Federal Reserve Bulletin, 1943-11

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

=CONTENTS= PAGB Review of the Month—Treasury War Finance 1049-1057 Law Department: Absorption of Exchange or Collection Charges.... 1058 Consumer Credit: Add-on When Old Loan is in Default 1058-1059 Option 2. as Affected by Statement of Necessity 1059 Foreign Funds Control: Report of Property in Foreign Countries 1059 Treasury Department Releases 1059-1063 Member Bank Earnings, First Half of 1943 1064 Current Events 1065 National Summary of Business Conditions 1066-1067 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 1069 for list of tables). 1069-11x0 International Financial Statistics (Sec p. 112.1 for list of tables) 112.1-1133 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1134 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1135 Map of Federal Reserve Districts 1136 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 29 November 1943 NUMBER II TREASURY WAR FINANCE THE THIRD WAR LOAN DRIVE and brokers purchased 900 million dollars. Other investors, largely nonfinancial cor- Funds raised in the Third War Loan porations, purchased 7.9 billion dollars,, drive totaled 18.9 billion dollars. Excluding compared with 5.6 billion in the April sales to Federal agencies, which were drive. Government agencies and trust outside of the goal, the total was 18.3 funds, which were not included in the billion dollars, compared with the goal of 15 billion dollar goal, purchased 600 million 15 billion. The results of this drive, which dollars. The chart shows the amount of lasted from September 9 to October 2. and sales in the third drive to the different was confined to investors other than groups of investors. commercial banks, compare with 13.5 billion dollars sold to nonbank investors THIRD WAR LOAN DRIVE in the second drive and 7.9 billion in the BY CLASSES OF INVESTORS first drive. After the conclusion of the BILU0N3 OF DOLLARS BILLIONS OF DOLLARS 20 20 drive, commercial banks were sold 3.2. billion dollars of bonds and certificates. In the two previous war loan drives, commercial banks had been included, and sales to them had been limited to 5 billion dollars. September and October financing has supplied the Treasury with sufficient funds to meet its needs, except for refunding maturing issues, until early in 1944. Sales to individuals, partnerships, and personal trust accounts as a group amounted to 5.4 billion dollars in the third drive, compared with 3.3 billion in the second drive and 1.6 billion in the first drive. The growth in sales to this type of investor represents progress in the effort to finance TOTAL INDIVIDUALS IN A S N U D R A M N U C T E U A C L OS. DE A A N L D ERS SAVINGS BANKS BROKERS the war in a noninflationary way, since these sales absorb funds that might otherwise be used to bid up prices of the limited During the third drive, sales of Series E supply of consumer goods. Insurance com- savings bonds totaled x-5 billion dollars, a panies and mutual savings banks together billion more than in the second drive and purchased 4.1 billion dollars, somewhat more than three times as much as in the more than in the second drive. Dealers first drive. Compared with the second NOVEMBER 1943 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH drive, there were also substantial increases amount of financing required to meet war in sales of savings notes, certificates, and expenditures and the desirability of obtain- 2. per cent bonds. Sales of 1J/2 per centing a wide distribution of the debt. bonds showed little change. The detailed results of each war loan drive by types of TREASURY FINANCING IN OCTOBER investors and by types of securities are Shortly after the close of the drive the shown in the table. Treasury sold 3.2. billion dollars of securities War finance committees in each State to commercial banks, which had been had charge of the drive under the direction excluded from the third drive. This of a central committee at the Treasury amount was divided about equally between Department. These committees had the 2. per cent bonds of September 1951-53 and support and assistance of the largest number Y% of one per cent certificates of October 1944. of volunteer workers ever enlisted in a In addition, holders of the 1943-45 bonds, public undertaking, of the press, the radio, which had been called for payment on theaters, banks, large and small businesses, October 15, exchanged 1.1 billion dollars and State and local civic organizations. for the 2. per cent bonds and 58 million Many forms of publicity were used in order dollars for the 2J/2 per cent bonds included to acquaint the public with the huge in the drive, leaving Z15 million to be redeemed in cash. Holders of the certificates that matured on November 1 exchanged WAR LOAN DRIVES [In millions of dollars] most of the issue, in accordance with a Third Second First Treasury offering, for the new issue of certifdrive drive drive (Septem- (April (Decem- icates. In September and early October, ber 1943) 1943) ber 1942) including the period of the drive, commercial By types of investors banks substantially increased their holdings To nonbank investors: Individuals, partnerships, and of Government securities through purchases personal trust accounts 5,377 3,290 1,593 Insurance companies and savings in the market, in many cases of short-term banks 4,128 3,603 2,319 D U e . a S le . rs G a o n v d e r b n r m ok en er t s agencies and 894 544 886 issues sold by other investors wishing to trust funds 630 391 270 Other nonbank investors 7,915 5,648 2,793 purchase the new issues offered during the Total to nonbank investors 18,943 13,476 7,860 drive. To commercial banks 5,079 5,087 TREASURY RECEIPTS AND EXPENDITURES By types of securities To nonbank investors: Series E savings bonds 2,472 1,473 726 Budget expenditures for war activities, Series F and G savings bonds 831 667 288 Savings notes* 2,483 1,652 1,335 which have risen sharply during recent 2H per cent bonds 3,777 3,762 2,831 1% and 2 per cent bonds2 5,260 2,817 1,001 years, leveled off at about 7 billion dollars a Certificates 4,120 3,104 1,679 month during the past six months. Interest Total to nonbank investors 18,943 13,476 7,860 payments have continued to increase, To commercial banks: Treasury bills 810 906 reflecting the growing amount of public Certificates 2,147 2,121 \%A and 2 per cent bonds 2,122 2,061 debt outstanding, while other budget Total to commercial banks 5,079 5,087 expenditures have declined slightly. Bud- NOTE.—The figures include only sales made in connection with the get expenditures, excluding net outlays drives and do not allow for purchases and sales made in the market by the various types of investors during the drives. Mutual savings banks are included among nonbank investors for purposes of this by the Treasury to Government corporaclassification. * Including Series A and C tax savings notes in December, but only tions and agencies, totaled 11.3 billion Series C savings notes in April and September. 2 Two per cent bonds were sold in the second and third drives and dollars in the July-September quarter, 1% Per cent bonds in the first drive. IO5O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH somewhat lower than in the preceding renegotiation of war contracts brought quarter but 6.0 billion larger than in the other miscellaneous receipts to a total corresponding quarter of last year. of 770 million dollars for the quarter, compared with 540 million dollars in the preceding quarter and 40 million in the cor- TREASURY RECEIPTS AND EXPENDITURES QUARTERLY TOTALS BASED ON DAILY TREASURY STATEMENTS NS OF DOLLARS BILLIONS OF nn responding quarter of last year. 28 _ - The gross public debt increased by 2.2. _ - billion dollars in the first quarter of this 24 A - fiscal year; the largest part of this increase // - resulted from the Third War Loan drive. TOTAL 20 EXPENDITURES The Treasury's general fund balance was / raised by 8.7 billion dollars to an ex- - /v WAR 16 ceptionally large total of 18.2. billion. ! The public debt and the Treasury balance 12 - were further increased during the first half - of October by late receipts from the drive 1 I - J! and the sale of securities to banks. Because /NET of this large balance no new financing will be needed by the Treasury during the 4 remainder of this calendar year. Accord- - -^ ing to Budget estimates, requirements in A 0 the six months, January-June 1944, will be larger than those in the current half- Receipts increased substantially in theyear. July-September quarter, as shown by the chart. Net receipts, which exclude that WAR FINANCING IN 1943 part of the social security taxes placed in With the completion of the third drive reserve funds, amounted to io.z billion dol- and the October financing, it is possible lars, compared with 7.6 billion in the to review in a general way the results of preceding quarter and with 3.9 billion the financing program for 1943 to date. In in the corresponding quarter last year. addition to the securities sold in the second The increase in receipts reflected in part and third drives, there have been continularger collections of income taxes under the ous sales of savings bonds and savings new pay-as-you-go legislation, which be- notes, a gradual increase in the outstanding came effective on July 1, 1943, but also amount of Treasury bills until the middle of reflected collections of Victory taxes with- September, and between-drive issues of held in the previous quarter, amounting to notes in July, of certificates in February and 780 million dollars. In addition, capital August, and of bonds and certificates in stock taxes amounting to 360 million October. In the first 10 months of the dollars were collected in the first quarter calendar year, the interest-bearing direct of the current fiscal year, whereas in the and guaranteed debt increased by 56 billion previous year they were collected in the dollars. Present indications are that of second quarter. Furthermore, reimburse- this total about Z5 billion dollars, or 45 ments to the Government as a result of per cent, was taken by commercial banks NOVEMBER 1943 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and Federal Reserve Banks, compared with and otherwise, and of savings notes have 13.5 billion, or 49 per cent in all of 1942.. exerted an influence in the same direction. Of the total increase in the debt since the Important features of the war loan drives beginning of this year about 6 billion dol- have been the offering of a variety of issues lars was in Treasury bills, purchased largely in order to attract funds of all groups of by commercial banks and Federal Reserve nonbank investors, full allotment of sub- Banks, and 13 billion in certificates, pur- scriptions, and a nationwide organization of chased largely by commercial banks and volunteer workers. The list of securities corporations. Approximately xo billion has been made as complete as possible withdollars was in marketable bonds and notes, out sacrificing the simplicity that is desirpurchased by various classes of investors. able in view of the fact that securities are Nonmarketable savings bonds, purchased being sold to many investors who have not mostly by individuals, have shown an heretofore made such purchases. Each of increase • of 11 billion dollars in total these drives has included the three types of amount outstanding; savings notes, pur- savings bonds and the savings notes that chased mostly by corporations, have in- are continuously available, as well as three creased by 3 billion dollars, and special issues of marketable securities of different issues, sold to Government trust funds, maturities, consisting of certificates, interby 3. billion. mediate-term Treasury bonds, and long- The principal features of Treasury and term Treasury bonds. Federal Reserve policy in relation to war In selling securities to individuals, emfinancing, which will be reviewed in more phasis is placed on nonmarketable savings detail in the following paragraphs, have bonds especially the Series E. The purpose been (1) the sale of the maximum possible of this type of security is to insure the inamount of securities to investors other than vestor against the possibility of loss of princommercial banks, and especially to indi- cipal in the event that he desires to liquidate vidual investors, (x) the maintenance of his bonds and to encourage the investor to stability of yields on outstanding mar- hold the security until maturity. Series ketable securities, and (3) the provision of E bonds can be redeemed after 60 days at sufficient reserves to enable commercial fixed prices that are printed on the bond banks to purchase Government securities and that equal or exceed the cost of the not sold to other investors. bond. The amount of the excess represents interest on the investment and is calculated SALES TO NONBANK INVESTORS on the basis of a rate of return which in- Concentrated war loan drives lasting for creases with the length of time that the several weeks, with periods of several bonds have been held. For example, the months between drives, have been in- schedule provides a rate of return of 4 per augurated as the most effective means of cent per annum during the last five years, absorbing as much as possible of growing compared with an average of 2-9 per cent consumer incomes and of savings and to over the whole term of the bond. hold to a minimum the expansion of bank In the First War Loan drive the quota for credit, thus reducing inflationary pressure investors other than commercial banks was on commodity prices. Continuous sales of only 4 billion dollars, with 5 billion from savings bonds, through pay roll deductions commercial banks. The nonbank quota 1052 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH was increased in the second drive to 8 billion GROWTH IN INDIVIDUAL AND BUSINESS dollars, while offerings to banks remained SAVINGS at 5 billion. In the September drive the Large security purchases by individuals, quota for other investors was increased to by investment institutions, and by busi- 15 billion dollars and commercial banks nesses of various sorts during the past year were excluded from the drive; the banks, have reflected an unprecedented accumulahowever, were permitted to purchase 3 bil- tion of liquid assets by individuals and lion dollars of new securities in October. businesses, which has resulted from the In the first 10 months of 1943, insurance excess of income received over the supply of companies and mutual savings banks added goods and services available for private purbetween 4.5 and 5.0 billion dollars to their chase. Bank deposits and currency in circuholdings, compared with 3.9 billion in all lation increased by about 13 billion dollast year. Most of the increase at these lars in the first eight months of 1943, institutions has been in Treasury bonds, following a growth of zi.5 billion in the particularly long-term issues. Other in- calendar year 1942.. It appears from recent vestors—largely individuals, trust acounts, Federal Reserve surveys of the ownership of and businesses—added nearly 2.3 billion dol- demand deposits and from other data that lars to their holdings, compared with 18 somewhat more than half of this increase in billion last year. Purchases by these in- total cash holdings since the end of 1941 has vestors included nearly 14 billion dollars of been in business cash, including unincorsavings bonds and savings notes and nearly 9 porated business. The growth in indibillion of marketable issues. Among mar- vidual holdings, however, has also been ketable issues the increases have been large, including most of the 7 billion dollar largely in certificates, which are purchased increase in currency and of the 3 billion inprincipally by corporations, and in Treasury crease in time deposits, and probably around bonds. 5 billion in demand deposits. Available Millions of Americans have bought secu- evidence further suggests that of the total rities in each drive, and millions have made of 113 billion dollars of deposits and curarrangements to have regular deductions rency outstanding at the end of August made from their wages and salaries for in- 1943, over 40 billion dollars belonged vestment in savings bonds. Sales of Series to businesses, incorporated and unincor- E savings bonds under the regular pay roll porated, around 60 billion to individuals, savings plan had increased to more than trust funds, and nonprofit organizations, 400 million dollars a month at the end of and the remainder to Government bodies. August. Nearly 184,000 firms and many Business holdings are predominantly in de- Government agencies had pay roll savings mand deposits, while individuals apparently plans in operation. About 9.1 per cent of hold nearly half of their cash in time detotal wages and salaries of the zy million posits with the remainder almost equally persons participating in pay roll savings divided between demand deposits and curplans was being invested in savings bonds. rency. The total amount of Series E bonds out- The Third War Loan drive, together with standing has increased by 8 billion dollars tax payments in September, resulted in subsince the beginning of the year. stantial drafts on accumulated cash holdings NOVEMBER 1943 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of businesses and individuals. At reporting through the accumulation of insurance and member banks in leading cities, deposits of pension reserves and another 5 billion individuals and businesses declined by 6 bil- through the retirement of consumer debt. lion dollars between September 8 and Octo- The amount of business debt has also been ber 6, and there were also substantial de- reduced in the period. Altogether the clines at other banks. The amount of accumulation of liquid savings by businesses currency in circulation showed a net decline and individuals during 1942. and 1943 will at times during September, and the increase probably be around 95 billion dollars, of for the month as a whole was the smallest which more than half will represent inin over a year. Purchases by individuals dividual savings and the remainder accumuand businesses of 18 billion dollars of new lations of businesses. securities during the drive did not result in a corresponding decline in their cash hold- MAINTENANCE OF STABILITY IN THE ings, partly because of the offsetting influ- GOVERNMENT SECURITY MARKET ence of current receipts in excess of expendi- Yields on marketable Government secutures, partly because some purchasers sold rities have been kept stable during i94xand old issues to banks in order to buy the new- 1943, and this stability has contributed to issues, and partly because bank credit was the success of the Government's war financused to finance some purchases of securities ing program. In the First World War during the drive. As the Treasury spends prices of outstanding issues tended to dethe funds that were raised during the drive, cline, and the Treasury found it necessary cash holdings of individuals and businesses to offer more favorable terms on the succeswill increase again, and by the end of the sive issues, at first by increasing the coupon year they will probably be at least 37 bil- rate and subsequently by granting added lion dollars larger than at the end of 1941. tax exemption. This situation, together In addition to the growth in their deposit with wide fluctuations in market prices, reand currency holdings, individuals and busi- sulted in a tendency on the part of investors nesses, other than insurance companies and to defer purchases. Notwithstanding the mutual savings banks, will have added dur- unprecedented amount of Treasury financing ing 1942. and 1943 at least 40 billion dollars that has taken place during the present war, to their holdings of Government securities, prices of Government securities have fluctua large part of which represents obligations ated within a relatively narrow range, and payable on demand or within a short period. rates on new issues have continued at about It is not possible to tell from available the levels prevailing early in i94x. information how much of this amount rep- This stability has assured investors that resents holdings of business and how much their holdings of Government securities will those of individuals, but about half of the not decline sharply in price as new issues increase is in the form of savings bonds, the are offered during the war and that they bulk of which are held by individuals. It have nothing to gain by waiting for more thus appears likely that businesses may ac- attractive terms. It also assures the Treascount for less than half of the total increase ury of a reasonable cost and of a stable and individuals for somewhat more than market in which to sell the unprecedented half. Individuals have also saved more amount of securities that it must issue in than 10 billion dollars in the past two years financing the war. 1054 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The stability that has prevailed in the million dollars and those of Treasury bills Government security market has been the by 4.5 billion dollars since the beginning of result of a number of factors. Most institu- the year. Most of the bills have been sold tional and individual investors have given to the Reserve Banks by member banks for support to the program by purchasing for the purpose of adjusting their reserve posiinvestment rather than for speculation. tions. At the same time, commercial banks The Treasury, as previously indicated, has have increased their holdings of bonds and offered a wide variety of securities designed certificates; they bought Treasury bills to meet varying investment needs. The through May, but in recent months their Federal Reserve System, through purchases holdings of bills have declined. and sales of Government securities, has GOVERNMENT SECURITY HOLDINGS helped to maintain both the general level OF FEDERAL RESERVE BANKS of yields and a reasonable relationship uLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 12 among yields on different issues. - - During the past two years the major por- 10 tion of the increase in the marketable public TOTAL HOLDINGS f^\ /J debt has been in short-term issues bearing low rates of interest. The amount of Treas- A/ ury bills outstanding increased from 2. to 13 billion dollars; one-year certificates of indebtedness, which have a coupon rate of —~*s J> K of one per cent, now amount to 2^ billion dollars, compared with none outstanding at CERTIFICATES^/^ , J the end of 1941; and Treasury notes have 1 CERTIFICATES 1 , , , .| , | | increased in amount from 6 to 11 billion. Other increases have been principally in 2. BILLS UNDER /. A per cent bonds maturing in less than 10 REPURCHASE OPTION / \^ years and x^ Per cent bonds with maturi- ties of over xo years. Changes in Federal Reserve holdings by ^!S^S OTHER BILLS kinds of issues have reflected purchases and sales designed to maintain stability in the market. With the large increase in the FEDERAL RESERVE ACTION TO PROVIDE amount of short-term low-interest issues BANK RESERVES outstanding, this policy has resulted in a Federal Reserve authorities have recogmarked expansion in Reserve Bank holdings nized that, after every effort will have been of bills and a decline in holdings of bonds. made to sell the largest possible amount of As shown on the chart, Federal Reserve Government securities to nonbank invesholdings of Treasury bonds increased to- tors, there will remain the need of selling ward the end of 1942. but declined by 1.3 some securities to commercial banks. It billion dollars during the first half of 1943; has been the policy of the System to holdings of Treasury notes have also de- see to it that commercial banks have reclined this year. On the other hand, hold- serves sufficient to serve as a basis for such ings of certificates have increased by 500 purchases of Government securities as it is NOVEMBER 1943 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH necessary for them to make. In order to have decreased sharply as a result of the facilitate these purchases and to provide transfer of deposits to war loan accounts, banks with a ready and convenient mecha- which since April have been exempt from nism for the prompt adjustment of their reserve requirements. reserve positions, the System last year estab- Reserve Bank holdings of Treasury bills lished a buying rate on Treasury bills and increased to a peak of 5.9 billion dollars granted to the sellers of bills to the Reserve prior to the Third War Loan drive. Most Banks an option to repurchase them at any of the bills were held under repurchase optime prior to maturity at the same rate. tion. Daily purchases and resales of bills The effect of this action was to make Treas- by the Reserve Banks vary considerably in ury bills practically as liquid as excess re- amount in accordance with changes in the serves or idle bank balances. As a part of reserve needs of banks and, as shown on the this program, the Treasury gradually in- chart, total System holdings of bills often creased the amount of the weekly bill offer- fluctuate widely over short periods of time. ing from 150 million dollars early in 1942. to a billion dollars beginning last June. At RECENT MONEY MARKET CHANGES this level, the total amount of bills out- Changes during September and October standing appeared to be sufficiently large to in Federal Reserve holdings of Government meet the reserve problem at that time and securities and in the reserve position of also to provide investors other than com- banks reflected largely factors related to the mercial banks with such bills as they de- drive and subsequent financing and to Treassired for short-term investment purposes. ury transactions around the quarterly in- Changes in Federal Reserve Bank hold- come tax payment date. In the first half of ings of Government securities have thus September Treasury deposits at the Fedserved the double purpose of maintaining eral Reserve Banks declined to a minimum stability in the market at the prevailing and the Treasury sold special certificates to pattern of rates and of providing member the Reserve Banks, pending receipts from banks with additional reserves. These re- taxes and from sales of securities. On Sepserves have been needed by member banks tember 15 the amount of special certificates to meet a continued growth in the demand reached a peak of 4x4 million dollars. As a for currency, as well as to supply required consequence of this and other developments, reserves against the additional deposits that excess reserves increased from 1.1 billion have been created largely by bank purchases dollars at the beginning of September to of Government securities. The increase in about 1.8 billion at the middle of the total holdings of Government securities by month. the Reserve Banks represents the amount of In the second half of September payments reserve funds supplied; this increase has by investors for securities purchased during been 3.1 billion dollars since the end of 1942., the drive resulted in a transfer of deposits and practically all of it has occurred since from accounts on which reserves are rethe end of May. Since the end of 1942., the quired to reserve-exempt war loan deposits. amount of money in circulation has in- At the same time, however, banks were creased by 3.7 billion dollars. Required creating private deposits as a result of subreserves have also tended to increase, al- stantial additions to their loans and investthough during each war loan drive they ments and, as a consequence, the reduction 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in required reserves of member banks was chased by commercial banks; in the seven not so large as had been anticipated. At weeks ended on October 6, reporting memthe end of September excess reserves were ber banks increased their holdings of certifiabout 1.5 billion dollars, and they con- cates by 810 million dollars and of bonds tinued close to this level during the first by 600 million, and the Federal Reserve half of October. System added certificates and bonds to its The release of reserves during the drive portfolio. was temporary. As the Treasury spends There was also a rapid expansion in bank the funds obtained, deposits are withdrawn loans on securities during the drive. Part from reserve-exempt war loan accounts and of these loans were made to investors who returned to accounts on which reserves are will repay them out of future income, required. As a result of the increase in rewhile part were speculative in character, quired reserves and the continued increase representing purchases of securities to be in money in circulation, excess reserves desold later at a profit. From September 8 clined in the latter half of October and at to October 6 loans for purchasing or carrythe end of the month were little over a ing securities other than to brokers and billion dollars, the level prevailing before dealers increased from 35Z to I,IZ6 million the drive. As the demands for currency dollars. Loans to brokers and dealers in and required reserves continue, some banks securities increased by nearly 900 million will need to sell Government securities to dollars; of this increase, 570 million was in the Reserve Banks in order to maintain New York City, including 500 million on their reserves at the required level; other Government securities. banks, however, will continue to have Trading in the new issues sold in the drive excess reserves. and in the post-drive financing commenced Before and during the drive there were on October 11. Between October 6 and rather large shifts in holdings of outstand- 13 reporting member banks added 370 ing issues of Government securities. In the million dollars to their holdings of bills and second half of August, sales in the market no million of bonds. In the following of certificates and of z per cent bonds of week they took delivery on the securities September 1950-52. increased. Part of the sold for cash and increased their holdings of offerings of certificates were from insurance bonds by 790 million dollars and of certificompanies and other investors that had cates by 910 million. Their total loans placed their accumulating funds temporarily for purchasing or carrying securities dein short-term securities to be held in this clined between October 6 and 2.7 by 480 form until they could purchase longer-term million dollars. From August 18 to Octosecurities in the drive. Part of the offerber 2.7 total holdings of Government securiings, however, were of securities that ties of member banks in leading cities inhad been purchased in previous drives and creased by 4 billion dollars. In this same were sold for the purpose of enabling the period, as previously indicated, nonbanking seller to take a profit and to increase investors substantially increased their holdsubscriptions in the third drive. A conings of Government securities. siderable part of the offerings were pur- NOVEMBER 1943 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Absorption of Exchange or Collection of banks to comply would be no excuse for Charges any other bank or group of banks to violate the law. In due course of examination of The Board of Governors recently received a banks, violations of this statute will be inresolution signed by a group of member banks vestigated, reported, and treated in the same which read as follows: manner as are violations of any other Federal "Recognizing the equity intended by Reglaws relating to banks." ulation Q, and desiring to further clarify this regulation for the guidance of the under- Consumer Credit signed banks, and assuming ratification by Add-on when Old Loan is in Default the and Clearing Houses, we resolve as follows: The Board has been asked the following "Effective November 15, we will not question concerning Regulation W. What are absorb exchange or collection charges for the most liberal terms which a lender can grant depositors. Absorption of charges against in making a loan of $360, of which $300 is to one customer aggregating less than one dollar retire a previous loan originally in the amount ($1.00) per month will be considered as of $360, if payments on the original loan were trivial and not a violation of this compliance $30 per month but the borrower has paid only resolution.