other sources. For footnotes, see p. 953. OCTOBER 1943 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION—Continued Propor- Initial Series* tion in Daily average base date Source and description** 1935-1939 in index Manufactured Food Products—Cont. Other manufactured foods—Cont. Confectionery .95 1939 Annual figures based on pounds of confectionery and competitive chocolate products sold by all manufacturers as estimated by Bureau of Foreign and Domestic Commerce. Monthly changes estimated from current sample data reported by Bureau of Census. Two-month moving average placed at first month. Other food products.. 5.56 1939 Current: Annual figures based on weighted indexes of output of bakery products, American Bakers Association; prepared feeds, beet sugar, and dried and frozen eggs, Bureau of Agricultural Economics; nonalcoholic beverages, Carbonated Bottlers' Association; canned, cured, and frozen fish, Bureau of Fisheries; and on man-hours worked in cereal preparations industry. Monthly changes estimated from man-hour data for certain of series and from other benchmark data. Alcoholic Beverages .,..,» 1.84 Malt liquor 1.22 177,000 barrels 1933 Bureau of Internal Revenue, production of beer and other domestic fermented malt liquors. Whiskey .25 544,700 tax gallons 1933 Bureau of Internal Revenue, domestic production of whiskey. Other distilled spirits. .12 142,550 tax gallons 1933 Bureau of Internal Revenue, domestic production of brandy, gin, and rum. Before Mar. 1942 includes "other spirits", which are included since that time in the series for industrial alcohol from beverage plants. Rectified liquors. . .25 130,400 proof gallons 1934 Bureau of Internal Revenue, production by rectification at rectifying plants. Industrial Alcohol from Beverage Plants 1942 Based on Bureau of Internal Revenue confidential data beginning Apr. 1942 on spirits and unfinished spirits produced at registered distilleries, adjusted to exclude unfinished spirits used at registered distilleries in redistillation. Confidential. Tobacco Products... 1.24 Cigars .31 18,840,000 cigars 1919 Bureau of Internal Revenue, sales of revenue stamps for large and small cigars. Cigarettes. . .69 557,500,000 cigarettes 1919 Bureau of Internal Revenue, sales of revenue stamps for cigarettes. Other tobacco products. . .24 1,212,000 pounds 1919 Bureau of Internal Revenue, sales of revenue stamps for snuff and chewing and smoking tobacco. Paper and Paper Products.... 3.13 Paper and pulp 2.49 Pulp .33 Groundwood pulp.. .05 1919 Based on Federal Trade Commission data through May 1923, American Paper and Pulp Association data June 1923 through Dec. 1933, and United States Paper and Pulp Producers Association data since Jan. 1934. Adjusted to Bureau of Census data. Soda pulp... .03 C2) 1919 Same as groundwood through Dec. 1933 and Soda Pulp Manufacturers Association data since Jan. 1934. Adjusted to Bureau of Census data. Sulphate pulp.. .10 8 1919 Same as groundwood. Sulphite pulp.. .15 1919 ditto Paper 2.16 Paperboard .72 1919 Same as groundwood through Dec. 1933 and National Paperboard Association data 1934 to date. Adjusted to Bureau of Census data. Fine paper. .24 Based on Federal Trade Commission data through May 1923. American Paper and Pulp Association data since May 1923. Adjusted to Bureau of Census data. Printing paper .44 1923 Same as fine paper. Tissue and absorbent Paper .21 1923 ditto Wrapping paper .46 1919 ditto Newsprint .09 1919 Based on Federal Trade Commission data through May 1923. Newsprint Service Bureau data since May 1923. Paperboard containers. C2) 1923 Current: Same series as used for paperboard. Before Mar. 1940 based on production of paperboard containers estimated from National Container Association data, 1933-Feb. 1940, and Paperboard Industries Association data, 1923-1933. Printing and Publishing 6.44 Newsprint consumption 3.22 1919 American Newspaper Publishers Association data. Adjustments in most back years. Printing paper production. 3.22 1923 Same series described in paper and paper products group. Petroleum and Coal Products... 2.14 Petroleum refining 1.86 Before 1939: Computed by using the following series and weights: gasoline (1.16),) fuel oil (.41), lubricating oil (.20), and kerosene (.09). Gasoline... () 1,464,300 barrels 1919 Bureau of Mines, Fuel oil.. (5 1,176,300 barrels 1919 ditto Lubricating oil 87,600 barrels 1919 ditto Kerosene. 169,900 barrels 1919 ditto For footnotes, see p. 953. 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION—Continued Propor- Initial Series* tion in Daily average base date Source and description* 1935-1939 in index Petroleum and Coal Products—Cont. Petroleum refining—Continued Other petroleum products. C2) 1939 Based on weighted index of refinery output of aviation gasoline and of miscellaneous finished products. Aviation gasoline: 1939-Nov. 1941, Census of Manufactures and Bureau ~f Mines; beginning in Dec. 1941, monthly figures estimated from confidential data. For computation of petroleum refining index refinery output of gasoline adjusted to exclude aviation gasoline. Miscellaneous finished products: Bureau of Mines. Coke .28 Byproduct coke.. .27 110,900 net tons 1919 Bureau of Mines, Beehive coke .01 4,420 net tons 1919 ditto Chemical Products4.. 6.27 1923 Be g f r o o re u p 1 9 a 3 d 9 j : u B st a e s d e d t o o n a n m n a u n a - l h l o e u v r e s l s w o or f k p e r d o i d n u t c h ti e o n ch e e s m ti i m ca a l t e p d ro d fr u o c m ts National Bureau of Economic Research data. .78 Annual figures based on output of paint estimated from data on Paints. sales of paint manufacturers, Bureau of the Census; consumption of fats and oils in paint, Bureau of Agricultural Economics; and pigments used in paint, Bureau of Mines. Monthly changes estimated from man-hour data for paint industry. Soap. 1939 Annual figures based on output of soap estimated from quarterly data on manufacturers' sales of soap, Association of American Soap and Glycerin Producers; and data on consumption of fats and oils in soap, Bureau of Agricultural Economics. Monthly changes estimated from man-hour data for soap industry. Rayon. .60 <*) 1939 Based on weighted indexes of quarterly output of rayon filament yarn and staple fiber, Textile Economics Bureau, Inc. Monthly changes estimated from man-hour data for rayon industry. Industrial chemicals. 1.71 1939 Based on weighted indexes of output of chemicals in the "chemicals not elsewhere classified," group of the 1939 Census of Manufactures, plastic materials, crude and intermediate coal tar products, and compressed and liquefied gases. Annual figures estimated from confidential data compiled by U. S. Tariff Commission, War Production Board, Bureau of Foreign and Domestic Commerce, and Bureau of the Census. Quarterly figures from the latter source, available for recent periods, also used. Monthly changes estimated from man-hour data for "chemicals" and compressed gases industries. Explosives and ammunition. 1939 Based on man-hour data for the explosives, small-arms ammunition and^ fireworks industries adjusted to annual production levels estimated from confidential data, War Production Board. Other chemical products. C2) 1939 Based on the following unpublished weighted production indexes, with monthly changes estimated from selected man-hour data: (1) drugs and cosmetics—annual output of drugs estimated from drug wholesalers' sales and inventories, Bureau of the Census, and man-hours worked in the perfume and cosmetics industry; (2) cottonseed products—annual figures based on output of cottonseed oil, cake, and meal and other related oil seed products, Bureau of the Census; (3) fertilizer—annual figures based on data for fertilizer consumption, National Fertilizer Association, and production of fertilizer materials, Bureau of the Census and United States Potash Institute; (4) other chemical products—based on man-hours worked in the chemical products group not elsewhere represented in the index, with adjustments for changes in output per manhour based on other chemical series. Unpublished. Rubber Products... 1.39 19251 Current: Based on man-hour data for rubber products group with no adjustment for changes in output per man-hour. Before Mar. 1941: Computed using the following series (compiled by Rubber Manufacturers Association), weights,and daily average bases: rubber consumption—including one-half of reclaimed rubber—(1.25), 2,129 long tons; pneumatic tires (.12), 201,300 casings; and inner tubes (.02), 192,300 tubes. Minerals—Total... 15.20 Fuels 13.01 Coal 4.31 Bituminous coal 3.44 1,300,000 net tons 1919 U. S. Solid Fuels Administration, bituminous coal and lignite. Anthracite .87 168,400 net tons 1919 Bureau of Mines, Pennsylvania anthracite. Crude petroleum 8.70 3,206,000 barrels 1919 Bureau of Mines, domestic production of crude petroleum. Metals . 2.19 Metals other than gold and silver 1.27 Iron ore .59 142,049 net tons 1919 Current: Bureau of Mines, production of total usable iron ore. Before 1943: Based on Lake Superior Iron Ore Association data for iron ore shipments from United States upper lake ports. Copper. . .44 1,761 net tons 1919 Same as copper smelting, adjusted to exclude custom intake of secondary copper. Confidential after May 1942. Lead... .12 1,066 net tons 1921 American Bureau of Metal Statistics, recoverable lead content of domestic ore receipts by United States smelters. Confidential after Apr. 1942. Zinc. 1,545 net tons 1920 Current: Bureau of Mines, mill output of zinc concentrates in terms of recoverable zinc. Before 1941: Monthly changes estimated from American Zinc Institute data on production of domestic slab zinc; Bureau of Mines annual figures. Confidential after 1941. Gold. .72 19321 Based on data from American Bureau of Metal Statistics since 1932 and on data from Bureau of the Mint in earlier years. Three-month moving average placed at second month. Silver. .20 157,200 fine ounces 1921 American Bureau of Metal Statistics, domestic production of commercial silver bars, .999 fine. Three-month moving average placed at second month from Jan. 1932 to date. For footnotes, see p. 953. OCTOBER 1943 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—ALLOWANCES USED CURRENTLY FOR NONWORKING DAYS [As revised October 19431 Regular weekly Holidays observed 1942 closings Sa d t a u y r- S d u a n y - Y J D ( a N e a n a e y . r w ) ' 1 s i F ( n B W d e g i b a t r a . y o t s h ) n 2 h - 2 ' - s A t D r ( p i P a r o . a y t - s 1 ) ' 9 M o ( r D D a a a y t e i y c o 3 ) - n 0, J ( p D e u I e n n l a n c y d y d e e ) 4 - - ( D L Se a a b p y o t ) . r O D l ( b c u C a t u m . y o s - ) 1 - 2 (T g D N h iv a a o i n y v n ) k . g s-( D C D e m h c a . a r y i s ) s 2 t 5 - T w d n i o o a n o t r y g n a k s - l - T w d i o a o n t y r g a k s l - Durable Manufactures Iron and steel: Pig iron 0 365 Open hearth and electric steel.. 36^ Machinery1 C1) Transportation equipment1 (l) )l\ Nonferrous metals and products: Copper smelting 0 365 Lead refining 0 . 365 Z C i o n p c p e sm r e p l r t o in d g ucts 1 ' 1 '" ........ 1 5 0 4 3 36 1 5 1 Lead shipments 1 1 i"" 1 1 57 308 Zinc shipments 1 1 1 1 1 1 57 308 Tin consumption 1 1 53 312 Lumber and products: Lumber2 1 1 X 1 1 X 1 56 309 Furniture1 (l) (l) Stone, clay, and glass products: Plate glass 1 1 1 1 1 1 57 308 Glass containers 1 1 1 1 1 1 57 308 Clay products1 •. /ft 36(J5) Gypsum and plaster products1. (1) Abrasive and asbestos products1 C1) C1) Nondurable Manufactures Textiles and products: N R C a y o y l t o t o o n n n a d c n e o d l n i v s s i e u l r m k i e p c s o t 3 i n o s n umption3 . 1 1 1 1 1 2 4 $ ( / 1 X 1 1 1 1 X •••{ H "•• 2 X 1 1 1 1 1 1 0 0 1 8 7 3 % % 2 2 2 5 5 5 2 7 6 5 % 6 Wool textiles 1 X X 1 1 1 X 1 1 114 251 Leather and products: Leather tanning. ... 1 1 1 X 1 1 1 X 1 1 110 255 Shoes 1 1 1 1 1 1 1 108 257 Manufactured food products: Wheat flour 1 1 X X 1 1 1 1 58 307 Cane sugar meltings I 1 1 1 1 1 1 108 257 Dairy products 0 365 Meat packing X ••••{••• 1 1 1 1 1 Y" 83 Processed fruits and vegetables1 ........ (*) Confectionery I ""l" 1 1 '" '"1"" 1 " 1" 108 2(5*•)7 Other food products1.. C1) C1) Alcoholic beverages: Malt liquor 1 1 1 y& 1 1 1 1 58y2 306H Whiskey and other distilled spirits.._ y* 1 1 1 1 1 1 S2y2 282M Toba R c e c c o t if p i r e o d d u li c q t u s ors y" 1 1 1 X 1 ""x X " 1 1 1 1 1 1 1 1 s $ z 2 y X2 3 2 0 8 6 2 ^ % 2 Paper and paper products: 2 • Pulp 1 1 X 1 54H 310}^ Paperboard i 1 "l ""H" 1 1 ' y 1 107^ 257K Fine, printing, tissue, and wrap- - 2 ping papers 1 1 X 1 54j^ 310^ Newsprint 1 1 1 1 55 310 Containers, same as paperboard Printing and publishing: Newsprint consumption 0 365 Petroleum and coal products: Petroleum refining 0 365 Byproduct coke 0 365 Beehive coke 0 365 Chemical products1 Rubber products1 • • v • • • • /1\ rl\ Minerals B A i n tu th m ra in c o it u e s 3 4 coal3 4.. 1 1 1 1 ""x" 1 1 1 1 1 1 •••{•••• 2 xy 2 1 1 59 3 3 0 0 6 3M Crude petroleum 0 365 Metals except goid ........ ......... 0 365 Gold3 ""ii" "2"" l" '••{•••• •••{•••• ••••{•••• 1 ' 86 279 1 1 No allowance made; basic series refer, mainly, to week ending nearest 15th of month. 2 These are approximations for the industry as a whole. In the actual calculations the allowances used differ somewhat as between regions. 3 The additional holidays in February and November are Feb. 12 (Lincoln's Birthday) and Nov. 11 (Armistice Day). For Good Friday a full day allowance is made in nylon and silk consumption and a half day in rayon deliveries. 4 The allowances shown are approximations for 1942 and vary fractionally from time to time. The holiday observed in April is April 1 (Eight Hour Day). NOTE: When a holiday falls on a Sunday it is assumed that it is observed on the following Monday and allowance is made accordingly. Fractional holiday allowances are made when it appears that only a part of the industry regularly observes the holiday. When a holiday for which a fractional allowance is made (for example: H) falls on a Saturday which is a fractional working day (for example: H)> the holiday allowance made is the product of the two fractions (^X^ = M) and the total nonworking day allowance for that Saturday used as an example is: J^ -f- % = %. 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—SEASONAL ADJUSTMENT FACTORS FOR RECENT YEARS [As revised October 1943] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable Manufactures Pig iron.... .1939 95 99 105 105 105 101 98 99 98 100 100 95 1940 95 99 105 105 105 101 98 99 98 100 100 * Open hearth and electric steel. .1939 98 102 108 106 101 98 95 97 98 99 101 97 1940 98 102 108 106 101 98 95 97 98 99 101 * Machinery.. .1939 97 100 102 102 102 101 97 98 98 102 100 101 1940 97 100 102 102 102 101 * Aircraft .1939 * Automobiles.. .1939 103 103 106 109 98 94 76 75 98 114 114 110 1940 103 103 106 109 98 94 76 75 98 114 114 110 1941 103 103 106 109 100 100 80 85 . * Railroad cars. .1939 90 103 105 108 110 107 95 100 90 100 95 97 1940 90 103 105 104 107 102 95 100 * Locomotives . .1939 100 102 98 95 100 104 103 101 98 95 97 107 1940 100 102 98 95 100 104 103 101 98 * Shipbuilding (private yards).. . 1939 97 97 104 104 105 104 98 95 97 101 97 101 1940 97 97 104 104 105 104 98 95 97 101 97 Copper smelting.. . 1939 99 99 100 106 101 100 90 94 102 106 105 98 1940 99 97 100 105 100 100 96 96 100 106 103 * Lead refining... . 1939 100 100 98 99 102 97 93 99 102 100 106 104 1940 100 100 102 99 102 94 93 100 102 100 104 104 1941 100 100 102 99 102 94 93 100 102 100 104 104 1942 100 100 102 100 101 94 93 100 102 100 104 104 Zinc smelting... 1939 102 102 105 103 100 98 94 95 97 100 101 103 1940 102 102 105 103 100 98 94 95 97 100 Copper products... 1939 103 103 105 106 99 98 99 100 105 100 98 84 1940 103 103 105 106 99 98 99 100 105 100 98 Lead shipments... . 1939 98 99 104 102 92 92 95 99 107 106 108 98 1940 98 99 104 102 92 92 95 99 107 106 108 Zinc shipments..., . 1939 104 100 104 101 96 90 92 95 106 101 109 102 1940 Tin consumption.... . . 1939 98 100 102 103 101 103 98 99 99 100 100 97 1940 100 100 102 100 100 105 98 99 99 100 100 97 1941 100 100 102 100 100 105 98 * Lumber1.... ..1939 87 87 95 100 107 108 107 109 110 107 97 88 1940 86 88 94 100 105 108 108 110 110 107 98 88 1941 86 89 94 99 103 108 108 109 111 108 97 87 1942 86 89 94 99 102 108 108 109 111 107 98 87 Furniture .1939 93 100 101 97 94 97 93 103 105 109 104 104 1940 94 100 100 97 96 97 95 103 104 107 103 104 1941 95 100 100 98 98 98 97 102 102 104 102 104 1942 96 * Plate glass .1939 105 95 105 100 100 98 66 82 100 115 114 120 1940 105 95 105 100 100 98 66 82 100 115 114 120 1941 105 95 105 100 100 98 66 82 100 115 114 Glass containers.... 1938 90 92 96 100 107 105 104 107 102 103 101 93 1939 90 93 98 100 105 105 104 106 102 103 101 93 1940 91 94 100 100 103 103 104 106 102 103 101 93 1941 94 97 100 100 103 101 100 106 102 103 101 93 1942 98 97 100 100 107 99 96 104 102 103 101 93 Cement . 1935 56 58 73 99 122 131 122 122 121 116 102 78 1936 55 57 75 100 121 128 121 122 120 118 103 80 1937 55 57 77 100 119 124 120 122 120 120 105 81 1938 53 57 78 100 118 122 120 121 120 120 108 83 1939 53 57 79 99 116 120 120 119 120 120 108 89 1940 60 57 80 98 114 118 117 117 120 120 108 91 1941 70 69 81 96 110 114 114 115 116 116 108 91 1942 81 76 82 95 105 107 110 113 116 116 108 91 Clay products1 . 1939 89 90 92 96 97 104 97 104 106 111 107 106 1940 90 90 92 97 100 102 99 104 106 109 106 107 1941 91 92 94 97 100 101 101 104 106 107 104 103 1942 93 94 95 97 100 100 100 103 104 106 104 103 Gypsum and plaster products1 1939 90 89 93 98 102 103 103 105 104 106 103 100 1940 91 89 93 97 103 103 102 105 106 106 103 101 1941 94 92 92 99 103 103 100 102 105 104 102 103 1942 94 96 97 99 101 102 100 101 102 102 101 102 Abrasive and asbestos products1... . 1939 98 98 98 98 99 100 99 100 102 104 102 103 1940 98 97 98 98 99 100 99 99 101 103 101 102 1941 99 98 99 99 99 100 99 100 101 * * Constant of 100 beginning in this month. 1 These series are composites of individual series, for which separate seasonal adjustment factors are computed and used. The factors shown are derived by dividing the index for the composite series, without seasonal adjustment, by the corresponding seasonally adjusted index. NOTE.—This table shows all factors revised since the publication of "Seasonal Adjustment Factors for New Federal Reservvee IInnddeex of Industrial Production" in December 1941. OCTOBER I943 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—SEASONAL ADJUSTMENT FACTORS FOR RECENT YEARS—Continued [As revised October 1943] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Nondurable Manufactures Cotton consumption .1939 104 107 106 103 100 95 90 92 100 102 103 98 1940 104 107 106 103 100 95 90 92 100 102 * Rayon deliveries.. .1939 97 98 90 90 87 97 110 117 118 100 96 100 1940 97 98 90 90 87 97 110 117 118 100 96 Nylon and silk consumption.. .1939 108 105 98 95 89 87 92 98 113 115 110 90 1940 108 105 98 95 89 87 92 98 113 115 110 90 1941 108 105 98 95 89 87 92 * Carpet wool consumption. . 1939 95 109 112 94 96 98 98 106 102 99 98 93 1940 95 109 112 94 96 98 98 106 102 99 98 * Apparel wool consumption .1939 98 108 101 94 100 100 95 104 100 96 101 103 1940 98 108 101 94 100 100 95 104 100 96 101 Woolen yarn... .1939 101 109 97 94 100 100 100 104 99 98 98 100 1940 101 109 97 94 100 100 100 104 99 98 98 * Worsted yarn... .1939 103 104 96 94 100 100 95 102 96 100 100 110 1940 103 104 96 94 100 100 95 102 96 100 100 * Woolen and worsted cloth .1939 106 114 100 90 96 99 97 102 95 96 99 106 1940 106 114 100 90 96 99 97 102 95 96 99 * Cattle hide leathers. .1939 101 111 100 100 98 95 93 96 99 101 104 102 1940 101 110 100 100 98 96 93 97 98 101 104 102 1941 102 108 100 100 100 96 94 97 98 101 104 100 1942 102 108 100 100 100 96 94 97 98 101 104 100 Calf and kip leathers... .1937 98 106 94 99 95 104 110 105 98 96 95 100 1938 98 106 98 99 95 102 110 105 98 96 95 98 1939 98 106 98 99 96 102 100 105 98 102 98 98 1940 98 105 98 96 96 102 99 105 98 102 103 98 1941 98 105 98 96 96 102 99 105 98 102 103 98 1942 98 105 98 96 96 102 99 105 98 102 103 98 Goat and kid leathers... .1939 100 104 99 103 98 101 99 97 101 99 97 102 1940 100 104 99 103 98 101 99 97 101 99 97 102 1941 100 104 99 103 98 101 99 . 97 101 100 97 101 1942 100 104 99 103 98 101 99 97 101 100 97 101 Sheep and lamb leathers . .1939 93 110 97 98 108 99 93 103 98 100 106 95 1940 93 110 97 98 108 99 93 103 98 100 106 95 1941 93 110 97 98 108 99 93 103 98 100 106 95 1942 93 110 97 98 108 99 93 103 98 100 106 95 Shoes .1938 96 108 111 105 98 88 98 113 112 101 86 84 1939 96 108 111 101 98 90 101 113 109 99 89 85 ,1940 95 107 110 101 98 93 101 112 107 99 91 86 1941 95 106 109 101 99 95 101 109 104 99 93 89 1942 95 103 105 101 100 95 Wheat flour... .1939 101 99 97 94 92 94 99 101 115 108 103 97 1940 101 100 97 95 94 94 99 99 114 107 102 98 1941 100 101 98 96 96 96 99 99 109 106 101 99 1942 100 101 98 96 96 96 99 99 109 106 101 99 Cane sugar meltings. 1939 83 98 110 110 98 103 115 105 119 97 82 80 1940 83 98 110 110 98 103 115 105 119 97 82 80 1941 83 98 110 110 98 103 115 105 119 97 82 80 1942 83 98 110 110 98 103 115 105 * • Butter... .1938 81 86 90 100 129 140 122 110 98 87 78 79 1939 83 87 91 101 129 138 122 110 97 86 77 79 1940 83 88 91 102 129 138 122 110 96 86 76 79 1941 83 88 91 102 129 138 122 110 96 86 76 79 1942 83 88 91 102 129 138 122 110 96 86 76 79 Cheese.... .1937 72 78 83 98 133 154 129 112 103 94 75 69 1938 72 78 84 100 134 154 129 112 101 92 75 69 1939 72 78 86 101 134 153 128 112 101 91 75 69 1940 72 79 87 102 134 149 127 112 102 90 75 71 1941 73 80 89 103 134 145 125 112 102 90 75 72 1942 74 82 90 104 134 142 123 112 102 90 75 72 Canned and dried milk 1938 76 86 98 113 142 150 122 103 92 80 68 70 1939 78 88 98 113 141 145 120 103 92 80 70 72 * 1940 80 89 98 113 139 141 119 103 92 81 71 74 1941 81 90 98 113 139 138 116 103 92 81 72 77 1942 81 90 98 113 139 138 116 103 92 81 72 77 Ice cream.... .1939 50 60 77 96 136 158 167 159 108 75 60 54 1940 51 61 75 100 134 156 167 154 108 79 60 55 1941 53 61 75 102 132 1S4 167 146 113 81 60 56 1942 53 61 75 102 132 154 167 146 113 81 60 56 Pork and lard.. .1939 130 100 93 92 100 97 90 75 80 94 117 132 1940 131 100 93 91 100 100 88 75 79 94 117 132 1941 131 98 93 91 100 100 88 77 79 94 117 132 1942 131 98 93 91 100 100 88 77 79 94 117 132 * Constant of 100 beginning in this month. 96O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—SEASONAL ADJUSTMENT FACTORS FOR RECENT YEARS—Continued [As revised October 1943] Jan. Feb. Mar. Apr. May June» July Aug. Sept. Oct. Nov. Dec. Nondurable Manufactures—Con t. Beef. ...1939 100 90 91 93 100 98 101 101 112 109 105 100 1940 101 92 91 94 100 98 101 101 108 109 105 100 1941 102 92 91 94 100 98 101 101 108 109 104 100 1942 102 92 91 94 100 98 101 101 108 109 104 100 .1939 95 88 94 98 104 100 100 98 110 112 107 94 1940 93 88 94 98 104 100 100 98 110 114 107 94 1941 93 88 94 98 104 100 100 98 110 114 107 94 1942 93 88 94 98 104 100 100 98 110 114 107 94 Lamb and mutton... . 1939 105 101 98 97 102 95 96 98 110 104 98 96 1940 106 101 98 97 102 94 96 98 107 104 100 97 1941 106 101 98 97 102 93 96 98 107 104 100 98 1942 106 101 98 97 102 93 96 98 107 104 100 98 Processed fruits and vegetables. . 1939 59 56 59 65 67 88 123 202 216 125 75 65 1940 59 56 58 61 67 88 123 198 198 145 79 68 1941 59 56 53 58 60 83 130 188 216 134 92 71 1942 65 63 53 58 60 77 130 164 232 128 92 78 Confectionery.. . 1939 103 101 91 83 75 68 76 112 135 134 121 101 1940 103 101 91 83 77 70 76 110 133 134 121 101 1941 103 101 92 83 77 72 76 109 131 134 121 101 1942 103 101 . 93 83 77 74 82 108 129 131 118 101 Other food products... .. 1939 94 94 96 96 99 101 102 102 104 105 105 102 1940 94 95 96 96 99 101 102 102 103 105 105 102 1941 95 95 96 96 99 101 102 102 102 105 105 102 1942 96 95 96 96 98 101 102 102 102 105 105 102 Malt liquor... .1938 80 85 99 109 117 128 125 117 102 80 80 78 1939 82 85 93 109 117 128 125 114 101 86 80 80 1940 82 85 93 109 117 128 125 114 101 88 78 80 1941 82 88 93 107 116 126 125 114 101 91 77 80 1942 82 90 93 105 114 126 125 114 101 93 77 80 Whiskey.. .1939 132 130 123 110 100 80 55 55 80 95 125 115 1940 132 130 123 110 100 85 55 55 80 95 120 115 1941 125 125 120 110 105 85 65 55 80 105 110 115 1942 110 110 * Other distilled spirits... . 1939 65 60 65 60 60 59 47 48 137 265 210 124 1940 65 60 65 60 60 62 53 54 137 259 210 115 1941 65 60 65 60 60 62 58 54 137 259 210 110 1942 65 60 65 60 60 62 58 54 137 259 210 110 Rectified liquors... 1939 73 86 95 89 88 80 84 78 106 132 162 127 1940 73 86 95 89 88 80 84 78 106 134 162 125 1941 73 86 95 * Cigars... .1939 81 88 92 95 99 107 102 103 115 121 119 78 1940 84 89 92 95 99 102 101 103 115 121 119 80 1941 85 90 93 99 99 102 100 102 108 121 119 82 1942 86 91 94 99 99 102 100 102 108 116 * Cigarettes. .1937 99 94 93 93 104 110 112 105 107 99 95 89 1938 98 94 93 93 104 110 109 105 107 100 98 89 1939 98 94 93 93 104 110 107 105 107 101 99 89 1940 98 94 93 93 104 110 105 105 107 102 100 89 1941 98 94 93 93 102 110 105 105 107 103 101 89 1942 100 94 93 93 100 105 105 105 107 104 102 92 Other tobacco products... .. 1939 97 99 101 99 101 102 100 101 108 103 101 88 1940 97 99 100 100 101 102 100 97 107 106 103 88 1941 98 97 100 100 101 102 100 97 107 107 103 88 1942 98 97 100 100 101 102 100 97 107 107 103 88 Groundwood pulp... .. 1939 104 104 107 112 111 102 89 85 87 93 102 104 1940 104 104 107 112 110 101 89 86 87 93 104 103 1941 104 104 107 111 109 101 89 87 88 93 105 102 1942 104 104 107 110 108 101 89 88 89 93 106 101 Soda, sulphate, and sulphite pulp.. .. 1939 * Paperboard.. .1939 96 103 104 102 98 ' 100 95 101 106 106 100 89 1940 96 103 104 102 98 100 95 101 106 106 100 89 1941 96 103 104 102 98 100 95 101 106 106 100 * Fine paper... .. 1939 101 107 107 109 103 98 91 * Printing paper .. 1939 100 103 104 104 102 98 94 * Tissue and absorbent paper.. .. 1939 97 104 101 102 99 99 95 100 104 104 99 96 1940 97 104 100 101 100 102 96 100 100 104 99 97 1941 98 104 100 101 100 102 96 100 100 102 100 97 1942 99 104 100 101 100 102 96 100 100 101 100 97 Wrapping paper... .. 1939 100 104 102 101 98 98 97 99 101 103 100 * Newsprint... .1939 100 99 100 102 101 101 98 97 100 100 102 100 1940 100 100 100 102 101 101 98 98 100 100 101 99 1941 100 100 100 102 101 101 98 99 100 100 101 98 1942 100 100 100 102 101 101 98 99 100 100 101 98 * Constant of 100 beginning in this month. 961 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—SEASONAL ADJUSTMENT FACTORS FOR RECENT YEARS—Continued [As revised October 1943] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Nondurable Manufactures—Cont. Paperboard containers 1939 95 98 102 100 99 99 98 101 110 108 98 92 1940 95 98 C1) Newsprint consumption... .. 1939 94 98 104 107 104 101 86 88 101 107 106 104 1940 93 98 104 106 104 101 86 88 101 107 107 105 1941 93 98 104 106 104 100 86 89 101 106 108 105 1942 93 98 104 106 104 99 86 90 101 105 109 105 Gasoline.... .1939 96 97 95 99 100 102 103 103 103 103 101 98 1940 96 97 95 99 100 102 103 103 103 103 101 98 1941 96 97 95 99 100 102 103 103 103 103 101 * Fuel oil.... .1939 103 101 98 98 100 99 98 98 101 101 101 102 1940 103 101 98 98 100 99 98 98 101 101 101 102 1941 103 101 98 98 100 99 98 98 101 101 101 102- 1942 * Lubricating oil.... .1939 97 99 99 104 104 100 99 99 100 100 100 99 1940 97 99 99 104 104 100 99 99 100 100 100 99 1941 97 99 99 104 104 100 99 99 100 100 100 99 1942 97 99 99 104 104 100 99 99 100 100 100 99 Kerosene.... .1938 102 101 102 102 101 98 93 96 99 100 103 103 1939 102 102 102 102 101 97 93 96 99 100 103 103 1940 102 105 102 102 101 94 93 96 99 100 103 103 1941 102 105 102 102 101 94 93 96 99 100 103 103 1942 102 105 102 102 101 94 93 96 99 100 103 103 Byproduct coke... .. 1939 100 101 101 100 100 100 98 100 100 100 100 100 1940 100 101 101 100 100 100 98 100 100 100 100 * Beehive coke . .. 1939 117 135 125 90 75 82 83 80 83 103 110 117 1940 117 135 125 90 75 82 83 80 83 103 110 * Paints.. .1939 98 99 100 101 103 103 99 99 99 100 99 100 1940 98 99 100 101 103 103 99 99 99 100 99 100 1941 98 99 100 101 103 103 99 99 99 100 99 100 1942 98 99 100 101 103 103 99 99 99 100 99 100 Soap... .1939 98 99 100 98 97 98 99 101 104 105 101 100 1940 98 99 100 98 97 98 99 101 104 105 101 100 1941 98 99 100 98 97 98 99 101 104 105 101 100 1942 98 99 100 98 97 98 99 101 104 105 101 100 Rayon.... .. 1939 102 101 100 98 98 100 99 96 100 102 102 102 1940 102 101 100 98 98 100 99 96 100 102 102 102 1941 102 * Industrial chemicals 1939 * Rubber consumption... .1939 103 98 100 99 100 100 100 100 102 100 103 95 1940 103 98 100 99 100 100 100 100 102 100 103 * Pneumatic tires 1939 Inner tubes .. 1939 * Minerals Bituminous coal .. 1939 111 117 96 84 85 86 88 92 104 112 114 111 1940 111 117 96 84 85 86 88 92 104 112 114 111 1941 111 117 96 84 Anthracite... .1939 116 110 103 107 110 92 78 74 96 106 102 106 1940 Crude petroleum .1939 98 99 101 102 103 100 100 103 100 99 97 98 1940 98 99 101 102 103 100 100 103 100 99 97 98 1941 98 99 101 102 103 100 100 103 100 * Iron ore2 Copper.. .1939 98 102 102 104 99 98 89 94 103 104 104 103 1940 98 101 102 104 100 98 94 97 99 103 103 101 1941 98 100 101 103 102 99 94 98 99 102 103 101 1942 98 100 101 101 102 101 94 99 99 101 103 101 Lead.... .1939 100 100 98 101 102 99 93 100 102 100 103 102 1940 100 100 98 102 102 99 97 100 100 100 101 101 1941 100 100 98 102 102 99 97 100 100 100 101 101 1942 100 100 98 102 102 99 97 100 100 100 101 101 Zinc... .1939 102 102 105 103 100 98 94 95 97 100 1P1 103 1940 102 102 105 103 100 98 94 95 97 100 Gold... ..1939 94 92 83 88 95 80 107 108 113 125 115 100 1940 94 92 83 88 95 80 107 108 113 125 115 100 1941 94 92 83 88 95 80 107 108 113 125 115 100 1942 94 92 83 88 95 80 107 108 113 125 115 100 Silver.... . . 1939 99 103 104 102 96 100 93 103 98 102 99 101 1940 99 103 104 102 96 100 93 103 98 102 99 101 1941 99 103 104 102 96 100 93 103 98 102 99 101 1942 99 103 104 102 96 100 93 103 98 102 99 101 * Constant of 100 beginning in this month. 1 Same as Paperboard beginning in this month. 2 The method of seasonal adjustment for this series, and the factors used, may be obtained from the Division of Research and Statistics. 962. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—POINTS IN TOTAL INDEX BY MAJOR GROUPINGS [Adjusted for seasonal variation. Major groupings expressed as points in total index, 1935-39 average for total = 100] Durable manufactures Nondurable manufactures Machinery Year and month T in o d t e a x l Total and Ir o s n teel m tr e e t a a n q n t t u s i , o p i a p n o n - r d - d O ur th ab er le Total T le e a a x n t t h d il e e r s t l o F i b q a o n a u o c d o d c r , o , P p a r p i e n r t i a n n g d d O u n r t o a h n b e - l r e Mi t n o e t r a a l ls, arsenals 1939—Jan.. . 101 36.5 10.4 15.6 10.4 49.1 14.4 14.5 9.7 10.4 15.7 Feb.. . 101 36.5 10.4 15.7 10.4 49.1 14.4 14.4 9.9 10.5 15.4 Mar.. 101 36.2 10.2 15.7 10.3 49.2 14.1 14.7 9.7 10.6 15.8 Apr.. . 98 35.4 9.3 15.7 10.3 48.8 13.8 14.7 9.8 10.5 13.9 May. . 99 35.4 9.0 16.0 10.4 49.1 14.0 14.9 9.7 10.5 14.7 June. 103 37.6 10.5 16.5 10.6 49.8 14.5 15.0 9.8 10.6 15.8 July. 106 39.0 11.1 17.1 10.8 50.4 15.0 14.9 9.8 10.6 16.3 Aug.. 106 41.3 12.5 17.7 11.2 50.8 14.8 15.1 10.1 10.8 14.0 Sept.. 115 45.0 14.7 18.5 11.8 52.6 15.2 15.3 10.9 11.3 17.4 Oct... 122 49.0 17.4 19.0 12.7 54.7 15.8 15.2 11.8 12.0 18.0 Nov.. 124 50.7 17.9 19.6 13.1 55.4 16.7 15.1 11.6 11.9 18.3 Dec. 124 51.7 17.8 20.9 13.1 55.3 16.5 15.1 11.8 11.9 17.4 1940—Jan.. . 122 50.4 16.6 21.3 12.5 53.7 15.5 15.2 11.0 12.0 18.2 Feb.. . 117 46.7 13.6 21.0 12.1 52.5 14.4 15.3 10.7 12.0 17.5 Mar.. 114 44.9 11.7 21.2 12.0 51.1 13.3 15.2 10.5 12.0 17.9 Apr.. . 114 44.5 11.6 21.0 11.8 51.4 13.2 15.4 10.8 12.0 18.2 May.. 118 47.4 13.9 21.5 12.1 52.7 13.7 15.3 11.6 12.2 18.0 June. . 123 51.0 16.7 22.3 12.0 53.9 14.1 15.9 11.8 12.1 18.0 July. 123 51.7 17.4 22.3 12.0 53.7 14.8 15.6 11.2 12.1 17.9 Aug.. . 126 54.9 17.9 24.4 12.6 53.5 15.0 15.3 10.9 12.3 17.2 Sept.. 129 57.4 18.6 25.5 13.3 54.2 15.3 15.6 10.7 12.6 17.8 Oct.. . 132 59.2 18.9 26.6 13.6 55.7 16.0 15.7 11.1 12.8 17.3 Nov.. 136 60.4 18.8 27.6 14.0 57.7 17.6 15.9 11.1 13.0 18.0 Dec.. 140 62.9 19.1 29.4 14.5 59.3 18.3 16.1 11.5 13.5 18.1 1941—•.Jan.. . 143 65.4 19.7 30.8 14.9 59.5 18.1 16.0 11.7 13.8 18.3 Feb.. 147 67.6 19.7 32.8 15.1 61.2 18.7 16.4 11.9 14.2 18.1 Mar.. 152 69.9 20.3 34.3 15.3 62.6 19.2 16.6 12.3 14.5 19.1 Apr.. 149 70.5 20.0 34.8 15.7 64.0 19.7 16.9 12.6 14.9 14.6 May. . 160 75.0 20.3 38.5 16.2 66.3 20.6 17.1 13.1 15.5 18.4 June. 164 77.1 20.3 40.4 16.4 67.4 20.5 17.4 13.2 16.2 19.4 July. 166 78.9 20.4 41.8 16.7 67.6 20.5 17.6 13.0 16.5 19.1 Aug.. 167 79.4 20.4 42.2 16.8 68.4 20.3 17.9 13.2 16.9 19.4 Sept.. 169 80.4 20.6 43.0 16.8 68.4 20.0 18.2 13.0 17.2 20.1 Oct.. . 172 82.9 21.1 45.3 16.5 69.1 19.9 18.3 13.2 17.7 20.4 Nov.. 174 83.3 21.1 45.7 16.6 70.6 20.6 18.5 13.6 18.0 20.3 Dec. 176 85.5 21.0 47.8 16.7 70.2 20.3 18.3 13.2 18.4 20.4 1942—Jan.. . 181 89.1 21.2 51.3 16.6 71.4 20.8 18.5 13.4 18.7 20.3 Feb.. 183 91.6 21.4 53.5 16.7 71.6 20.6 18.4 13.3 19.3 20.2 Mar.. 186 94.9 21.9 56.2 16.8 71.5 20.2 18.1 13.1 20.1 19.2 Apr.. . 189 97.3 21.9 58.7 16.8 72.2 20.8 17.8 12.6 21.0 19.1 May.. 191 100.1 22.0 61.5 16.7 71.8 20.6 17.6 11.9 21.8 19.1 June. 193 103.0 21.7 64.5 16.8 71.2 20.1 17.6 10.8 22.7 19.3 July. 197 105.6 21.5 67.4' 16.6 72.3 20.2 18.2 10.4 23.6 19.1 Aug.. 204 109.9 21.7 71.3 16.9 74.2 20.1 18.7 11.0 24.4 19.7 Sept.. 208 113.3 21.9 74.5 16.9 75.3 20.2 19.2 11.1 24.8 19.9 Oct.. . 215 117.9 22.8 77.8 17.4 77.4 20.5 19.0 11.9 26.0 19.6 Nov.. 220 121.1 22.4 81.1 17.6 78.7 20.5 19.2 11.8 27.2 19.8 Dec. 223 124.5 22.0 84.7 17.7 79.3 20.3 19.4 11.3 28.3 19.3 1943—-Jan.. 227 127 A 22.4 87.2 17.8 80.1 20.6 19.0 11.6 29.0 19.0 Feb.. 232 130.3 22.8 89.4 18.0 81.6 21.0 19.2 11.8 29.6 19.9 Mar.. 235 133.2 23.1 91.9 18.1 81.5 20.5 19.2 11.6 30.3 20.1 Apr.. . 237 135.2 23.0 94.0 18.2 82.0 20.3 18.9 11.7 31.1 19.9 May.. 238 136.3 22.8 94.8 18.6 82.4 20.5 18.7 11.6 31.6 19.6 June. 236 135.9 22.1 95.5 18.3 82.8 20.0 18.9 11.6 32.3 17.8 July. 239 136.3 22.3 95.7 18.3 82.7 19.2 19.4 11.3 32.6 20.5 Aug.. Sept.. Oct... Nov.. Dec. OCTOBER 1943 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943 [1935-39 average = 100] Jan. Feb. ^Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Industrial Production—Total.. Vithout seasonal adjustmen/ 1939 98 100 101 98 99 103 103 107 119 127 126 122 109 1940 118 115 113 113 118 123 121 126 134 137 138 139 125 1941 v 139 144 149 149 160 165 165 170 174 176 175 173 162 1942 177 180 182 187 192 195 199 207 213 218 220 221 199 1943 223 229 232 235 239 238 241 Adjusted for seasonil variatoin 1939 101 101 101 98 99 103 106 106 115 122 124 124 1940 122 117 114 114 118 123 123 126 129 132 136 140 1941 143 147 152 149 160 164 166 167 169 172 174 176 1942 181 183 186 189 191 193 197 204 208 215 220 223 1943 227 232 235 237 238 236 239 Manufactures—Total Vithout seasonal adjustment 1939 97 99 101 100 99 103 102 109 119 127 127 124 109 1940 119 115 114 113 118 123 121 128 135 140 141 143 126 1941 144 149 155 158 166 171 171 176 180 183 182 182 168 1942 186 190 194 199 203 206 211 219 227 233 236 239 212 1943 242 247 251 255 258 259 259 Adjusted for seasonal variation 1939 101 101 101 99 100 103 105 109 115 122 125 126 1940 123 117 113 113 118 124 124 128 132 135 139 144 1941 147 152 156 159 167 170 173 174 176 179 182 184 1942 189 192 196 200 203 205 210 217 222 230 236 240 1943 245 250 253 256 258 258 258 Durable Manufactures Vithout seasonal adjustment 1939 92 95 98 96 95 99 98 106 119 133 136 135 109 1940 128 121 121 121 127 134 131 141 152 160 163 167 139 1941 170 177 184 187 198 204 204 208 214 221 220 224 201 1942 232 239 249 256 265 272 279 291 300 312 319 327 279 1943 334 342 350 356 360 359 360 Adjusted for seasonicl variatoin 1939 96 96 95 93 93 99 103 109 119 129 134 136 1940 133 123 118 117 125 134 136 145 151 156 159 166 1941 172 178 184 186 198 203 208 209 212 219 220 225 1942 235 241 250 257 264 272 278 290 299 311 319 328 1943 336 344 351 356 359 358 359 Iron and Steel.. Vithout seasonal adjustment 1939 92 96 100 90 83 94 96 110 131 157 164 156 114 1940 147 126 115 112 128 149 151 158 166 171 172 174 147 1941 180 179 185 182 184 185 186 185 187 192 192 191 186 1942 192 194 200 199 200 198 196 197 199 207 204 200 199 1943 204 208 210 209 208 201 203 Adjusted for seasonil variatoin 1939 95 95 93 85 82 95 101 113 134 158 * 163 162 1940 151 124 107 106 126 152 159 163 169 172 171 174 1941 180 179 185 182 184 185 186 185 187 192 192 191 1942 192 194 200 199 200 198 196 197 199 207 204 200 1943 204 208 210 209 208 201 203 Pig iron . Vithout seasonal dajustmen/ 1939 92 97 102 90 73 93 100 113 126 154 163 160 114 1940 153 134 124 123 133 150 154 161 164 169 173 173 151 1941 177 176 178 170 175 179 181 182 185 184 184 190 180 1942 189 189 192 192 192 194 192 190 194 199 201 197 193 1943 198 200 202 198 196 190 191 Adjusted for seasonal variation 1939 97 98 97 86 70 92 102 114 129 154 163 169 1940 161 136 118 117 127 148 157 162 167 169 173 *173 1941 177 176 178 170 175 179 181 182 185 184 184 190 1942 189 189 192 192 192 194 192 190 194 199 201 197 1943 198 200 202 198 196 190 191 Steel.. Without seasonal adjustmen 1939 93 97 100 90 86 95 96 111 133 158 165 157 115 1940 148 127 117 114 131 152 154 161 171 176 178 181 151 1941 187 187 193 193 196 196 197 198 200 207 207 205 197 1942 209 211 218 219 219 216 216 218 219 229 224 221 218 1943 226 231 233 235 233 227 229 Adjusted for season<il variaotni 1939 95 95 93 85 85 97 101 114 135 160 164 162 1940 151 125 108 107 130 155 162 166 175 178 177 181 1941 187 187 193 193 196 196 197 198 200 207 207 205 1942 209 211 218 219 219 216 216 218 219 229 224 221 1943 226 231 233 235 233 227 229 Open hearth steel Vithout seasonal adjustmen 1939 92 . 96 98 89 84 93 94 109 131 156 163 154 113 1940 144 120 109 105 124 146 148 154 161 165 166 166 143 1941 173 172 178 173 175 174 174 173 174 179 177 176 175 1942 176 178 182 181 182 178 175 177 179 186 182 179 179 1943 182 185 188 186 184 177 180 * Same as unadjusted indexes beginning in this month. 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Iron and Steel—Cont. Steel—Cont. Open hearth steel—Cont .Adjusted for seasonal variatoin 1939 94 94 91 84 84 95 99 112 133 157 161 159 1940 147 118 101 99 122 149 155 159 164 167 164 *166 1941 173 172 178 173 175 174 174 173 174 179 177 176 1942 176 178 182 181 182 178 175 177 179 186 182 179 1943 182 185 188 186 184 177 180 Electric steel.. Without seasonal adjustmen 1939 128 1940 179 174 173 175 182 196 199 212 242 257 265 "283" 212 1941 287 296 302 335 349 357 360 377 388 409 420 411 357 1942 449 448 477 487 488 489 506 507 503 536 527 523 495 1943 542 560 559 580 584 583 577 Adjusted for seasonal variatoin 1939 1940 182 171 160 165 181 200 210 219 247 259 263 *283 1941 287 296 302 335 349 357 360 377 388 409 420 411 1942 449 448 477 487 488 489 506 507 503 536 527 523 1943 542 560 559 580 584 583 577 Machinery Without seasonal adjustmetn 1939 89 93 96 96 98 99 99 103 107 117 122 124 104 1940 122 122 126 127 128 131 132 137 143 149 154 166 136 1941 171 181 191 201 215 224 228 237 242 248 248 263 221 1942 277 291 305 313 322 333 340 356 365 380 392 407 340 1943 417 426 436 441 443 441 438 Adjusted jor seasonal variatoin 1939 92 93 94 94 96 98 102 105 109 114 122 123 1940 125 122 123 124 126 130 *132 137 143 149 154 166 1941 171 181 191 201 215 224 228 237 242 248 248 263 1942 277 291 305 313 322 333 340 356 365 380 392 407 1943 417 426 436 441 443 441 438 Transportation Equipment Without seasonal adjustment 1939 99 97 97 101 94 96 85 87 109 120 116 133 103 1940 129 129 134 133 128 131 111 129 157 180 185 189 145 1941 196 211 220 213 237 253 239 239 261 286 293 298 245 1942 330 339 357 380 412 440 471 506 539 567 600 630 464 1943 651 671 692 718 728 743 752 Adjusted for seasonal variatoin 1939 97 95 92 94 94 99 102 106 111 109 107 125 1940 127 127 128 125 129 135 131 153 160 166 172 179 1941 193 207 213 204 237 253 267 257 261 286 293 298 1942 330 339 357 380 412 440 471 506 539 567 600 630 1943 651 671 692 718 728 743 752 Aircraft ... Without seasonal adjustment 1939 110 120 125 137 153 171 180 190 190 213 242 266 175 1940 283 285 304 312 337 382 408 472 523 571 613 660 429 1941 715 777 809 865 932 992 1072 1202 1311 1417 1487 1662 1103 1942 f 1943 Adjusted fi(r seasonil variatoin 1939 *110 120 125 137 153 171 180 190 190 213 242 266 1940 283 285 304 312 337 382 408 472 523 571 613 660 1941 715 777 809 865 932 992 1072 1202 1311 1417 1487 1662 1942 f 1943 Automobiles... Without seasonal adjustmen/ 1939 98 93 93 96 85 85 71 73 100 112 104 122 94 1940 116 114 118 116 106 106 78 93 123 148 149 144 118 1941 146 157 161 146 165 175 146 130 146 161 158 138 152 1942 143 127 128 130 139 147 153 165 172 177 185 191 155 1943 198 203 204 206 211 215 220 Adjusted /or seasonal variation 1939 95 90 88 88 86 90 93 97 102 98 91 111 1940 112 111 111 106 109 113 102 124 125 129 131 131 1941 142 153 152 134 165 175 183 153 *146 161 158 138 1942 143 127 128 130 139 147 153 165 172 177 185 191 1943 198 203 204 206 211 215 220 Railroad cars... Without seasonal adjustment 1939 71 85 83 81 87 83 68 76 76 100 114 133 88 1940 134 153 160 143 139 126 119 132 137 143 158 178 144 1941 182 186 183 204 228 245 244 243 257 287 271 294 235 1942 f 1943 Adjusted for seasonal variatoin 1939 78 82 79 75 79 78 72 76 84 100 119 137 1940 149 149 152 137 130 123 125 132 *137 143 158 178 1941 182 186 183 204 228 245 244 243 257 287 271 294 1942 f 1943 * Same as unadjusted indexes beginning in this month. t Included in total and group indexes but not available for publication separately beginning in this month. 965 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Transportation Equipment—Cont. Locomotives Without seasonal adiuxtmetn 1939 53 48 49 60 74 91 102 105 100 94 97 106 82 1940 105 106 101 102 105 109 120 126 142 159 165 183 127 1941 198 216 228 250 265 291 316 322 337 354 358 392 294 1942 f 1943 Ad'justedo jr seasonal variatoin 1939 53 47 50 63 74 88 99 104 102 99 100 99 1940 105 104 103 107 105 105 117 125 145 *159 165 183 1941 198 216 228 250 265 291 316 322 337 354 358 392 1942 f 1943 Shipbuilding (private yards). .. Vithout seasonal cidjustment 1939 105 111 115 118 129 132 128 126 132 141 139 147 127 1940 145 147 164 165 176 180 190 208 221 237 228 275 195 1941 297 325 358 379 411 465 517 568 617 703 723 847 518 1942 t 1943 Adjusted for seasonal variatoin 1939 108 115 110 113 122 126 130 133 136 139 143 145 1940 150 152 158 158 167 173 194 219 228 235 235 *275 1941 297 325 358 379 411 465 517 568 617 703 723 847 1942 f 1943 Nonferrous Metals and Products Vithout esasonal adjustment 1939 96 96 98 97 95 95 96 107 128 147 154 147 113 1940 141 130 128 123 124 125 127 135 147 158 164 168 139 1941 173 179 183 188 196 194 197 195 198 192 197 201 191 1942 197 199 204 205 200 205 205 216 223 230 239 243 214 1943 250 252 256 257 266 264 264 Adjusted f>cr seasonicl variatmit 1939 96 96 97 95 94 96 100 110 128 144 150 149 1940 143 133 126 120 123 126 130 137 147 156 162 168 1941 173 179 183 188 196 194 198 195 198 192 197 200 1942 197 199 204 205 200 206 205 216 223 230 239 242 1943 250 252 256 257 266 264 264 Smelting and refining. Vithout seasonal dajustmen 1939 109 108 106 108 104 103 96 103 119 128 135 134 113 1940 135 130 136 134 135 133 133 134 141 149 151 152 139 1941 152 156 158 163 167 162 161 165 164 165 171 177 163 1942 179 183 186 194 195 201 199 210 214 222 238 242 205 1943 241 253 255 262 271 275 276 Adjusted for season%l variatoin 1939 109 108 104 104 103 104 103 108 119 125 130 133 1940 135 131 134 130 135 134 138 139 142 146 148 152 1941 152 156 157 163 167 163 162 165 164 165 171 177 1942 179 183 186 194 195 202 200 210 213 222 237 241 1943 241 253 255 262 270 275 278 Copper smelting Without seasonal adjustment 1939 110 107 98 103 93 98 87 ** •* ** ** ** 113 1940 143 130 137 139 132 131 126 127 129 138 139 135 134 1941 133 140 136 145 144 136 131 135 135 137 139 141 137 1942 140 141 147 155 161 t 1943 Adjusted /or seasonil variatoin 1939 111 108 98 97 92 98 97 ** ** ** #* 1940 144 134 137 132 132 131 131 133 129 130 135 *135 1941 133 140 136 145 144 136 131 135 135 137 139 141 1942 140 141 147 155 161 t 1943 Lead refining.. Vithout seasonal dajustment 1939 105 110 103 103 117 102 94 99 103 108 127 116 107 1940 126 117 123 93 117 111 113 121 135 143 152 157 126 1941 157 152 156 147 153 126 124 130 118 104 128 145 137 1942 135 141 152 154 130 f 1943 Adjusted for seasonil variatiin 1939 105 110 106 104 114 105 101 100 101 108 120 111 1940 126 117 120 94 115 118 122 121 132 143 146 151 1941 157 152 153 148 150 134 133 130 115 104 123 139 1942 135 141 149 154 129 f 1943 Zinc smelting Vithout seasonal a•djustment 1939 103 102 105 103 98 95 92 95 101 116 128 134 106 1940 136 138 137 137 135 128 133 133 143 147 147 152 139 1941 153 158 163 164 170 170 173 175 175 177 179 182 170 1942 184 189 184 185 184 f 1943 * Same as unadjusted indexes beginning in this month. ** Estimated monthly figures August to December 1939 not available for publication. f Included in total and group indexes but not available for publication separately beginning in this month. 