*' two and has defaulted on four of the first six In reply, the Board sent the following telegram: instalments? "This will acknowledge receipt of your let- Under Option 1 of section io(b), the terms ter of October 19 enclosing copy of resolution would be $55 per month for six months and adopted by representatives of nine member $5.00 per month for the additional six months. banks in and , which recognizes These payments would be equivalent to $50 per the equity intended by Regulation Q and month for six months on the $300 representing resolves that effective November 15 the the old loan and $5.00 per month for twelve signatory banks will not absorb exchange or months on the $60 new cash advance. The porcollection charges for depositors. The Board tion representing the old loan would in effect notes, however, that the resolution was be revised pursuant to footnote 7 to section adopted upon the assumption of a ratification io(a) which permits arrearages to be spread by the and Clearing Houses. over the remaining payments on a loan. In the September 1943 issue of the Federal Under Option 2. of section io(b), the terms Reserve BULLETIN the Board published a would be $30 a month for VL months. ruling to the effect that the absorption of Option 2. does not require that the old obligaexchange and collection charges under the tion be in good standing before it can be confacts of the specific case stated constituted solidated and consequently it is unnecessary an indirect payment of interest on demand to refer to footnote 7 to determine what may deposits within the meaning of the general be done about the arrearage. The only relaw. The Board would like to have you striction other than the maximum maturity of call the attention of the signatory banks to 12. months is the requirement that the payments the fact that failure of one bank or group be as large as the payment scheduled on the 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT old contract for the month the consolidation the United States had an interest on May 31, takes place. 1943, so as to extend the time for filing such re- These rules are applicable whether the ports until December 1, 1943. Public Circular outstanding obligation is held by the same or No. zz containing instructions for the preparaby another lender. tion of such reports was likewise amended. Special Regulation No. 1 was published in the Option 2 as Affected by Statement of July 1943 Federal Reserve BULLETIN at page 596. Necessity Inquiries have been received by the Board Treasury Department Releases relating to the use of a Statement of Necessity The following releases relating to transactions in connection with a consolidation under Opin foreign exchange, etc., in addition to those tion z of section io(b) of Regulation W. heretofore published in the Federal Reserve BUL- The question is illustrated by the following example: Assuming that an original $300 loan LETIN, have been issued by the Office of the Secretary of the Treasury under authority of the with monthly payments of $2.9.61 has been Executive Order of April 10, 1940, as amended, reduced to a balance of $izo, and the borrower and the Regulations issued pursuant thereto: requests an additional loan of $izo for the purpose of buying coal or going on a vacation Treasury Department or other such purpose, may he at the same time be allowed a rate of payment of $13.86 per Foreign Funds Control month on the consolidated obligation of $140 September 18, 1943 by giving a Statement of Necessity? GENERAL LICENSE NO. 13, AS AMENDED Option 2. contains two limitations: (1) That Under Executive Order No. 8389, as Amended, Executive Order the payments shall be at least as large as they No. 9193, Section $(F) of the Trading with the Enemy Act, as were, and (z) that the maturity shall not exceed Amended by the First War Powers Act, 1941, Relating to 12. months. Since a Statement of Necessity Foreign Funds Control* General License No. 13 is hereby amended to read as would not allow a maturity in excess of iz follows: months, the question actually is whether the A general license is hereby granted licensing as generally rate of payment may be reduced. licensed nationals: The rate of payment may be reduced to $13.86 (a) the Bombay and Calcutta offices of the Nederlandsch if the Statement of Necessity shows that such Indische Handelsbank; (b) the Djeddah, Calcutta, Bombay and Paramaribo action is necessary in order to avoid undue offices of the Nederlandsche Handel Maatschappij; hardship which would otherwise result from (V) the Willemstad (Curacao) offices of : contingencies which were not foreseen at the (i) the Curacaosche Bank, time the loan was originally made or which (ii) the Maduro & Curiel's Bank, were beyond the borrower's control. If the bor- (iii) the Edwards Henriquez & Co.; (d) the Oranjestad (Aruba) office of the Aruba Bank; rower is not able to pay more than $13.86 per (e) the Buenos Aires, Caracas and Maracaibo offices of month because of these circumstances, the rate Banco Holandes Unido; may be reduced accordingly even though (f) the Rio de Janeiro, Santos and Sao Paulo offices of additional funds are advanced. Banco Hollandez Unido: (g) the Willemstad and Oranjestad offices of Hol- Foreign Funds Control landsche Bank-Unie; (h) the Haifa and Istanbul offices of Holland Bank Report of Property in Foreign Countries Union; The Treasury Department on October 19,1943, amended Special Regulation No. 1 requiring re- * Section 5(b), 40 Stat. 415 and966; Sec. 2,48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, ports of all property in foreign countries in June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; which any person subject to the jurisdiction of Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. NOVEMBER 1943 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (i) the Netherlands Trading Society East, Ltd., London; Treasury Department (j) the London office of the Banque Beige pour l'Etran- Foreign Funds Control ger (Overseas), Limited; (k) the offices within the generally licensed trade area, September 28, 1943 as defined in General License No. 53, of the Hong REVOCATION OP GENERAL LICENSES NOS. 14, 18, 19, 11, 22., Kong and Shanghai Banking Corporation. 40, 43, 62, 66, 69 AND 81 RANDOLPH PAUL, Acting Secretary of the Treasury. Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Section $(F) of the Trading with the Enemy Act, as Treasury Department Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* Foreign Funds Control General Licenses Nos. 14,18,19, 21, 22, 40, 43, 62, 66, 69 and 81 are hereby revoked. September 28, 1943 RANDOLPH PAUL, GENERAL LICENSE NO. 13A Acting Secretary of the Treasury. Under Executive Order No. 8389, as Amended, Executive Order Treasury Department No. 9193, Section /(£) of the Trading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control Foreign Funds Control* September 2.8, 1943 A general license is hereby granted licensing as generally licensed nationals: PUBLIC CIRCULAR NO. 2.3, AS AMENDED (a) the New York offices of: Under Executive Order No. 8389, as Amended, Executive Order (i) the French American Banking Corporation, No. 9193, Sections 3(0) and $(P) of the Trading with the Enemy (ii) the Banque Beige pour l'Etranger (Overseas), Act, as Amended by the First War Powers Act, 1941, Relating Limited, to Foreign Funds Control.\ (iii) the Hellenic Bank Trust Company, Public Circular No. 13 is hereby amended to read as (iv) the Bank of Athens Trust Company, follows: (v) the Bank of Athens Safe Deposit Company of (1) The provisions of Section 130.3 of the Regulations of New York, April 10, 1940, as amended on June 14, 1941, issued under (vi) the Bank of China, Executive Order No. 8389, as amended, relating to applica- (vii) the Philippine National Bank, tions for licenses, are hereby waived in the following respects: (viii) the Nederlandsche Handel Maatschappij: (a) Applications for licenses may be filed in duplicate (b) the New York agencies of: instead of in triplicate. (i) Credit Suisse, (b) Applications executed by persons within the United (ii) Swiss Bank Corporation; States need not be executed under oath. (c) Netherlands Trading Society East, Inc., Delaware; (2.) The provisions of Section 137.5(a) of Special Regula- (d) Swiss American Corporation, New York; tion No. 1 and the corresponding instructions in Public (e) China Defense Supplies, Inc., 1601 V Street, N.W., Circular No. 2.2., issued under Executive Order No. 8389, as Washington, D. C; amended, and Executive Order No. 9193, relating to reports (f) Universal Trading Corporation, 630 Fifth Avenue, on Form TFR-500, are hereby waived in the following respect: New York, New York; Reports executed by persons within the United States (g) the offices in the territory of Hawaii of: need not be executed under oath. (i) the American Security Bank, (3) In addition to the provisions of Section 5OO of the (ii) the Honolulu Trust Company, Trading with the enemy Act, cited in Section 130.5 of the (iii) the Liberty Bank of Honolulu; Regulations of April 10, 1940, as amended on June 14, 1941, (h) the San Francisco office of the Bank of Canton; and in Section 137.7 of Special Regulation No. 1, attention is (i) the offices within the United States of the Hong Kong and Shanghai Banking Corporation. RANDOLPH PAUL, * Section 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 amended by Ex. Order Acting Secretary of the Treasury. 8785, June 14, 1941, Ex. Order 8832, July 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 June 14,1941, and July 26,1941. t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 * Section 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, 8785, June 14,1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. 9,1941, and Ex. Order 8998, Dec. 26,1941; Ex. Order 9193, July 6,1942; Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June Regulations, April 10,1940, asamended June 14,1941, and July 26,1941. 14,1941, and July 26,1941; Special Regulation No. 1, June 1,1943. IO6O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT directed to Section 3 5(A) of the United States Criminal Code, (z) Purchase and sales of securities and the receipt of dividends, which provides, in part: interest or other income on securities not authorised in the absence of ***** whoever shall knowingly and willfully falsify certain information. No purchase or sale of securities or the or conceal or cover up by any trick, scheme, or device a receipt of dividends, interest or other income on securities material fact, or make or cause to be made any false or to which this ruling is applicable may be effected under any fraudulent statements or representations, or make or use specific or general license which does not expressely refer or cause to be made or used any false bill, receipt, to this General Ruling unless the person with whom the voucher, roll, account, claim, certificate, affidavit, or account is maintained is in possession of the following indeposition, knowing the same to contain any fraudulent formation : or fictitious statement or entry in any matter within the (a) In the case of any proposed sale of securities or the jurisdiction of any department or agency of the United receipt of dividends, interest or other income on secu- States * * *, shall be fined not more than $10,000 or rities— imprisoned not more than ten years, or both." Act of (i) The name, address and nationality of each per- April 4,1938, ch. 69, 51 Stat. 197 (U.S.C. tit. 18, sec. 80). son having an interest in the securities on the date RANDOLPH PAUL, when such securities were received into the account or Acting Secretary of the Treasury. on April 8, 1940, whichever is later; and (ii) The name, address and nationality of each per- Treasury Department son having an interest in the securities on the date Foreign Funds Control when the transaction is effected; and •(iii) If the information submitted with respect to October 2.0, 1943 (i) and (ii) discloses that there has been any change in GENERAL RULING NO. 17 any interest in such securities, the name, address and nationality of each transferee of any such interest, Under Executive Order No. 8389, as Amended, Executive Order the date of each such transfer, and the license under No. 9193, Sections }{a) and /(&) of the Trading with the Enemy the Order, if any, pursuant to which it is claimed that Act, as Amended by the First War Powers Act, 1941, Relating each such transfer was effected; or to Foreign Funds Control* (b) In the case of any proposed purchase of securities—- REGULATIONS RELATING TO SECURITIES ACCOUNTS OF BANKS (i) The name, address and nationality of each per- OR OTHER FINANCIAL INSTITUTIONS LOCATED son who will have an interest in such securities as a IN BLOCKED COUNTRIES result of such transaction. (3) Certification. Notwithstanding Section (2.) hereof, (1) Scope of Ruling. This ruling is applicable to (i) every this ruling shall not be applicable to any purchase or sale of sale of securities held in any account maintained in the name securities or the receipt of dividends, interest or other income of any bank or other financial institution which is located in a on securities if the bank or other financial institution in blocked country and which is not licensed as a generally whose name the account is maintained has certified to the licensed national, (ii) every purchase of securities where the person with whom such account is maintained: cost thereof is to be debited to any account maintained in the (a) In the case of any proposed sale of securities or name of any such bank or financial institution, and (Hi) the the receipt of dividends, interest or other income on receipt of dividends or interest or other income on securities securities— held in any account maintained in the name of any such bank (i) That no person who is a national of any blocked or financial institution, except— country other than the country in which such bank or (a) Transactions effected under General Licenses Nos. other financial institution is located, and that no per- 49, 50, 52., or 70; or son whose name appears on The Proclaimed List of (b) Sales of securities or the receipt of dividends, in- Certain Blocked Nationals has an interest in the terest or other income on securities effected under any securities, and that no such person has had an interest other general license or under any specific license, proin such securities since April 8, 1940, or the date when vided that the proceeds thereof are deposited in a General such securities were received into the account, which- Ruling No. 6 account in the name of such bank or other ever is later; and financial institution; or (ii)That such bank or other financial institution will (c) Transactions effected pursuant to certification as upon request at any time promptly submit to the diploprovided in Section (3) hereof. matic or consular representatives of the Government of the United States, duly accredited to the country in • 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 which it is located, satisfactory evidence of, and, in 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; any event, will submit to the Treasury Department, Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended Washington, D. C, in duplicate, not later than one June 14,1941 and July 26,1941. NOVEMBER 1943 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT year after the termination of the present war, a veri- (b) When any purchase of securities to which this ruling fied statement disclosing (A) the name, address and is applicable has been effected, the securities may be deposited nationality of each person having an interest in the in any account authorized by license, provided that if such securities on the date when such securities were re- account is not maintained in the name or names of the beneceived into the account or on April 8,1940, whichever ficial owner or owners of the securities, a memorandum record is later; (B) the name, address and nationality of each is kept of the securities so deposited and of the name, address person having an interest in the securities on the date and nationality of each such beneficial owner. when the transaction was effected; and (C) if the (c) Any information specified in Section (O(a) hereof information submitted with respect to (A) and (B) required to be reported on Form TFR-300 by the person holddiscloses that there has been any change in any interest ing the securities, but which has not heretofore been so rein such securities, the name, address and nationality ported, shall be reported on Form TFR-300, as provided in of each transferee of any such interest, the date of each Section 130.4 of the Regulations and Public Circular No. 4, such transfer, and the license under the Order, if any, not later than thirty days after a sale of the securities or the pursuant to which it is claimed that each such transfer receipt of dividends, interest or other income thereon effected was effected; or under Section (2.) hereof. All information specified in Sec- (b) In the case of any proposed purchase of securities— tion (2.) of this ruling with respect to securities in an account (i) That no person who is a national of any blocked maintained in the name of a bank or other financial institucountry other than the country in which such bank or tion which is located in a blocked country, and which is not other financial institution is located, and that no licensed as a generally licensed national, not otherwise reperson whose name appears on The Proclaimed List quired to be reported on Form TFR-300, shall be reported by of Certain Blocked Nationals will have an interest in the person with whom such account is maintained on Form such securities as a result of such transaction; and TFR-300, Series L, in the manner provided in Public Circular (ii) That such bank or other financial institution No. 4C, as of the date of the receipt of such securities in such will upon request at any time promptly submit to the account. Every such report on Form TFR-300, Series L, diplomatic or consular representatives of the Govern- shall be filed within thirty days after a purchase or sale of the ment of the United States duly accredited to the coun- securities or the receipt of dividends, interest or other income try in which it is located, satisfactory evidence of, and, thereon effected under Section (2.) hereof, whichever occurs in any event, will submit to the Treasury Department, first, and shall state that it is made in accordance with Genin Washington, D. C, in duplicate, not later than one eral Ruling No. 17. year after the termination of the present war, a verified (5) Effectuation and recording of certified transactions. When statement disclosing (A) the name, address and na- any purchase or sale of securities or the receipt of any divitionality of each person who acquired an interest in dends, interest or other income thereon to which this ruling the securities at the time of their purchase; (B) the would otherwise be applicable has been effected pursuant to name, address and nationality of each person having an the certification specified in Section (3) hereof, the proceeds interest in the securities as of any date or dates (here- of the securities sold, or the dividends, interest or other inafter prescribed) subsequent to the deposit of such come received may be credited to, or the securities purchased securities in, and prior to their withdrawal from the may be deposited in, any account authorized by license, proaccount; and (C) if the information submitted with vided, however, that a memorandum record is kept of the respect to (A) and (B) discloses that there has been transaction and that it was effected pursuant to certification any change in any interest in such securities, the name, under Section (3) of this ruling. Each such memorandum address and nationality of each transferee of any such record shall bear the name of the bank or other financial interest, the date of each such transfer, and the license institution making the certification, and the number of such under the Order, if any, pursuant to which it is claimed certification. that each such transfer was effected. (6) Form of certification and continuing effect of certain certifica- (4) Recording and reporting of information and the effectuation tions, (a) No form is prescribed for the certification speciof transactions under Section (2) hereof, (a) When any sale of fied in Section (3) hereof, but the certifications of each bank securities or the receipt of any dividends, interest or other or other financial institution shall be numbered consecutively income to which this ruling is applicable has been effected, and every statement submitted to the Treasury Department the proceeds may be credited to any account authorized by in accordance with Sections (3) (a) (ii) and (3) (b) (u) license, provided that, if such account is not maintained in hereof shall refer to the number of the certification pursuant the name or names of the beneficial owner or owners of the to which the transaction was effected. The certification securities, a memorandum record is kept of the amount so specified in Section (3) hereof may be made by a cable or wirecredited and of the name, address and nationality of each such less message which clearly identifies the transaction, and beneficial owner. In the case of the recept of dividends, states, in code or otherwise, that the sender makes the certifiinterest or other income on securities, a memorandum record cation specified in Section (3) of General Ruling No. 17. shall also be kept with respect to such securities in the manner (b) A certification made under Section (3) (a) hereof with prescribed in Section (4) (b) hereof. respect to the receipt of dividends, interest or other income on FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT securities will, unless the bank or other financial institution date hereof; or (b) to the receipt of dividends, interest or making the certification expressly stipulates otherwise, be other income on securities within thirty calendar days after deemed to be a continuing certification applicable to the the date hereof. further receipt of dividends, interest or other income on the (3) Dollar accounts maintained with a bank or other financial same securities, and the phrase "the date when the transac- institution which is a national of a blocked country. The Secretary tion was effected" in clause (B) of Section (3) (a) (ii) hereof of the Treasury may, in his discretion, as a condition to the shall be deemed, in the case of such certification, to mean the exercise of the privileges of a license issued, or the issuance date of each receipt of dividends, interest or other income on of a license, under the Order, or otherwise, require a verified such securities effected under such certification. statement from any bank or other financial institution which (7) Proceeds of sales and income from securities to be deposited is a national of a blocked country and maintains a dollar or in General Ruling No. 6 accounts. All proceeds of sales of securities account with a person within the United States, securities and all dividends, interest or other income received disclosing the names, nationalities and such other informaon securities held in any account maintained in the name of tion as may be prescribed, concerning any or all persons who any bank or other financial institution which is located in a have maintained dollar accounts with such bank or other blocked country, and not licensed as a generally licensed nafinancial institution since the effective date of the Order with tional, shall be deposited in a General Ruling No. 6 account respect to such persons. in the name of such bank or other financial institution, (10) Definitions. For the purposes of this General Ruling: unless— (a) The term "bank or other financial institution" (a) The person with whom the account is maintained shall include every person engaged in the business of is in possession of the information specified in Section (i) banking. GO insurance, (iii) buying, selling or other- (2.) (a) hereof with respect to such securities; or wise dealing in securities, or (iv) managing, operating, (V) The bank or other financial institution in whose conducting or otherwise holding securities or securities name the account is maintained has made the certificaaccounts for others; tion specified in Section (3) (a) hereof with respect to (b) The term "dividends, interest or other income on such securities; or securities" shall include payments of principal and pay- (c) The sale of such securities or the receipt of such ments on account of the retirement or redemption of dividends, interest, or other income was effected under securities; and General Licenses Nos. 49, 50, 5x, or 70. (c) The term "nationality" shall mean the names of (8) Savings Provision. None of the provisions of this General Ruling shall be applicable (a) to purchases or sales of all countries of which a person is a national within the securities effected within thirty calendar days after the date meaning of the Order. hereof pursuant to orders to buy or to sell specific securities, RANDOLPH PAUL, provided, however, that such orders are outstanding on the Acting Secretary of the Treasury. NOVEMBER 1943 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1943 Earnings, expenses, net current earnings, and were only partially offset by a decline in interest net profits of member banks were larger in the payments on deposits. Net current earnings infirst six months of 1943 than in the first half creased 37 million dollars, reflecting an increase of any year since the banking holiday.1 Divi- of 57 million in earnings which was offset in part dends were practically unchanged as compared by the increase in expenses. Recoveries, profits with the first half of 1941. on securities sold, etc., (particularly profits) in- The amount of interest and dividends on secu- creased 43 million dollars, while losses and rities increased substantially and exceeded in- charge-offs increased about 4 million. Net terest and discount on loans for the first time in profits (after recoveries, charge-ofTs, etc.) history, although the annual rate of return on amounted to 146 million dollars as compared securities declined to 1.5 per cent as compared with 170 million dollars in the first half of i94i. with 1.8 per cent in the first half of 1942.. The The annual rate of net profits on total capital amount of interest and discount on loans de- accounts was 8.0 per cent in the first half of 1943 clined, largely the result of the smaller volume as compared with 5.7 per cent in the first half of loans held, although there was also a slight of 1942. and 6.9 per cent in the first half of 1941. decline in the rate of return. Other items of Dividends were at an annual rate of 3.3 per cent, income showed little change. down slightly from recent years. Increases in salaries and wages and in taxes For detailed figures of earnings, expenses, etc., 1 Due to the accessions to and withdrawals from membership and in the first half of 1942. and 1943, see page 1114 a o b f s c o o r u p r t s i e o , n f s u o ll f y m c e o m m b p e a r r a a b n l d e w no it n h m b e a m ck b e f r i g b u a r n e k s. s, current figures are not, of this BULLETIN. MEMBER BANK EARNINGS [Amounts in millions of dollars] Year First half Item 1938 1939 1940 1941 1942 1938 1939 1940 1941 1942 1943 Earnings—Total 1,274 1,296 1,323 1,417 1,487 631 633 649 681 726 783 Interest and dividends on securities 448 444 431 445 540 224 223 214 215 r248 352 Interest and discount on loans 544 560 595 665 640 269 272 290 318 r329 275 Service charges on deposit accounts 51 54 59 65 68 25 27 29 32 34 36 All other earnings 232 237 238 242 239 113 111 116 116 115 120 Expenses—Total 890 895 921 1,036 448 446 455 475 520 540 Salaries and wages 380 388 400 426 461 187 190 195 204 223 234 Interest on time deposits 171 159 147 140 128 88 82 75 71 65 61 All other expenses 339 347 373 422 447 173 174 185 200 232 244 Net current earnings 384 401 402 429 451 183 187 194 206 206 243 Recoveries, profits on securities sold, etc 279 327 303 278 188 137 191 143 129 86 129 398 380 356 318 256 175 187 175 122 126 Losses and charge-offs 137 265 347 349 390 383 145 191 162 170 246 Net profits 198 Gash dividends declared1 198 207 210 211 203 99 104 100 101 101 102 6,338 6,362 6,486 6,619 6,679 6,338 6,330 6,398 6,556 6,647 6,703 Number of banks2 , r Revised. * Includes interest on capital notes and debentures 2 At end of period. IO64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Missouri A meeting of the Federal Open Market Com- Kansas City—Westport Bank mittee was held in Washington on October 18, I943- Nebraska On October 15 and 16 a meeting of the Presi- Eustis—Farmers State Bank dents of the Federal Reserve Banks was held Oregon and on October 19 the Presidents of the Federal Reserve Banks met with the Board of Governors. Portland—Portland Trust and Savings Bank On October 2.0 and zi the heads of the re- Pennsylvania search and statistical departments of the Federal Greensburg—Barclay-Westmoreland Trust Com- Reserve Banks met with members of the Board's pany staff in Washington. Greenville—Farmers and Merchants Trust Com- Admissions of State Banks to Membership in the pany Federal Reserve System Texas The following State banks were admitted to Rocksprings—Peoples State Bank membership in the Federal Reserve System during the period September 16, 1943 to October 15, Virginia 1943, inclusive: Martinsville—Piedmont Trust Bank Florida Wisconsin Orlando—Florida Bank at Orlando Brodhead—The Bank of Brodhead Greenwood—Farmers and Merchants Bank Kansas Howards Grove—State Bank of Howards Grove Herington—The Bank of Herington (P. O.—Route # 1, Sheboygan) NOVEMBER 1943 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled October 22 and released for publication October 26. Figures shown on charts may differ from preliminary figures used in text. Industrial activity showed little change in rose 6 per cent from August to September, but September and in the first half of October. was 9 per cent below the high level of a year Distribution of commodities continued in large ago. Shoe production was maintained at the volume and prices remained steady. level of recent months and was slightly larger than a year ago. The output of manufactured INDUSTRIAL PRODUCTION food products rose seasonally. Physical volume of industrial production as Petroleum refining continued to rise in Sepmeasured by the Board's seasonally adjusted tember and was at a rate about double the index, as recently revised, was Z43 per cent of 1935-39 average. The Board's index of this the 1935-39 average in September, compared industry is substantially higher than the old with 2.42. in August and 2.^ in July. index because greater weight is given to aviation There were increases in output in the iron and gasoline and other special war products. Outsteel and transportation equipment industries put in the chemical industry as a whole declined while activity in other durable goods industries in August, as some further expansion in inshowed little change or declined slightly. dustrial chemicals was more than offset in the Open hearth and Bessemer steel production total by reductions elsewhere, reflecting readexceeded its previous peak level, reached in justment of the war program. Newsprint March of this year, and output of pig iron like- consumption rose less than is usual at this season, wise established a new record. In the ma- in. the face of increasing supply difficulties, chinery industry as a whole activity was main- and a further 5 per cent cut in permitted contained at the level of recent months although sumption of newsprint was ordered, beginning there was some further curtailment of output of October 1. machine tools and machine tool accessories. Crude petroleum production continued to rise Total output of nondurable manufactures in September, reflecting further improvement of continued at the August level. Cotton con- transportation facilities for petroleum products. sumption, which had been declining since May, Output of crude petroleum in August and INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS DOLLAR VOLUME SEASONALLY ADJUSTED, 1923-25" 100 PER CENT 1937 1938 1939 1940 1941 1942 1943 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 September. September. IO66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS September exceeded the earlier peak levels BANK CREDIT reached in December 1941 and January 1942.. During the five weeks ending October 13, Coal production continued at a high level. Government security holdings at reporting In September the value of construction conbanks in 101 leading cities increased by about tracts awarded in 37 Eastern states was at about 2.5 billion dollars, reflecting substantial openthe same low level as in July, according to market purchases during the drive, and also, reports of the F. W. Dodge Corporation, and some purchases of bills on subscription from the was considerably smaller than in August when Treasury. Loans showed a net increase of 2.2 there was a temporary increase because one exbillion dollars over the same period. Over twoceptionally large contract was placed in that thirds of the total amount represented loans to month. brokers, dealers, and customers for purchasing or carrying securities; in the last week of the DISTRIBUTION period there were some declines, however, as Department store sales increased less than repayments were made on the liquidation of the seasonally in September, following an unusually large volume of sales in July and August, and the MEMBER BANKS IN LEADING CITIES Board's seasonally adjusted index declined from 142. to 131. During the first half of October sales showed a gain over September although usually there is some decline at this season. Railroad freight traffic in September and the first part of October was maintained at the high level of previous months. Coal shipments exceeded the record movement of last July and loadings of grain and livestock were 10 per cent higher than a year ago. COMMODITY PRICES Prices of grains advanced from the middle of Demand deposits (adjusted) exclude U. S. Government and inter- September to the middle of October. Live- bank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown^are stock prices were slightly lower, reflecting for for Oct. 20. partly the establishment of Federal maximum securities. Commercial loans, which have been prices for live hogs and sharply increased mar- increasing steadily since June, rose further by ketings of cattle. Wholesale prices of most 540 million over the five weeks. other commodities continued to show little Holdings of Government securities by the change. Federal Reserve System showed little change from the end of September to the third statement AGRICULTURE date of October, but there were some shifts Crop prospects showed little change during among the kinds of securities held. Treasury September, according to official reports. There bills held under optioq. declined by zoo million was a further small improvement in prospects dollars between September 30 and October 20, for the corn and potato crops, while the previous while holdings of certificates of indebtedness forecast for cotton production was lowered and of Treasury bills outside of the option acslightly. Aggregate crop production is expected counts increased by about 200 million. Total to be 7 per cent below the peak volume of last holdings of United States Government securities season but higher than in any other previous by the Reserve System on October 20 were 8.9 year. billion dollars. NOVEMBER 1943 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items.... 1071 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1072. Federal Reserve Bank statistics 1073-1077 Guaranteed war production loans 1077 Deposits and reserves of member banks 1078 Money in circulation 1079 Gold stock; Postal Savings System; bank suspensions; bank debits. 1080 All banks in the United States, number, deposits, loans and investments 1081 Condition of all member banks 1082.-1083 Weekly reporting member banks 1084-1087 Commercial paper, bankers' acceptances, and brokers' balances ... 1088 Money rates and bond yields 1089 Security markets 1090-1091 Corporate profits 109Z Treasury finance IO93""IO95 Government corporations and credit agencies 1096 Business indexes 1097-1105 Department store statistics 1106-1107 Consumer credit statistics 1108-1109 Wholesale prices 1110 Employment in nonagricultural establishments mi October crop report, by Federal Reserve districts 1111 Current statistics for Federal Reserve chart book iiix-ni3 Member bank earnings, first half of the year, 1941.-1^ 1114 Statistics of all banks in the United States 1115-1119 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks or the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gola stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc 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. NOVEMBER 1943 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 TREASURY CASH AND DEPOSITS 16 — 12 1937 1938 1939 1940 1941 1942 1943 Wednesday figures, latest shown are for Oct. 20. See p. 1071. IO7O 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 e i u i l s d n l - s t- T U o . t a S l s . e G cu o r a b u e r v n i r i a e d l y t s l i r s - e n s me o A n th t l e l r ot A h l e l r* Total s G t o o l c d k T s r r t c u o e i e a u r u n n a n r y t c g s d - - y - - M i c n t u o i c o l n a i n e r - - y T c i h r n u a o e g r s l a y h s d s - - l T B p r e w s y o r d R a e e i s n e r e d t a i v h - r k t e s a e s s - - l b p m N e o r o e s m n d it - e s - - c O s F o e e R a t e r u 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—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 Sept 11 3,488 1,097 2,391 224 3,722 22,750 3,346 13,441 2,208 254 1,321 294 12,299 2,300 1943—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 Sept 41 9,214 6,981 2,233 477 9,732 22,209 4,093 18,729 2,266 336 1,504 334 12,864 1,417 End of month figures 1942—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 Sept. 30... 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 1943—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 Sept. 30... 12 8,919 6,698 2,221 453 9,384 22,175 4,096 18,844 2,267 706 1,636 335 11,864 1,684 Wednesday figures: 1942—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 D D D e e e c c c . . . 3 1 2 0 3 6 . . . . . . . . . . . . 1 9 5 0 5 5 5 , , , 6 5 9 2 3 8 7 7 9 1 1 1 , , , 4 5 8 1 6 5 5 0 6 4 4 4 , , , 0 1 1 7 1 3 7 2 3 6 4 5 5 3 0 5 5 8 6 6 6 , , , 2 0 4 5 9 2 5 2 8 2 2 2 2 2 2 , , , 7 7 7 3 2 4 5 6 4 3 3 3 , , , 5 6 4 6 4 2 9 0 8 1 1 1 5 5 5 , , , 0 3 4 9 2 0 2 9 7 2 2 2 , , , 1 1 1 8 8 9 2 4 4 4 8 9 1 1 7 1 3 1 1 1 , , , 1 3 1 1 6 9 5 3 1 2 2 2 6 6 6 8 9 6 1 1 1 3 3 2 , , , 5 1 7 1 2 8 7 9 8 2 2 1 , , , 6 1 6 3 9 5 7 2 6 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 J3.110 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 A A p p r r . . 2 2 8 1 . . . . . . 2 1 6 1 6 6 , , 3 3 2 4 9 7 3 3 , , 3 3 0 2 2 0 3 3 , , 0 0 2 2 7 7 3 2 7 8 5 3 6 6 , , 7 6 1 5 5 5 2 2 2 2 , , 4 4 8 7 2 2 4 4 , , 0 0 0 0 8 9 1 1 6 6 , , 5 5 0 9 0 3 2 2 , , 2 2 3 3 6 4 4 4 7 4 1 3 1 1 , , 3 4 7 1 2 0 3 3 0 0 7 7 1 1 2 2 , , 3 1 1 4 8 9 2 2 , ,2 2 2 9 4 3 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 r2,221 491 9,717 22,205 4,094 18,714 2,266 549 1,662 338 12,487 1,893 Sept. 29.. 13 9,168 6,947 2,221 362 9,543 22,175 4,096 18,818 2,274 682 1,649 337 12,054 1,810 Oct. 6.... 13 9,387 7,166 2,221 375 9,775 22,176 4,098 18,883 2,279 1,013 1,633 337 11,903 1,697 Oct. 13... 18 9,062 6,841 2,221 282 9,362 22,155 4,099 18,978 2,281 380 1,621 335 12,021 1,608 Oct. 20... 11 8,914 6,687 2,227 426 9,380 22,132 4,101 19,019 2,284 530 1,437 341 12,002 1,407 r Revised. 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. NOVEMBER 1943 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES fin effect October 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i o n b g l i 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 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17,1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 Oct. 27, 1942 Minneapolis... Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 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 C- red"i t B~a nk"s matuturriinngg wwiitthhiinn 66 mmoonths; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of c-eerrttaaiinn bb"a"n1"k»e™rs'' «a"*c•ceptances 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 RESERVF BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- FLDHKAL KfcbfcKVIi BANK UUYlJNLr KA1H5 UJN BL^Z VANCES AND COMMITMENTS UNDER SECTION 13b Maturity [Per ce O nt R c t p a o t e b e r e o r a n n 3 n 1 um] I n g i e n f n fe in ct g — be- Pre r v at i e ous [ O In F M e T f a f t H e u c E t r i F O t E ie D c s t o E n b R e o r A t e 3 L x 1 . c R e E P e S d e i E r n c R g e V n f t i E v p e A e y r C e a a T n r n s um] T B r a e n a k s e u r r s y ' a b c i c ll e s p 1 tances :2 % Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or j j To financing institutions 1- 90 days.. Oct. 20, 1933 1 businesses 91-120 days do 1 121-180 days 1 do IK Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank m u a i h f l p a l a v o d t T e n e u r s r b e i i r r e a t e e y e s q d n u u a r e m b t y s y t t a b h d t b i e e h l e l e s s f s a o u s o m r b e e ff j e l e e l m e r c r e r a t , a d t t t e . w o u e r o r i r E f e t e y p f d f , u m e is r c w a c c t d i h o o v e a u u e s l n o d e t A n . o s u p e c g S l o t . l i i n o n 3 b d n c , a i . e t c 1 i k M o 9 n 4 a b 2 y i t , l h p l 1 s a u 5 t r , o c t h f 1 h a 9 e s l 4 i e 3 k R s , e e a o s a l f e l m r s v p o u e u u c r n h c B t h b a a a n i s n l e k l d s s , , adva O n n ces1 co m m O e m n n t i s t- fo i p r n t i o s o w O r t n i t n h i t o u i i s c n - h m p O o a n i r n t r i i e o n - n g m O it n m c e o n m ts - 2Minimum buying rates on prime bankers' acceptances. obligated MEMBER BANK RESERVE REQUIREMENTS Boston 8 [Per cent of deposits] New York.... Philadelphia. Cleveland.... Net demand deposits1 Time deposits Richmond.. (all Atlanta.... 2^5 & C re e c s n i e t t r y r v a e l R b e c a s i n t e y k rv s e C b o a u n n k tr s y m ba e n m k b s) er C St h . ic L a o g u o is... 2 2 ^ H - 5 5 banks Minneapolis () Kansas City June 21, 1917-Aug. 15, 1936 13 10 7 3 Dallas § Aug. 16, 1936-Feb. 28, 1937 19H 15 IOH 4V£ San Francisco M M N A Au p o a a g r v y r . . . . 2 1 1 1 0 1 6 , , , , , 1 1 1 1 1 9 9 9 9 9 4 3 4 3 3 2 7 1 7 8 - - - - - S A A A O e u p p c p g r t r t . . . . . 3 1 3 1 1 0 3 9 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 3 4 4 3 2 7 2 1 8 2 2 2 2 2 6 6 4 2 2 ^ ^ 2 2 2 1 1 0 0 0 7 7 t H f 1 1 1 1 1 2 4 2 4 4 M 6 5 6 6 2 3 1 R RR In a aa c t tt l e ee u d cc c hh h in a a a g r r r g g g l e e e o d d d a n b bb s o o o m r rr r rr o a oo d w ww e e ee r i rr n .. l e p s a s r c ti o c m ip m at i i t o m n e n w t ith ra t f e i . na ( nc 2 i ) ng institutions. Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 4 MMaayy cchhaarrggee ssaammee rraattee aas charged borrower by financing institution, if Effective Oct. 3, 1942 20 20 14 6 low 6 e F r i . nancing institution is charged H per cent on undisbursed portion of loan under commitment. 1 Gross demand deposits minus demand balances with domestic banks (except private banks and American branches of foreign banks) and cash MAXIMUM RATES ON TIME DEPOSITS items in process of collection. Maximum rates that may be paid by member banks as established by MARGIN JREQUIREMENTS1 the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y t e B m o a i r n d a o cc f o G rd o a v n e c r e n or w s it o h f t S h e e c F u e ri d t e ie r s al A 1 p 9 r 3 . 6 1 - , E N f o fe v c . t i 1 v , e N Ja o n v . . 3 1 1 , , 1 1 9 9 3 3 3 5 - D Fe e b c . . 1 3 , 1 1 , 9 1 3 93 5 5 - Ja E n f . f e 1 c ,1 ti 9 v 3 e 6 Exchange Act of 1934 Oct. 31, 1937 1937 Savings deposits 2Y2 Postal savings deposits... 2Y2 For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 55 40 In 6 months or more v/2 2V, For short sales, under Regulation T A2) 50 In 90 days to 6 months. 2V2 2 For loans by banks on stocks, under Regulation U.... 3 55 40 In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 3 Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. IO71 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 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1September August September Assets Gold certificates on hand and due from U. S. Treasury 19,843,71519,874,96519,897,71519,881,71419,915, 19,913,71519,952,71519,967,714 19,879,71419,970,214 20,561,628 Redemption fund—F.R. notes.. 123,280 114,059 112,899 130,759 129, 129,095 114,743 103,347 131,290 100,847 14,332 Other cash 328,791 318,748 330,570 331,518 333, 319,605 307,312 316,929 333,061 317,745 232,474 Total reserves.. 20,295,786 20,307,772 20,341,18420,343,99120,378,624 20,362,41520,374, 770 20,387,990 20,344,06520,388,806 20,808,434 Bills discounted: For member banks 10,525 16,309 12,599 12,945 ,469 30,613 70,149 68,629 11,760 58,664 3,704 For nonmember banks, etc.... . 2,000 50 50 100 500 125 50 125 4,000 Total bills discounted 10,525 18,309 12,599 12,995 21,519 30,713 70,649 68,754 11,810 58,789 7,704 Industrial advances 11,872 11,954 11,914 11,965 11,217 11,403 11,626 11,663 11,902 11,680 15,230 U.S. Government securities: Direct: Bonds 1,501,082 1,500,432 1,500,432 1,500,432 1,498 1,498,432 1,498,432 1,477,032 1,500,432 1,472,932 1,713,135 Notes 687,400 687,400 687,400 687,400 689; 400 689,400 720,900 720,900 687,400 720,900 678,330 Certificates: Special series 424,000 11,000 Other 1,498,050 1,379,150 1,359,150 1,347,250 1,318,150 1,305,150 1,220,550 1,182,550 1,347,250 1,160,050 503,845 Bills: Under repurchase option 4,040,245 4,338,010 4,704,410 4,474,367 4,453, 4,464,696 4,636,764 4,558,769 4,247,874 4,486,492 207,379 Other 1,148,925 1,123,451 1,102,834 1,125,894 1,211; 1,238,583 1,215,463 1,214,463 1,102,834 1,214,463 449,417 Guaranteed 38,685 33,116 33,116 33,116 33, 33,116 33,116 33,116 33,116 33,116 15,185 Total U.S. Government securities, direct and guaranteed 8,914,387 9,061,559 9,387,342 9,168,459 9,204, 9,653,377 9,336,225 9,186,830 8,918,906 9,087,953 3,567,291 Other Reserve Bank credit outstanding 443,574 269,815 362,869 349,683 480, 619,769 323,679 273,010 441,407 307,403 183,896 Total Reserve Bank credit outstanding... 9,380,358 9,361,637 9,774,724 9,543,102 9,717,13210,315,262 9,742,179 9,540,257 9,384,025 9,465,825 3,774,121 Liabilities F.R. notes in actual circulation. 15,444,57815,386,57515,308,85415,243,402 15,138,39315,165,26815,111,138 14,960,10215,266,27714,920,61610,658,312 Deposits: Member bank—reserve account 12,002,20712,021,123 11,903,29712,054,408 12,486,79613,729,24913,351,480 12,914,950 11,864,26012,855,368 11,592,217 U. S. Treasurer—general account 530,417 379,732 1,013,378 681,954 548, 6,386 6,218 212,806 705,933 249,210 660,735 Foreign 1,261,808 1,254,286 1,241,929 1,207,854 1,232, 1,196,515 1,160,037 1,189,585 1,220,733 1,190,865 946,734 Other deposits 174,758 366,801 391,312 440,747 429, 303,918 214,308 384,039 414,969 369,784 460,455 Total deposits 13,969,190 14,021,94214,549,91614,384,96314,697,33515,236,06814,732,04314,701,380 14,205,89514,665,227 13,660,141 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent)...... 69.1 68.1 68.9 85.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars! Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Sept. 22 21,519 19,979 ?74 490 776 Sept.29 12,995 11,535 364 301 795 Oct. 6 12,599 10,359 1,255 985 Oct. 13""::"::::"::::: 18,309 15,114 1,08 S 1,060 1,050 Oct. 20 10,525 8,535 ^40 300 1,450 Industria advances: Sept.22 11,217 9,839 70 35 33 619 213 286 122 Sept.29 11,965 9,814 67 37 611 730 307 284 115 Oct. 6 11,914 9,794 58 583 244 509 294 315 117 Oct. 13 11,954 9,795 77 632 202 520 297 314 117 Oct. 20 11,872 9,562 89 658 361 516 302 273 111 U. S. Government securities, direct and guaranteed: 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 Sept. 29 Q,168,459 1,380,030 1,107,SSI 2,304,942 1,676,638 153,200 720,850 211,400 700,671 913 177 Oct. 6 9,387,342 1,592,120 1,309,136 2,396,457 1,382,831 305,300 576,250 211,400 700,671 913 177 Oct. 13 9,061,559 1,362,009 1,197,617 2,443,398 1,331,737 325,300 576,250 211,400 700,671 913 177 Oct. 20 8,914,387 1,032,915 898,431 2,083,557 1,539,867 386,450 955,700 211,400 701,071 1,104 996 NOVEMBER 1943 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS fin thousands of dollars! Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S o t u .#is M a i p n o n l e i - s K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Sept. 22 19,915,217 ,236,514 4,.181,7651,197,7111,926,583 1,254,734 1,007,220 31,872,150 724,765480,361 890,743 651,876 2,490,795 Sept. 29 19,881,714 ,216,999 4,.313,9 6~8 1,168,565 ,834,426 1,248,0811,031,210 31,799,317 764,688495,445 883,641 649,825 2,475,549 Oct. 6 19,897,715 ,121,768 4,915,2851,156,2991,712,558 1,163,684 964,538 31,836,425 728,159491,268 823,188 596,5532,387,990 Oct. 13 19,874,965 ,036,298 5,046,6821,142,544 1,671,883 1,161,413 958,364 31,867,203 739,651459,674 766,385 595,8"7"2 2,428,996 Oct. 20 19,843,715 ,038,688 5,206,2071,133,1811,680,670 1,106,322 972, >, 853,437 696,722454,069 742,066 577,570 2,382,437 Redemption Fund- Federal Reserve notes: 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 Sept. 29 130,759 7,675 67,728 13,470 1,189 7,582 6,808 1,261 20,196 1,095 651 677 2,427 Oct. 6 112,899 13,594 27,317 13,340 11,072 9,864 9,717 1,136 20,153 1,079 622 2,649 2,356 Oct. 13 114,059 14,528 26,941 13,226 10,990 9,189 9,643 1,039 20,128 1,822 1,604 2,631 2,318 Oct. 20 123,280 17,933 26,596 13,064 10,875 10,261 10,539 922 20,090 2,558 5,571 2,602 2,269 Other cash: Sept. 22... 333,54: 33,204 80,450 24,329 22,319 24,850 15,502 44,388 11,343 8,401 16,864 10,278 41,614 Sept. 29... 331,518 33,532 80,093 25,403 22,027 23,369 17,784 44,631 11,617 8,009 16,303 10,563 38,187 Oct. 6... 330,570 32,899 79,380 25,269 23,770 20,528 16,355 44,690 11,880 8,004 15,445 11,641 40,709 Oct. 13... 318,748 32,630 76,325 24,280 21,579 21,298 18,006 42,024 11,984 8,403 16,047 10,535 35,637 Oct. 20... 328,791 32,745 79,896 24,270 23,772 20,744 17,919 42,451 11,557 8,762 16,074 10,620 39,981 Total reserves: S Se e p p t t . . 2 2 9 2 2 20 0 , , 3 3 4 7 3 8 , , 9 6 9 2 1 4 , ,2 2 5 7 8 7 , ,4 2 7 0 8 6 4 4 , , ,:4 3 6 3 1 0 , ,2 78 1 9 8 1 1 , , 2 2 0 3 7 3, , 1 4 5 3 3 8 1, , 9 85 5 7 0 , ,1881 1, , 2 2 7 8 9 8 , , 0 1 3 4 2 41 1 , , 0 0 2 5 8 5 , ,8 6 0 2 2 8 3 3( 1, ., , 9 8 1 4 7 5 , , 9 2 1 09 5 7 79 5 6 6 , , 5 3 0 4 1 6 504 ' , , 5 8 4 6 9 9 9 9 0 0 0 8 , , 5 2 9 8 5 3 6 6 6 6 2 1 , , 8 0 6 6 1 5 2 2 , ,, 5 51 3 6 5 , , 1 5 6 4 3 1 Oct. 6 20,341,184 ,168,2615,021,9821,194,9081,747,4001,194,076 990,610 3i!, 882,251 760,192""",351 839,255 6101,,843 2:,431,055 Oct. 13 20,307,772 ,083, "",149,9481,180,0""5"0 1,704,4521,191,900 986, ,910,266 771,763 469,899 784,036 609•,,038 2,,466,951 Oct. 20 20,295,786 ,089,366 5,,312,699 1,170,515 1,715,3171,137,3271,000,804 31 ; ,896,810 728,369 465,389 763,711 5901,,792 2!,424,687 Bills discounted: Secured by U.S. Government obligations, direct and guaranteed: Sept. 22 21,519 1,600 7,435 617 605 575 9,500 30 1,000 127 30 Sept. 29 12,995 900 6,141 662 205 735 275 500 3,525 52 Oct. 6 12,599 575 5,310 132 245 5,685 600 52 Oct. 13 18,309 2,875 6,570 107 280 6,425 2,000 52 Oct. 20 10,525 480 3,740 715 265 5,325 Other bills discounted Sept. 22 Sept. 29 Oct. 6 Oct. 13 Oct. 20 Total bills discounted: Sept. 22 21,519 1,600 7,435 617 605 575 9,500 1,000 127 30 Sept. 29 12,995 900 6,141 662 205 735 275 500 3,525 52 Oct. 6 12,599 575 5,310 132 245 5,685 600 52 Oct. 13 18,309 2,875 6,570 107 280 6,425 2,000 52 Oct. 20 10,525 480 3,740 715 265 5,325 Industrial advances: Sept. 22 11,217 152 4,443 494 319 209 90 4,000 Sept. 29 11,965 152 4,516 628 293 242 77 4,547 Oct. 6 11,914 152 4,524 571 292 247 74 4,547 Oct. 13 11,954 152 4,533 531 292 246 108 4,595 Oct. 20 11,872 152 4,350 677 241 215 128 4,625 U. S. Government securities, direct and and guaranteed: Bonds: Sept. 22 1,529,048 122,778 278,856 126,338 177,510 98,870 88,205 208,896 51,394 51,651 75,322 76,140 173,088 Sept. 29 1,531,048 123,070 277,380 126,531 178,070 99,168 88,585 209,542 51,227 51,786 75,447 76,445 173,797 Oct. 6 1,531,048 152,699 80,332 134,608 222,904 131,404 110,442 168,527 67,766 60,345 101,637 95,441 204,943 Oct. 13.......... 1,531,048 152,355 83,280 134,519 222,294 131,012 110,075 168,624 67,783 60,225 101,395 95,139 204,347 Oct. 20 1,537,267 151,745 94,159 134,752 221,018 130,144 109,204 169,657 68,119 60,044 100,939 94,444 203,042 Notes: 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 Sept. 29.. 689,900 55,456 124,989 57,015 80,240 44,686 39,917 94,421 23,083 23,335 33,997 34,447 78,314 Oct. 6.. 689,900 68,807 36,198 60,655 100,442 59,211 49,766 75,940 30,536 27,192 45,798 43,006 92,349 Oct. 13.. 689,900 68,652 37,527 60,615 100,167 59,035 49,600 75,983 30,543 27,138 45,689 42,871 92,080 Oct. 20.. 689,900 68,101 42,257 60,475 99,189 58,406 49,009 76,139 30,571 26,947 45,299 42,385 91,122 Certificates: Sept. 22 1,318,150 105,845 240,395 108,914 153,026 85,234 76,038 180,080 44,305 44,528 64,933 65,639 149,213 Sept. 29 1,347,250 108,295 244,080 111,341 156,695 87,262 77,950 184,390 45,076 45,571| 66,389 67,266 152,935 Oct. 6 1,359,150 135,553 71,312 119,496 197,875 116,651 98,043 149,603 60,157 53,571 90,228 84,727 181,934 Oct. 13 1,379,150 137,239 75,016 121,176 200,239 118,015 99,153 151,894 61,060 54,252! 