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Nonferrous Metal and Products—Cont. Smelting and Refining—Cont. Zinc smelting—Cont Adjusted for seasonal variation 1939 101 100 100 100 98 96 98 100 104 116 127 130 1940 133 135 130 133 135 130 141 140 148 147 *147 152 1941 153 158 163 164 170 170 173 175 175 177 179 182 1942 184 189 184 185 184 f 1943 Fabricating.... Without seasonal adjustment 1939 91 91 96 93 91 92 96 109 132 154 162 152 113 1940 143 131 125 119 120 123 124 135 150 162 170 175 140 1941 181 189 194 198 208 207 212 207 212 203 208 210 202 1942 205 206 211 210 203 207 207 219 227 234 240 243 218 1943 254 252 257 255 264 260 258 Adjusted for seasonal variatoin 1939 91 92 93 91 90 93 99 111 131 152 158 155 1940 146 134 123 116 118 122 127 137 149 160 168 175 1941 181 189 194 198 208 206 213 207 212 203 208 210 1942 205 206 211 210 203 207 207 219 227 234 240 243 1943 254 252 257 255 264 260 258 Copper products1 Without seasonal adjustment 1939 85 84 90 85 83 86 96 ** ** ** ** ** 115 1940 153 139 129 116 116 116 118 133 156 173 181 188 143 1941 200 209 219 221 233 229 244 231 233 217 226 230 224 1942 f 1943 Adjusted for seasonil variatoin 1939 89 87 87 81 80 85 97 ** ** ** ** ** 1940 162 145 125 111 113 115 119 134 154 170 179 190 1941 201 *209 219 221 233 229 244 231 233 217 226 230 1942 f 1943 Lead shipments Without seasonal adjustment 1939 94 89 94 92 93 92 96 100 119 136 154 142 108 1940 121 101 100 106 109 113 118 122 127 138 155 165 123 1941 166 165 172 186 205 210 195 195 205 207 206 195 192 1942 f 1943 Adjusted fn( seasoniil variatoin 1939 93 91 93 90 94 97 103 105 117 130 144 136 1940 119 102 100 104 110 119 127 128 126 132 145 158 1941 161 *165 172 186 205 210 195 195 205 207 206 195 1942 f 1943 Zinc shipments Without seasonal adjustment 1939 98 97 100 98 94 90 92 99 126 148 162 149 113 1940 135 124 119 112 111 116 124 128 138 143 147 147 129 1941 149 148 146 147 144 144 142 143 145 143 147 145 145 1942 152 151 148 145 147 f 1943 Adjusted fir seasonil variatoin 1939 94 95 97 97 94 94 99 107 128 146 154 144 1940 *135 124 119 112 111 116 124 128 138 143 147 147 1941 149 148 146 147 144 144 142 143 145 143 147 145 1942 152 151 148 145 147 t 1943 Tin consumption Without seasonal adjustment 1939 83 88 92 95 93 97 94 97 119 125 120 111 101 1940 128 118 116 118 122 134 130 132 133 141 141 138 130 1941 153 184 200 200 206 229 216 205 222 205 185 191 200 1942 t 1943 Adjusted for seasonil variatoin 1939 85 88 91 92 92 94 95 98 121 125 120 114 1940 128 118 114 118 122 127 132 133 135 141 141 142 1941 153 184 196 200 206 218 221 *2O5 222 205 185 191 1942 t 1943 Lumber and Products.. Withoutseasonaladjustment 1939 91 91 94 100 105 106 107 114 117 121 120 111 106 1940 98 101 107 109 114 116 111 123 132 132 126 121 116 1941 116 119 123 130 134 140 144 151 148 145 134 128 134 1942 122 129 130 134 137 142 143 142 139 140 130 120 134 1943 112 119 123 130 136 135 135 Adjusted for seasonil variatoin 1939 102 100 97 101 102 102 105 106 109 113 120 119 1940 110 110 112 110 113 111 107 115 122 124 126 129 1941 130 128 128 132 133 135 139 142 138 137 135 136 1942 136 138 135 134 135 135 136 134 130 133 132 130 1943 123 127 129 130 133 128 128 * Same as unadjusted indexes beginning in this month. ** Estimated monthly figures August to December 1939 not available for publication. t Included in total and group indexes but not available for publication separately beginning in this month. 1 Prior to 1942, copper deliveries. 967 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Lumber and Products—Cont. Lumber ... Without seasonal adiustment 1939 90 87 91 101 109 110 111 116 119 119 116 105 106 1940 93 96 104 109 117 119 112 126 134 132 123 114 115 1941 113 115 118 128 130 135 142 148 144 138 124 113 129 1942 112 119 121 130 135 143 146 144 139 137 123 106 130 1943 96 104 110 120 130 128 128 Adjusted ftcr seasonicl variatiinc 1939 103 100 97 102 103 101 104 106 108 112 120 119 1940 108 109 111 110 112 110 104 115 122 124 126 130 1941 131 128 126 129 127 125 131 136 130 128 127 130 1942 130 133 129 131 132 133 135 132 126 127 126 122 1943 113 117 119 121 126 118 118 Furniture.... Vithout seasonal adjustment 1939 92 100 100 96 96 100 99 110 | 115 125 125 123 107 1940 109 113 113 108 108 110 107 118 127 133 130 133 118 1941 123 129 133 135 143 150 149 157 156 159 154 155 145 1942 142 147 147 141 142 139 138 137 138 145 142 146 142 1943 142 147 149 149 147 148 148 Adjusted for seasonil variatoin 1939 99 100 99 99 102 103 106 107 109 114 121 118 1940 116 113 113 111 113 113 113 115 122 124 126 128 1941 129 129 133 138 146 153 154 154 153 153- 151 149 1942 148 *147 147 141 142 139 138 137 138 145 142 146 1943 142 147 149 149 147 148 148 Stone, Clay, and Glass Products.... Vithout seasonal adjustment 1939 89 92 101 106 113 120 116 122 124 136 128 121 114 1940 105 101 111 118 126 125 123 130 135 139 137 136 124 1941 128 132 141 152 167 173 168 179 180 182 176 165 162 1942 158 157 162 167 174 171 164 171 171 176 175 169 168 1943 170 166 168 172 180 177 173 Adjusted for seasonil variatoin 1939 108 109 110 108 108 113 114 115 116 122 121 121 1940 121 118 119 121 122 119 121 124 126 127 130 136 1941 143 148 151 155 162 168 168 171 170 170 169 169 1942 169 169 170 170 170 169 162 163 163 167 170 173 1943 180 178 175 175 175 175 173 Glass products Vithout seasonal adjustment 1939 92 91 98 95 101 106 103 108 112 130 118 119 106 1940 112 109 116 112 112 107 107 117 119 122 120 120 114 1941 119 123 133 137 154 159 144 157 156 158 157 134 144 1942 139 133 140 140 149 135 119 131 133 133 136 127 134 1943 147 145 146 153 169 157 156 Adjusted jor seasonal variatoin 1939 98 98 98 95 97 103 106 107 111 122 113 118 1940 117 116 114 112 110 105 113 117 117 115 114 119 1941 123 128 131 137 151 159 157 156 153 149 152 143 1942 141 136 140 140 140 136 124 126 130 129 135 136 1943 150 149 146 153 159 158 162 Plate glass }Vithout seasonal ad*justmen 1939 94 85 88 58 62 72 50 78 110 142 127 149 92 1940 130 107 112 97 92 80 67 95 120 129 131 143 109 1941 142 129 139 139 140 147 95 107 118 115 118 78 122 1942 62 43 39 39 32 33 29 27 35 33 35 35 37 1943 35 36 35 39 43 41 45 Adjusted jor seasonal variatoin 1939 90 90 84 58 62 73 76 95 110 124 112 124 1940 124 113 107 97 92 81 101 115 120 112 115 119 1941 135 136 132 139 140 150 143 131 118 100 103 *78 1942 62 43 39 39 32 33 29 27 35 33 35 35 1943 35 36 35 39 43 41 45 Glass containers Vithout seasonal arf-/iij-stw-p-*ti 1939 91 93 101 107 114 118 121 118 113 124 114 107 110 1940 104 109 117 116 119 117 121 124 118 119 115 111 116 1941 110 120 130 135 158 163 161 174 168 172 170 153 151 1942 165 164 176 176 190 171 151 168 167 168 171 160 169 1943 187 184 185 194 214 197 195 Adjusted for seasonicl variatmii 1939 101 100 103 107 109 113 117 111 110 121 112 115 1940 115 116 117 116 116 114 117 117 116 115 114 119 1941 118 124 130 135 154 161 161 164 165 167 169 165 1942 169 169 176 176 178 172 157 161 164 163 170 172 1943 191 189 185 194 200 199 203 Cement .. . . Without ieasonal cd/justmcIt 1939 59 67 90 111 124 137 140 137 136 139 126 105 114 1940 69 60 88 115 140 143 136 141 150 154 145 124 122 1941 100 102 117 139 163 174 177 181 184 185 171 153 154 1942 137 132 141 161 178 183 186 195 200 202 186 156 171 1943 139 126 126 128 137 136 131 * Same as unadjusted indexes beginning in this month. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Stone, Clay, and Glass Products— Cont. Cement—Cont... Adjusted for seasonal variat\on 1939 Ill 118 114 112 107 114 117 115 114 116 117 118 1940 114 105 110 117 123 121 116 120 125 128 135 136 1941 143 148 145 145 148 153 155 157 159 159 158 168 1942 169 174 172 169 170 171 169 172 173 174 172 171 1943 171 166 154 135 130 127 119 Clay products... Vithout seasonal adjustment 1939 101 102 106 110 111 • 120 111 122 121 133 129 126 116 1940 110 106 109 115 120 121 119 125 . 130 134 135 141 122 1941 134 138 143 154 160 165 167 176 176 177 171 170 161 1942 154 158 160 161 160 158 151 151 148 151 150 149 154 1943 139 137 136 138 136 137 132 I.djusted rjor seasonal variat'on 1939 114 114 115 115 114 115 115 117 114 119 121 119 1940 122 118 118 119 121 119 121 121 123 124 126 132 1941 147 150 153 158 160 164 166 169 166 166 164 165 1942 166 168 168 166 161 158 150 147 143 143 144 144 1943 148 144 142 142 136 139 132 Gypsum and plaster products.. Without seasonal adjustment 1939 98 102 108 116 121 130 128 131 131 141 135 128 122 1940 117 119 127 141 152 148 154 159 157 165 163 164 147 1941 159 161 164 177 188 196 • 187 203 209 203 197 197 187 1942 179 182 183 182 190 191 186 185 180 190 194 194 186 1943 187 188 196 202 205 208 198 Adjustedfor seasoyial variaiton 1939 109 114 116 119 119 126 125 125 126 132 131 128 1940 130 133 137 144 148 143 150 152 148 155 158 163 1941 170 175 177 180 183 191 187 198 199 194 193 191 1942 190 190 190 185 187 187 186 183 176 186 192 191 1943 193 196 202 204 203 204 198 Abrasive and asbestos products. Vithout seasonal adjustment 1939 87 88 91 92 95 102 94 99 105 118 123 123 101 1940 117 116 116 116 117 116 115 122 130 136 146 156 125 1941 155 164 175 181 194 200 198 208 211 212 208 213 193 1942 213 210 212 217 224 226 228 238 241 258 270 293 236 1943 301 305 308 313 320 325 325 [djusted fjor seasomtl variation 1939 89 90 93 94 96 102 95 99 103 113 121 120 1940 119 119 118 118 118 116 116 123 129 132 144 153 1941 157 168 177 183 195 200 199 209 209 *212 208 213 1942 213 210 212 217 224 226 228 238 241 258 270 293 1943 301 305 308 313 320 325 325 Nondurable Manufactures... Vithout seasonal a\djustment 1939 101 103 104 102 103 105 106 112 120 121 119 115 109 1940 111 110 107 107 111 114 113 117 122 124 124 124 115 1941 122 127 131 135 141 144 145 149 153 152 151 147 142 1942 148 149 149 152 152 152 156 161 167 168 168 168 158 1943 168 171 171 173 175 177 177 Adjusted for seasonal variation 1939 105 105 105 104 105 106 108 108 112 117 118 118 1940 115 112 109 110 113 115 115 114 116 119 123 126 1941 127 131 133 137 142 144 144 146 146 148 151 150 1942 152 153 153 154 153 152 154 158 161 165 168 169 1943 171 174 174 175 176 177 176 Textiles and Products.. Without seasonaladjustmei"it 1939 110 113 107 99 102 104 106 109 116 122 131 126 112 1940 120 115 101 97 100 102 106 111 118 126 137 141 114 1941 138 144 148 151 158 156 156 155 152 152 157 156 132 1942 159 158 154 159 158 154 156 155 157 159 159 157 1943 158 162 158 157 159 155 148 Adjusted j'or seasottal variation 1939 107 107 105 102 105 109 112 111 113 119 127 125 1940 118 108 99 100 104 107 113 114 116 123 136 141 1941 139 144 147 151 159 157 157 155 153 152 157 156 1942 159 158 154 159 158 154 156 155 157 159 159 157 1943 158 162 158 157 159 155 148 * Same as unadjusted indexes beginning in this month. 969 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Textiles and Products—Cont. Textile fabrics Without seasonal adjustment 1939 109 Ill 107 99 100 100 101 106 114 121 128 120 110 1940 115 111 100 95 98 98 102 108 115 124 134 137 111 1941 134 141 145 148 154 152 151 150 147 145 150 148 147 1942 150 149 145 150 148 145 147 146 148 150 150 148 148 1943 149 152 149 147 149 146 139 Adjusted for seasoinal variation 1939 106 105 104 100 102 105 108 109 113 118 124 120 1940 113 105 97 97 100 103 109 111 114 121 133 137 1941 134 141 144 148 155 153 153 151 147 145 150 148 1942 150 149 145 150 148 145 147 146 148 150 150 148 1943 149 152 149 147 149 146 139 Cotton consumption Without seasonal adjustment 1939 107 110 108 106 103 101 100 105 117 121 128 125 110 1940 125 123 115 110 109 108 109 113 119 129 139 142 120 1941 144 152 156 161 165 160 162 159 157 161 167 155 158 1942 169 174 169 177 175 169 166 169 171 172 171 163 171 1943 171 171 166 166 169 160 153 Adjusted for seasonal variation 1939 103 103 102 103 103 106 111 114 117 119 124 127 1940 120 115 108 107 109 114 121 123 119 126 *139 142 1941 144 152 156 161 165 160 162 159 157 161 167 155 1942 169 174 169 177 175 169 166 169 171 172 171 163 1943 171 171 166 166 169 160 153 Rayon deliveries Without seasonaladjustment 1939 108 117 116 114 110 119 131 137 143 142 149 149 128 1940 147 141 132 127 127 131 134 137 138 144 151 154 138 1941 154 148 150 158 169 173 173 170 168 172 179 179 166 1942 180 174 175 170 169 169 168 169 170 174 177 178 173 1943 180 181 181 181 185 183 183 Adjusted for seasottal variation 1939 111 119 122 123 123 130 133 128 124 128 143 151 1940 150 143 139 137 142 144 137 127 120 129 146 156 1941 156 *148 150 158 169 173 173 170 168 172 179 179 1942 180 174 175 170 169 169 168 169 170 174 177 178 1943 180 181 181 181 185 183 183 Nylon and silk consumption1 Without seasonal adjustment 1939 110 106 105 96 82 74 70 75 88 99 101 84 91 1940 72 65 66 60 56 54 55 61 71 84 95 88 69 1941 80 77 84 85 79 79 82 63 44 23 29 31 63 1942 f 1943 J[djus ted fjor seasottat variation 1939 108 105 101 96 87 81 79 82 86 91 89 78 1940 69 64 64 61 60 60 62 66 70 77 84 83 1941 78 76 81 85 84 88 92 70 47 *23 29 31 1942 •j- 1943 Wool textiles . Without seasonaladjustment 1939 111 113 100 82 97 103 104 109 110 122 130 118 108 1940 107 102 77 73 85 88 98 109 120 126 139 145 106 1941 136 149 152 152 165 163 157 166 169 164 166 178 160 1942 161 153 148 153 150 151 160 154 155 160 161 163 156 1943 154 166 163 157 158 160 146 [djus ted fjor seasovtal variation 1939 109 103 99 88 99 104 107 106 113 125 132 115 1940 106 93 76 79 87 89 101 106 123 129 140 145 1941 136 149 152 152 165 163 157 166 169 164 166 178 1942 161 153 148 153 150 151 160 154 155 160 161 163 1943 154 166 163 157 158 160 146 Carpet wool consumption Without seasonal adjustment 1939 106 120 131 87 82 84 89 128 124 122 129 107 108 1940 105 118 98 91 91 77 67 101 111 121 126 131 102 1941 119 143 146 139 148 149 126 148 142 133 133 164 139 1942 78 79 70 34 5 46 43 27 34 44 43 44 45 1943 29 39 40 38 32 30 24 jId jus ted fjor seasoltal variation •r 1939 112 110 117 92 85 85 90 121 121 124 132 115 1940 111 108 87 97 95 79 69 95 109 122 128 *131 1941 119 143 146 139 148 149 126 148 142 133 133 164 1942 78 79 70 34 5 46 43 27 34 44 43 44 1943 29 39 40 38 32 30 24 Apparel wool consumption .. Without seasonaladjustmeit 1939 96 105 96 71 97 108 104 112 120 126 126 107 104 1940 105 99 80 63 82 88 108 113 137 143 162 163 110 1941 149 165 179 171 196 190 177 181 205 199 200 209 183 1942 202 191 196 203 201 194 208 206 198 210 212 218 199 1943 208 230 228 214 222 226 207 * Same as unadjusted indexes beginning in this month. t Included in total and group indexes but not available for publication separately beginning in this month. 1 Prior to May 1940, silk only. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Textiles and Products—Cont. Textile fabrics—Cont. Wool textiles—Cont. Apparel wool consumption—Cont Adjusted for sea*onal vanation 1939 98 97 95 76 97 108 110 108 120 131 125 104 1940 107 92 80 68 82 88 113 108 137 149 160 *163 1941 149 165 179 171 196 190 177 181 205 199 200 209 1942 202 191 196 203 201 194 208 206 198 210 212 218 1943 208 230 228 214 222 226 207 Woolen and worsted yarn Withoiit season.c1 adjusntetnt 1939 109 106 91 82 99 103 102 104 110 127 129 112 106 1940 101 97 74 72 87 92 104 113 123 130 138 142 106 1941 135 146 147 151 164 162 162 169 172 168 168 174 160 1942 167 158 153 169 170 165 176 173 172 179 179 180 170 1943 172 184 181 173 177 181 165 Ad justed for seasonal vanation 1939 107 99 94 87 99 103 104 101 113 129 130 108 1940 99 91 76 77 87 92 106 110 126 132 140 142 1941 135 146 147 151 164 162 162 169 172 168 168 174 1942 167 158 153 169 170 165 176 173 172 179 179 180 1943 172 184 181 173 177 181 165 Woolen yarn Without seasonicl adjustnsent 1939 99 99 80 74 88 % 102 102 1 104 111 113 105 98 1940 100 97 75 73 85 92 102 108 119 119 129 132 103 1941 125 134 135 140 153 151 153 162 163 157 156 159 149 1942 163 165 161 173 172 165 175 173 175 182 182 184 173 1943 176 190 187 179 181 186 169 Adjusted for seasondc variaticm 1939 98 90 82 78 88 95 102 98 105 113 115 105 1940 99 89 77 77 85 92 102 104 120 121 131 *132 1941 125 134 135 140 153 151 153 162 163 157 156 159 1942 163 165 161 173 172 165 175 173 175 182 182 184 1943 176 190 187 179 181 186 169 Worsted yarn Without seasonal adjustnte}nt 1939 123 116 107 93 115 114 103 107 119 150 151 123 119 1940 101 97 72 72 90 92 107 120 130 146 152 157 111 1941 150 163 163 166 178 178 174 179 185 185 184 195 175 1942 173 148 143 164 168 166 176 173 168 175 175 175 167 1943 167 177 172 165 171 174 159 Adjusted for seas oneI variatiicn 1939 119 111 111 99 115 114 108 105 124 150 151 112 1940 98 93 75 76 90 92 113 117 135 146 152 *157 1941 150 163 163 166 178 178 174 179 185 185 184 195 1942 173 148 143 164 168 166 176 173 168 175 175 175 1943 167 177 172 165 171 174 159 Woolen and worsted cloth Without season\cl adjustt%)ent 1939 120 123 98 83 103 111 114 105 101 114 134 134 112 1940 118 102 71 68 81 88 102 107 116 119 139 149 105 1941 142 153 154 156 167 165 160 166 169 164 170 182 162 1942 183 172 167 177 179 172 184 177 179 179 180 185 178 1943 177 187 182 177 177 179 164 Adjusted for seasonal variation 1939 113 107 98 92 107 112 117 103 107 118 135 127 1940 112 89 71 76 84 89 105 105 122 124 140 *149 1941 142 153 154 156 167 165 160 166 169 164 170 182 1942 183 172 167 177 179 172 184 177 179 179 180 185 1943 111 187 182 177 177 179 164 Leather and Products... WithoiU seasona/ adjustutent 1939 104 116 111 104 94 94 1 104 112 112 107 100 96 105 1940 100 108 101 90 87 89 92 105 103 99 100 99 98 1941 107 120 124 120 124 122 127 133 130 128 125 117 123 1942 125 134 130 132 127 118 116 118 115 120 119 116 122 1943 123 126 117 118 118 113 109 Adjusted for seasonal variation 1939 107 107 104 103 96 101 105 105 107 107 106 106 1940 103 100 95 89 89 93 93 98 99 100 104 108 1941 110 113 118 120 125 127 129 126 128 128 129 125 1942 129 127 127 132 127 122 118 119 116 119 117 117 1943 123 123 117 119 118 114 112 Leather tanning... Without seasonal adjusttsent 1939 106 120 100 104 95 96 98 100 106 107 106 104 103 1940 102 105 93 88 88 89 84 91 92 96 105 106 95 1941 106 117 116 113 121 122 124 127 127 132 139 127 123 1942 133 143 129 134 132 123 117 120 120 127 130 125 128 1943 130 137 119 121 122 112 106 Adjusted for seasonal vanation 1939 107 110 101 104 96 99 103 102 107 106 103 103 1940 102 97 93 88 89 91 88 92 93 95 102 105 1941 106 109 116 114 121 125 130 128 130 130 135 128 1942 133 133 130 134 132 126 124 122 122 126 125 126 1943 130 127 120 122 122 114 111 * Same as unadjusted indexes beginning in this month. OCTOBER 1943 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued (1935-39 average = 1001 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Leather and Products—Cont. Cattle hide leathers Without seasonal adjustment 1939 108 120 100 101 93 92 95 100 107 105 109 109 102 1940 106 112 95 86 85 86 82 93 94 101 114 115 97 1941 117 125 121 119 127 126 128 134 135 140 151 137 130 1942 149 155 141 147 145 136 134 134 134 145 144 141 143 1943 144 151 128 131 132 117 109 Adjuskd for seasonal variation 1939 107 108 100 101 95 97 102 104 108 104 105 107 1940 105 101 95 86 87 89 88 96 96 100 110 113 1941 115 116 121 119 127 131 136 138 137 138 145 137 1942 146 144 141 147 145 142 142 138 137 143 139 141 1943 141 139 128 131 132 122 116 Calf and kip leathers Without seasonal adjuskment 1939 120 134 111 115 103 107 102 96 103 103 96 91 106 1940 95 92 79 79 86 90 83 87 81 82 87 88 86 1941 87 97 105 96 94 100 102 108 99 103 102 91 99 1942 84 98 91 90 90 90 88 100 94 96 97 91 92 1943 93 98 90 88 88 88 84 Adjuskd for seasonal variation 1939 123 126 113 116 108 105 102 92 105 101 98 93 1940 97 87 81 83 90 88 84 83 82 80 85 90 1941 88 92 107 100 98 98 103 103 101 101 99 93 1942 86 93 92 93 94 88 89 95 96 94 94 93 1943 95 93 92 91 92 86 85 Goat and kid leathers Without seasonal adjustment 1939 89 98 92 104 93 99 98 91 102 95 94 94 1940 99 96 91 94 88 91 83 81 84 80 79 87 88 1941 80 91 96 99 103 112 115 95 116 120 119 119 106 1942 119 126 119 119 102 94 78 69 77 81 79 85 96 1943 89 93 93 93 88 86 83 AdjusU7d for seasonal variation 1939 89 94 93 101 95 98 99 89 90 103 98 92 1940 99 93 92 91 89 90 84 84 83 81 82 86 1941 80 87 97 96 105 111 116 98 115 120 123 118 1942 119 121 120 116 105 93 79 71 76 81 81 84 1943 89 89 93 90 90 86 84 Sheep and lamb leathers... Without seasonal adjusmtent 1939 94 121 96 101 97 99 110 130 134 130 116 105 110 1940 93 105 103 106 108 102 93 105 108 112 121 112 106 1941 114 138 128 134 159 150 149 162 152 151 165 139 145 1942 140 170 143 150 169 146 128 145 140 147 172 146 150 1943 172 188 155 162 177 160 157 Adjusted for sesaonal variation 1939 102 110 99 103 90 100 118 126 136 130 109 110 1940 100 96 106 108 100 103 100 102 110 112 114 118 1941 123 125 132 136 147 151 161 157 155 151 155 146 1942 151 154 148 153 156 147 138 141 143 147 163 154 1943 185 170 160 166 164 162 169 Shoes.... Without seasonal adjusmtent 1939 103 113 118 104 94 93 108 121 116 107 97 91 105 1940 99 109 106 91 86 89 98 114 111 102 96 95 100 1941 107 122 130 125 126 122 130 137 132 125 116 110 123 1942 120 127 130 131 123 114 115 117 112 115 111 110 119 1943 118 119 115 117 115 114 112 Adjusted for sesaonal variation 1939 107 105 106 103 96 103 107 107 107 108 108 106 1940 104 102 96 90 88 95 97 101 103 103 106 110 1941 113 115 119 123 127 128 128 125 127 127 124 124 1942 127 124 124 130 123 120 *115 117 112 115 111 110 1943 118 119 115 117 115 114 112 Manufactured Food Products Witheut seasonal adjusmtent 1939 94 92 95 97 103 108 115 127 135 117 109 104 108 1940 100 100 99 101 106 114 119 130 132 126 116 112 113 1941 105 106 107 111 119 126 136 150 158 144 135 126 127 1942 122 119 117 118 122 130 143 150 163 147 141 139 134 1943 131 127 128 128 135 141 152 Adjusted for sesaonal variation 1939 105 104 106 106 108 108 109 109 112 110 110 110 1940 111 112 111 111 111 113 112 113 113 115 116 118 1941 116 119 120 123 125 126 127 130 130 132 134 133 1942 133 133 132 131 128 130 133 135 137 137 140 143 1943 141 141 142 141 141 141 144 Wheat flour.. Withetut seasomrl adjustment 1939 103 100 100 100 97 98 102 107 136 110 100 98 104 1940 101 99 97 94 95 92 99 100 115 113 103 100 101 1941 99 104 102 103 100 101 102 99 114 110 107 104 104 1942 109 109 98 92 96 95 105 106 116 118 119 118 107 1943 134 127 116 105 93 98 ' 102 * Same as unadjusted indexes beginning in this month. 972- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. ^May June July Aug. Sept. Oct. Nov. Dec. Year Manufactured Food Products—Cont. Wheat Flour—Cont Adjusted for seasonal variation 1939 102 101 104 106 106 105 103 106 118 102 98 101 1940 100 99 100 99 101 98 100 101 101 106 100 102 1941 99 103 104 108 104 105 103 100 104 104 106 105 1942 109 107 100 96 100 99 106 107 107 111 118 120 1943 134 126 118 109 97 102 103 Cane sugar meltings Without seasonal adjustment 1939 80 79 118 124 80 96 120 103 124 104 76 77 98 1940 79 93 95 98 95 116 116 95 102 113 112 98 101 1941 103 105 135 135 117 132 117 136 132 109 114 106 120 1942 f 1943 Adjusted for seasonal variation 1939 97 80 108 113 82 93 104 98 104 107 92 96 1940 95 95 86 89 97 112 101 90 86 116 136 122 1941 124 107 122 123 119 129 102 129 111 112 139 132 1942 f 1943 Manufactured dairy products.. Without seasonal adjustment 1939 72 79 92 106 146 162 154 142 113 86 74 73 108 1940 73 85 94 115 147 167 166 146 118 98 81 80 114 1941 85 92 102 136 173 185 185 165 142 116 96 97 131 1942 96 108 122 151 182 206 205 184 156 126 107 95 145 1943 P87 P99 ^115 ^143 2>171 p203 2*206 Ad justed for sea~.onal vanation 1939 109 107 108 106 108 108 107 108 111 108 109 113 1940 107 113 111 111 110 113 116 113 116 119 120 120 1941 127 124 121 131 131 126 130 131 137 140 142 146 1942 142 143 145 145 137 141 143 144 148 152 164 145 1943 131 134 137 137 129 139 143 Butter. Without seasonal adjustment 1939 91 96 100 107 138 146 127 117 97 86 81 83 106 1940 91 96 98 111 137 149 131 117 106 96 85 88 109 1941 94 100 103 117 150 152 136 118 106 93 81 82 111 1942 83 90 94 106 139 145 130 117 99 87 77 81 104 1943 86 94 98 108 133 146 127 Adjusted for seasonal vatiation 1939 110 111 109 105 107 106 104 106 100 100 105 105 1940 109 109 108 109 106 108 108 107 110 111 112 112 1941 114 114 113 115 116 110 111 107 110 109 107 103 1942 101 103 103 104 108 105 107 106 103 101 101 103 1943 103 107 108 106 103 106 104 Cheese . ... Without seasonal adjustment 1939 74 81 90 107 143 163 137 124 108 96 81 77 107 1940 79 88 100 117 153 176 150 133 125 112 93 90 118 1941 95 103 114 136 183 192 169 163 159 149 131 132 144 1942 138 155 171 202 250 241 201 180 152 127 102 97 168 1943 107 119 132 153 194 213 189 Adjust?d for sesaonal variation 1939 103 104 105 106 106 106 107 110 107 105 108 111 1940 110 111 115 115 114 118 118 118 123 124 124 126 1941 130 129 128 132 136 133 135 146 156 165 175 183 1942 186 189 190 194 186 170 163 161 149 141 136 135 1943 144 145 147 147 145 150 154 Canned and dried milk Without seasonal adjusmtent 1939 81 91 104 119 148 156 129 110 99 88 80 87 108 1940 96 108 119 136 162 178 151 132 118 104 88 93 124 1941 105 114 127 155 201 202 174 168 160 148 139 148 153 1942 158 173 182 202 241 229 187 165 141 123 104 110 168 1943 111 127 142 168 208 223 198 Adjusted for sesaonal variation 1939 104 104 106 105 105 108 108 107 108 110 114 121 1940 120 121 121 120 116 126 127 128 128 129 124 126 1941 129 127 130 138 144 146 150 163 174 182 193 192 1942 196 192 186 178 173 166 161 160 153 151 145 143 1943 137 141 145 149 150 161 171 Ice cream . ... Witheut seasonal adjustment 1939 56 64 83 101 151 175 182 172 129 84 66 62 111 1940 51 69 82 109 147 175 197 172 125 95 74 68 114 1941 71 78 92 142 178 199 224 195 157 116 85 85 135 1942 77 90 113 155 180 233 262 235 198 152 130 98 161 1943 Adjusted for seiosonal vaitation 1939 111 106 108 106 111 111 109 108 120 112 109 115 1940 101 113 109 109 110 112 118 112 115 120 124 123 1941 135 128 122 139 135 129 134 134 139 143 142 152 1942 145 147 151 152 136 151 157 161 175 188 216 176 1943 Meat packing.. Witheut seasoirdl adjusment 1939 123 99 100 99 110 106 107 97 110 113 131 148 112 1940 146 124 116 111 117 123 109 102 112 127 151 159 125 1941 133 122 122 119 132 121 119 116 119 134 152 165 129 1942 173 135 131 134 140 149 138 132 147 146 166 186 148 1943 171 147 140 136 162 158 170^ p Preliminary. * Same as unadjusted indexes beginning in this month. f Included in total and group indexes but not available for publication separately beginning in this month. OCTOBER 1943 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Manufactured Food Products—Cont. Meat packing—Cont. Adjusted for sesaonal varation P S 1939' 106 103 108 107 110 109 114 113 118 113 118 125 1940 123 128 126 120 117 124 117 119 124 127 135 134 1941 113 127 131 128 132 122 127 132 129 133 137 140 1942 146 141 142 145 140 151 148 151 162 145 149 156 1943 143 154 151 147 162 159 186 Pork and lard Without seasonal adjustnrent 1939 149 109 108 109 121 117 114 98 108 120 157 193 124 1940 187 154 140 124 135 148 119 106 117 143 191 212 148 1941 157 145 143 135 147 130 119 112 111 139 178 208 143 1942 214 151 145 148 163 172 151 131 150 147 200 249 169 1943 221 180 171 170 216 222 229 AdjusU'd for seasonal variation 1939 114 109 116 119 121 120 126 130 135 127 134 146 1940 143 154 151 136 135 148 135 141 149 152 163 161 1941 120 148 154 149 147 130 135 145 141 148 152 157 1942 164 154 155 162 163 172 171 170 190 157 171 189 1943 168 183 183 187 216 222 260 Beef Without seasonal adjustment 1939 97 87 92 90 100 96 103 98 115 107 106 104 99 1940 104 95 93 99 101 99 102 100 107 110 111 107 103 1941 110 98 100 102 120 118 125 126 132 134 130 127 118 1942 138 125 120 125 121 134 131 137 144 144 128 119 131 1943 126 121 115 105 111 94 111 AdjusUd for seasonal vanation 1939 97 97 101 96 100 98 102 97 I 103 98 101 104 1940 103 103 102 105 101 101 101 99 99 101 106 107 1941 107 106 110 109 120 120 123 124 123 123 125 127 1942 135 136 132 133 121 137 130 136 134 133 123 119 1943 123 131 127 112 111 96 110 Veal... Without seasonal adjustnient 1939 83 80 83 88 98 90 95 88 102 106 100 82 91 1940 85 76 82 85 93 92 96 92 101 108 104 92 92 1941 83 83 86 95 101 92 95 95 111 119 116 93 97 1942 93 84 93 95 98 104 102 114 140 142 131 101 108 1943 73 67 69 61 62 63 73 AdjusUd for seasonal vanation 1939 88 91 88 89 94 90 95 90 93 94 93 88 1940 91 86 88 87 89 92 96 94 92 94 97 98 1941 89 94 92 97 97 92 95 97 101 104 109 99 1942 100 96 99 97 94 104 102 117 127 125 122 108 1943 79 76 74 62 60 63 73 Lamb and mutton Without seasonal adjusmtent 1939 107 107 103 91 93 90 95 92 113 105 104 103 100 1940 113 99 94 95 95 94 93 95 107 113 107 104 101 1941 118 112 107 105 111 96 104 104 111 109 108 111 108 1942 118 113 124 115 108 99 110 125 153 150 152 148 127 1943 128 117 105 108 126 111 134 AdjusUid for seaonal vanation 1939 102 106 105 94 91 94 99 93 103 101 106 108 1940 107 98 96 98 93- 100 97 97 100 108 107 107 1941 111 111 109 108 109 103 109 106 104 105 108 113 1942 112 112 126 119 105 107 115 128 143 144 152 151 1943 121 115 107 111 123 119 140 Other manufactured foods Without seasonal adjusmtent 1939 93 93 93 94 98 103 112 132 142 123 112 104 108 1940 98 98 98 98 101 107 115 135 139 130 116 111 112 1941 104 106 106 107 111 120 135 157 169 153 140 127 128 1942 120 120 116 114 115 121 139 153 172 154 145 142 134 1943 133 130 129 128 130 134 147 Adjusted for sesaonal vairation 1939 104 105 105 106 108 108 109 109 111 110 110 109 1940 110 111 110 111 111 113 112 113 113 113 114 116 1941 116 119 120 122 124 128 130 131 132 134 134 132 1942 132 134 133 130 129 130 133 135 136 138 139 144 1943 144 143 145 144 144 142 142 Processed fruits and vegetables Without seasonal adjustment 1939 57 54 60 68 71 91 129 218 241 136 82 72 107 1940 64 63 62 66 71 99 133 215 214 157 86 75 109 1941 63 61 59 71 74 108 181 267 306 195 132 99 135 1942 88 85 72 74 74 98 168 205 285 157 112 95 126 1943 79 76 67 75 79 91 146 Adjusted for seitsonal vaitation 1939 97 97 101 105 105 103 105 108 112 109 109 110 1940 108 113 106 108 106 112 108 109 108 108 109 110 1941 107 109 112 122 123 130 139 142 142 145 144 139 1942 136 135 135 127 124 128 130 125 123 123 122 122 1943 121 121 122 124 121 119 112 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943— Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Manufactured Food Products—Cont. Other manufactured foods- Con t. Confectionery... Without seasonal adjustment 1939 104 103 93 84 76 70 79 122 145 139 126 108 104 1940 111 108 96 91 84 78 86 128 154 154 141 116 112 1941 121 132 118 99 94 89 96 137 173 186 166 134 129 1942 134 131 120 107 97 93 106 131 156 163 145 137 127 1943 141 140 135 127 117 107 i Adjusted for seasonal variation 1939 101 102 102 102 101 103 104 109 108 104 104 107 1940 107 107 106 109 109 111 113 116 116 115 116 115 1941 118 131 129 119 123 124 126 126 ' 132 139 137 133 1942 130 130 129 129 126 126 129 121 121 125 123 135 1943 137 139 145 153 152 144 Other food products Without seasonal adjustment 1939 101 101 103 103 109 112 113 111 115 117 117 111 109 1940 105 106 108 108 111 115 116 116 117 119 120 120 114 1941 112 114 116 118 124 130 131 132 132 136 138 133 126 1942 127 127 128 126 129 132 138 143 145 152 154 155 138 1943 145 142 144 142 146 149 152 I ! ' Adjusted for seasonal variation 1939 107 108 107 107 110 111 111 109 111 112 111 109 1940 112 112 113 113 113 114 114 114 114 114 115 117 1941 118 120 121 123 125 128 128 130 130 130 131 130 1942 132 134 133 131 131 131 135 140 142 145 147 152 1943 151 149 150 148 148 148 149 Alcoholic Beverages Without seasonal adjustment 1939 82 83 93 99 107 113 104 96 98 109 103 87 98 1940 81 84 94 106 107 120 113 90 109 110 104 93 101 1941 87 95 100 110 120 131 131 124 138 138 118 108 117 1942 112 117 112 112 119 115 132 140 140 123 103 94 118 1943 90 110 105 107 •106 127 126 Adjusted for seasonil variatoin 1939 99 95 99 98 100 101 97 98 95 102 99 94 1940 97 97 100 104 101 112 108 92 104 99 100 101 1941 104 106 107 107 112 117 121 124 134 126 125 121 1942 130 126 118 109 109 97 114 129 138 123 121 111 1943 105 121 112 104 96 106 106 Malt liquor Without seasonal adjustment 1939 82 86 94 105 120 136 127 114 99 92 83 82 102 1940 82 82 95 111 117 126 128 106 95 83 77 82 99 1941 85 91 97 112 125 138 143 131 121 106 90 98 112 1942 96 109 112 124 136 134 148 152 149 121 111 105 125 1943 100 128 123 130 129 161 159 Adjusted for seasonil variatoin 1939 100 101 101 96 103 106 102 100 98 107 104 102 1940 100 96 102 102 100 99 103 93 94 95 98 102 1941 104 103 104 105 107 110 115 115 120 116 118 123 1942 117 121 120 119 119 106 118 133 147 130 144 131 1943 122 142 133 124 113 127 127 Whiskey ... Without seasonal adjustment 1939 73 73 73 69 59 44 30 32 40 54 72 66 57 1940 80 79 83 86 84 67 40 24 57 77 97 98 73 1941 101 106 99 91 90 76 59 52 76 101 101 104 88 1942 102 96 77 69 55 50 53 45 39 13 0 0 50 1943 0 0 0 0 0 0 0 Adjusted for seasonal variatoin 1939 56 56 60 63 59 55 55 59 50 57 58 57 1940 60 61 67 78 84 79 72 44 71 81 81 85 1941 81 84 82 82 86 90 91 94 95 96 92 91 1942 93 87 *77 69 55 50 53 45 39 13 0 0 1943 0 0 0 0 0 0 0 Other distilled spirits Without seasonal adjustment 1939 81 63 85 76 78 74 52 56 164 321 183 110 111 1940 74 69 79 79 68 77 70 103 318 327 184 105 129 1941 73 79 86 84 77 90 97 99 359 472 292 150 163 1942 163 45 16 19 35 23 27 34 48 164 130 46 62 1943 27 38 23 19 13 13 13 Adjusted for seasonal variation 1939 125 105 131 126 130 125 111 117 120 121 87 89 1940 113 114 121 132 114 124 133 191 232 126 88 91 1941 112 132 132 140 129 146 167 183 262 182 139 137 1942 250 75 25 32 58 37 46 64 35 63 62 42 1943 42 63 .35 31 21 22 23 Rectified liquors Without seasonal adjustment 1939 91 89 108 113 99 87 90 91 123 153 194 123 113 1940 79 109 103 110 100 161 130 68 134 174 208 141 126 1941 92 113 124 130 150 165 160 171 184 180 190 135 150 1942 177 208 191 136 139 130 183 223 238 226 159 159 181 1943 159 161 157 141 139 144 144 * Same as unadjusted indexes beginning in this month. OCTOBER 1943 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Alcoholic Beverages—Cont. Rectified liquors—Cont.. . j Adiusted ior seasonal variation 1939 125 104 114 127 113 109 107 116 116 116 120 97 1940 108 126 108 123 114 201 155 87 126 130 128 113 1941 126 131 131 *130 150 165 160 171 184 180 190 135 1942 177 208 191 136 139 130 183 223 238 #226 159 159 1943 159 161 157 141 139 144 144 Tobacco Products Without seasonal 1djustment 1939 98 95 100 97 109 117 108 115 117 115 112 94 106 1940 98 98 97 105 112 124 112 110 118 120 115 98 109 1941 108 108 110 113 121 128 123 122 132 133 . 134 110 120 1942 126 121 117 119 123 132 131 135 144 149 141 137 131 1943 132 122 123 125 123 128 138 Adjusted for seasonil variation 1939 104 101 106 103 107 108 103 110 107 109 108 109 1940 104 105 103 111 109 116 109 107 108 112 109 113 1941 114 115 117 118 119 120 120 119 123 123 127 127 1942 131 129 124 125 123 127 127 131 135 140 138 146 1943 132 128 129 132 123 124 134 Cigars.., Without seasonal adjustmen t 1939 82 90 96 98 106 111 104 109 118 125 119 80 103 1940 86 90 92 97 lt)3 104 105 108 117 127 123 83 103 1941 90 96 100 111 108 113 111 113 120 135 137 107 112 1942 104 109 111 114 107 120 113 115 123 140 117 154 119 1943 103 101 93 103 104 102 99 Adjusted jor seasonal variation 1939 102 103 105 103 107 103 102 105 103 103 100 103 1940 103 101 100 102 104 102 104 105 102 105 103 104 1941 106 107 1,08 113 109 111 111 110 111 112 115 131 1942 122 120 118 115 108 118 113 113 114 121 *117 154 1943 103 101 "93 103 104 102 99 Cigarettes Without seasonal adjustmen ; 1939 106 96 102 98 113 124 114 119 118 115 113 102 110 1940 107 103 99 111 119 140 119 116 121 118 114 108 115 1941 119 118 119 118 133 144 138 136 146 141 143 121 131 1942 146 136 127 130 142 150 153 160 170 169 167 147 150 1943 159 144 148 149 144 156 175 Adjusted for seasonal variation 1939 108 102 110 105 109 113 106 113 110 114 114 115 1940 109 109 107 119 115 127 113 110 113 116 114 121 1941 122 125 127 127 131 131 131 129 137 137 142 136 1942 146 144 137 140 142 142 146 152 159 163 163 160 1943 159 153 159 160 144 149 166 Other tobacco products Without seasonal adjustmen t 1939 94 95 98 94 103 104 96 110 111 104 102 88 100 1940 90 96 97 98 101 101 101 97 108 115 105 89 100 1941 98 95 99 100 100 99 99 96 107 106 105 83 99 1942 96 92 96 96 89 96 91 89 98 104 97 83 94 1943 91 85 89 86 86 80 84 Adjusted for seasonal variation 1939 97 96 97 95 102 101 96 109 103 101 101 100 1940 93 97 97 98 100 99 101 100 101 10* 102 101 1941 99 98 99 100 100 97 99 99 100 99 102 95 1942 98 94 96 96 89 94 91 92 92 97 94 94 1943 93 88 89 86 85 78 84 Paper and Paper Products Without seasonal adjustment 1939 102 107 109 108 104 104 104 111 125 136 133 128 114 1940 121 116 114 119 129 131 125 123 122 128 127 127 123 1941 131 136 142 144 150 152 148 156 157 159 161 157 150 1942 162 162 163 157 147 131 119 129 132 138 137 132 142 1943 135 140 141 141 142 140 134 Adjusted for seasonal variation 1939 105 105 106 106 104 105 108 111 121 132 134 134 1940 123 116 112 118 130 131 128 122 119 124 127 134 1941 134 134 139 143 151 152 152 155 153 155 161 158 1942 162 162 163 157 147 131 119 129 132 138 137 133 1943 135 140 141 141 142 140 135 Paper and pulp Without seasonal aidjustmeni 1939 103 108 109 108 104 103 101 109 121 132 131 128 113 1940 122 118 114 120 129 131 125 123 121 127 126 127 124 1941 131 136 141 144 149 151 146 154 154 157 160 155 148 1942 160 161 161 157 149 134 121 131 133 139 137 132 143 1943 135 140 139 139 140 137 132 Adjusted for seasonal variation 1939 104 105 106 105 104 104 106 109 118 129 131 133 1940 124 117 113 119 130 131 128 123 119 124 126 132 1941 133 134 139 143 150 151 150 154 151 154 160 156 1942 160 160 161 157 149 134 122 131 133 139 137 132 1943 135 139 139 138 140 136 133 * Same as unadjusted indexes beginning in this month. 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION -INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Paper and Paper Products—Cont. Paper and pulp—Cont Pulp Without seasonal dajustment 1939 110 107 107 110 107 105 101 107 119 137 138 143 116 1940 139 137 138 144 150 157 147 148 147 150 151 154 147 1941 155 159 165 167 166 174 162 , 172 169 175 186 174 169 1942 185 188 196 190 189 176 159 169 162 165 162 149 174 1943 149 154 150 152 155 143 140 Adjusted for seasonal variatoin 1939 109 106 106 108 105 105 102 109 121 138 137 142 1940 138 136 138 142 149 157 148 150 150 151 150 153 1941 155 158 164 165 165 174 163 174 171 177 185 173 1942 184 187 195 188 187 176 160 171 164 167 161 149 1943 148 153 148 150 154 143 141 Ground wood pulp Without seasonal adjustmen/ 1939 112 108 105 115 110 101 92 88 96 110 110 121 105 1940 118 114 118 132 131 120 104 101 102 110 126 124 117 1941 124 127 128 136 133 124 109 109 112 121 144 134 125 1942 140 137 148 144 133 118 100 100 98 106 114 108 120 1943 107 111 110 112 113 107 98 Adjusted for seasonil variatiin 1939 108 104 98 103 99 99 103 104 110 118 108 116 1940 114 110 110 118 119 119 117 117 117 118 121 120 1941 120 122 119 122 122 123 122 125 128 130 137 132 1942 135 131 138 131 123 117 113 113 110 114 107 107 1943 103 107 103 101 104 106 110 Soda pulp Without seasonal adjustment 1939 98 103 102 104 102 95 85 91 113 129 131 140 108 1940 129 121 119 122 135 147 133 120 115 124 113 138 127 1941 128 133 141 139 141 150 141 151 142 145 167 148 144 1942 153 158 160 152 147 127 119 125 127 137 141 127 139 1943 96 98 94 93 92 84 87 Adjusted for seasonil variation 1939 *98 103 102 104 102 95 85 97 113 129 131 140 1940 129 121 119 122 135 147 133 120 115 124 113 138 1941 128 133 141 139 141 150 141 151 142 145 167 148 1942 153 158 160 152 147 127 119 125 127 137 141 127 1943 96 98 94 93 92 84 87 Sulphate pulp Without seasonal adjustmen 1939 123 129 131 131 115 119 127 133 141 159 157 167 135 1940 161 158 154 164 175 184 175 179 185 188 186 190 175 1941 197 201 207 204 209 220 204 222 215 220 225 214 211 1942 231 238 251 243 253 232 213 229 218 218 208 192 227 1943 201 206 203 204 211 184 193 Adjusted for season<il variaotin 1939 *123 129 131 131 115 119 127 133 141 159 157 167 1940 161 158 154 164 175 184 175 179 185 188 186 190 1941 197 201 207 204 209 220 204 222 215 220 225 214 1942 231 238 251 243 253 232 213 229 218 218 208 192 1943 201 206 203 204 211 184 193 Sulphite pulp Wiihntit ceasonal a / 1939 103 93 93 96 101 '9 *V9 1 V\ 0 J WV 0 %> 89 'Jrj *V O 9 V t 9 tV K/ ft V 113 134 135 134 107 1940 134 134 139 138 145 154 144 148 145 143 144 144 143 1941 144 147 156 159 155 167 155 164 164 171 179 166 161 1942 177 179 185 178 174 169 151 161 155 157 151 140 165 1943 140 146 140 144 147 142 131 Adjusted for seasonal variation 1939 *103 93 93 96 101 100 89 99 113 134 135 134 1940 134 134 139 138 145 154 144 148 145 143 144 144 1941 144 147 156 159 155 167 155 164 164 171 179 166 1942 177 179 185 178 174 169 151 161 155 157 151 140 1943 140 146 140 144 147 142 131 Paper. Without seasonal a•djustment 1939 101 108 109 108 103 102 101 109 121 131 130 126 113 1940 120 115 111 116 126 128 122 119 117 123 122 123 120 1941 127 132 137 140 146 148 144 151 151 154 156 152 145 1942 156 157 156 152 143 128 115 125 128 135 133 129 138 1943 133 138 138 137 137 136 131 Adjusted for seasonal variatoin 1939 103 104 106 105 104 103 107 109 118 127 130 131 1940 122 114 109 115 127 127 124 119 115 120 122 128 1941 129 131 136 139 147 148 148 150 148 151 156 153 1942 156 156 156 152 143 128 116 125 128 134 133 130 1943 133 137 138 136 137 135 131 Paperboard , Without seasonal adjustmen/ 1939 98 106 114 108 102 105 106 115 128 137 134 125 114 1940 122 115 113 116 128 128 123 123 125 130 132 127 124 1941 132 138 144 146 155 154 154 163 167 167 167 166 154 1942 168 167 168 157 141 120 109 123 131 136 137 134 141 1943 137 143 150 150 150 152 143 * Same as unadjusted indexes beginning in this month. OCTOBER 1943 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Paper and Paper Products—Cont. Paper and pulp—Cont. Paperboard—Cont Adjusted fir seasonil variatoin 1939 102 103 109 106 104 105 112 114 120 129 134 140 1940 127 112 109 114 131 128 130 121 118 123 132 143 1941 138 134 138 143 158 154 162 161 158 158 167 *166 1942 168 167 168 157 141 120 109 123 131 136 137 134 1943 137 143 150 150 150 152 143 Fine paper . Vithout esasonal adjustment 1939 100 100 99 106 96 92 86 96 114 123 125 120 104 1940 112 107 102 108 114 116 110 107 102 110 110 112 110 1941 111 118 122 126 130 131 127 139 144 147 155 154 134 1942 152 155 160 159 151 135 120 118 118 130 129 124 138 1943 129 131 129 130 133 123 125 Adjusted for seasonal variation 1939 99 94 92 97 94 94 94 *96 114 123 125 120 1940 112 107 102 108 114 116 110 107 102 110 110 112 1941 111 118 122 126 130 131 127 139 144 147 155 154 1942 152 155 160 159 151 135 120 118 118 130 129 124 1943 129 131 129 130 133 123 125 Printing paper Without seasonal dajustment 1939 104 112 109 106 107 101 96 107 117 135 131 131 112 1940 121 119 114 118 128 133 121 115 114 119 118 122 121 1941 126 133 140 145 151 156 149 152 151 154 156 145 147 1942 151 150 145 140 126 108 102 110 115 131 127 120 127 1943 125 131 126 124 122 122 116 Adjusted fn seasonil variatoin 1939 104 108 104 102 104 103 102 *107 117 135 131 131 1940 121 119 114 118 128 133 121 115 114 119 118 122 1941 126 133 140 145 151 156 149 152 151 154 156 145 1942 151 150 145 140 126 108 102 110 115 131 127 120 1943 125 131 126 124 122 122 116 Tissue and absorbent Without seasonal adjustment paper 1939 106 115 113 116 105 114 115 116 128 137 136 135 119 1940 120 121 109 126 133 141 136 139 137 151 137 141 133 1941 148 152 156 157 158 165 155 162 152 161 165 156 157 1942 168 178 166 172 173 177 141 163 174 171 174 170 169 1943 173 179 174 168 168 180 151 Adjusted for seasonal variation 1939 110 111 111 114 107 115 121 116 123 131 138 140 1940 124 117 109 125 133 138 142 139 137 145 138 146 1941 151 146 156 155 158 162 161 162 152 158 165 161 1942 169 171 166 171 173 173 147 163 174 170 174 175 1943 175 172 174 167 168 176 158 Wrapping paper Without seasonal dajustment 1939 104 110 108 108 104 98 101 106 118 126 127 125 111 1940 121 113 108 115 125 124 122 116 108 113 114 116 117 1941 122 126 128 132 138 139 135 140 140 145 142 145 136 1942 147 147 151 152 150 139 127 132 125 128 123 120 137 1943 125 129 127 125 130 118 127 Adjusted for seaso<nil variation 1939 104 106 106 107 106 100 104 107 117 123 127 *125 1940 121 113 108 115 125 124 122 116 108 113 114 116 1941 122 126 128 132 138 139 135 140 140 145 142 145 1942 147 147 151 152 150 139 127 132 125 128 123 120 1943 125 129 127 125 130 118 127 Newsprint Without seasonal dajustment 1939 102 101 101 106 109 106 102 101 106 103 104 106 103 1940 106 111 112 113 114 116 108 110 111 112 112 110 112 1941 113 113 115 114 115 115 109 110 107 110 113 107 112 1942 107 108 106 109 105 104 101 105 106 107 103 98 105 1943 92 92 90 89 90 92 89 Adjusted for seasonal variation 1939 102 102 101 104 108 105 104 104 106 103 102 106 1940 106 111 112 111 113 115 111 112 111 112 111 112 1941 113 113 115 112 114 114 112 111 107 110 112 109 1942 107 108 106 106 104 103 103 106 106 107 102 100 1943 92 92 90 88 89 91 91 Paperboard containers Without ^.easonali cdjustment 1939 102 104 109 107 104 110 113 119 142 154 141 126 118 1940 114 110 (1) 1941 1942 1943 Adjusted for seasonal variation 1939 107 106 107 107 105 111 115 118 129 142 144 138 1940 120 112 (1) 1941 1942 1943 * Same as unadjusted indexes beginning in this month. 