91,335 85,699 184,072 Oct. 20 1,498,050 147,873 91,759 131,314 215,380 126,825 106,419 165,328 66,383 58,510 98,362 92,036 197,861 Bills: Under repurchase option: 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 Sept. 29...... 4,474,367 58,0513,102,493 238,034 73,945 36,699 58,486 484,529 184,320 21,353 29,070 25,701 161,686 Oct. 6 4,704,410 103,5953,146,538 240,053 94,715 39,259 75,386 567,604 172,990 26,353 33,080 31,781 173,056 Oct. 13 4,338,010 85,8912,818,619 227,295 93,138 43,408 63,176 552,668 173,439 35,288 67,090 36,761 141,237 Oct. 20 4,040,245 74,9352,634,169 233,774 58,883 61,978 27,154 507,915 195,419 33,801 66,753 19,076 126,388 1074 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 tin thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaV 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 r S i a s a c n n o - Other bills: Sept. 22 1,211,50; 97,280 220,94' 100,100 140,646 78,33' 69, 165,51. 40,72 40,92J 59,680 60,328 137,142 Sept. 29 1,125,894 90,503 203,97£ 93,047 130,948 72,925 65,143 154,09. 37,672 38,08: 55,482 56,216 127,806 Oct. 6 1,102,834 109,991 57,86. 96,960 160,560 94,652 79,553 121,39: 48,813 43,46: 73,211 68,747 147,623 Oct. 13..... 1,123,451 111,795 61,105 98,708 163,11 96,134 80,771 123,73: 49,737 44,19: 74,402 69,811 149,946 Oct. 20 1,148,92, 113,412 70,373 100,711 165,184 97,26: 81,61 126,79S 50,91 44,87( 75,440 70,585 151,750 U. S. Government securities, direct and guaranteed—Total: Sept. 22 9,204,0& 419,654 4,:050,996 629,425 614,526 337,426 312,6871,085,693 362,066 ,879 255,389 253,046 694,278 Sept. 29 9,168,45' 435,3753,952,920 625,968 619,898 340,740 330,'' 1,126,974 341,378180,127 260,385 260,075 694,538 Oct. 6 9,387,34: 570,6453,392,245 651,772 776,496 441,177 413,190l,083,06i 380,262210,928 343,954 323,702 799,905 Oct. 13 9,061,55' 555,93: 3,075,551 642,313 778,953 447,604 402,7741,072,901 382,562221,095 379,911 330,281 771,682 Oct. 20 8,914,38! 556,0662,932,717 661,026 759,654 474,620 373,4031,045,838 411,403224,178 386,793 318,526 770,163 Total bills and securities: Sept. 22 9,236,80 422,712 4,,058,583 634,485 615,625 338,320 312, ,085,697 371,566 88,999 256,419 253,191 698,308 Sept. 29 9,193,419 437,7333,959,213 631,146 620,731 341,768 330,598 ,127,478 344,903 80,204 260,41" 260,145 699,085 Oct. 6 9,411,85. 572,6773,397,707 656,428 777,312 447,154 414,037 ,083,070 380,262211,002 343,984 323,770 804,452 Oct. 13 9,091,82: 560,254 3",082,273 646,953 779,764 454,321 403,020 ,072,905 384,562221,203 379,941 330,349 776,277 Oct. 20 8,936,784 557,9802,936,609 666,091 760,596 480,186 373,618 ,045,842 411,403224,306 386,823 318,542 774,788 Due from foreign banks Sept. 22 12 11 Sept. 29 12 11 Oct. 6.. . 127 J46 11 Oct. 13 '•• 12 J46 11 Oct. 20 .;; 12 X46 11 Federal Reserve notes of other banks: Sept. 22 78,03< 1,697 14,171 2,738 3,347 10,110 7,837 9,763 5,918 3,108 6,547 3,394 9,409 Sept. 29 78,415 1,632 13,843 2,769 3,574 10,27." 6,528 10,253 5,740 2,386 6,587 2,727 12,103 Oct. 6. ' 79,231 1,415 13,470 2,752 3,472 12,897 6,824 9,441 6,415 2,582 6,997 2,851 10,115 Oct. 13 74,475 1,788 14,176 2,576 3,458 12,003 5,310 7,672 5,037 2,923 6,492 2,465 10,575 Oct. 20 79,160 1,721 17,044 2,419 4,150 12,387 5,97 8,811 5,189 2,213 6,759 3,819 8,676 Uncollected items: Sept. 22 2,064,406 187,552 399,482 114,098 240,117 163,760 139,636 279,467 91,752 47,358 95,552 74,746 230,886 Sept. 29 1,830,249 162,826 363,999 96,818 197,084 126,215 97,849 262,118 76,967 40,530 77,100 62,771 265,972 Oct. 6 ."' 1,639,196 182,426 327,384 92,102 156,189 116,410 101,621 238,586 70,409 39,439 73,842 50,413 190,375 Oct. 13 1,675,844 208,758 294,039 88,241 169,726 120,661 98,839 246,784 86,080 42,519 89,216 61,035 169,946 Oct. 20 .'.'.'1,866,346 196,148 397,166 102,115 178,604 138,347 107,32. 274,928 78,997 42,030 92,754 69,672 188,260 Bank premises: 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 Sept. 29 38,489 2,680 9,676 4,648 4,242 2,958 1,664 2,873 2,076 1,28: 2,755 994 2,635 Oct. 6 38,459 2,680 9,658 4,648 4,242 2,958 1,664 2,873 2,077 1,288 2,749 987 2,635 Oct. 13 38,463 2,680 9,658 4,648 4,242 2,962 1,664 2,873 2,077 1,288 2, 749 987 2,635 Oct. 20 38,455 2,680 9,658 4,648 4,232 2,962 1,664 2,875 2,077 1,288 2,749 987 2,635 ! Other assets: Sept. 22 61,001 4,284 12,203 4,437 7,605 3,765 3,358 2,143 2,090 3,032 3,150 6,852 Sept. 29 63,222 4,414 12,556 4,963 7,854 3,938 3,441 8,421 2,226 2,107 3,135 3,267 6,900 Oct. 6 63,56: 5,383 6,658 4,908 9,026 4,169 7,269 2,865 2,432 4,019 3,865 8,085 Oct. 13 64,843 5,427 7,337 5,220 9,188 4,897 4,087 7,240 2,855 2,391 4,044 3,865 8,292 Oct. 20 57,966 4,691 6,771 4,368 8,318 4,244 3,664 6,669 2,528 2,167 3,618 3,546 7,382 Total assets: Sept. 22 11,857,533 896,410 8,824,379 ,993,584 2,821,1371,807,071 494,027 303,820 229,809 32,716 272,592 998,340 3,483,648 Sept. 29 11,547,912 867,4948,821,122 947,7952,691,140 1,764,190 495,887 256,369 228,416 31,066 250,591 990,9733,502,869 Oct. 6 ;;; 11,573,619 932,8458,776,905 955,759 2,697,654 1,778,389 518,930 223,507 222,223 r57,096 270,850 992,7333,446,728 Oct. 13 „ 1,253,346 862,3i66 8",557,477 927,7012,670,8431,786,750 498,938 247,757 252,377 '40,225 266,4821,007, ,434,687 Oct. 20 ,,„... 1,274,624 852,589 8,679,993 950,169 2,671,230 1,775,459 493,052 235,952 228,566 r37,395 256,418 987,362 3,406,439 Liabilities Federal Reserve notes in actual circulation: Sept. 22 15,138,393 063,598 3,327,767 ,051,369 1,372,9151,001,592 816,652 ,898,948 637,542 155,972 543,263 362,6381,706,137 Sept. 29 15,243,402 060,8623,348,462 ,051,424 1,372,6901,015,620 836,116 ,896,606 645,992 156,579 553,013 373,5441,732,494 Oct. 6 15,308,854 063,0413,359,598 ,050,9261,373,9261,027,437 845,628 ,905,460 651,363 58,828 555,835 375,4391,741,373 Oct. 13 15,386,575 070,5813,377,678 ,056,8301,382,9871,032,011 847,340 ,918,976 657,032 61,218 556,050 374,3161,751,556 Oct. 20 15,444,578 072,703 3,395,538 ,060,406 1,384,7721,038,024 849,004 ,935,325 659,718 63,237 557,116 373,3" 16' 1',755,419 Deposits: Member bank—reserve account: Sept. 22 12,486,796 6431,,676 4,,090,805 673,959 1,007,419 534,105 475,315 934,881 419,962 !77,241 566,014 480,6071,382,812 Sept. 29 12,054,408 596,702 4,036,139 610,621 939,475 514,470 474,153 870,797 403,837 !70,064 545,269 466, ,326,019 Oct. 6 11,903,297 574, ,898,318 608,657 932,776 531,654 478,249 845,848 400,029 !70,818 564,231 481,0381,317,311 Oct. 13 12,021,123 575,9623,941,560 619,519 927,426 543,743 486,575 821,566 440,660 184,566 560,568 486,746 1,332,232 Oct. 20 12,002,207 605i,,593 3',;983,798 614,690 940,365 517,200 474,349 808,306 418,239 77,556 555,879 487,746 1,318,486 U.S. Treasurer- General account: 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 Sept. 29 681,954 35,041 162,226 51,319 55,728 48,723 38,461 67,700 52,497 30,170 32,172 50,053 57,864 Oct. 6 1,013,378 114,967 287,942 66,717 112,769 43,805 61,272 72,922 50,448 49,987 26,773 43,969 81,807 Oct. 13 379,732 20,050 41,562 19,985 35,926 33,325 24,849 61,707 25,541 19,269 20,980 38,618 37,920 Oct. 20 530,417 4,083 199,499 39,764 39,284 29,479 28,870 76,245 27,213 21,188 17,697 22,290 24,805 1 After deducting $81,000 participations of other Federal Reserve Banks. NOVEMBER 1943 1075 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 ] New Phila- Cleve- Rich- St. Minne- Kan- San Total Boston York delphia land mond Atlanta Chicago Louis apolis sas Dallas Fran- City cisco Foreign: Sept. 22 1,232,285 ^66,678 105,552 102,219 47,776 38,887 135,551 33,332 24,444 31,110 33,332 84,516 Sept. 29 1,207,854 28,397 ^52,084 103,915 100,634 47,035 38,285 133,449 33,332 24,065 30,628 32,815 83,215 Oct. 6 1,241,929 28,505 ^68,360 106,901 103,525 48,387 39,385 137,283 33,758 24,756 31,508 33,758 85,803 Oct. 13 1,254,286 29,037 ^70,221 108,553 105,125 49,134 39,993 139,405 34,280 25,139 31,995 34,280 87,124 Oct. 20 1,261,808 28,806 575,745 108,949 105,508 49,314 40,139 139,913 34,405 25,230 32,111 34,405 87,283 Other deposits: Sept. 22 429,640 5,525 303,586 7,811 16,356 11,205 6,116 8,574 12,89: 9,134 3,920 4, 39,631 Sept. 29 440,747 4,927 310,762 9,775 15,811 10,506 13,114 5,408 14,244 9,882 3,317 5,120 37,881 Oct. 6 391,312 4,259 287,575 6,934 8,300 9,975 3,605 7,444 11,854 9,255 5,253 4,206 32,652 Oct. 13 366,801 4,477 269,862 4,523 7,732 6,494 3,475 7,215 13,369 7,912 2,574 4,314 34,854 Oct. 20 174,758 3,259 92,769 3,644 7,445 5,065 2,563 2,589 10,360 7,113 2,109 2,534 35,308 Total deposits: Sept. 22 14,697,335 703,260 5,,076,192 812,0871,224,471 639,694 544,772 2,,117,149 498,989 330i,,041 629,175 559,8691,561,636 Sept. 29 14,384,963 665,067 5,,061,211 775,6 "30" 1,111,648 620,734 564, ,077,354 503,910334,181 611,386 554,8501,504,979 Oct. 6 14,549,916 722, ,042,195 789,2091,157,370 633,821 582,5112,063,497 496,089 354,,816 627,765 562,9711,517,573 Oct. 13 14,021,942 629, ,823,205 752,5801,076,209 632,69<? 554,8"9-2 2,,029,893 513,850336,886 616,117 563,9581,492,130 Oct. 20 13,969,190 641,7414,851,811 767,047 ,092,602 601,058 545,9212,027,053 490,217331,087 607,796 546,9751,465,882 Deferred availability items: 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 Sept. 29 1,480,693 111,555 261,353 81,219 166,274 108,496 79,555 226,610 64,007 28,870 71,104 48,839 232,811 Oct. 6 1,276,454 117,529 225,169 76,509 125,756 97,876 74,617 198,788 60,269 32,021 72,128 40,666 155,126 Oct. 13 1,406,156 132,010 206,460 78,831 170,943 102,638 80,513 243,027 66,961 30,67.r 79,997 55,826 158,278 Oct. 20 1,422,899 108,058 282,572 83,539 153,143 117,025 81,928 217,837 64,121 31,578 77,385 53,368 152,345 Other liabilities, including accrued dividends: Sept. 22 7,844 705 2,562 576 447 190 251 645 216 205 1,304 346 397 Sept. 29 8,535 659 2,386 1,033 557 307 312 731 244 205 1,378 302 421 Oct. 6 7,956 822 2,304 617 570 217 254 799 257 184 1,299 213 420 Oct. 13 7,727 768 2,468 933 624 339 256 804 283 192 451 178 431 Oct. 20 6,896 588 2,388 618 582 247 242 264 195 298 214 452 Total liabilities: Sept. 22 31,427,774 ,867,112 8;,, 676,8411,955;,,129 2,,781,,186 1,788,062 1,478,147 5,,248,9511,215,577721,4891,258,855 984,9173,451,508 Sept. 29 31,117,593 ,838,1438,673,4121,909,306 2,!651,,169 1,745,1571,479,9965,201,3011,214,153719,8351,236,881 977,5353,470,705 Oct. 6 31,143,180 ,903,4918,629,266 1,917,2612,657,622 1,759,3511,503,0105,168,544 1,207,978 745,8491,257,027 979,289 3^,414,492 Oct. 13 30,822,400 ,8328/8"5 "8,,409,8111,889,174 ,630,7631,767,684 1,483,0015,192/700 1,238,126 728;,9681,252,615 994,2783,402,395 Oct. 20 30,843,563 ,823, ,532,1,309 1,911,610 2,,631,0991,756,3541,477,0955,181,0231,214,320 726,,0971,242,595 973,873 3,,374,098 Capital Accounts Capital paid in: 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 Sept. 29 149,980 9,548 55,726 11,678 15,466 6,058 5,391 16,622 4,670 3,189 4,884 4,541 12,207 Oct. 6 150,173 9,549 55,741 11,678 15,515 6,067 5,408 16,630 4,670 3,189 4,944 4,552 12,230 Oct. 13 150,195 9,551 55,741 11,679 15,518 6,069 5,408 16,631 4,672 3,189 4,946 4,552 12,239 Oct. 20 150,279 9,553 55,750 11,680 15,515 6,074 5,409 16,652 4,674 3,219 4,956 4,557 12,240 Surplus (section 7): 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 Sept. 29 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Oct. 6 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Oct. 13 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Oct. 20 160,411 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): Sept. 22 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,307 2,121 Sept. 29 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,307 2,121 Oct. 6 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,307 2,121 Oct. 13 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,307 2,121 Oct. 20 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,307 2,121 Other capital accounts: Sept. 22 92,570 5,716 26,742 6,719 8,713 4,488 4,050 13,894 4,066 3,817 4,105 3,492 6,768 Sept. 29 93,099 5,769 26,913 6,748 8,731 4,495 4,058 14,092 4,097 3,821 4,076 3,507 6,792 Oct. 6 93,026 5,771 26,827 6,757 8,743 4,491 4,070 13,979 4,079 3,837 4,129 3,502 6,841 Oct. 13 93,511 5,896 26,854 6,785 8,788 4,517 4,087 14,072 4,083 3,847 4,171 3,523 6,888 Oct. 20 93,542 5,912 26,863 6,816 8,842 4,551 4,106 13,923 4,076 3,858 4,117 3,542 6,936 Total liabilities and capital accounts: Sept. 22 31,857,533 ,896,410 8,,824, 379 1,993, 584 2,,821,137 1,807,0711,494,0275,303,820 229,809 732,,716 1,272,592 998,340 3,483,648 Sept. 29 31,547,912 ,867,49418,821,122 1,947, 795 2,,691, 14~0 1,764,190 '1,495,887 5,256,369 228,416 731,066 1,250,591 990,9733,502,869 Oct. 6 31,573,619 ,932,'" ,776, 905 1,955, 759 2,,697,6541,778,389 1,518, 930 5,223,507 222,223 757,096 1,270,850 992/7 3"3 3,,446,728 Oct. 13 31,253,346 ,862,366 8,,557,4771,927,7012,670,8431,786,750 1,498, 938 5,247,757 ,252,377740,225 1,266, ,007,7433,434,687 Oct. 20 31,274,624 ,852,!,589 8; ,679, 993 1,9501,'6"9 "2,,671,230 1,775,459 1,493,0525,235,952 ,228,566 737,3951,256,418 9873,"62 3,406,439 Commitments to make industrial advances: Sept. 22 11,789 706 621 838 1,598 3,000 3,211 O Se c p t. t . 2 6 9 1 1 1 0 , , 4 4 6 4 1 6 7 7 0 0 6 8 488 8 8 3 3 8 8 1,4 9 3 3 8 8 3 3 , , 0 0 0 0 0 0 3 2 , , 2 89 8 1 9 Oct. 13 10,466 708 527 818 937 3,000 2,903 Oct. 20 9,837 700 380 818 337 3,000 2,867 1 After deducting $665,282,000 participations of other Federal Reserve Banks on Sept. 22; $654,250,000 on Sept. 29; $671,947,000 on Oct. 6; $682,202,000 on Oct. 13 and $684,681,000 on Oct. 20. IO76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is M ap in o n li e s - Dallas F S r a a n ncisco Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Sept. 22 15,779,9191,115,6733,449,898 1,083,682 1,420,696 1,038,810 866,5522,973,652 671, 363,502 568,767397,2431,829,558 Sept. 29 15,846,5871,112,2013,465,185 1,088,7 .421,2141,051,230 884,100 2",975,300 679,585 364,661 573,367 ,9411,825,073 Oct. 6 15,886,0481,118,9"24 3",470,5411,085,958 1,422,0561,058,584 890,469 2,971,370 680,354 365,967 576,454406,3391,839,032 Oct. 13 15,916,9411,115,7663,478,372 1,088, ,425,3121.064,902 8900,'2972,972,760 690,511 368,600 574,514 407, 1971,840,264 Oct. 20 16,021,6531,126,269 3,504,754 1,095,869 1,427,835 1,071,369 8922,7052,993,596 693,018 369,897 578,853 409',122 ,858,366 Held by Federal Reserve Bank: Sept. 22 641,526 52,07. 122,131 32,313 47,781 37,218 49,900 74,704 34,344 7,530 25,504 34,605 123,421 Sept. 29 603,185 51,339 116,723 37,306 48,524 35,610 47,984 78,694 33,593 8,C82 20,354 32,397 92,579 Oct. 6 577,194 55,883 110,943 35,032 48,130 31,147 44,841 65,910 28,991 7,139 20,619 30,900 97,659 Oct. 13 530,366 45,18. 100,694 31,616 42,325 32,891 42,957 53,784 33,479 7,382 18,464 32,881 88,708 Oct. 20 577,075 53,566 109,216 35,463 43,063 33,345 43,701 58,271 33,300 6,660 21,737 35,806 102,947 In actual circulation:1 Sept. 22 15,138,3931,063,598 3,327,7671,051,3691,372,915 1,001,592 816,652 ,898,948637,542 355,972 543,263 362,638 1,706,137 Sept. 29 15,243,4021,060,8623,343,462 1,051,4241,372, ',015,620 836 ,896,606 645,992 356,579 553,013373,5441,732,494 Oct. 6 15,308,8541,063,0413,359,598 1,050,9261,373,926 1,027,437845,628 ,905,460 651,363 358,828 555,835375,439 1,741,373 Oct. 13 15,386,5751,070,5813,377,678 1,056,8301,382,987 1,032,011847,340 ,918,976 657,032 361,218 556,050374,3161,751,556 Oct. 20 15,444,5781,072,"703 "3,395,5381,060,4061,384,772 1,038,024 849,004 ,935,325 659,718 363,237 557,116 373,316 1,755,419 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Sept. 22 13,730,000 996;,,000 2,160,000 890,000 1,422,000 922,000770,0002,990,000 4003,,1000 348,000 580,000 403,000 1,849,000 Sept. 29 13,974,000 996,000 2,410,000 845,0001,423,000 922,000 770;,0002,990,000 4255,,1000 348,000 580,000 416,000 1,849,000 Oct. 6 „. 14,167,000 876,0003,010,000 845, ',223,000 900,,000 705,000 3,000,000 4503,,1000 348,000 580,000 361,000 1,869,000 Oct. 13 14,309,000 831,""" ,210,000 845,0001,230,000 900,000 705,000 3,000,000 4503,,1000 348,000 560,000 361,000 1,869,000 Oct. 20 14,249,000 781,C00 3,225,000 850,000 1,230,000 900,000 705,000 3,020,000 450,000 323,000 510,000 361,000 1,894,000 Eligible paper: Sept. 22 20,757 1,600 7,435 617 575 9,500 30 1,000 O Se c p t. t . 2 6 9 1 1 1 1 , , 7 96 0 3 2 9 57 0 5 0 6 5 , ,3 1 1 4 0 1 6 1 6 3 2 2 5,6 7 8 3 5 5 3,525 Oct. 13 17,977 2,875 6,570 107 6,425 2,000 Oct. 20 10,260 3,740 715 5,325 U. S. securities: Sept. 22 2,247,39C 150,000 1,300,000 200,000 150,000125,000 302,390 20,000 Sept. 29 2,079,320 150,000 1,100,000 250,000 150,000 ,000 284,320 20,000 Oct. 6 1,967,990 250,000 500,000 250,000 200,000 200,000200,000 272,990 20,000 75,000 Oct. 13 1,833,439 290,000 300,000 250,000 200,000 200,000200,000 273,439 25,000 20,000 75,000 Oct. 20 2,020,419 350,000 300,000 250,000 200,000 200,000200,000 295,419 50,000 100,000 75,000 Total collateral: Sept. 22 15,998,147 ,147,6003,467,435 1,090,617 1,422,000 1,072,575 895,0002,990,000 711,890 368,030 581,000 403,000 1,849,000 Sept. 29 16,065,283 ,146,900 3!,516,1411,095,662 1,423,000 1,072,735 895,0002,990,000 712,845 368,000 580,000 416•,0001,849,000 Oct. 6 ; 16,146,692 ,126,5753,515,310 1,095,132 1,423,000 1,105,685 905,0003,000,0 ,990 368,000 580,1 >,0001,869,000 Oct. 13 16,160,416 ,123,8753,516, ,095,1071,430,000 1,106,425905,000 3,!000,0000 725,439 373,000 580,000 436>,0001,869,000 Oct. 20 16,279,679 ,131,4803,528,740 1,100,715 1,430,000 1,105,325905,0003,020,0000 745,419 373,000 610,000 436i,0001,894,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE Ap- BANKS UNDER REGULATION V Date (last Applications proved Ad- Commit- Partici- [Amounts in thousands of dollars] Wednesday or approved but not vances ments pations las p t e d ri a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s ( t a a m o n u o d t u i - n n g t) 2 ( s a ta m o n u o d u t i - n n t g ) ( s a t m a o n u o d u t i - n n t g ; Gua a r u a t n h t o e r e i d z e l d oans Gu o ar u a t n st t a e n ed d in lo g ans a A v a a d m i d l i a o t b i u o le n n t a t l o borrowers 1934... 984 49,634 20,966 13,589 8,225 1,296 Date - under guar- 1 1 19 9 9 3 3 3 7 5 6 2 2 1 , , , 4 9 2 9 0 8 3 6 0 1 1 1 5 3 2 0 9 4 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 2 3 5 2 6 4 6 9 8 3 2 2 5 0 2 , , , 5 2 4 2 1 9 6 6 3 2 2 1 0 7 2 , , , 9 6 7 5 8 4 9 0 9 8 7 7 , , , 7 2 2 7 3 0 8 8 8 Number Amount am To o t u a n l t g P u o te a r e t r i d a o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941. 3,202 279,860 8,294 10,337 14,597 19,600 1942 June 30 565 310,680 81,108 69,674 137,888 Tune 24 3,352 338,822 26,346 11,265 16,832 26,430 Sept. 30 1,658 944,204 427,918 356,677 230,720 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 1943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 1943 Feb. 27 3,440 446,319 5,882 13,717 12,117 23,177 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Feb.28 3,198 3,479,172 ,040,828 828,221 1,706,849 Apr. 30....... 3,447 467,733 3,732 13,188 13,438 20,333 Mar. 31 3,534 3,725,241 L,245,711 999,394 1,865,618 May 31 3,448 473,399 3,045 13,378 12,950 20,166 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,838 June 30 3,452 475,468 3,203 13,044 12,132 19,070 May 31 4,002 4,554,278 [,415,777 1,150,040 2,077,018 July 31 3,455 477,681 2,883 12,320 11,832 18,832 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,073 Aug. 31 3,458 481,288 4,354 12,062 11,614 18,400 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,741 Sept. 30 3,460 483,608 2,860 12,289 11,474 18,928 Aug. 31 4,599 5,153,941 1,646,921rl,366,178 r2,482,895 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,875 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. r Revised. 2 Includes industrial advances past due 3 months or more, which are not NOTE.—The difference between guaranteed loans authorized and sum included in industrial advances outstanding in weekly statement of condi- of loans outstanding and amounts available to borrowers under guarantee tion of Federal Reserve Banks. agreements outstanding represents amounts repaid, guarantees available NOTE.—The difference between amount of applications approved and the but not completed, and authorizations expired or withdrawn. sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. NOVEMBER 1943 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, SEPTEMBER 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b n a te n r k - | w G m a U o r v e . l S e n o r . t a n n - Other A d p d e o j m d s u i e a s t - t s n e 2 d d p N m o e s a t i t n s d d * e 5 - p T o d i s e m i - t e s d b o a b m l f d a a r u o n e n e m s k c t s e i s c Held qu R i e r - ed Excess deposits1 All member banks 74,058 11,009 8,351 54,698 51,424 56,935 14,550 5,673 12,864 11,447 1,417 Central reserve city banks New York 22,022 3,782 3,295 14,945 14,068 17,808 809 59 3,643 3,610 32 Chicago 5,066 1,097 602 3,368 3,166 4,098 501 167 858 850 8 Reserve city banks—Total 27,855 5,133 2,903 19,819 18,155 21,485 5,785 1,895 5,159 4,644 515 Boston district 2,083 347 310 1,425 1,342 1,640 99 52 352 334 18 New York district 445 28 37 380 355 364 165 21 87 83 5 Philadelphia district 2,262 346 286 1,629 1,523 1,797 132 75 395 367 28 Cleveland district 3,679 505 430 2,744 2,559 2,860 781 206 701 619 82 Richmond district 1,682 335 218 1,129 1,043 1,263 265 118 323 269 55 Atlanta district 1,712 494 182 1,035 921 1,284 210 140 290 269 21 Chicago district 3,563 458 373 2,732 2,544 2,708 958 300 689 599 90 St. Louis district 1,625 515 155 955 846 1,264 188 102 273 264 9 Minneapolis district 916 277 116 523 464 672 92 70 145 140 6 Kansas City district 2,265 831 161 1,273 1,122 1,656 183 306 396 342 53 D Sa a n l la F s r a d n i c s i t s r c ic o t . d v i s . t . r . i # ct 5 1 , , 9 6 9 3 5 0 4 5 3 6 6 1 5 1 0 3 3 2 4 1 , ,0 9 6 3 2 1 4,4 9 6 7 5 1 4 1 , , 7 18 9 3 4 2,5 1 6 4 5 8 2 2 2 7 9 6 1,2 2 1 9 5 2 1,1 2 1 4 3 5 1 4 0 7 3 Country banks^-Total 19,114 996 1,551 16,567 16,035 13,544 7,454 3,551 3,204 2,343 861 Boston district 2,013 92 224 1,697 1,623 1,504 670 217 323 251 73 New York district 3,020 75 341 2,604 2,504 2,288 1,760 296 559 426 133 Philadelphia district 1,429 12 132 1,286 1,245 1,057 929 202 277 204 73 Cleveland district 1,659 22 133 1,504 1,462 1,194 889 292 329 220 108 Richmond district 1,548 183 114 1,252 1,185 1,047 460 332 229 174 54 Atlanta district 1,466 165 113 1,188 1,146 1,007 322 318 208 160 47 Chicago district 2,439 66 218 2,154 2,112 1,685 1,102 497 430 302 128 St. Louis district 1,034 131 56 846 818 722 291 229 155 119 37 Minneapolis district 790 60 52 678 660 555 338 167 135 98 37 Kansas City district 1,207 66 57 1,084 1,069 769 169 371 184 118 66 Dallas district 1,412 97 49 1,266 1,233 946 100 392 202 138 64 San Francisco district 1,096 27 61 1,007 977 772 424 237 173 133 40 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 SEPTEMBER 1943 [Averages of daily figures. In millions of dollars] Central reserve All city banks 1 Re- Coun- In places of 15,000 In places of under mem- serve and over population 15,000 population babnekrs1 N Y e o w rk Chicago bcaintkys banks1 Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s p r i - t ts de T p i o m s e its 1942—Aug 12,623 4,616 1,009 4,574 2,423 bank2 bank2 Sept 12,299 4,150 944 4,676 2,529 1943—Aug 12,597 3,717 858 4,999 3,024 Sept 12,864 3,643 858 5,159 3,204 Total.. 11,417 4,382 6,701 3,072 Week ending (Friday): 1943—Aug. 27 12,700 3,761 873 5,049 3,017 Boston 1,660 530 261 140 Sept. 3 12,895 3,839 895 5,115 3,047 New York 2,286 1,142 659 618 Sept. 10 13,247 3,882 912 5,292 3,160 Philadelphia 843 432 574 497 Sept. 17 13,386 3,727 897 5,414 3,347 Cleveland 1,002 476 635 413 Sept. 24 12,568 3,466 814 5,041 3,247 Oct. 1 12,085 3,356 784 4,818 3,128 Richmond.. 890 225 476 235 Oct. 8 11,941 3,296 775 4,730 3,139 Atlanta 936 224 365 98 Oct. 15 12,078 3,315 788 4,783 3,191 Chicago 1,466 662 907 440 Excess reserves: St. Louis 393 163 510 129 1942—Aug 2,248 286 60 1,091 812 Sept 2,300 302 73 1,069 857 Minneapolis 346 134 384 204 1943—Aug 1,136 19 8 386 724 Kansas City 331 58 811 112 Sept 1,417 32 8 515 861 Dallas 552 62 763 38 Weekending (Friday): San Francisco 714 275 355 149 1943—Aug. 27 1,106 18 8 369 712 S S e e p p t t . . 1 3 0 1 1 , , 2 0 6 8 7 8 2 2 6 1 1 6 1 4 3 6 6 4 5 6 7 9 6 6 6 1 Includes any banks in outlying sections of reserve cities which have O S S e e c p p t. t t . . 2 1 1 4 7 ?1 1 1 , , , 3 6 5 3 4 0 8 7 8 3 3 3 9 7 2 1 8 7 4 5 4 6 2 4 3 2 0 7 9 9 4 4 8 7 b re e s e e n 2 r v T g e h i v c e e i t n s i e e r p s i e e h r s a m v p i e u s s b a i l o i p s n h o e p t d o u l c a th t a i r r o o r n y u g o t h h f e m A s o p a r r m e il e t 1 h 9 r a e 4 n s 3 e 1 i r 5 n v , c 0 e l 0 s u 0 d a . e s d c o in u t n e t r r b y a n b k a n d k e s p . os A its ll . Oct. 8 2*1,413 27 6 405 The amount of such deposits for the current month at all country banks can Oct. 15 *>1,463 34 11 391 ^1,026 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. IO78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o e 1 r t y a 8 e 9 s s - 0 S s u i a b lv r s y e id r i- M c i o n i o n r U S n n t o i a t t t e e e s d s R F n e e o 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 N i o a o a t n n - e a k s l 1942—September 13,703 59 71 1,754 537 222 324 10,580 18 137 October 14,210 59 73 1,704 551 225 326 11,118 18 136 November 14,805 58 74 1,731 565 227 327 11,667 18 136 December 15,410 58 76 1,751 575 228 317 12,082 188 135 1943—January 15,590 58 77 1,700 567 226 312 12,152 362 135 February 16,088 58 78 1,703 573 226 317 12,523 474 134 March 16,250 58 79 1,674 583 228 316 12,643 534 134 April 16,660 57 81 1,667 593 230 318 13,023 557 133 May.... 17,114 57 82 1,670 600 232 324 13,440 574 133 June 17,421 57 84 1,649 610 236 322 13,747 584 132 July 17,955 57 85 1,633 619 239 322 14,268 599 131 August 18,529 57 87 1,621 630 243 325 14,820 615 131 September 18,844 56 1,594 641 246 320 15,146 622 130 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 smalldenomination currency2 Large denomination currency2 End of month in cir- Unascula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1942—September 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 29 October... 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 November. 14,805 11,122 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 December, 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943—January... 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 February.. 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 May 17,114. 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 June , 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 - 341 667 10 20 August.... 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 September 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 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, SEPTEMBER 30, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held by Federal Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral B R an e k se s rv an e d c M irc o u n l e a y t io in n1 and silver cash Banks and agents certificates agents Gold 22,175 20,067 22,108 Gold certificates *20,067 17,196 2,815 56 Federal Reserve notes 15,845 42 658 15,146 Treasury currency—total. 44,094 1,863 120 333 3,641 Standard silver dollars 517 343 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 *1,863 268 1,595 Subsidiary silver coin 682 28 14 641 Minor coin 254 4 4 246 United States notes 347 3 24 320 Federal Reserve Bank notes 643 21 622 National bank notes 132 1 130 Total—September 30, 1943 342,114 321,930 42,270 17,196 3,807 18,844 August 31, 1943 341,721 322,004 42,271 17,256 3,665 18,529 September 30, 1942 337,228 322,585 42,222 17,761 3,542 13,700 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. 1071. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,739,560 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. 1071. 5 Less than $500,000. tificatess;; sand (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes m actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1943 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- Period of a s G t t p o o e e c l n r k d i d od f 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 rt ld 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 o m d g n u e o ^ c s ld - - End of month D i b e to p al r o - s s ' - Total i C n a d s e h - U. S s . e G cu o r v i e ti r e n s ment s C e a r r e s v - h e crease (—) tory Di- Guar- funds banks Total rect t a e n e - d etc.2 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 19V> 311,258 1,132.5 1,116.6 -85.9 131.6 1934—June.. 1,198 1,225 695 453 418 35 76 1937 312,760 1,502.5 1,585.5 -200.4 143.9 Dec... 1,207 1,237 540 597 467 130 100 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1935—June.. 1,205 1,236 385 777 630 147 74 1939. 17,644 3,132.0 3,574.2 -534.4 161.7 Dec... 1,201 1,237 287 853 706 147 98 1 19 9 4 4 1 0 2 2 2 1 , , 7 9 3 9 7 5 4,3 7 5 4 1 1 . . 2 8 4,7 9 4 8 4 2 . . 5 4 - — 4 6 0 4 7 4 . . 7 7 1 1 7 6 0 9 . . 2 1 1936— D Ju e n c e .. . . . 1 1 , , 2 2 3 6 2 0 1 1 , , 2 2 6 9 5 6 2 1 0 4 3 5 1,0 9 5 6 8 7 8 89 0 2 0 1 1 6 6 7 7 9 9 5 3 1942. 22,726 -10.3 (4) -458.4 125.4 1937— D Ju e n c e .. . . . 1 1, , 2 2 7 6 0 8 1 1 , , 3 3 0 0 7 8 1 1 3 3 6 1 1 1, , 0 1 9 0 7 0 9 9 3 3 1 3 1 1 6 6 7 7 8 7 0 1 194?--September... 22,754 -1.3 -27.8 11.8 1938—June.. 1,252 1,290 115 1,103 936 167 73 October 22,740 -14.3 -56.4 12.0 Dec... 1,252 1,291 86 1,132 965 166 73 November... 22,743 3.3 -10.8 7.8 1939—June.. 1,262 1,304 68 1,157 1,011 146 78 December 22,726 -17.2 -31.0 6.2 Dec... 1,279 1,319 53 1,192 1,046 146 74 1940—June.. 1,293 1,337 43 1,224 1,078 146 69 1943--January 22,683 -43.3 -76.1 4.7 Dec... 1,304 1,348 36 1,224 1,078 146 88 February.. . 22,644 —39.3 -63.4 4.1 1941—June.. 1,304 1,356 30 1,251 1,104 146 75 March 22,576 -68.0 -59.0 4.5 Dec... 1,314 1,396 26 1,274 1,128 146 95 April 22,473 —103.1 -101.0 4.9 1942—June.. 1,316 1,525 24 1,272 1,146 126 229 May 22,426 -46.3 -45.1 4.1 June 22,388 -38.9 -51.7 3.9 1942—Oct... 1,377 1,429 18 1,266 1,140 126 146 July 22,335 -52.7 -63.7 r3.9 Nov.. 1,396 1,444 17 1,266 1,140 126 161 August 22,243 —92.0 —91.3 3.6 Dec... 1,417 1,464 16 1,345 1,220 126 102 September... 22,175 -67.8 5-80.6 '3.6 1943—Jan... 1,445 1,493 14 1,381 1,255 126 98 Jan .-Sept.... 22,175 -551.2 5-631.9 P37.4 Feb... 1,468 1,517 14 1,378 1,270 109 125 Mar.. 1,493 1,545 13 1,421 1,360 61 111 Apr... 1,517 1,569 12 1,450 1,389 61 107 p Preliminary, f Figure carried forward. r Revised. May.. 1,546 1,596 12 1,500 1,449 51 83 1 Annual figures are estimates of the United States Mint. Monthly figures June.. 1,577 1,631 12 1,482 1,471 11 137 are those published in table on p. 1123, adjusted to exclude Philippine July.. 1,620 1,678 11 1,527 1,527 140 Islands production received in United States. Aug.. . PI,660 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a Sept... pl,683 fine ounce thereafter. on 3 D In e c c l . u 3 d 1 e , s 1 g 9 o 3 l 6 d , a in n d t h 1 e ,2 2 In 8 a m ct i i l v li e o n A o cc n o D un e t c . a 3 m 1 o , u 1 n 9 t 3 in 7 g . to 27 million dollars v Preliminary. 4 The net gold import figures for months subsequent to December 1941 Outstanding principal, represented by certificates of deposit. Does not ha 8 v e G o n l o d t h b e e l e d n u r n e d le e a r s e ed a rm fo a r r k p u a b t l F ic e a d t e io ra n l . Reserve Banks for foreign account inc 2 l I u n d c e l u a d c e c s r u w ed o rk in in te g r e c s a t sh o r w o i u th ts t p a o n s d t i m ng a s s te a r v s i , n g 5 s p s e t r a m ce p n s t . reserve fund and amounted to 3,305.7 million dollars on Sept. 30, 1943. miscellaneous working funds with the Treasurer ©f the United States, NOTE.—For back figures through 1937, see Annual Report for 1937 accrued interest on bond investments, and accounts due from late (table 29). postmasters. Back figures—See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS^ BANK DEBITS Total, M b e a m nk b s er Non b m a e n m ks ber Debits to deposit accounts except interbank accounts all [In millions of dollars] banks ti N o a n - al State su I r n e - d2 in N s o ur n e - c1 Total, all New 140 Other Year and month report- York other reporting Num 1 b 9 e 3 r 4 of banks suspended: 57 1 8 48 ce i n n t g ers City centers1 centers2 1935 34 4 22 g 1936 . 44 1 40 3 1937 59 4 2 47 6 1929 982,531 603,089 331,938 47,504 1938 55 1 1 47 6 1937 ..... 469,463 197,836 235,206 36,421 1939 42 4 3 25 10 1938 405,929 168,778 204,745 32,406 1940 22 1 18 3 1939 423,932 171,382 218,298 34,252 1941 . 8 4 3 1 1940 445,863 171,582 236,952 37,329 1942 9 6 3 1941 537,343 197,724 293,925 45,694 1943—Jan.-Sept 3 i' 2 1942 607,071 210,961 342,430 53,679 Deposits of suspended banks 1942—August 51,989 18,324 28,286 5,379 (in thousands of dollars):3 September 55,701 19,919 29,990 5,791 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.-Sept 2,103 862 1,241 July 65,347 23,976 34,954 6,417 August 60,614 21,221 33,359 6,034 September 75,759 27,913 40,452 7,393 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing 1 National series for which bank debit figures are available beginning (in some instances with the aid of Federal Deposit Insurance Corporation with 1919. loans). 2 Figure for 1929 includes 128 centers; for 1937-1942 annual figures include * Federal deposit insurance became operative Jan. 1, 1934. 133 centers; monthly figures include 193 centers. 3 Deposits of member banks and insured nonmember banks suspended are NOTE.—See p. 717 of August 1943 BULLETIN for description of revision as of dates of suspension, and deposits of noninsured nonmember banks beginning with May 1942. are based on the latest data available at the time the suspensions were Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning reported. with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. 1080 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 OFBANKS 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 53,851 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 37,997 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 52,194 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 67,173 48,076 30,684 17,392 10,641 8,456 Dec. 31.«WM. 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..., '14,775 6,647 5,101 1,546 544 r7,584 1942—June 30 5., r72,419 53,434 34,036 19,397 10,387 r8,599 Dec. 31 r14,682 6,679 5,081 1,598 543 r7,460 Dec. 31 r88,478 67,277 43,069 24,208 10,664 r10,537 1943—June 30 14,618 6,703 5,060 1,643 542 7,373 1943—June 30 96,329 73,465 47,434 26,031 11,132 11,733 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans 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 Bee. 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 r64,009 r25,081 r38,928 46,800 16,928 29,872 10,353 4,819 5,534 r6,856 r3,333 r3,522 Dec. 31 r78,137 r23,915 r54,222 59,263 16,088 43,175 10,746 4,698 6,048 r8,128 r3,128 r4,999 1943—June 30 87,881 22,241 65,640 67,155 14,823 52,332 11,241 4,579 6,661 9,487 2,840 6,647 r Revised principally to include Bank of North Dakota, not included in these statistics prior to 1942; on Dec. 31, 1941, its deposits, excluding interbank deposits, were $32,642,000 and its loans and investments $25,756,000. 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. ^ _ ^ Vi J -_, ^ r .now reported sepa rately in condition reports. The amounts of such loans and investments in December 19387were approximately $50,000,000 and $100,000,000, respec- " 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). 1081 NOVEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollarsl Loans Investments Loars 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 e o i l p n u e g d n - t c u a u r l l - - br T o o k- l t o e a a s t n - e s s l C u o m a o n n e s - r O lo th an e s r Total Total C ti e fi r - - G a u n a - r- po a c l n a i d t l i- O s r e t i n c ti u e e r - s mar- ers To Bills oTin- Notes Bonds teed subket and others debt- divipaper deal- ed- sions ers ness Total—All Member Banks 1938—Dec. 31 32,070 c13,208 5 179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 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 City1 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 L, 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 ;,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 L,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 L.235 531 22 229 1,402 1,186 5,504 3,127 11 563 1,870 683 1,025 1,351 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 ,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 ,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 ,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 c Corrected. 1 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). io8z 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] 1 Demand deposits,! Time deposits, Interbank except interbank ]] except interbank deposits Re- Bal- De- Call date F B s s e e w e d R a r r e i n v e v t r - k e h e a s s l v C a a in u sh lt m b a w a d n e n o i c s t k - t e h i s s c 1 j p m u a o s d a d t s e n e - - it d d s 2 v p an s a i p I t d h d r i o n i t u o r p d n c n a a s i e o l s - - , r s r - - , p v s S o i u a s l t i b n a i t o d d t ic e n i a - s s l c C h c e f o a e e t e i f c n e c r f r . i d s d k t - i ' s - m U ( e jr r . e O n n V S - t - . a v p n a i s p t I d i d h r n o o t u i d r n n c p a a i e s o s - l - r , s r - - , v S p s i t a i u s o a c n i b l t a o i d e d l t n s - i s - j i | j ! P m G i U o S e n a r s a o e . n g n t v v n d s a - S - - t l . n D a D n e- o d b m 1 an e k s s T ti i c me b F e a i o n g r k n - s B r in o o w g r s - - C c a o a p u c i - n ta ts l 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 City* 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 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 2,939 747 11 1,774 City of Chicago^ 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 10 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 1,010 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 288 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 1,105 12 304 1943—June 30 786 39 173 3,002 2,981 202 36 506 477 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 1939—June 30 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 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 1,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 1942—June 30 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 Dec. 31 4,940 365 2,202 14,849 15,061 1,319 385 1,982 4,805 169 22 4,831 62 65 2.028 1943—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 1,798 1939—June 30 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 1,828 Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5.816 147 37 538 29 1,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5J917 150 33 633 29 1,909 1941—June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 1,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 1,982 1942—June 30 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 2,014 Dec. 31 2,842 542 3,699 13,265 11,989 1,558 272 1,090 6,397 140 32 957 20 2,042 1943—June 30 2,987 616 3,462 15,009 13,604 1,619 277 1,527 6,886 148 37 928 j 17 2,094] 1 Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). NOVEMBER 1943 1083 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 Loans for purchasing U. S. Government obligations 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 t n a c a r u g d u i n r r a u l d a - i l s - l , - T a o T n t o a d l b d ro ea U G k o l e b e . o r S l r v s i s . - t. ot T h o ers e l R o s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Tota Bills f C o d i n c f e e e e a b d r s i t t n t - e s i - ! s - Note: Bond: G t a e u n e a - d r- O r s i t e t h c i e u e - r s gation! Total—101 Cities 1942—September.. 34,888 10,34: 6,579 489 1,225 1,636 24,5 21,04; 2,32. 2,56: 2,824 11,234 2,100 3,498 1943—May 46,958 10,26 5,757 1,334 565 1,154 1,360 36,69! 33,609 5,334 6,82 4,189 15,43/ 1,828 3,088 June 46,589 9,59^ 5,606 998 450 1,151 1,329 36,99( 33,927 5,368 6,93! 4,023 15,72C 1,878 3,069 July 46,370 9,549 5,612 1,034 399 1,156 1,292 36,82 33,85i 4,58. 6,99. 4,602 15,88C 1,798 2,963 August 46,903 9,57 5,718 1,026 368 1,150 1,266 37,332 34,42: 4,04: 7,604 4,878 16,102 1,796 2,911 September . 48,839 10,679 5,966 1,566 621 1,142 1,316 38,16C 35,21 4,01. 8,003 4,917 16,43. 1,844 2,949 1943—July 28 46,482 9,47' 5,628 992 379 1,157 1,276 37,00; 34,07 4,47? 7,02' 4,852 15,988 1,725 2,931 Aug. 4 46,954 9,57 5,678 1,058 371 1,154 36 1,274 37,38. 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 37,35e 34,43' 4,11 7,58: 4,890 16,049 1,803 2,919 Aug. 18 47,040 9,560 5,740 1,010 363 1,147 39 1,261 37,48C 34,57' 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 37,11 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 37,03= 34,10C 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 37,13 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 38,53 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 4,35' 8,248 4,928 16,557 1,860 2,952 Sept. 29 50,998 11,802 6,207 1,994 999 1,135 76 1,391 39,19< 36,211 4,360 8,368 4,947 16,659 1,876 2,986 Oct. 6 51,278 12,117 6,277 2,084 1,126 1,137 59 1,434 39,16: 36,215 4,211 8,417 4,955 16,752 1,880 2,946 Oct. 13 51,648 12,009 6,307 1,984 1,082 1,136 69 1,431 39,639 36,698 4,585 8,407 4,964 16,862 1,880 2,941 Oct. 20 53,477 11,881 6,361 1,828 1,029 1,135 114 1,414 41,596 38,682 4,880 9,318 4,960 17,650 1,874 2,914 New York City 1942—September.. 13,588 3,649 2,602 373 140 104 32 398 9,939 8,616 735 962 1,518 4,282 1,119 1,323 1943—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 2,868 1,788 5,97 916 935 September... 18,311 4,308 2,244 1,283 801 344 44 297 14,003 13,020 1,124 3,035 1,771 6,133 957 983 1943—July 28 17,251 3,584 2,139 841 361 182 98 26 298 13,667 12,725 1,480 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 5,938 886 935 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 13,6r 12,683 1,030 2,918 1,773 6,034 928 934 Sept. 1 17,329 3,774 2,172 988 537 169 54 295 13,555 12,591 2,910 1,752 6,065 932 964 Sept. 8 17,354 3,788 2,174 ,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 ,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 ,449 955 426 30 297 14,311 13,325 1,292 3,108 1,775 6,176 974 986 Sept. 29 19,220 4,883 2,325 ,556 1,037 559 50 297 14,33' 13,319 1,229 3,103 1,777 6,219 991 1,018 Oct. 6 19,266 5,003 2,336 ,597 1,073 640 37 297 14,263 13,29' 1,192 3,098 1,777 6,236 994 966 Oct. 13 19,348 4,921 2,362 ,503 967 619 44 297 14,427 13,460 1,369 3,056 1,783 6,258 994 967 Oct. 20 20,111 4,868 2,391 1,400 881 591 92 299 15,243 14,309 1,604 3,421 1,779 6,512 993 934 Outside New York City 1942—September... 21,300 6,69: 3,977 116 237 1,121 1,238 14,607 12,432 1,588 1,605 1,306 6,952 981 2,175 1943—May 28,686 6,105 3,509 202 251 1,056 1,045 22,581 20,479 3,315 4,321 2,331 9,619 893 2,102 June 28,841 5, 3,434 148 214 1,054 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 1,058 989 23,224 21,213 3,067 4,360 2,848 10,027 911 2,011 August 29,520 5,930 3,550 150 192 1,053 969 23,590 21,614 2,783 4,736 3,090 10,125 880 1,976 September... 30,528 6,371 3,722 283 277 1,046 1,019 24,157 22,191 2,891 4,968 3,146 10,299 887 1,966 1943—July 28 29,231 5,895 3,489 151 197 1,059 978 23,336 21,347 2,998 4,366 3,044 10,068 871 1,989 Aug. 4 29,490 5,908 3,519 151 193 1,056 975 23,582 21,598 2,844 4,744 3,079 10,054 877 1,984 Aug. 11 29,554 5,923 3,544 149 195 1,053 971 23,631 21,651 2,819 4,748 3,099 10,108 877 1,980 Aug. 18 29,602 5,945 3,564 159 188 1,049 966 23,657 21,683 2,821 4,736 3,087 10,158 881 1,974 Aug. 25 29,436 5,942 3,571 144 191 1,051 964 23,494 21,526 2,648 4,715 3,097 10,179 887 1,968 Sept. 1 29,410 5,930 3,563 139 189 1,049 970 23,480 21,509 2,592 4,725 3,121 10,185 886 1,971 Sept. 8 29,548 5,983 3,591 165 187 1,051 967 23,565 21,613 2,653 4,734 3,146 10,193 887 1,952 Sept. 15 30,678 6,389 3,751 294 248 1,044 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 1,041 24,588 22,622 3,062 5,140 3,153 10,381 1,966 Sept. 29 31,778 6,919 3,882 438 440 1,039 1,094 24,859 22,891 3,131 5,265 3,170 10,440 885 1,968 Oct. 6 32,012 7,114 3,941 487 486 1,041 1,137 24,898 22,918 3,019 5,319 3,178 10,516 1,980 Oct. 13 32,300 7,088 3,945 481 463 1,040 1,134 25,212 23,238 3,216 5,351 3,181 10,604 1,974 Oct. 20 33,366 7,013 3,970 428 438 1,040 1,115 26,353 24,373 3,276 5,897 3,181 11,138 881 1,980 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. IO84 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 dollarsl Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month w F e R e r i e a t d h - l - v C a i a n u s l h t m a w n d e o i c s t e - t h i s c m p a o d a d e s n - i - d ts u p v n a a i e d l r r s t - - , - S p a t o a n l t d i e t- s C a f e i n e r d t d i- U G . o S v- . p u v n a a i e r d l r s t - - - , S p a t o a n l t d i e t s - U m G e o . e r S n n v - . t - banks For- B r in o o g w r s - - co C i a u t a c a n p - l t - s B d i e a t b n s2 - k serve banks justed1 ships, ical offi- ern- ships, ical and eign Banks p c a o o n r r d a - - s d s i u i o v b n - i s - c c h e e e t r c c s . k ' s ment p a c o n o r d r a - - s d s i u i o v b n i - - s P S o in a s g v ta s - l m D a e n - d Time banks tions tions Total 101 Cities 1942—September.. 9,155 493 2,668 27,637 27,429 1,824 1,180 5,031 116 26 8,732 76 679 3,971 10,007 1943—May 8,381 520 2,516 30,354 30,377 1,783 721 8,748 5,419 117 31 8,897 54 738 86 4,095 12,544 June 8,678 527 2,358 32,199 32,254 1,806 682 6,557 5,504 119 35 8,839 51 762 48 4,117 11,874 July 8,667 533 2,300 33,108 33,159 1,807 681 5,255 5,611 118 40 8,767 49 777 51 4,133 11,473 August 8,879 520 2,231 34,250 34,159 1,830 614 4,748 5,742 119 41 8,643 48 786 42 4,158 11,092 September.. 9,063 546 2,314 33,418 33,629 1,775 734 7,326 5,781 122 48 8,984 48 783 69 4,171 13,501 1943—July 28 8,714 2,238 33,840 33,688 1,846 4,777 5,677 120 40 8,544 49 782 32 4,143 11,267 Aug. 4... 8,705 515 2,217 33,746 33,535 1,857 726 5,300 5,701 119 40 8,582 49 789 37 4,153 12,236 Aug. 11.. 8,776 526 2,222 33,796 33,797 1,831 529 5,131 5,732 119 40 8,604 48 779 48 4,160 10,578 Aug. 18.. 8,986 515 2,296 34,311 34,341 1,802 564 4,769 5,766 119 40 8,838 48 785 32 4,158 11,294 Aug. 25.. 9,050 525 2,186 35,145 34,963 1,829 636 3,791 5,769 121 45 8,550 49 790 50 4,161 10,259 Sept. 1.. 9,203 503 2,207 35,733 35,533 1,922 738 3,072 5,792 123 45 8,770 47 798 101 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 48 805 81 4,174 8,851 Sept. 15.. 9,609 562 2,549 r32,862 r33,775 '1,752 984 r8,747 5,792 123 49 9,477 48 784 67 4,172 18,955 Sept. 22.. 8,637 563 2,291 "31,613 "31,830 1,615 722 10,176 5,755 121 49 8,870 49 763 38 4,169 14,865 Sept. 29.. 8,306 582 2,287 30,601 30,903 1,676 625 11,833 5,749 119 51 8,757 48 766 61 4,165 13,578 Oct. 6... 8,200 539 2,208 30,322 30,395 1,682 598 12,203 5,770 118 57 8,725 49 773 39 4,186 12,617 Oct. 13... 8,267 574 2,293 30,742 31,652 1,622 809 12,204 5,784 117 58 8,835 48 760 50 4,189 9,987 Oct. 20... 8,321 541 2,314 31,366 31,718 1,621 729 13,470 5,802 118 59 8,718 50 776 107 4,190 13,294 New York City 1942—September.. 3,763 10,935 11,159 239 251 595 16 3,109 608 1,551 3,893 1943—May 3,038 11,387 11,670 222 455 4,130 672 18 2,904 1 655 1,596 5,522 June 3,157 12,086 12,426 205 355 3,006 690 17 2,869 1 677 1,610 4,976 July 3,220 12,456 12,768 213 378 2,201 688 18 2,864 1 692 1,615 4,693 August 3,360 13,090 13,379 200 337 1,895 697 20 2,788 1 704 1,632 4,317 September. 3,362 12,548 12,899 205 371 3,196 22 2,899 1 704 1,632 5,452 1943—July 28 3,253 12,820 13,068 223 407 1,937 692 20 2,783 1 700 1,623 4,547 Aug. 4... 3,295 12,929 13,197 206 434 2,142 693 20 2,771 1 703 26 1,631 4,980 Aug. 11.. 3,292 12,872 13,195 204 264 2,048 694 20 2,748 1 694 32 1,633 4,208 Aug. 18.. 3,433 13,111 13,422 196 287 1,901 699 20 2,881 1 707 22 1,632 4,222 Aug. 25.. 3,421 13,449 13,702 194 3#2 1,489 702 22 2,751 1 714 36 1,631 3,859 Sept. 1.. 3,506 13,702 13,963 230 412 1,197 706 22 2,858 1 720 84 1,637 4,465 Sept. 8.. 3,609 13,926 14,154 231 263 1,087 705 23 2,882 1 725 67 1,635 3,305 Sept. 15.. 3,506 12,057 12,671 197 539 4,050 699 22 3,102 1 705 48 1,634 8,344 Sept. 22.. 3,115 11,756 12,061 156 358 4,490 694 22 2,824 1 681 20 1,629 5,653 Sept. 29.. 3,071 11,301 11,646 211 282 5,155 689 22 2,828 1 688 57 1,625 5,496 Oct. 6.... 2,964 11,201 11,431 215 295 5,303 697 21 2,732 1 695 33 1,637 5,013 Oct. 13... 3,017 11,325 11,820 201 484 5,280 693 21 2,772 1 684 40 1,637 3,775 Oct. 20... 3,046 11,528 11,882 179 403 5,781 692 22 2,765 1 697 101 1,638 5,479 Outside New York City 1942—September.. 5,392 418 2,637 16,702 16,270 1,585 245 585 4,392 100 26 5,623 76 71 2,420 6,114 1943—May 5,343 440 2,486 18,967 18,707 1,561 266 4,618 4,747 99 31 5,993 53 83 2,499 7,022 June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 50 85 2,507 6,898 July 5,447 448 2,274 20,652 20,391 1,594 303 3,054 4,923 100 40 5,903 48 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 47 82 2,526 6,775 September.. 5,701 461 2,290 20,870 20,730 1,570 363 4,130 5,083 100 46 6,085 47 79 2,539 8,049 1943—July 28...... 5,461 2,213 21,020 20,620 1,623 2,840 4,985 100 40 5,761 48 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 48 86 2,522 7,256 Aug. 11.. 5,484 442 2,200 20,924 20,602 1,627 265 3,083 5,038 99 40 5,856 47 85 2,527 6,370 Aug. 18.. 5,553 434 2,270 21,200 20,919 1,606 277 2,868 5,067 99 40 5,957 47 78 2,526 7,072 Aug. 25.. 5,629 444 2,161 21,696 21,261 1,635 274 2,302 5,067 99 44 5,799 48 76 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 46 78 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 47 80 2,539 5,546 Sept. 15 6,103 475 2,521 r20,805 r21,104 "1,555 445 r4,697 5,093 101 47 6,375 47 79 2,538 10,611 Sept. 22 5,522 476 2,266 r19,857 "19,769 rl,459 364 r5,686 5,061 99 47 6,046 48 82 2,540 9,212 Sept. 29 5,235 491 2,263 19,300 19,257 1,465 343 6,678 5,060 97 47 5,929 47 78 2,540 8,082 Oct. 6 5,236 454 2,184 19,121 18,964 1,467 303 6,900 5,073 97 53 5,993 48 78 2,549 7,604 Oct. 13 5,250 479 2,267 I 19,417 19,832 1,421 325 6,924 5,091 96 54 6,063 47 76 2,552 6,212 Oct. 20 5,275 454 2,287 19,838 19,836 1,442 326 7,689 5,110 96 55 5,953 49 79 2,552 7,815 r Revised. 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. 1085 NOVEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations 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 T l v o a o e e i n a n n s t n d a - t t - s s l Total C t m d c a r i o u i n i n e a a s m d - r - l l - , , - b o p T r r s o u o e k r c c c - a u h r r a r i s t y i i i e n n s g g e l R o st e a a a n t l s e - b L a 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 n r t t f - e if s i- Notes Bonds G a u n a - r- r O s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Sept. 22 2,822 633 399 31 12 68 6 117 2,189 2,078 323 594 221 882 58 111 Sept. 29 2,859 649 404 39 12 67 7 120 2,210 2,099 330 600 222 888 59 111 Oct. 6 2,840 650 403 41 12 68 7 119 2,190 2,077 305 603 220 891 58 113 Oct. 13 2,856 654 402 46 12 67 7 120 2,202 2,090 329 600 220 883 58 112 Oct. 20 2,927 643 404 34 12 67 7 119 2,284 2,173 335 636 217 928 57 111 New York (8 cities)* 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 Sept. 29 20,888 5,251 2,495 1,563 594 178 50 371 15,637 14,527 1,375 3,348 1,970 6,819 1,015 1,110 Oct. 6 20,944 5,373 2,507 1,605 676 178 37 370 15,571 14,514 1,335 3,346 1,970 6,845 1,018 1,057 Oct. 13 21,027 5,292 2,535 1,511 655 178 44 369 15,735 14,676 1,514 3,293 1,976 6,875 1,018 1,059 Oct. 20 21,853 5,238 2,558 1,413 627 177 92 371 16,615 15,589 1,745 3,697 1,970 7,163 1,014 1,026 Philadelphia (4 cities) Sept. 22 2,216 447 243 39 11 44 5 105 1,769 1,580 203 356 178 771 72 189 Sept. 29 2,267 450 244 41 13 43 3 106 L,817 1,628 245 355 180 776 72 189 Oct. 6 2,270 455 244 49 13 43 106 1,815 1,628 241 357 179 778 73 187 Oct. 13 2,297 460 244 50 13 43 106 1,837 1,650 259 356 177 785 73 187 Oct. 20 2,361 448 244 43 13 43 105 1,913 1,727 251 407 177 820 72 186 Cleveland (10 cities) Sept. 22 4,000 894 426 111 20 169 13 155 3,106 2,857 377 511 373 1,477 119 249 Sept. 29 4,063 944 426 137 28 169 13 171 3,119 2,871 381 519 369 1,483 119 248 Oct. 6 4,070 967 423 149 30 169 11 185 3,103 2,852 358 521 368 1,486 119 251 Oct. 13 4,078 965 427 147 30 170 183 3,113 2,866 369 524 368 1,486 119 247 Oct. 20 4,185 951 426 137 29 170 181 3,234 2,988 368 596 367 1,538 119 246 Richmond (12 cities) Sept. 22 1,594 287 131 10 32 51 62 1,307 1,250 160 232 163 650 45 57 Sept. 29 1,627 303 135 10 42 50 64 1,324 L,267 172 234 167 649 45 57 Oct. 6 1,641 318 140 10 50 50 67 1,323 L,267 173 234 166 649 45 56 Oct. 13 1,654 313 137 10 49 50 66 1,341 1,285 178 240 167 655 45 56 Oct. 20 1,697 307 138 10 44 50 65 L,390 1,334 165 274 167 683 45 56 Atlanta (8 cities) Sept. 22 1,489 320 181 11 23 26 79 1,169 L,O55 108 276 217 403 51 114 Sept. 29 1,531 385 186 18 69 26 86 1,146 1,032 93 272 214 406 47 114 Oct. 6 1,542 408 188 20 84 26 90 1,134 L,020 79 267 214 413 47 114 Oct. 13 1,567 408 189 19 83 26 91 L,159 L,046 93 275 214 417 47 113 Oct. 20 1,612 401 194 17 74 27 89 L,211 1,098 91 303 206 451 47 113 Chicago (12 cities)* Sept. 22 7,632 1,447 998 119 75 140 115 6,185 5,677 836 1,489 749 2,387 216 508 Sept. 29 7,727 1,476 1,007 120 94 140 115 6,251 5,744 823 1,543 764 2,398 216 507 Oct. 6 7,744 1,505 1,016 135 96 140 118 6,239 5,722 769 1,544 777 2,416 216 517 Oct. 13 7,810 1,508 1,015 131 101 140 120 6,302 5,784 834 1,530 779 2,425 216 518 Oct. 20 8,071 1,502 1,038 97 140 118 6,569 6,048 886 1,617 783 2,546 216 521 St. Louis (5 cities) Sept. 22 1,479 383 235 5 9 64 69 1,096 983 96 213 150 489 35 113 Sept. 29 1,515 405 244 5 11 65 79 1,110 998 111 212 150 490 35 112 Oct. 6 1,535 424 253 6 14 65 83 1,111 999 115 209 149 491 35 112 Oct. 13 1,552 426 258 7 12 65 80 1,126 1,014 120 213 149 497 35 112 Oct. 20 1,603 426 259 7 11 65 80 1,177 1,065 118 241 150 521 35 112 Minneapolis (8 cities) Sept. 22 946 202 119 4 11 15 53 744 695 105 151 111 298 30 49 Sept. 29 966 202 120 4 11 14 53 764 715 116 158 111 300 30 49 Oct. 6 991 208 121 4 13 14 56 783 733 119 164 111 309 30 50 Oct. 13 1,000 213 125 4 12 14 58 787 737 118 169 111 309 30 50 Oct. 20 1,039 206 121 3 10 14 57 833 783 125 187 111 330 30 50 Kansas City (12 cities) Sept. 22 1,625 347 231 5 11 40 60 1,278 1,154 171 259 231 440 53 124 Sept. 29 1,653 359 240 5 14 39 61 1,294 1,170 175 271 230 441 53 124 Oct. 6 1,671 368 242 7 17 40 62 1,303 1,180 174 273 230 450 53 123 Oct. 13 1,686 365 243 7 15 40 60 1,321 1,198 186 276 230 453 53 123 Oct. 20 1,751 369 247 7 14 40 60 1,382 1,258 188 304 232 481 53 124 Dallas (9 cities) Sept. 22 1,271 310 218 3 21 20 48 961 909 108 238 146 360 57 52 Sept. 29 1,285 326 219 4 26 19 58 959 906 103 237 146 363 57 53 Oct. 6 1,292 338 220 8 28 20 62 954 901 96 238 144 366 57 53 Oct. 13 1,317 331 218 6 25 20 62 986 934 112 241 145 379 57 52 Oct. 20 1,372 324 214 5 24 20 61 1,048 996 122 270 147 401 56 52 San Francisco (7 cities) Sept. 22 4,521 1,011 484 33 64 325 105 3,510 3,202 439 590 422 1,624 127 308 Sept. 29 4,617 ,052 487 48 85 325 107 3,565 3,253 436 619 424 1,646 128 312 Oct. 6 4,738 ,103 520 50 93 324 116 3,635 3,322 447 661 427 1,658 129 313 Oct. 13 4,804 ,074 514 46 75 323 116 3,730 3,418 473 690 428 1,698 129 312 Oct. 20 5,006 ,066 518 44 74 322 108 3,940 3,623 486 786 433 1,788 130 317 City of Chicago* Sept. 22 4,746 979 731 109 60 23 56 3,767 3,451 480 944 490 1,467 70 316 Sept. 29 4,790 ,003 739 109 77 24 54 3,787 3,473 454 969 504 1,476 70 314 Oct. 6 4,772 ,022 742 123 78 24 55 3,750 3,424 384 968 513 1,489 70 326 Oct. 13 4,838 ,025 741 119 83 24 57 3,813 3,486 453 955 516 1,492 70 327 Oct. 20 4,997 ,017 757 99 80 24 56 5,980 3,650 492 999 520 1,569 70 330 * 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. 