1Same as Paperboard beginning this month. 8 97 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-43—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Printing and Publishing Vithout szasonal adjustmen 1939 97 103 104 106 103 100 90 98 Ill 122 119 120 106 1940 107 109 111 113 119 120 104 103 109 115 115 116 112 1941 112 118 125 129 131 131 120 124 128 133 136 131 127 1942 125 126 126 123 115 103 96 102 109 120 121 114 115 1943 111 115 114 116 114 ill 103 Adjusted for seasonal variation 1939 100 102 100 100 100 101 100 103 111 119 116 118 1940 111 110 109 110 117 119 112 109 109 112 111 113 1941 116 120 123 126 129 131 128 130 128 130 132 128 1942 129 127 124 120 113 103 103 108 108 117 116 111 1943 115 116 112 113 112 112 111 Newsprint consumption Vithout seasonal adjustment 1939 91 95 99 105 99 99 85 88 105 110 106 109 99 1940 93 99 107 108 110 107 88 91 105 111 111 109 103 1941 98 104 110 113 111 107 92 96 106 112 117 117 107 1942 99 102 107 105 104 98 90 95 102 109 115 108 103 1943 97 98 101 107 106 101 91 Adjusted for seasonal variation 1939 97 97 95 98 95 98 99 99 104 103 100 105 1940 100 101 103 102 106 106 103 104 104 104 104 104 1941 106 106 106 107 107 107 107 108 105 106 108 112 1942 107 104 103 99 100 99 105 106 101 104 106 103 1943 104 101 97 101 102 102 105 Petroleum and Coal Products Without seasonal adjustment 1939 105 103 104 105 103 107 107 110 114 121 120 118 110 1940 119 119 119 118 118 118 116 118 122 123 124 126 120 1941 126 128 126 126 131 133 134 137 140 143 144 148 135 1942 145 145 140 139 140 140 144 148 151 154 157 156 147 1943 158 165 166 171 173 177 182 Adjusted fr seasomil variation 1939 106 104 105 105 107 107 108 109 112 119 119 119 1940 121 121 121 118 117 117 117 118 120 121 123 128 1941 128 130 128 126 130 131 134 137 140 143 144 148 1942 145 145 140 139 140 140 144 148 151 154 157 156 1943 158 165 166 171 173 177 182 Petroleum refining Without seasonal adjustmen 1939 106 103 105 108 109 110 108 111 114 119 117 115 111 1940 116 118 119 118 117 116 113 115 119 120 120 123 118 1941 122 124 122 125 129 129 131 134 138 141 143 146 132 1942 143 143 137 135 136 136 141 145 149 153 155 155 144 1943 157 164 166 171 174 180 185 Adjusted for seasoinl variatoin 1939 108 106 107 108 108 109 109 110 112 117 116 116 1940 118 120 121 118 116 115 114 114 116 117 119 124 1941 125 126 124 125 127 128 131 134 138 141 143 146 1942 143 143 137 135 136 136 141 145 149 153 155 155 1943 157 164 166 171 174 180 185 Gasoline.. Vithout seasonald jaustment 1939 106 104 104 108 110 112 111 114 116 120 119 114 112 1940 108 109 109 111 111 112 109 112 116 114 113 112 112 1941 113 114 114 118 124 126 127 130 134 134 135 136 126 1942 129 121 112 104 103 101 105 109 109 111 110 104 110 1943 99 102 99 101 104 109 109 Adjusted for seasonal variation 1939 111 107 110 109 110 110 108 110 112 117 118 116 1940 112 112 115 112 111 110 106 109 113 111 112 115 1941 117 118 120 120 124 123 123 126 130 131 134 *136 1942 129 121 112 104 103 101 105 109 109 111 110 104 1943 99 102 99 101 104 109 109 Fuel oil .. Vithout seasonal adjustment 1939 109 104 105 108 107 108 105 106 111 117 113 113 109 1940 122 120 119 115 113 112 109 114 114 116 117 122 116 1941 123 123 118 117 119 121 122 124 125 130 130 132 124 1942 127 129 122 123 122 123 127 130 137 137 138 137 1943 137 143 137 144 137 138 145 i Adjusted for seasonal variation 1939 106 103 107 110 107 109 108 108 110 116 112 111 1940 119 119 121 117 113 113 111 116 113 115 116 120 1941 120 122 121 120 119 122 124 127 124 129 129 130 1942 *127 129 122 123 122 123 127 130 137 137 138 137 1943 137 143 137 144 137 138 145 Lubricating oil Without seasonal icdjustmer 1939 93 103 98 102 105 107 101 113 109 132 125 128 110 1940 122 122 123 125 123 122 111 97 102 109 115 106 115 1941 108 103 104 122 122 134 131 131 130 129 137 131 124 1942 129 129 130 131 127 123 115 116 112 113 114 112 121 1943 108 113 117 118 121 120 120 * Same as unadjusted indexes beginning in this month. OCTOBER 1943 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Petroleum and Coal—Cont. Petroleum refining—Cont Lubricating oil—Cont Adjusted for seasonal variation 1939 96 104 99 98 101 107 102 114 109 132 125 129 1940 126 124 124 120 118 122 113 98 102 109 115 107 1941 112 104 105 118 118 134 133 132 130 129 137 132 1942 133 131 131 126 122 123 117 117 112 113 114 113 1943 111 114 118 114 116 120 121 Kerosene . Without seasonal dajustment 1939 108 109 112 114 112 107 102 110 114 117 111 111 110 1940 102 121 125 123 126 113 110 107 119 123 126 131 119 1941 126 124 115 119 115 102 103 111 117 121 126 127 117 1942 126 129 115 108 101 97 97 101 106 112 113 102 109 1943 106 123 120 124 124 119 110 Adjusted for seasonal variatoin 1939 106 107 110 112 111 110 110 114 115 117 107 107 1940 100 115 122 120 125 121 118 111 120 123 123 127 1941 124 118 112 117 113 109 110 116 118 121 123 123 1942 124 123 112 106 100 103 105 106 107 112 110 99 1943 104 117 118 121 122 126 118 Coke production Without seasonaladjustmait 1939 96 98 98 85 68 91 96 104 116 133 140 140 105 1940 138 125 120 119 122 132 136 139 142 145 148 149 135 1941 150 153 155 133 149 155 155 155 153 154 154 161 152 1942 162 162 162 162 163 165 163 165 166 166 166 166 164 1943 166 169 169 169 166 157 162 Adjusted for seasonal variatoin 1939 96 96 97 85 68 91 98 104 116 133 140 139 1940 138 123 118 119 123 132 139 140 143 145 147 149 1941 150 153 155 133 149 155 155 155 153 154 154 161 1942 162 162 162 162 163 165 163 165 166 166 166 166 1943 166 169 169 169 166 157 162 Byproduct coke Without seasonal adjustment 1939 98 99 100 87 69 93 98 106 117 131 137 137 106 1940 137 125 120 120 124 132 135 137 139 141 143 143 133 1941 144 145 146 135 141 146 146 146 145 145 145 151 144 1942 152 152 152 152 153 153 154 155 155 155 156 156 154 1943 157 158 158 159 157 152 153 Adjusted for seasoniil variatmic 1939 98 98 99 87 69 93 100 106 117 131 137 137 1940 137 124 119 120 124 132 137 137 139 141 143 *143 1941 144 145 146 135 141 146 146 146 145 145 145 151 1942 152 152 152 152 153 153 154 155 155 155 156 156 1943 157 158 158 159 157 152 153 Beehive coke.... Without ieasonal itdjustment 1939 58 58 50 15 18 39 36 32 57 198 269 253 89 1940 180 127 106 80 80 123 181 210 222 274 309 378 189 1941 387 421 458 73 408 459 452 478 449 462 433 501 415 1942 493 514 507 518 511 542 506 508 526 527 503 501 513 1943 485 543 551 519 481 318 453 Adjusted for seasonal variatoin 1939 50 43 40 17 23 47 44 40 69 192 244 217 1940 154 94 85 89 107 150 218 263 267 266 281 *378 1941 387 421 458 73 408 459 452 478 449 462 433 501 1942 493 514 507 518 511 542 506 508 526 527 503 501 1943 485 543 551 519 481 318 453 Chemical Products Without seasonal adjustmen( 1939 106 107 111 110 108 106 106 107 115 125 123 124 112 1940 122 123 125 127 127 126 126 128 132 138 139 142 130 1941 143 148 154 162 166 173 177 182 190 198 202 207 176 1942 214 224 238 252 262 273 282 292 299 317 331 346 278 1943 354 362 372 384 389 396 397 Adjusted for seasonal variatoin 1939 106 107 109 108 109 108 109 110 115 122 122 123 1940 122 123 124 125 127 128 129 131 132 136 137 141 1941 144 148 153 159 167 175 180 185 189 196 201 206 1942 215 224 236 250 263 276 286 295 298 314 330 344 1943 355 361 370 382 389 399 401 Paints... Without seasonal icdjustment 1939 99 101 105 108 110 110 105 106 107 111 108 108 107 1940 105 105 107 108 112 112 108 108 110 111 109 112 109 1941 113 118 124 133 142 149 146 145 143 144 141 143 137 1942 140 142 142 139 136 130 123 122 121 122 124 126 130 1943 123 125 126 130 134 139 137 Adjusted for seasoanl variatoin 1939 101 102 105 107 107 107 106 107 108 111 109 108 1940 107 106 107 107 108 108 109 109 111 111 110 112 1941 115 119 124 132 138 144 147 147 145 144 142 143 1942 143 143 142 137 132 126 124 123 122 122 125 126 1943 125 127 126 129 130 135 139 * Same as unadjusted indexes beginning in this month. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Chemical Products—Cont. Soap. Vithout seasonal cdjustmerit 1939 105 106 108 104 104 108 110 115 120 123 119 114 111 1940 111 111 109 108 108 111 111 114 121 122 114 120 113 1941 122 129 133 135 138 143 149 152 152 151 146 139 141 1942 136 137 139 135 127 122 115 116 121 121 122 123 126 1943 123 125 124 122 119 120 119 Adjusted for seasonal variatoin 1939 107 107 108 106 107 110 111 114 115 117 117 114 1940 113 112 109 110 112 113 112 113 116 116 113 120 1941 124 131 133 138 142 146 150 150 146 144 145 139 1942 139 138 139 138 131 124 116 115 117 116 121 123 1943 125 127 124 124 122 123 120 Rayon. . Without seasonal adjustment 1939 119 118 115 109 106 107 111 105 122 132 135 138 118 1940 140 142 141 141 142 144 137 132 139 147 154 158 ' 143 1941 160 156 158 162 168 170 172 175 177 181 184 182 170 1942 182 179 181 180 183 186 182 187 188 190 187 196 185 1943 196 200 204 210 214 213 222 Adjusted for seasonal variatoin 1939 117 117 115 111 108 107 112 109 122 129 132 135 1940 137 140 141 143 145 144 139 137 139 144 151 155 1941 157 *156 158 162 168 170 172 175 177 181 184 182 1942 182 179 181 180 183 186 182 187 188 190 187 1% 1943 196 200 204 210 214 213 222 Industrial chemicals Without seasonal adjustment 1939 108 111 113 111 113 113 112 117 122 136 138 140 120 1940 138 141 143 145 148 150 153 155 157 164 167 172 153 1941 174 180 189 192 201 212 216 223 227 232 237 244 210 1942 253 259 267 273 281 288 292 292 292 304 310 319 286 1943 332 332 341 350 356 366 372 Adjusted for seasonal variation 1939 *108 111 113 111 113 113 112 117 122 136 138 140 1940 138 141 143 145 148 150 153 155 157 164 167 172 1941 174 180 189 192 201 212 216 223 111 232 237 244 1942 253 259 267 273 281 288 292 292 292 304 310 319 1943 332 332 341 350 356 366 372 Rubber Products... Without seasonal adjustment 1939 109 106 110 107 101 108 107 112 124 128 129 118 113 1940 128 122 121 118 122 117 109 115 126 126 135 137 123 1941 145 151 156 158 164 175 168 170 166 169 169 166 163 1942 153 154 158 150 155 160 169 177 180 191 200 212 172 1943 215 218 222 222 224 230 229 Adjusted for seasonal variation 1939 106 108 110 108 101 108 107 112 122 128 126 123 1940 124 124 121 119 122 117 109 115 124 126 132 137 1941 145 151 156 158 164 175 168 170 166 169 169 166 1942 153 154 158 150 155 160 169 177 180 191 200 212 1943 215 218 222 222 224 230 229 Rubber consumption1 Vithout seasonal adjustment 1939 110 106 111 107 101 108 107 112 124 129 131 119 113 1940 130 122 121 119 122 116 109 116 128 128 138 140 124 1941 148 153 1942 1943 Adjusted jor seasonal variation 1939 107 108 111 108 101 108 107 112 121 129 127 125 1940 126 125 121 120 122 116 109 116 125 128 133 *14O 1941 148 153 1942 1943 Tires and tubes1 Vithout seasonal adjustment 1939 106 106 109 106 99 111 112 118 125 121 114 109 111 1940 110 115 118 114 121 126 106 105 109 109 116 117 114 1941 123 128 1942 1943 Adjusted jor seasonal variatoin 1939 106 106 109 106 99 111 112 118 125 121 114 109 1940 110 115 118 114 121 126 106 105 109 109 116 117 1941 123 128 1942 1943 Pneumatic tires1 Vithout seasonal adjustmen 1939 108 107 110 107 101 112 114 119 126 122 115 111 112 1940 112 116 119 115 122 127 108 106 110 110 118 118 115 1941 124 128 1942 1943 * Same as unadjusted indexes beginning in this month. 1 Dropped from production index beginning March 1941. OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year RubberProducts—Coni. Tires and tubes—Con t. Pneumatic tires1—Cont Adjusted for seasonal variation 1939 *108 107 110 107 101 112 114 119 126 122 115 Ill 1940 112 116 119 115 122 127 108 106 110 110 118 118 1941 124 128 1942 1943 Inner tubes1.. Vithout esasonal •adjustmetn 1939 101 99 102 100 89 100 102 108 116 118 112 98 103 1940 99 104 109 109 112 113 95 102 107 103 107 115 106 1941 121 127 1942 1943 Adjusted jor seasonal variatoin 1939 *101 99 102 100 89 100 102 108 116 118 112 98 1940 99 104 109 109 112 113 95 102 107 103 107 115 1941 121 127 1942 1943 Minerals—Total.. Vithout esasonal adjustmert 1939 103 102 100 88 97 103 106 94 121 128 124 112 106 1940 116 113 111 111 118 119 120 119 124 122 120 114 117 1941 114 115 117 96 127 132 131 135 138 139 135 126 125 1942 125 124 118 126 131 132 131 136 137 134 132 119 129 1943 119 125 127 127 132 121 140 Adjusted for seasoanl variatoin 1939 103 101 104 91 97 104 107 92 114 119 120 114 1940 120 115 118 120 118 119 118 113 117 114 119 119 1941 120 119 126 96 121 127 126 128 132 134 133 134 1942 133 133 126 125 126 127 126 130 131 129 130 127 1943 125 131 132 131 129 117 135 Fuels.. Without seasonal dajustment 1939 107 106 104 90 96 100 103 87 114 121 120 115 105 1940 121 117 115 114 113 112 112 110 116 113 116 116 114 1941 117 119 121 87 118 123 121 126 130 132 131 131 122 1942 131 130 122 121 121 121 121 126 129 127 130 126 125 1943 124 131 133 131 129 115 136 Ad'justed for seaaslo nvariation 1939 104 102 105 90 96 104 108 89 113 117 118 113 1940 119 113 115 117 116 116 116 111 115 110 114 115 1941 115 114 122 87 116 123 121 124 130 132 131 131 1942 131 130 122 121 121 121 121 126 129 127 130 126 1943 124 131 133 131 129 115 136 Coal... Vithout seasonald jaustment 1939 113 110 98 52 66 83 87 97 118 134 128 113 100 1940 134 116 103 100 101 102 107 107 121 110 124 127 113 1941 130 132 137 31 120 131 126 135 142 142 136 135 125 1942 136 136 135 144 140 139 137 135 146 140 148 136 139 1943 136 151 154 146 139 97 150 Adjusted for seasoinl variation 1939 101 95 101 55 71 96 100 110 115 121 115 102 1940 124 102 106 115 116 116 119 115 118 100 111 116 1941 119 116 142 33 120 131 126 135 142 142 136 135 1942 136 136 135 144 140 139 137 135 146 140 148 136 1943 136 151 154 146 139 97 150 Bituminous coal Without seasonal adjustment 1939 111 112 102 31 53 84 91 100 119 138 136 118 99 1940 135 123 106 102 103 101 108 113 126 112 130 130 116 1941 132 136 144 19 127 133 130 138 146 146 145 144 129 1942 144 141 140 150 147 144 141 140 150 145 154 143 145 1943 145 157 161 151 143 103 155 Adjusted for seasoinl variatoin 1939 100 95 107 38 62 97 103 109 114 123 119 106 1940 121 105 110 122 122 118 123 123 121 100 114 117 1941 119 116 150 22 *127 133 130 138 146 146 145 144 1942 144 141 140 150 147 144 141 140 150 145 154 143 1943 145 157 161 151 143 103 155 Anthracite... Without seasonal dajustment 1939 119 105 80 133 117 82 70 85 115 118 99 93 101 1940 132 88 89 92 93 107 104 85 103 99 98 115 101 1941 118 116 109 79 91 120 111 124 127 127 103 98 110 1942 104 121 116 122 115 117 122 118 129 117 124 105 117 1943 102 129 128 129 124 74 129 Adjusted for seasoanl variation 1939 103 96 78 124 107 89 90 115 120 112 97 88 1940 *132 88 89 92 93 107 104 85 103 99 98 115 1941 118 116 109 79 91 120 111 124 127 127 103 98 1942 104 121 116 122 115 117 122 118 129 117 124 105 1943 102 129 128 129 124 74 129 * Same as unadjusted indexes beginning in this month. 1 Dropped from production index beginning March 1941. 98Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Fuels—Cont. Crude petroleum... Without seasonal adjustment 1939 103 104 107 109 111 109 112 82 113 115 116 116 108 1940 114 117 121 121 119 116 114 111 114 114 111 111 116 1941 111 112 114 116 118 120 119 122 124 127 128 129 120 1942 129 127 115 109 111 113 112 121 120 121 121 121 118 1943 118 121 122 124 125 124 128 Adjusted for seasonal variatoin 1939 106 105 106 107 108 109 112 79 113 116 120 118 1940 116 118 120 118 116 116 114 108 114 115 115 114 1941 114 113 112 113 114 120 119 119 124 *127 128 129 1942 129 127 115 109 fill 113 112 121 120 121 121 121 1943 118 121 122 124 125 124 128 Metals.. Without seasonal adjuslmen/ 1939 79 77 76 75 103 119 124 135 158 171 143 93 113 1940 89 88 88 94 145 167 170 171 172 178 146 98 134 1941 95 93 92 149 181 181 184 187 182 181 161 98 149 1942 88 89 97 155 190 195 192 194 184 176 143 79 148 1943 88 90 90 104 147 160 164 Adjusted for seasonal variation 1939 98 98 100 99 102 103 103 108 118 126 133 123 1940 127 130 133 133 134 134 131 129 127 135 148 147 1941 148 148 148 149 151 151 151 148 145 146 147 152 1942 146 150 154 153 156 158 155 152 145 140 133 132 1943 129 130 130 130 128 128 129 Metals other than gold and Without seasonal adjustment V6r 1939" 59 57 53 55 ior 132 138 149 178 197 151 74 112 1940 72 72 72 80 170 204 214 211 209 209 148 73 145 1941 73 76 75 176 228 228 233 232 221 208 186 80 168 1942 80 82 94 195 259 266 264 264 249 239 192 93 190 1943 114 121 121 147 223 243 250 Adjusted for seasonal variation 1939 87 88 88 89 92 99 101 107 121 131 144 129 1940 134 138 141 141 141 143 145 144 142 147 161 159 1941 161 164 164 169 167 169 172 170 166 161 171 174 1942 179 182 185 185 192 198 197 195 189 184 181 187 1943 185 189 188 189 186 187 188 Iron ore1.. Without seasonal adjustment 1939 2 106 169 191 204 239 270 165 112 1940 14 213 288 315 308 301 294 162 158 1941 210 323 326 344 335 311 281 231 197 1942 ""23" 237 372 382 393 388 358 335 229 '"'19' 229 1943 73 ""77" 79 132 298 341 365 Adjusted for seasonal variation 1939 60 68 77 79 85 98 102 108 119 133 155 122 1940 132 142 151 149 152 155 159 159 155 163 192 186 1941 187 189 191 199 195 198 205 202 192 182 202 205 1942 210 214 219 217 232 236 241 239 227 218 211 223 1943 223 223 223 223 223 223 223 Copper.. Without seasonal dajustment 1939 111 110 99 102 97 100 91 ** ** ** ** ** 116 1940 144 142 144 150 141 140 133 135 136 146 147 146 142 1941 145 155 151 156 159 152 147 152 152 156 157 159 153 1942 158 160 165 169 174 t 1943 Adjusted for seasona/ variation 1939 113 108 97 98 98 102 103 ** ** *# •* ** 1940 147 141 141 144 141 143 142 139 137 141 143 145 1941 148 155 149 152 156 153 156 155 154 153 152 157 1942 161 160 164 168 171 t 1943 Lead.... Without seasonal adjustmen 1939 114 106 96 96 102 101 95 106 111 109 116 118 106 1940 114 116 115 119 122 116 112 114 112 117 114 118 116 1941 116 116 116 121 117 116 110 116 120 119 128 124 118 1942 131 140 131 135 t 1943 Adjusted for seasonal variation 1939 114 106 98 95 100 102 102 106 109 109 113 115 1940 114 116 117 116 119 117 115 114 112 117 113 116 1941 116 116 118 119 115 117 114 116 120 119 127 122 1942 131 140 134 132 t 1943 Zinc... Without seasonal adjustment 1939 102 101 103 101 95 92 90 93 99 114 125 130 103 1940 120 127 123 118 114 111 112 111 116 118 120 123 118 1941 125 126 125 133 127 136 125 131 135 134 131 138 130 1942 f 1943 * Same as unadjusted indexes beginning in this month. ** Estimated monthly figures August to December 1939 not available for publication. t Included in total and group indexes but not available for publication separately beginning in this month. 1 Prior to 1943, iron ore shipments; adjusted figures for 1943 preliminary. 983 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—INDEXES BY GROUPS AND INDUSTRIES, 1939-1943—Continued [1935-39 average = 100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Metals—Cont. Metals other than gold and silver—Cont. Zinc—Cont.. . Adjusted for seasonal variaton 1939 100 99 98 98 95 93 95 97 102 114 124 127 1940 118 125 118 115 114 113 120 117 120 118 *120 123 1941 125 126 125 133 127 136 125 131 135 134 131 138 1942 f 1943 Gold... Vithout seasonal adjustment 1939 109 102 105 105 105 105 108 125 140 145 137 121 117 1940 114 108 107 110 108 116 111 118 126 141 148 133 120 1941 126 113 112 107 114 116 116 126 131 152 132 118 122 1942 96 96 98 96 94 97 93 98 97 92 75 55 91 1943 45 40 40 38 37 37 Adjusted for seasonal variatoin 1939 115 113 120 119 120 112 110 114 120 123 121 118 1940 119 121 122 124 123 123 113 108 108 120 131 129 1941 132 126 127 121 132 126 121 114 114 130 116 112 1942 101 107 112 108 107 103 96 90 85 78 65 53 1943 47 44 45 43 42 39 Silver Vithout seasonal adjustment 1939 103 107 112 98 102 86 90 87 99 106 109 108 101 1940 113 114 124 123 121 116 106 104 104 119 128 129 117 1941 129 129 131 130 121 123 122 126 117 107 106 105 120 1942 106 103 110 110 105 100 97 97 89 82 75 73 95 1943 73 73 74 71 72 76 Adjusted for seasonal variaoiin 1939 102 104 109 97 102 89 90 89 98 106 108 109 1940 112 111 120 122 122 120 108 106 103 120 127 129 1941 128 126 127 129 122 128 124 129 116 108 106 105 1942 105 101 106 109 106 104 98 99 88 82 74 73 1943 73 72 72 70 72 79 •Same as unadjusted indexes beginning in this month. f Included in total and group indexes but not available for publication separately beginning in this month. 984 FBDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGJJ Member bank reserves, Reserve Bank credit, and related items.... 987 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 988 Federal Reserve Bank statistics 989-993 Guaranteed war production loans 993 Deposits and reserves of member banks 994 Money in circulation 995 Gold stock; Postal Savings System; bank suspensions; bank debits. 996 All banks in the United States, number, deposits, loans and investments 997 Condition of all member banks 998-999 Weekly reporting member banks 1000-1003 Commercial paper, bankers' acceptances, and brokers' balances ... o4 IO Money rates and bond yields' 1005 Security markets 1006-1007 Corporate profits 1008 Treasury finance 1009-1011 Government corporations and credit agencies i2. IO Business indexes 1013-10x1 Department store statistics 102.2.-10Z3 Consumer credit statistics 1014-10x5 Wholesale prices iox6 Employment in nonagricultural establishments 1017 September crop report, by Federal Reserve districts 1017 Current statistics for Federal Reserve chart book 1018-102.9 All member bank—Assets and liabilities on June 30, 1943 by classes of banks 1030 Assets and liabilities of insured commercial banks in U. S. and possessions, June 30, 1943, Dec. 31, and June 30, 1941. . 1031 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 MONEY IN CIRCULATION V TREASURY CASH AND DEPOSITS 1937 1938 1939 1940 1941 1942 1943 Wednesday figures, latest shown are for Sept. 22. See p. 987. 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date B o d u e i i l d s n l - s t- T U o . t a S l . s e G c ' u o r a b u e r v n i r i a e l d t y l s i r s e - n s me o n A th t l e l r ot A h l e l r! Total s G to o c ld k T s r t r u c e o i a e u n n r u n a y g r c t d s - y - - - i M c n t u i o o c l n a i n e r - - y T c i h r n u a o e g r s l a y h s d s - - F T B p r e w s y r o R a d e e i s n r e t e a d i v h r k t - s e a e s s - - l b p N m e o r o e s m n i d t - e - s - c O s F o e e a R t e u r r h c v d e a n - e - - e l t r s To b ta a l lanc E e x s cess2 ertificates Monthly averages of daily figures: 1942-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 Aug 5 3,370 993 2,377 185 3,561 22,745 3,332 12,939 2,208 240 1,333 295 12,623 2,248 1943—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 Aug 27 8,440 6,238 2,202 413 8,880 22,305 4,093 18,196 2,277 316 1,562 331 12,597 1,142 End of month figures: 1942—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 Aug. 31 7 3,426 1,037 2,390 131 3,565 22,756 3,340 13,200 2,217 246 1,368 292 12,338 2,143 1943—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 Aug. 31 59 9,088 6,861 2,227 319 9,466 22,243 4,087 18,529 2,271 249 1,561 330 12,855 1,123 Wednesday figures: 1942—Nov. 4 11 4,551 1,064 3,486 119 4,680 22,739 3,369 14,312 2,260 361 1,363 283 12,211 2,118 Nov. 11 10 4,658 1,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18 8 4,695 1,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25 10 4,843 1,117 3,725 229 5,083 22,742 3,377 14,648 2,239 68 1,233 267 12, 746 2,518 Dec. 2 9 5,140 1,217 3,923 311 5,460 22,743 3,381 14,848 2,243 94 1,300 259 12,840 2,504 Dec. 9 9 5 546 1,495 4,051 258 5,813 22,743 3,383 14,986 2,192 60 1,183 252 13,267 2 804 Dec. 16 9 5^537 l,'46O 4^077 508 6', 055 22,744 3^440 15^092 2,184 13 269 13,517 2^637 Dec. 23 10 5,627 1,515 4,112 655 6,292 22,735 3,569 15,329 2,182 497 l',191 268 13,129 2,192 Dec. 30 5 5,989 1,856 4,133 435 6,428 22,726 3,628 15,407 2,194 811 1,315 266 12, 788 1,656 1943—Jan. 6 4 6,032 1,895 4,138 341 6,378 22,712 3,660 15,393 2,192 273 1,172 256 13,464 2,326 Jan. 13 7 5,975 1,841 4,134 292 6,274 22,712 3,697 15,322 2,190 329 1,308 255 13, 279 2,149 Jan. 20 10 5,818 1,701 4,117 367 6,195 22,703 3,747 15,354 2,196 374 1,311 255 13,156 1,998 Jan.27 10 5,729 1,690 4,039 252 5,992 22,692 3,793 15,438 2,199 122 1,181 258 13,278 2,094 Feb. 3 9 5,475 1,588 3,887 283 5,766 22,663 3,846 15,666 2,200 49 1,156 262 12,942 1,700 Feb.10 13 5,719 1,939 3,780 250 5,983 22,642 3,885 15,798 2,209 280 1,213 264 12,747 1,640 Feb.17 9 5,795 2,083 3,712 410 6,214 22,642 3,915 15,845 2,221 188 1,158 268 13,093 1,992 Feb. 24 11 5,931 2,275 3,656 281 6,223 22,643 3,925 15,952 2,223 258 1,171 270 12,917 1,788 Mar. 3 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10 9 6,090 2,747 3,343 291 6,390 22,644 .3,971 16,205 2,218 5 1,179 276 13,122 1,877 Mar. 17 10 6,266 3,102 3,165 422 6,699 22,610 3,979 16,115 2,224 6 1,129 297 13,516 2,126 Mar. 24 10 5,950 2,883 3,067 320 6,280 22,595 3,984 16,065 2,218 6 1,185 301 13,084 1,632 Mar. 31.... 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Apr. 7 13 6,549 3,516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 302 13,110 1,976 Apr. 14 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,144 2,147 Apr. 21 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,293 Apr. 28 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 May 26 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 June 2 21 6,217 3,539 2,677 297 6,535 22,427 4,075 17,196 2,272 6 1,192 315 12,057 1,634 June 9 13 6,636 3,995 2,641 349 6,998 22,407 4,078 17,237 2,277 175 1,312 316 12,165 1,514 June 16 11 6,626 4,218 2,408 451 7,088 22,407 4,080 17,189 2,278 6 1,258 332 12,511 1,632 June 23 19 6,748 4,393 2,355 427 7,194 22,387 4,079 17,154 2,268 294 1,386 335 12,223 1,299 June 30 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 July 7 34 7,676 5,448 2,228 407 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 6,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 Sept. 1 69 9,187 6,956 2,231 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 .... 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22.... 22 9,204 6,983 2,211 491 9,717 22,205 4,094 18,714 2,266 549 1,662 338 12,487 1,893 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. 987 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES fin effect September 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i p n b g li o g r a- 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 callable in one year advances secured by or less (Sec. 13) (Se e e li s g . i 1 b 3 le a p n a d p 1 er 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York.... Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 h Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis... Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco. Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. FEDERAL ^RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturities not exceeding five years Maturity September30 ginning- rate [In effect September 30. Per cent per annum] T B r a e n a k s e u r r s y ' a b c il c l e s1 ptances^ Y% Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days %A do 1 121-180 days do 13* Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M r i e n a i s m u u ry M m b E b i M l u l y s B in o E g f R f e r r a e B t d e A . s N on K p r R im E e S E b R an V k E e rs R ' E ac Q ce U p I ta R n E ce M s. ENTS 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 n h i t o u ic n - h m p O o a n r i n t r i i e o n - n g m O it n m c e o n m ts - [Per cent of deposits] tion is obligated Net demand deposits1 Time Boston 2H-5 deposits New York 2^5 (all Philadelphia C r b e c e a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e Co ba u n n k tr s y m ba e n m k b s e ) r R A C i l t c e la h v n m e t l a a o n n d d 234-5 (2 June 21, 1917-Aug. 15, 1936 13 10 7 h S C t h . ic L a o g u o is 2H-5 Aug. 16, 1936-Feb. 28, 1937 19H 15 10^ Mar. 1, 1937-Apr. 30, 1937 22% 12% Minneapolis M A N S A E e f u p o a f p g r v y e t . . c . . t 2 1 i 1 v 0 4 1 1 6 e , , , , , 1 1 1 1 1 O 9 9 9 9 9 c 4 4 4 3 3 t 2 2 1 7 8 . - - - - - O 3 A A S O , c e u p c 1 t p g t r . . . 9 t . . 4 1 1 3 l3 2 2 9 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 2 2 8 1 2 2 2 2 2 2 0 4 2 2 6 6 % 2 2 2 2 2 1 0 0 0 0 0 7^ 1 1 1 1 1 1 4 4 4 4 2 4 6 5 6 6 6 6 D K Sa a a 2 1 n l n l R I s a F n a s a r c s t a l e n u C c d c i i h i t s n y a c g r o g l e o d a n b s o m rro a w de e 2 r i 3 n l ^ e p - s 5 a s r c ti o c m ip m at i i t o m n e w nt i t r h a t f e in . ancing institutions. 1 Gross demand deposits minus demand balances with domestic banks 4 3 M Ra a t y e c c h h a a r r g g e e d s a b m o e rr o ra w te e r. as charged borrower by financing institution, if (except private banks and American branches of foreign banks) and cash lower. items in process of collection. 5 Financing institution is charged % per cent on undisbursed portion of loan under commitment. MARGINptEQUIREMENTS1 MAXIMUM RATESgON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by P R re e s s c e r r i v b e e d S y b s y E t e B x m c o h a i a r n n d a g o c e f c o A G rd o c a v t n e o c r f n e o 1 r w 9 s 3 i 4 t o h f t S h e e c F u e ri d t e ie r s al O A 1 c p 9 t. 3 r 6 . 3 - l 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e the Board of Gove [ r P n e o r r s c e u n n t d e p r e r p a ro n v n i u s m io n ] s of Regulation Q 1937 Nov. 1,1933- Feb.1,1935- Effective Jan.31,1935 Dec. 31, 1935 Jan. 1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 55 40 Savings deposits 2H F F o o r r l s o h a o n r s t b sa y l e b s a , n u k n s d o er n R st e o g c u k l s a , ti u o n n d e T r Regulation U.... 3 J 2 5 ) 5 4 5 0 0 P O o th s e ta r l d s e a p v o in si g t s s d p e a p y o ab si le ts : ... 2y In 6 months or more.... 1 Regulations Tand U limit the amount of credit that may be extended on In 90 days to 6 months. a security by prescribing a maximum loan value, which is a specified In less than 90 days 1 percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Requirement under Regulation T was the margin "customarily re- same as those in effect for member banks. Under Regulation Q the rate quired" by the broker. 3 Regulation U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. 88 9 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 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Aug. 25 Aug. 18 Aug. 11 Aug. 4 August July August Assets Gold certificates on hand and due from U. S. Treasury 19,915,217 19,913,71519,952,71519,967,71420,036,21620,049,71220,069,21420,108,21619,970,21420,108,21620,562,129 Redemption fund—F.R. notes.. 129,865 129,095 114,743 103,347 86,414 74,985 71,957 54,423 100,847 54,527 13,101 Other cash 333,542 319,605 307,312 316,929 330,551 328,676 333,981 340,738 317,745 345,067 227,452 Total reserves. 20,378,62420,362,41520,374,77020,387,99020,453,18120,453,37320,475,15220,503,37720,388,80620,507,81020,802,682 Bills discounted: For member banks 21,469 30,613 70,149 68,629 40,239 17,822 24,105 17,420 58,664 15,810 4,665 For nonmember banks, etc.. .. 50 100 500 125 125 125 125 100 125 50 2,500 Total bills discounted.... 21,519 30,713 70,649 68,754 40,364 17,947 24,230 17,520 58,789 15,860 7,165 Industrial advances 11,217 11,403 11,626 11,663 11,791 11,491 11,687 11,826 11,680 11,910 14,475 U.S. Government securities: Direct: Bonds 1,498,432 1,498,432 1,498,432 1,477,032 1,450,732 1,444,732 1,444,732 1,444,732 1,472,932 1,444,732 1,659,978 Notes 689,400 689,400 720,900 720,900 720,900 720,900 720,900 720,900 720,900 720,900 724,930 Certificates: Special series 424,000 11,000 Other 1,318,150 1,305,150 1,220,550 1,182,550 1,106,700 1,091,700 1,091,700 1,091,700 1,160,050 1,091,700 340,973 Bills: Under repurchase option 4,453,464 4,464,696 4,636,764 4,558,769 4,254,128 3,671 512 3,903,118 3,751,120 4,486,492 3,802,847 Other 1,211,503 1,238,583 1,215,463 1,214,463 1,211,235 1,193,715 1,123,770 1,123,770 1,214,463 1,093,580 695,605 Guaranteed 33,116 33,116 33,116 33,116 33,116 33,116 33,116 33,116 33,116 33,116 4,775 Total U.S. Government securities, direct and guaranteed 9,204,065 9,653,377 9,336,225 9,186,830 8,776,811 8,155,675 8,317,336 8,165,338 9,087,953 8,186,875 3,426,261 Other Reserve Bank credit outstanding 480,331 619,769 323,679 273,010 307,834 400,768 365,209 387,595 307,403 470,771 116,613 Total Reserve Bank credit outstanding... 9,717,13210,315,262 9,742,179 9,540,257 9,136,800 8,585,881 8,718,462 8,582,279 9,465,825 8,685,416 3,564,514 Liabilities F.R. notes in actual circulation. 15,138,39315,165,26815,111,13814,960,10214,710,29314,625,58314,522,39414,432,82614,920,61614,364,03310,157,109 Deposits: Member bank—reserve account 12,486,79613,729,24913,351,48012,914,95012,702,11512,659,56812,455,80412,336,07812,855,36812,590,49112,337,942 U. S. Treasurer—general account 548,614 6,386 6,218 212,806 303,649 99,080 295,466 397,584 249,210 344,900 245,833 Foreign 1,232,285 1,196,515 1 160 0371 189 5851 229 6031 148 0421 272 1411 246 9451 190 8651 217 288 947 862 Other deposits 429,640 303,918 214,308 384,039 375,409 239,516 379,154 403,274 369,784 404,798 420,081 Total deposits 14,697,33515,236,06814,732,04314,701,38014.610,77614,146,20614,402,56514,383,88114,665,22714,557,477 13,951,718 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 68.3 67.0 68.3 68.7 69.8 71.1 70.8 71.2 68.9 70.9 86.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 m 1 o t o d n a t 6 y h s s 6 m 1 t y o o e n a th r s 2 l y y t e e o a a r rs 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Aug. 25 40,364 38,376 970 923 95 Sept. 1 68,754 61,171 5,920 367 1,296 Sept. 8 70,649 62,416 6,645 562 1,026 Sept. 15 30,713 23,885 5,370 432 1,026 Sept. 22 21,519 19,979 274 490 776 Industrial advances: Aug. 25 11,791 10,460 76 442 248 312 125 Sept. 1 11,663 10,384 138 426 220 295 121 Sept. 8 11,626 10,365 66 476 220 294 121 Sept. 15 11,403 10,019 33 656 213 291 121 Sept. 22 11,217 9,839 70 619 213 286 122 U. S. Government securities, direct and guaranteed: Aug. 25 8,776,811 979,120 967,009 2,242,1 1,873,316 217,100 693,650 239,600 698,671 865,477 Sept. 1 9,186,830 1,011,722 1,092,359 2,229,506 2,036,595 280,450 706,150 239,600 698,671 981,777 Sept. 8 9,336,225 1,222,148 1,161,302 2,431,027 1,873,150 ' 71,000 726,150 239,600 698,671 913,777 Sept. 15 9,653,377 1,664,038 1,264,273 2,107,144 1,919,224 186,700 688,750 211,400 698,671 913,177 Sept. 22 9,204,065 1,452,626 1,053,768 2,188,419 1,838,554 150,700 696,750 211,400 698,671 913,177 989 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Kan- San Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S o t u .. is M a i p n o n l e is - C s i a t s y Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U. S. Treasury: Aug. 25 20,036,216 ,210,182 606,7791,210,898 ,885,185 ,155,425 990,3453,900,146 690,291 70,915 870,450620,2982,425,302 Sept. 1 19,967,714 ,250,979 537,3431,171,3581,899,6681,179,726 994,4343,923,496 676,036458,794 878,230614,4652,383,185 Sept. 8 19,952,715 ,254,375 [250,0361,234,6481,909,2671,212,5911,010,0633,938,131 710,415458,501 895,671648,1862,430,831 Sept. 15 19,913,715 ,278,908 197,5221,248,1531,829,9811,260,1801,005,5283,951,830 711,467461,821 913,735641,6032,412,987 Sept. 22 19,915,217 ,236,5144!181,7651,197,7111,926,5831,254,7341,007,2203,872,150 724,765480,361 890,743651,8762,490,795 Redemption Fund— Federal Reserve Notes: Aug. 25 86,414 8,018 29,987 8,079 623 7,362 6,222 722 20,341 139 755 783 3,383 Sept. 1 103,347 7,949 41,740 11,452 530 8,613 6,141 634 20,316 1,132 736 761 3,343 Sept 8 114,743 7,882 53484 11,330 1,440 7,865 6,ns7 536 20,288 1,122 715 742 3,282 Sept. 15 129,095 7,816 68,227 11,198 1,354 7,057 5,974 1,443 20,260 1,114 693 724 3,235 Sept 22 129,865 7,760 68,003 11,113 1,286 8,560 5,906 1,377 20,238 1,107 676 707 3,132 Other cash: 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 Sept 1 316,929 29,643 78,037 25,185 21,347 26,082 15,528 39,941 11,265 8,897 15,882 9,048 36,074 Sept. 8 307,312 27,458 78,261 24,772 21,560 23,547 13,866 39,678 11,808 7,980 14,954 9,045 34,383 Sept 15 319,605 29,884 78,252 24,998 20,386 25,268 16,480 40 816 11,573 8,342 15,942 9 526 38,138 Sept. 22 333,542 33,204 80,450 24,329 22,319 24,850 15,502 44,388 11,343 8,401 16,864 10,278 41,614 Total reserves: Aug. 25 20,453,181 ,246,1204,719,9211,243,9581,909,1741,191,0701,012,5093,941,661 722,977479,907 887,715631,3392,466,830 Sept. 1 20,387,990 1,288,5714,657,1201,207,9951,921,5451,214,4211,016,1033,964,071 707,617468,823 894,848624,2742,422,602 Sept. 8 20,374,770 1,289,7154,381 7811,270,7S01,932,2671,244,0031 029,9863,978,345 742,511467,603 911,340657,9732,468,496 Sept. 15 20,362,4151,316,6084,344,0011,284,3491,851,7211,292,5051,027,9823,994,089 743,300471,277 930,370651,8532,454,360 Sept. 22 20,378,624 1,277,4784 330,2181,233,1531,950,1881,288 1441,028,6283,917,915 756,346489,869 908,283662,8612,535,541 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed : Aug. 25 40,364 6,200 24,807 740 525 2030 15 5,500 100 100 117 230 Sept. 1 68,754 7,735 47,257 2,000 745 2095 800 110 7,500 100 212 200 Sept. 8 70,599 6,750 51,422 600 645 1950 3,300 210 5,300 65 127 230 Sept. 15 30,663 4,950 12,866 600 615 1660 200 9,600 30 127 15 Sept. 22 21,519 1,600 7,435 617 605 575 9 500 30 1,000 127 30 Other bills discounted: Aug. 25 Sept. 1 Sept. 8 50 50 Sept. 15 50 50 Sept. 22 Total bills discounted: Aug. 25 40,364 6,200 24,807 740 525 2030 15 5 500 100 100 117 230 Sept. 1 68,754 7,735 47,257 2,000 745 2095 800 110 7500 100 212 200 Sept. 8 70,649 6,750 51,422 600 695 1950 3,300 210 5300 65 127 230 Sept. 15 30,713 4 950 12,866 600 665 1660 200 9 600 30 127 15 Sept. 22 21,519 1,600 7435 617 605 575 9 500 30 i! 666 127 30 Industrial advances: Aug. 25 11,791 1,461 159 4 759 706 375 234 4 45 30 18 4 000 Sept. 1 11,663 1,461 159 4 718 671 329 228 4 45 30 18 4 000 Sept. 8 11,626 1,460 159 4 631 727 329 225 4 43 30 18 4000 Sept. 15 11,403 1,460 152 4 623 529 320 224 4 43 30 18 4 000 Sept. 22 11,217 1,458 152 4 443 494 319 209 4 90 30 18 4000 U. S. Government securities, direct and guaranteed: Bonds: Aug. 25 1481,348 119,477 262 699 122508 173304 96 467 86 526 203,897 48 842 50 314 73,076 74,593 169645 Sept. 1 1507,648 121,343 270 965 124630 175737 97 851 87 543 206,784 50 167 51075 74,324 75,517 171 712 Sept. 8 1529,048 122,922 276 831 126368 177871 99055 88497 209,308 51 136 51 726 75,350 76,365 173619 Sept. 15 1529,048 122,747 279 308 126332 177429 98 829 88 141 208,802 51,451 51,634 75,316 76,090 172969 Sept. 22 1529,048 122,778 278 856 126338 177510 98 870 88 205 208,896 51,394 51,651 75,322 76,140 173,088 Notes: Aug. 25 723,400 58,345 128286 59 825 84 631 47 109 42 254 99,571 23,851 24,570 35,686 36,427 82,845 Sept. 1 723,400 58,223 130015 59800 84 322 46 951 42005 99,219 24,071 24,507 35,662 36,234 82,391 Sept. 8 723,400 58,155 130970 59 785 84 152 46 863 41 868 99,025 24,193 24,472 35,648 36,129 82,140 Sept. 15 691,900 55,544 126388 57 165 80 287 44 720 39 884 94,484 23,282 23,365 34,081 34,431 78,269 Sept. 22 691,900 55,558 126 183 57 168 80 324 44,739 39 913 94,526 23,256 23,372 34,084 34,454 78,323 Certificates: Aug. 25 1 106,700 89,260 196261 91 525 129473 72,067 64 641 152,331 36,490 37,588 54,597 55,725 126 742 Sept. 1 1 182,550 95,177 212 537 97 754 137843 76,750 68 667 162,194 39,350 40,062 58,296 59,235 134685 Sept. 8 1231,550 99,006 222971 101 783 143264 79 784 71276 168,582 41,187 41 661 60,691 61 506 139839 Sept. 15 1729,150 138,808 315 858 142864 200,650 111,764 99 672 236,129 58,185 58[393 85,172 86^049 195606 Sept. 22..... 1318,150 105,845 240,395 108,914 153,026 85,234 76,038 180,080 44,305 44,528 64,933 65,639 149,213 Bills: Under repurchase option: Aug. 25 4 254,128 70,5533,027,071 205,152 56,046 50,537 30,420 410,672 216,900 35,850 17,778 16,164 116,985 Sept. 1 4,558,769 75,9033,173,862 244,277 40,301 55,936 51,530 405,764 234,232 44,855 16,830 23,989 191,290 Sept. 8 4,636,764 71,3213,308,169 191,152 49,370 45,044 50,220 434,145 208,337 44,115 20,375 19,894 194,622 Sept. 15 4,464,696 51,8813,280,543 201,900 50,990 35,566 31,635 420,880 186,625 21,820 4,500 12,104 166,252 Sept. 22 4,453,464 38,1933,184,618 236,905 63,020 30,246 38,644 436,678 202,390 28,403 21,370 16,485 156,512 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s K C s a i a t n s y - Dallas F c S i r s a a c n n o - Other bills: Aug. 25 1,211,23 97,691 214,798 100,169 141,703 78,877 70,748 166,718 39,936 41 140 59,75 60,992 138,712 Sept. 1 1,214,46 97,746 218,272 100,394 141,563 78,822 70,519 166,572 40,411 41,'142 59^87 60,'831 138 ,?320 Sept. 8 1,215,46 97,712 220,057 100,452 141,393 78,740 70,347 166,382 40,649 41,118 59,897 60,704 138,012 Sept. 15 1,238,58 99,430 226,249 102,333 143,724 80,054 71,397 169,137 41,677 41,826 61,009 61,636 140,111 Sept. 22 1,211,50 97,280 220,944 100,100 140,646 78,337 69,887 165,513 40,721 40,925 59,680 60,328 137,142 U. S. Government securities, direct and guaranteed—Total: Aug. 25 8,776,81 435,3263,829,115 579,179 585,157 345,057 294,5891,033,189 366,019189,462 240,888243,901 634,929 Sept. 1 9,186,83 448,3924,005,651 626,855 579,766 356,310 320,2641,040,533 388,231201,64 244,983255,806 718,398 Sept. 8 9,336,22 449,1164,158,998 579,540 596,050 349,486 322,2081,077,442 365,502203,092 251,96 254,598 728,232 Sept. 15 9,653,37 468,4104,228,346 630,594 653,080 370,933 330,7291,129,432 361,220197,038 260,078270,310 753,207 Sept. 22 9,204,06 419,6544,050,996 629,425 614,526 337,426 312,6871,085,693 362,066188,879 255,389253,046 694,278 Total bills and securities: Aug. 25 8,828,966 442,9873,854,081 584,678 586,388 347,462 294,8231,033,208 371,519189,60 241,018244,036 639,159 Sept. 1 9,267,24 457,5884,053,067 633,573 581,182 358,734 321,2921,040,647 395,731201,786 245,013256,036 722,598 Sept. 8 9,418,500 457,3264,210,579 584,771 597,472 351,765 325,7331,077,656 370,802203,200 251,99 254,743 732,462 Sept. 15 9,695,493 474,8204,241,364 635,817 654,274 372,913 330,9531,129,636 370,820197,11 260,10 270,45 757,222 Sept. 22 9,236,80 422,7124,058,583 634,485 615,625 338,320 312,8961,085,697 371,566188,999 253,19 698,308 Due from foreign banks: Aug. 25 12 3 J46 13 13 6 5 17 3 11 Sept. 1 12 3 *46 13 13 6 5 17 3 11 Sept. 8 12 3 *46 13 13 6 5 17 3 11 Sept. 15 12 3 *46 13 13 6 5 17 j 3 11 Sept. 22 12 3 *46 13 13 6 17 3 11 Federal Reserve notes of other banks: Aug. 25 62,078 1,436 10,811 2,334 2,754 7,965 5,706 6,715 4,176 1,30 7,57 2,218 9,090 Sept. 1 62,660 1,384 11,417 2,307 2,672 7,239 5,462 6,804 4,214 1,84 6,54 2,936 9,839 Sept. 8 55,129 1,504 8,438 2,449 2,152 5,592 5,183 6,534 4,20 1,628 5,734 2,87 8,842 Sept. 15 60,49 1,838 6,690 2,509 2,787 5,607 6,216 8,433 5,033 2,13 5,60 2,890 10,751 Sept. 22 78,039 1,697 14,171 2,738 3,34 10,110 7,83 9,763 5,918 3,10 6,54 3,39 9,409 Uncollected items: Aug. 25 1,422,46 132,362 303,565 78,953 148,554 110,065 76,664 204,694 60,313 33,05 78,46 47,32 148,450 Sept. 1 1,440,62 120,616 306,561 78,805 151,243 109,417 83,369 216,319 66,736 32,04 83,26 47,07 145,178 Sept. 8 1,424,14 147,178 267,710 79,678 146,794 110,269 78,952 206,219 67,505 36,80 82,73 60,62 139,675 Sept. 15 2,370,820 229,340 466,228 125,840 297,554 180,726 104,087 361,770 106,468 55,720 96,30 52,66 294,119 Sept. 22 2,064,40 187,552 399,482 114,098 240,117 163,760 139,636 279,467 91,752 47,358 95,55 74,74 230,886 Bank premises: Aug. 25 38,602 2 689 9,695 4,672 4 25 2,966 1,667 2,884 2 082 1 292 2 76 1,002 2,641 Sept. 1 38,544 2^684 9,676 4,660 4', 251 2,966 1,668 2,879 2,080 l]290 2^755 '994 2*641 Sept. 8 38,544 2,684 9,676 4,660 4,251 2,966 1,668 2,879 2,080 1,290 2,755 994 2,641 Sept. 15 38,545 2,684 9,676 4,660 4,251 2,966 1,668 2,879 2,081 1,290 2,755 994 2,641 Sept. 22 38,535 2,684 9,676 4,660 4,242 2,966 1,667 2,879 2,081 1,290 2,755 994 2,641 Other assets: 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 Sept. 1 66,315 4,658 13,098 4,805 8,167 4,113 3,637 9,107 2,441 2,286 3,303 3,316 7,384 Sept. 8 67,872 4,756 13,115 5,315 8,321 4,206 3,679 9,321 2,516 2,249 3,362 3,526 7,506 Sept. 15 61,017 4,184 11,969 4,348 7,547 3,836 3,285 8,311 2,251 2,080 3,016 3 522 6,668 Sept. 22 61,001 4,284 12,203 4,437 7,605 3,765 3,358 8,082 2,143 2,090 3,032 3 150 6,852 Total assets: Aug. 25 30869,4911,830,1378 910,6771,919,2422,659,2871,663,5391,394,8525 197,9551,163,332 707,4331,220,658929 1023,273,277 Sept. 1 31263,5121,875,5049050,9851,932,1582,669,073 ,696,8961,431,5365 239,8441,178,822708,0741,235,735934 6323,310,253 Sept. 8 31379,0891,903,1668 891,3451,947,6362,691,2701,718,8071,445,2065 280,9711,189,618712,7741,257,923980 7403,359,633 Sept. 15 32588,9142,029,4779079,9742,057,5362818,147 ,858,5591,474,1965505,1351,229,956729,6141,298,167982 3813,525,772 Sept. 22 31857,5331,896,4108824,3791,993,5842821,1371,807,0711,494,0275303,8201,229,809732,7161,272,5929983403,483,648 Liabilities Federal Reserve notes in actual circulation: Aug. 25 4,710,2931,043,6463,251,1311,029,774 342,647 958,919 772,399 847,982 613,049348,891 528,916341,1051,631,834 Sept. 1 4,960,1021,055,3033,295,4791,038,853 352,060 982,486 807,694 874,154 627,299351,872 543,053361,0171,670,832 Sept. 8 5,111,1381,066,485 326,443 ,048,074 1 366,971 991,117 815,076 897,610 633,002354,987 546,617 64,287 ,700,469 Sept. 15 15,165,268 ,068,127 l(334,247 ,053,7211374,525 997,870 817,750 906,919 636,868 56,128 546,994 65,277 ,706,842 Sept. 22 15,138,393 ,063,598 327,767 ,051,3691372,915 001,592 816,652 898,948 637,542 55,972 543,263 62,638 ,706,137 Deposits: Member bank—reserve account: Aug. 25.... 12,702,115 623,819 :>346,139 653,3181022,460 523,782 484,545 (971,430 422,969 73,984 564,562 75,354 ,339,753 Sept. 1 12,914,950 650,316 .}456,418 667,3531033,799 540,630 497,204 968 797 428,361 75,817 572,407 74,630 ,349,218 Sept. 8 13,351,480 685,963 576,020 690,2781065,108 562,074 516,016 033,800 442,025 86,702 597,959 15,531 ,380,004 Sept. 15 13,729,249 770,257 593,116 757,7601084,413 615,656 515,594 f120,546 444,753 91,891 603,526 07,563 ,424,174 Sept. 22 12,486,796 643,676 090,805 673,9591007,419 534,105 475,315 934,881 419,962 77,241 566,014 80,607 ,382,812 U. S. Treasurer—General account: 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 Sept. 1 212,806 9,146 60,652 15,436 19,337 7,299 7,756 36,987 11,576 11,529 6,987 10,893 15,208 Sept. 8 6,218 175 682 598 559 193 581 925 162 363 479 521 980 Sept. 15 6,386 1,298 622 267 556 576 168 869 571 121 399 506 433 Sept. 22 548,614 25,171 115,123! 24,765 98,477 46,608 24,454 38,143 32,800 19,222 28,131 41,043 54,677 1 After deducting $81,000 participations of other Federal Reserve Banks. OCTOBER 1943 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars ] * Kan- San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - C sa it s y Dallas F ci r s a c n o - ' Foreign: 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 Sept. 1 1,189,585 27,163 ^61,171 99,671 96,524 45,114 36,721 127,999 31,475 23,082 29,377 31,475 79,813 Sept. 8 1,160,037 27,017 1537,019 98,802 95,682 44,721 36,401 126,1"" 31,201 22,880 29,121 31,201 79,109 Sept. 15 1,196,515 29,844 1552,191 101,866 98,650 46,108 37,530 130,818 32,168 23,590 30,024 32,168 81,558 Sept. 22 1,232,285 28,888 ^66,678 105,552 102,219 47,776 38,887 135,551 33,332 24,444 31,110 33,332 84,516 Other deposits: 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 Sept. 1 384,039 5,925 284,842 3,423 5,740 7,550 2,540 6,798 9,952 8,507 3,110 2,975 42,677 Sept. 8 214,308 6,364 106,349 5,571 8,315 7,195 2,657 3,647 10,417 7,998 3,122 2,022 50,651 Sept. 15 303,918 13,591 144,731 9,536 36,097 17,129 6,596 6.121 15,601 8,526 4,324 4,729 36,937 Sept. 22 429,640 5,525 303,586 7,811 16,356 11,205 6,116 8,574 12,895 9,134 3,920 4,887 39,631 Total deposits: Aug. 25 14,610,776 665,929 5,283,555 783,6611,161,054 590,7 544,193 2,141,490 480,091320,929 614,825 536,058 1,488,205 Sept. 1 14,701,380 692,550 5,363,083 785,8831,155,400 600,593 544,2212,140,581 481,364318,935 611, 519,9731,486,916 Sept. 8 14,732,043 719,5195,220,070 795,249 1,169,664 614,183 555,655 2,165,255 483,805317,943 630,681549,2751,510,744 Sept. 15 15,236,068 814,990 55,290,660 869,4291,219,716 679,469 559,8882,258,354 493, ,128 638,273 544,966 1,543,102 Sept. 22 . 14,697,335 703,2605,076,192 812,0871,224,471 639,694 544,7"7"2 2,117,149 498,989 330,041 629,175559,8691,561,636 Deferred availability items: 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 Sept. 1 1,167,746 97,627 243,961 68,467 121,320 94,655 63,568 169,573 55,691 25,894 66,780 40,123 120,087 Sept. 8 1,100,595 87,245 195,930 64,945 114,260 94,223 58,401 162,615 58,341 28,446 66,639 53,633 115,917 Sept. 15 1,751,178 115,683 305,845 95,386 183,536 161,948 80,489 284,292 85,579 37,977 98,565 58,548 243,330 Sept. 22 1,584,202 99,549 270,320 91,097 183,353 146,586 116,472 232,209 78,830 35,271 85,113 62,064 183,338 Other liabilities, including accrued dividends: Aug. 25 5,885 674 2,104 532 442 181 198 586 208 199 261 178 322 Sept. 1 6,079 759 2,192 531 402 170 211 600 235 166 317 135 361 Sept. 8 6,809 640 2,365 924 473 287 223 648 231 183 265 150 420 Sept. 15 7,539 1,400 2,500 533 452 276 206 591 218 163 633 181 386 Sept. 22 7,844 705 2,562 576 447 190 251 645 216 205 1,304 346 397 Total liabilities: Aug. 25 30,441,7131,800,906 8,764,4421,880,846 2,619,4431,644,5331,379,028 5,143,1681,149,131696,246 1,206,975 915,7213,241,274 Sept. 1 30,835,3071,846i,,239 8904,7151,893,7342,629,1821,677,9041,415,694 5,184,9081,164,589 696,,8671,222,031921,248 3,278,196 Sept. 8 30,950,5851,873,,889 8.744,8081,909,1"9"2 2,.651,3681,699,8101,429,355 5,226,1281,175,379 701,559 1,244,202 967,3453,327,550 Sept. 15 32,160,0532,0001,,200 8933,2522,019,069 2,778,229 ,839,5631,458,333 5,450,156 1,215,758 ,284,465 968,9723,493,660 Sept. 22 31,427,7741,867,,112 8676,8411,9551,2'"9 "2,.781,1"8'6 1,788,0621,478,1475,248,9511,215,577 721J489 1,258,855 984,,9173,451,508 Capital Accounts Capital paid in: Aug. 25 149,025 9,532 55,008 11,706 15,444 6,038 5,348 16,566 4,637 3,187 4,841 4,536 12,182 Sept. 1 149,082 9,544 55, f" 11,703 15,446 6,038 5,366 16,573 4,641 3,187 4,841 4,537 12,198 Sept. 8 149,171 9,544 55,083 11,706 15,446 6,038 5,369 16,580 4,641 3,187 4,842 4,537 12,198 Sept. 15 149,267 9,544 55,083 11,707 15,450 6,038 5,386 16,602 4,654 3,189 4,873 4,538 12,203 Sept. 22 149,949 9,548 55,725 11,673 15,464 6,041 5,388 16,621 4,670 3,189 4,882 4,541 12,207 Surplus (section 7): Aug. 25 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Sept. 1 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Sept. 8 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Sept. 15 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Sept. 22 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Surplus (section 13b): Aug. 25 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Sept. 1 , 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Sept. 8 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Sept. 15 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Sept. 22 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: 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 Sept. 1 91,: 5,687 26,191 6,658 8,671 4,474 4,034 14,009 4,096 3,799 4,113 3,457 6,694 Sept. 8 92,093 5,699 26,383 6,675 8,682 4,479 4,040 13,909 4,102 3,807 4,129 3,468 6,720 Sept. 15 92,354 5,699 26,568 6,697 8,694 4,478 4,035 14,023 4,048 3,808 4,079 3,481 6,744 Sept. 22 92,570 5,716 26,742 6,719 8,713 4,'"" 4,050 13,894 4,066 3,-817 4,105 3,492 6,768 Total liabilities and capi tal accounts: Aug. 25 30,869,4911,830,137 8,,910,677 1,919,2422,659,287 1,663,5391,394,8525,197,955 1,163,332707,4331,220,658929,1023,273,277 Sept. 1 31,263,5121,875,504 9,050,9851,932,15." 2,669,073 1,696,8961,431,5365,239,844 1,178,822708,0741,235,735934,6323,310,253 Sept. 8 31,379,0891,903,166 8,891,3451,947,63 ,691, 270 .1,718,807 1,445,2065,280,971 1,189,618 2,774 1,257,923980,7403,359,633 Sept. 15 32,588,9142,029,477 9,079,9742,057,5362,818,147 1,858,5591,474, 1'"96 5,505,135 1,229,956 729,,6141,298,167982,3813,525,772 Sept. 22 31,857,5331,896,410 8,824,379 1,993,584 2,821,137 1,807,0711,494,0275,303,820 1,229, 12,7161,272,592998,3403,483,648 Commitments to make industrial advances: Aug. 25 11,932 710 1,842 400 943 1,768 3,000 3,219 Sept. 1 11,637 708 1,539 434 925 1,768 3,000 3,219 Sept. 8 11,460 707 1,589 378 925 1,598 3,000 3,219 Sept. 15 11,614 708 1,609 587 852 1,598 3,000 3,216 Sept. 22 11,789 706 1."" 621 838 1,598 3,000 3,211 1 After deducting $650,566,000 participations of other Federal Reserve Banks on Aug. 25; $627,234,000 on Sept. 1; $620,846,000 on Sept. 8; $641,266,000 on Sept. 15; and $665,282,000 on Sept. 22. 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 R o ic n h d - la A n t t - a Chicago L S o t u \ 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: Aug. 25 263,325 3,347,702 1,060,555 1,378,132 985,778 833,061 ,899,616651,464 355,063 553,553377,2361,732,281 Sept. 1 410,113 ,085,859 3391,5901,065,178 1,387,298 1,006,660 844,190 ,918,319654,905 357,345 557,692384,3291,756,748 Sept. 8 597,639 ,112,0933,426,985 1,072,594 1,402,324 1,017,326 857,534 ,942,714 666,205 360,693 558,653 ,2561,783,262 Sept. 15 726,897 ,117,4133,457,251 1,077,218 1,416,502 1,029,842 860,900 ,970,029672,442 362,968 565,446397,4281,799,458 Sept. 22 846,587 ,112,2013,465,185 1,088,730 1,421,214 1,051,230 884,100 ,975,300679,585 364,661 573,367 405,9411,825,073 Held by Federal Reserve Bank: 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 Sept. 1 450,011 30,556 96,111 26,325 35,238 24,174 36,496 44,165 27,606 5,472 14,639 23,312 85,916 Sept. 8 486,501 45,608 100,542 24,520 35,353 26,209 42,458 45,104 33,203 5,706 12,036 32,969 82,793 Sept. 15 561,629 49,286 123,004 23,497 41,977 31,972 43,150 63,110 35,574 6,840 18,452 32,151 92,616 Sept. 22 603,185 51,339 116,723 37,306 48,524 35,610 47,984 78,694 33,593 8,082 20,354 32,397 92,579 In actual circulation:1 Aug. 25 .,710,293 ,043,646 3,251,1311,029,774 1,342,647 958,919 772,399 2,847,982613,049 348,891 528,916 341,1051,631,834 Sept. 1 1,960,102 ,055,303 3,295,4791,038,853 1,352,060 982,486 807,694 2,874,154627,299 351,872 543,053361,0171,670,832 Sept. 8 i,111,138 ,066,4853,326,443 1,048,074 1,366,971 991,117 815, ,897,610 633,002 354,987 546,617364,2871,700,469 Sept. 15 i, 165,268 ,068,1273,334,247 1,053,721 1,374,525 997,870 817,750 2,906,919 636,868 356,128 546,994365,2771,706,842 Sept. 22 i, 243,402 ,060,8-6"2 3,348,4621,051,424 1,372,690 1,015,620 836, ,896,606 645,992 356,579 553,013373,5441,732,494 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Aug. 25 ,011,000 970,000 2,770,000 920,0001,380,000 877,000 740, ,930,000 375,000 356,000 560,000384,0001,749,000 Sept. 1 ,875,000 970, ,585,000 870,0001,390,000 897,000 755,000 2,960,000375,000 348,000 560,000391,0001,774,000 Sept. 8 ,807,000 990,0002,415,000 875,0001,405,000 907,000 770,000 2,960, ,000 348,000 560, ,0001,799,000 Sept. 15 ,683,000 996, ,160,000 880,0001,420,000 922,000 770,000 2,990,000 400,000 348,000 570,000 403,0001,824,000 Sept. 22 ,974,000 996,0002,410,000 845,000.1,423,000 922,000 770, ,990, ,000 348,000 580, ,0001,849,000 Eligible paper: Aug. 25 39,477 6,200 24,807 740 2,030 5,500 100 100 Sept. 1 66,687 7,735 47,257 2,000 2,095 7,500 100 Sept. 8 66,087 6,750 51,422 600 1,950 5,300 65 Sept. 15 29,706 4,950 12,866 600 1,660 9,600 30 Sept. 22 11,963 900 6,141 662 735 3,525 U. S. securities: Aug. 25 ,416,900 120,000 600,000 150,000 125,000 100,000 316,900 5,000 Sept. 1 ,694,232 120,000 800,000 200,000 125,000 100,000 334,232 10,000 5,000 Sept. 8 ,878,337 120,0001,000,000 200,000 125,000 100,000 308,337 20,000 5,000 Sept. 15 ,151,625 120,0001,300,000 200,000 125,000 100,000 286,62. 20,000 Sept. 22 ,079,320 150,0001,100,000 250,000 150,000 125,000 284,320 20,000 Total collateral: Aug. 25 ,467,377 ,096,2003,394,8071,070,740 1,380,000 1,004,030 840,000 2,930,000 697,400 356,100 565,100384,0001,749,000 Sept. 1 ,635,919 ,097,735 3,432,257 1,072,000 1,390,000 1,024,095 855, ,960, 732 358,100 565,000391,0001,774,000 Sept. 8 ,751,424 ,116,7503,466,422 1,075,600 1,405,000 1,033,950 870,0002,960,000 688,637 368,065 565,000403,0001,799,000 Sept. 15 864,331 ,120,950 3,472,8661,080,600 1,420,000 1,048,660 870," ,990,000 696;,225 368,030 570,100 403,0001,824,000 Sept. 22 065,283 146,900 3,516,1411,095,662 1,423,000 1,072,735 895,000 2,990,000712,84: 368,000 580,000416,0001,849,000 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- PARTMENT, NAVY DEPARTMENT, AND MARITIME [Amounts in thousands of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l D e a d s a p t n t e e e d r s i a o ( d y l d a a ) y o s t f or Nu A m p a b p p e l r p i r c o a A v ti e m o d n o s unt (a b p p m c u l r A o e t o o m t P 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 m u t 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 o i t u - c i n n n i s t - g ) [ G A u m a a r o u a u t n h n t o t e s r e i d i z n e l d o th a o ns usand G s u o a o r u f a t d n s o t t a e ll n e a d d r s in l ] o g ans A a d m di o ti u o n n t al available 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 Total Portion antee agree- 1 1 9 93 3 7 6 2 2 , , 2 4 8 0 0 6 1 1 3 5 9 0, , 9 8 8 2 7 9 8 3, , 3 2 6 2 9 6 2 2 5 0 , , 5 2 2 1 6 6 2 1 0 2 , , 9 7 5 8 9 0 7 7 , , 2 2 3 0 8 8 Number Amount amount gu te a e r d an- out m st e a n n t d s ing 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 D u e n c e . 3 2 1 1 5 941 3 3 , , 0 2 6 0 7 2 2 2 3 7 8 9 , , 5 8 0 6 5 0 8 8 , , 0 2 9 9 0 4 1 1 0 0 , , 5 33 4 7 9 1 1 3 4 , , 0 59 7 7 2 1 19 4 , , 6 0 0 1 0 1 M J J u u a l n y y e 3 3 3 1 1 0 9 2 5 3 8 6 2 2 5 3 5 1 1 0 0 0 9 0 , , , 0 6 2 1 8 9 2 0 0 1 8 5 1 1 t1 , , 1 1 ) 0 5 8 4 1 6 3 (* 9 1 ) , , 6 0 7 9 4 7 1 15 3 C 8 7 , , 1 3 8 ) 4 8 0 8 M Ju a n r e . 2 2 19 4 5 42 3 3 , , 2 3 6 5 1 2 3 2 3 9 8 7, , 9 8 4 2 5 2 2 1 6 7 . , 3 6 4 9 6 8 1 9 1 , , 3 2 1 6 2 5 1 1 4 6 , , 3 83 6 2 4 1 26 9 , , 4 0 3 8 0 6 A O Se u c p g t. . t . 3 3 3 1 1 0 2 1 1 , , , 3 6 0 2 5 2 9 8 3 2,2 9 7 2 4 0 7 4 5 , , , 7 2 8 0 0 4 4 4 2 4 2 5 2 2 9 7 7 4 , , , 9 1 7 1 8 2 8 6 0 2 3 4 5 4 3 6 4 9 , , , 6 5 9 7 3 8 7 2 9 1,3 2 2 0 0 3 8 6 0 , , , 1 6 7 6 0 2 9 8 0 D Se ec p . t . 3 3 1 0 3 3 , , 4 3 2 9 3 4 4 3 0 6 8 4 , , 7 9 3 1 7 6 8 4 , , 1 2 9 4 9 8 1 1 4 5 , ,8 1 8 2 2 6 1 1 0 2, , 1 6 8 6 7 1 2 1 3 7 , , 1 3 8 0 0 5 N De o c v . . 3 3 1 0 2 2 , , 6 32 6 7 5 2 2 , , 6 3 8 6 8 7 , , 3 29 9 7 7 8 6 0 4 3 4 , , 7 5 2 5 0 8 6 5 3 2 2 0 , , 4 8 7 6 4 9 1 1 , , 4 3 3 8 0 3 , , 1 3 2 9 1 4 1943 J F a e n b . . 3 2 0 7 3 3 , , 4 4 3 4 2 0 4 4 3 4 4 6 , ,3 6 1 3 9 8 6 5 , , 6 88 7 2 2 1 13 2 , , 7 8 1 9 7 7 1 12 2 , , 1 1 1 6 7 0 2 2 3 3 , ,1 9 7 1 7 5 1943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Jan. 31 2,961 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 3.198 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 3,534 3,725,241 1,245,711 999,394 1,865,618 June 30 3,452 475,468 3,203 13,044 12,132 19,070 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,838 July 31 3,455 477,681 2,883 12,320 11,832 18,832 May 31 4,002 4,554,278 1,415,777 1,150,040 2,077,018 Aue. 31 3,458 481,288 4,354 12,062 11,614 18,400 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,073 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,741 1 Includes applications approved conditionally by the Federal Reserve Aug. 31 4,599 5,153,941 1,646,893 1,366,158 2,482,863 Banks and under consideration by applicant. 2 Includes industrial advances past due 3 months or more, which are not included in industrial advances outstanding in weekly \statement of condition of Federal Reserve Banks. \ NOTE.—The difference between amount of applications approved and the agreements outstanumg represents amounts repaid, guaranu 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. OCTOBER 1943 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, AUGUST 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Go U v .S e . rn- A d d e j m u a st n e d d N m e a t n d d e- T d i e m - e bal d a u n e ces Total I b n a te n r k - w m ar e l n o t an Other po d s e it - s2 posits* posits4 do b m f a ro n e m k st s ic Held qu R i e r - ed Excess deposits1 All member banks 71,075 10,648 5,931 54,495 51,616 56,989 14,338 5,422 12,597 11,461 1,136 Central reserve city banks New York 21,052 3,682 2,016 15,355 14,603 18,247 804 53 3,717 3,698 Chicago 4,838 1,050 395 3,393 3,211 4,096 511 167 858 850 Reserve city banks—Total. 26,737 4,941 2,147 19,650 18,168 21,353 5,705 1,827 4,999 4,613 386 Boston district 1,935 327 180 1,428 1,357 1,638 98 48 342 334 8 New York district 441 30 38 373 350 359 162 22 86 82 5 Philadelphia district 2,166 333 171 1,662 1,566 1,831 130 71 386 374 12 Cleveland district 3,516 491 278 2,748 2,581 2,865 778 209 694 620 74 Richmond district 1,595 338 146 1,112 1,040 1,267 263 113 304 269 35 Atlanta district 1,705 488 184 1,033 933 1,290 208 138 294 271 24 Chicago district 3,384 440 274 2,670 2,504 2,650 945 300 631 587 45 St. Louis district 1,594 503 124 967 875 1,283 194 101 277 268 9 Minneapolis district 869 252 77 539 488 680 90 61 145 141 4 Kansas City district 2,216 815 121 1,280 1,144 1,665 181 291 384 344 40 Dallas district 1,585 411 113 1,061 986 1,174 145 229 292 244 49 San Francisco district.... 5,730 512 440 4,777 4,343 4,650 2,511 246 1,163 1,081 82 Country banks—Total 18,448 976 1,374 16,098 15,634 13,293 7,318 3,375 3,024 2,300 724 Boston district 1,913 97 136 1,679 1,615 1,523 662 193 302 253 49 New York district 2,927 79 315 2,533 2,444 2,237 1,722 290 514 416 98 Philadelphia district 1,383 12 118 1,253 1,215 1,045 920 183 267 202 66 Cleveland district 1,607 21 118 1,467 1,432 1,177 878 277 311 217 93 Richmond district 1,489 171 98 1,220 1,165 1,038 454 307 218 173 45 Atlanta district 1,432 163 106 1,162 1,125 989 309 312 201 157 44 Chicago district 2,354 67 189 2,097 2,059 1,660 1,076 470 402 297 105 St. Louis district 1,011 124 58 829 805 709 284 222 150 116 34 Minneapolis district 768 59 56 653 638 540 332 159 129 96 34 Kansas City district 1,179 68 53 1,058 1,045 752 167 363 174 115 59 Dallas district 1,340 92 68 1,180 1,153 877 100 376 190 129 61 San Francisco district... 1,046 24 56 965 940 748 414 222 166 129 36 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts. 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 AUGUST 1943 [Averages of daily figures. In millions of dollars] Central reserve All city 1aanks Re- Coun- In places of 15,000 In places of under mem- serve try and over population 15,000 population ber city banks1 banks N Yo ew rk Chicago banks Federal Reserve district Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1942—July 12,409 4,609 1,000 4,447 2,353 bank2 bank2 Aug 12,623 4,616 1,009 4,574 2,423 1943—July 12,410 3,587 830 4,961 3,031 Aug 12,597 3,717 858 4,999 3,024 Total. 10,953 4,299 6,519 3,019 Week ending (Friday): 1943—July 30 12,399 3,634 838 5,007 2,920 Boston 1,568 523 248 139 Aug. 6 12,461 3,664 839 4,986 2,972 New York 2,190 1,114 658 608 Aug. 13 12,446 3,649 841 4,939 3,017 Philadelphia 810 428 561 491 Aug. 20 12,642 3,721 858 5,009 3,054 Cleveland 965 470 620 408 Aug. 27 12,700 3,761 873 5,049 3,017 Sept. 3 12,895 3,839 895 5,115 3,047 Richmond 856 222 463 232 Sept. 10 13,247 3,882 912 5,292 3,160 Atlanta 910 213 359 96 Sept. 17 13,386 3,727 897 5,414 3,347 Chicago 1,403 650 884 426 Excess reserves: St. Louis 381 158 506 126 1942—July 2,237 269 64 1,105 799 Aug 2,248 286 60 1,091 812 Minneapolis 335 132 374 200 1943—July ,327 29 9 473 816 Kansas City 321 56 790 111 Aug ,136 19 8 386 724 Dallas 522 61 726 39 Week ending (Friday): San Francisco 690 270 331 144 1943—July 30 ,154 22 5 457 670 A A u u g g . . 1 6 3 , , 1 1 7 4 6 1 2 1 0 4 6 7 4 37 3 7 8 7 7 1 4 2 2 1 Includes any banks in outlying sections of reserve cities which have Aug. 20 ,207 23 12 409 764 been given permission to carry the same reserves as country banks. All A Se u p g t . . 2 3 7 pl 1 ,0 ,1 8 0 8 6 2 1 1 8 8 6 3 3 6 6 9 5 P6 71 9 2 6 rese 2 r v T e h c e i t s i e e r s i e h s a v p e u b a l i p sh o e p d u la th ti r o o n u g o h f m A o p r r e il t 1 h 9 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. Sept. 10 pl,287 26 11 464 p786 The amount of such deposits for the current month at all country banks can Sept. 17 P1,712 39 14 637 pl,023 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in this table include war loan deposits, shown separately for all country p Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i r - o T n f r u o e 1 r t a y 8 e 9 s s - 0 S s u i c a b l o v r s i y e i n d r i- M c i o n in or U S n n t o a i t t t e e e s d s R F n e e o d se t e e r r v s a e l F R n B e e o d a s t e n e e r r k s a v l e t n b i N o o a t n a n e - a k s l 1942—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 August 18,529 57 87 1,621 1 630 243 325 14,820 615 131 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 cu c la ir - - s U or n t a e s d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1942—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 L,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 L.597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,122 867 782 53 ,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December.... 15,410 11,576 880 801 55 L,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 ,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 ,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 ,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 ,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 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal"Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency ,only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). STOCK OF UNITED'STATES MONEY, AUGUST 31, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral b B y R a n e F k s e e s d r e a v r n e a d l c M irc o u n l e a y t i i o n n1 and silver cash Banks and agents certificates agents Gold 22,243 20,128 22,115 Gold certificates z20,128 17,256 2J815 57 Federal Reserve notes 15,391 40 532 14,820 Treasury currency—total 44,087 1,876 116 318 3,653 Standard silver dollars 519 357 73 2 87 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 * 1,876 254' 1^622" Subsidiary silver coin 676 34' 12 630 Minor coin 251 4 3 243 United States notes 347 19 325 Federal Reserve Bank notes 643 27 615 National bank notes 132 1 131 Total—August 31, 1943 41,721 322,004 42,271 17,256 3,665 18,529 July 31, 1943 341,279 Z22,118 42,264 17,347 3,713 17,955 August 31, 1942 36,668 22,609 2,217 17,760 3,491 13,200 1 Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above and totals by weeks are shown in table on p. 987. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,730,164 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding, since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion. 4 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 987. 5 Less than $500,000. by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the bank notes are in process of retirement. 995 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- Period of a s G t t p o o e e c l n r d k i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u e o 1 c s ld - - End of month D a i n b e to a c p l e r o - s s s ' 1 - Total i C n p o a d s s e i h - - U. S. s e G cu o r v i e ti r e n s ment C se r a r e s v - h e crease (—) 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 1 1 9 9 3 3 9 8 1 1 4 7 , , 5 6 1 4 2 4 3 1 , , 1 7 3 5 2 1 . . 0 5 3 1 , , 5 9 7 7 4 3 . . 2 6 - - 3 5 3 3 3 4. . 4 5 1 16 4 1 8 . . 7 6 1935_ D juenec 1 1 , , 2 2 0 0 5 1 1 1, , 2 2 3 3 7 6 3 2 8 8 5 7 8 7 5 7 3 7 6 7 3 0 0 6 1 14 4 7 7 9 7 8 4 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June 1,232 1,265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec 1,260 1,296 145 1,058 892 167 93 1942 22,726 -10.3 (4) -458.4 125.4 1937—June 1,268 1,307 136 1,100 933 167 71 Dec 1,270 1,308 131 1,097 931 167 80 1942—August 22,756 11.4 -21.8 10.2 1938—June 1,252 1,290 115 1,103 936 167 73 September... 22,754 -1.3 -27.8 11.8 Dec 1,252 1,291 86 1,132 965 166 73 October 22,740 -14.3 -56.4 12.0 1939—June 1,262 1,304 68 1,157 1,011 146 78 November... 22,743 3.3 -10.8 7.8 Dec 1,279 1,319 53 1,192 1,046 146 74 December 22,726 -17.2 -31.0 6.2 1940—June 1,293 1,337 43 1,224 1,078 146 69 Dec 1,304 1,348 36 1,224 1,078 146 88 1943—January 22,683 -43.3 -76.1 4.7 1941—June 1,304 1,356 30 1,251 1,104 146 75 February.... 22,644 -39.3 -63.4 4.1 Dec 1,314 1,396 26 1,274 1,128 146 95 March 22,576 -68.0 -59.0 4.5 1942—June 1,316 1,525 24 1,272 1,146 126 229 April 22,473 —103.1 -101.0 4.9 May 22,426 -46.3 -45.1 4.1 1942—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 -63.7 4.8 Nov 1,396 1,444 17 1,266 ,140 126 161 August 22,243 —92.0 5—91.3 '4.8 Dec. 1,417 1,464 16 1,345 1,220 126 102 Jan.-Aug 22,243 1-483.4 5—551.3 P35.7 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 Mar 1,493 1,545 13 1,421 1,360 61 111 p Preliminary, f Figure carried forward. Apr. 1,517 1,569 12 1,450 1,389 61 107 1 Annual figures are estimates of the United States Mint. Monthly figures May 1,546 1,596 12 1,500 1,449 51 83 are those published in table on p. 1035, adjusted to exclude Philippine June 1,577 1,631 12 1,482 1,471 11 137 Islands production received in United States. July pl,622 2 Figures based on rate of $20.67 a fine ounce in January',1934, and $35 a Aug pl,660 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 Federal Reserve Banks"for foreign account miscellaneous working funds with the Treasurer of the United States, amounted to 3,225.1 million dollars on Aug. 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 - d To a t ll al, New 140 Other Year and month report- York other reporting Number of banks suspended: ing City centers1 centers2 1934 57 1 8 48 centers 1935 34 4 22 8 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 1941 537,343 197,724 293,925 45,694 1942 9 r 6 3 1942 607,071 210,961 342,430 53,679 1943—Jan.-Aug 3 2 1942—July 52,975 18,401 28,968 5,605 De ( p in o s t i h ts o u o s f a n su d s s p o e f n d d e o d l la b r a s) n : k 3 s A Se u p g t u e s m t ber 5 5 1 5 , , 9 7 8 0 9 1 1 19 8 , , 9 3 1 2 9 4 2 29 8 , , 9 2 9 8 0 6 5 5 , , 7 3 9 7 1 9 1934 36,937 40 1,912 34,985 October 58,334 19,823 32,131 6,380 1935 10,015 5,313 3,763 939 November 53,773 18,512 29,489 5,772 1936 11,306 507 10,207 592 December 68,822 25,897 36,077 6,848 1937 19,723 7,379 1,708 10,156 480 1943—January 57,972 21,437 30,723 5,812 1938 13,012 36 211 11,721 1,044 February 54,872 21,112 28,437 5,323 1939 34,998 1,341 24,629 6,589 2,439 March 65,782 24,062 35,261 6,459 1940 5,943 256 5,341 346 April 73,661 29,193 37,683 6,784 1941 3,726 3,144 503 79 May 64,246 25,737 32,602 5,908 1942 1,702 1,375 327 June 66,894 25,464 34,959 6,472 1943—Jan.-Aug.. 2,103 '"'862' 1,241 July 65,347 23,976 34,954 6,417 August. 60,614 21,221 33,359 6,034 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). 996 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. NUMBER OEBANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [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 Other Call date All Other Total ti N on a a - l State M s b a a v u n i t n u k g s a s l m n b o e e n m r - - banks Total ti N on a- al State M s b a a u v n t in u k g a s l s m n b e o e m n r - banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31. 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10, 296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10, 521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25, 661 14,269 10, 613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—June 30. 14,855 6,556 5,130 1,426 547 7,752 1941—June 30 67,172 48,076 30,684 17,392 10,641 8,456 Dec. 31 14,825 6,619 5.117 1,502 545 7,661 Dec. 31 70,792 51,192 32,672 18,520 10,525 9,075 1942—June 30 14,773 6,647 5,101 1,546 544 7,582 1942—June 30 5 72,382 53,434 34,036 19,397 10,387 8,562 Dec. 31 14,680 6,679 5,081 1,598 543 7,458 Dec. 31 88,436 C67,277 43,069 24,208 10,664 10,494 1943—June 30.. 14,619 6,703 5,060 1,643 542 7,374 1943—June 30.. .. 96,330 73,465 47,434 26,031 11,132 11,734 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMEM [ In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans 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 1943—June 30 87,883 22,243 65,641 67,155 14,823 52,332 11,241 4,579 6,662 9,487 2,841 6,646 c Corrected. 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. . . 5 Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. Back figures.—See Annual Report for 1937 (tables 48-49). OCTOBER 1943 997 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! Loans Investments Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations loans cial, securities Direct of Call date and in- Agri- Real States i m nv e e n s ts t- Total c i l n u g d- t c u u r l - - To t e a s t - e s C um on e - r O lo th an er s Total Cer- Guar- po a l n i d ti- O se tn cu er open al brok- loans loans Total tifi- an- cal rities mar- ers To Bills of in- Notes Bonds teed subket and others debt- divipaper deal- ed- sions ers ness Total—All Member Banks 1938—Dec. 31 32,070 13,708 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 ,192 1939—June 30 32,603 13,141 5,203 788 731 736 2,828 2,855 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,841 730 790 700 2,957 2,944 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,988 736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,671 972 594 598 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 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685 2,934 2,840 Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30 67,155 14,823 6,554 854 1,120 603 3,351 1,540 801 52,332 46,980 6,278 9,418 5,251 23,545 2,487 2,876 2,476 New York Cityl 1938—Dec. 31 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30 8,688 2,988 1,602 5 555 215 130 481 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,888 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,125 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 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,807 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 2,841 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 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 City of Chicago1 1938—Dec. 31 1,969 539 335 17 43 70 12 62 1,430 1,114 59 291 655 109 141 176 1939—June 30 2,052 544 344 19 39 71 12 60 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—June 30 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—June 30 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Reserve City Banks 1938—Dec. 31 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 11,756 5,004 2,022 234 115 221 1,284 1,128 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12,272 5,329 2,256 221 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,290 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 3,081 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—June 30 16,535 6,564 3,318 152 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 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 Country Banks 1938—Dec. 31 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30 10,109 4,605 1,235 531 22 229 1,402 1,186 5,504 3,127 11 563 1,870 683 1,025 L 351 Dec. 30 10,224 4,768 1,314 495 20 224 1,477 1,238 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,361 546 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 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—June 30 11,446 5,607 1,593 555 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 1,676 659 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 1,512 562 16 169 1,834 1,299 7,737 5,502 171 355 657 3,696 624 1,222 1,013 Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1943—June 30 19,164 4,497 1,017 623 17 164 1,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 1 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 998 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 Call date F s B e s w e e R d R a r r i e n v e e v t - r h k - e e a s s l v C a a in u sh lt m b a w B a d n e n i a o s c t k l t - e h - i s s c 1 j p u m a D o s d a d t s e e n e - i - - t d d s 2 v p a s n i a p I t d h d r i o n i t u o p r d n c a n a s i e o l s - - , r s r p v s S o i u a l s t i b n a i t o d d t i e c n i s - a s c C c h e f o a e e e i t f n e c c r f r i d d . s t k - i ' s - m U G er . e o n n v S - t - . v p an i a s p t I d i d h r n o o t u i d r n n p c a a i e o s s - l - r s , r v S p s i t i a u s o a c n i b l t a o i d e d l t n s - i s P m U G o e S a r s a o e . n n t v S n v d a - - . t - l m D a D n e o d - b m 1 an e k s s t T ic ime b F e a i o n g r k n - 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—All Member Banks 1938—Dec. 31 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 1939—June 30 10,011 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 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 12,093 1,142 5,578 48,957 47,863 3,522 1,050 7,236 13,382 341 71 9,648 66 837 18 6,252 New York City3 1938—Dec. 31 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,592 1939—June 30 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 Dec. 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 695 1,592 1940—June 29 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1.599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 "3" 1,698 Dec. 31 4,388 72 82 11,899 12,501 263 448 4,186 711 23 3,209 736 1.727 1943—June 30 3,473 92 52 13,543 14,001 249 404 2,820 755 21 2,939 "i" 747 11 1J74 City of Chicago3 1938—Dec. 31 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 1939—June 30 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31 902 39 164 2,557 2,588 178 38 665 453 '"2" 1,105 12 304 1943—June 30 786 39 173 3,002 2,981 202 36 506 477 2 1,032 13 312 Reserve City Banks 1938—Dec. 31 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1.777 [939—June 30 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 L.812 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 :L,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 .967 1942—June 30 4', 254 357 2*279 12'515 12,199 l',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 I943—June 30 4,848 395 1,892 17,403 17,276 1,452 333 2,383 5,265 172 31 4,749 48 73 2,071 Country Banks 1938—Dec. 31 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 1939—June 30 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 1942—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 2,987 616 3,462 15,009 13,604 1,619 277 1,527 6,886 148 37 928 17 4 7 2,094 1 Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000. 2 Demand deeppoossiittLs o. ther than i.nterbank and U. S. Government, less cash items reported as in process o;•f collection. 3 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). OCTOBER 1943 999 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 a c a r d g u n i u l r d a - i l s - , - T an o d b d ro ea k U G l e . e o S r r v . s s t. ot T h o ers e l R o s e t a a a n t l s e - L b o a t a n o n k s s O l t o h a e n r s Total Total Bills f C d o ic f e e e a d r b i t t n - t e i - - - s Notes Bonds G t a e u n e a - d r- O r s t i e t h c i e u e - r s tural Total obligations Total—101 Cities 1942—August 34,033 10,600 6,715 546 394 1,231 36 1,678 23,433 19,985 2,103 1,832 2,808 11,189 2,053 3,448 1943—April 43,449 10,013 5,822 1,153 422 1,160 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 August 46,903 9,571 5,718 1,026 368 1,150 43 1,266 37,332 34,421 4,041 7,604 4,878 16,102 1,796 2,911 1943—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 35,970 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 37,147 34,165 4,627 6,982 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 6,985 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 9,571 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 37,356 34,437 4,114 7,581 4,890 16,049 1,803 2,919 Aug. 18 47,040 9,560 5,740 1,010 363 1,147 39 1,261 37,480 34,574 4,132 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 37,111 34,209 3,678 7,633 4,870 16,213 1,815 2,902 Sept. 1 46,739 9,704 5,735 1,127 358 1,145 74 1,265 37,035 34,100 3,524 7,635 4,873 16,250 1,818 2,935 Sept. 8 46,902 9,771 5,765 1,192 352 1,147 54 1,261 37,131 34,213 3,570 7,657 4,912 16,246 1,828 2,918 Sept. 15.... 49,412 10,875 5,992 1,691 647 1,140 79 1,326 38,537 35,584 4,267 8,110 4,923 16,447 1,837 2,953 Sept. 22.... 50,143 11,244 6,132 1,827 750 1,141 56 1,338 38,899 35,947 4,354 8,248 4,928 16,557 1,860 2,952 New York City 1942—August 13,438 3,770 2,645 427 33 411 9,668 8,390 723 1,563 4,344 1,089 1,278 1943—April 17,025 3,906 2,298 965 622 195 36 314 13,119 12,007 1,641 2,175 1,888 5,285 1,018 1,112 May 18,272 4,156 2,248 1,132 718 314 49 315 14,116 13,130 2,019 2,500 1,858 5,818 935 986 June 17,748 3,708 2,172 850 396 236 40 313 14,040 13,067 2,092 2,539 1,654 5,859 923 973 July 17,261 3,664 2,149 885 414 194 35 303 13,597 12,645 1,516 2,635 1,754 5,853 887 952 August 17,383 3,641 2,168 876 409 176 27 297 13,742 12,807 1,258 1,788 5,977 916 935 1943—June 30 17,263 3,639 2,139 857 391 214 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 37 310 13,267 12,323 1,432 2,609 1,543 5,803 936 944 July 14 17,476 3,761 2,165 949 480 194 51 304 13,715 12,748 1,519 2,626 1,837 5,833 933 967 July 21 17,304 3,565 2,143 806 333 191 26 301 13,739 12,783 1,633 2,642 1,826 5,855 827 956 July 28 17,251 3,584 2,139 841 361 182 26 298 13,667 12,725 2,663 1,808 5,920 854 942 Aug. 4 17,464 3,663 2,159 907 417 178 22 299 13,801 12,866 1,394 2,855 1,793 5,938 935 Aug. 11 17,345 3,620 2,170 836 373 176 42 298 13,725 12,786 1,295 2,833 1,791 5,941 926 939 Aug. 18 17,438 3,615 2,176 851 387 175 20 295 13,823 12,891 1,311 2,867 1,793 5,997 923 932 Aug. 25 17,283 3,666 2,168 908 457 175 23 296 13,617 12,683 1,030 2,918 1,773 6,034 928 934 Sept. 1.... 17,329 3,774 988 537 169 54 295 13,555 12,591 932 2,910 1,752 6,065 932 964 Sept. 8.... 17,354 3,788 2,174 1,027 572 165 32 294 13,566 12,600 917 2,923 1,766 6,053 941 966 Sept. 15.... 18,734 4,486 2,241 1,397 906 399 52 301 14,248 13,263 1,249 3,129 1,784 6,151 950 985 Sept. 22.... 18,919 4,608 2,310 1,449 955 426 30 297 14,311 13,325 1,292 3,108 1,775 6,176 974 986 Outside New York City 1942—August 20,595 6,830 4,070 119 1,127 1,267 13,765 11,595 1,380 1,161 1,245 6,845 964 2,170 1943—April 26,424 6,107 3,524 188 227 1,062 52 1,054 20,317 18,210 2,777 3,333 2,311 8,838 951 2,107 May 28,686 6,105 3,509 202 251 1,056 42 1,045 22,581 20,479 3,315 4,321 2,331 9,619 893 2,102 June 28,841 5,885 3,434 148 214 1,054 19 1,016 22,956 20,860 3,276 4,400 2,369 9,860 955 2,096 July 29,109 5,885 3,463 149 205 1,058 21 989 23,224 21,213 3,067 4,360 2,848 10,027 911 2,011 August 29,520 5,930 3,550 150 192 1,053 16 969 23,590 21,614 2,783 4,736 3,090 10,125 1,976 1943—June 30 28,580 5,846 3,403 157 1,061 1,010 22,734 20,653 3,057 4,391 2,362 9,887 2,081 July 7 28,552 5,849 3,418 146 213 1,051 20 1,001 22,703 20,664 3,031 4,376 2,329 9,972 956 2,039 July 14 29,346 5,914 3,473 153 211 1,062 19 996 23,432 21,417 3,108 4,356 2,982 10,026 945 2,015 July 21 29,308 5,884 3,475 142 203 1,061 22 981 23,424 21,424 3,129 4,343 3,037 10,045 870 2,000 July 28 29,231 5,895 3,489 151 197 1,059 21 978 23,336 21,347 2,! 4,366 3,044 10,068 871 1,989 A A A A u u u u g g g g . . . . 2 4 1 1 5 8 1 2 2 2 2 9 9 9 9 , , , , 6 4 5 4 0 3 5 9 2 6 4 0 5 5 5 5 , , , , ' 9 9 9 4 4 2 5 2 3 3 3 3 3 , , , , 5 5 5 5 1 7 6 4 9 1 4 4 1 1 1 1 5 4 5 4 1 4 9 9 1 1 1 1 9 9 9 8 3 1 5 8 1 1 1 1, , , , 0 0 0 0 5 5 5 4 1 3 6 9 2 1 1 1 1 4 1 9 9 9 9 9 7 7 6 6 5 1 6 4 2 2 2 2 3 3 3 3 , , , , 6 6 5 4 3 5 8 9 1 7 2 4 2 2 2 2 1 1 1 1 , , , , 6 5 6 5 5 9 8 2 1 8 3 6 2 2 2 2 , , , , 8 8 8 6 1 2 4 4 9 1 4 8 4 4 4 4, , , , 7 7 7 7 1 4 3 4 5 4 6 8 3 3 3 3 , , , , 0 0 0 0 8 7 9 9 7 9 7 9 1 1 1 1 0 0 0 0 , , , , 0 1 1 1 5 0 5 7 4 8 8 9 8 8 8 8 7 8 8 7 7 1 7 7 1 1 1 1 , , , , 9 9 9 9 8 8 6 7 4 0 8 4 Sept. 1. 