1086 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 dollarsJ 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 w F e R e r i e d a t - h - l C va i a n u sh lt m a w n d e i o c s t - e t h , i s c p m o a d a d e s n - i - t d s u p v n a a i e d l r r s t - - , - S p a t o a n l t d i e t- s C a f e i n e r d t d i- U G . o S v . - p u v n a a e i r l d r s t - - - , S p a t o a n l t d i e t s - U m G e . r o e S n n v . - t - banks For- B r in o o g w r s - - c C o i a a t u c a p n - l - ts B d i e a t b s n 2 - k serve banks justed1 ships, ical offi- ern- ships, ical and eign Banks c a o n r d - d su iv b i - - ch c e e c rs k ' s ment c a o n r d - d s i u v b i - - P S o a st v a - l m D a e n - d ,Time banks sions etc. sions pora- pora- ings tions tions Boston (6 cities) - Sept. 22 429 61 132 1,904 1,891 95 27 733 261 1 2 308 16 2 261 921 Sept. 29 389 59 127 1,850 1,834 101 30 792 262 2 292 17 261 751 Oct. 6 390 58 117 1,821 1,794 111 23 803 262 1 2 283 16 1 261 766 Oct. 13 386 60 118 1,843 1,835 118 33 797 263 2 278 17 3 262 590 Oct. 20 416 59 121 1,897 1,859 125 28 845 264 2 280 18 1 262 728 New York (8 cities)* 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 Sept. 29 3,300 126 132 12,464 12,654 399 318 5,454 1,102 24 11 2,892 4 690 57 1,757 5,905 Oct. 6 3,185 118 120 12,339 12,412 399 323 5,608 1,111 23 11 2,801 4 697 33 1,769 5,427 Oct. 13 3,232 131 126 12,469 12 840 384 511 5,583 1,108 23 11 2,838 4 686 40 769 4 054 Oct. 20 3,260 119 120 12,694 12',897 361 431 6,112 24 11 2',831 4 699 101 L',770 5',856 Philadelphia (4 cities) Sept. 22 413 28 85 1,538 1,563 63 20 497 161 1 363 7 223 655 Sept. 29 355 31 80 1,468 1,506 63 15 564 160 1 357 7 223 556 Oct. 6 358 29 83 1 455 1 481 56 19 582 160 2 360 7 224 533 Oct. 13 356 30 79 M85 1^555 52 19 580 160 2 354 6 225 380 Oct. 20 364 29 82 1,498 1,540 52 17 653 160 2 343 6 224 571 Cleveland (10 cities) Sept. 22 710 74 225 2,614 2,637 119 63 698 783 50 488 12 2 421 1,068 Sept. 29 663 77 216 2*,508 2*555 119 57 815 782 49 489 12 2 421 945 Oct. 6 651 70 211 2,491 2*496 116 51 814 783 49 487 12 2 424 887 Oct. 13 639 75 221 2,'502 2^637 115 51 812 786 49 487 12 2 424 641 Oct. 20 664 70 220 2,588 2 627 117 52 855 788 49 481 13 2 424 892 Richmond (12 cities) Sept. 22 293 37 168 995 991 82 24 339 224 2 7 404 g 109 501 Sept. 29 274 39 152 977 978 83 20 389 223 2 7 375 8 109 401 Oct 6 286 36 168 977 972 77 18 392 224 2 7 403 7 5 110 385 Oct. 13 299 38 176 1,004 1,005 76 18 392 224 2 7 413 7 6 110 358 Oct. 20 273 36 150 993 993 76 19 420 225 2 7 389 7 5 110 397 Atlanta (8 cities) Sept. 22 265 26 151 921 904 118 g 230 231 3 4 454 4 5 106 386 Sept. 29 271 29 160 931 889 128 11 302 230 3 4 440 1 3 106 342 Oct 6 266 24 152 896 870 128 7 313 232 2 4 454 4 107 360 Oct. 13 261 27 157 908 922 124 9 312 233 2 4 471 1 3 l" 107 286 Oct. 20 261 24 165 918 912 123 9 356 233 2 4 463 1 4 107 355 Chicago (12 cities)* 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 Sept. 29 1,306 101 402 4,747 4,671 390 60 1,688 ,131 3 8 1,505 5 15 477 2,202 Oct 6 1,290 94 391 4,707 4,603 373 49 1 713 134 3 1,502 5 16 478 1 907 Oct. 13 1,281 98 392 4,' 742 4^815 367 57 1^709 [l38 3 8 1,'S3O 5 15 478 1^646 Oct. 20 1,277 92 392 4,848 4,775 374 58 1,874 ,141 3 8 1,503 5 15 479 2,075 St. Louis (5 cities) 5 Sept. 22 269 20 114 863 908 9 11 206 211 5 492 1 10 107 428 Sept. 29 256 21 111 828 871 56 11 283 210 5 480 1 3 107 436 Oct. 6 247 19 113 819 859 55 10 294 211 5 492 1 107 385 Oct. 13 280 21 116 857 911 57 11 292 211 5 510 1 107 321 Oct. 20 259 20 115 861 906 56 15 324 212 5 500 1 107 368 Minneapolis (8 cities) Sept. 22 160 10 94 537 516 72 10 200 122 1 280 3 5 71 292 Sept. 29 158 11 104 533 509 76 11 224 122 1 289 3 5 70 266 Oct. 6 157 10 87 531 512 73 11 225 123 1 296 3 4 71 263 Oct. 13 165 10 91 551 537 74 10 226 123 1 295 3 5 71 230 Oct. 20 160 10 88 568 551 73 8 255 124 .. 1 279 3 5 71 263 Kansas City (12 cities) Sept. 22 363 22 297 rl,029 rl,044 r115 15 r224 164 1 2 775 5 1 122 525 Sept. 29 349 22 309 1,019 1,025 111 15 267 163 1 2 769 5 122 426 Oct. 6 360 20 293 1,002 ,1,023 106 15 275 164 1 2 787 6 122 408 Oct 13 361 21 311 1,044 1,082 104 15 276 165 1 2 780 5 122 364 Oct. 20 357 21 329 l',O72 l!. 096 109 16 322 165 1 3 782 6 123 454 Dallas (9 cities) Sept. 22 268 21 246 943 976 39 23 203 140 8 2 434 2 99 393 Sept. 29 266 22 232 916 940 41 15 242 139 8 2 421 2 99 321 Oct. 6 284 19 229 914 935 45 13 255 140 8 2 429 1 99 309 Oct. 13 280 22 247 941 994 44 17 256 140 8 2 443 1 99 242 Oct. 20 282 20 253 969 1,006 40 19 293 141 8 2 437 2 99 348 San Francisco (7 cities) Sept. 22 761 42 270 2,459 2,559 111 59 632 1,226 28 9 465 11 23 413 1,165 Sept. 29 719 44 262 2,360 2,471 109 62 813 1,225 28 9 448 10 23 413 1,027 Oct. 6 726 42 244 2,370 2,438 143 59 929 1,226 27 15 431 11 24 414 987 Oct. 13 727 41 259 2,396 2,519 107 58 969 1,233 27 16 436 11 23 415 875 Oct. 20 748 41 279 2,460 2,556 115 57 1,161 1,240 27 16 430 11 23 414 987 City of Chicago* Sept. 22 813 40 163 2,928 2,905 202 30 948 497 2 1,080 14 309 1,489 Sept. 29 776 41 171 2,821 2,815 196 26 1,092 497 2 1,060 13 311 1,301 Oct. 6 797 39 168 2,803 2,783 191 22 1,100 498 2 1,067 13 311 1,119 Oct 13 775 43 168 2,827 2,932 189 24 1,097 499 2 1,096 13 311 918 Oct. 20 805 39 170 2*. 911 2,917 188 23 1,210 498 2 1,084 13 311 1,232 r Revised. • 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. NOVEMBER 1943 1087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accepting banks Others2 Im in po to rts Ex fr p o o m rts Dollar G s o h o ip d p p s o e s d i t n o t b r s e e i t d n w i e n e n or Total O bi w lls n b B ou il g ls ht U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1942—June 315 163 122 78 44 41 94 52 4 July 305 156 119 77 42 38 92 45 11 August.... 297 139 108 71 37 31 78 41 11 September 282 123 97 64 33 26 66 6 41 10 October... 271 119 94 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 118 93 60 34 25 57 9 38 14 1943—January... 220 120 95 60 35 24 57 12 ( (J 3J ) 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 September. 170 117 84 50 33 33 69 7 30 11 1 As reported by dealers; includes someJmancei, company? paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See AnnualfReport'for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMSSCARRYINGJ1MARGIN ACCOUNTS [Member firms of New York Stock Exchange.^ Ledger balances in millions of dollars! Debit balances Credit balances End of month Customers' bal D an e c b e i s t t in bal D an e c b e i s t min Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances ba ( d n l e a e b n t i ) c t 1 es a in n p a d v a c e r c t s t o r n t a u m e d n r e i t s n s n ' g t a in n a v d c e c fi t s o r r t m u a m n d e t i s n n g t a b h n a a d n n k d in s bo M rr o o n w e e y d2 Free O (n th et e ) r a I i n n n a v d c p e c a t s o r r t u a m t n d n e t i e s n n r g s t ' i a n n a v c d I e n c s t o t f r u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936-June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938 June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—Tune 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 2 N 66 69 23 7 277 1940—Tune 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—September «500 e310 e240 October e510 e310 e250 November «520 e320 e250 December 543 7 154 160 378 270 54 15 4 182 1943—January «540 e290 e280 February c550 e320 e310 March *510 e350 €320 April e67O «570 e330 May e74O e550 e330 761 9 : 190 167 529 334 66 15 7 212 July •780 c530 e340 August e740 e490 c340 September e77O e77O e320 r e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 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), 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U S. Prime Stock Government securities [Per cent per annum] mo Y w n e e t a h e r , k , or m 4 m p P - c o c a r o r n t i p c m o m i t e E h r - 6 e L , s - j l a a b d c n a e a c 9 c n r y e 0 s e k p s ' s - l t , - ch l n c a e o r a e l a x e a n w l - - n l g - e m b o i 3 l n - k t s h 9 c n o - e c i f r a t o o t t n i i e f n t 1 i s h - - 2- 3 ta n - y x o t e o a t a e b r 5 s l - e Total debted- 1934 average1 3.45 2.45 ness 1935 average1 2.93 1.76 1936 average1 2.68 1.72 1940 average .56 .44 1.00 .014 1937 average1 2.59 1.73 1941 average . .54 .44 1.00 .103 .76 1938 average1 2.53 1.69 1942 average .66 .44 1.00 .326 1.13 1942—September.. .. .69 .44 1.00 .370 .76 1.27 1 1 9 9 3 4 9 0 a a v ve e r r a a g g e e 2 2 . . 7 6 8 3 2 2 . . 0 0 7 4 2 2 . . 8 5 7 6 October .69 .44 1.00 .372 .75 1.28 1941 average 2.54 1.97 2.55 November.... .69 .44 1.00 .371 .80 1.28 1942 average 2.61 2.07 2.58 December .69 .44 1.00 .363 .80 1.34 1939—March 2.95 2.13 3.05 3.77 1943—January .69 .44 1.00 .367 .76 1.29 June 2.91 2.15 3.05 . 3.62 February . .69 .44 1.00 .372 .73 1.24 September 2.68 2.04 2.78 3.31 March.. .69 .44 1.00 .373 .75 1.33 December 2.59 1.96 2.59 3.32 A J S A J M u u e u p l p a n g y r t i y u e e l s , m . t . . . b .. e . r ..... . . . . . . 6 6 6 6 6 6 9 9 9 9 9 9 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 7 7 7 7 7 7 5 5 4 3 3 4 . . . . . .7 7 7 7 7 6 8 5 0 8 8 7 2 1 1 1 1 1 . . . . . . 2 3 3 3 3 32 9 9 1 0 6 1 1 9 9 4 4 0 1 — — J D J S M M u u e e n n a p a c e r r e t e c c e . m h h m . b - b , e . e r . r - 2 2 2 2 2 2 , . . . . . 6 6 5 5 5 5 5 8 9 9 8 5 2 2 2 2 2 1 . . . . . . 1 0 0 0 0 9 4 0 0 3 6 5 2 2 2 2 2 2 . . . . . 6 5 5 5 5 4 7 6 3 3 8 9 3 3 3 3 3 3 . . . . . . 3 3 3 4 2 2 5 8 6 3 5 3 Week ending: September 2.60 1.98 2.62 3.29 Sept. 25...... % 1.00 .375 .77 1.31 December 2.41 1.88 2.45 2.99 O O O c c c t t t . . . 1 9 2 6 . . . . . . . . . . . . 1 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 4. . . 8 7 7 1 7 6 1 1 1 . . . 3 3 3 2 2 1 1942— J S M u e n a p e r t c e h mber 2 2 2 . . . 6 7 4 2 0 8 2 2 1 . . . 0 8 2 7 8 5 2 2 2 . . . 5 4 6 6 8 6 3 3 3 . . . 3 2 2 4 0 5 Oct. 23 1.00 .375 .79 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. September 2.48 2.05 2.71 2.73 3 Rate on new issues offered within period. Tax-exempt bills prior to M 4 a r N ch u m 1 b 9 e 4 r 1 ; o t f a x is a s b u l e e s b i i n ll c s r e t a h s e e r d e a f f ro te m r. 1 to 2 on Oct. 11 and from 2 to 3 on co l m P p r a i r o a r b t l o e M wi a t r h c h t h 1 e 9 3 cu 9 f r i r g en u t r e q s u w a e rt r e e r r ly e p s o e r r te ie d s . monthly on a basis not strictly Oct. 15. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and for back figures. on Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] u. s. Corporate (Moody's)5 Government2 Munic- Corpo- Year, month, or week ipal rate By rating By groups (high- Partially grade)3 grade)4 Total ex ta e x m - pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Slumber 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—September 2.03 2.34 2.25 2.73 [3.33 2.80 2.98 3.26 4.26 2.95 3.95 3.08 October 2.05 2.33 2.22 2.72 3.31 2.80 2.95 3.24 4.24 2.94 3.92 3.07 November 2.06 2.34 2.20 2.71 3.31 2.79 2.94 3.24 4.25 2.93 3.93 3.06 December 2.09 2.36 2.26 2.72 3.32 2.81 2.96 3.23 4.28 2.94 3.96 3.07 1943—January . 2.06 2.32 2.27 2.70 3.27 2.79 2.93 3.20 4.16 2.90 3.86 3.05 February 2.06 2.32 2.22 2.68 3.23 2.77 2.89 3.17 4.08 2.88 3.78 3.02 March. 2.08 2.33 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 April. 2.02 2.32 2.20 2.68 3.19 2.76 2.88 3.14 3.96 2.87 3.69 3.01 May 1.92 2.30 2.13 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.64 3.00 June 1.85 2.29 2.07 2.63 3.14 2.72 2.85 3.11 3.88 2.84 3.61 2.98 July.... 1.82 2.27 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 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 September 1.80 2.30 1.92 2.59 3.il 2.82 3.10 3.83 2.82 3.56 2.96 Week ending: 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 Oct. 2 1.80 2.30 1.92 2.61 3.12 2.71 2.83 3.10 3.83 2.83 3 56 2.97 Oct. 9... 1.79 2.30 1.91 2.60 3.12 2.70 2.83 3.10 3.83 2.83 3.56 2.96 Oct. 16 1.81 2.30 1.89 2.60 3.12 2.70 2.83 3.11 3.82 2.82 3.56 2.96 Oct. 23 1.81 2.30 1.86 2.59 3.11 2.70 2.83 3.10 3.81 2.82 3.55 2.96 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 6 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp. 21-24. Figures for U. S. Government bonds available on request. NOVEMBER 1943 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 = 100) of trading? Year, month, or week. U G er o . n S v - . - g M ( r h i a u p i d n g a e i l h c )6 - H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e il r - -grad P e ublic fau D lt e e - d fe P r r r e e - de Total In tr d i u a s l - R ro a a il d - Public (i s s n a h n a t d h r s e o s u o ) - f Total trial road utility Number of issues. 2-6 15 20 20 15 15 402 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1942—September. 109.8 128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October 109.5 128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November.. 109.4 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December.. 108.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 80 82 74 69 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 SS 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 Tune 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 September. 113.2 134.4 120.8 110.4 117.1 98.4 115.7 46.4 175.9 96 98 91 87 663 Week ending: Sept. 25 113.2 134.4 120.7 110.5 117.1 98.6 115.7 48.1 175.9 97 100 93 767 Oct. 2 113.2 134.4 120.7 110.3 117.1 98.2 115.6 48.3 175.0 96 98 92 87 573 Oct. 9 113.3 134.6 120.9 110.2 117.3 97.9 115.4 48.9 174.2 95 96 91 87 619 Oct. 16 113.0 135.0 120.9 110.3 117.6 98.0 115.3 49.4 175.5 94 95 91 86 538 Oct. 23 113.0 135.6 120.9 110.8 118.4 98.6 115.5 50.9 175.0 95 97 92 87 600 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. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks^on^basis ofji $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. NEW SECURITY ISSUES {In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( a f e d i o n g s o r d n t - - i , ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n n o t d e d r s a s te Stocks F ei o g r n - 2 m e ( a f i e o d n g s r o d n t - :i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r ^ 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—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 a 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 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 September... 109 20 20 10 10 10 89 89 10 24 55 51 5 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). IO9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s ro t g i c r m e o e a ss d te s d 2 E p s r t o i n c m e e a t e t d e s d 3 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 and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4 572 4 431 858 380 478 3 368 3 143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1941—December 144 142 57 36 21 62 52 10 17 6 1942—January 171 167 74 38 35 84 82 2 9 February... . 56 54 17 10 7 24 13 11 3 11 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 i June.. 152 149 75 57 18 61 56 5 10 3 July 61 60 20 17 4 31 31 8 August 43 42 38 33 5 4 4 September 82 80 31 12 19 25 24 2 4 20 October 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 PROPOSEDUSES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46" ""72" 4 1 19 9 3 3 7 6 3 7 3 7 8 4 2 1 2 3 8 9 5 1 5 1 8 0 77 1 1,9 7 8 5 7 1 6 8 3 9 1,8 6 9 1 7 1 2 5 7 0 1 1, , 0 2 7 8 9 0 4 6 3 1 9 6 3 7 7 6 3 1 8 9 0 0 39 7 0 1 21 5 8 7 15 7 2 2 7 0 1938 . 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 . 319 115 186 is 1,180 245 922 13 961 167 738 P56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 '89 146 4 4 1941—December 28 28 62 3 46 12 46 25 15 6 6 5 1942—January 10 10 110 18 83 10 44 43 1 3 3 February 4 4 10 10 40 13 14 13 March 6 6 71 31 40 47 26 5 16 April 17 13 4 115 62 17 36 May 30 12 13 5 93 45 1 47 June 9 3 6 70 17 50 3 70 55 6 10 1 1 July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 N O S D e o c e p t c v o t e e e b m m m e b r b b e e e r r r 9 4 1 4 1 9 2 4 2 1 7 0 9 7 1 6 0 2 2 1 1 7 9 5 6 ""g" 3 1 6 3 8 7 2 4 4 3 2 1 3 2 1 " 15 1 1943—Tanuarv 8 1 6 2 February 8 8 39 2 34 3 2 2 March .. 15 5 10 22 1 20 1 59 33 ""18" ••••-• April 3 3 58 1 55 3 27 5 22 May . 14 14 38 38 17 11 7 12 7 4 June 46 46 1 1 50 25 23 2 July 7 7 26 24 1 40 3 26 11 2 2 August 6 6 46 46 49 9 35 6 3 2 September 4 4 49 4 41 4 14 3 9 3 1 1 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. NOVEMBER 1943 1091 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 e N u a r r e o c n r o t o n d t a d s - u l - s s O g d b o u t l h o r e a d e - r s t F b o a a o e b g n o v a d e d c e s c r s , - , o pr r a e o i i O n n n f d i g g i d n l u - c- c I h n c tr e a d i m l a u s l s i- - g O d n o u b o t o h l r n e a d e - - s r n s c M e i e e c r l o i e v l s u a - s - s - pr N of e i t ts1 fe P D r r r e e i - v d 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 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 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—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 I51 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 149 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 441 51 39 47 154 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 re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m r 4 e e e All r N o e a t d s income1 d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r g n a u t e - inc N o e m t e1 d D e i n v d i- s Number of companies... 28 28 28 .28 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 226 118 98 1,362 163 163 Quarterly 1939— 2 1 906 - - 4 3 3 8 - - 4 4 3 7 ( 0 0 6) 2 2 1 3 1 1 7 6 5 6 4 3 6 7 3 3 9 2 1 1 9 9 2 2 6 5 7 9 4 4 9 4 4 4 2 2 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 —4 61 184 43 36 22 274 51 48 1940—1.. 986 -3 -12 -29 25 187 48 41 19 274 49 44 2.. 1,010 15 3 -33 29 176 42 34 19 281 50 44 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 e 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 98 221 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 49 221 62 29 18 383 44 42 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class 1 line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 2 Not available. Partly estimated. 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. IO91 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily Statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e r e r e t r b i a e c n t l s t g t- Totals Tre b a i s ll u s ry in c C d a e n t e e r e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T t s a r n a e x v o a i t s n a e u n s g r d s y S is p s e u c e ia s l i b n e N d t a e e o r b r i n e n t - s g t- s g e t b t e c u e e e u a r a d r e r r i a i s t i n n t i n - 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—Sept. 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov. 96,116 95,458 66,554 5,721 37,161 10,095 43,381 20,117 14,079 5,703 8,787 657 4,244 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—Jan 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,045 4,277 Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 L,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 L,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 Sept 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 1,296 3,964 1 Including amounts held by Government agencies and trust funds, which aggregated $3,125,000,000 on Aug. 31 and $3,750,000,000 (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, SEPTEMBER 30, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollarsl Amount Funds received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions Treasury bills Treasury bonds—Cont. a m t e o n n d t h o 1 f All Series Series Series All Oct. 7, 1943. 1,003 June 15, 1949-51 1,014 series E F G series Oct. 14, 1943 1,001 Sept. 15, 1949-51 1,292 Oct. 21, 1943 1,004 Dec. 15, 1949-51 2,098 1942—June 10,188 634 433 41 160 23 Oct. 28, 1943 1,003 Dec. 15, 1949-52 491 July 11,078 901 508 74 319 25 Nov. 4, 1943 1,006 Dec. 15, 1949-53 1,786 Aug 11,751 697 454 52 191 32 Nov. 12, 1943 995 Mar. 15, 1950-52 1,963 Sept 12,479 755 510 61 184 34 Nov. 18, 1943 1,005 Sept. 15, 1950-52 1,186 Oct 13,381 935 665 61 210 40 Nov. 26, 1943 1,002 Sept. 15, 1950-52 4,939 Nov 14,079 735 542 45 148 43 Dec. 2, 1943 1,002 June 15, 1951-54 1,627 Dec 15,050 1,014 726 66 222 55 Dec. 9, 1943 1,005 Sept. 15, 1951-53 4,413 Dec. 16, 1943 1,009 Sept. 15, 1951-55 755 1943—Jan 16,246 1,240 815 77 348 63 Dec. 23, 1943 1,018 Dec. 15, 1951-53 1,118 Feb 17,067 887 634 48 205 76 Dec. 30, 1943 1,002 Dec. 15, 1951-55 510 Mar 17,891 944 720 44 180 131 Mar. 15, 1952-54 1,024 Apr 19,267 1,470 1,007 110 353 103 Cert, of indebtedness. June 15, 1952-55 1,501 May 20,507 1,335 995 86 254 104 Nov. 1, 1943 2,035 June 15, 1953-55 725 June 21,256 876 696 35 144 141 Dec. 1, 1943 3,800 June 15, 1954-56 681 July 22,030 890 683 38 169 138 Feb. 1, 1944 2,211 Mar. 15, 1955-60 2,611 Aug 22,694 802 661 28 112 152 Apr. 1, 1944 5,251 Mar. 15, 1956-58 1,449 Sept 24,478 1,927 1,400 139 387 155 May 1, 1944 1,655 Sept. 15, 1956-59 982 Aug. 1, 1944 2,545 June 15, 1958-63 919 Amount Sept. 1, 1944 .. 3,639 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 0 2 - - 6 6 5 7 2 1 , ,4 1 8 1 5 8 Maturity Date of issue outstanding Treasury notes Dec. 15, 1963-68 2,831 Sept.30,1943 Dec. 15, 1943 421 June 15, 1964-69 3,762 Mar. 15, 1944 515 Dec. 15, 1964-69 3,510 June 15, 1944 416 Sept. 15, 1967-72 2,716 Series A—1945 From Mar. 1, 1935 175 Sept. 15, 1944 283 Postal Savings bonds 117 Series B—1946 From Jan. 1, 1936 313 Sept. 15, 1944 635 Conversion bonds 29 Series C—1947 From Jan. 1, 1937 405 Mar. 15, 1945 718 Panama Canal loan.. - 50 Series C—1948 From Jan. 1, 1938 486 Der IS 1945 1,6 5 0 3 6 1 Total direct issues 111,426 S S e e r r i i e e s s D D — —1 1 9 9 5 4 0 9 F Fr r o o m m J J a a n n . . 1 1 , , 1 1 9 94 3 0 9 9 7 9 9 1 9 Mar. 15, 1946 503 Series D—1951 From Jan. 1 to Feb. 28, 1941 333 Dec. 15, 1946 3,261 Guaranteed securities Series D—1951 From Mar. 1 to Apr. 30, 1941 112 Sept. 15,1947 ,. 2,707 Commodity Credit Corp. Se-ies E—1951 From May 1, 1941 1,260 Feb. 15, 1945 412 Series E—1952 From Jan. 1, 1942 5,563 Treasury bonds Fed. Farm Mortgage Corp. . Series E—1953 From Jan. 1, 1943 6,687 Oct. 15, 1943-45' 1,401 Mar. 15, 1944-64 95 Series F—1953 From May 1, 1941 223 Apr. 15, 1944-46 1,519 May 15, 1944-49 835 Series G—1953 From May 1, 1941 1,236 Dec. 15, 1944-54 1,037 Fed. Public Housing Series F—1954 From Jan. 1, 1942 635 Sept. 15, 1945-47 1,214 Authority Series G—1954 From Jan. 1, 1942 2,447 Dec. 15, 1945 541 Feb. 1, 1944 114 Series F—1955 From Jan. 1, 1943 582 Mar. 15, 1946-56 489 Home Owners' Loan Corp. Series G—1955 From Jan. 1, 1943 2,081 June 15, 1946-48 1,036 May 1, 1944-52.... 779 Series unclassified 150 June 15, 1946-49 819 June 1, 1945-47 755 O D c ec t. . 1 1 5 5 , , 1 1 9 9 4 4 7 7 -52 7 7 5 0 9 1 Re A c p o r n . st 1 r 5 u , c 1 ti 9 o 4 n 4 . F .. i . n. Corp. 571 Total 24,478 Mar. 15, 1948-50 1,115 Jan. 1, 1945 305 Mar. 15, 1948-51 1,223 Federal Housing Admin. 1 At current redemption values except Series G, which is stated at par. June 15, 1948 3,062 Various 22 Difference between "Funds received" and month to month changes in Sept. 15, 1948 451 Total guaranteed issues 3,888 "Amounts outstanding" represents the difference between accrued increases Dec. 15, 1948-50 571 in redemption values and redemptions of bonds during the month. 1 Called for redemption on Oct. 15, 1943. NOVEMBER 1943 IO93 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 l e t g - s S is p a s e n u c d e i s a t l rust f P i u s u n s b u d l e s 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 n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i O a s a s b r t u k l h e e e e s t r - inv m es i N s a t a 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 50,360 5,370 2,250 2,184 40,556 17,760 3,220 6,900 9,600 3,100 1941—June 54,747 6,120 2,362 2,184 44,081 20,100 3,430 7,000 9,400 4,200 December 63,768 6,982 2,547 2,254 51,985 21,790 3,700 8,000 10,000 8,500 1942-June 76,517 7,885 2,726 2,645 63,261 26,390 3,890 8,900 11,100 13,000 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 43,020 4,640 11,100 14,600 22,600 February. 117,126 9,565 3,126 5,871 98,564 43,540 4,710 11,200 15,300 23,800 March.... 118,637 10,004 3,130 5,919 99,584 44,160 4,630 10,900 16,000 23,900 April 133,006 9,795 3,557 6,455 113,199 48,920 5,180 12,600 19,900 26,600 May 138,757 10,198 3,562 6,222 118,775 52,840 5,240 12,700 19,700 28,300 June 139,472 10,871 3,440 7,202 117,959 52,460 5,290 12,800 19,000 28,400 July 144,020 11,456 3,401 8,187 120,976 54,800 5,300 12,800 18,800 29,300 August 146,655 11,907 3,425 9,088 122,235 56,000 5,100 12,700 18,400 30,000 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 dollars] U.S. U.S. Gov- Gov- End of month s T t o i a o n u n g t t d a - l - m a e c a g r i n e e e n n d n s - t - B s F e R e a r e r n e a v d k - l e - s m b C a e o n rc m k i s a - 1 l b M i s t a n u a n g u v a k s l - - s p I a c n a o n s n m c u i e e r - - s Other End of month s T t o i a o n u n t g t d a - l - a m e c a g i n r e e e n d n n s - t - B s F e R e a e r r n e a v d k - l e - sb C m a c o n i e a m k r l - s - b M t s i a n u a n g v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other 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 4,47110,76617,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943—Mar 83,934 3,124 5,919 41,317 4,51110,66718,395 Dec 49,268 2,739 2,777 19,445 4,055 10,308 Apr 95,680 3,550 6,455 45,723 5,053 12,328 22,570 1943—Mar 49,273 2,652 1,984 20,829 3,979 ,618 10,212 May 99,390 3,556 6,222 49,159 5,117 422 22,914 Apr 55,201 3,059 2,01721,520 4,624 ,464 12,517 June 99,333 3,434 7,202 48,665 5,161 486 22,385 May 57,975 3,068 1,708 24,006 4,687 ,539 12,967 July 102,324 3,339 8,187 50,464 5,222 557 22,554 June 57,520 3,045 1,468 24,226 4,725 ,442 12,615 Aug 103,796 3,417 9,088 51,429 5,016 12,427 22,419 July 57,520 2,996 1,445 24,723 4,68011,36512,312 Treasury bills: Aug 57,520 2,986 1,47325,168 4,41811,21112,264 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: Dec 6,627 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—Mar 9,234 2,' 5,069 65 157 1,837 5,830 754 2,565 253 726 1,531 Apr 10,044 2,430 6,415 14 4 1,173 1943—Mar'.'.'.'.'.'.';'.'.!".'.'.'. 5,830 672 2,737 222 664 1,532 May 10,853 2,442 7,017 14 22 1,345 Apr 5,830 735 2,806 190 599 1,500 June 11,864 3,815 6,502 21 1,361 May 5,830 754 2,773 186 597 1,519 July 12,460 4,896 5,939 31 1,386 June 9,474 867 5,122 298 991 2,195 Aug 12,846 5,701 5,233 122 1,534 July 9,474 854 5,171 294 984 2,170 Certificates: Aug 9,474 851 5,272 266 927 2,156 1942—June. 3,096 66 1,971 74 782 Maturing in 5-10 years: Dec 10,534 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—Mar 11,161 19 850 6,845 183 266 2,997 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Apr 16,154 35 997 9,197 168 257 5,500 1943—Mar 17,080 1,317 9,672 1,113 2,189 2,789 May 16,561 49 1,099 9,759 178 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 Aug 17,497 38 1,160 11,000 183 4,801 July 17,921 768 10,373 1,265 2,296 3,219 Treasury notes: Aug 17,921 796 10,585 1,094 2,290 3,154 1942—June. 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Dec 9,863 92 1,324 5,670 167 283 2,327 1942—June 18,731 2,168 7,009 ,957 3,510 4,086 1943—Mar 9,797 67 957 5,850 182 297 2,444 Dec 16,295 2,165 6,240 ,580 2,778 3,531 Apr 9,797 65 957 5,825 163 286 2,501 1943—Mar 16,295 1,680 6,955 ,500 2,613 3,545 May 9,797 66 919 5,813 160 287 2,552 Apr 16,295 1,656 7,122 ,381 2,604 3,530 June 9,168 61 774 5,500 155 276 2,402 May 16,295 1,623 7,202 ,376 2,584 3,507 July 11,875 53 721 7,506 258 364 2,974 June 17,214 1,645 7,611 ,405 2,896 3,657 Aug 11,875 56 721 7,533 244 362 2,959 July 17,214 1,598 7,745 ,402 2,883 3,585 Guaranteed securities: Aug 17,214 1,587 7,839 ,348 2,809 3,636 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—Mar 4,272 332 42 2,712 102 328 756 10,065 1,021 1,286 ,095 4,339 2,323 Apr 4,288 350 54 2,754 83 317 731 1943—Mar.'.".'.'.';;;;;.;;; 10,069 965 1,463 ,141 4,153 2,346 May 4,008 327 54 2,552 77 309 689 Apr 13,629 1,333 1,561 ,626 5,566 3,544 June 4,023 231 54 2,602 76 309 751 May 13,831 1,305 1,603 ,691 5,626 3,605 July 3,711 209 33 2,392 64 298 714 June 12,912 1,221 1,385 ,713 5,229 3,366 Aug 3,861 292 33 2,481 49 293 713 July 12,912 1,216 1,434 ,720 5,204 3,338 Aug 12,912 1,222 1,474 ,711 5,188 3,317 I * 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. lOn Aug. 31, 1943, commercial banks reporting to the Treasury held $19,416,000,000 of United States Government securities due or callable within one year out of a total of $37,405,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e i c l t o d h 2 m - e O ta t x h e e s r 1 i r c n n M n e n e e u v t l a i o e e l s e l u a 1 - 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 l - a t!: ce N ip e t t s3 I d n e o e t s n b e t t r- ac W t t i i e a v s r i- c T f o e t r e a r r u a t s u c n n c - s . t s t t s o - , Other e b T i x 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 a h g b e u n i a e a r n n a c n n l d - l e - ge 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 13,66£ 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,50( ) +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,38= 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 1942—September.... 2,126 309 43 49 2,525 2,527 224 5,384 5 317 5,931 3,404 -245 +1,148 4,798 October 206 350 48 45 64J 607 70 5,481 56 330 5,937 5,331 ) +594 6,420 November.... 199 337 248 45 83C 601 28 6,042 3 291 6,363 5,761 +73t -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 -545 -1,213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +8,438 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 -35 +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 September.... 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 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 g B en a e l r a a n l c e f u i n n d penditures Period in checkc 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 i o g n m o u g e v n n e e t a n c s r c i t n e - o - s f ce R i e p - ts I m nv e e n s ts t- p t e u n r d e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o e p i s e n c o i - i s t a s i l - O as t s h e e t r s ] T ia t o i b e t i s a l l i- Total W a b o i n a n r c g l k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,130 655 147 10,149 1,038 7,667 1,444 643 9,507 8,744 1942—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 ,350 475 3,082 2,320 December 75 350 33 548 99 37 11,032 1,516 8,166 ,350 489 10,543 9 780 1943—January 110 43 35 186 74 47 8 8,200 465 6,367 ,368 477 7,724 6,961 February 498 230 35 370 52 40 -3 5,895 623 3,892 ,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 ,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 ,412 495 12,617 11 854 May 539 258 31 356 81 57 -41 13,152 651 11,117 ,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 ,444 643 9,507 8,744 July 245 179 29 726 315 252 9 9,127 979 6,790 ,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 ,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 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. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total i C n u d u r i a r v e l i n d t - V t t o a i r c 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 a g x t n i a f e d t t s e b A e l t v c a o e x r h e a o s g l e ic b t T a a x c o c e - o s S ta ta x m es p re t e t u a a x r n i c e l d i e r s s e r ' s' n c t M a e e x l o i l s e u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1942—September... 2,123 662 781 23 641 17 315 1 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 "l85" 27 104 79 3 47 32 December.... 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 L943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 ""2" 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 40 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 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 September 4,192 1,964 6 877 103 1,228 15 394 35 28 117 86 4 53 71 1 Correction of December 1942 collection. NOVEMBER 1943 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Lia in b t i e li r t a ie g s e , n o cy th e it r e m th s an Securities Bonds, notes, U. S. Pri- End of month Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans f s e t r o r c e k d , Cash d G i o re v c t t . O G t o h v e t r . o a t n h d er p n r e o s p s - h f e o l r d O as t s h e e t r s g F u u a ll r y - lia ti b e i s li- interest interest etc. and agen- receiv- erty anteed Other1 guaran- cies1 ables a by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 December.... 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—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—September. .. 19,974 8,190 623 625 1,197 56 1,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 1,219 60 1,088 976 4,710 3,119 4,265 1,413 4,185 10,230 442 November. .. 20,992 8,158 621 563 1,222 52 1,069 1,001 4,701 3,605 4,264 L,404 4,601 10,281 443 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 1,284 31 1,205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 February.... 23,437 8,022 565 590 1,375 27 1,440 1,359 5,883 4,176 4,332 L,383 5,076 12,206 440 March .. . 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 April 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 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 August 26,435 7,580 498 539 1,691 11 1,450 1,966 7,019 5,681 4,046 1,271 5,972 14,706 440 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o a r n t 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 r m a s p n ' n e . - F H b L e a o o d a n m l a e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e n b 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 C F g F a a o o e g r r d r m p e t . - . c b m i F r n a a e e e t n t d e d e d k r . i i s - - t o f B o t p a i r e v n c r e k a o s s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m A t i i f i o 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 L,433 ,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—June 8,379 ,473 ,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 1942—September. .. 8,190 ,527 1,622 145 88 215 360 1,663 539 270 112 173 250 456 344 117 309 October 8,159 L,533 L,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 L,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 L,5O7 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 ,459 ,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 \,463 ,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Loans Loans Recon- Home Fed. land Com- st R ru ec c o ti n o - n Com- Home Total n tu i a to n t n i s c o f t i i i n a - - s l r r o a t a o il d - s Other Fi s C n t t i o r a o u r n n p c c . - e O C r L w a o o t n r i a p o e n o r n s - ' Other F b M e a d o C n . r k o t s F r g p a a a . r g n m e d m C r C a o o r t r e d i p o d i o t n i y - t C p w F o o i r r a n a p r a t . c i n a o o c n n r e - d s Other r c a W o ti r o a p r n o s - m C r C a o o r t r d e i p o d i o n t i y t - O C L r w a o o t n r i a p e o n o r n s - ' 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—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 June 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 Augu?t. 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction 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 l Tota In l (p d h u 1 y s 9 t s r 3 i i c 5 a a - D a l 3 l u b 9 p v f l r M a r o - e = o a c l t u d n 1 u u m u 0 r N c - d e 0 e t o u s ) i 8 o n r * - n - M e i ra n l - s To a t w a 1 l a 9 r 2 c d 3 o - e R n d t 2 e t d e i s 5 r a n i a ( l - = - c v t a 1 l s 0 u o e 0 A t ) l h 3 e l r N t a c u g o u r r l n a [ - i - l - E 1 m 93 p 9 l o = F y a m 1 c 0 e to n 0 r t4 y 1 r 9 F t op o 3 1 , a al 0 9 r i c ly y 0 s4 - 4 = F c 1 a = r 9 i r e n 3 l i g o 1 5 g s 0 a - h 3 * d 0 t 9 - D 19 m ( e u s v 2 a p e s e a 3 l ) a t 1 l n e - * o - r 0 2 s t 5 t r 0 5 - e p W m r h = c o i 1 s o o d c 9 a l m e l 2 i 1 e s - e 6 0 t - 4 0 y 1 J l = i 9 o v 3 s 1 i 5 t n 0 - o g 0 3 f 4 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed iusted justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 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 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 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 A 1934 78.7 75 65 31 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 109 109 109 106 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 April 110.8 114 113 117 110 120 64 62 66 101.1 102.4 102.6 105.8 103 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 77 102.6 103.7 102.5 107.6 109 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 98 104.6 108.1 107.8 115.1 112 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 85 103 106.5 112.0 114.8 126.9 111 94 78.7 100.2 November.. 117.7 136 138 159 123 119 111 87 130 108.1 114.6 116.0 127.5 116 100 79.6 100.1 December.. 120.6 140 139 166 126 119 115 90 136 109.7 116.8 117.4 134.1 117 101 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 76 118 111.5 121.3 120.0 140.3 122 103 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 80 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 133.7 160 160 198 C142 121 101 88 HI 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 r140 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 r133 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 r236 238 358 177 117 45 32 55 128.9 169.8 168.8 r317.1 127 129 103.8 124.8 July 213.1 239 241 r360 176 r134 60 36 80 "128.6 r169.6 169.6 r315.1 141 142 103.2 123.9 August 2*215.3 242 244 365 177 135 59 35 79 127.7 168.8 170.8 322.1 140 142 103.1 123.4 O Se c p to te b m er b .. e r. . P243 ^247 P367 126.6 ^167.7 e1 1 3 4 8 0 e1 1 0 0 3 3 . . 1 1 123.9 * Average per working day. v Preliminary, r Revised. e Estimated. c Corrected. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1098-1101. 3 Based on F. W. Dodge Corporation data; foridescription, see p. 358 of BULLETIN for July 1931; by groups, see p. 1104 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For sales comparisons by cities and by departments see pp. 1106-1107 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory emiployment 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. NOVEMBER 1943 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total. 204 208 215 220 223 227 232 235 237 238 236 239 242 p243 Manufactures—Total 217 222 230 236 240 245 250 253 256 258 258 258 261 p262 Durable Manufactures 290 299 311 319 328 336 344 351 356 359 358 360 365 ^367 Iron and Steel 197 199 207 204 200 204 208 210 209 208 20V 203 209 213 Pig iron 190 194 199 201 197 198 200 202 198 196 190 191 202 205 Steel 218 219 229 224 221 226 231 233 235 233 227 229 235 239 Open hearth. 177 179 186 182 179 182 185 188 186 184 177 180 184 189 Electric 507 503 536 527 523 542 560 559 580 584 583 577 598 593 Machinery 356 365 392 417 426 436 441 443 44f 441 Manufacuring Arsenals and Depots1. Transportation Equipment 506 539 567 600 630 651 671 692 718 728 743 754 765 P774 Automobiles 165 172 177 185 191 198 203 204 206 211 215 220 232 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 216 223 230 239 242 250 252 256 257 266 264 266 267 *267 Smelting and refining 210 213 222 237 241 241 253 255 262 270 275 278 283 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 227 234 240 243 254 252 257 255 264 260 261 '260' (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 130 133 132 130 123 127 129 130 133 128 130 Lumber 132 126 127 126 122 113 117 119 121 126 118 118 119 P118 Furniture.. 137 138 145 142 146 142 147 149 149 147 148 148 Stone, Clay, and Glass Products 163 163 167 170 173 180 178 175 175 175 175 173 173 P170 Glass products 126 130 129 135 136 150 149 146 153 159 158 162 162 159 Plate glass 27 35 33 35 35 35 36 35 39 43 41 45 49 53 Glass containers.. 161 164 163 170 172 191 189 185 194 200 199 203 202 196 Cement 172 173 174 172 171 171 166 154 135 130 127 119 114 Clay products. 147 143 143 144 144 148 144 142 142 136 139 132 132 ^128 Gypsum and plaster products 183 176 186 192 191 193 196 202 204 203 204 198 203 ^201 Abrasive and asbestos products.. 238 241 258 270 293 301 305 308 313 320 325 325 327 P321 Other stone and clay products1 .. Nondurable Manufactures .. 158 161 165 168 169 171 174 174 175 176 177 176 177 Textiles and Products... 155 159 157 162 158 157 159 155 148 145 P150 Textile fabrics 146 148 150 150 148 149 152 149 147 149 146 139 136 Cotton consumption 169 171 172 171 163 171 171 166 166 169 160 153 147 156 Rayon deliveries 169 170 174 177 178 180 181 181 181 185 183 183 177 181 Nylon and silk consumption1... Wool textiles 154 155 160 161 163 154 166 163 157 158 160 146 l50 Carpet wool consumption... 27 34 44 43 44 29 39 40 38 32 30 24 33 Apparel wool consumption. 206 198 210 212 218 208 230 228 214 222 226 207 210 Woolen and worsted yarn.. 173 172 179 179 180 172 184 181 173 177 181 164 168 Woolen yarn 173 175 182 182 184 176 190 187 179 181 186 168 176 Worsted yarn 173 168 175 175 175 167 177 172 165 171 174 159 158 Woolen and worsted cloth.. 177 179 179 180 185 177 187 182 177 177 179 164 166 Leather and Products., 119 116 119 117 117 123 123 117 119 118 110 1*110 Leather tanning 122 122 126 125 126 130 127' 120 122 122 114 111 106 Cattle hide leathers 138 137 143 139 141 141 139 128 131 132 122 116 108 Calf and kip leathers 95 96 94 94 93 95 93 92 91 92 86 85 80 Goat and kid leathers 71 76 81 81 84 89 89 93 90 90 86 84 82 Sheep and lamb leathers.. 141 143 147 163 154 185 170 160 166 164 162 169 174 Shoes 117 112 115 111 110 118 119 115 117 115 114 112 113 Manufactured Food Products. 135 137 137 141 141 143 144 P144 Wheat flour 107 107 118 120 134 109 97 102 103 110 Cane sugar meltings1 Manufactured dairy products.. 144 148 152 164 145 P134 ^137 p129" p143 Butter 106 103 101 101 103 103 107 108 106 103 106 104 96 C C h an ee n s e e d and dried . m v ilk 1 1 6 6 1 0 1 15 4 3 9 1 1 4 5 1 1 1 14 3 5 6 1 1 3 4 5 3 1 13 4 7 4 1 1 4 4 5 1 1 1 4 4 7 5 1 1 4 4 7 9 1 1 4 5 5 0 1 16 5 1 0 1 17 5 1 4 1 15 5 7 0 Ice cream 161 175 188 216 176 Meat packing 151 162 145 149 156 143' '154 151 147 162 159 186 182 Pork and lard 170 190 157 171 189 168 183 183 187 216 222 260 p240 P228 Beef 136 134 133 123 119 123 131 127 112 111 96 110 119 P135 Veal 117 127 125 122 108 79 76 74 62 60 63 73 109 ^124 Lamb and mutton 128 143 144 152 151 121 115 107 111 123 119 140 154 ?! 59 r Revised. p Preliminary. J Series included in total and group indexes but not available for publication separately. IO98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 Industry Aug Sept, Oct. Nov. Dec.Jan. Feb.Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods 135 136 138 139 144 144 143 145 144 144 142 141 ^142 PU2 Processed fruits and vegetables 125 123 123 122 122 121 121 122 124 121 119 112 126 Confectionery 121 121 125 123 135 137 139 145 153 152 144 134 P120 Other food products 140 142 145 147 152 151 149 150 148 148 148 149 150 Alcoholic Beverages 138 123 121 105 121 112 104 106 106 111 Malt liquor 133 147 130 144 131 122 142 133 124 113 127 127 131 Whiskey... 45 39 13 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 64 35 63 62 42 42 63 35 31 21 22 23 40 223 238 226 159 159 159 161 157 141 139 144 144 157 Rectified liquors Industrial Alcohol from Beverage Plants^-... 131 135 140 138 146 132 129 132 123 134 136 134 Tobacco Products.... 113 114 121 117 154 103 101 93 103 104 102 99 96 101 Cigars 152 159 163 163 160 159 153 159 160 144 149 166 169 165 Cigarettes 92 92 97 94 94 93 89 86 85 78 84 92 87 Other tobacco products 129 132 137 133 135 140 141 141 142 135 142 Paper and Paper Products 131 133 139 137 132 135 139 139 138 140 136 133 139 171 164 167 161 149 148 153 148 150 154 143 141 153 Paper and pulp 113 110 114 107 107 103 107 103 101 104 106 110 115 Pulp 125 127 137 141 127 96 98 94 93 92 84 87 93 Groundwood pulp 229 218 218 208 192 201 206 203 204 211 184 193 214 Soda pulp 161 155 157 151 140 140 146 140 144 147 142 131 139 Sulphate pulp 125 128 134 133 130 133 137 138 136 137 135 r132 137 Sulphite pulp 123 131 136 137 134 137 143 150 150 150 152 143 151 155 Paper 118 118 130 129 124 129 131 129 130 133 123 126 134 Paperboard 110 115 131 127 120 125 131 126 124 122 122 117 126 Fine paper 163 174 170 174 175 175 172 174 167 168 176 158 154 Printing paper 132 125 128 123 120 125 129 127 125 130 118 127 130 Tissue and absorbent paper 106 106 107 102 100 92 92 90 91 91 90 Wrapping paper Newsprint Paperboard containers (same as Paperboard). 108 108 117 116 116 112 113 112 112 111 114 Printing and Publishing Newsprint consumption 106 104 97 101 102 105 103 97 Printing paper (same as shown under Paper) Petroleum and Coal Products 148 151 154 157 156 158 165 166 171 173 177 182 192 noo Petroleum refining 145 149 153 155 155 157 164 166 171 174 180 185 Gasoline 109 109 111 110 104 99 102 99 101 104 109 109 116 P\22 L Fu u e b l r i o c i a l t . i . n g omil 1 1 3 1 0 7 1 1 3 1 7 2 1 1 3 1 7 3 1 1 3 1 8 4 1 1 1 3 3 7 1 1 3 1 7 1 1 1 4 1 3 4 1 1 3 1 7 8 1 11 4 4 4 1 1 1 3 6 7 ! 1 12 3 0 8 1 1 4 2 5 1 1 1 5 2 3 3 Kerosene 106 107 112 110 99 104 117 118 121 122 126 118 107 Other petroleum products1 Coke 165 166 166 166 166 166 169 169 169 166 157 162 170 Byproduct coke 155 155 155 156 156 157 158 158 159 157 152 153 159 Beehive coke 508 526 527 503 501 485 543 551 519 481 318 453 523 Chemical Products 295 314 330 344 355 361 370 389 399 401 P394 Paints 123 122 122 125 126 125 127 126 129 130 135 139 140 Soap 115 117 116 121 123 125 127 124 124 122 123 120 122 pui R In a d y u o s n trial chemicals 2 1 9 8 2 7 2 1 9 8 2 8 3 1 0 9 4 0 3 1 1 8 0 7 3 1 1 9 9 6 3 1 3 9 2 6 2 3 0 3 0 2 2 34 0 1 4 2 3 1 5 0 0 2 3 1 5 4 6 2 3 1 6 3 6 3 2 7 2 2 2 223 P221 Explosives and ammunition1.... Other chemical products1 .'. Rubber Products 177 180 191 200 212 218 222 224 230 229 227 P226 Minerals—Total .. 130 131 129 130 127 125 r133 131 129 117 134 135 P139 Fuels 126 129 127 126 124 131 133 131 129 115 136 P141 Coal 135 146 140 148 136 136 151 154 146 139 97 150 148 p150 Bituminous coal 140 150 145 154 143 145 157 161 151 143 103 155 153 Anthracite 118 129 117 124 105 102 129 128 129 124 74 129 128 p129 Crude petroleum 121 120 121 121 121 118 121 122 124 125 124 128 P137 Metals 152 145 140 133 r133 r130 r131 r131 r130 r129 128 r128 125 P126 Metals other than gold and silver 195 189 184 181 187 185 189 188 189 186 187 188 184 I ( r C o o n p o pe re r; Lead; Z v inc)1 239 227 218 211 223 223 223 223 223 223 223 223 223 Gold 34 Silver r87 r Revised. v Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. NOVEMBER 1943 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total. 207 213 218 220 221 223 229 232 235 239 238 241 244 P247 Manufactures—Total 219 227 233 236 239 242 247 251 255 258 259 259 263 P266 Durable Manufactures 291 300 312 319 327 334 342 350 356 360 359 361 366 Iron and Steel ...«.......... 197 199 207 200 204 208 210 209 208 201 203 209 213 Pig iron., 190 194 199 201 197 198 200 202 198 196 190 191 202 205 Steel. 218 219 229 224 221 226 231 233 235 233 227 229 235 239 Open hearth.. 177 179 186 182 179 182 185 188 186 184 177 180 184 189 Electric. 507 503 536 527 523 542 560 559 580 584 583 577 598 593 Machinery -.., 356 365 380 392 407 417 426 436 441 443 441 441 H40 Manufacturing Arsenals and Depots1 . Transportation Equipment 506 539 567 600 630 651 671 692 718 728 743 754 765 P774 A (A u i t r o c m ra o f b t; i l R es a ilroad cars; Locomoti . v#es; Shipbuilding 165 172 177 185 191 198 203 204 206 211 215 220 232 P235 —Private and Government)1 Nonferrous Metals and Products.. 216 223 230 239 243 250 252 256 257 266 264 265 266 P268 Smelting and refining.. 210 214 222 238 242 241 253 255 262 271 275 276 281 (Copper smelting, Lead refining Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 219 227 234 240 243 254 257 255 264 260 261 '260 (Copper products; Lead shipments; Zinc shipments; Aluminum products;Tin consumption)1 Lumber and Products.. 142 139 140 130 120 112 119 123 130 136 135 135 137 V136 Lumber 144 139 137 123 106 96 104 110 120 130 128 128 130 P130 Furniture... 137 138 145 142 146 142 147 149 149 147 148 148 151 ^148 Stone, Clay, and Glass Products., 171 176 175 169 170 166 168 172 180 177 173 179 p177 Glass products 131 133 133 136 127 147 145 146 153 169 157 156 168 162 Plate glass 27 35 33 35 35 35 36 35 39 43 41 45 49 53 Glass containers 168 167 168 171 160 187 184 185 194 214 197 195 210 200 Cement 195 200 202 186 156 139 126 126 128 137 136 131 129 Clay products 151 148 151 150 149 139 137 136 138 136 137 132 135 P132' Gypsum and plaster products 185 180 190 194 194 187 188 196 202 205 208 198 204 Abrasive and asbestos products 238 241 258 270 293 301 305 308 313 320 325 325 327 Other stone and clay products1 Nondurable Manufactures. 161 167 168 168 168 168 171 171 173 175 177 177 179 Textiles and Products 155 157 159 159 157 158 162 158 157 159 155 148 145 p150 Textile fabrics 146 148 150 150. 148 149 152 149 147 149 146 139 136 Cotton consumption 169 171 172 171 163 171 171 166 166 169 160 153 147 156 Rayon deliveries 169 170 174 177 178 180 181 181 181 185 183 183 177 181 Nylon and silk consumption1... Wool textiles 154 155 160 161 163 154 166 163 157 158 160 146 150 Carpet wool consumption... 27 34 44 43 44 29 39 40 38 32 30 24 33 Apparel wool consumption. 206 198 210 212 218 208 230 228 214 222 226 207 210 Woolen and worsted yarn... 173 172 179 179 180 172 184 181 173 177 181 164 168 Woolen yarn 173 175 182 182 184 176 190 187 179 181 186 168 176 Worsted yarn 173 168 175 175 175 167 177 172 165 171 174 159 158 Woolen and worsted cloth.. 177 179 179 180 185 177 187 182 177 177 179 164 166 Leather and Products. 120 116 123 126 117 118 118 113 110 110 V109 Leather tanning 120 120 127 130 125 130 137 119 121 122 112 105 105 Cattle hide leathers 134 134 145 144 141 144 151 128 131 132 117 109 105 Calf and kip leathers 100 94 96 97 91 93 98 90 88 88 84 84 Goat and kid leathers 69 77 81 79 85 89 93 93 93 86 83 80 Sheep and lamb leathers.. 145 140 147 172 146 172 188 155 162 177 160 157 180 Shoes 117 112 115 111 110 118 119 115 117 115 114 112 113 Manufactured Food Products. 150 163 147 141 139 131 127 128 128 135 141 152 158 P167 Wheat flour , 106 116 118 119 118 134 127 116 105 93 102 109 Cane sugar meltings1 Manufactured dairy products., 184 156 126 107 95 P99 ^143 p203 P179 Butter 117 99 87 77 81 94 98 108 133 146 127 106 Cheese 180 152 127 102 97 119 132 153 194 213 189 167 Canned and dried milk 165 141 123 104 110 127 142 168 208 223 198 161 Ice cream 235 198 152 130 98 Meat packing 132 147 146 166 186 171 147 140 136 162 158 170 Pork and lard 131 150 147 200 249 221 180 171 170 216 222 229 p185 Beef 137 144 144 128 119 126 121 115 105 111 94 111 120 P145 Veal 114 140 142 131 101 73 67 69 61 62 63 73 107 p137 Lamb and mutton. 125 153 150 152 148 128 117 105 108 126 111 134 151 PI 70 r Revised. p Preliminary. x Series included in total and group indexes but not available for publication separately. IIOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods 153 172 154 145 142 133 130 129 128 130 134 146 2*161 Processed fruits and vegetables 205 285 157 112 95 79 76 67 75 79 91 146 213 Confectionery 131 156 163 145 137 141 140 135 127 117 107 110 Other food products 143 145 152 154 155 145 142 144 142 146 149 152 153 pl53 Alcoholic Beverages 140 140 123 103 90 110 105 107 106 127 126 122 Malt liquor 152 149 121 111 105 100 128 123 130 129 161 159 150 W O Re t h h c i e t s i r k f i e e d y d is t l i i l q le u d o r s s pirits 2 4 3 2 5 4 3 2 3 4 3 9 8 8 2 1 2 1 6 6 3 4 1 1 3 5 0 0 9 1 4 5 0 6 9 1 2 5 0 7 9 1 3 6 0 8 1 1 2 5 0 3 7 14 1 0 1 9 13 1 0 9 3 1 1 4 0 3 4 1 1 4 0 3 4 15 2 7 1 0 Industrial Alcohol from Beverage Plants1. ... 135 149 137 132 122 123 125 123 128 138 140 141 Tobacco Products... 115 123 140 117 154 103 101 93 103 104 102 99 96 101 C C i i g g a a r r s ettes 1 8 6 9 0 170 1 1 0 6 4 9 1 9 6 7 7 1 S 4 3 7 1 9 5 1 9 1 8 4 5 4 1 8 4 9 8 149 144 156 1 8 7 4 5 177 1 9 7 3 6 Other tobacco products 132 138 137 132 135 140 141 141 134 141 Paper and Paper Products... 131 133 139 137 132 135 140 139 139 140 137 132 139 169 162 165 162 149 149 154 150 152 155 143 140 151 Paper and pulp 100 98 106 114 108 107 111 110 112 113 107 98 101 Pulp 125 127 137 141 127 96 98 94 93 92 84 87 93 Groundwood pulp 229 218 218 208 192 201 206 203 204 211 184 193 214 Soda pulp 161 155 157 151 140 140 146 140 144 147 142 131 139 Sulphate pulp 125 128 135 133 129 133 138 138 137 137 136 131 137 Sulphite pulp 123 131 136 137 134 137 143 150 150 150 152 143 151 155 Paper 118 118 130 129 124 129 131 129 130 133 123 126 134 Paperboard 110 115 131 127 120 125 131 126 124 122 122 117 126 Fine paper 163 174 171 174 170 173 179 174 168 168 180 152 154 Printing paper 132 125 128 123 120 125 129 127 125 130 118 127 130 Tissue and absorbent paper 105 106 107 103 92 92 90 89 90 92 Wrapping paper Newsprint Paperboard containers (same as Paperboard) 120 111 115 114 116 114 111 104 109 P112 Printing and Publishing . 102 109 115 97 101 107 101 91 Newsprint consumption Printing paper (same as shown under Paper) . 151 154 158 165 166 171 173 177 p200 Petroleum and Coal Products.. 145 149 153 155 155 157 164 166 171 174 180 185 195 P2Q5 Petroleum refining 1 1 0 3 9 0 1 1 0 3 9 7 1 1 1 3 1 7 1 1 1 3 0 8 1 13 0 7 4 1 9 3 9 7 1 1 0 4 2 3 1 9 3 9 7 1 1 0 4 1 4 1 13 0 7 4 1 1 0 3 9 8 1 14 0 5 9 1 15 1 3 6 p\n Gasoline 116 112 113 114 112 108 113 117 118 121 120 120 121 Fuel oil.; ^ 101 106 112 113 102 106 123 120 124 124 119 110 102 Lubricating oil Kerosene 165 166 166 166 166 166 169 169 169 166 157 162 r170 172 Other petroleum products1 155 155 155 156 156 157 158 158 159 157 152 153 159 161 Coke 508 526 527 503 501 485 543 551 519 481 318 453 r523 535 Byproduct coke Beehive coke 299 317 331 354 372 384 389 396 399 P394 Chemical Products Paints 122 121 122 124 126 123 125 126 130 134 139 137 139 Soap 116 121 121 122 123 123 125 124 122 119 120 119 123 ^126 R In a d y u o s n t rial chem#icals. 2 1 9 8 2 7 2 1 9 8 2 8 3 1 0 9 4 0 3 1 1 8 0 7 3 1 1 9 9 6 3 1 3 9 2 6 2 33 0 2 0 3 2 4 0 1 4 3 2 5 1 0 0 3 2 5 1 6 4 3 2 6 1 6 3 3 2 7 2 2 2 r3 2 8 2 2 3 Explosives and ammunition1 Other chemical products1 177 180 191 215 218 222 230 229 227 p226 Rubber Products Minerals—Total .. 136 137 134 132 119 119 125 127 127 132 121 140 141 P144 126 129 127 130 124 131 133 131 115 136 137 P141 Fuels 135 146 140 148 136 136 151 154 146 139 97 150 148 PI 50 Coal _ 140 150 145 154 143 145 157 161 151 143 103 155 153 p155 Bituminous coal 118 129 117 124 105 102 129 128 129 124 74 129 128 "129 Anthracite 121 120 121 121 121 118 121 122 124 125 124 128 131 ^137 Crude petroleum Metals.... 194 184 176 143 79 90 r105 r148 r159 r163 PI 64 P163 Metals other than gold and silver.... 264 249 239 192 93 114 121 121 147 223 243 250 ^249 ^246 I ( r C o o n p p o e re r; Lead; Zinc)1 . 388 358 335 229 19 73 77 79 132 298 341 365 Gold "97* "92 "55 "40 40 38 37 Silver. 82 r74 r79 r75 r76 ""Revised. p Preliminary J Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940 pp. 753-771 and 825-882. NOVEMBER 1943 IIOI 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 1943 1942 1943 Aug. Sept. May June July Aug. Sept. July Aug. May June July Total 157.1 159.6 167.2 168.8 169.6 170.8 170.4 242.7 254.8 261. 313.5 7317.1 1315.1 322.1 Durable goods 199.2 202., 225.9 228.5 229.5 230.2 229.8 323.9 342.0 352. 437.1 r441.6 r439.0 448.2 Nondurable goods. 123. 125.9 121.0 121.7 122.4 123. 123.5 163.3 169.5 173. 192.6 r195.4 193.9 198.8 Iron and Steel and Products 163. 163. 173., rl72.9 173.3 245.7 251.5 255.4 303.5 r304.6 r299.6 308.1 Blast furnaces, steel works, etc 139 137 135 134 133 133 197 197 200 222 r224 r224 230 Steel castings 257 261 279 279 280 278 384 409 420 495 r497 r478 484 Tin cans and other tinware 113 111 96 103 111 117 146 152 149 152 162 173 187 Hardware 121 119 125 128 128 128 200 198 195 242 249 242 251 Stoves and heating equipment 98 99 115 r117 119 121 147 141 144 194 199 198 211 Steam, hot-water .heating apparatus.. 164 171 196 198 195 197 261 280 298 359 363 361 351 Stamped and enameled ware 135 135 160 1-62 164 165 203 213 209 299 299 297 305 Structural and ornamental metal work 181 183 196 195 196 202 264 290 297 356 362 356 373 Forgings 233 236 262 263 261 259 372 391 390 501 494 r456 489 Screw machine products 274 277 290 293 290 289 456 461 462 553 547 536 547 Electrical Machinery 217.8 226.3 268.2 271.1 273.5 274., 274.9 325.7 343.9 368.6 458.9 463.9 459.1 472.7 Machinery, except Electrical 210: 213.0 235.2 236.7 235.9 236., 234. 339.1 352.6 352.3 427.2 428.0 417.4 All.9 Machin ery and machine shop products 215 218 143 243 243 244 337 352 355 433 435 424 429 Tractors 148 145 158 162 167 173 199 202 198 245 248 254 263 Agricultural, excluding tractors 120 114 129 136 142 179 183 164 247 265 r256 262 Pumps 281 280 315 319 316 321 521 541 511 645 647 630 657 Refrigerators 100 107 151 153 155 159 136 150 157 250 255 259 273 Transportation Equipment, except Autos..1,054.3 1,104.01,412.01,441.6 ,451.7 ,465.8 753.2 1,920.8 2,053.3 736.7 ?,768.0 9'2,790.6 ,811.3 Automobiles 132.6 138., 164.0 167.9 172.6 177.5 179.5 202.5 218.0 225.2 297.1 305.8 314.3 324.2 Nonferrous Metals and Products 1 13 6 6 9.0 1 13 7 9 0., 1 16 7 3 8.8 1 16 8 7 0.9 1 16 8 9 0.6 1 16 8 8 0.9 1S2.0 2 1 6 9 0 0 .0 2 1 6 9 8 4 .5 2 20 7 3 3.3 2 3 7 2 7 2.0 3 28 2 6 5.0 3 2 2 9 1 5 .1 2 3 9 2 9 5.4 Primary smelting and refining 128 128 121 124 122 126 228 221 223 234 236 r226 238 L C i l g o h ck ti s n g a n e d q u w ip a m tch e e n s t 107 103 115 116 117 118 168 171 159 205 204 200 207 Lumber and Timber Basic Products 133.5 129.9 114.0 114.8 115.1 114.6 110.8 189.4 199.1 192.2 196.1 200.8 193.3 206.0 Sawmills 109 105 91 92 92 92 157 164 158 160 164 156 169 Planing and plywood mills 124 123 112 113 114 112 162 174 168 176 181 179 183 Furniture and Lumber Products. 112.4 112.0 108.6 109.1 109.8 110.4 107.4 157.1 159.8 158.1 178.9 181.1 178.6 185.5 Furniture 107 107 105 105 106 107 150 154 154 172 174 172 179 Stone, Clay, and Glass Products 126.1 125.8 121.5 122.5 122.1 121.1 119.7 163.2 169.6 168.4 187.7 189.6 184,4 192.3 Glass 118 119 125 127 127 128 141 152 147 183 185 182 193 Cement 128 127 103 102 101 100 162 168 169 145 146 145 148 Brick, tile, and terra cotta 115 111 90 91 90 88 153 154 152 136 138 135 137 Pottery and related products... 132 134 132 129 128 129 163 173 173 191 190 179 190 Textile-Mill and Fiber Products 112.2 111.2 108.3 107.8 106.5 105.2 162.0 166.3 166. 180.7 r178.7 r 173.0 173.2 Cotton goods except small wares 128 128 124 123 122 121 193 202 208 216 211 207 204 Silk and rayon goods 86 82 80 80 79 79 126 127 127 135 135 131 134 Woolen and worsted manufactures. 121 120 114 113 111 108 201 198 196 205 207 198 198 Hosiery 79 78 74 74 73 72 91 99 93 108 108 102 106 Knitted underwear 117 115 111 110 108 106 166 167 159 184 184 174 177 Dyeing and finishing textiles 101 103 103 103 100 99 135 138 143 157 157 153 154 Carpets and rugs, wool 90 91 91 87 125 126 131 147 144 138 134 Apparel and Other Finished Textiles. 115.9 115.0 109.6 108.0 105.6 105.7 104.7 135.2 151.4 147. 164.3 161.7 155.8 164.1 Men's clothing, n.e.c 113 113 107 106 104 103 139 146 143 163 159 151 154 Shirts, collars, and nightwear... 