29,410 5,930 3,563 139 189 1,049 20 970 23,480 21,509 2,592 4,725 3,121 10,185 1,971 Sept. 8 29,548 5,983 3,591 165 187 1,051 22 967 23,565 21,613 2,653 4,734 3,146 10,193 1,952 Sept. 15 30,678 6,389 3,751 294 248 1,044 27 1,025 24,289 22,321 3,018 4,981 3,139 10,296 1,968 Sept. 22 31,224 6,636 3,822 378 324 1,045 26 1,041 24,588 22,622 3,062 5,140 3,153 10,381 1,966 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. IOOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v - k h l - e s v C a i a n u sh lt m b a w a d n e n o i c s t - k e t h i s s c j p m u a o d s a d e s t n - e i - t d d s 1 s p u p v n c a h o a a i e o n i d r l r p r r d s a t - - - s , - - , S p s d s a i t i o u c a i n o v b l a t d n i - e i l t s - - s c C c h o a e f e e e f t i n c f e r r c i d . t s d - k i ' - s m U G e e . o r n S n v t . - - s p p u h v a n c o a a n i i e o r r p d l d r r a s t - s - - - - , , S p d s a t i o u c i a n v b l a t d i - e i l t - - s P m U G o S a e in s . a n o e r g n t v d n v S a s - - t - . l m D a e n - b d ank T s ime b F e a i o n g r k n - s B r in o o g w r s - - co C a i u a t c a p n - l - ts B d i e a t b n s - 2 k tions tions Total 101 Cities 1942—August 9,614 485 2,702 26,638 26,323 1,769 2,154 5,000 115 8,450 12 3,963 9,459 1943—April 9,020 522 2,594 31,591 31,659 1,855 706 4,271 5,382 107 30 9,372 728 83 4,067 13,372 May 8,381 520 2,516 30,354 30,377 1,783 721 8,748 5,419 117 31 8,897 738 86 4,095 12,544 June 8,678 527 2,358 32,199 32,254 1,806 682 6,557 5,504 119 35 8,839 762 48 4,117 11,874 July 8,667 533 2,300 33,108 33,159 1,807 681 5,255 5,611 118 40 8,767 777 51 4,133 11,473 August 8,879 520 2,231 34,250 34,159 1,830 614 4,748 5,742 119 41 8,643 786 42 4,158 11,092 1943—June 30 8,556 503 2,297 32,289 32,536 1,852 699 5,652 5,530 119 39 8,666 772 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 8,908 782 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 8,868 772 72 4,129 12,067 July 21 8,740 528 2,307 33,386 33,331 1,811 578 5,345 5,616 117 40 8,748 773 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 8,544 782 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 8.582 789 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 8,604 779 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 8,838 785 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 8,550 790 50 4,161 10,259 Sept. 1.. 9,203 503 2,207 35,733 35,533 1,922 738 3,072 5,792 123 45 8,770 798 101 4,173 11,257 Sept. 8 9,562 520 2,234 36,283 36,102 1,912 599 2,802 5,816 123 46 9,047 805 81 4,174 8,851 Sept. 15 9,609 562 2,549 32,871 33,774 1,762 984 8,738 5,792 123 49 9,477 784 67 4,172 18,955 Sept. 22 8,637 563 2,291 31,624 31,829 1,627 722 10,164 5,755 121 49 8,870 763 38 4,169 14,865 New York City 1942—August 4,221 73 29 10,583 10,780 206 1,290 647 3,049 614 1,547 3,717 1943—April 3,271 80 31 12,219 12,556 217 390 2,083 674 3,096 646 1,581 5,792 May 3,038 80 30 11,387 11,670 222 455 4,130 .672 2,904 655 1,596 5,522 June 3,157 82 25 12,086 12,426 205 355 3,006 690 2,869 677 1,610 4,976 July 3,220 85 26 12,456 12,768 213 378 2,201 2,864 692 1,615 4,693 August 3,360 82 24 13,090 13,379 200 337 1,895 2,788 704 1,632 4,317 1943—June 30 3,149 80 25 12,156 12,591 232 349 2,556 2,794 1,610 5,150 July 7 3,191 85 24 12,151 12,453 174 384 2,208 687 18 2,874 692 1,612 4,588 July 14 3,187 89 26 12,297 12,713 227 442 2,472 684 18 2,931 1,613 5,108 July 21 3,250 81 31 12,557 12,837 228 280 2,188 690 17 2,866 1,613 4,528 July 28 3,253 84 25 12,820 13,068 223 407 1,937 692 20 2,783 1,623 4,547 Aug. 4 3,295 81 22 12,929 13,197 206 434 2,142 693 20 2,771 703 1,631 4,980 Aug. 11 3,292 84 22 12,872 13,195 204 264 2,048 694 20 2,748 694 1,633 4,208 Aug. 18 3,433 81 26 13,111 13,422 196 287 1,901 699 20 2,881 707 1,632 4,222 Aug. 25 3,421 81 25 13,449 13,702 194 362 1,489 702 22 2,751 714 1,631 3,859 Sept. 1 3,506 78 25 13,702 13,963 230 412 1,197 706 22 2,858 720 1,637 4,465 Sept. 8 3,609 84 20 13,926 14,154 231 263 1,087 705 23 2,882 725 1,635 3,305 Sept. 15 3,506 87 28 12,057 12,671 197 539 4,050 699 22 3,102 705 1,634 8,344 Sept. 22 3,115 87 25 11,756 12,061 156 358 4,490 694 22 2,824 681 1,629 5,653 Outside New York City 1942—August 5,393 412 2,673 16,055 15,543 1,563 864 4,353 5,401 70 2,416 5,742 1943—April 5,749 442 2,563 19,372 19,103 1,638 316 2,188 4,708 30 6,276 82 2,486 7,580 May 5,343 440 2,486 18,967 18,707 1,561 266 4,618 4,747 99 31 5,993 83 2,499 7,022 June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 85 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 85 2,518 6,780 August 5,519 438 2,207 21,160 20,780 1,630 277 2,853 5,045 99 41 5,855 82 2,526 6,775 1943—June 30 5,407 423 2,272 20,133 19,945 1,620 3,096 4,851 5,872 2,505 7,584 July 7.. 5,338 429 2,248 20,174 19,877 1,607 322 2,716 4,877 40 6,034 90 2,519 6,314 July 14.. 5,496 463 2,356 20,586 20,523 1,563 306 3,501 4,902 101 40 5,937 84 2,516 6,959 July 21.. 5,490 447 2,276 20,829 20,544 1,583 298 3,157 4,926 100 40 5,882 85 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 82 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 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 85 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 78 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 76 2,530- 6,400 Sept. 1. 5,697 425 2,182 22,031 21,570 1,692 326 1,875 5,086 101 44 5,912 2,536 6,792 Sept. 8. 5,953 436 2,214 22,357 21,948 1.681 336 1,715 5,111 100 45 6,165 2,539 5,546 Sept. 15. 6,103 475 2,521 20,814 21,103 1,565 445 4,688 5,093 101 47 6,375 79 2,538 10,611 Sept. 22. 5,522 476 2,266 19,868 19,768 1,471 364 5,674 5,061 99 47 6,046 82 2,540 9,212 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. OCTOBER 1943 IOOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations Total Com- purchasing loans mer- or carrying 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 v a e i e n n n s d - t t - s Total t d c a r i i u n i n a a d s - l l - , , b T r s o o e k c - urities e l R o s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o r n t t f - e if s i- Notes Bonds G a u n a - r- r O s i e t t i c h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Aug. 25 2,502 600 389 17 12 68 114 1,902 1,790 162 502 225 845 56 112 Sept 1 2,496 599 385 19 11 68 1 115 1,897 1,786 159 497 226 848 56 111 Sept. 8 2,526 607 386 25 11 69 1 115 1,919 1,808 167 504 228 853 56 111 Sept. 15 2,694 634 393 37 12 68 4 120 2,060 1,949 261 540 218 873 57 111 Sept. 22 2,822 633 399 31 12 68 6 117 2,189 2,078 323 594 221 882 58 111 New York (8 cities)* 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 Sept. 1 18;879 4,106 2,318 991 199 179 54 365 14,773 13,716 1,048 3,121 1,941 6,650 956 1,057 Sept. 8 18,927 4,120 2,319 1,030 196 179 32 364 14,807 13,749 1,054 3,136 1,955 6,639 965 1,058 Sept. 15 20,331 4,837 2,394 1,408 432 179 52 372 15,494 14,417 1,374 3,356 1,972 6,742 973 1,077 Sept. 22 20,548 4,963 2,467 1,456 461 179 30 370 15,585 14,507 1,428 3,339 1,967 6,776 997 1,078 Philadelphia (4 cities) Aug. 25 2,072 429 235 30 11 43 4 106 1,643 1,451 156 296 170 754 75 192 Sept. 1 2,030 427 234 30 11 44 2 106 1,603 1,413 132 281 170 756 74 190 Sept. 8 2,087 428 236 30 10 43 4 105 1,659 1,469 185 281 170 758 75 190 Sept. 15 2,177 448 242 36 11 44 8 107 1,729 1,539 224 296 179 768 72 190 Sept. 22 2,216 447 243 39 11 44 5 105 1,769 1,580 203 356 178 771 72 189 Cleveland (10 cities) Aug. 25.... 3,753 731 388 13 13 171 13 133 3,022 2,769 345 501 360 1,444 119 253 Sept. 1 3,782 731 389 13 13 171 13 132 3,051 2,793 362 498 360 1,454 119 258 Sept. 8 3,781 733 392 13 13 171 13 131 3,048 2,798 356 499 370 1,454 119 250 Sept. 15 3,932 837 425 66 19 170 13 144 3,095 2,845 374 511 375 1,466 119 250 Sept. 22 4,000 894 426 111 20 169 13 155 3,106 2,857 377 511 373 1,477 119 249 Richmond (12 cities) Aug. 25 1,512 237 115 3 11 50 2 56 1,275 1,217 133 225 170 644 45 58 Sept. 1 1,502 239 117 3 11 50 2 56 1,263 1,205 131 224 170 635 45 58 Sept. 8 1,514 241 118 4 11 50 2 56 1,273 1,216 142 224 170 635 45 57 Sept. 15 . 1,549 265 125 10 16 50 2 62 1,284 1,227 158 219 168 637 45 57 Sept. 22 1,594 287 131 10 32 51 1 62 ,307 1,250 160 232 163 650 45 57 Atlanta (8 cities) Aug. 25 1,464 278 163 9 9 26 1 70 1,186 1,072 136 269 208 405 54 114 Sept. 1 1,434 275 163 6 9 26 71 1,159 1,046 113 269 208 402 54 113 Sept. 8 1,436 276 165 6 9 27 69 .160 1,047 111 273 212 397 54 113 Sept. 15'" 1,477 300 174 10 16 26 74 I7,177 1,063 119 276 213 401 54 114 Sept. 22 1,489 320 181 11 23 26 79 1,169 1,055 108 276 217 403 51 114 Chicago (12 cities)* Aug. 25 7 121 1 281 939 48 45 140 109 5,840 5,324 719 1,302 725 2,362 216 516 Sept. 1..!!......... 7'167 1,273 933 46 46 140 108 5,894 5,'375 721 1*338 733 2,367 216 519 Sept. 8 7,199 1 302 947 61 45 140 109 5,897 5 385 719 1,341 740 2 369 216 512 y Sept! IS.'!.'.'! 7,557 1,'392 979 94 65 140 114 6,165 5^652 830 1,485 739 2'382 216 513 Sept. 22 7,632 1,447 998 119 75 140 115 6,185 5,677 836 1,489 749 2,387 216 508 St. Louis (5 cities) Aug. 25 1,442 348 208 4 9 66 1 60 1,094 979 95 221 148 480 35 115 Sept. 1 1,438 347 209 4 8 64 1 61 1,091 977 93 218 151 480 35 114 Sept. 8 ,. ... 1,442 350 211 4 8 65 1 61 1,092 978 96 216 152 479 35 114 Sept. 15 1 490 372 227 5 9 65 66 1,118 1,004 109 220 150 490 35 114 Sept. 22! 1,479 383 235 5 9 64 1 69 1,096 983 96 213 150 489 35 113 Minneapolis (8 cities) Aug. 25 888 175 107 1 4 15 48 713 674 98 146 111 293 26 39 Sept. 1.... 885 178 108 1 3 15 "i" 50 707 667 89 147 111 294 26 40 Sept. 8... 892 178 108 1 2 16 1 50 714 674 94 148 111 295 26 40 Sept. 15... 942 198 117 4 11 14 52 744 696 109 149 111 297 30 48 Sept. 22 ........ 946 202 119 4 11 15 53 744 695 105 151 111 298 30 49 Kansas City (12 cities) Aug. 25.... 1,601 341 230 3 8 42 58 1,260 1,137 164 252 236 432 53 123 Sept. 1 1,591 336 224 3 8 42 59 t 255 1,132 162 251 235 431 53 123 Sept! 8!.... 1,578 332 220 4 8 41 59 1,246 1,123 152 252 235 431 53 123 Sept. 15 1,622 344 228 5 10 40 61 1,278 1,154 174 256 232 439 53 124 Sept. 22 1,625 347 231 5 11 40 60 .278 1,154 171 259 231 440 53 124 Dallas (9 cities) Aug. 25 1,227 276 200 2 13 20 41 951 898 104 233 150 354 57 53 Sept. 1 1 227 278 202 1 13 20 42 949 896 100 238 148 353 57 53 Sept. 8! 1,221 281 203 2 13 20 43 940 888 94 236 147 354 57 52 Sept. 15 1 257 298 211 2 19 20 46 959 906 104 239 148 358 57 53 Sept. 22 1,271 310 218 3 21 20 48 961 909 108 238 146 360 57 52 San Francisco (7 cities) Aug. 25 4 320 915 452 11 26 327 99 3,405 3,106 433 554 405 587 127 299 Sept. l! 4,308 915 453 10 26 326 100 3,393 3,094 414 553 420 ',580 127 299 Sept. 8 4,299 923 460 12 26 326 99 3,376 3,078 400 547 422 ,582 127 298 Sept. 15 4,384 950 477 14 27 324 108 3,434 3,132 431 563 418 ,594 126 302 Sept. 22 4,521 1,011 484 33 64 325 105 3,510 3,202 439 590 422 ,624 127 308 City of Chicago* Aug. 25 4,391 849 692 41 40 23 53 3,542 3,220 406 829 464 L,452 69 322 Sept. 1 4,435 843 688 39 40 23 53 3,592 3,265 419 848 471 1,457 70 327 Sept. 8 4,460 864 696 54 39 23 52 3,596 3,275 424 852 474 455 70 321 Sept. 15 4,733 940 718 87 56 23 56 3,793 3,472 500 955 481 M66 70 321 Sept. 22 4,746 979 731 109 60 23 56 3,767 3,451 480 944 490 1,467 70 316 * 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. IOO2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [ In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 3 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v k h - l - e s C va i a n u sh lt m b a w n a d e n i c o s t e k t h - i s s c p m u o d a 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 o i i a u c o n v l t a b n i d i e t l - - s - s c C h c o a e f e e e i f n t e f c r r c i d t s d k . - i ' - s U m G er . o e n S n v - . t - s p u p h v n c a a a o i o i 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 o n v l t a b n d i i e l t - - s s - P U m G o S i e a n s a r o . e n g t n v S v n d a s - - . - t l m D an e b - d ank T s ime b e F a i o g n r n k - s B r i o n o w g r s - - c C o i a t u a c a n p - l t - s B d i a e ts n b 2 k tions tions Boston (6 cities) Aug. 25 438 57 111 2,080 2,052 104 23 209 260 2 319 18 4 260 598 Sept. 1 459 55 114 2,122 2,094 103 28 166 261 2 334 18 4 261 596 Sept. 8 494 56 115 2,162 2.138 99 29 148 261 2 386 19 3 261 534 Sept. 15 544 62 156 1,992 2,007 98 40 623 261 1 2 347 16 4 261 1,189 Sept. 22 429 61 132 1,904 1,891 95 27 733 261 1 2 308 16 2 261 921 New York (8 cities)* Aug. 25 3,629 112 110 14,616 14,717 380 384 1,603 1,114 24 8 2,819 4 716 36 1,762 4,168 Sept. 1 3,731 107 114 14,921 15,017 439 448 1,288 1,119 24 8 2,932 4 722 84 1,769 4,783 Sept. 8 3,833 115 110 15,178 15,212 450 292 1,169 1,120 25 8 2,953 4 727 67 1,767 3,560 Sept. 15 3,760 120 144 13,248 13,717 390 575 4,282 1,113 24 9 3,168 4 707 48 1,765 8,838 Sept. 22 3,348 122 118 12,911 13,056 344 393 4,752 1,098 24 9 2,888 4 686 20 1,761 6,070 Philadelphia (4 cities) Aug. 25 403 27 83 1,724 1,688 117 20 174 162 2 344 7 224 446 Sept. 1 409 25 101 1,726 1,711 105 16 137 162 2 358 7 1 225 455 Sept. 8 432 26 82 1,793 1,775 111 17 127 162 2 363 7 225 360 Sept. 15 478 28 94 1,596 1,674 81 39 447 161 2 389 7 225 856 Sept. 22 413 28 85 1,538 1,563 63 20 497 161 1 363 7 223 655 Cleveland (10 cities) Aug. 25 741 67 235 2,876 2,890 126 37 246 785 50 465 13 2 421 694 Sept. 1 746 65 241 2,943 2,954 126 38 197 788 50 484 12 2 421 827 Sept. 8 773 66 241 2,965 2,979 127 40 188 790 50 495 12 2 422 586 Sept. 15 763 73 258 2,74" 2,819 119 72 547 785 50 526 12 1 421 1,267 Sept. 22 710 74 225 2,614 2,637 119 63 698 783 50 488 12 2 421 1,068 Richmond (12 cities) Aug. 25 286 35 164 1,116 1,080 101 18 131 224 2 7 385 8 1 1 109 315 Sept. 1 293 33 153 1,112 1,080 98 19 110 225 2 7 393 7 1 1 109 352 Sept. 8 308 35 165 1,125 1,103 94 19 101 226 2 7 430 7 1 1 109 271 Sept. 15 337 38 197 1,063 1,057 104 30 291 224 2 7 414 7 1 1 109 514 Sept. 22 293 37 168 995 991 82 24 339 224 2 7 404 8 1 109 501 Atlantic (8 cities) Aug. 25 285 25 139 1,010 951 134 8 148 229 3 4 437 3 3 106 294 Sept. 1 286 23 141 1,009 962 135 9 118 230 3 4 438 3 4 105 286 ^Sept. 8 296 24 149 1,020 977 133 7 108 232 2 4 456 3 5 106 253 Sept. 15 292 25 169 973 965 126 10 196 231 3 4 476 3 4 106 403 Sept. 22 265 26 151 921 904 118 9 230 231 3 4 454 4 5 106 386 Chicago (12 cities)* Aug. 25 1,437 92 397 5,471 5,322 408 51 534 1,143 2 8 1,443 5 15 471 1,728 Sept. 1 1,440 91 398 5,594 5,403 436 78 429 1,147 3 8 1,470 5 15 475 1,922 Sept. 8.... 1,491 91 399 5,647 5,474 434 74 395 1,158 3 8 1,523 5 16 475 1,543 Sept. 15.. 1,523 101 439 5,134 5,155 412 81 1,245 1,152 3 8 1,631 5 17 475 2,999 Sept. 22 1,358 100 391 4,899 4,785 398 68 1,462 1,134 3 8 1,519 5 16 476 2,461 St. Louis (5 cities) Aug. 25 274 19 113 969 986 61 9 101 210 4 465 1 6 106 265 Sept. 1 280 17 106 985 1,002 64 10 80 211 \ 4 462 1 7 106 295 Sept. 8 290 19 111 994 1,018 63 11 72 212 5 481 1 5 106 241 Sept. 15 281 20 122 921 987 59 12 168 211 \ 5 505 1 10 107 449 Sept. 22 269 20 114 863 908 59 11 206 211 5 492 1 10 107 428 Minneapolis (8 cities) Aug. 25 167 9 84 615 574 85 9 77 121 1 268 2 2 71 217 Sept. 1 171 9 81 619 580 90 8 61 122 1 275 2 4 71 228 Sept. 8 174 9 88 626 587 88 10 59 122 1 286 3 4 71 200 Sept. 15 175 10 96 564 551 76 12 178 122 1 288 3 5 71 394 Sept. 22 160 10 94 537 516 72 10 200 122 1 280 3 5 71 292 Kansas City (12 cities) Aug. 25 372 21 267 1,123 1,112 126 15 101 163 1 2 759 5 121 389 Sept. 1 377 19 277 1,132 1,124 129 15 88 164 1 2 768 5 121 388 Sept. 8 400 20 291 1,142 1,143 123 17 83 165 1 2 787 5 121 349 Sept. 15 390 22 325 1,099 1,127 125 18 187 164 1 2 799 5 121 555 Sept. 22 363 22 297 1,040 1,043 127 15 212 164 1 2 775 5 i 122 525 Dallas (9 cities) Aug. 25 282 21 234 1,032 1,026 59 16 97 139 8 1 411 2 99 273 Sept. 1.. .. ... 284 19 216 1,035 1,025 67 17 79 140 8 1 408 2 99 259 Sept. 8 314 20 230 1,049 1,053 60 30 74 141 8 1 436 2 99 250 Sept. 15 297 21 259 1,003 1,041 43 24 153 140 8 2 452 2 99 404 Sept. 22 268 21 246 943 976 39 23 203 140 8 2 434 2 99 393 San Francisco (7 cities) Aug. 25 736 40 249 2,513 2,565 128 46 370 1,219 29 8 435 11 23 411 872 Sept. 1 727 40 265 2,535 2,581 130 52 319 1,223 29 8 448 11 23 411 866 Sept. 8 757 39 253 2,582 2,643 130 53 278 1,227 29 8 451 11 23 412 704 Sept. 15 769 42 290 2,531 2,674 129 71 421 1,228 28 9 482 11 24 412 1,087 Sept. 22. 761 42 270 2,459 2,559 111 59 632 1,226 28 9 465 11 23 413 1,165 City of Chicago* Aug. 25 913 40 179 3,368 3,343 196 25 324 507 2 1,019 13 307 1,030 Sept. 1 927 39 187 3,480 3,417 215 47 258 508 2 1,039 13 310 1,127 Sept. 8 925 39 179 3,473 3,423 211 48 232 517 2 1,077 14 310 1,004 Sept. 15 895 40 192 3,062 3,118 204 44 815 515 2 1,164 14 309 1,897 Sept. 22.. 813 40 163 2,928 2,905 202 30 948 497 2 1,080 14 309 1,489 * 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. OCTOBER 1943 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i - e n r g1 st T a o n o u d t t- a in l g Total Accept O b i i n w l g l n s banks b B ou il g ls ht Others2 I U m S i n t p n a i o t t t o e e r d s ts E U S x f n t r p a o i o t t m e e r s d ts ex D c o h l a l n ar ge G U sh o n o i i p t d e p p s d o e s d in tc> b ts r e F e i t n d w o r i e e n e i n g o n r States countries 1942—May 354 174 133 82 51 41 101 16 1 43 13 June 315 163 122 78 44 41 94 13 52 4 July 305 156 119 77 42 38 92 8 45 11 August 297 139 108 71 37 31 78 8 (3) 41 11 September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 /3\ 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 /3\ 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 August 156 130 94 59 36 36 77 10 33 11 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a I i n n n a d v c p c e t a o s r r t u a t m n d n 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 1036—Tune 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—Tune 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—Tune 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 1942—August c490 c300 c240 September c500 e310 e240 October e510 e310 e250 November e520 e320 c250 December 543 7 154 160 378 270 54 15 4 182 1943—January c540 e290 c280 February e55O e320 e310 March e610 e350 €320 April e670 «570 e330 May e740 e550 e330 June 761 9 190 167 529 334 66 15 7 212 July e780 e530 e340 August e740 e490 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). IOO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES (Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U S. mo Y w n e e th e a , k r , or m m 4 p P - c o a e r o n t p i r o m m c t e h i 6 r - e a s , - l i a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s e - i t , - c S h l n c e o t r a e o a x e a n w l - c - n l g k - e m G b o i 3 o l n - l v s t * h ernm 9 c m o - c e e t f r a o n o t t n t i i e f n 1 t i s h s - 2 - e - cu 3 ta r - y i x t t e o i a a e b r 5 s l - e [Per c 1 e T n 9 t o c t p i a t e l i r e s annu Y N m C o e i l t w r y k 7 E e N r c a n o i O s t r t i t a t e e h h n s r e n - d r 1 W e 1 r c n e S i s t o i t a e e u n s r t d n hal debted- notes 1934 average1 3.45 2.45 3.71 4.32 ness 1935 average1 2.93 1.76 3.39 3.76 1936 average1 2.68 1.72 3.04 3.40 1940 average .56 .44 1.00 .014 1937 average1 2.59 1.73 2.88 3.25 L941 average .*.. .54 .44 1.00 .103 .76 1938 average1 2.53 1.69 2.75 3.26 1942 average .66 .44 1.00 .326 1.13 1942— N O S A e o c u p t v g o t u e e b s m m t er b b . e . e . r r . . . . . . . . . . . . . . . . . 6 6 6 6 9 9 9 9 . . . . 4 4 4 4 4 4 4 4 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 0 0 2 1 4 . . . 7 7 8 g 0 6 5 o 1 1 1 1 . . . . 2 2 2 2 7 8 5 8 1 1 1 1 9 9 9 9 4 3 4 4 0 9 2 1 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 2 2 2 2 . . . . 6 5 6 7 3 4 1 8, 2 2 2 1 . . . . 0 0 0 9 7 4 7 7 2 2 2 2 . . . . 8 5 5 5 7 8 6 5 3 3 3 3 . . . . 5 3 1 2 1 8 9 6 December .69 .44 1.00 .363 .80 1.34 1939—March 2.95 2.13 3.05 3.77 June 2.91 2.15 3.05 3.62 1943—January .69 .44 1.00 .367 .76 1.29 September 2.68 2.04 2.78 3.31 February .69 .44 1.00 .372 .73 1.24 December 2.59 1.96 2.59 3.32 March .69 .44 1.00 .373 .75 1.33 1940—March 2,65 2.03 2.67 3.35 A M J A J u u u p a n l g r y y e i u l st . . . . . 6 6 6 6 6 9 9 9 9 9 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 3 5 4 3 4 . . . . . 7 7 7 6 7 0 8 8 8 5 1 1 1 1 1 . . . . . 3 3 3 2 3 2 6 9 9 0 1941— J D J S M u u e e n n p a c e e r t e c e m h m b b e e r r 2 2 2 2 2 . . . . . 6 5 5 5 5 8 9 9 5 8 2 2 2 2 1 . . . . . 0 1 0 0 9 0 4 6 0 5 2 2 2 2 2 . . . . 4 5 5 5 5 9 6 8 3 3 3 3 3 3 3 . . . . . 3 2 2 3 4 8 3 5 6 3 Week ending: September 2.60 1.98 2.62 3.29 Aug. 28 H-H 1.00 .375 .79 1.31 December 2.41 1.88 2.45 2.99 Sept. 4 Vs-H 1.00 .375 .79 1.31 1942—March 2.48 1.85 2.48 3.20 S Se e p p t t . . 1 1 1 8 % % - - % % lie 1 1 . . 0 0 0 0 . .3 3 7 7 4 4 . . 7 7 7 5 1 1 . . 3 3 2 2 J S u e n p e tember 2 2. . 7 6 0 2 2 2 . . 0 2 7 8 2 2 . . 5 6 6 6 3 3. . 2 3 5 4 Sept. 25 %-% 1.00 .375 .77 1.31 December 2.63 2.09 2.63 3.26 1 Monthly figures are averages of weekly prevailing rates. 1943—March 2.76 2.36 2.76 3.24 2 The average rate on 90-day stock exchange time loans was 1.25 per June 3.00 2.70 2.98 3.38 cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to 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 YIELDS 1 [Per cent per annuml Corporate (Moody's)5 U. S. Government2 Munic- Corpo- Year, month, or weet ipal (h ra ig te h- By rating By groups Partially ^3 grade)4 Total ex ta e x m - pt Taxable grade)J 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 STumber of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3 11 1942 average 2.02 "2!35" 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1942—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 t 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 August 1.83 2.28 1.91 2.57 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 Week ending: 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 Sept. 4 1.82 2.29 1.93 2.57 3.10 2.69 2.81 3.08 3.82 2.80 3.56 2.96 Sept. 11 1.81 2.30 1.92 2.58 3.11 2.69 2.82 3.09 3.82 2.80 3.56 2.96 Sept. 18 1.80 2.30 1.92 2.59 3.11 2.69 2.82 3.10 3.82 2.81 3.56 2.96 Sept. 25 1.80 2.30 1.92 2.60 3.12 2.70 2.83 3.11 3.83 2.83 3.56 2.97 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin oj the Treasury Department for July 1941, pp. 21-24. Figures for U. S. Government bonds available on request. 1005 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 = 100) of trading? Year, month, or week U. S. Munic- [in thou- Gov- ipal Medium and lower-grade Pre- sands of m er e n n - t2 grade)3 H gr i a g d h e - Total In tr d i u a s l - R ro a a i d l- P ut u i b li l t i y c fau D l e te - d ferreds Total In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c shares) Number of issues 2-6 20 20 15 402l 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 71 96 767 1941 average 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 71 81 629 1942 average 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 66 61 466 1942—August 109.9 . 127.6 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September. 109.8 128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October.... 109.5 128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November. 109.4 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December.. 108.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January.... 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 82 74 69 820 February... 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 March 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 1,593 June 112.4 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 July 112.9 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 88 1,145 August 112.7 134.6 121.1 110.4 117.0 98.6 115.6 44.2 176.4 94 96 91 86 604 Week ending: 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 Sept. 4 112.9 134.2 120.9 110.6 117.2 98.7 115.8 45.0 176.4 95 97 91 87 478 Sept. 11.... 113.0 134.4 120.9 110.4 117.1 98.5 115.8 44.6 176.4 95 96 89 87 748 Sept. 18.... 113.2 134.4 120.9 110.2 116.9 98.3 115.5 45.9 175.9 95 97 91 87 677 Sept. 25.... 113.2 134.4 120.7 110.5 117.1 98.6 115.7 48.1 175.9 97 100 93 767 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. s Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] 7or new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e a f e i o n g s r d n t - i ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l - - l Total Co B n r a o o p n n t o d e d r s a s te Stocks F ei o g r n - 2 m e a f i e o g n s r d n t - i ) c Total S n a m p t i n a c a u d l i t - - e a 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—July 142 41 41 11 3 28 27 102 102 37 32 '33 33 August 162 103 103 45 59 57 2 59 59 3 50 6 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 October 115 28 28 26 2 2 87 87 12 31 44 44 November... 100 31 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 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 7 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 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 IIIncludes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 1[]ncludes issues of noncontiguous U. S. Territories and Possessions. Somrce— For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revisioHnI.. Back figures.—See Annual Report for 1937 (table 78) 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e ss ds2 pro n c e e t eds3 New money Retirement of securities Repay o m f ent 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 it in al g Total Bo n n o d t s e s a nd Pr s e to fe c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1941—November. 155 152 92 61 31 37 37 1 22 December. 144 142 57 36 21 62 52 10 17 1942—January... 171 167 74 38 35 84 82 2 9 February.. 56 54 17 10 7 24 13 11 3 March. 125 123 62 58 4 45 40 5 16 April 135 132 75 20 55 21 21 36 May 124 123 57 25 32 14 14 51 June 152 149 75 57 18 61 56 10 July 61 60 20 17 4 31 31 August 43 42 38 33 5 4 4 September. 82 80 31 12 19 25 24 20 October. . . 46 45 4 2 2 41 41 November. 35 34 5 1 4 28 28 December. 34 33 16 15 1 17 13 1943—January... 9 1 1 6 6 February.. 49 49 12 "io"" 2 34 34 March 98 96 39 6 32 48 42 April 91 88 9 3 6 76 74 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 10 August 106 103 15 12" ' 3 79 1 PROPOSED USES OF PROCEEDS, BY MAJORGROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total net New ment of other net New ment of, other net New ment of other net pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- proceeds ties poses4 ceeds ties poses4 ceeds ties poses* ceeds 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 1942 47 32 15 464 145 292 27 527 293 '89 146 4 1941—November 1 1 59 46 11 1 85 41 24 21 6 December 28 28 62 3 46 12 46 25 15 6 6 1942—January 10 10 110 18 83 10 44 43 1 3 February 4 4 10 10 40 13 14 13 March 6 6 71 "31" 40 47 26 5 16 M J A u p a n y r e il 9 3 6 1 3 7 7 0 0 1 1 1 3 2 7 5 1 4 0 3 " " 3 5" 1 9 1 7 3 5 0 4 6 5 5 2 5 1 6 1 7 4 3 1 7 6 0 1 July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 September 1 1 40 6 25 ""g" 38 23 October 9 9" 29 29 6 4 "3 November 17 " i 16 17 4 12 ""15" December 4 4 27 10 17 3 2 1 1943—January 8 1 6 February ••••-• 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 28 April 3 3 58 1 55 3 27 5 22 M A J J u u u a l n y g y e ust 4 1 6 6 7 4 ••• 1 • 4 -• "46" 7 4 2 3 6 6 8 1 4 3 2 6 8 4 1 1 4 4 5 1 0 9 0 7 2 1 3 9 5 1 3 2 2 5 7 6 3 '"'2' 1 6 1 CM CM CO Retire- All New ment of other money securi- purties poses 19 2 4 18 6" ••••1752"2 2 4 0 57 7 7 8 7 1 9 88 5 42 9 104 55 18 21 4 4 2 5 3 1 7 4 2" ""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. OCTOBER 1943 1007 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 n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a e u r o h n t n n i e a s p t r - - - f m p N e u a r r e o c n r o t o t n d a d s u - l - s s O d g b o u t l h o r e a d e - r s t F b o a a o b e g n o v a e d d c e s c r s , - , o pr r a o e i i O n n f n d i g g i d u n 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 c s M e i e e c r l i o e v s l u a - s - - s pr N of e i t ts1 fe P D r r r e i e - v d ide C n 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. ... 2,169 325 193 274 111 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 v 152 164 136 165 883 88 r552 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—i 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 Io5 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 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 r135 3 451 51 36 46 34 22 42 42 41 35 52 211 r20 r125 4 557 72 49 * 92 754 36 30 44 49 48 35 47 294 23 158 1943_1 441 51 39 47 34 19 39 36 42 '36 42 211 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 e p v i e n e r g n a u t- e i I b n e n c f c o o o r m m e e e All r N o e a t d s income1 d D e i n vi d - s r O e p v e i e r n n a g u t e - I i b n n e t c c f a o o o x r m m 4 e e e nc N o e m t e1 d D e i n v d i s - 5 O re p v i e n e r n g a u t e - i m n c N o e m t e1 d D e i n v d i- s Number of companies... 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 848 226 118 98 1,362 163 163 Quarterly 1939—1 898 -38 -43 21 175 46 39 19 259 44 42 2 906 -43 -47 23 166 37 32 19 267 49 42 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 61 184 43 36 22 274 51 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 4 1,454 166 138 5 87 211 50 34 19 321 46 40 1942—1 1,483 179 90 12 29 216 63 33 19 324 47 44 2 1,797 389 199 37 35 202 53 25 19 336 48 42 3 2,047 556 283 60 34 208 55 26 19 344 46 39 4 2,139 594 387 64 221 56 35 19 358 822 38 1943—1 2,091 513 209 52 28 229 71 34 19 366 42 40 2 2,255 605 239 56 49 r221 r62 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. * After all charges and taxes except Federal income and excess profits taxes. b 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. f 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. 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions cf dollars] End of month T d g d i r o e r o e t b s a c t s l t i b n T d e d t i a o e r e r r t e b i a e c n t l s t g t- Total2 Tre b a M i s ll a u s r r k y eta n b c C d l a e e n e t e r e b p t s s i t u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry ^N T o o n ta m l2 arke s t a b a U v o b . i n l S n e d . g s p s ub T l t i r a c e x i a n s s s o u u t r e e y s s S i p ss e u c e ia s l i b n e N d t a e e o r r b i n e n t - s g t- se g t b t e c u e e F e u a r a d u e r r r i l a s i i t l n t n n y i - g e - - s 1940—June.. 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec... 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June.. 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec... 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—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 N O o c v t. . . . . 9 9 2 6 , , 9 1 0 1 4 6 9 9 2 5 , , 2 4 6 5 5 8 6 66 5 , , 5 0 5 0 4 8 5 5 , , 1 7 2 2 6 1 37 6 , , 1 21 6 1 1 1 1 0 0 , , 0 0 9 9 5 5 4 4 3 3 , ,3 3 8 8 1 1 2 1 0 8 , , 1 6 1 7 7 2 1 1 4 3 , ,3 0 8 7 1 9 4 5 , , 9 7 6 0 4 3 8 8, , 7 5 8 8 7 5 6 65 3 7 9 4 4, , 2 2 4 4 4 3 1943— D J e a c n . . . . . . 1 1 0 1 8 1 , , 1 06 7 9 0 1 1 1 0 0 7 , , 0 3 2 0 4 8 7 7 6 7 , , 4 49 8 6 8 6 7 , , 6 4 2 2 7 3 31 1 0 0 , , 7 53 4 4 1 9 9, , 8 8 6 6 3 3 4 4 9 9 , ,2 2 7 6 3 8 2 2 1 3 , , 7 3 8 5 8 6 1 1 5 6 , , 0 2 5 4 0 6 6 6 , , 3 7 8 4 4 9 9 9, , 1 0 7 3 2 2 1,0 8 4 62 5 4 4 , ,2 2 7 8 7 3 Feb... 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 1,173 4,275 Mar... 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 Apr. . 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 May.. 135,913 134,675 95,382 10,853 16,561 9,797 57,975 29,095 20,507 8,163 10,198 1,238 4,082 June.. 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 July.. 141,524 140,238 98,613 12,460 16,561 11,875 57,520 30,169 22,030 7,678 11,456 1,286 3,782 Aug... 144,059 142,721 99,935 12,846 17,497 11,875 57,520 30,879 22,694 7,703 11,907 1,338 3,934 1 Including amounts held by Government agencies and trust funds, which aggregated $3,131,000,000 on July 31 and $3,116,000,000 (preliminary) on 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, AUGUST 31, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions T S re e a p s t. u r 2 y , 1 b 94 il 3 ls 906 Tr D e e a c s . u r 1 y 5 , b 1 o 9 n 48 d - s 5 — 0 Cont. 571 a m t e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Sept. 9, 1943 909 June 15, 1949-51 1,014 Sept. 16, 1943 1,000 Sept. 15, 1949-51 1,292 1942—May 9,569 634 422 43 170 22 Sept. 23, 1943 1,006 Dec. 15, 1949-51 2,098 June 10,188 634 433 41 160 23 Sept. 30, 1943 1,006 Dec. 15, 1949-52 491 July 11,078 901 508 74 319 25 Oct. 7, 1943 , 1,003 Dec. 15, 1949-53 1,786 Aug 11,751 697 454 52 191 32 Oct. 14, 1943 , 1,001 Mar. 15, 1950-52 :. 1,963 Sept 12,479 755 510 61 184 34 Oct. 21, 1943 , 1,004 Sept. 15, 1950-52 1,186 Oct 13,381 935 665 61 210 40 Oct. 28, 1943 , 1,003 Sept. 15, 1950-52 4,939 Nov. . 14,079 735 542 45 148 43 Nov. 4, 1943 1,006 June 15, 1951-54 1,627 Dec 15,050 1,014 726 66 222 55 Nov. 12, 1943 995 Sept. 15, 1951-55 755 Nov. 18, 1943 1,005 Dec. 15, 1951-53 1,118 1943_jan. 16,246 1,240 815 77 348 63 Nov. 26, 1943 1,002 Dec. 15, 1951-55 510 Feb 17,067 887 634 48 205 76 Mar. 15, 1952-54 1,024 Mar 17,891 944 720 44 180 131 Cert, of indebtedness June 15, 1952-55 1,501 Apr 19,267 1,470 1,007 110 353 103 Nov. 1, 1943 2,035 June 15, 1953-55 725 May 20,507 1,335 995 86 254 104 Dec. 1, 1943 3,800 June 15, 1954-56 681 June 21,256 876 696 35 144 141 Feb. 1, 1944 2,211 Mar. 15, 1955-60 2,611 July 22,030 890 683 38 169 138 Apr. 1, 1944 5,251 Mar. 15, 1956-58 1,449 Aug 22,694 802 661 28 112 152 May 1, 1944 1,655 Sept. 15, 1956-59 982 Aug. 1, 1944 2,545 June 15, 1958-63 919 Dec. 15, 1960-65 1,485 Amount Treasury notes June 15, 1962-67 2,118 Maturity Date of issue outstanding Sept. 15, 1943 279 Dec. 15, 1963-68 2,831 Aug. 31,1943 Dec. 15, 1943 421 June 15, 1964-69 3,762 Mar. 15, 1944 515 Sept. 15, 1967-72 2,716 June 15, 1944 416 Postal Savings bonds 117 Series A—1945 From Mar. 1, 1935 174 Sept. 15, 1944 283 Conversion bonds ... 29 Series B—194C 7rom Jan. 1, 1936 313 Sept. 15, 1944 635 Panama Canal loan 50 Series C—1945 From Jan. 1, 1937 405 M M a a r r . . 1 1 5 5 , , 1 1 9 9 4 4 5 5 , 1,6 7 0 1 6 8 Total direct issues.... 99,935 S S e e r r i i e e s s C D — — 1 1 9 9 4 4 8 9 F F r r o o m m J Ja a n n . . 1 1 , , 1 1 9 9 3 3 9 8 4 8 8 0 6 0 Dec. 15, 1945 531 Series D—1950 From Jan. 1, 1940 991 Mar. 15, 1946 503 Guaranteed securities Series D—195 From Jan. 1 to Feb. 28, 1941 334 Dec. 15, 1946 3,261 Commodity Credit Corp. Series D—1951 From Mar. 1 to Apr. 30. 1941 112 Sept. 15,1947 2,707 Feb. 15, 1945 Sei-ies E—1951 From May 1, 1941 1,263 Fed. Farm Mortgage Corp. Se-ies E—1952 From Jan. 1, 1942 5,591 Tr O ea ct s . u 1 ry 5 , b 19 o 4 n 3 d -4 s 51 1,401 M M a a y r. 1 1 5 5 , , 1 1 9 9 4 4 4 4 - - 4 6 9 4 8 9 3 5 5 S S e e - - i i e e s s E F — — 1 1 9 9 5 5 C 3 F F r r o o m m J M a a n y . 1 1 , , 1 1 9 9 4 4 3 1 5,4 2 2 24 8 Apr. 15, 1944-46 1,519 Fed. Public Housing Series G—1953 From May 1, 1941 1,238 Dec. 15, 1944-54 1,037 Authority Se-ies F—1954 From Jan. 1, 1942 636 Sept. 15, 1945-47 1,214 Feb. 1, 1944 Se-ies G—195^ From Jan. 1, 1942 2,452 M J O J D u u e c a n n c t r e e . . . 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 6 6 - - - - 5 4 4 5 2 8 9 6 1,0 4 8 5 7 3 8 1 4 5 6 9 9 1 9 H R o e M J A J c m u a p o a n n e r y n . e . s O 1 t 1 1 1 r , w 5 , , u , 1 n 1 c 1 9 1 9 t e 9 4 i 9 4 4 r o 5 4 4 s 5 n ' 4 - - 5 4 L 2 F 7 o ^ i a n n . C C o o r r p p . . 5 2 7 7 7 7 5 7 1 9 5 9 S S S e e e T - - r i i i o e e e s s s t a G F u l — n . — . c . 1 l 1 a 9 9 s 5 5 s 5 5 ified F F r r o o m m J J a a n n . . 1 1 , , 1 1 9 9 4 4 3 3 2 1 2 , , 6 6 4 1 9 9 4 0 5 4 3 8 M M D Ju e a a n c r r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 8 8 8 - - 5 5 0 1 3 1 1 , , , 1 2 0 7 1 2 6 0 5 3 2 1 Fe V d T e a o r r a i t o a l u l s H gu o a u r s a in n g te e A d d i m ss i u n e . s 3,86 2 1 2 D "A i 1 f m f A er o t e u n c n c u t e s r r o e b u n e t t t s w r t e a e d e n n e d m in " p g F t " i u o r n n e d p s v r a e r l s u e e c e n e s t s i e v t x e h c d e e " p d t i a f n f S e d e r e ri n m e c s o e n G b th , e tw w to e h e i m c n h o a c n is c t h r s u t e a c d t h e a d in n c g a r t e e s a p s a i e n r s . Sept. 15, 1948 451 in redemption values and redemptions of bonds during the month. iCalled for redemption on Oct. 15, 1943. OCTOBER 1943 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i e b n c T e t u e a o r r r i t e i t a n i s e l t g - s s i p s a e s n u c e d ia s l trust f P i u s u n s b d u l s e i s c F R B e e a b 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 t n n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i a s a O s b r t u k l h e e e e s t r - inv m e i s N s a a t s o r o b u k r n l e s e e - s t- 1940—June 47,874 4,775 2,295 2,466 38,338 16,550 3,110 6,500 9,400 2,800 December 50,36,0 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 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 52,100 5,280 12,800 19,400 28,400 July 144,020 11,456 3,401 8,187 120,976 54,320 5,340 12,800 19,200 29,300 1 Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 million. Back figures.—See July 1941 BULLETIN, p. 664. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollaLrs] 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 a - l Insur- End of month out- agen- Re- mercial sav- ance Other End of month out- agen- Re- mer- sav- ance Other stand- cies serve banks1 ings com- stand- cies serve cial coming and Banks banks panies ing and Banksbanks banks panies trust trust funds funds Total: 2 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 4,471 10,766 17,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943—Feb 82,921 3,119 5,871 40,649 4,589 10,90917,784 Dec 49,268 2,739 2,77719,445 4,055 9,944 10,308 Mar 83,934 3,124 5,919 41,317 4,511 10,667 18,395 1943—Feb 49,273 2,665 2,36720,136 4,067 9,95810,081 Apr 95,680 3,550 6,455 45,723 5,05312,32822,570 Mar 49,273 2,652 1,98420,829 3,979 9,618 10,212 May 99 390 3,556 6,222 49,159 5,117 12,42222,914 Apr. 55,201 3,059 2,01721,520 4,624 11,46412,517 June 99,333 3,434 7,202 48,665 5,161 12,48622,385 May 57,975 3,068 1,70824,006 4,687 11,539 12,967 July 102,324 3,339 8,187 50,464 5,22212,55722,554 June 57 5203,045 1,46824,226 4,725 11,442 12,615 Treasury bills: . July... 57,520 2,996 1,44524,723 4,680 11,365 12,312 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: Dec. 6,627 j^ 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—Feb 8,232 12 1,475 5,302 24 63 1,355 Dec 5,830 754 2,565 253 726 1,531 Mar 9,234 19 2,087 5,069 65 157 1,837 1943—Feb 5,830 665 2,686 235 715 1,526 Apr 10,044 9 2,430 6,415 14 4 1,173 Mar 5,830 672 2,737 222 664 1,532 May 10,853 12 2,442 7,017 14 22 1,345 Apr 5,830 735 2,806 190 599 1,500 June 11,864 11 3,815 6,502 21 154 1,361 May.... 5,830 754 2,773 186 597 1,519 July 12,460 11 4,896 5,939 31 198 1,386 June 9,474 867 5,122 298 991 2,195 Certificates: July 9,474 854 5,171 294 984 2,170 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 1,536 1943—Feb. 11,161 29 789 6,837 206 261 3,039 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Mar 11,161 19 850 6,845 183 266 2,997 1943—Feb 17,080 1,420 9,505 1,165 2,236 2,758 Apr 16,154 35 997 9,197 168 257 5,500 Mar 17,080 1,317 9,672 1,113 2,189 2,789 May 16,561 49 1,099 9,759 178 263 5,213 Apr 19,448 1,349 10,032 1,430 2,693 3,943 June 16,561 51 1,092 9,823 184 305 5,106 May 22,019 1,093 12,423 1,435 2,731 4,335 July 16,561 37 1,092 9,890 189 331 5,022 June 17,921 776 10,107 1,308 2,326 3,401 Treasury notes: . July 17,921 768 10,373 1,265 2,296 3,219 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 1,957 3,510 4,086 1943—Feb 9,863 86 1,190 5,699 183 298 2,407 Dec 16,295 2,165 6,240 1,580 2,778 3,531 Mar 9,797 67 957 5,850 182 297 2,444 1943—Feb 16,295 1,948 6,635 1,538 2 651 3,520 Apr 9,797 65 957 5,825 163 286 2,501 Mar 16,295 1,680 6,955 1,500 2,613 3,545 May 9,797 66 919 5,813 160 287 2,552 Apr. 16,295 1,656 7,122 1,381 2,604 3,530 June 9,168 61 774 5,500 155 276 2,402 May 16,295 1,623 7,202 1,376 2,584 3,507 July ....... 11,875 53 721 7,506 258 364 2,974 June 17,214 1,645 7,611 1,405 2,896 3,657 Guaranteed securities: . July 17,214 1,598 7,745 1,402 2,883 3,585 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 1,258 512 2,326 1,315 1943—Feb 4,196 294 49 2,664 107 329 753 Dec. 10,065 1,021 1,286 1,095 4,339 2,323 Mar 4,272 332 42 2,712 102 328 756 1943—Feb 10,069 998 1,310 1,131 4,354 2,275 Apr 4,288 350 54 2,754 83 317 731 Mar 10,069 965 1,463 1,141 4,153 2,346 May 4,008 327 54 2,552 77 309 689 Apr 13,629 1,333 1,561 1,626 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 July 3,711 209 33 2,392 64 298 714 June 12,912 1,221 1,385 1,713 5*229 3 366 July 12,912 1,216 1,434 1,720 5 ",204 3,'338 * Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings ^ (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companies for certain dates are shown in the table above. 1 On July 31, 1943, commercial banks reporting to the Treasury held $18,939,000,000 of United States Government securities due or callable within one year out of a total of $36,083,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. IOIO 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 dollarsl Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 r c n i M n n e n e e u v t i l a o e e s l e l 1 u - a r - - - 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 p t - a t l s ce N i r p e e t - s t "* I d n e o e t s n e b t t r- ac W t t i i e a v s r i- c T f o e t r e r a r u a t s u c c n n - s . t s t t o s - , Ot ler e b T x i u t p o u d e t r g n a e e l s d t - D c e i f t i- c T e o a r t u c u c - n . s 4 t t s C F G a h b e u n i a a r e n n a l c n n - l d e g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179' 55,897 —1,861 +6,515 64,274 1942—August 155 362 232 48 797 587 7 4,884 IP 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 —l'213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5'952 +48 +8^438 14^342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 -39 +70 6,064 June . . 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 —206 —3,180 784 July 19 1,236 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 —635 —912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 7,232 15 324 7,617 4,896 +131 -2,231 2,534 Details of trust accounts, etc. General Fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets Ge B n a e l r a a n l c e F u in nd penditures Period in 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 a G o g m o u e v n n e e t n c s r t i 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 e n e i r t r v s a e l d s p p e o e p m s c o . i i s t a s i l - a O s t s h e e t r s li t a i b e i s li- Total W a b i o n a n r c l g k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 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—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 2,320 December 75 350 33 548 99 37 •11,032 1,516 8,166 L,350 489 10,543 9,780 1943—January 110 43 35 186 74 47 " 8 8,200 465 6,367 1,368 477 7,724 6,961 February 498 230 35 370 52 40 -3 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 1,383 465 12,687 11,924 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 August 596 292 30 148 101 75 21 6,845 1,076 4,362 1,406 481 6,364 5,601 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. Iri millions of dollarsl Income taxes Miscellaneous internal revenue Manufac- Period Total C in u d u r i a r v l e i n d t - V t t o i a c r x y - c ra r C o e t r u i n p o r t o - n - t B a a x c e k s p E t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a x t n i a f e d t t s e b A e l t v c a o e x r h e a o s g l e ic b t T a a x c o c - e o s S t t a a x m es p re t e t u a x a r n i c e l d i e r s s e r ' s' n t c M a e e x i l o l s e u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1942—August 164 32 53 26 49 3 340 30 123 74 3 60 51 September 2,123 662 781 23 641 17 315 l" 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 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 40 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 June 4,026 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 August 814 56 438 111 44 162 3 595 188 25 129 90 5 56 103 1 Correction of December 1942 collection. OCTOBER 1943 IOII Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items inte'agency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r o r t r c e c e . - k d , Cash g G d U u a i a o r n . r e S v d a c . t n t . - a O G c g i t o e e h v n s e t 1 - r . r c e o a o a A c b t u n h e l c d n e i e - v s t r s - p B n e r u r e o t s s y p s i - - P e h s r f r a e o o t l l r y p e d - O as t s h e e t r s a a g F n n u u b d te a l y l e r y d - d ebe O nt t u h r e e r s 1 O lia t t i b h e i e s l r i- G in m o te v e r e n e r t s n t - i v o n w a te t n e r e l e y d st 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 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 1942—August 19,401 8,233 626 609 ,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 L,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 1,219 60 L,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 L.205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 February 23,437 8,022 565 590 1,375 27 1,440 1,359 5,883 4,176 4,332 1,383 5,076 12,206 440 March 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 April 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 ,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 June 26,708 7,685 556 4515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 July 25,555 7,615 524 538 1,638 16 1,514 1,561 6,750 5,399 3,936 1,276 5,757 14,146 441 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r c - n p e . H C L O e o o o w r m r a s p n n ' e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t F g i N o s a e o s a n g d r o - a e t . c - l . P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p e t . - . b c m i F n r a a e e e t n t e d d e d k r i i . s - t - o B fo t p a i r e v n r c e k a o s s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it A S F r d e a i m c t r y u m in - . tr m A t i i f o i i d n c n - a . - p B p I o o m a r 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 1942—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 July 7,615 1,459 1,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n c t e s i v a a n b d le o s ther Property held for sale End of month Total n t L u a t i o o n t n i a s c o f t n i i i n s a - - s l L r r o o a t a a o il n d - s s Other F R i s C n t e t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n e o n rs - ' Other b F M F a e e C o n d d r . k o . t s F r g l p a a a a . n g r n m d e d m C r C C a o o r t o r e d i m p o d i o t n i - y t - C p s w F o t R o r i r a r e u n a r p c c a t . o c i t n a o i o n c o n n r - e n d - s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i n o t i - y t - O C H r L w a o o o t n r m i a p o e n e o 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 1U4 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 1942—August 1,496 144 472 880 372 153 101 231 35 238 349 2,561 1,226 252 138 September. .. 1,527 153 473 901 369 152 102 226 61 484 294 2,619 1,286 244 138 October 1,533 153 472 908 368 152 102 225 80 490 293 2,921 1,415 238 136 November. .. 1,566 169 471 926 367 152 102 213 65 497 294 3,221 1,109 231 140 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—January 1,554 161 463 930 364 140 101 203 129 519 354 3,793 1,495 223 127 February.. .. 1,527 159 449 919 361 110 94 205 103 659 473 3,928 1,614 219 122 March 1,530 155 444 931 359 109 94 195 75 677 356 4,041 1,700 216 117 April 1,512 153 437 922 358 109 93 197 209 700 358 4,442 1,316 212 111 May 1,487 150 434 903 355 109 93 192 187 763 372 4,703 1,153 203 108 Tune 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 July 1,459 145 423 891 351 80 93 192 210 825 287 5,241 1,223 182 104 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. * Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 6 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bai.nk Administration. Loans by these institutions amounted to 1,871 million dollars on July 31, 1943. 4 Excluding 1,250 million dollars of Commodity Credit Corporation cash which was shown for June only and was offset by an interagency liability to the Treasury. IOIZ 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 t a h nd ( I 1 m v n = 9 p a c 3 e a l o 5 n 1 u y m - 0 t e 3 - s 0 ) e 9 1 Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u p f v l M a r e r o - = c o l a t u d u n 1 m u r u 0 N c e d a - e 0 t s o u b ) io 2 r n l * e - n - M era in ls - To a t w a 1 C l a 9 o r 2 c d n 3 o e R s - d n 2 t t d i e t e r 5 a r u n s a ( l i c - = v c - t a t i s o 1 lu n 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l [ i - E l - - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o p 3 o 1 a l a 0 9 c r l - y y 0 s = 4 , c 1 ' a r 9 i r e n 3 l i g o 5 1 g s a - 0 h 3 * d 0 t 9 - D 19 m u s e s ( 2 a v t e p e 3 o l a ) a 1 e n - r * l 0 r 2 s e - t 5 t 0 5 - m W p c = r 1 s o o i h 9 a c d m o 1 2 l e i e l 0 6 t s - e y 0 4 - C l .9 i o v 3 s i 5 1 n t - 0 g 3 o 0 4 9 f 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 87 142 106.0 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936..... 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 109 109 109 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940 113.8 125 139 115 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 162 201 142 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 199 279 158 129 166 82 235 124.2 152.3 242.3 138 124 98.8 116.5 1940 January 110.4 122 118 133 115 120 75 53 93 102.4 105.9 104.0 107.4 r109 92 79.4 February 110.7 117 115 123 112 115 63 56 68 101.9 104.8 104.2 107.2 r105 90 78.7 March 110.4 114 113 118 109 118 62 57 66 102.0 103.5 103.8 107.9 r101 89 78.4 99.8 April 110.8 114 113 117 110 120 64 62 66 101.1 102.4 102.6 105.8 r103 89 78.6 May 112.4 118 118 125 113 118 64 64 65 101.9 102.8 102.1 105.8 105 89 78.4 Tune 112.5 123 123 134 115 119 74 69 77 102.6 103.7 102.5 107.6 r109 91 77.5 100.5 July 113.1 123 121 136 115 118 85 77 91 103.3 105.2 103.1 106.6 109 92 77.7 August 114.1 126 126 145 114 113 90 82 98 104.6 108.1 107.8 115.1 r112 98 77.4 September ... 115.6 129 134 151 116 117 93 82 101 105.3 109.7 112.2 122.1 114 97 78.0 100.4 October 117.1 132 137 156 119 114 95 85 103 106.5 112.0 114.8 126.9 rlll 94 78.7 100.2 November 117.7 136 138 159 123 119 111 87 130 108.1 114.6 116.0 127.5 r116 100 79.6 100.1 December.... 120.6 140 139 166 126 119 115 90 136 109.7 116.8 117.4 134.1 r117 101 80.0 100.7 1941 January 121.3 143 139 172 127 120 103 84 117 110.3 118.9 116.9 132.6 120 101 80.8 100.8 February 123.5 147 144 178 131 119 99 76 118 111.5 121.3 120.0 140.3 r122 103 80.6 100.8 March 125.4 152 149 184 133 126 94 74 109 111.7 123.3 122.7 145.9 127 103 81.5 101.2 April 128.2 149 149 186 137 96 103 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 133.7 160 160 198 141 121 101 111 113.6 129.5 128.6 161.3 129 105 84.9 102.9 June 138.9 164 165 203 144 127 117 101 129 115.3 133.0 132.0 170.5 131 104 87.1 104.6 July 140.3 166 165 208 144 126 139 115 158 117.1 136.1 135.5 172.0 132 115 88.8 105.3 August 143.2 167 170 209 146 128 152 112 184 118.4 137.8 138.4 178.8 136 134 90.3 106.2 September.... 144.4 169 174 212 146 132 161 105 206 118.9 138.7 141.2 184.8 134 116 91.8 108.1 October 146.3 172 176 219 148 134 145 87 192 119.2 139.7 141.8 190.2 134 105 92.4 109.3 November.... 147.5 174 175 220 151 133 138 74 189 119.8 139.9 141.3 188.6 137 116 92.5 110.2 December.... 153.9 176 173 225 150 134 123 69 167 120.3 141.0 141.1 195.1 138 111 93.6 110.5 1942 January 155.2 181 177 235 152 133 118 82 147 120.4 142.2 139.8 200.7 140 138 96.0 112.0 February 157.1 183 180 241 153 133 128 100 151 120.8 143.7 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 145.3 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.1 146.3 221.4 138 117 98.7 115.1 May 165.4 191 192 264 153 126 158 76 226 121.9 149.1 148.0 228.7 136 108 98.8 116.0 June 169.6 193 195 272 152 127 193 76 288 122.5 150.9 149.9 234.5 134 104 98.6 116.4 July 172.8 197 199 278 154 126 206 74 313 124.5 153.4 153.4 242.7 137 121 98.7 117.0 August 176.2 204 207 290 158 130 182 65 278 125.8 155.1 157.1 254.8 140 130 99.2 117.5 September 178.4 208 213 299 161 131 179 70 268 126.5 156.9 159.6 261.8 141 123 99.6 117.8 October 183.0 215 218 311 165 129 185 83 269 127.6 158.9 160.7 270.9 140 128 100.0 119.0 November 189.2 220 220 319 168 130 198 90 286 128.8 160.9 161.9 280.4 136 138 100.3 119.8 December 193.4 223 221 328 169 127 175 91 243 130.5 164.4 164.5 287.9 135 125 101.0 120.4 1943 January 196.5 227 223 336 171 125 145 79 198 130.4 167.1 164.8 290.9 135 143 101.9 120.7 February ,. 200.6 232 229 344 174 131 102 56 140 130.5 167.9 166.4 297.5 139 168 102.5 121.0 March 204.4 235 232 351 174 132 85 42 119 129.9 168.6 167.6 304.5 138 136 103.4 122.8 April 207.3 237 235 356 175 131 63 33 87 129.3 168.5 167.7 309.7 136 128 103.7 124.1 May 208.7 238 239 359 176 129 52 31 68 128.4 168.3 167.2 313.5 135 125 104.1 125.1 June 211.3 237 238 358 177 117 45 32 55 128.9 169.8 168.8 317.3 127 129 103.8 124.8 July ^213.8 239 241 359 176 135 60 36 80 128.7 169.7 169.6 315.5 141 142 103.2 123.8 A Se u p g t u e s m t ber.... ^ e2 24 4 1 3 * e > 2 2 4 4 7 3 * e > 3 3 6 6 6 4 P 1 1 7 7 7 7 * 1 > 3 13 7 5 P127.9 ^167.9 P169.9 1 e1 4 3 0 9 142 e1 1 0 0 3 3 . . 1 1 123.2 v Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 Revised series. For description and back figures see pp. 940-984. For unrevised indexes by groups or industries see pp. 1014-1017. 3 Based on F. W. Dodge Corporation data; fordescription, see p. 358 of BULLETIN for July 1931; by groups, see p. 1020 of this BULLETIN. of Li a 1 g 93 ri 8 c u fi l g t u u r r e a s l a e n m d p l t o h y e m 1 e 9 n 3 t 9 c b o a v s e e r s p e e . m .u p ^ l o M ye ,» e v s .i Wo6n v. l o y ^ a ^ n d excludes personnel - m - * t - h - e armed rcforces. 6 For sales comparisons by cities and by departments see pp. 1022-1023 of this BULLL^.,. Back figures t« BuLLETiN.-For industrial production, August 1940, pp. 825-882 and September 1941, pp 933-937; for factory employment and payrolls, 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. 1013 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES Revisions on pp. 964-984 {Adjustedfor Seasonal Variation) [Index numbers oi the Board of Governors. 1935-39 £iverage = 100J 1942 1943 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 178 183 187 191 195 197 199 202 202 203 203 T201 203 p203 Manufactures—Total . 188 193 197 203 207 210 212 215 215 216 217 r216 215 p215 Durable 249 258 265 275 279 285 291 295 298 301 303 r301 302 Nondurable1 138 140 142 144 148 149 149 150 147 147 147 r148 145 Pi AX Iron and Steel 196 197 199 207 203 200 204 208 210 209 208 201 203 210 Pig iron . 192 190 194 199 199 197 197 201 202 197 196 190 191 202 Steel 216 218 219 229 224 221 226 231 233 235 233 227 229 235 Open hearth and Bessemer 175 177 179 186 182 179 182 185 188 186 184 177 180 184 Electric 506 507 503 536 527 523 542 560 559 580 584 583 577 598 Machinery 289 299 310 320 329 340 348 352 359 362 365 r363 361 p361 Government Arsenals and Quartermaster Depots Transportation Equipment 425 458 479 507 525 547 559 572 583 597 606 618 625 p634 Automobile bodies, parts, and assembly 116 124 129 135 141 146 151 155 158 159 162 165 169 pV6 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products. 188 191 193 192 197 202 200 199 192 194 194 195 188 p189 Nonferrous metal Smelting Copper smelting Zinc smelting. Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption Lumber and Products 133 129 125 129 128 127 124 129 124 125 126 124 124 p125 Lumber 130 125 119 123 122 119 116 121 114 115 117 113 114 Furniture 137 136 141 139 144 139 143 142 2*142 136 144 144 144 144 Stone Clay and Glass Products. 140 145 152 153 148 163 145 134 152 155 149 144 138 Cement • • 169 177 184 180 165 169 131 114 Unglazed brick 90 87 182 156 146 134 124 Glass containers 145 153 163 162 169 171 208 199 197 194 200 188 188 193 Polished plate glass 32 30 38 37 39 39 38 40 39 42 47 46 50 54 Textiles and Products 154 154 156 156 158 156 157 160 157 155 157 154 147 p143 Textile fabrics 145 144 146 147 148 145 147 150 147 145 147 144 137 Cotton consumption 166 169 172 172 171 163 171 171 166 166 169 160 153 147 Rayon deliveries 168 169 170 174 177 178 180 181 181 181 185 183 183 P178 Silk deliveries Wool textiles 160 154 155 156 161 163 154 166 163 157 158 160 146 Carpet wool consumption 43 27 34 43 43 44 29 39 40 38 32 30 24 Apparel wool consumption 208 206 198 205 212 218 208 230 228 214 222 226 207 Woolen yarn 175 173 175 178 182 184 176 190 187 179 181 r186 169 Worsted yarn 176 173 168 171 175 175 167 177 172 165 171 r174 159 Woolen and worsted cloth 184 177 179 175 180 185 177 187 182 177 177 179 164 Leather and Products 116 113 111 117 117 117 122 118 112 116 116 r113 109 p107 Leather tanning 119 117 115 120 118 118 122 118 113 115 117 r108 104 Cattle hide leathers . . .. 144 141 136 143 139 139 142 136 127 131 134 r123 117 Calf and kip leathers 89 95 96 94 94 93 95 93 92 91 92 86 85 Goat and kid leathers 79 70 76 82 81 84 89 89 93 90 90 86 84 Shoes 115 110 108 115 116 116 122 118 111 117 115 r116 112 ^109 Manufactured Food Products 143 143 p148 p146 P152 p158 p157 p155 P152 pl50 P148 p148 p145 p137 Wheat flour 106 105 101 108 115 126 129 130 126 121 117 118 118 122 Cane sugar meltings Manufactured dairy products.. . 143 143 P140 P139 *>136 *>140 P141 *>142 pUl mo p137 *>137 140 Ice cream 154 153 Butter 108 108 102 ioo 98 103 107 110 110 109 103 104 104 Cheese 169 165 156 145 141 138 148 148 148 146 143 148 156 Canned and dried milk 164 172 167 168 156 169 166 166 159 158 155 148 163 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. IOI4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued Revisions on pp. 964-984 {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors." 1935-39 average = 100] 1942 Industry July Aug. Manufactured Food Products—Continued Meat packing 146 153 Pork and lard 168 174 Beef 130 136 Veal 103 113 Lamb and mutton 116 127 Other manufactured foods 147 146 A Icoholic Beverages 122 135 Malt liquor 118 133 Whiskey: 96 82 Other distilled spirits 83 71 Rectified spirits 183 223 Tobacco Products 126 130 Cigars . 109 112 Cigarettes 146 152 Manufactured tobacco and snuff 89 88 Paper and Paper Products1 . 125 131 Paper and pulp 125 132 Pulp Groundwood pulp 1 1 6 1 4 3 1 11 6 7 9 Soda pulp 127 125 Sulphate pulp 211 221 Sulphite pulp. 157 161 Paper . . . . 119 126 Paperboard 109 Fine paper 132 Newsprint production . . 103 Printing paper 109 Tissue and absorbent paper 148 Wrapping paper 127 Printing and Publishing2 106 Newsprint consumption 103 Petroleum and Coal Products 118 Petroleum refining 111 Gasoline 105 Fuel oil 127 Lubricating oil.. . 117 Kerosene 105 Coke 163 By-product coke 153 Beehive coke 502 Chemicals 174 Rubber Products Rubber consumption Tires and tubes Pneumatic tires Inner tubes Minerals—Total 126 Fuels 121 Bituminous coal . . 141 Anthracite 122 Crude petroleum 112 Metals . . 155 Metals other than gold and silver 197 Iron ore shipments 241 SaT1 Zinc Gold Silver 98 ot ot o oCnC OD 1943 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 159 145 147 158 145 153 154 143 162 163 183 PI 86 187 157 167 193 170 180 189 179 216 229 255 129 133 122 119 126 134 127 113 111 96 no P125 127 129 128 107 76 76 73 61 60 62 74 P92 137 141 156 156 122 117 108 111 123 117 142 p152 153 152 159 165 165 161 156 156 151 150 143 P132 139 126 122 HI 105 123 112 103 94 105 106 147 134 146 131 122 146 133 123 111 125 127 49 14 35 62 62 37 42 63 35 "'31" 21 23 " 28 238 226 159 159 159 161 157 141 139 144 144 133 141 136 160 140 131 131 133 120 118 132 134 107 116 98 200 127 116 101 108 105 96 95 93 159 166 167 166 162 153 159 160 139 142 166 169 91 102 98 94 94 86 87 87 85 78 S3 88 132 135 135 132 133 135 135 134 136 r136 134 133 137 137 133 135 137 137 136 139 r138 136 162 162 159 152 147 149 146 149 154 145 147 112 114 111 104 103 107 103 100 102 105 no 126 137 141 131 96 95 91 90 92 84 93 211 208 200 195 199 200 199 204 211 186 197 154 153 149 143 140 142 137 141 147 145 138 128 134 134 130 133 135 136 134 136 r137 134 131 136 137 134 137 143 150 150 150 152 143 151 125 130 133 127 127 123 120 119 129 126 137 106 107 100 97 92 93 90 89 89 91 91 92 113 117 130 129 121 124 127 122 119 r120 124 123 161 166 163 174 175 177 170 170 163 168 180 158 132 125 128 123 120 125 129 127 125 130 118 127 111 109 116 118 114 113 113 110 110 111 112 114 P114 108 101 102 110 106 102 99 97 100 102 100 104 105 121 122 123 123 119 117 120 118 120 121 123 124 114 116 117 117 112 109 113 110 113 114 118 119 109 109 111 110 104 99 102 99 101 104 109 109 ^115 130 137 137 138 137 137 143 137 144 137 138 145 117 112 113 114 113 111 114 118 114 116 120 121 106 107 112 110 99 104 117 118 121 122 126 118 165 166 166 166 166 166 169 169 169 166 157 r162 PI 70 155 155 155 156 156 157 158 158 159 157 152 r153 505 523 524 500 498 485 543 551 519 481 r318 r451 ^533 173 179 187 197 205 210 213 211 218 221 227 227 P221 • 130 131 129 130 127 125 131 133 131 130 118 136 H37 126 129 127 130 126 124 131 133 131 129 115 136 P\37 140 150 145 154 143 145 157 161 151 143 103 155 ^153 118 129 117 124 105 102 129 128 129 124 74 129 P128 121 120 121 121 121 118 121 122 124 125 124 128 152 145 139 133 132 132 133 133 132 134 137 138 P136 196 189 183 181 187 189 193 193 "193 197 201 203 ^200 239 227 218 211 223 232 234 235 235 242 249 256 256 * * * * * * 99 88 82 74 73 73 72 72 70 72 79 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported. 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. OCTOBER 1943 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES Revisions on pp. 964-984 {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 180 187 193 195 195 194 194 197 199 201 204 203 205 p207 Manufactures—Total . 189 196 203 205 206 207 208 211 212 215 217 r217 217 p218 Durable 251 260 267 276 279 283 287 292 296 300 304 r303 303 ^307 Nondurable^ 139 144 151 148 147 146 143 146 144 145 147 148 147 Iron and Steel.... 196 197 199 207 203 200 204 208 210 209 208 201 203 P210 Pig iron 192 190 194 199 199 197 197 201 202 197 196 190 191 202 Steel . 216 218 219 229 224 221 226 231 233 235 233 227 229 235 Open hearth and Bessemer 175 177 179 186 182 179 182 185 188 186 184 177 180 184 Electric 506 507 503 536 527 523 542 560 559 580 584 583 577 598 Machinery 289 299 310 320 329 340 348 352 359 362 365 r363 361 P361 Government Arsenals and Quartermaster Depots Transportation Equipment. 425 458 479 507 525 547 559 572 583 597 606 618 625 P634 Aircraft Automobile bodies, parts, and assembly 116 124 129 135 141 146 151 155 158 159 162 165 169 3>175 Railroad cars Shipbuilding Private yards Government yards .... Nonferrous Metals and Products. 188 191 193 192 197 202 200 199 192 194 194 195 188 1*189 Copper smelting Zinc smelting Lead production Copper deliveries Lead shipments Zinc shipments Tin consumption Lumber and Products...- 140 138 135 135 125 116 107 114 119 125 131 130 130 P133 Lumber • • • 141 139 134 131 118 101 91 99 106 115 125 123 123 p128 Furniture 137 136 136 141 139 144 139 144 144 144 143 144 142 Stone, Clay, and Glass Products... 151 160 163 163 157 139 138 132 133 141 154 149 147 Cement 186 195 200 202 186 156 139 126 126 128 137 136 131 Unglazed brick 111 104 Glass containers 151 167 166 167 171 159 187 184 i85 194 214 197 195 210 Polished plate glass 32 30 38 37 39 39 38 40 39 42 47 46 50 54 Textiles and Products 154 154 156 156 158 156 157 160 157 155 157 154 147 p143 Textile fabrics .. 145 144 146 147 148 145 147 150 147 145 147 144 137 Cotton consumption 166 169 172 172 171 163 171 171 166 166 169 160 153 147 Rayon deliveries 168 169 170 174 177 178 180 181 ' 181 181 185 183 183 ^178 Wool textiles 160 154 155 156 161 163 154 166 163 157 158 160 146 Carpet wool consumption 43 27 34 43 43 44 29 39 40 38 32 30 24 Apparel wool consumption 208 206 198 205 212 218 208 230 228 214 222 226 207 Woolen yarn 175 173 175 178 182 184 176 190 187 179 181 r186 169 Worsted yarn 176 173 168 171 175 175 167 177 172 165 171 r174 159 Woolen and worsted cloth 184 177 179 175 180 185 177 187 182 177 177 179 164 Leather and Products. 114 115 112 117 115 114 120 123 114 116 114 no 107 P108 Leather tanning 113 113 114 121 121 119 122 128 113 115 114 r105 99 Cattle hide leathers 134 134 134 145 144 141 144 151 128 131 132 r117 109 Calf and kip leathers 88 100 94 96 97 91 93 98 90 88 88 88 84 Goat and kid leathers 78 69 77 81 79 85 89 93 93 93 "88 86 83 Shoes 115 117 112 115 111 110 118 119 115 117 115 r114 112 Manufactured Food Products. 156 165 P156 P151 P150 P140 P134 P135 P142 p148 P157 P156 Wheat flour 105 106 116 118 119 121 130 129 123 114 106 111 116 123 Manufactured dairy products 207 192 *>143 *109 v9i *88 *89 *102 PH9 1-141 *>187 *>208 ?2Q3 Ice cream 259 248 Butter 132 119 88 78 82 86 94 98 108 133 146 127 Cheese 205 185 158 134 106 101 107 119 132 153 194 213 189 Canned and dried milk 200 177 154 134 109 117 126 141 156 179 224 218 198 r Revised. p Preliminary. * Included in total andgroup indexes but not available for publication separately. 1 Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverajge industry. Figures not available for publication separately. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued Revisions on pp. 964-984 {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 138 132 147 146 166 186 171 147 140 136 162 158 170 PI 56 Pork and lard 151 131 150 147 200 249 221 180 171 170 216 222 229 PIS5 Beef. 131 137 144 144 128 119 126 121 115 105 111 94 111 P\27 Veal 102 114 140 142 131 101 73 67 69 61 62 63 73 P93 Lamb and mutton 110 125 153 150 152 148 128 117 105 108 126 111 134 p150 Other manufactured foods 157 173 198 170 161 158 145 140 138 137 138 142 153 P156 Alcoholic Beverages 133 140 140 123 103 94 90 no 105 107 106 127 126 Malt liquor . ... 148 152 149 121 111 105 100 128 123 130 129 161 159 Whiskey 53 45 39 13 Other distilled spirits 39 34 48 164 "i30" 46 27 38 23 19 13 13 Rectified spirits 183 223 238 226 159 159 159 161 157 141 139 144 144 Tobacco Products. 131 135 144 149 141 137 132 122 123 125 123 128 138 140 Cigars 113 115 123 140 117 154 103 101 93 103 104 102 99 96 Cigarettes 153 160 170 169 167 147 159 144 148 149 144 156 175 177 Manufactured tobacco and snuff. 91 89 98 104 97 83 91 85 89 86 86 80 84 89 Paper and Paper Products1... 122 130 134 138 134 129 132' 137 137 136 137 135 130 Paper and pulp 121 130 132 138 137 131 135 140 139 138 140 137 132 Pulp 156 166 159 164 159 147 149 154 150 152 155 143 140 Groundwood pulp 100 100 98 106 114 108 107 111 110 112 113 107 98 Soda pulp 119 125 127 137 141 127 96 98 94 93 92 84 87 Sulphate pulp 207 221 211 212 200 185 201 206 203 204 211 184 193 Sulphite pulp 150 161 154 156 151 139 140 146 140 144 147 142 131 Paper 115 125 128 134 133 129 132 138 138 136 137 136 130 Paperboard 109 123 131 136 137 134 137 143 150 150 150 152 143 151 Fine paper 120 118 118 130 129 124 128 131 129 130 133 123 125 Newsprint production 101 105 106 107 103 98 92 92 90 89 90 92 89 "89 Printing paper 102 110 116 131 127 120 124 131 126 124 122 r122 116 Tissue and absorbent paper 140 161 172 169 172 168 172 177 172 166 167 178 150 Wrapping paper .... 127 132 125 128 123 120 125 129 127 125 130 118 127 Printing and Publishing2. 96 103 109 120 121 114 HI 115 114 116 114 111 103 P106 Newsprint consumption 90 95 102 109 115 108 97 98 101 107 106 101 91 93 Petroleum and Coal Products 117 121 122 123 123 119 116 120 118 121 121 122 124 Petr G o a l s e o u l m i n r e e , f . ining 1 1 1 0 0 5 1 10 1 9 4 1 10 1 9 6 1 1 1 1 7 1 1 1 1 1 7 0 1 1 1 0 2 4 10 9 9 9 1 1 0 1 2 3 1 9 1 9 0 1 10 1 1 4 1 1 1 0 4 4 1 1 1 0 7 9 1 1 1 0 8 9 *>iis' Fuel oil ... .. ... 127 130 137 137 138 137 137 143 137 144 137 138 145 Lubricating oil 115 116 112 113 114 112. 108 113 117 118 121 120 120 Kerosene 97 101 106 112 113 102 106 123 120 124 124 119 110 Coke 163 165 166 166 166 166 166 169 169 169 166 157 r162 mo By-product coke 153 155 155 155 156 156 157 158 158 159 157 152 r153 Beehive coke 502 505 523 524 500 498 485 543 551 519 481 r318 451 p159 Chemicals :... 167 170 181 192 199 206 209 213 216 221 220 222 220 P218 Rubber Products Tires and tubes Pneumatic tires Inner tubes Minerals—Total.. 131 136 137 134 132 119 116 122 124 125 133 122 141 V143 Fuels 121 126 129 127 130 126 124 131 133 131 129 115 136 P137 Bituminous coal.... 141 140 150 145 154 143 145 157 161 151 143 103 155 p153 Anthracite 122 118 129 117 124 105 102 129 128 129 124 74 129 P128 Crude petroleum 112 121 120 121 121 121 118 121 122 124 125 124 128 Metals 192 194 184 176 143 79 68 69 69 85 154 164 173 P177 Metals other than gold and silver 264 264 249 239 192 93 80 85 84 114 234 251 266 P27O Iron ore shipments 393 388 358 335 229 n 60 321 359 398 410 Copper Lead Zinc Silver 97 97 89 82 75 73 73 73 74 71 72 76 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last 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. OCTOBER 1943 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Total 153.4 157.1 167.7 167.2 r168.8 169.6 169.9 234.5 242. 254.8 309. 313.5 r317.3 315.5 Durable goods 193.9 199.2 225.6 225.9 228.5 229.5 230.3 312.1 323. 342.0 430. 437.1 r441.9 439.5 Nondurable goods 121.4 123.9 122.0 r121.0 121.7 122.4 122.: 158.7 163. 169.5 191. 192.6 r195.6 194.3 iron and Steel and Products 162.5 163.4 174. 173.2 173. 172.6 172. 241.5 245. 251. 301. 303.5 305. 299.7 Blast furnaces, steel works, etc 140 139 135 135 134 133 193 197 197 217 111 226 116 Steel castings 250 257 284 279 279 280 383 384 409 500 495 498 480 Tin cans and other tinware 112 113 93 96 r103 111 142 146 152 r145 r152 r162 173 Hardware 123 121 125 125 128 128 203 200 198 239 242 249 242 Stoves and heating equipment 103 98 114 115 115 117 139 147 141 189 194 196 193 Steam, hot-water heating apparatus.. 159 164 196 196 198 195 260 261 280 360 359 363 361 Stamped and enameled ware 132 135 158 160 162 164 207 203 213 293 299 299 297 Structural and ornamental metal work 176 181 198 196 195 196 258 264 290 355 356 362 356 Forgings. 229 233 264 262 263 261 380 372 391 505 501 494 454 Screw machine products 271 274 290 290 293 290 446 456 461 544 553 547 536 Electrical Machinery 209.1 217., 268.4 268.3 r271.1 273.5 272.9 317.2 325.\ 343.9 454. 458.9 r463.9 459.1 Machinery, except Electrical 207.0 2io.: 234.1 235., 236.7 235.9 236.0 337.9 339.. 352.6 422.3 427.2 428.0 417.4 Machinery and machine shop products 210 215 241 243 r243 243 335 337 352 429 r433 r435 424 Tractors 146 148 157 158 162 167 197 199 202 243 245 r248 254 Agricultural, excluding tractors 125 120 126 129 136 140 195 179 183 238 r247 r265 269 Pumps 275 281 312 315 319 316 526 521 541 633 645 647 630 94 100 153 250 255 Refrigerators 150 151 154 132 136 150 244 259 982.5 1,054.3 1,441.6 1.461.2 2,736.7r2,768.0 Transportation Equipment, except Autos.. 1,399.31,412.0 1.455.3 ,585.5 1,753.2,920.82,692.9 2,798.3 127.4 132.6 167.9 178.5 297.1 305.8 Automobiles 162.3 164.0 172. 193.4 202.5 218.0 286.7 314.3 166.3 169.0 179.2 178.8 180.6 180.4 253.0 260.0 268.5 318.5 322.0 325.0 321.1 Nonferrous Metals and Products 134 136 160 163 167 169 183 190 194 265 277 286 295 Primary smelting and refining 130 128 123 121 124 122 224 228 221 236 234 r236 229 Clocks and watches 107 107 113 115 116 117 156 168 171 198 205 204 200 Lighting equipment Lumber and Timber Basic Products 133.0 133.5 114.1 114.0 114.8 115.1 114.5 '190.2 189.4 199.1 186.2 196.1 200.8 193.3 Sawmills 109 109 91 91 92 92 159 157 164 151 160 164 156 Planing and plywood mills 121 124 113 112 113 114 160 162 174 170 176 181 179 Furniture and Lumber Products 114.0 112.4 109.8 108.6 109.1 109.8 109.8 161.3 157.1 159.1 177.9 178.9 181.1 178.6 Furniture 108 107 106 105 105 106 133 150 154 172 111 174 172 Stone, Clay, and Glass Products 125.7 126.1 122.3 121.5 122.5 122.1 122.6 167.6 163.2 169.6 185.3 187.7 r189.6 184.4 Glass 115 118 124 125 127 127 151 141 152 181 183 185 182 Cement 126 128 104 103 102 101 161 162 168 141 145 146 145 Brick, tile, and terra cotta 116 115 92 90 91 90 155 153 154 138 r136 r138 135 Pottery and related products 132 132 134 132 129 128 171 163 173 193 191 190 179 Textile-Mill and Fiber Products 113.0 112.2 109.6 108.3 107.1 106.5 105.5 161.1 162.0 166.3 181.2 180.7 179.4 173.7 Cotton goods except small wares 129 128 126 124 123 122 196 193 202 217 216 211 207 Silk and rayon goods 88 86 81 80 80 79 128 126 127 135 135 135 131 Woolen and worsted manufactures... 123 121 115 114 113 111 187 201 198 205 205 207 198 Hosiery 78 79 75 74 74 73 93 91 99 108 108 108 102 Knitted underwear 118 117 112 111 110 108 167 166 167 185 184 184 174 Dyeing and finishing textiles 102 101 104 103 102 101 132 135 138 162 159 159 155 Carpets and rugs, wool 90 93 91 91 87 124 125 126 147 147 144 138 Apparel and Other Finished Textiles 109.7 115.9 112.6 r109.6 r108.0 105.6 105.6 132.9 135.2 151.4 174.8 164.3 161.7 155.8 Men's clothing, n.e.c 110 113 110 107 106 104 144 139 146 170 163 159 151 Shirts, collars, and nightwear 97 96 89 86 86 84 136 135 137 139 136 138 131 Women's clothing, n.e.c 85 93 92 89 84 92 101 120 144 131 131 125 Millinery 67 89 91 80 76 59 64 115 123 97 80 Leather and Leather Products 107.7 105.8 99.8 97.0 96.0 95.0 148.3 148.7 146.3 155.9 153.0 150.8 145.9 Leather 105 102 100 99 98 96 144 147 137 151 150 149 142 Boots and shoes 98 96 89 86 85 85 137 137 135 141 137 134 131 Food and Kindred Products 123.1- 131.7 106.5 106.9 111.5 118.9 120.9 139.7 153.7 161.6 150.3 158.5 r167.4 175.7 Slaughtering and meatpacking 149 149 129 128 132 133 172 175 173 170 191 201 205 Flour 102 103 113 111 113 114 122 131 134 165 r164 r171 171 Baking 110 112 107 107 109 110 130 135 139 143 148 152 153 Sugar, beet 55 72 40 r42 r46 48 66 73 93 59 r60 68 Confectionery 102 112 110 107 105 104 123 127 144 161 158 159 150 Beverages, nonalcoholic 122 125 119 125 134 142 129 141 144 140 149 r166 177 Malt liquors 120 124 121 124 130 133 136 150 158 156 165 182 189 Canning and preserving 142 185 67 68 80 119 124 214 266 114 117 135 197 Tobacco Manufactures 100.2 103.5 99.9 96.3 95.7 95.1 93.5 132.0 133.8 144.3 146. < 144.4 149.3 153.5 Cigarettes 108 121 124 118 118 121 141 150 171 157 155 159 182 Cigars 99 98 89 86 85 82 129 126 130 144 141 148 138 Paper and Allied Products 113.7 112.3 117.7 117.7 r119.0 118.9 119.0 149.4 144.1 147.1 175.5 178.0 r180.9 176.3 Paper and pulp 113 111 108 108 r109 109 153 147 150 167 170 r173 169 Paper goods, n.e.c 118 117 129 128 130 129 143 140 142 182 181 187 181 Paper boxes 104 103 120 121 122 123 131 126 130 176 179 180 174 r Revised. NOTE.—Figures for August 1943 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Contmued (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 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Printing and Publishing 99.3 99.1 100.6 100.4 101.8 103.4 102.8 110.2 110.0 110.2 121.7 123.0 126.4 127.0 Newspaper periodicals .. 96 96 96 96 96 94 107 104 106 110 111 112 112 Book and job 100 100 101 101 103 107 108 111 111 124 126 131 133 Chemical and Allied Products 212.8 216.3 258.3 r256.4 r257.7 257.4 254.5 306.1 317.2 326.4 423.6 425.2 432.5 432.0 Paints, varnishes, and colors 103 103 102 103 106 107 134 128 129 147 155 161 158 Drugs, medicines, and insecticides. 136 137 160 161 167 .170 159 160 165 225 228 234 232 Rayon and allied products 106 106 107 108 r109 109 142 141 143 157 "163 167 169 Chemicals, n.e.c 160 159 162 163 166 168 221 225 222 262 265 274 277 Cottonseed oil 66 69 108 93 83 79 79 87 92 177 151 142 133 Fertilizers 89 92 158 r133 102 95 145 141 149 "299 r253 195 189 Products of Petroleum and Coal. 121.5 121.6 116.0 117.3 118.5 119.1 119.4 150.0 154.0 156.4 173.9 182.3 189.2 191.9 Petroleum refining 110 111 108 110 111 112 135 138 140 163 171 175 180 Coke and by-products 125 125 116 115 116 113 157 163 166 172 "180 191 184 Rubber Products 126.3 130.7 153.8 153.9 156.4 158.9 159.5 164.5 176.3 184.4 248.1 250.9 264.0 256.1 Rubber tires and inner tubes. 121 126 153 154 157 162 151 167 173 240 244 257 253 Rubber boots and shoes 125 129 147 147 150 149 165 172 192 244 248 260 247 Rubber goods, other 118 122 140 139 141 141 164 169 175 228 229 241 228 Miscellaneous Industries 147.0 145.9 164.9 166.0 166.3 166.4 167.3 210.1 213.3 217.3 290.3r297.1 "298.2293.7 Photographic apparatus 138 142 162 163 r172 178 192 189 195 252 257 r271 266 Games, toys, and dolls 96 82 84 84 159 127 121 141 149 143 130 r Revised, FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Tuly Aug. Total 153.4 155.1 156.9 158.9 160.9 164.4 167.1 167.9 168.6 168.5 168.3 169.8 i69.7 167.9 Durable 193.9 198.5 201.6 205.6 209.6 215.4 919 3 222.5 225.1 225.7 r226.0 228.4 229.5 229.7 Nondurable... 121.4 120.9 121.6 122.0 122.5 124.3 i26.3 124.9 124.1 123.2 122.8 123.6 122.4 119.3 r Revised. NOTE.—Figures for August 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 June July Mar. Apr. May June July June July Mar. Apr. May June July All Manufacturing 42.9 42.6 44.7 45.0 r45.2 45.2 44.4 84.5 85.6 93.4 94.4 r95.3 95.9 96.3 Durable Goods ,. 45.2 44.8 46.4 46.8 r46.9 46.8 46.0 93.5 94.9 103.0 104.0 105.0 r105.4 106.1 Iron and Steel and Products 43.6 43.0 46.1 46.2 46.4 46.5 45.5 92.7 93.4 100.8 101.9 102.6 103.3 103.9 Electrical Machinery 46.4 46.0 47.1 47.0 47.3 r47.O 46.1 90.1 90.7 95.4 96.1 r96.5 r97.O 97.0 Machinery Except Electrical 49.7 48.8 49.7 49.8 r49.7 r49.4 48.2 96.0 96.4 103.8 104.7 105.6 105.8 106.1 Transportation Equipment Except Automobiles 47.7 47.4 46.8 47.5 47.5 r47.0 46.7 106.5 109.4 116.4 117.4 118.5 118.8 119.7 Automobiles 44.4 43.8 45.7 45.9 46.3 46.2 46.0 116.1 116.4 121.7 121.5 123.1 123.6 124.3 Nonferrous Metals and Products 44.6 44.5 46.6 46.8 47.1 r46.9 46.2 90.4 92.0 99.0 100.1 101.4 101.3 101.8 Lumber and Timber Basic Products 41.1 41.0 42.4 43.1 43.8 r44.3 42.7 65.7 65.8 70.0 71.5 r73.7 r74.0 73.8 Furniture and Finished Lumber Products. 41.5 41.4 43.9 44.5 44.6 44.6 43.5 65.3 65.1 71.5 72.2 73.4 r74.1 74.4 Stone, Clay, and Glass Products 40.1 39.2 42.1 42.7 r42.9 r43.0 41.8 77.2 77.9 82.8 83.3 84.3 84.4 84.7 Nondurablc Goods 39.9 39.8 42.3 42.5 42.8 42.8 42.2 71.8 72.5 78.2 79.0 r79.6 80.4 80.6 Textiles—Mill and Fiber Products 40.2 39.9 41.6 41.7 41.9 41.6 40.9 59.3 60.2 65.7 66.0 66.4 66.5 66.4 Apparel and other Finished Products ... 35.4 35.1 38.8 39.0 38.4 38.1 36.9 60.9 62.0 70.0 70.4 69.3 r70.0 70.6 Leather and Manufactures 38.1 38.1 40.4 40.2 r40.1 r39.7 39.1 67.8 68.0 72.9 73.9 74.7 r75.1 74.5 Food and Kindred Products 41.5 41.9 43.4 43.3 r44.6 44.9 44.4 72.7 72.0 77.7 78.8 79.7 r80.2 80.0 Tobacco Manufactures 38.5 38.6 39.5 40.0 40.2 41.0 42.1 58.1 58.1 61.3 62.0 62.9 64.5 65.0 Paper and Allied Products 40.6 40.2 44.9 45.3 45.6 45.7 44.6 74.2 75.1 78.2 79.0 79.4 79.8 79.8 Printing, Publishing, and Allied Industries 38.0 38.0 39.8 39.8 39.9 40.1 40.1 95.3 94.9 98.2 98.8 r99.8 100.7 99.8 Chemicals and Allied Products 42.8 42.8 45.0 45.5 r45.7 r45.6 45.3 85.8 87.2 89.2 90.1 r90.9 r92.1 92.8 Products of Petroleum and Coal 39.0 39.2 42.6 43.5 44.5 r45.4 45.5 102.7 103.9 109.1 111.1 112.2 112.8 113.7 Rubber Products 41.5 41.9 45.1 45.1 45.4 46.0 44.2 92.1 93.2 99.2 99.8 100.5 102.4 101.8 Miscellaneous Industries 43.9 43.1 46.6 46.4 46.4 46.5 45.6 76.6 77.8 85.5 87.0 r88.2 r88.1 88.1 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. 1027.) OCTOBER 1943 IO19 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] 1 Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational Other utilities 1942 . 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 January 316.8 350.7 102.8 110.8 75.4 73.1 17.7 7.2 9.1 5.6 21.0 68.2 90.9 85.8 February. 433.6 393.5 168.0 93.3 84.5 87.7 21.8 22.7 9.2 4.2 54.2 72.7 95.9 113.0 March 610.8 339.7 219.3 71.8 112.7 63.8 36.8 25.2 10.7 4.5 71.6 51.5 159.7 123.0 April 498.7 303.4 162.1 79.4 145.1 40.7 30.9 6.6 12.4 5.9 46.5 43.0 101.7 127.7 May 673.5 234.4 148.0 63.3 178.0 24.2 23.8 9.3 10.1 5.3 86.0 36.5 227.7 95.8 June 1,190.3 229.6 185.5 61.5 271.8 53.7 46.2 6.9 15.4 7.9 234.9 26.3 436.4 73.3 July. 943 g 183 7 127.4 71 8 303.5 31.9 34.7 5.3 26.6 4.8 124.3 19.9 327.3 50.0 August 721 0 413.8 100.6 67.5 261.1 234.8 21.3 7.4 17.1 4.2 107.7 26.4 213.2 73.4 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 IFigures 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 August July August January 305 317 351 124 198 316 181 119 35 Boston 11,059 15,082 16,400 February 270 434 394 105 310 364 166 123 30 New York 18,246 12,186 21,888 March 480 611 340 269 473 304 211 138 36 Philadelphia 9,620 18,595 27,569 April 407 499 303 184 355 253 223 144 50 Cleveland 18,966 17,548 49,766 May 549 674 234 267 569 192 281 105 42 Richmond 29,229 35,914 73,424 June 539 1,190 230 314 1,105 183 225 85 46 Atlanta 243,100 17,768 71,021 July 577 944 184 348 876 122 229 68 61 Chicago 35,356 29,584 202,222 August 760 721 520 633 240 88 St. Louis. 8,671 8,720 65,777 September.... 623 723 403 661 220 62 Minneapolis 3,893 2,066 21,602 October 606 780 371 710 235 71 Kansas City 22,114 11,786 65,317 November— 459 654 298 592 161 62 Dallas 17,537 14,412 106,042 December 432 709 288 664 144 45 Total (11 districts) 413,791 183,661 721,028 Year 6,007 8,255 3,492 7,146 2,515 1,109 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o r m o e t v y n p - e t - - S s h c t t o m i o r o m u n a n c - l e l - 1 f h ( a - o T m I u t i I o t s i ) l l e e y 4 s - h R o ( g T e u a r n o s n it i u t d l n a e p l g h ( o W T V u i a s t I l i r ) e ng End of month Total b m c a i n e a r k l - s b 7 i t a n u n g a k s l s a a s l a t s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a s n l l - Other* ID 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1 1 1 9 9 9 3 3 3 7 8 9 4 6 9 9 9 5 5 4 4 2 1 6 0 6 0 8 0 "1 2 3 5 " 4 4 6 2 7 6 4 3 9 4 5 1 8 1 1 1939— D Ju e n c e 1 1 , , 7 4 9 7 3 8 9 7 0 5 2 9 5 7 0 1 1 19 6 2 7 3 2 4 7 2 1 1 1 5 3 3 7 1 9 3 4 3 1 1 1 9 9 9 4 4 4 0 2 1 1 1 1 , , .1 0 1 3 2 8 7 6 6 2 2 1 5 6 4 1 2 1 2 2 1 6 1 5 8 6 7 7 9 3 7 1 6 1 1 6 3 3 28 1 4 3 1940— J S M u e n a p r e t 2 2 1 , , , 2 0 9 3 7 4 2 5 9 1 1 , , 0 0 9 2 9 71 6 3 1 1 9 0 1 0 0 1 2 2 2 0 1 0 8 6 1 4 4 3 3 8 9 2 0 2 1 1 1 8 9 7 2 0 1 1 1 1 2 4 2 7 1 4 Dec ,. 2,409 1,162 130 224 542 201 150 1942—Aug 89 10 1 52 25 Sept 95 10 * 48 37 1941—Mar 2,598 1,246 146 230 606 210 160 Oct 99 11 1 44 42 June 2,755 1,318 157 237 668 220 154 N De o c v . 9 9 2 7 1 9 0 1 1 3 3 9 9 * 4 4 3 9 D Se e p c t 2 3, , 1 9 0 4 7 2 1 1, , 4 4 6 0 5 0 1 18 7 6 1 2 25 4 4 6 7 7 8 2 9 2 2 23 2 4 5 1 17 7 9 8 1943—Jan 80 7 * 31 42 1942—Mar 3,307 1,549 201 264 856 237 200 Feb 64 5 * 20 39 June 3,491 1,623 219 272 940 243 195 Mar 73 6 1 19 47 Dec 3,620 1,669 236 276 1,032 245 163 Apr 59 7 16 37 J M un ay e 7 7 2 8 8 7 * * 1 1 8 9 * 4 5 7 1 1943—June 3,700 1,700 " 252 284 1,071 235 158 July 84 7 * 21 56 Aug 90 10 * 20 60 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. 2 Including mortgage companies, finance companies, industrial banks, NOTE.—Figures represent gross insurance written during the period and do endowed institutions, private and State benefit funds, etc. not take account of principal repayments on previously insured loans. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. IOXO 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 P694 178 242 229 254 P228 35 128 96 228 P466 February 219 347 303 480 P669 158 200 234 254 p234 61 147 69 226 P435 March 268 351 357 628 P927 190 217 268 272 P249 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 P701 July 230 317 365 650 169 232 278 213 61 84 87 437 August 250 351 460 r703 176 221 282 186 74 130 178 r517 September 289 295 425 732 182 195 262 196 107 101 162 536 O N c o t v o e b m er ber 3 2 3 9 2 2 3 3 4 2 4 8 6 4 6 9 6 2 r8 7 0 8 l 7 pl,251 2 2 3 1 5 5 2 2 0 2 7 4 3 2 0 8 4 1 2 1 0 6 0 8 P300 1 5 1 7 7 1 1 3 0 7 4 3 2 6 1 2 1 6 60 1 2 9 P950 December 368 322 653 873 247 253 344 359 121 69 309 514 January-July 1,646 2,381 2,451 4,140 1,263 1,526 1,872 1,633 382 855 580 2,507 P Preliminary. rRevised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for ipm6,m73e8diate consumption and that entered for sPtIo,r8a5g3e in bonded warehouses. ^4,885 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 INCOME OF CLASS I [Index numbers; 1935-39 average== 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Total Net Total Coal Coke Grain s L t i o v c e k - pr e o st d- Ore l c a e n l- e- c d h is a e n- o r p a e i r l a w t a in y g e r x a p il e w n a s y es o r p a e i r lw at a in y g in N co e m t e ucts ous I.C.I. revenues income 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—June 134 135 182 109 r96 160 r205 141 60 ADJUSTED July 137 132 182 110 r96 172 r203 147 57 1942—June 627 499 128 85 August 140 136 182 119 106 165 r206 150 57 July 643 r518 125 79 September.... 141 142 186 124 102 154 r203 150 55 August 669 539 130 85 October 140 138 184 139 110 149 190 150 56 September 663 535 128 82 November 136 139 186 126 114 140 190 145 58 October 661 533 128 81 December 135 132 184 139 117 137 189 144 59 November 722 563 159 121 December..... 708 554 155 110 1943—January 135 135 184 138 102 130 202 144 57 February 139 145 178 145 113 135 193 146 61 1943—January 710 577 134 92 March 138 144 187 142 117 133 193 145 61 February 744 591 153 111 April 136 133 186 140 118 138 163 145 62 March 740 616 124 82 May 135 132 181 140 112 138 163 143 62 April 767 623 144 101 June 127 100 166 137 113 140 192 142 63 May 783 624 159 118 July 141 146 184 143 113 150 r202 146 64 June 749 629 120 78 August 140 145 191 147 117 148 208 145 63 July 761 653 108 P67 UNADJUSTED 1942—June 139 135 178 111 81 166 318 145 60 UNADJUSTED July 142 132 177 138 76 173 325 148 57 1942—June 624 505 119 78 August 144 136 175 129 101. 173 308 152 57 July 665 532 134 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 71 August 145 145 183 158 111 156 312 147 64 July 791 671 121 P83 r Revised. Seasorlal adiustment factors revised forthe series indicated : coal, r Revised. p Preliminary. May 1941; coke, January 1941; grain. January 1939; livestock. Tune 1935; ore, NOTE.—Descriptive material and back figures may be obtained January 1939; miscellaneous. January 1939. Back figures mav be obtainec from From the Division of Research and Statistics. Basic data complied the Division of Research and Statistics. by the Interstate Commerce Commission. NOTE.—For description and back data, see 3p. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data comniled bv Associatipn of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate CommerceCommission. OCTOBER 1943 102.1 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 J Seasonally adjusted Unadjusted Without seasonal adjustment 1940 1941 1942 1943 1940 1941 1942 1943 1940 1941 1942 1943 N D J O M J A M S A J F u u a e e o e c u p a a l n n p b c t v y g r y r o e u t e i r e c u e l b u m a m h s m e r a t b y r b r S b e y A e e r r L r ES 1 10 0 9 9 9 8 9 9 8 9 8 9 1 0 7 4 8 9 1 2 9 0 9 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 3 0 0 0 0 0 0 6 1 5 6 5 4 5 4 4 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 2 3 2 2 3 0 0 2 1 2 2 3 5 8 8 3 0 4 8 1 7 4 6 8 1 1 1 1 1 1 1 1 4 4 2 2 6 2 3 4 2 2 9 5 8 8 6 3 1 1 1 1 1 7 0 6 0 8 8 8 7 8 7 7 4 9 1 4 5 9 7 6 7 6 1 1 1 1 1 1 1 1 1 1 9 1 2 3 0 0 8 7 0 9 0 7 7 2 5 3 6 5 2 9 0 3 6 9 2 1 1 1 1 1 1 1 1 1 2 5 8 3 0 9 0 0 3 1 0 1 2 7 3 7 3 9 0 8 3 5 8 8 1 1 1 1 1 1 1 9 1 2 2 3 2 3 1 8 2 5 4 2 1 3 1 J M A M u p a n a r y e r . . 2 2 1 3 2 1 2 1 1 5 4 1 6 8 2 9 6 7 1 0 3 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . 1 1 9 9 1 9 9 8 9 1 1 1 0 0 9 9 7 9 9 8 5 9 9 4 2 3 8 7 9 8 8 M A M p a a r y r . . 3 2 1 2 1 2 1 2 1 1 4 3 6 1 8 5 7 0 5 2 2 1 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 . 1 1 1 1 1 1 1 . 1 1 1 0 1 2 1 2 3 3 1 1 0 1 1 9 0 9 0 8 7 4 6 1 7 1 1 7 4 7 5 M A F M e p a a b y r r . . . 3 2 1 2 2 2 2 1 1 0 2 9 3 4 6 5 8 8 1 7 8 1'..... . . . . . . . . ' . . 1 1 1 1 1 . 1 1 1 1 1 1 1 U 1 1 3 3 2 4 6 9 2 1 3 2 3 4 5 O 4 6 0 7 0 5 5 9 5 9 1 M A M Fe p a a b r y r . . . 