96 94 86 82 135 137 130 136 138 131 130 Women's clothing, n.e.c 93 92 89 86 101 120 116 131 131 125 138 Millinery 92 80 76 82 64 115 121 97 80 98 122 Leather and Leather Products. 105.8 102.8 97.0 96.0 95.0 93.6 91.0 148.7 146.3 145.6 153.0 150.8 145.9 147.8 Leather 102 102 99 98 96 92 147 137 138 150 149 142 138 Boots and shoes 96 92 86 85 85 84 137 135 135 137 134 131 135 Food and Kindred Products 131.7 141.6 106.9 111. 5 118.9 129.6 134.0 153.7 161.6 173.2 158.5 167.4 175.7 188.0 Slaughtering and meat packing 149 147 128 132 134 135 175 173 173 191 201 205 203 Flour 103 104 111 113 114 115 131 134 138 164 171 170 184 Baking 112 114 107 109 110 109 135 139 141 148 152 153 153 Sugar, beet 72 95 42 46 48 51 73 93 119 60 66 68 74 Conf ec tionery 112 122 107 105 104 106 127 144 155 158 159 149 155 Beverages, nonalcoholic 125 121 125 134 142 144 141 144 138 149 166 178 182 Malt liquors 124 123 124 130 134 135 150 158 153 165 182 190 193 Canning and preserving 185 240 80 119 182 214 266 373 117 135 197 317 Tobacco Manufactures.. 103.5 105.2 96.3 95.7 95.1 95.1 97.0 133.8 144.3 144.1 144.4 149.3 153.5 151.4 Cigarettes 121 123 118 118 121 126 150 171 167 155 159 182 187 Cigars 98 99 86 85 82 79 126 130 132 141 148 138 129 Paper and Allied Products. 112.3 111.9 117.7 119.0 118.9 118.8 117.1 144.1 147.1 147.0 178.0 180.9 176.3 181.9 Paper and pulp 111 110 108 109 109 109 147 150 149 170 173 169 175 Paper goods, n.e.c 117 118 128 130 129 127 140 142 143 181 187 181 183 Paper boxes 103 104 121 122 123 122 126 130 132 179 180 174 ISO r Revised. NOTE.—Figures for September 1943 are preliminary. Indexes for major groups and toottaallss hhaavvee bbeeeenn aaddjjuusstteedd ttoo ffiinnaal ddaattaa ffoorr 11994411 aannd pprreelliimmiinnaarryy data for the second quarter of 1942 made available by the Bureau of Employment Security off tthh e FFeddel raSl Sietc uriAty AgencyB. k Badckt data da nddt daft a foird 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. IIO2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES -Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 Aug. | Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Printing and Publishing 99.1 9S.5 100.4 101.8 103.4 102.9 101.3 110.0 110.2 111.2 123.0 126.4 127.0 128.8 Newspaper periodicals 96 97 96 96 94 94 104 106 108 111 112 112 113 Book and job 100 98 101 103 107 106 111 111 110 126 131 133 135 Chemical and Allied Products 216.3 225.1 256.4 257.7 257. 255.7 252.3 317.2 326.4 338.5 425.2 432.5 432.0 431.7 Paints, varnishes, and colors 103 103 103 106 107 107 128 129 129 155 161 158 160 Drugs, medicines, and insecticides. 137 139 161 167 170 170 160 165 173 228 234 232 239 Rayon and allied products 106 107 108 109 109 109 141 143 146 163 167 169 168 Chemicals, n.e.c 159 159 163 166 168 169 225 222 222 265 274 277 281 Cottonseed oil 69 127 93 83 79 87 87 92 179 151 142 133 150 Fertilizers 92 103 133 102 95 100 141 149 165 253 195 189 198 Products of Petroleum and Coal 121.6 120.8 117.3 118.5 119.1 119.7 119.1 154.0 156.4 160.5 182.3 r187.5 r190.3 197.1 Petroleum refining 111 110 110 111 113 113 138 140 144 171 175 180 185 Coke and by-products 125 125 115 116 113 112 163 166 173 180 180 175 186 Rubber Products 130.7 135.3 153.9 156.4 158.9 160.8 160.6 176.3 184.4 189.9 250.9 264.0 256.1 258.4 Rubber tires and inner tubes 126 131 154 157 162 165 167 173 179 244 257 253 254 Rubber boots and shoes 129 138 147 150 149 154 172 192 206 248 260 247 252 Rubber goods, other 122 125 139 141 141 141 169 175 177 229 241 228 232 Miscellaneous Industries 145.9 147.6 166.0 166.3 166.4 166.4 165.0 213.3 217.3 227.4 297.1 298.2 r291.4 294.5 Photographic apparatus 142 141 163 172 177 178 189 195 200 257 271 r264 269 Games, toys, and dolls 80 84 84 r85 85 127 121 114 149 143 '133 146 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year Aug Sept. Oct. Nov Dec Jan. Feb Mar Apr. May June July Aug Sept. Total 1551 156.9 158.9 160.9 1644 167.1 1679 168.6 168.5 168.3 169.8 169.6 168.8 167.7 Durable 1985 201.6 205.6 209.6 2154 219.3 2225 225.1 225.9 226.0 r228.5 229.5 229.6 229.1 Mondurable 1209 121.6 122.0 122.5 1243 126.0 1249 124.1 123.2 122.8 123.6 122.4 120.9 119.3 r Revised. NOTE.—Figures for September 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 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. All Manufacturing... 42.6 43.0 45.0 45.2 r45.1 44.4 45.0 85.6 87.0 94.4 95.3 95.9 96.3 96.5 Durable Goods 44.8 45.3 46.8 46.9 46.8 46.0 46.8 94.9 96.9 104.0 105.0 105.4 r106.0 106.0 Iron and Steel and Products 43.0 43.7 46.2 46.4 r46.4 45.5 46.7 93.4 95.1 101.9 102.6 103.1 103.6 103.7 Electrical Machinery 46.0 46.4 47.0 47.3 47.0 r46.2 46.9 90.7 91.2 96.1 96.5 97.0 r97.1 97.5 Machinery Except Electrical 48.8 49.4 49.8 49.7 49.4 r48.1 48.8 96.4 97.7 104.7 105.6 r105.9 106.2 106.3 Transportation Equipment Except Automobiles 47.4 47.3 47.5 47.5 r47.1 r46.8 47.0 109.4 112.4 117.4 118.5 r118.9 r119.5 120.0 Automobiles 43.8 45.1 45.9 46.3 46.2 46.0 47.1 116.4 116.9 121.5 123.1 123.6 124.3 121.9 Nonferrous Metals and Products 44.5 44.8 46.8 47.1 46.9 r46.1 46.6 92.0 93.3 100.1 101.4 r101.1 101.6 101.8 Lumber and Timber Basic Products 41.0 41.8 43.1 43.8 rUA r42.8 45.3 65.8 67.7 71.5 73.7 r74.1 73.8 74.4 Furniture and Finished Lumber Products. 41.4 41.4 44.5 44.6 44.6 r43.6 44.6 65.1 66.1 72.2 73.4 74.1 r74.5 75.0 Stone, Clay, and Glass Products 39.2 40.1 42.7 42.9 r43.1 41.8 43.5 77.9 78.6 83.3 84.3 84.4 r84.9 85.3 Nondurable Goods 39.8 40.2 42.5 42.8 r42.7 r42.1 42.4 72.5 73.0 79.0 79.6 r80.3 r80.5 81.1 Textiles—Mill and Fiber Products 39.9 40.3 41.7 41.9 r41.5 r40.8 41.3 60.2 61.6 66.0 66.4 r66.4 66.4 66.5 Apparel and other Finished Products . . 35.1 36.2 39.0 38.4 38.1 36.9 37.6 62.0 63.4 70.4 69.3 r69.9 70.6 72.8 Leather and Manufactures 38.1 38.4 40.2 40.1 r39.8 r39.2 40.1 68.0 68.3 73.9 74.7 r74.9 r74.3 75.0 Food and Kindred Products . 41.9 41.3 43.3 44.6 44.9 44.4 43.6 72.0 71.8 78.8 79.7 80.2 80.0 80.5 Tobacco Manufactures 38.6 39.5 40.0 40.2 41.0 42.1 41.1 58.1 59.3 62.0 62.9 64.5 r65A 65.8 Paper and Allied Products 40.2 41.2 45.3 45.6 45.7 44.6 45.6 75.1 75.7 79.0 79.4 79.8 r79.7 80.4 Printing, Publishing, and Allied Industries 38.0 38.0 39.8 39.9 40.1 r40.2 40.7 94.9 94.9 98.8 99.8 100.6 r99.7 100.2 Chemicals and Allied Products 42.8 43.1 45.5 45.7 45.6 45.3 45.7 87.2 87.6 90.1 90.9 r92.2 92.8 92.6 Products of Petroleum and Coal 39.2 39.5 43.5 44.5 r44.9 r44.9 46.1 103.9 105.4 111.1 112.2 112.8 113.9 113.7 Rubber Products 41.9 42.3 45.1 45.4 46.0 r44.1 44.1 93.2 93.3 99.8 100.5 102.4 101.9 101.5 Miscellaneous Industries 43.1 43.7 46.4 46.4 46.5 45.6 45.8 77.8 78.7 87.0 88.2 88.1 88.1 88.6 r Revised. NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 1111.) NOVEMBER 1943 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Publicworks 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 67 3 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 z Ay 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 JJuunlye. 943.8 183.7 127.4 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 [F F ig . u W res . D fo o r d g 3 e 7 C S o ta r t p e o s r a e t a io st n . o f V th al e u e R o o f c k c y o n M tr o a u c n ts t a i i n n s m , i a l s li < o r n e s p o o r f t e d d o l b la y r s t ] he [F F i . g W ure . s D f o o d r ge 3 7 C S o t r a p t o es r at e i a o s n t . of V a th lu e e R o o f c c k o y n t M ra o ct u s n t i a n i n t s h , o a u s s a r n e d p s o r o te f d d o b l y la rs th ] e Total Public ownership Private ownership 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 September August September January 305 317 351 124 198 316 181 119 35 Boston 14,951 10,807 39,332 February 270 434 394 105 310 364 166 123 30 New York 18 491 18,498 85,463 March 480 611 340 269 473 304 211 138 36 Philadelphia 9,877 9,589 46,736 April 407 499 303 184 355 253 223 144 50 Cleveland 18,462 18,781 47,010 May 549 674 234 267 569 192 281 105 42 Richmond 32 592 29 230 79,247 June 539 1,190 230 314 1,105 183 225 85 46 Atlanta ... 14,988 242,785 75,866 July 577 944 184 348 876 122 229 68 61 Chicago 30,090 31,320 163,936 August 760 721 414 520 633 351 240 88 62 St. Louis 11,419 9,044 50,628 September 623 723 175 403 661 120 220 62 56 Minneapolis 3,061 3,600 10,211 October 606 780 371 710 235 71 Kansas City 10,011 22,323 22,832 November 459 654 298 592 161 62 Dallas 11,173 17,814 101,955 December.... 432 709 288 664 144 45 Total (11 districts) 175,115 413,791 723,216 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 million» of dollars] Title I Loans Mortgages on Sav- Year or month Total p P m e r i r o m r o e t v p n y - e - t - S s h c t t o m i o r o m u n a n c - l e - l f 1 h ( a - o T m I u t i D o t s i l l e e y s 4- h R o ( g T e u a r I n o s i I n t i ) t u d l n a e p g l h ( o W T V u i a s t I r i l ) e ng End of month Total b C m c a o i n e a m r k l - s - b s i M t a n a u n g v u a k s - - l s a a s l t i a s o i n n o o a g d c n n s i s - p I c a n a o n s n m c u i e e r - s - a c F e g i e r e e a d s n l l - - Other2 1936—Dec. 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec. 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 "i3 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1942—Sept 95 10 * 48 37 Dec 2,409 1,162 130 224 542 201 150 Oct 99 11 1 44 42 1941—Mar 2,598 1,246 146 230 606 210 160 Nov '. 92 10 1 39 * 43 June 2,755 1,318 157 237 668 220 154 Dec 97 9 1 39 49 Sept 2,942 1,400 171 246 722 225 178 1943-Jan 80 7 * 31 42 Dec 3,107 1,465 186 254 789 234 179 Feb 64 5 * 20 39 1942—Mar 3,307 1,549 201 264 856 237 200 Mar 73 6 1 19 * 47 June 3,491 1,623 219 272 940 243 195 A M p a r y 5 7 9 2 7 7 * 1 1 6 8 3 4 7 7 Dec 3,620 1,669 236 276 1,032 245 163 J J u u n ly e 8 7 4 8 8 7 * * 2 1 1 9 5 5 1 6 1943—June... 3,700 1,700 252 284 1,071 235 158 Aug 90 10 * 20 60 Sept 88 12 20 55 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. IIO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchindise 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 2*730 178 242 229 254 2*228 35 128 96 228 2*502 February 219 347 303 480 2*719 158 200 234 254 2*234 61 147 69 226 March .' 268 351 357 628 2*992 190 217 268 272 *2>249 77 134 89 355 2*742 April 231 323 387 717 2*980 186 212 287 235 45 111 100 482 2*722 May 249 324 385 536 202 211 297 191 2*281 47 112 88 345 June 236 350 330 6*8 2*1',003 179 211 280 215 2*302 57 138 50 433 2*701 July 230 317 365 650 2*1,251 169 232 278 213 61 84 87 437 2*950 August 250 351 460 703 2*1,205 176 221 282 186 2*316 74 130 178 517 2*890 September 289 295 425 732 182 195 262 196 107 101 162 536 October 332 344 666 801 215 207 304 200 117 137 362 602 November 292 328 492 787 235 224 281 168 57 104 211 619 December 368 322 653 873 247 253 344 359 121 69 309 514 January-August 1,896 2,732 2,911 4,843 2*7,963 1,439 1,747 2,154 1,819 457 985 757 3,023 2*5,795 p Preliminary. 1 Including both domestic and foreign merchandise, 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] Total Coal Coke L s i to v c e k - p F u r e o c s o r t t d - s - Ore l M e a o e n u i l s e s - - - M c l d . h c i e a s .1 r e n - . - o r r p e T a v e i o e r l a w t n a t u a i l n e y s g e r x a T p i o l e w t n a a s l e y s o r i p n a e N c i r l o w a e m t t a in e y g in N c e o t me Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939.. 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940., 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941. 5,347 4,348 998 500 1942 138 135 181 121 104 155 206 146 69 1942., 7,466 5,985 1,481 959 SEASONALLY ADJUSTED SEASONALLY 1942—July 137 132 182 110 96 172 203 147 ADJUSTED August 140 136 182 119 106 165 206 150 1942—July.. 643 518 125 f80 September. 140 142 186 124 102 154 203 150 August 669 539 130 85 N D O e o c c v to e e m b m e b b r e e .. r r . . . . . . 1 1 1 3 3 4 5 6 0 1 1 1 3 3 3 9 8 2 1 1 1 8 8 8 4 6 4 1 1 1 3 2 3 9 6 9 1 1 1 1 1 1 7 0 4 1 1 1 3 4 4 7 9 0 1 1 1 9 8 9 0 9 0 1 1 1 4 5 4 5 0 4 N O Se o c p v to t e e b m m e b r b . e . e r r . . . . . . 6 6 72 6 6 2 1 3 5 5 5 3 6 3 3 3 5 1 1 15 2 2 9 8 8 1 8 8 2 2 1 1 December.. 708 554 155 110 1943—January.... 135 135 184 138 102 130 202 144 February... 139 145 178 145 113 135 193 146 1943—January 710 577 134 92 March 138 144 187 142 117 133 193 145 February... 744 591 153 111 April 136 133 186 140 118 138 163 145 March 740 616 124 82 May 135 132 181 140 112 138 163 143 April 767 623 144 101 June 127 100 166 137 113 140 192 142 May 783 624 159 118 July 141 146 184 143 113 150 202 146 June 749 629 120 78 August 140 145 191 147 117 148 208 145 July 761 653 108 68 September.. 140 152 195 137 114 139 209 143 August 779 663 115 2*75 UNADJUSTED 1942—July 142 132 177 138 76 173 325 148 UNADJUSTED August 144 136 175 129 101 173 308 152 1942—July.. 665 532 134 90 September. 152 142 184 139 135 167 304 162 August 684 549 r136 89 October.... 150 138 180 139 169 158 260 163 September.. 698 543 155 105 November.. 140 139 186 123 144 138 206 150 October 746 561 185 136 December.. 126 132 193 130 113 122 59 135 November... 690 541 149 111 December .. 703 532 171 137 1943—January.... 124 135 193 138 117 50 132 February... 130 145 189 142 90 129 48 137 1943—January 671 566 105 63 March 130 144 189 131 92 133 56 138 February... 664 557 106 62 April 132 133 183 124 105 138 106 143 March 756 627 130 85 May 137 132 179 123 101 143 269 145 April 749 622 127 83 June 132 100 162 140 86 145 297 146 May 759 631 128 86 July 146 146 178 172 97 150 323 147 June 747 638 110 71 August 145 145 183 158 111 156 312 147 July 791 671 121 82 September.. 151 152 193 153 151 150 314 154 August 800 676 125 2*85 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for r Revised. p Preliminary. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtained tion of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics. Basic data complied with weights derived from revenue data of the Interstate Commerce Commission. by the Interstate Commerce Commission. NOVEMBER 1943 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS (Based on value figures] MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted Without seasonal adjustment 1940 1941 1942 1943 1940 1941 1942 1943 1940 1941 1942 1943 Apr. 6 112 Apr. 5 ..131 Apr. 4... ... 160 Apr. 3 . 149 SALES 13 . 97 12.... ..136 11 120 10.... .153 January . 92 101 138 143 71 79 108 111 20 99 19 117 18... ... 135 17 154 February 90 103 126 168 71 82 99 132 27...'.'. . 98 26.... ..114 25... ...129 24.... .166 March 89 103 124 136 86 93 118 121 May 4 .108 May 3.... ..124 May 2... ...134 May 1.... .127 April 89 104 117 128 86 106 115 133 11 114 10 128 9 . 136 8 152 May 89 105 108 125 89 105 108 125 18 . 99 17.... ..110 16... ...115 15.... .133 June 91 104 104 129 87 100 100 124 25 97 24 117 23... .114 22 137 July. 92 115 121 142 64 79 83 98 June 1..'.... 90 31.... ..109 30... ...95 29.... .136 August 98 134 130 142 77 106 103 112 8 .120 June 7 ..127 June 6......135 June 5.... .137 September 97 116 123 132 105 125 133 143 15 107 14 ...120 13... ...117 12 . .151 October 94 105 128 101 112 137 22 . 92 21.... ..107 20... ...116 19.... .148 November. 100 116 138 114 133 157 29 89 28.... ..109 27-...... 100 26.... .118 December 101 111 125 179 197 222 July 6 . 67 July 5.... .. 86 July 4... ...84 July 3.... .116 Year .. . 94 110 124 2 1 0 3 . . 7 7 2 8 1 1 2 9 . . . . . . . . . . . . 9 8 3 9 1 18 1 . . . . . . . . . . . . 1 9 0 3 2 1 1 0 7 . . . . . . . . . . 1 1 0 1 1 1 27 69 26 87 25... ...92 24.... .109 JanuarSTyO.C.K.S 68 71 95 102 61 64 85 92 Aug. 1 3 0 8 7 1 9 Aug. 9 2 . . . . 1 10 1 2 6 Aug. 8 1 . . . . . .. .. . . . 1 9 1 6 0 Aug. 3 7 1 ... .1 1 1 0 7 7 February 71 73 102 93 68 69 97 89 17 .... 81 16.... ..113 15 113 14 .118 J A M M A J u u u p a a l n g y r y r e u i c l s h t .... 6 6 6 6 7 6 8 8 8 9 0 8 . 8 7 8 7 7 7 7 4 2 3 6 3 r1 1 1 1 1 1 3 4 2 0 3 1 8 2 7 9 6 8 1 1 9 9 8 9 1 1 0 1 7 8 4 0 6 6 6 7 7 7 4 1 6 1 0 1 8 7 7 7 7 7 4 5 5 3 6 4 1 1 1 1 1 1 3 2 3 2 3 1 0 8 2 3 0 1 1 9 9 9 9 9 1 3 0 3 2 9 0 Sept. 3 2 2 1 2 1 7 4 1 4 8 . . . . . . 1 1 1 1 1 0 1 1 2 2 9 9 7 8 0 3 2 Sept. 3 2 2 2 1 0 0 7 3 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 5 2 4 1 3 3 2 2 8 9 1 3 Sept. 2 2 2 1 1 5 9 2 6 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 3 5 2 3 5 1 7 5 9 2 3 6 Sept. 2 1 1 2 2 5 4 8 1 1 8 . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 5 5 6 4 3 3 4 8 1 2 3 2 September 70 91 125 ^110 73 95 130 Oct. 5 .125 Oct. 4.... ..169 Oct. 3... ...173 Oct. 2 .162 October 70 97 115 79 108 128 12 .115 11 ..130 10... ...159 9 .173 November 72 95 105 83 110 122 19 .123 18 ..131 17... ...152 16 .171 December 71 92 101 66 87 95 26 .121 25 ..130 24... ...153 23 .171 Nov. 2 .117 Nov. 1 ..138 31... ...158 30 Year 69 82 118 9. ... .122 8.... ..139 Nov. 7... ...166 Nov. 5 p r R Pr e e v l i i s m ed in . ary. 3 2 1 0 3 6 . . 1 1 1 1 3 4 6 0 7 2 2 1 9 2 5 . . . . . . . . . . . . . .. . . 1 1 1 2 4 6 8 8 9 2 2 1 8 1 4 . . . . . . . . . . . . . . . . . . 1 1 1 6 6 6 7 6 6 2 2 1 7 0 3 . . . . . . . . Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent 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] Sept. Aug. N m i o n s e . Sept. Aug. N m i o n s e . Sept. Aug. N m i o n s e . Sept. Aug. N m i o n s e . 1943 1943 1943 1943 1943 1943 1943 1943 1943 1943 United States.. +14 Boston •8 Cleveland—Cont. Chicago—Cont. Dallas +31 +31 +39 New Haven +4 Youngstown +6 +8 +14 Peoria +7 '+8 +8 Shreveport +19 +20 +16 Portland +28 Erie +12 +1 +12 Fort Wayne 0 —6 +6 Dallas +41 +38 +47 Boston +7 Pittsburgh +8 +3 +4 Indianapolis +20 +24 +25 Fort Worth +33 +35 +44 Springfield +8 Wheeling +18 +21 +12 Des Moines +7 +23 +19 Houston +30 +31 +34 Ne N P B U B S A N N B E P R S w r c o y r u i l e t e l o i o n m i i b a h f w r u w c c d Y v f g a g a e g h a a i g a o i c n h a r n l d e h Y r e r a u o y a r k e s e k k p a s m o t c n e e o e r t c F t e r k r a o e t p a d n s C l y l ie i s . t . . . y . . . . . + + + + + + + - - + + + - 1 1 1 1 1 9 1 4 5 5 6 2 7 8 2 6 8 1 + + r + _ + + + + 1 1 1 8 7 3 9 2 0 3 2 0 + + + + + + + + + + - - - + - 1 3 1 1 1 1 5 2 5 6 7 7 7 0 0 6 7 3 5 2 R A i i c N B W G H W L R M B C C • C l h la y i a m i o h r h l u o r i a n c a e l n r a n a n o m n t s h t r e f a r c n r i s t h t k o m n i l m l g d i h t e n i s e l n o v o n b k o b s g o s g n i m g t u n u t h l r o t - o l t r e d r a e o e S o n g g n m r n , n . a y , W l S e S . . m . V . C C a .. . . + + + + + + + + + + + + + + + 1 1 2 3 3 1 2 2 2 1 3 9 5 9 0 6 4 0 9 7 7 2 5 7 0 1 p + + + + + + + + + + + — - + + 1 1 2 2 1 2 2 1 1 1 3 2 9 2 9 2 3 6 7 1 8 9 9 3 4 + + + ++ + + + + + + + + i 1 2 1 2 3 4 1 2 2 2 1 1 3 4 4 4 5 1 1 2 9 3 0 0 3 1 °S*(/ M D F G L F . L Q S M ' E L S S i l o a p L i o t v r u e o i i e . t n a r r l u a o n t i t u m w i t n n r L s l n i n u t x e o s i c d a p s o g i S n v i y s v u h f u C t R g m i i R k i l i i e i o l l s s i e t l l e a t c y d e e h p k ids... + + + + - + + + + + + + + 1 - + 1 2 1 1 1 1 3 4 2 1 1 7 6 2 6 2 6 1 7 4 0 8 0 7 5 4 + + + + + + + + + + + + + + 2 1 1 1 2 2 2 1 2 9 9 4 7 7 7 3 2 7 8 4 8 3 3 0 + + + + + + + + + + + + + + + 2 1 1 3 1 2 1 3 3 3 1 3 4 5 7 0 9 0 7 6 0 6 1 8 1 5 2 S>ta L B T L P F O S S S S S S w a a o h r a o u a a a a a n n B e n s k n o c n c n k F s g e r s e e t l r n A a F A D r o a a n r a J o s m k n r n n o B i n i n f x a e c d e R i s g e t e n i e l g e o s e n a o e l c o c n d l y c t a s i o e o i h s a n s o c d o + + + + + + + + + + + * + + 2 2 1 2 1 1 1 1 2 1 7 6 8 5 6 9 3 3 0 3 3 r+ + + + + + + + + + r r + + + + 2 1 4 4 1 1 4 1 1 1 S 5 1 8 5 2 5 5 3 9 7 1 8 3 + + + + + + + + + + + + + 3 2 3 2 1 3 2 1 1 2 2 2 2 7 7 7 4 9 1 1 7 8 3 1 3 2 Philadelphia +4 +6 Jacksonville +31 +35 Stockton +23 +38 +43 Trenton +13 r+6 +17 Miami +34 +30 _|_26 Minneapolis +11 +17 +16 Vallejo and Napa +31 +32 +42 Lancaster +11 r+7 +10 Tampa +37 +37 +44 Boise and Philadelphia.... +3 -5 +6 Atlanta +27 +27 +36Kansas City +13 +15 +28 Nampa +21 +28 +40 Reading +11 -4 +9 Macon +28 +36 +42 Denver +4 +12 +25 Portland -1 +7 +22 Wilkes-Barre... +11 '+12 +11 Baton Rouge +18 +27 +37 Hutchinson +11 +4 +30 Salt Lake City.. +15 +21 +34 York +12 r-5 +10 New Orleans +29 +12 +23 Topeka +26 +20 +35 Bellingham —2 +14 +14 Cle A T C C C v o e o k l i l e n l r a l e v u c o n d e i m d n n o la n b n a u d t s i , + + + - + + 1 2 1 1 2 3 6 4 5 1 + + + + + + 1 2 6 7 3 5 0 0 + + + + + + 2 1 1 1 5 9 8 6 7 1 Cfh N J K t C C t a c h a h n a c i s o g a k c h o t x s a t v o v a g i n i n l o l l o l . e e . oga + + + + + 4 2 4 3 9 5 2 3 3 + + + + + + 3 2 2 3 8 0 7 6 2 6 + + + + + + 2 2 2 3 1 9 7 4 6 8 0 W J K O O T S o t u m k a i p . c l n l l s a a J h i s a o h h n a i s a t o s a e m p C a h i t C y ; i . t . y . . + + + + + + + 2 1 3 2 1 9 6 3 9 9 0 1 + + + + + + 1 2 1 3 2 4 9 7 1 6 3 0 + + + + + + + 3 1 2 3 5 2 2 5 0 4 0 2 7 5 E T S S Y p a e v a c o a e k o t k r i t m m e a le t n t a a e + + + - 1 8 7 1 4 0 r+ + + + + 2 1 1 9 9 1 0 1 + + + + + 1 1 2 1 2 6 3 8 9 4 r Revised. * Data notyet available. no6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS. BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) tocks at end of month (value) to sales Department o N f u s m to b r e e r s Percentage change Percentage change August; eporting Aug. 1943 Aug. 1943 Aug. 1942 Aug. 1943 Aug. 1943 Aug. 1942 from from from from from from 1943 1942 Aug. 1942 uly 1943 July 1942 Aug. 1942 July 1943 July 1942 GRAND TOTAL—entire store 351 +10 +12 +24 -15 +12 +4 3.6 4.6 MAIN STORE—total 351 +11 +14 +25 -16 +12 +3 3.7 4.9 Women's apparel and accessories 349 +18 +25 +38 +5 +20 +8 3.0 3.4 Women's and misses' coats and suits 327 +10 +98 +198 +44 +33 +12 3.4 2.7 Women's and misses' dresses 333 +36 +4 +5 +53 +43 +40 1.7 1.4 Blouses, skirts, sportswear, sweaters, knit apparel 309 +32 +17 +18 +37 +17 +6 2.7 2.6 Juniors' and girls' wear 293 +33 +62 +93 +28 +21 +17 2.2 2.3 Infants' wear 302 +37 +35 +40 -18 +13 +7 2.3 3.8 Aprons, housedresses, uniforms 284 +19 -24 -27 +19 +16 +2 2.2 2.2 Women's underwear, slips, negligees 318 +28 2 0 -21 +17 +4 3.0 4.8 Corsets, brassieres 329 +18 -2 +4 -34 +4 0 3.0 5.4 Hosiery (women's and children's) 342 -20 -2 +15 -18 +12 -4 3.8 3.7 Gloves (women's and children's) 322 +26 +38 +56 -27 +27 +17 8.9 15.2 Shoes (women's and children's) 241 -5 +19 +21 -16 +12 +11 5.0 5.6 Furs 260 +7 +114 +297 +38 +4 o 3.3 2.5 Men's and boys' wear 318 +1 0 +3 -24 +17 +7 6.3 8.4 Men's clothing 229 -10 -17 —8 -24 +20 +7 8.0 9.4 Men's furnishings, hats^ caps 300 0 -12 -7 -26 +14 +5 6.2 8.4 Boys' clothing and furnishings 278 +28 +67 +64 -22 +20 +12 4.3 7.1 Men's and boys' shoes and slippers 172 -19 +13 +4 —21 +11 +6 8.9 9.1 Home furnishings 313 —4 +10 +29 -35 +2 • 2 4.1 6.0 Furniture, beds, mattresses, springs 230 -17 +20 +53 -30 -1 -6 3.3 3.9 Domestic floor coverings 237 +14 +13 +39 -43 +2 -1 4.1 8.3 Draperies, curtains, upholstery 287 +23 +1 +4 -25 +7 +5 4.4 7.2 Major appliances (refrigerators, washers, stoves, etc.) 193 -56 -10 -1 -76 -6 -8 2.9 5.2 Domestics, blankets, linens, etc 286 +10 +11 +34 -33 +3 -2 3.2 5.3 China and glassware 218 +10 +12 +18 -24 +1 +1 6.6 9.6 Housewares 221 -12 +1 +10 -35 +2 -1 4.8 6.4 Piece goods (dress and coat yard goods, al materials) , 283 +40 +12 +16 -8 +6 +6 3.4 5.1 Cotton wash goods 117 +47 -13 -24 -19 +4 -1 2.0 3.6 Small wares 329 +21 +4 +12 -6 +12 +2 4.4 57 Notions 216 +18 -9 -3 -3 +12 —1 4.4 5.3 Toilet articles, drug sundries, prescriptions 312 +23 -2 +2 -8 +6 0 4.0 5.3 Jewelry and silverware 290 +20 +12 +25 -4 +15 +4 5.0 6.2 Miscellaneous 297 +9 -5 +2 -24 +7 +1 4.2 6.0 BASEMENT STORE-total.... 214 0 +8 +17 -11 +15 +8 3.4 3.9 Women's apparel and accessories 201 +5 +12 +20 +7 +19 +7 2.8 2.8 Men's and boys' clothing and furnishings 164 —2 +1 +2 -22 +17 +9 5.6 6.9 Home furnishings 121 1 +6 +27 -33 +9 +7 3.4 5.2 Piece goods 53 +32 -2 +6 -3 +7 +9 3.4 4.6 Shoes 134 -33 -5 +11 -11 +13 +15 6.5 4.9 ston by di „ ;n terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Total Sa C le a s s h during I l m n m s o e t n a n t l t - h a C c h c a o r u g n e t I m a n t s e t e n a n t l- d of a m C c h c o a o n r u t g h n e t I m ns e t n a t l m - ont a h C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t n e a t s l- C ac h s c a a o l r e u g s n e- t 1942—July 80 97 r52 67 70 64 94 109 59 5 36 August 98 118 74 82 66 64 92 r80 58 6 36 September r121 r141 r78 r106 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 r91 105 59 5 36 April 129 161 76 104 49 78 85 106 60 5 35 May 117 146 61 97 45 75 79 105 60 4 36 June 122 152 57 101 42 76 72 100 60 4 36 July 97 127 r54 73 39 64 70 103 62 5 33 August ... r109 140 64 83 38 63 67 85 62 5 33 September .... 133 169 70 105 38 74 67 84 61 5 34 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. NOVEMBER 1943 1107 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 y f e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o 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 L.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 Aug. 6,719 3,748 2,032 874 1,158 1,716 1,102 1,232 637 Sent 6,557 3,504 1,862 769 1,093 1,642 1,095 1,320 638 Oct 6,403 3,255 1,704 664 1.040 1,551 1,088 1,419 641 Nov 6,169 3,054 1,571 573 998 1,483 1,085 1,386 644 Dec 6,155 2,922 1,494 482 1,012 1,428 1,072 1,513 648 1943 Jan 5,703 2,660 1,314 404 910 1,346 1,058 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 5,243 2 226 1,020 260 760 1,206 1,029 L,331 657 May 5,079 2,116 955 235 720 1,161 1,027 1,275 661 June 5,065 2,046 896 208 688 1,150 1,014 1,338 667 July . . 4,844 1,956 838 196 642 1,118 r994 L.222 672 Aug H, 768 Pi,898 P806 P190 P616 PI,092 P996 ^1,198 P676 Sept p4,822 pl,87O *>784 p186 P598 PI,086 z>998 pl,275 P679 p Preliminary. r Revised. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Depart- End of Com- Small In t d ri u a s l - Miscel- Re a p n a d ir End o r o f y e m a o r nth ex m T a c u o o lu t t t d o i a v i - l n e , g h s o m m o a t r o u n a d e r s i n d e e l e r t - s s F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s 19 m 29 o y n e t a h r or Tot 6 a 5 l 2 m ba e n r 4 c k 3 i s a 1 l p c l a o o 2 n m a 6 i n 3 e - s b p a c a n o 2 n k m 1 i i 9 e n - s g u C n r i e o 3 d 2 n i s t l l a e n n e d 9 o e 5 u rs s m iz l o o a d a ti e n o r s n n - 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 19 9 4 4 1 0. 1 1 , , 7 80 2 5 1 4 4 6 3 9 9 6 5 1 9 9 9 3 3 0 1 2 3 1 1 2 1 0 0 2 2 8 7 4 1 1942 1942 1,012 254 391 130 77 160 Aug 1,716 491 466 246 166 95 252 Sept 1,642 460 452 236 160 94 240 1942 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 998 247 392 141 61 157 Dec 1,012 254 391 130 77 160 Jan 1,346 345 403 193 132 89 184 Feb. 1,275 319 387 185 126 88 170 1943 Mar. 1,252 312 387 184 127 87 155 Jan. 910 228 359 116 64 143 Apr 1,206 299 378 179 122 87 141 Feb. . 839 210 338 103 56 132 May 1,161 290 366 174 118 85 128 Mar 784 196 322 91 51 124 June 1,150 287 371 174 118 86 114 Apr.. 760 190 319 81 50 120 July 1,118 283 363 170 114 85 103 May . ... 720 178 308 72 48 114 Aug Pi,092 278 357 r168 112 P84 P93 June 688 168 301 64 47 108 Sept PI,086 276 358 170 113 P85 P84 July 642 155 286 55 45 101 Aug P616 p148 p279 P48 P44 P97 P Preliminary. r Revised. Sept. P598 P147 mi P42 P43 P94 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 September 1943), which are not shown separately. no8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMEP INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive O c re p h t t u a h a r s e i - e l r d , R e m e r a p o n n a i d d z i - a r - i m s P n o e s e n t n r a a t - l l- Month or year Co b m a m nk er s1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929... 463 413 42 1930 503 380 41 Outstanding at end of 1931 . 498 340 38 period: 1932 376 250 34 1 1 1 1 9 9 9 9 4 4 4 3 2 1 0 9 1 1 1 , , , 0 3 5 7 2 4 8 8 0 0 8 7 3 2 3 1 0 1 9 3 0 6 6 0 3 1 2 1 0 3 6 2 3 0 0 2 2 2 1 1 7 1 5 4 9 0 0 3 2 2 2 1 2 6 4 5 0 0 6 4 3 3 2 2 4 6 3 8 0 4 2 0 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 5 6 3 4.... 6 4 5 3 3 1 2 6 0 8 9 3 3 4 4 4 2 3 2 2 0 5 8 0 3 9 4 8 2 4 1 1 4 6 3 0 4 2 7 3 5 8 1942— O N D S A e c o e u p t c v g o t e e u e b m m s m e t r b b b e e e r r r 1,0 9 9 8 7 7 9 2 6 8 2 8 2 0 7 2 2 1 1 1 2 0 6 3 9 7 3 6 6 0 1 1 1 1 1 3 8 6 4 2 6 2 7 8 2 1 1 1 1 1 5 8 7 4 5 1 9 5 3 9 1 1 1 1 1 6 6 8 5 7 5 8 2 4 6 2 2 2 2 2 5 7 9 3 4 7 7 2 2 2 1 1 1 1 1 9 9 9 9 9 4 3 4 4 3 2 9 0 1 8 . . . . .. 705 6 9 9 7 7 2 0 8 6 9 7 4 3 3 8 4 4 4 5 5 0 8 1 5 3 8 9 7 8 6 3 3 2 2 1 2 5 4 1 7 0 7 3 5 9 1942 1943— A M M A F J J S J u u e a p e u a a n l b n r p g y r y e i u r c u t l . u a h e s r a t m y ry ber.... 5 4 5 5 5 4 6 6 7 2 9 8 1 5 8 6 1 2 9 8 7 5 1 0 2 9 6 1 1 6 5 5 6 6 8 7 0 1 0 8 7 9 5 7 7 1 6 1 1 8 8 9 8 8 8 9 0 1 2 1 1 9 5 2 5 0 1 1 1 1 1 6 9 8 8 7 2 0 0 3