2 2 2 2 2 1 1 2 1 1 3 8 0 4 2 I 9 3 7 5 7 0 7 . ! ' . . . . . . . . . ' ' . . . . . . . . . . ' ' . . ' . . . . . . . . . . ' . . . . . ' . . . . . ! . . ! . . . . 1 1 1 1 1 1 1 1 1 l l 1 1 1 3 2 5 3 4 5 5 5 4 3 3 4 3 6 7 7 3 4 3 4 2 0 9 3 6 2 7 6 Year 94 110 124 1 8 5 . . . .. . . .. . . . 1 1 0 2 7 0 June 1 7 4.... . .. . 1 1 2 2 0 7 June 1 6 3 1 1 1 3 7 5 June 1 5 2 . . . . . . . . . . 1 1 3 5 7 1 22... ...92 21.... ..107 20 .116 19.... .148 J M M J A J F u u a e p a a l n n b y r y r e u i r c l u a h . a r S y r T y OCKS 6 6 6 6 6 7 7 8 8 8 8 8 1 0 8 7 7 7 7 7 7 2 1 3 4 3 6 3 1 1 1 1 1 1 4 9 3 2 1 0 0 2 5 6 7 8 9 2 1 1 8 9 9 0 9 9 1 7 1 0 2 3 8 0 6 6 6 6 7 7 7 1 4 1 8 0 1 1 6 6 7 7 7 7 7 4 9 5 4 5 6 3 1 1 1 1 1 2 3 2 8 9 1 3 8 0 3 5 7 1 0 9 9 9 9 9 9 8 3 0 2 3 2 9 9 J A u u ly g. 2 2 2 1 1 1 6 3 0 0 9 3 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 6 6 7 8 8 9 7 9 7 8 1 1 7 2 9 A Ju u l g y . 2 2 1 1 1 5 8 9 9 6 2 6 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 0 1 0 8 9 8 8 1 9 3 2 6 3 7 9 6 J A u u ly g . 2 2 1 1 1 4 7 8 5 1 8 5 1 . . . . . 1 1 1 1 0 0 1 9 1 9 8 9 2 0 3 3 0 2 4 6 J A u u ly g. 1 3 2 1 1 7 4 1 3 7 6 0 ' . . . ' . . . ' . . ' . . . . . . . ' . ' . . . . . . . . . . . 1 1 1 1 1 1 1 1 0 1 0 1 1 0 7 1 1 7 8 6 9 August 69 87 137 *114 66 84 132 ^110 24 92 23.... ..119 22 .116 21 132 N O Se o c p t v o t e e b m m er b b e e r r 7 7 7 2 0 0 9 9 9 7 1 5 1 1 1 1 0 2 5 5 5 8 7 7 3 9 3 1 1 0 9 1 8 5 0 1 1 1 2 3 2 8 0 2 Sept. 3 1 7 1 4 . . . . . . . . . . . . . . . 1 1 1 1 2 0 8 3 9 Sept. 3 1 6 0 3 . . . . . . . . . . . . . 1 1 .1 5 3 2 2 3 2 Sept. 2 1 5 9 2 . . 1 1 1 3 2 5 2 9 3 Sept. 2 1 4 1 8 ." . . . '. . ' . .' . . 1 1 1 3 4 5 3 2 4 December 71 92 101 66 87 95 21... ...117 20.... ..131 19 .137 18 .161 Year 69 82 118 Oct. 2 5 8. . .. .. .. . .1 .1 2 2 0 5 Oct. 27 4 . . .. . . .. . . . . 1 1 4 6 8 9 Oct. 2 3 6 . . 1 1 5 7 5 3 Oct. 2 2 5 .158 12... ..115 11 ..130 10 159 9 r Revised. 19... ..123 18 ..131 17 .152 16 Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- 26... ..121 25 ..130 24 153 23 quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent Nov. 2... ..117 Nov. 1 ..138 31 158 30 issues. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] A 19 u 4 g 3 . J 1 u 94 ly 3 E m 1 i 9 g o 4 h s 3 . t I 1 A 9 u 4 g 3 . J 1 u 94 ly 3 E 1 i 9 g 43 h * t A 19 u 4 g 3 . J 1 u 9 l 4 y 3 E m 1 i 9 g o 4 h s 3 . t A 1 u 94 g 3 . J 1 u 94 ly 3 E m 1 i 9 g o 4 h s 3 . t United States... +8 +19 +15 Boston +3 +10 +9 Cleveland—Cont. Chicago—Cont. Dallas +31 +50 +41 New Haven 3 +13 +1 Youngstown +8 +28 +16 Peoria +6 '+14 +7 Shreveport +20 +28 +16 Portland +7 +25 +32 Erie +1 +21 +12 Fort Wayne —6 +10 +7 Dallas +38 +59 +48 Boston +8 +4 +9 Pittsburgh +3 +14 +4 Indianapolis +24 +26 +25 Fort Worth +35 +54 +46 Springfield -2 +6 +10 Wheeling +21 +17 +11 Des Moines +23 +29 +21 Houston +31 +45 +35 Providence -3 +15 +8 Richmond +2 +15 +14 D Si e o t u r x o i C t ity + + 1 4 8 '+ + 1 4 3 5 + + 3 9 1 San Antonio +22 +37 +41 New York +1 +8 +6 Washington -4 +5 +6 Flint +23 r+35 +21San Francisco +12 +24 +25 N B B B A u i r e l n b i f w d f g a a g a n h l r e o y a k p m o t r o t n + - - + 1 - 1 1 4 2 1 7 0'+ + + r- 1 4 1 8 6 7 2 + + — - — 1 1 1 6 3 6 4 G L W B C y r a h i e n l n a t e c r s i n l m h t e v o b s o i n u l t r - l o e r S e g n , a , l S e S . m . . C . C . . + + + + - 1 1 2 2 3 9 2 3 1 + + + + + 6 3 1 3 2 3 5 7 2 1 + + + + + 4 2 2 3 1 2 3 3 3 4 5/. M L G L a r i n a l o w n s u i d i a n s u g R ke a e pids... + + + + 2 9 9 7 4 r+ + + + 2 1 1 2 8 8 0 2 + + + + 1 1 1 5 2 6 6 L F B T P o r h u a e n k o c s g e s e n o r n o s B n i f x i e e a l c d h + + + + + 4 1 4 1 4 5 1 7 9 5 r+ + + + + 3 4 2 5 3 0 1 1 9 6 + + + + + 2 2 5 3 3 7 7 2 2 9 C P l h e A C C U T L W R Y S P N N R E P S v i c h l e a l r i k y e o o t l o e i a e n i l e i m h n i a a r r u w a r l c c v d l c n o a k e k g d c n a h g a i e e i c n t n d a e a i r d n e h Y o l l n u a e s r s p a e s n k n g a s t c - o n h t l e a e e B e t p r d i r t a F e r k a h i a d p a i r y a s C r l i l e e i s . t . . . y . . . . . . . + + + + + + + + — + + + - + 1 1 1 5 3 5 7 6 0 6 5 3 2 9 3 2 0 4 r + + + + + + + + + r + + + + + + + + + 1 1 1 1 2 1 1 2 1 1 2 1 0 3 1 6 3 8 3 1 4 3 5 9 8 6 7 4 5 7 5 1 + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 3 1 1 4 7 9 9 9 7 7 8 8 6 6 9 1 0 8 2 2 1 0 Atl N M B K M T J H A N C B M J N R C C a a a n a a a n h i e t h u i l o a i c o c r t c l a w s m t o a a a r n c a k k m a n o h h r f m t x r o t s n s k p n t o t v m l i i n v g o o O a i a e s t n l n i a i n k o n n o b s l R g l r g l t m l v u n o l e h o e t o e d i r o o a e n a g l u n g m l r . n g e y a W s e .Va. + + + + + + + + + + + + + + + + + + + 3 2 2 2 3 3 3 2 1 3 3 1 2 1 1 1 2 8 9 0 7 7 6 6 7 7 2 0 5 9 8 2 3 4 7 6 ' r + + + + + + + + + + + + + + + + + + + 5 6 4 4 5 4 3 2 3 4 4 5 4 3 2 1 2 1 3 6 9 2 6 3 5 6 2 6 7 2 1 4 1 2 5 2 2 7 + + + + + + + + + + + + + + + + + + + 1 1 2 1 4 2 2 4 2 4 3 4 2 1 2 2 3 3 8 4 6 3 0 4 8 2 5 4 7 7 1 6 9 9 3 7 0 K M a W T F L D J Q H O L M K E S i S S n n o o o t p i o v t u e m u a s i p . n e . t r p r u a n c i n a t t m l i t e n a J L l c e n i h v i n s s e a o s h n c h k p s a o i g S e v p y s a t C y a s i h r f u R m a e i n o i i l i i i e p o l s C l l s s t i l i l e y o h t c e s d i h n k ty + + + + + + + + + + + + + + + + 1 1 1 2 2 1 2 2 2 1 1 2 1 1 4 7 7 3 8 2 7 2 3 0 7 1 4 3 7 5 0 0 r ' + + + + + + + + + + + + + i + + + + - 1 3 2 4 4 3 2 4 1 5 4 4 3 2 3 3 3 2 8 3 0 9 2 4 4 0 1 5 0 1 3 0 3 1 9 4 + + + + + + + + + + + + + + + + + + 3 1 1 4 3 2 3 3 2 3 2 1 3 3 2 2 3 4 7 8 2 7 1 8 1 4 9 6 9 0 7 2 6 0 1 O L S S S S S V B P B S T S E S S Y a a a a o a t o p e o a a a e v a a B N o n n n c n s a c o k l r i l l e k c s l l r e t t t o t a k l i e r i e l A a a D k t L F a J r n m m m e a a j l k m o t n o e g r n a a n t i n o R e a s t p e a a d h n g k e e d n e l a g a n o a d e e n e n o a c s m l y t d e n a o i C s s d c N i o t a y . p . . . a . . + + + + + + + + + + + + + + + + + 1 1 1 3 3 1 2 1 1 3 * 6 5 8 1 9 7 3 8 3 7 8 2 0 8 4 1 3 ' ' + • + + + + + + + + + + + + + + + + + 2 2 1 1 4 3 2 3 4 4 3 2 4 1 2 1 1 2 4 2 8 7 2 9 7 0 7 8 8 8 3 6 8 0 0 + + + + + + + + + + + + + + + + + 2 2 2 1 2 2 4 2 2 4 4 2 1 2 1 1 3 * 2 2 0 9 5 6 2 7 6 4 6 2 7 3 8 3 6 Columbus +20 +28 +29Chicago +6 +17 +11 Oklahoma City, +36 +60 +55 Toledo +10 +27 +16 Chicago +2 +15 +9 Tulsa +9 +46 +28 r Revised. * Data not yet available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Rati t o o o s f a l s e t s ocks Number Department of stores Percentage change Percentage change July reporting July 1943 July 1943 July 1942 July 1943 July 1943 July 1942 from from from from from from 1943 1942 July 1942 June 1943 June 1942 July 1942 June 1943 June 1942 GRAND TOTAL—entire store 344 +21 -21 -17 -22 +5 -2 3.6 5.5 MAIN STORE—total 344 +22 -21 -16 -22 +5 -2 3.8 5.9 Women's apparel and accessories .. 342 +31 —22 —17 —5 +11 o 3.2 4.4 Women's and misses' coats and suits 322 +65 +33 +14 +20 +52 +45 5.3 7.3 Women's and misses' dresses 326 +37 -34 -32 +51 -13 -26 1.2 1.1 Blouses, skirts, sportswear, sweaters, knit apparel 302 +30 • -20 -15 +24 +8 -9 2.8 2.9 Juniors' and girls' wear 288 +58 -22 -29 +23 +26 +7 2.9 3.7 Infants' wear 295 +42 —7 -6 -23 +11 2.8 5.1 Aprons, housedresses, uniforms 277 +14 -33 -22 +4 -4 -26 1.4 1.6 Women's underwear, slips, negligees 313 +31 -13 -6 -30 +5 -6 2.5 4.7 Corsets, brassieres 321 +24 -19 -17 -37 -1 -4 2.9 5.6 Hosiery (women's and children's) 335 -6 -11 -7 -30 +2 Q 3.3 4.4 Gloves (women's and children's) 316 +41 -33 -38 -33 +12 +6 9.8 20.4 Shoes (women's and children's) 236 -3 -54 -23 -17 +10 +4 5.3 6.1 Furs 247 +104 +144 +379 +28 +14 +33 6.8 10.8 Men's and boys' wear 311 +4 -46 -33 -31 +3 -3 5.4 8.1 Men's clothing 223 0 -46 -28 -32 +3 -4 5.5 8.1 Men's furnishings, hats, caps 293 +6 —45 -35 -32 +1 —3 4.8 7.4 Boys' clothing and furnishings 271 +25 -40 -40 -27 +10 0 6.1 10.4 Men's and boys' shoes and slippers 168 -26 -64 -27 -25 +5 -2 9.2 9.0 Home furnishings 305 +12 -10 -10 -37 +1 -2 4.4 7.8 Furniture, beds, mattresses, springs 224 +5 -2 +2 -34 +2 +1 3.9 6.3 Domestic floor coverings 231 +40 -15 -19 -45 -4 -4 4.6 11.6 Draperies, curtains, upholstery 281 +26 -21 -25 -26 +1 -2 4.2 7.2 Major appliances (refrigerators, washers, stoves, etc.) 192 —49 -15 -18 -76 -10 —8 2.7 5.7 Domestics, blankets, linens, etc 280 +33 0 +5 -37 —1 -2 3.4 7.2 China and glassware 215 +15 -15 -19 -25 0 0 7.3 11.2 Housewares 215 -4 -18 -14 -37 0 -5 4.7 7.2 Piece goods (dress and coat yard goods, all materials) 276 +45 -18 -21 -8 +2 —5 3.5 5.6 Cotton wash goods 110 +27 -25 -20 -22 -13 -9 1.7 2.7 Small wares 323 +30 -15 -15 -14 +1 -4 4.1 6.3 Notions 209 +25 -23 -19 -15 +4 —6 3.6 5.2 Toilet articles, drug sundries, prescriptions 308 +27 -13 -9 -13 +1 -4 3.7 5.4 Jewelry and silverware 279 +34 -13 +1 -2 4.9 7.5 -18 -25 Miscellaneous 287 +15 -29 +7 +3 3.8 6.1 -8 -5 BASEMENT STORE—total 210 +9 -17 +5 -5 3.3 4.3 Women's apparel and accessories 198 +13 --2236 --1280 -5 +9 —5 2.6 3.1 Men's and boys' clothing and furnishings 159 -41 -29 -28 +3 -5 4.8 6.4 Home furnishings 118 +18 -15 -17 -35 -1 -6 3.4 6.2 Piece goods 52 +44 -2 -9 5 +2 -5 3.0 4.5 Shoes 130 -22 -48 -28 -9 +2 -7 5.6 4.7 SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS tndex numbers, without seasonal adjustment, 1941 avei-age = 100 Perceni.age of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargeaccount Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1942—June 96 112 54 85 77 83 104 120 56 5 39 July 80 97 51 67 70 64 94 109 59 5 36 August 98 r118 r74 r82 r66 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 Mav 117 146 61 97 45 75 79 105 60 4 36 June 122 152 57 101 •42 76 72 100 60 4 36 July 97 r127 53 73 39 64 70 103 62 5 33 August 108 140 64 83 38 63 67 85 62 5 33 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. 10x3 OCTOBER 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 re o su d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 ... 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 '677 516 726 1,114 491 1933 . 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 ,. 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 ... 6,155 2,922 1,494 482 1,012 1,428 1,072 1,513 648 1942 July 7,007 4 036 2,247 1,004 1,243 1,789 1.112 1,225 634 A us 6,719 3,748 2,032 874 1,158 1,716 1,102 1,232 637 Sept 6,557 3 504 1,862 769 1,093 1,642 1,095 1,320 638 Oct. 6,403 3,255 1,704 664 1,040 1,551 1,088 1,419 641 Nov.... 6,169 3 054 1,571 573 998 1,483 L,085 1,386 644 Dec 6,155 2,922 1,494 482 1,012 1,428 L,O72 1,513 648 1943 Jan. 5,703 2 660 1,314 404 910 1,346 L,058 1,333 652 Feb 5,491 2,465 1,190 351 839 1,275 1,038 1,333 655 Mar. 5 353 2 323 1,071 287 784 1,252 1,031 1,343 656 Apr 5,243 2,226 1,020 260 760 1,206 1,029 1,331 657 May 5,079 2,116 955 235 720 1,161 1,027 1,275 661 June r5,065 2,046 896 208 688 1,150 1,014 1,338 r667 July P4,845 pl,956 P838 P196 P642 pl,118 P995 pl,222 P672 Aug p4,745 pl,894 p805 p190 P615 pl,089 P976 pl,198 P677 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] End o r o f y e m a o r nth ex m T a c o u o lu t t t o d i a v - l i , e ng D s o m m e t a r o p a e n d r a i d n e e l r t r - s t- F s u t to 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 e d e i e s - - J s e t w or e e l s ry s r o e t t A o t h a r l e l e i r l s 19 m 2 E 9 o y . n n e d t a . h o . r f or To 6 ta 5 l 2 m b C a e o r n 4 c m k 3 i s a - 1 l p S c l a o m o 2 n m a 6 i a n 3 e l - s l b I p a n c t a n o d r 2 n k i m 1 u a i i 9 e s n l - s - g u C n r i e o 3 d n 2 i s t M l l a e n n is e d 9 c o e 5 e u r l s - s m i R z l o o e a a d t p n a i e n d a o r s i n n r houses 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1 1 9 9 4 4 1 0 . .. 1 1 , , 8 7 0 2 5 1 4 4 6 3 9 9 6 5 1 9 9 9 3 3 1 0 3 2 1 1 2 1 0 0 2 2 8 7 4 1 1942 1942 1,012 254 391 130 77 160 July 1,789 521 481 253 173 97 264 Aug 1,716 491 466 246 166 95 252 1942 Sept. 1,642 460 452 236 160 94 240 July 1,243 300 475 201 71 196 Oct 1,551 All 437 222 152 92 227 Aug. 1,158 277 449 183 67 182 Nov 1,483 393 428 211 145 91 215 Sept. 1,093 261 428 169 63 172 Dec 1,428 370 424 202 141 91 200 Oct 1,040 253 408 154 61 164 1943 Nov. 993 247 392 141 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 1,161 290 366 174 118 85 128 M M Ap a a y r r . 7 7 7 6 2 8 0 0 4 1 1 1 9 7 9 0 8 6 3 3 3 0 1 2 8 9 2 8 9 7 1 1 2 4 5 5 8 1 0 1 1 1 1 2 2 4 0 4 J A J u u u l n g y e pl 1 ,' , 0 1 8 5 9 0 2 2 27 8 8 8 3 7 3 3 3 7 5 6 1 7 3 1 1 1 6 7 7 7 0 4 1 1 1 1 1 1 4 2 8 p p 8 8 8 5 4 6 p1 p 1 9 0 1 1 3 4 June 688 168 301 64 47 108 July P642 P155 P286 P55 P45 p101 p Preliminary. Aug P615 P148 P278 P48 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 (10 million dollars at the end of August 1943), which are not shown separately. IO24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive c O re p h t t u a h a r s e i - e l r d , R e m r e a n n p o i d a z d i a - i s m n P o s e e n t n r a a - t 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 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—July 1,139 242 196 208 187 306 1938 604 417 179 August 1,072 227 182 189 182 292 1939 763 489 257 September 998 203 167 175 176 277 1940 927 536 320 October 922 190 148 159 168 257 1941 983 558 343 November 860 166 136 151 165 242 1942 705 798 408 215 December 787 136 122 143 154 232 1942 1943— A A M M J J F J u u e p u a a a l n b n r g y y r e i u r u c l u a h s a r t y ry r5 4 5 5 5 6 6 7 9 1 2 5 8 1 6 2 8 5 9 1 0 9 2 6 1 1 6 5 6 6 8 7 0 1 0 8 9 5 7 7 1 6 1 1 8 8 8 8 9 9 0 1 2 2 9 5 1 5 0 1 1 r 1 1 1 8 9 8 7 0 2 0 3 0 3 4 4 0 1 8 6 r1 1 1 1 1 1 1 0 9 0 1 1 2 3 4 3 8 5 1 7 5 5 4 r1 1 2 2 2 1 1 1 9 8 0 1 9 0 8 9 0 6 5 9 5 4 9 0 O J J A A M S F M u u e e c u p a n l a p b t g y r r o y e t i r c u e l b u h m s e a t r r b y er 4 4 6 8 5 6 5 6 7 4 9 0 4 6 2 1 8 1 6 6 5 6 6 8 6 5 7 9 0 0 6 8 3 5 8 2 3 3 3 3 3 4 3 3 3 0 1 2 6 4 3 4 7 5 1 1 2 1 2 1 1 1 1 4 5 6 0 6 9 8 9 8 Volume extended during November 37 59 25 14 month: December 43 82 31 18 1942—July 16 13 41 1943 A Se u p g t u e s m t ber 1 1 4 3 1 1 2 1 3 3 5 6 January 36 45 25 11 October 11 14 32 February 35 50 26 13 November 9 14 27 March 53 86 38 22 December 10 15 32 April 41 62 31 15 May. 40 58 29 14 1943— F J e a b n r u u a a ry ry 9 9 2 2 6 5 J Ju u l n y e ... r4 5 4 0 8 62 0 r r 3 3 0 5 1 1 5 9 March 13 39 August 45 64 28 15 April 12 28 May 12 27 r Revised. Tune 13 35 1 These figures for loans made include only personal instalment cash July 13 r30 loans and retail automotive direct loans, which are shown elsewhere on August 14 30 this page, and a small amount of other retail direct loans (one million dollars in August 1943), which are not shown separately. T Revised. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n g t e s change from corresponding Item g 1 A 9 u u 4 s - 3 t p m re J 1 o c u 9 n e l 4 y d t 3 h ing J 1 u 9 n 43 e A g 19 u u p 4 s - 3 r t e m c o e J 1 d n u 9 i t 4 n l h y 3 g o y f e J 1 a u 9 r n 43 e Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m t e o p e r n a e r s t t- 1942 Net T C sa o a l s t e a h s l : sales + + 2 3 - - 7 6 - - 8 6 + + 2 4 0 - + + 2 4 2 1 + + 2 4 2 3 M J Ju u a l n y y e 2 2 2 2 2 3 1 1 1 3 4 4 1 1 1 3 3 3 2 2 2 2 2 0 6 5 5 0 0 6 Cred C I i n t h s a s t r a a g l l e e m s e : a n c t count +5 r- - 5 8 -2 o + + 1 3 + + 1 2 7 4 + + 2 1 1 8 A N S O e u o c p t g v o t u e e b m s m e t r b b e e r r 2 2 2 2 9 9 4 5 1 1 1 1 6 8 6 7 1 1 1 1 5 3 4 5 3 3 2 2 0 1 5 6 6 6 6 5 5 3 0 9 Accounts receivable, at end of December 31 18 15 45 65 mo T n o t t h a : l -3 -5 -36 r-37 -38 1943 Instalment -2 -5 -3 -36 -38 -39 January 28 17 16 31 61 February 28 17 16 30 61 Collections during month: March 31 19 18 30 62 Total -5 0 —4 -13 -7 -11 April 31 20 18 31 63 Instalment -4 +4 -6 -17 — 11 -16 May 30 22 20 33 63 June 29 21 21 33 62 In r v e e t n a t i o l r v ie a s l , u e end of month, at -1 — 1 -3 -23 r-21 -20 A Ju u l g y ust 3 3 2 0 2 2 2 2 2 2 1 1 3 3 4 4 6 6 2 2 1 Ratio of collections during month to accounts receivable at beginning of month. OCTOBER 1943 10x5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Year, month, or week m c t o o i m e d s i - - F p u r a c o r t m d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g 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 t a s l m B a u t i e ld ri i a n l g s c C a a h l l s l e i a e m d n i d - i f n H u g r o n g u i o s 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 February.... 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 98.7 104.5 98.7 95.6 119.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 104.4 98.9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98.7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September .. 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 88.8 October 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November... 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99.5 102.5 90.1 December... 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 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 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 Week ending 1943—July 3 103.0 125.9 107.6 96.9 118.4 96.9 81.5 103.9 110.4 100.2 104.3 91.6 July 10 103.0 126.0 107.3 96.9 118.4 96.9 81.5 103.8 110.5 100.1 104.3 91.6 July 17 102.9 125.0 106.5 97.0 118.4 96.9 81.6 103.8 110.6 100.1 104.4 91.6 July 24 102.9 124.8 107.0 97.1 118.4 96.9 81.8 103.8 110.6 100.1 104.4 92.1 July 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 August 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 August 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 August 21.... 102.8 123.8 105.8 97.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 . August 28.... 102.9 124.0 105.5 97.3 118.4 97.0 81.8 103.8 112.1 100.2 104.2 92.4 September 4. 102.8 123.3 104.7 97.3 118.4 97.0 81.7 103.8 112.2 100.2 104.2 92.4 September 11 102.8 123.2 104.8 97.4 118.4 97.0 81.7 103.8 112.5 100.2 104.2 92.6 September 18 102.9 123.6 104.5 97.4 118.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 September 25 102.9 123.8 104.9 97.4 118.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 1942 1942 1943 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Farm Products: Metals and Metal Products: Grains 113.1 113.8 116.0 116.8 Agricultural implements... 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 122.6 130.5 128.6 127.6 129.5 Farm machinery 98.0 98.0 98.0 98.0 98.0 Other farm products 99.9 125.2 127.2 124.8 120.8 Iron and steel 97.2 97.2 97.3 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 D Ce a r i e ry a l p p r r o o d d u u c c ts ts 1 8 0 7 0 . . 8 2 1 9 1 3 3 . . 6 1 1 9 0 3 9 . . 6 5 1 9 0 3 8 . . 8 9 1 9 0 3 8 . . 8 9 N Pl o u n m fe b r i r n o g u s a n m d e h ta e l a s t i m ng 9 8 4 5 . . 1 6 9 8 0 6 . . 4 0 9 8 0 6 . . 4 0 9 8 0 6. . 0 4 9 8 0 6 . . 4 0 Fruits and vegetables 98.0 137.7 143.6 138.0 125.6 Building Materials: Meats 115.2 115.9 111.6 105.9 106.0 Brick and tile 98.7 98.9 99.0 99.0 99.0 Other foods 93.1 96.4 97.0 97.1 98.0 Cement 94.2 93.9 93.6 936 93.6 Hides and Leather Products: Lumber 133.0 135.6 136.3 137 1 142.0 Shoes 126.4 126.4 126.4 126.4 126.4 Paint and paint materials.. 100.1 102.2 102.0 1020 102.8 Hides and skins 118.8 116.0 116.0 116.0 116.0 Plumbing and heating 94.1 90.4 90.4 904 90.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 1073 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 103.8 101.6 101.7 101.3 101.4 Textile Products: Chemicals and Allied Products: Clothing 107.2 107.0 107.0 107.0 107.0 Chemicals 96.3 96.4 96.4 964 96.5 Cotton goods 112.9 112.6 112.6 112.6 112.7 Drugs and pharmaceuticals 129.0 165.1 165.2 165.2 165.2 Hosiery and underwear 69.7 70.5 70.5 70.5 70.5 Fertilizer materials 78.3 80.0 78.6 79.3 80.1 Silk.. Mixed fertilizers 82.8 85.8 85.8 85.8 85.8 Rayon. 30.3 30.3 30.3 30.3 '30^3' Oils and fats 101.6 102.0 102.0 102.0 102.0 Woolen and worsted goods 111.7 112.5 112.5 112.5 112.5 Housefurnishing Goods: Other textile products 97.9 98.7 98.7 98.7 98.7 Furnishings 107.9 107.3 107.3 107.1 107.1 Fuel and Lighting Materials: Furniture 97.4 98.0 98.1 98.1 98.1 Anthracite.-. 85.7 89.7 89.5 89.6 89.6 Miscellaneous: Bituminous coal 110.0 116.1 116.4 116.5 116.5 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.1 122.4 122.4 122.4 122.4 Cattle feed 125.4 150.6 150.6 149.7 155.7 Electricity 62.2 59.5 79.1 77.6 Paper and pulp 98.9 104.3 104.3 104.3 104.3 Gas 80.4 77.5 Rubber, crude 46.3 46.2 46.2 46.2 46.2 Petroleum products 60.7 62.5 '62^6' 63.0 Other miscellaneous 93.0 95.2 94.9 96.3 96.3 Back figures.—Bureau of Labor Statistics, Department of Labor, 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 personsl Transpor- Finance, Federal, Year and month Total M t a u n ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b l a ic nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o a v n e d rn utilities cellaneous ment SEASONALLY ADJUSTED 1942—August 37,433 14,819 918 1,916 3,490 6,607 4,317 5,366 September 37,645 15,006 900 1,959 3,482 6,523 4,313 5,462 October 37,962 15,162 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December 38,842 15,687 2,004 3,535 6,635 4,331 5,766 1943—January 38,791 15,932 870 1,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 1,748 3,545 6,458 4,356 5,866 March 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 38,344 16,138 842 1,123 3,610 6,373 4,297 5,961 July 38,295 16,139 835 1,065 3,630 6.388 4.301 5,937 August 38,054 16,002 828 1,038 3,624 6,377 4,283 5,902 UNADJUSTED 1942—August 37,802 14,980 918 2,181 3,533 6,496 4,371 5,323 September 38,348 15,233 910 2,185 3,542 6,561 4,397 5,520 October 38,478 15,313 902 2,028 3,539 6,697 4,327 5,672 November 38,533 15,434 894 1,896 3,520 6,771 4,295 5,723 December 38,942 15,684 885 1,674 3,502 7,107 4,279 5,811 1943—January 37,862 15,743 867 1,470 3,463 6,371 4,259 5,689 February 37,958 15,851 867 1,386 3,456 6,291 4,270 5,837 March 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 38,484 16,056 835 1,277 3,653 6,371 4,355 5,937 July 38,383 16,136 830 1,218 3,683 6,290 4,359 5,867 August 38,295 16,159 826 1,180 3,674 6,260 4,335 5,861 * Includes contract construction and Federal force account construction p. 1156 of the November 1942 BULLETIN. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1943. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Sept. 1, 1943 1942 Sept. 1, 1943 1942 Sept. 1, 1943 1942 Sept. 1, 1943 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 8,024 7,618 40 38 New York 32,053 26,776 8,266 5,265 80 46 Philadelphia .... 50,041 45,960 13,944 12,460 128 142 Cleveland 230,248 202,606 40,608 28,633 52 49 Richmond 1,460 1,455 133,387 131,565 26,208 20,801 Atlanta 2,533 2,518 177,796 164,783 7,381 6,102 Chicago 1,266,052 1,279,148 35,045 32,837 1,316 1,006 St. Louis ^3,922 " 23291' 392,856 344,730 23,358 28,695 20 16 Minneapolis 360,806 364,141 42,573 24,814 250,295 250,102 Kansas City 588 31l" 420,741 312,806 365,641 277,006 5,442 5,165 Dallas..... 3,745 3,638 93,887 96,909 49,053 36,386 107 97 San Francisco 576 466 9,263 8,225 91,176 60,858 20,594 44,439 Total 12,824 11,679 3,175,154 2,985,267 703,253 533,857 278,074 301,100 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Sept. 1, 1943 1942 Sept. 1,1943 1942 Sept. 1, 1943 1942 Sept. 1, 1943 ! Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,605 5,597 3,489 3,375 27,343 27,095 50,889 73,589 New York 34,615 11,782 6,227 6,194 1,636 967 32,627 37,280 Philadelphia 16,387 11,187 2,392 2,431 46,016 42,050 19,348 21,693 Cleveland 62,694 37,779 5,613 5,344 107,635 106,608 16,159 16,210 Richmond 26,359 26,229 4,658 4,434 808,552 754,393 24,784 29,550 Atlanta 22,052 21,575 4,203 3,858 143,263 154,601 15,920 18,984 Chicago 523,027 425,087 20,962 18,429 29,670 27,786 36,285 43,151 St. Louis 76,402 65,861 9,327 7,546 242,243 251,821 13,436 13,244 Minneapolis 390,377 329,457 11,949 11,340 2,472 2,331 45,785 57,119 Kansas City 149,083 156,422 8,943 7,463 3,607 3,952 37,817 41,609 Dallas 15,181 19,871 1,989 1,794 6,068 7,549 San Francisco 35,948 34,213 12,493 12,904 72,032 100,534 Total 1,358,730 1,145,060 92,245 85,112 1,412,437 1,371,604 371,150 460,512 1 Includes 21,000 bales grown in miscellaneous territory. 2 Includes 21,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimate for Aug. 1, no estimate for Sept. 1. OCTOBER 1943 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1943 1943 Chart Chart book Aug. Sept. Sept. Sept. Sept b p o ag o e k June July Aug. 25 1 8 15 22 WEEKLY FIGURES* In billions of dollars [MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve bank credit: Reserve bank credit 5 7.07 8.20 U. S. Govt. securities, total 2, 4 8.78 9.19 9.34 9.65 9.20 Gold stock 5 22.41 22.36 22.30 Bonds 4 1. 1.51 1.53 1.53 1.53 Money in circulation 5 17.22 17.68 18.20 Notes 4 .72 .72 .72 .69 .69 Treasury cash 5 2.27 2.27 2.28 Certificates 4 1.11 1.18 1.22 1.31 1.32 Treasury deposits 5 .15 .45 .32 Bills ,. 4 5.47 5.77 5.85 5.70 5.66 Reserve balances 5, 8 12.29 12.41 12.60 Special certificates 4 .01 .42 Required reserves 8 10.83 10.98 11.46 Bills discounted 2 .07 .03 Excess reserves, total 8, 9 1.46 1.33 1.14 Gold stock „ 2 22.29 22.24 22.22 22.20 22.21 New York City 9 .02 .03 .02 Money in circulation „..,.«........-. 2 18.30 18.57 18.74 18.7718.71 Chicago 9 .01 .01 .01 Nonmember deposits 2 1.61 1.57 1.37 1.50 1.66 Reserve city banks 9 .59 .47 .39 Treasury deposits 2 .30 .21 .01 .01 .55 Country banks 9 .84 .82 .72 Member bank reserves 3 12.70 12.92 13.35 13.7312.49 Money in circulation, total 10 17.42 17.96 18.53 Excess reservese 3 1.11 1.15 1.44 2.05 Bills of $50 and over 10 4.46 4.62 4.82 Excess reserves (weekly average), total0 3 1.11 Pi.09 Pi.29 2*1.71 $10 and |20 bills 10 9.34 9.65 9.96 New York City 3 .02 .02 .03 .04 Coins, $1, $2, and $5 bills 10 3.62 3.68 3.76 Chicago ,# 3 .01 .01 .01 .01 Reserve city banks 3 .37 .36 .46 .64 CONSUMER CREDIT Country bankse 3 .73 P.76 P. 87 Consumer credit, total 18 r5.O7 P4.85 P4.75 MEMBER BANKS IN LEADING CITIES S C i h n a g r l g e e - p a a c y c m ou en n t t s loans 1 1 8 8 1 1 . . 0 3 1 4 P P I I. . 2 0 2 0 P P I. . 9 2 8 0 Loans and investments 14 46.72 46.74 46.90 49.41 Service credit 18 .67 P. 67 P.68 Demand deposits adjusted 14 35.15 35.73 36.28 32.8731.62 Instalment credit, total 18, 19 2.05 PI.96 PI. 89 U. S. Govt. obligations 14 34.21 34.10 34.21 35.5835.95 Instalment loans 19 1.15 n 12 PI. 09 Total loans 14 9.61 9.70 9.77 10.8811.24 Instalment sale credit, total 19 .90 P.84 P. 81 Commercial loans, total 15 5.74 5.74 5.77 5.99 6.13 Automotive 19 .21 P. 20 P. 19 New York City 15 2.17 2.17 2.17 2.24 2.31 Other 19 .69 P. 64 p.62 100 cities outside New York 15 3.57 3.56 3.59 3.75 3.82 Brokers' loans—New York City 15 .91 .99 1.03 1.40 1.45 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 12.68 12.59 12.60 13.2613.33 ing, total interest-bearing 20 139.47 144.02 146.65 Bonds 17 6.03 6.07 6.05 6.15 6.18 Bonds (marketable Treasury).. 20 57.52 57.52 57.52 Notes and guar. securities 17 2.70 2.68 2.71 2.73 2.75 Notes, cert., and bills, total ... 20 37.59 "40.90 42.22 Certificates 17 2.92 2.91 2.92 3.13 3.11 Notes 21 9.17 11.88 11.88 Bills 17 1.03 .93 .92 1.25 1.29 Certificates 21 16.56 16.56 17.50 100 cities outside New York, total.. 15 21.53 21.51 21.61 22.32 22.62 Bills 21 11.86 12.46 12.85 Bonds ..; 17 10.18 10.19 10.19 10.30 10.38 Savings bonds, tax notes, etc.. 20 29.20 30.17 30.88 Notes and guar. securities 17 3.98 4.01 4.03 4.03 4.04 Savings bonds 21 21.26 22.03 22.69 Certificates 17 4.72 4.73 4.73 4.98 5.14 Tax notes 21 7.50 7.68 7.70 Bills 17 2.65 2.59 2.65 3.02 3.06 Special issues 20 10.87 11.46 11.91 Holdings of U.S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 14.31 14.86 15.33 Federal Reserve Banks 22 7.20 8.19 9.09 MONEY RATES, ETC. Commercial banks 22 52.10 54.32 Treasury bills (new issues) 25 .375 375 374 374 .375 Private holders other than Treasury notes (taxable) 25 1.31 i.31 i.32 i.321.31 commercial banks, total 22 65.86 66.66 U. S. Govt. bonds: Mutual savings banks 23 5.28 5.34 Partially tax-exempt 25, 33 1.83 l.82 1.81 l.801.80 Insurance companies 23 12.80 12.80 Taxable 25, 33 2.28 2.29 2.30 2.302.30 Other investors, total 23 47.80 48.50 Corporate Aaa bonds 33 2.69 2.69 2.69 2.692.70 Marketable issues 23 19.40 19.20 Corporate Baa bonds 33 3.82 3.82 3.82 3.823.83 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 93.7 94.8 94.5 95.2 97.3 Treasury bills (new issues) 27 .374 .374 .375 Industrial 35 95.5 96.6 96.3 97.2 99.5 Treasury notes (taxable) 27 1.32 1.30 1.29 Railroad 35 89.6 91.3 88.6 91.3 93.4 Commercial paper 29 .69 .69 .69 Public utility 35 85.7 87.2 87.4 86.9 87.6 U. S. Govt. bonds: Volume of trading (mill, shares) 35 .50 48 75 .68 .77 Partially tax-exempt 33 1.85 1.82 1.83 Taxable 33 2.29 2.27 2.28 BUSINESS CONDITIONS Corporate Aaa laonds 29, 33 2.72 2.69 2.69 Steel production (per cent of capacity).. 50 99.4 99.4100.3 99.6 100.6 Corporate Baa bonds 33 3.88 3.81 3.81 Electric power prod. (mill. kw. hrs.) 50 4,322 r4,3514,229 4,359 4,360 Freight carloadings (thous. cars): Total 51 904.0 901.1834.7902.8 907.3 In unit indicated Miscellaneous 51 398.4 398.6367.5399.9 402.3 Stock prices (1935-39 = 100): Department store sales (1935-39 = 100)... 52 133 154 142 161 158 Total 35 96.7 •98.5 94.4 F.H. t A io . n h o (t m h e o u m s. o ) r 2 tgages, new construc- 52 R In a d il u r s o t a r d ia l 3 3 5 5 9 9 4 9 . . 3 3 1 9 0 6 0 . . 6 9 9 90 6 . . 5 3 Wholesale prices (1926 = 100): Public utility 35 84.7 87.7 85.9 Total 63 .02.9 102.8102.8102.9 102.9 Volume of trading (mill, shares)... 35 .99 1.15 .60 Farm products 63 [24.0 123.3123.2123.6 123.8 Brokers' balances (mill, dollars): Other than farm and food 63 97.3 97.3 97.4 97.4 97.4 Credit extended customers 37 761 e780 «740 Money borrowed 37 529 *530 e490 Customers' free credit balances. 37 334 e340 e340 e Estimated. p Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Publication discontinued. 3 Adjusted for seasonal variation. 4 Revised back figures: January, p—53.7; February, P-91.0; March, P-81.1; April, P55.1; May P-59.4 (figures for first four months affected by inclusion in the April figure for total exports, as reported by the Department of Commerce, of goods valued at 160 million dollars which were actually exported in January, February, and March). 5 Revised series. For description and back figures see pp. 940-984. * Copies of the Chart Book may be obtained at a price of 50 cents each. ica8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1943 Chart 1943 book book page June July Aug. page June I July | Aug. MONTHLY FIGURES-Cont. in unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS (cont.) Inco S m a e l a p r a ie y s m a e n n d t s w ( a m ge il s l , dollars), total:3 3 3 8 8 1 8 1 , , 3 8 4 29 9 P1 P8 1 , . 4 9 7 6 4 9 . Expo E r x ts p o a r n ts d imports (mill, dollars): 61 pl,003.5|pl,250.5i Cash O L C G f i t r o v a h o v r e e p m t s r s . t o p i c n a k c y o m a m n e e d n t ( p s m ro il d l u , d c o ts l lars), total. 3 3 3 3 3 9 9 9 8 9 3 1 , , 4 9 3 4 2 8 8 9 0 0 8 4 6 8 *> 1 3 , , 9 6 5 4 3 2 7 2 9 9 5 5 4 0 I P P , 9 8 8 2 5 4 0 0 8 Who F E l I e m a x s r c a p m e l o E e s r s x p t s p c r o r o l f u i d c e d u e x i s c n p , t g o s t r o L ts t e a n l d- (1 L 9 e 2 a 6 s e = ex 10 p 0 o ) r ts4 6 6 6 6 6 1 3 3 1 1 P P ^ - 7 3 1 1 9 0 2 0 0 0 1 6 3 2, p— p P 9 3 1 1 5 O 0 2 7 0 O 3 5 1 . . . . 2 3 . 2 0 1 1 12 0 3 3 . . 5 1 Industrial production:35 Other than farm and food 63 96 96.9 97.1 T G o ro ta u l p s (1 9 (p 3 o 5 i 7 n 3 t 9 s = in 1 t 0 o 0 ta ) l index) 41, 42 237 239 Cost F o o f o d li ving, all items (1935-39 = 100) 6 6 5 5 1 1 4 2 1 4 1 1 3 2 9 3 . . 0 8 1 1 3 2 7 3 . . 2 2 Durable manufactures 41 135.9 136.3 p137.9 Clothing 65 127 128.6 128.9 Machinery, etc 42 95.5 95.7 *>65.5 Rent 65 108 Iron and steel 42 22.1 22.3 23.0 Other durable 42 18.3 18.2 P18.4 Nondurable manufactures 41 82.9 82.6 *>82.8 1943 Textiles and leather 42 20.0 19.2 P O F a o t p h o e e d r r s , n a l n o i d n q d u p u o r r r i , a n b a t l i n e n d g tobacco 4 4 4 2 2 2 3 1 1 2 1 9 . . . 3 6 0 3 1 1 2 1 9 . . . 6 3 5 ^32.6 O D c ec t . .- J M a a n r . . - A J p u r n .- e Minerals 41, 42 17.8 20.5 Primary products (1935-39 = 100): In millions of dollars Steel 43 227 229 235 Cement 43 127 119 114 QUARTERLY FIGURES L C u o m al ber 4 4 3 3 1 9 1 7 8 1 1 5 1 0 8 PI 19 Budg E e x t p r e e n c d e i i t p u t r s e s a , n d to t e a x l p enditures: 24 18,800 19,845 23,228 Crude petroleum 43 124 128 War activities 24 17,348 18,460 21,535 Cotton consumption 43 160 153 147 Net receipts 24 3,909 6,950 7,563 Wool yarn 43 181 165 Internal revenue collections, total 24 3,727 6,686 6.834 Paper 43 135 131 Corporate income taxes 24 1,789 3,364 2,781 Leather 43 114 111 Individual income taxes 24 616 2,234 3,007 Meats and dairy products 43 180 187 Misc. internal revenue 24 1,323 1,088 1,046 Other manufactured foods 43 142 142 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 54.6 55.5 54.9 Industrial 36 10 35 41 Employment, total 44 53.4 54.3 53.9 Railroad 36 4 12 C17 Nonagricultural 44 41.5 42.2 41.9 Public utility 36 11 3 1 Agricultural 44 11.9 12.1 12.0 Male 44 36.7 37.2 37.0 Female 44 16.7 17.1 16.9 Per cent $er annum Nonagricultural employment (mill. persons), total3 ..m 45 38.3 38.3 Manufacturing and mining 45 17.0 17.0 Bank rates on customers' loans: Trade 45 6.4 6.4 Total, 19 cities 29 2.63 2.76 3.00 Government 45 6.0 5.9 New York City 31 2.09 2.36 2.70 Transportation and utilities 45 3.6 3.6 P3.6 Other Northern and Eastern cities 31 2.63 2.76 2.98 Construction 45 1.1 1.1 n.o Southern and Western cities 31 3.26 3.24 3.38 Factory employment and pay rolls (1939 = 100): Pay rolls 47 317.3 315.5 June 30,Dec. 31,June 30, Employment ; 47 168.8 169.6 p169.9 1942 ^ 1942 1943 Hours and earnings at factories: Weekly earnings (dollars) 48 43.35 42.76 Hourly earnings (cents) 48 95.9 96.3 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 45.2 44.4 New orders, shipments, and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency 11 81.93 99.67 mo.12 New orders, total 49 269 ^239 Demand deposits adjusted 11 41.84 48.85 p55.95 Durable 49 391 *>344 Time deposits. 11 27.31 28.40 2*30.33 Nondurable 49 180 P161 Currency outside banks 11 10.94 13.95 Shipments, total 49 254 p248 Durable 49 343 P347 Nondurable 49 185 mo MEMBER BANKS Inventories, total 49 174 p175 Loans and investments, total 12 46.80 59.26 67.16 Durable 49 213 p211 U. S. Govt. obligations 12 24.10 37.55 46.98 Nondurable 49 141 P144 Other securities 12 5.77 5.63 5.35 Residential contracts (mill, dollars):3 State and local obligations 13 2.93 2.97 2.88 T Pu o b ta l l i c 5 5 3 3 5 2 3 8 2 7 5 1 6 2 8 4 O Fo th r e e r i gn d om se e c s u t r ic it i s e e s curities 1 1 3 3 2. . 6 1 9 5 | 2.66 2.48 Private, total 53 25 46 44 Loans, total 12 16.93 16.09 14.82 1- and 2-family dwellings 53 24 31 29 Commercial loans 13 9.11 8.48 7.41 Other S3 1 16 15 Real estate loans 13 3.50 3.42 3.35 Construction contracts (3-mo. moving Street loans (brokers' loans) — 13 .43 .79 .96 av., mill, dollars). Holdings of U. S. Govt. securities: Total 55 185 248 By classes of banks: Residential 55 60 66 New York City 16 8.55 12.55 13.89 Other 55 125 182 Chicago 16 1.86 2.79 3.17 Frei T gh o t t a c l a ( r 1 lo 93 a 5 d - i 3 n 9 g s = :3 100).. .# 57 r129 r142 R C e o s u e n r t v r e y c b i a ty n k b s anks 1 1 6 6 8 5 . . 1 5 9 0 1 9 3 . . 1 0 7 4 1 1 2 7. . 4 5 2 1 Dep G S ar a r t l o m e u M A s C e p o n l i s l s a t o c l ( s t e p h t l o o l e a i r r n n e t e s s o ( u i 1 n s 9 2 to 3- t 2 a 5 l i = n de 10 x 0 ) ) z3 5 5 5 5 7 7 7 9 r r r 7 2 2 9 1 8 1 . . . 2 1 3 3 9 r r r 3 8 2 1 1 9 1 . . . 4 1 0 7 2 8 3 3 0 0 0 14 . . . 3 9 1 2 By k N B B C G in i o e o u l d r n t l a t s s e d r i s f s a o i n c f t a e t s e e e d s c urities: 1 1 1 1 1 6 6 6 6 6 1 3 2 4 1 1 . . . . . 5 5 4 6 8 9 1 5 9 7 1 4 5 2 6 8 . . . . . 4 3 9 2 5 5 1 6 9 4 2 9 6 2 5 3 . . . . . 4 2 4 2 5 2 8 9 5 5 Stocks 59 98 110 114 For footnotes see preceding page. 102.9 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1943 BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city Reserve New m Y em or b k e r ba C n h k i s c ! ago m b e a c m n it k y b s e * r C m b o e a u m n n k b t s r e 1 y r m b e a A m n l b l k e s r Al m l b n e a m a n t k i b o s e n r al A m b l e l a m n S k b ta s e t r e ASSETS Loans (including overdrafts) 4,008,87- 783,62. 5,532,90 4,497,17. 14,822,571 9,173,27 5,649,299 United States Government direct obligations 12,913,25. 3,091,30 16,559,96. 11,928,16 44,492,69; 28,440,83 16,051,862 Obligations guaranteed by United States Government 973,54: 75,35' 857,2 580,83' 2,487,011 1,661,25; 825,760 Obligations of States and political subdivisions 484,38: 209,45: 941,724 1,240,87 2,876,441 2,021,36. 855,076 Other bonds, notes, and debentures 472,95< 153,56. 662,284 838,43 2,127,240 1,336,33! 790,901 Corporate stocks (including Federal Reserve Bank stock) 129,4' 18,33! 122,861 78,18i 348,858 171,74: 177,116 Total loans and investments 18,982,49 4,331,64i 24,677,01 19,163,67) 67,154,826 42,804,81: 24,350,014 Reserve with Federal Reserve Banks 3,473,33 785,25J 4,848,09 2,986,62' 12,093,307 7,803,05i 4,290,257 Cash in vault 91,55 39,35 394,57. 616,26' 1,141,75 792,82 348,924 Demand balances with banks in United States (except private banks and American branches of foreign banks). . 50,59' 171,49C 1,874,325 3,433,6^ 5,530,094 4,248,27 1,281,817 Other balances with banks in United States l,25i 1,66/ 17.40C 28,16 48,480 38,689 9,791 Balances with banks in foreign countries 12,29; 89 3,845 2,03, 19,077 13,564 5,513 Due from own foreign branches 32 3,25< 3,580 3,259 321 Cash items in process of collection l,110,74i "217," 603 1,658,21' 490,74 3,477,31; 2,258,034 1,219,279 Bank premises owned and furniture and fixtures 192,94' 18,030 310,44; 361,35i 882,77* 564,675 318,101 Other real estate owned 14,27! 1,055 42,49< 51,40. 109,233 47,509 61,724 Investments and other assets indirectly representing bank premises or other real estate 7,704 58: 57,33; 19,15. 84,774 49,28; 35,489 Customers' liability on acceptances 29,432 2,09* 19,22' 3,14/ 53,904 30,47. 23,431 Income accrued but not yet collected 49,07; 12,395 58,22 26.32C 146,019 85,75! 60,260 Other assets 13,38- 5,961 34,339 22,393 76,07! 42,83; 33,244 Total assets 24,029,41i 5,588,03! 33,998,798 27.204.96C 90,821,21 58,783,046 32,038,165 LIABILITIES Demand deposits—Total 21,156,37; 4,771,225 26,264,385 17,958,596 70,150,581 45,309,748 24,840,833 Individuals, partnerships, and corporations 14,000,95S 2,981,18: 17,276,118 13,604,273 47,862,531 30,454,584 17,407,947 United States Government: War loan accounts 2,793,68! 505,083 2,297,778 1,409,68 7,006,232 4,288,581 2,717,651 Other 26,105 1,413 84,87' 117,601 229,990 201,999 27,991 States and political subdivisions 249,023 202,009 1,452,226 1,618,602 3,521,860 2,627,524 894,336 Banks in United States 2,939,052 1,032,211 4,749,395 927,83C 9,648,488 6,692,427 2,956,061 Banks in foreign countries 743,659 12,964 71,294 4,033 831,950 412,177 419,773 Certified and officers' checks, cash letters of credit and travelers' checks, etc 403,886 36,366 332,703 276,575 1,049,530 632,456 417,074 Time deposits—Total 780,196 479,504 5,517,579 7,088,229 13,865,508 9,279,701 4,585,807 Individuals, partnerships, and corporations 754,920 477,104 5,264,558 6,885,722 13,382,304 8,913,521 4,468,783 United States Government 2,250 30,545 32,170 64,965 51,530 13,435 Postal savings 913 4,962 5,875 5,071 804 States and political subdivisions 20,825 150 172,363 147,896 341,234 258,693 82,541 Banks in United States 1,145 47,700 17,47' 66,324 46,836 19,488 Banks in foreign countries 3,306 1,500 4,806 4,050 756 Total deposits 21,936,569 5,250,731 31,781,964 25,046,825 84,016,089 54,589,449 29,426,640 Due to own foreign branches 174,769 174,769 149,390 25,379 Bills payable, rediscounts, and other liabilities for borrowed money 11,400 6,783 18,183 4,231 13,952 Acceptances outstanding 33,990 2,215 21,535 3,200 60,940 34,343 26,597 Dividends declared but not yet payable 19,692 1,130 12,614 6,860 40,296 25,790 14,506 Income collected but not yet earned 6,717 1,649 19,428 11,477 39,271 25,617 13,654 Expenses accrued and unpaid 46,772 14,054 67,413 27,218 155,457 98,661 56,796 Other liabilities 25,097 5,827 24,784 8,501 64,209 39,274 24,935 Total liabilities. 22,255,006 5,275,606 31,927,738 25,110,864 84,569,214 54,966,755 29,602,459 CAPITAL ACCOUNTS Capital 569,967 101,200 780,978 924,465 2,376,610 1,494,208 882,402 Surplus 905,655 126,990 821,269 724,410 2,578,324 1,471,952 1,106,372 Undivided profits 239,331 43,363 297,152 316,978 896,824 583,819 313,005 Other capital accounts 59,457 40,878 171,661 128,243 400,239 266,312 133,927 Total capital accounts 1,774,410 312,431 2,071,060 2,094,096 6,251,997 3,816,291 2,435,706 Total liabilities and capital accounts. 24,029,416 5,588,037 33,998,798 27,204,960 90,821,211 58,783,046 32,038,165 MEMORANDA Par or face value of capital—Total 569,967 101,200 780,978 925,667 2,377,812 1,494,880 882,932 Capital notes and debentures 122 19,417 14,411 33,950 33,950 First preferred stock 700 75,230 104,862 189,218 "126,084 63,134 Second preferred stock 8,426 1,656 13,866 15,522 10,877 4,645 Common stock 100,500 684,675 792,528 2,139,122 1,357,919 781,203 '561^419 Retirable value of capital: First preferred stock 700 103,903 150,187 275,677 168,829 106,848 Second preferred stock 20,887 1,656 19,561 21,217 12,645 8,572 Net demand deposits subject to reserve 17,201,339 3,877,752 20,434,972 12,626,015 54,140,078 34,515,504 19,624,574 Demand deposits—adjusted2 13,543,122 3,001,953 17,402,830 15,008,703 48,956,608 31,456,530 17,500,078 Reciprocal bank balances (excluded from assets and liabilities) 44,096 39,058 344,085 51,231 478,470 327,356 151,114 Number of banks 37 15 352 6,299 6,703 5,060 1,643 1 Banks are classed according to the reserves which they are required to carry (see p. 988). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Demand deposits other than interbank and United States Government, less cash kems reported as in process of collection. IO3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS JUNE 30, 1943, DECEMBER 31, AND JUNE 30, 1942 June 30, 1943 Dec. 31,1942 June 30, 1942 co i m b n a s m A n u l e k r l e r s c d 1 ial B m R F S a e e e n y m s d k s e t e s b e r r v e m n a r e l o s t co i m b n a s m A n u l e k r l e r s c d 1 ial B m R F S a e e n e y m d s k s e t e s b e r r n e v m a r e l o s t co i m b n a s m A n u l e k r l e r s c d 1 ial , B m R F S a e e n y e s d m k s e t e s e r b r v m n a e e l o rs t ASSETS Loans (including overdrafts) 17,392,157 2,572,435 r18,906,869 r2,821,594 19,922,804 2,997,722 United States Government direct obligations 48,880,543 4,391,166 37,993,299 2,989,208 23,062,115 1,650,793 Obligations guaranteed by United States Government 2,661,305 174,546 2,718,398 178,979 2,873,967 189,169 Obligations of States and political subdivisions 3,441,027 565,769 3,533,486 569,511 3,493,880 561,247 Other bonds, notes, and debentures 2,520,385 393,530 2,680,163 393,870 2,865,154 409,849 Corporate stocks (including Federal Reserve Bank stock) 386,863 38,031 418,908 41,986 431,312 47,061 Total loans and investments 75,282,280 8,135,477 r66,251,123 r6,995,148 52,649,232 5,855,841 Reserve with Federal Reserve Banks 12,092,461 13,071,533 12,294,505 Cash in vault 1,449,901 308,272 1,306,806 288^307 1,290,745 269414 Demand balances with banks in United States (except private banks and American branches of foreign banks) 8,360,056 2,830,965 8,984,740 2,901,563 7,975,952 2,292,264 Other balances with banks in United States 76,252 27,972 100,282 38,111 130,386 45,117 Balances with banks in foreign countries 19,381 304 13,255 302 12,767 342 Due from own foreign branches 3,580 362 275 Cash items in process of collection 3,539,563 62,273 4,116,759 86,946 2,677,505 55,991 Bank premises owned and furniture and fixtures 1,022,511 139,810 1,047,535 143,481 1,060,323 147,731 Other real estate owned # 164,306 55,115 198,800 64,026 232,429 74,618 Investments and other assets indirectly representing bank premises or other real estate 92,488 7,728 101,911 8,990 107,423 10,234 Customers' liability on acceptances 54,207 303 40,808 301 59,333 503 Income accrued but not yet collected 153,958 7,939 133,493 7,206 115,819 6,471 Other assets 94,520 18,443 91,704 17,817 102,761 14,378 Total assets . 102,405,464 11,594,601 r95,459,lll r10,552,198 78,709,455 8,772,604 LIABILITIES Demand deposits—Total 77,120,379 6,969,805 71,559,350 6,123,658 55,617,692 4,449,656 Individuals, partnerships, and corporations 53,423,385 5,560,854 47,128,273 4,989,037 39,266,281 3,619,980 United States Government: W Ot a h r e l r oan accounts 7,4 2 4 5 1 8 , , 2 3 8 8 8 3 4 2 3 8 5 , , 3 0 9 6 3 3 > 8,167,459 244,035 1,771,501 47,163 States and political subdivisions 4,262,454 740,594 3,996,701 678,712 3,866,325 636,098 Banks in United States 9,768,487 119,999 10,234,297 132,991 9,199,633 89,179 Banks in foreign countries 834,043 2,093 813,479 2,040 748,333 2,153 Certified and officers' checks, cash letters of credit and travelers' checks, etc " 1,132,339 82,809 1,219,141 76.843 765,619 55,083 Time deposits—total 17,462,079 3,605,892 r16,261,077 r3,428,769 15,544,739 3,316,351 Individuals, partnerships, and corporations 16,897,124 3,524,134 r15,706,335 r3,349,068 14,889,560 3,224,491 United States Government 65,265 300 47,875 200 34,515 50 Postal savings 9,254 3,379 13,364 4,801 21,512 6,944 States and political subdivisions 412,022 70,795 396,792 64,866 470,691 70,678 Banks in United States 73,600 7,276 91,892 9,826 122,962 14,180 Banks in foreign countries 4,814 8 4,819 8 5,499 8 Total deposits 94,582,458 10,575,697 87,820,427 9,552,427 71,162,431 7,766,007 Due to own foreign branches ^ 174,769 216,952 195,812 Bills payable, rediscounts, and other liabilities for borrowed money 24,470 6,287 9,748 4^941 11,509 5^502 Acceptances outstanding 61,260 320 46,478 303 68,844 521 Dividends declared but not yet payable 41,732 1,436 39,915 2,429 41,840 1,583 Income collected but not yet earned 49,198 9,927 58,030 11,516 77,844 15,519 Expenses accrued and unpaid 166,515 11,059 127,390 10,643 132,799 10,971 Other liabilities 75,722 11,534 83,937 13,584 65,556 9,299 Total liabilities 95,176,124 10,616,260 r88,402,877 r9,595,843 71,756,635 7,809,402 CAPITAL ACCOUNTS Capital 2,841,304 464,764 2,848,630 470,036 2,858,709 479,588 Surplus 2,886,829 309,323 2,801,594 303,315 2,741,404 295,992 Undivided profits 1,039,182 142,431 972,042 125,314 935,727 130,173 Other capital accounts 462,025 61,823 433,968 57,690 416,980 57,449 Total capital accounts 7,229,340 978,341 7,056,234 956,355 6,952,820 963,202 Total liabilities and capital accounts 102,405,464 11,594,601 r95,459,111 10,552,198 78,709,455 8,772,604 MEMORANDA Demand deposits—adjusted2 . . 55,278,615 6,321,984 48,227,356 5,657,646 41,220,720 4,255,170 Reciprocal bank balances (excluded from assets and liabilities) 490,528 12,058 525,324 12,153 614,029 14,258 Number of banks 13,302 6,602 13,347 6,671 13,403 6,759 r Revised. 1 Excludes 3 mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. OCTOBER 1943 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1034 Gold production 1035 Gold movements 1035 Net capital movements to United States since January i, 1935 1036 Central banks 103 7-1040 Money rates in foreign countries 1041 Commercial banks 1041 Foreign exchange rates 1043 Price movements: Wholesale prices 1044 Retail food prices and cost of living 1045 Security prices 1045 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 arc compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. OCTOBER 1943 IO33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollarsj End of month U S n ta it t e e d s g t A i e n n r a - - g B iu el m - Brazil B I r n i d ti i s a h g B a u r l i - a Canada Chile lom Co b - ia ! v z S a e l k o c - i h a o- m D a en rk - Egypt France m G a e n r- y Greece 1936—Dec... 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec... 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec... 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec... 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec... 21,995 J353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec... 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Sept.. 22,754 354 735 82 274 25 36 21 61 44 52 2,000 Oct... 22,740 354 735 113 274 25 36 23 61 44 52 2,000 Nov.. 22,743 354 735 114 274 25 36 24 61 44 52 2,000 Dec... 22,726 354 735 115 274 25 36 25 61 44 52 2,000 29 1943—Jan... 22,683 354 734 120 274 25 38 27 61 44 52 2,000 Feb... 22,644 354 734 121 274 42 28 61 44 52 2,000 Mar... 22,576 354 734 127 274 46 30 61 44 2,000 Apr... 22,473 355 734 143 274 47 42 61 44 2,000 May.. 22,426 354 734 p153 274 48 43 61 44 2,000 June.. 22,388 354 734 49 45 61 44 2,000 July.. C22,335 734 50 51 Aug... 22,243 53 End of month H ga u r n y - Iran Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ruma- A S f o r u ic th a Spain (Persia) 1936—Dec... 25 25 208 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec. 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec. 24 26 6164 235 47 575 23 21 59 182 366 1942—Sept.. 24 26 4216 34 518 23 24 59 225 551 Oct... 24 26 36 514 23 24 59 234 582 Nov.. 24 26 37 510 23 25 59 239 610 Dec... 24 39 506 23 25 59 241 634 1943—Jan... 24 70 501 23 25 59 241 572 Feb... 24 90 497 23 25 59 242 523 Mar.. 24 110 496 23 25 59 246 537 Apr... 24 126 496 23 25 59 252 558 May.. 24 125 496 23 26 59 261 571 June.. 24 126 496 23 26 262 583 68 July.. 125 26 Aug... 174 26 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g vi o a - B.I.S. c O t o ri t u e h n s e 7 - r End of month U St n a i t t e e s d U K d n o in i m t g e - d France2 g B iu e m l- 1936—Dec... 240 657 26 2,584 77 59 48 183 1937—June ... 169 3 934 115 1937—Dec... 244 650 29 2,689 74 52 51 185 Dec 4 1,395 81 1938—Dec... 321 701 29 2,690 69 52 57 14 142 1938—Mar.... 1,489 1939—Dec... 308 549 29 8 1 68 52 59 7 153 June.. . 62 1940—Dec... 160 502 1 90 9 29 12 145 Dec. ... 80 4 759 331 44 1941—Dec... 223 665 1 100 41 483 12 142 1939—Mar. ... 154 1,732 559 May.... 477 1942—Sept.. 321 801 111 1 95 60 20 151 June... ""85" 17 Oct... 326 805 116 1 94 64 21 152 Sept.... 164 5876 ........ Nov.., 331 813 117 1 92 64 21 152 Dec 156 Dec... 335 824 114 1 89 68 21 160 1940—Mar. ... 145 1943—Tan... 340 832 124 1 89 68 22 160 June... 86 17 Feb... 342 842 124 1 89 70 24 10182 Sept.... 105 Mar... 344 I 851 124 1 89 72 25 182 Dec. ... 48 292 17 Apr... 344 859 145 1 89 76 25 183 1941—Mar. ... 88 May.. 346 866 158 1 25 184 June... 89 June.. 347 867 158 1 26 184 Sept.... 24 6151 July.. 368 876 158 1 26 lrlgl Dec 25 17 Aug... 371 1 191 1942—Mar.... 12 June... 8 Sept.... 7 p Preliminary. r Revised. c Corrected. 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, 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, p. 170. B Es o t l o iv n i i a a , , C Fi h n in la a n , d C , o G st u a a t R e i m ca a l b a e , g I i c n e n la in n g d , J u Ir l e y l a 1 n 94 d 3 b , e D g a in n n z i i n g g t h F r e o b u r g u h a r A y u 1 g 9 . 4 3 3, 1 , L 1 a 9 t 3 v 9 i , a E ,L cu it a h d u o a r, n i E a l , M Sa o l r v o a c d c o o r , , 3 4 F F i i g g u u r r e e f f o o r r e e n n d d o o f f M S a e r p c t h e m 19 b 3 e 7 r , . first date reported. and Thailand (Siam). Figures for certain of these countries have been carried forward from last 5 Reported figure for total British gold reserves on previous official report. Aug. 31, 1939, less reported holdings of Bank of Eng- 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British land on that date. Exchange Equalization Account during 1939. 6 Figure for Sept 1, 1941. 9 Beginning December 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For details regarding special gold 10 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. transfers in 1939-40 between the British E. E. A. 11 Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. for September 1940, p. 926 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 1034 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other outside reported South Rho- West I Belgian I Nicara-Austra-1 British U.S.S.R.1 monthly Africa desia Africa2 I CongoS | Canadas[Mesico*| Chile I gua7 lia8 I India9 $1 = 15 grains of gold a 9 0 fine; i.e.a,n ounceof fine gold $35 1934 823,003 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938 1,136,360 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939 1,208,705 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940 1,297,349 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1.288.945 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 494,439 r26,64l 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—July '83,336 42,784 r2,231 2,450 12,756 14,991 2,006 647 816 3,990 665 Aug. r77,382 41,454 r2,258 2,345 10,166 14,221 1,730 531 722 3,360 595 Sept. r76,813 40,559 r2,180 2,310 11,839 13,325 1,710 441 634 3,185 630 Oct.. r78,269 41,023 r2,162 2,275 12,015 13,479 1,659 401 669 4,165 420 Nov. r70,386 39,144 r2,095 2,240 7,831 12,801 1,614 432 659 3,045 525 Dec r68,374 38,616 r2,149 2,135 6,212 12,704 1,433 544 906 2,940 735 1943—Jan.. r64,862 37,687 rl,984 2,135 4,654 11,708 2,055 440 672 2,827 700 Feb. r63,904 38,835 rl,902 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar. 61,871 35,489 rl,987 1,610 4,520 12,169 1,661 558 622 2,450 805 Ar-.. P63,584 37,604 2,004 1,645 4,891 11,308 1,648 548 646 2*2,485 805 J M J u u a l n y y e . . ^ p p 6 6 6 2 3 2 , , , 0 0 7 8 3 0 0 0 7 3 3 3 7 8 7 , , , 9 3 4 6 6 2 2 7 4 - A ^ 1 , 1 , 9 , 9 9 8 8 8 7 7 7 1 1 1 , , , 5 6 6 4 4 4 0 5 5 4 4 3 , , , 7 0 9 5 6 4 5 5 5 1 1 1 0 0 1 , , , 9 2 43 6 4 1 9 0 pl 1 1 , , , 7 5 5 6 9 4 3 9 0 / ' • 5 5 ^5 4 4 4 8 8 8 6 7 7 2 0 2 2 0 4 P ^ 2 2 * 2 , 2 , , 4 5 1 1 2 0 5 0 0 ' 7 7 7 3 3 7 5 5 0 Gold production in U. S. S. R.: No regular Government statistics on gold* production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. * Figure carried forward. T Revised. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for 1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1943 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 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 1942, 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 i e u l 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 la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39, 735 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29, 998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 *102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388, 468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb. 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 J M u a n y e 3 30 4 , , 7 8 1 3 2 0 474 1 1 17 6 , , 5 3 1 0 4 6 9 8 6 0 9 0 2,794 7 3 2 , ,1 3 1 8 4 4 4 4 , , 5 19 9 4 3 3,59 6 4 9 "iii 3 5, , 0 5 0 8 9 9 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 "i,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 "2,327' 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 6 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. 1035 OCTOBER 1943 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 1>anking Decrease Foreign Domestic funds in U. S in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan.14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.4 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb.11 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb.18 5,035.7 2,646.2 866.1 1,780.2 • 806.8 855.9 624.5 102.4 Feb.25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15 1 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 3rl,801.8 3rl,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 3rl,871.6 3rl,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 44,002.6 42,071.4 41,931.2 4896.9 806.8 687.9 Revised. 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Revised figures for amounts outstanding in millions of dollars: official funds—Apr. 30, 2,424.0, May 29, 2,489.2, and other funds—Apr. 30, 1,933.6, May 29, 1,947.6. * t » » .x , , , , , 4 Amounts outstanding on June 30, in millions of dollars: total foreign banking funds in United States, 4,669.8, including official funds, 2,689.0, and other funds, 1,980.9; United States banking funds abroad, 238.6; and brokerage balances (net due "foreigners") 35.3. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on foreigners as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98; April 1939, pp. 284-296; and May 1937, pp. 394-431. IO36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s in s t m er il l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i s n c a e t d s s - Se t c ie u s rition3 Bankers' D P e u p b o l s i i c ts Other l O ia t t h b ie e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1 19 9 3 3 7 6 — — D D e e c c . 3 2 0 9 3 3 1 2 3 6 . . 7 4 2 2 0 2 0 0 . . 0 0 . . 6 8 4 4 6 1 . . 3 1 1 9 7 . . 2 5 1 1 5 3 5 5. . 5 6 4 5 6 0 7 5 . . 4 3 1 1 2 5 0 0 . . 6 6 1 1 1 2 . . 4 1 3 3 9 6 . . 2 6 1 18 8 . . 0 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 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—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 51,000.0 1.0 46.8 5.3 196.2 953.4 170.1 8.3 53.1 17.7 May 26 .2 1,000.0 .9 55.3 4.6 185.3 945.0 174.1 3.2 51.0 17.8 June 30 .2 1,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 July 28 .2 1,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Aug. 25 .2 1,000.0 1.4 25.3 3.4 218.3 974.9 166.8 7.2 56.6 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of m S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets circulation? liabilities dollars S t h e o rm rt- 6 Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935-Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 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—Sept. 30.. 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 F<eb. 27.. .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 Mar. 31.. .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4 Apr. 30... .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 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 Aug. 31... 37.6 798.8 340.8 29.2 796.7 308.6 59.7 10.3 31.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account. 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. OCTOBER 1943 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France (Figures in millions Foreign Domestic bills A G d o v v a e n rn c m es e n to t Note Deposits Other of francs) Gold1 ch e a x n - ge m O a p r e k n et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 a O s t s h e e t r s cir ti c o u n la- G m ov e e n r t n- C.A.R.4 Other li t a i b e i s li- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83, 412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 " 1,379" 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—June 25 84,598 38 42,699 9 4,000 174,938 62,950 19,486 304,379 768 48,093 30,724 4,753 July 30 84,598 38 43,743 9 4,744 180,678 57,650 20,740 315,617 726 39,908 31,963 3,985 Aug. 27 84,598 37 43,427 4,525 180,999 63,850 19,607 323,494 768 35,371 33,298 4,111 Sept. 24 84,598 37 43,869 4 4,038 183,758 67,500 19,818 334,370 717 31,100 32,142 5,293 Oct. 29 84,598 37 44,239 69 4,599 193,376 66,900 20,352 348,935 696 25,726 35,007 3,807 Nov. 26 84,598 37 44,562 212 6,509 198,868 68,700 20,457 364,768 677 19,769 35,181 3,547 Dec. 31 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Jan. 28.. 84,598 37 43,448 108 5,061 216,334 62,600 20,698 387,748 725 9,051 30,654 4,705 Feb. 25 84,598 37 43,103 105 7,533 230,911 57,800 21,458 397,319 1,521 9,521 32,886 4,299 Mar. 25 84,598 37 42,938 23 6,108 230,740 69,250 20,181 405,416 698 8,429 33,776 5,556 Apr. 29 84,598 37 42,883 26 6,686 248,320 57,650 21,072 413,567 713 8,749 34,186 4,058 May 27 84,598 36 42,930 6 6,199 260,919 56,900 21,768 419,530 734 10,166 37,750 5,177 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of T fo o r t e a i l gn exchange i T c n r h c e e l a u c s d k u i s r n ) y , g Se lo cu an ri s ty E as li g n i o b t l e e Other O as t s h e e t r s ci N r t c i o o u t n l e a- Deposits l O ia t t i b h e i s e l r ireserves Gold bills cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 ,396 1941—Dec. 31 77 71 21,656 32 107 283 2,311 19,325 3,649 ,493 1942—Aug. 31 77 23,611 14 34 204 2,262 21,808 2,864 ,530 Sept. 30 77 23,996 21 68 204 2,251 22,037 2,985 ,594 Oct. 31 77 24,641 13 63 201 2,117 22,600 2,887 ,624 Nov. 30 77 25,449 13 71 210 2,146 23,052 3,241 ,673 Dec. 31 76 29,283 25 87 210 1,664 24,375 5,292 ,680 1943—Jan. 30 77 26,270 22 51 185 2,477 23,664 3,892 ,526 Feb. 27 77 26,758 21 49 180 2,370 24,266 3,820 ,369 Mar. 31 77 27,869 18 41 85 2,345 24,697 4,340 ,397 Apr. 30 77 28,603 18 1 78 2,319 25,442 4,226 1,427 May 31 77 29,592 16 17 121 2,268 25,922 4,606 1,563 June 30 77 30,890 29 1 67 2,178 26,650 4,881 1,711 July 31 77 32,317 34 1 100 2,003 27,597 5,199 1,736 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Mar. 31, 1943, advances of 261,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. •'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. IO38 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Re- National Bank of Denmark (million! public (millions of pesos): of kroner): Gold reported separately 1,07' 1,07. Gold 9' Other gold and foreign exchange.. 1,506 629 Foreign exchange 20 16 Negotiable Government bonds.... 349 364 Clearing accounts (net) 1,474 1,017 Rediscounted paper Loans and discounts 35 52 O N t o h te e r c a ir s c s u et l s ation 1,6 2 9 5 2 : 1,4 2 9 2 ! C S G e o c v u t r . i t c ie o s mpensation account4 1 6 2 2 5 1 4 2 1 5 Deposits—Member bank 873 63' Other assets 1,825 1,154 Government 429 Note circulation 1,058 834 Other 77 Deposits—Government C696 408 Foreign exchange sold forward Other ... _ cl,573 1,020 Other liabilities 109 Other liabilities 311 241 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds): sands of sucres): (Apr.)2 Issue department: Gold 148,323 97,427 Gold and English sterling.... 36,391 35,141 27,860 Foreign exchange (net) 104,071 53,638 Securities 114,719 112,477 90,404 Loans and discounts 82,753 87,614 Banking department: Other assets 56,211 41,080 Coin, bullion, and cash 6,995 7,583 5,25. Note circulation 182,832 147,198 London balances 45,152 45,310 35,64 Demand deposits 179,395 105,003 Loans and discounts 21,411 21,976 23,78 Other liabilities 29,130 27,558 Securities 210,565 213,959126,77 National Bank of Egypt3 Deposits 168,721 175,692141,69; Central Reserve Bank of El|Salva- Note circulation 141,762 138,356109,10 dor (thousands of colones): National Bank of Belgium and Gold ,684 24,218 21,720 l B io a n n s k o f o b f e l I g s a s ) u :1 e of Brussels (mil L Fo o r a e n i s g n a n e d x c d h is a c n o g u e nts ,6 6 6 1 3 1 27,6 4 8 6 4 3 10,4 9 7 0 0 6 Gold 4,33: 4,336 Government debt and securities.. i,835 6,802 7,056 Foreign exchange 7,835 3,84 Other assets 563 682 515 Credits to State and public bodies 3,270 4,21c Note circulation ,396 32,062 23,523 Credits to private economy 85 5i Deposits ,019 21,832 11,417 Reichskreditkasse 71 729 Other liabilities ,941 5,955 5,727 Other assets 508 544 Bank of Finland (millions of (Dec. (Dec. Note circulation 14,760 11,988 markkaa): 1942)2 1941) Demand deposits 845 725 Gold 171 171 Postal Checking Office 851 77 Foreign assets 763 cl,236 Other liabilities 291 22^ Loans and discounts C15,963 C12,279 National Bank of Bohemia and Mo- Domestic securities C589 377 ravia (millions of koruny): Other assets. C89 C114 Gold 1,515 1,515 Note circulation 9,617 7,317 Foreign exchange 746 760 Deposits 1,189 1,296 Discounts 944 91 Foreign clearing accounts 2,956 1,490 Loans Other liabilities 3,814 4,076 Other assets 22,611 13,539 Bank of Greece3 Note circulation 17,450 10,781 National Bank of Hungary (millions Demand deposits 4,311 2,139 of pengo): Other liabilities 4,055 3,811 Gold 100 100 100 Central Bank of Bolivia (thousands Foreign exchange reserve 4 5 4 of bolivianos): Discounts ',554 2,183 1,489 Gold at home and abroad 554,268 554,266389,214 Loans—To Treasury 682 690 760 Foreign exchange 360,839 343,355323,185 To foreign countries 658 653 430 Loans and discounts 307,601 287,97'4 '3"03 ,788 Other 14 15 33 Securities—Government 544,948 545,496492,816 Other assets 976 928 601 Other 40,652 40,641 41,234 Note circulation 1,477 3,201 2,387 Other assets 86,299 111,60' 70,157 Demand deposits 556 454 457 Note circulation 1,003,183 980,417729,079 Consolidated foreign credits of 1931. 15 18 21 Deposits 791,131 806,883738,071 Other liabilities 942 900 553 Other liabilities 100,292 96,039153,244 Reserve Bank of India (millions of National Bank of Bulgaria3 rupees): Central Bank of Chile (millions of Issue department: pesos): Gold at home and abroad.... 444 444 444 Gold 244 240 149 Sterling securities 5,829 5,545 3,118 Discounts for member banks 97 44 162 Indian Govt. securities L,083 1,197 1,024 Loans to Government 761 773 729 Rupee coin 152 161 287 Other loans and discounts 870 939 918 Note circulation r,404 7,234 4,743 Other assets.. 876 874 244 Banking department: Note circulation 2,033 2,090 1,576 Notes of issue department 104 114 131 Deposits—Bank 397 363 240 Balances abroad 955 872 772 Other 150 153 175 Treasury bills discounted 1 2 Other liabilities 266 263 209 Loans to Government 3 9 Bank of the Republic of Colombia Other assets 112 121 89 (thousands of pesos): Deposits 988 889 851 Gold 92,679 89,744 78,122 33,690 Other liabilities 186 226 152 Foreign exchange 83,678 79,052 81,272 53,470 Central Bank of Ireland (thousands Loans and discounts 6,199 5,129 12,456 14,605 of pounds) :5 Government loans and securities... 55,684 55,822 55,925 59,544 Gold 2,646 Other assets 30,660 30,573 27,994 32,345 Sterling funds.... 20,518 Note circulation 108,488 108,327 108,495 85,040 Note circulation.. 23,164 Deposits 115,684 96,380 92,190 66,064 Other liabilities 44,729 55,613 55,084 42,551 c Corrected. 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Bulgaria (January 1943) and Egypt (December 1942), see BULLETIN for July 1943, p. 697: ige losses resulting from the revaluation of the krone on Jan. 23, 1942. of the Central Bank Act is given in the BULLETIN for February 1943, pp. OCTOBER 1943 1039 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Japan1 South African Reserve Bank (Con- Bank of Java1 tinued) Bank of Mexico (thousands of pesos): Note circulation 43,077 35,253 Metallic reserve2 403,457 397,877 387,357 231,172 Deposits 121,246 87,458 "Authorized" holdings of securi- Other liabilities 4,668 4,282 ties, etc 1,165,347 ,145,2941,101,158 6501,896Bank of Spain1 Bills and discounts 133,265 125,139 139,201102,159 Bank of Sweden (millions of kronor) Other assets 52,449 60,645 56,528 54,384 Gold 81 811 766 696 N D o em te an c d ir c l u i l a a b t i i l o i n ties 9 6 9 1 9 4, , 7 1 0 2 1 7 9 6 5 3 2 8 , , 9 5 2 8 9 0 9 6 1 3 5 4 , , 2 1 4 8 5 4 6 2 3 9 2 2 , , 5 17 0 6 9 F Sw or e e d ig is n h as G s o et v s t . ( n s e e t c ) urities and ad- 575 571 627 547 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- 140,690 137,446 134,815113,927 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 . . ,01 9 0 1 1,03 97 1,0 8 4 5 7 843 ders): Other assets 82' 893 795 1,030 Gold 886 931 Note circulation ,045 1,969 1,969 1,755 Silver (including subsidiary coin).. 4 Demand deposits—Government... 358 353 563 355 Foreign bills 2,292 1,304 Other 286 476 181 611 Discounts 200 Other liabilities 630 610 606 395 Loans "140 151Swiss National Bank (millions of Other assets 256 226 francs): Note circulation 2,596 2,597 Gold 1,807 3,791 3,750 3,464 Deposits—Government 569 Foreign exchange 82 66 62 103 Other liabi O lit t i h e e s r 34 7 0 3 1 6 5 5 7 O Lo th a e n r s a a s n s d e t d s iscounts 6201 6 152 3 1 4 0 6 6 26 6 2 9 Reserve Bank of New Zealand (thou- Note circulation 1,692 2,670 2,642 2,261 sands of pounds): Other sight liabilities ,444 1,395 1,351 1,357 Gold. 2,802 2,802 2,802 Other liabilities 271 279 Sterling exchange reserve 25,778 29,685 25,220Central Bank of the Republic of Advances to State or State under- Turkey (thousands of pounds): takings 34,047 43,216 29,492 Gold 197,955 138,639 Investments 10,314 10,311 4,146 Foreign clearing accounts 64,860 54,415 Other assets 3,566 3,464 1,772 Loans and discounts 659,311 603,097 Note circulation 32,833 32,360 26,535 Securities 193,454 189,961 Demand deposits 40,584 53,775 34,027 Other assets 18,645 21,063 Other liabilities 3,089 3,343 2,870 Note circulation 736,297 615,527 Bank of Norway1 Deposits—Gold 79,358 79,358 Bank of the Republic of Para- Other 151,317 144,840 guay {millions of pesos): Other liabilities 167,253 167,449 Gold 20 Bank of the Republic of Uruguay F L o o r a e n i s g n a n e d x c d h i a s n co g u e nts 2,0 1 7 1 7 1 (th Is o s u u s e a n d d e s p o a f r tm pe e s n o t s : ): Apr.)3 Government loans and securities... 1,829 Gold and silver 90,797 92,237 Other assets 2,166 Note circulation 117,513 110,932 Note circulation 2,331 Banking department: Demand deposits—Government... . 560 Gold and silver 55,323 66,839 Other 1,856 Notes and coin 32,233 41,359 Other liabilities 1,456 Advances to State and to Central Reserve Bank of Peru (thou- government bodies 36,782 36,364 sands of soles): (Mar.)3 Other loans and discounts.... 105,318 101,533 Gold and foreign exchange 119,215 96,501 Other assets 177,091 100,999 Discounts 13,649 c7,409 Deposits 144,220 135,441 Government loans 285,189257,122 Other liabilities 262,628 211,652 Other assets 21,055C23,621Central Bank of Venezuela (thou- Note circulation 287,843 2'5"8,480 sands of bolivares): Deposits. 132,612 90,147 Gold 257,864 145,504 245,504 171,377 Other liabilities 18,653 36,026 Foreign exchange (net) 29,519 37,178 33,640 38,540 Bank of Portugal (millions of Credits to national banks 31,230 31,230 31,230 35,230 es G cu o d ld o 4 s): (Ap 1 r ,3 .) 9 3 7 1,376 N Ot o h t e e r c a i s r s c e u t l s a tion—Central Bank.. 23 1 8 7 , , 4 8 1 4 0 7 1 1 3 8 5 , , 3 1 9 6 3 7 22 5 4 , , 2 0 0 2 3 8 1 1 6 2 4 , , 1 8 9 0 4 8 Other reserves (net) 3,456 2,526 National banks.. 28,971 30,448 32,048 43,101 Nonre serve exchange 6,605 5,031 Deposits 62,856 60,734 52,570 43,300 Loans and discounts 216 265 Other liabilities 6,22: 5,956 6,931 6,132 Government debt 1,025 1,028National Bank of the Kingdom of Other assets. 955 916 Yugoslavia1 Note circulation 5,469 4,684Bank for International Settlements Other sight liabilities 7,325 5,665 (thousands of Swiss gold francs7): Other liabilities 860 795 Gold in bars 78,683 78,499 56,644 National Bank of Rumania (millions Cash on hand and on current acof lei): (May)3 count with banks 23,403 25,065 36,209 Gold 49,166 41,294 Sight funds at interest 15,846 16,24: 15,643 Special exchange accounts 30,524 22,039 Rediscountable bills and accept- Loans and discounts 37,651 34,639 ances (at cost) 151,757 148,381 142,611 Special loans (in liquidation) 281 421 Time funds at interest 21,393 21,395 20,939 Government debt 20,853 21,230 Sundry bills and investments.... 192,692 196,757 200,466 Other assets. 55,566 39,935 Other assets 39 42 Note circulation 120,954100,477 Demand deposits (gold) 40,863 39,387 29,094 Demand deposits 49,024 41,503 Short-term deposits (various cur- Other liabilities 24,064 17,578 rencies): South African Reserve Bank (thou- Central banks for own account 15,834 16,839 15,444 sands of pounds): Other 2,539 2,312 4,708 Gold , 70,695 63,942 Long-term deposits: Special ac- Foreign bills 10,548 1,028 counts 229,00: 229,00 229,001 Other bills and loans 599 381 Other liabilities 195,57. 198,95: 194,306 Other assets 87,148 61,642 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE- TIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see BULLETIN for May 1943, p. 414. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1941. 6 Includes small amount of non-Government bonds. 6 Figure not available. 1 See BULLETIN for December 1936, p. 1025. IO4O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum ] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n t r- d h s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l S R e 3 a p 0 te t. ef D fec a t t i e ve ba C n e k n tr o a f— l S R e 3 a p 0 te t. ef D fe a ct te ive In effect Oct. 2, 1936 2 3 4 2 3 2H 2 Albania Mar. 21, 1940 Japan 3.29 Apr." 7, 1936 Oct. 9 Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 2 Belgium 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 O N c o t v . . 2 2 0 6 "Hi" Bo M he o m ra ia v ^ i a and Oct. 1, 1940 L M i e t x h i u c a o nia. .. 6 J J u u n ly e 1 4 5 , , 1 1 9 9 4 3 2 9 Dec. 3 "2 "" Jan. 28, 1937 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 3H Bulgaria 5 Dec. , 1,1940 land July 26, 1941 Nov. 13 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2y2 Colombia 4 July 18, 1933 Portugal.... 3 Apr. 8, 1943 May 30 . 3 Sept. 28 3 Oct. 27 2H Nov. 25 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain. . ..... 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 •"4 Aug. 29 ...... 3 Sept. 28 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 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 sy 2 Italy May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 Mar. 17, 1941 1% 3 Tune 27 NOTE.—Changes since Aug. 31: none in effect Sept. 30, w 1943 2 3H 2 2y2 3 OPEN-MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land ac B c a ep n t k a e n r c s e ' s Tre b a il s l u s ry Day-to-day a B ll a o n w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P i r s i c v o a u t n e t M f o o n r ey u L p o a to n s 3 d P is ri c v o a u t n e t 3 months 3 months on deposits rate rate 1 month months rate y_y 1929—uly 5.38 5.39 4.54 7.39 8.21 5.20 4.90 A262 3.19 1930—uly 2.37 2.38 1.78 1 3.40 4.30 1.85 1.85 1.92 1931— uly 2.58 2.44 2.05 i-iy x7.00 J8.89 1.53 1.40 4-6 1.55 1932—uly .92 .66 .67 y 2 4.58 5.49 .49 1.00 4-6 1.50 1933— uly .48 .40 .62 2 3.88 5.19 3.54 2.64 3sy^ 1.50 1934—uly .87 .76 .85 3.75 4.67 .74 1.00 2lA-5 1.50 1935—uly .65 .59 .75 3.00 3.10 3.25 2.77 2.79 1936—uly .58 .58 .75 A 2.88 2.96 2.01 1.73 23^-5 2.25 1 1 9 9 3 3 7 8 — — u u l l y y . . 5 5 5 6 . .5 5 2 3 . . 7 7 5 9 y 2 2 2 . . 9 8 3 8 2 2 . .6 9 4 6 . . 1 1 3 3 . . 9 5 2 0 2 2 3 3 ^ ^ - - 5 5 1 1. . 0 0 0 0 L939—uly .79 .77 .75 A 2.75 2.65 .51 .75 1.00 1940— uly 1.03 L02 1.00 2.38 1.73 2.83 31^-51^ 1.50 L941—uly 1.03 .00 1.00 2.13 1.63 11. 008ft 2.25 3_5i^ 1.25 1942— uly 1.03 LOO 1.00 y 2 2.13 1.75 3-5lA 1.25 1942—Aug. 1.03 LOO j on 2 13 1 68 3 SV2 1 25 O Se c p t t 1 1. . 0 0 3 3 L LO O O O L L0 0 4 5 1/ 2 2 . . 1 1 3 3 1 1. . 8 8 0 3 3 3 - - 5 $ y H 2 $ 1 25 N D o ec v 1 1 . . 0 0 3 3 1 . .0 00 1 L . O 00 O \ V / 2 2 . . 1 1 3 3 1 1 . 7 9 5 6 3 3 - - 5 5 M ^ J 1 1 2 2 5 5 1943—Jan. 1.03 L01 .08 1/ 2 13 1 84 1 25 Feb 1.03 .00 L10 y 2.13 3-SV 1 25 Mar 1.03 .00 .90 y> 2.13 1 25 Apr 1.03 L01 L03 2.13 1.25 May 1.03 .00 L.07 % 2.13 1.25 June 1.03 LOO 1.06 1.25 Jfuly 1.03 .00 L04 y 2 1.25 1 Based on data for part of month only. 2 Figure not available. £JOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. OCTOBER 1943 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilitie: (11 London clearing banks. Money at Treasury Deposits Fig p u o r u e n s d i s n s m te i r ll l i i o n n g s ) of re C se a r s v h es c n a s l o h l t o i a c r n e t d B co il u ls n t d e i d s- r d e e c p e o i s p i t t s2 Securitiesc L u o s a to n m s e to rs a O s t s h e e ts r Total Demand3 Time3 ! ! lia O b t i h li e ti r es 1936—December. 244 195 322 660 249 2,315 1,288 ,012 245 1937—December. 244 163 300 635 256 2,330 1,284 ,026 252 1938—December. 243 160 250 635 263 2,254 1,256 997 269 1939—December. 274 174 334 609 290 2,441 1,398 ,043 256 1940—December. 324 159 265 314 771 293 2,800 1,770 ,030 250 1941—December. 366 141 171 758 999 324 3,329 2,168 ,161 253 1942—August.... 351 133 283 634 1,082 257 3,305 2,161 ,143 231 September 349 127 277 693 1,097 263 3,358 2,218 ,140 233 October... 350 136 271 744 1,108 263 3,424 2,261 ,163 232 November. 367 135 241 804 1,117 269 3,472 2,287 ,185 234 December. 390 142 198 896 1,120 325 3,629 2,429 ,200 236 1943—January... 379 146 197 935 1,112 271 3,577 2,369 ,207 237 February.. 373 154 148 933 1,109 272 3,525 2,324 ,201 237 March 377 139 173 884 1,132 283 3,542 2,362 ,180 235 April 375 142 128 964 1,137 268 3,545 2,350 ,195 235 May 377 158 154 924 1,150 268 3,566 2,380 ,185 234 June 387 165 236 859 1,159 305 3,630 2,432 ,199 238 July 375 160 244 900 1,162 279 3,628 2,428 ,200 245 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s a n n in d k o s m . l la il r E l s i n o ) d n s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—August.... 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1,018 November. 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—January... 347 29 1,100 242 2,302 582 58 3,494 1,772 1,723 1,050 February.. 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 1,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 1,890 1,044 April. 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 1,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 1,826 1,094 France Assets Liabilitie: (4 larg f e i g b u a r o n e f s k s i f . n r a m n E c i n s l ) l d i o o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n 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—L member. 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 February.. 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 J A u u ly gust 6 6 , , 2 2 2 0 4 0 3 3 , , 2 2 2 7 1 2 7 7 1 0 , , 9 4 6 2 3 7 1 1 0 0 , , 2 2 6 5 5 9 1 1 , , 8 7 4 8 2 4 8 8 7 6 , , 7 1 5 8 3 0 8 8 7 5 , , 4 8 2 3 3 5 3 3 3 4 0 6 3 3 8 9 3 2 5 5 , ,3 4 1 2 8 9 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at ty% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available 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. IO41 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so t ) ina A ( u p s o t u ra nd li ) a g B iu e m l- (c B ru r z a e z ir il o1) 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 Sh h a a n i) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.6666* 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5/i248' 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 '2231704" 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—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 August 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.638 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 i ) a - ( 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 (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 2K883 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.C09 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—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— F T e a b n.. 5 5 7 7 . . 2 2 2 2 0 2 2 2 0 0 . . 5 5 7 7 3 3 3 32 2 3 2 . . 3 7 0 8 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 August 57.277 20.575 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le i m u a ) a- ( A S p o o fr u u i n c t d h a ) ( S p p es a e i t n a) S S m (d t e r o e t a l n t l i l a t t e f r s - ) c S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso) N co o n n - - Y ( s d l u a i g n v a o ia r - ) trolled 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 236i789' 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 ^.LSO 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—Sept 398.00 403.50 403.50 65.830 52.722 Oct 398.00 403.50 403.50 65.830 52.720 Nov 398.00 403.50 403.50 65.830 52.733 Dec 398.00 403.50 403.50 65.830 52.734 1943—-Jan 398.00 403.50 403.50 65.830 52.754 Feb 398.00 403.50 403.50 65.830 52.803 Mar 398.00 403.50 65.830 52.805 Apr 398.00 403.50 65.830 52.749 May 398.00 403.50 65.830 52.710 June 398.00 403 50 65.830 52.829 July 398.00 403.50 65.830 52.866 August 398 00 403.50 65.830 52.871 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. OCTOBER 1943 IO43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Indexnumbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 l 126 144 1930 .. 86 87 100 554 125 85 181 90 » 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932. 65 67 86 427 97 70 161 65 l 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 8 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1942—August 99 96 159 115 p357 192 211 O Se c p to te b m er ber 1 1 0 0 0 0 9 9 7 6 1 16 5 0 9 1 11 1 5 5 p p 3 3 5 5 7 8 1 19 9 3 2 2 2 1 1 2 2 > November 100 97 161 115 p358 195 214 December 101 97 161 115 ^358 195 215 1943—January 102 97 162 116 196 215 February 103 98 162 116 p365 197 217 March 103 99 162 116 197 217 April 104 99 163 116 197 218 May 104 99 163 116 197 218 June 104 100 163 116 197 p218 July 103 100 164 r117 196 August 103 p100 p162 195 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was*674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) r1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a p a c a w a t r u n t a r u ly n e - d d F f u m c a l h c l a t i y e n u f r u a ly e - n d d Foods p I r n o tr d d i u u a c l s- ts p A r g t o u r d r i u c a u c l t l- s a t f n r I i i n d n a i d l s s h u r e a e m s d - w i- p tr r I i i o n s a d h d l u e u f d i c s n t - s goods goods products 1926 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 . . 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 . . . 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1942—August 106 101 96 81 90 92 155 160 117 102 134 O Se c p to te b m er ber 1 1 0 0 9 8 1 1 0 0 2 3 9 9 6 6 8 8 4 6 r9 9 2 1 9 9 2 2 1 1 5 5 6 4 1 1 6 6 2 1 1 11 1 7 6 1 1 0 0 2 2 1 1 3 3 4 4 November 111 104 96 r87 93 r93 158 162 116 102 134 December 114 104 96 87 93 93 159 162 117 102 134 1943—Tanuary 117 105 96 88 93 93 160 163 119 102 134 February 119 106 96 89 94 93 160 163 118 103 134 March 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May 126 111 97 93 98 . 93 162 163 119 102 134 June 126 110 97 94 99 93 161 164 119 102 135 Tulv 125 107 97 96 100 93 164 164 121 102 135 124 106 97 ^158 ugus v Preliminary. r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1044 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 5 t t 0 e - e 0 3 d s ) 9 (1 C = 9 a a 3 d 1 n 5 0 a - - 0 3 ) 9 U K d = ( n 1 J i o 9 n 1 i u m 1 t 0 l g 4 e 0 y - d ) (1 m = G 9 a 1 e 1 3 n 0 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 4 z 0 d e - ) Year or month U ( S 1 = t n 9 1 a 3 i 0 t 5 t 0 e e - ) 3 d s 9 (1 = C a 9 a 1 3 d 0 n 5 a 0 - -3 ) 9 U K = d ( n 1 J i o 9 i 1 n u m 1 t 0 l g e 4 0 y - d ) ( m 1 = G 9 a 1 1 e 3 n 0 r - 0 y - 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d 0 e - s 1 ) r 3 , S e = ( r w 1 J l 9 u 1 a i 1 0 n t n 4 0 z e d ; - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 HZ2 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122. 130 130 1938 101 102 156 126 139 137 1839 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1942—August 126 130 160 136 . 202 1942-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 143 130 165 134 210 May 125 118 199 139 203 June 142 131 165 136 June 125 119 198 139 P203 July 139 132 168 140 July 124 119 200 142 P204 August 137 p133 139 August 123 i>119 199 141 P204 * Preliminary. \ 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. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S p d t r e n i a r c i 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 = m t d e 1 o b d 0 m e 0 r ) (1 F 9 r 1 a 3= n 1 ce 00) G ( e a p r v r m e i r c a a e g n )2 e y N la et n h d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 0 t t e 0 - e 3 d ) s 9 K U in n g it d e o d m (1 F 9 r 2 a 6 n =1 c 0 e 0) Germany (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6' 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 '84.7 100.7 8 77.9 88.1 70.8 7 120.6 114.6 »95.0 1941 117.8 123.8 ^98.7 10P103.0 80.0 72.5 11 289.7 136.8 1942 118.3 127.3 7100.1 7103.3 69.4 75.3 P476 142.1 1942—August 118.7 127.5 68.3 74.4 P518 142.4 September . 119.0 127.8 69.4 75.7 141.9 October 119.3 128.1 74.2 78.4 P5O7 142.7 November 119.5 127.5 75.2 80.4 ^529 142.8 December 118 9 127 3 75 9 80.1 143.5 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 120.1 127 1 * 95.2 84.3 June 120 5 127 0 96.7 84 1 Tulv 121.1 127.8 98.5 85.6 August 121.1 94.4 p Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4% per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. • Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 5 months; no data available June-Dec. 8 Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. 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. 1045 OCTOBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTJRSTON, 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 LEGA.L 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 WINGJIELD, 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 ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT WM. A. DAY Vice President ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE W. S. MCLARIN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT W. W. PADDOCK H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK President CHESTER MORRILL, Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist W. DALE CLARK, KANSAS CITY DISTRICT MALCOLM H. BRYAN, Associate Economist KENNETH H. MACKENZIE, Associate Economist NATHAN ADAMS, DALLAS DISTRICT OLIVER P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston. Albert M. Creighton Henry S. Dennison W. W. Paddock William Willett K. K. Carrick E. G. Hult J. C. Hunter1 Carl B. Pitman New York... Beardsley Ruml William I. Myers Allan Sproul L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whittier Alfred H. Williams Frank J. Drinncn W. J. Davis E. 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. Walden,Jr. J. G. Fry Geo. H. Keesee1 R. W. Mercer Edw. A. Wayne Atlanta.. Frank H. Neely J. F. Porter W. S. McLarinJr. Malcolm H. Bryan L. M. Clark H. F. Conniff Chicago. Simeon E. Leland W. W. Waymack C. S. Young H. P. Preston Allan M. Black1 J. H. Dillard Charles B. Dunn E. C. Harris Alfred T. Sihler St. Louis Wm. T. Nardin Oscar G. Johnston Chester C. Davis F, Guy Hitt O. M. Attebery^ Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffey Roger B. Shepard J. N. Peyton O. S, Powell A. W. Mills1 Otis R. Preston E. W. Swanson Sigurd Ueland A. R. Upgren Harry I. Ziemer Kansas City.. R. B. Caldwell Robert L. Mehornay H. G. Lecdy Henry O. Koppang Raymond W. Hall D. W. Woolley2 Dallas Jay Taylor J. B. Cozzo R. R. Gilbert E, B< Stroud E. B. Austin R. B. Coleman W. }. Evans W. O. Ford W. D. Gentry2 L. G. Pondrom San Francisco Henry F. Grady St. George Holden Wm. A. Day Ira Clerk C. E. Earhart W. M. Hale H. N. Mangels1 R. B. West MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Managing Director Branch Managing Director Bank of Bank of New York Buffalo R. B. Wiltse Minneapolis.... Helena R. E. Towie 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. Austin New Orleans E. P. Paris San Antonio L. G. Pondrom3 Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock A. F. Bailey Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis W. H. Glasgow Seattle C. R. Shaw Cashier. 2Also Cashier. 3Vicc President. 4Managcr. OCTOBER 1943 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES KANSAS CITYT1 §|S ""** sT L0 1 s = BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§) FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis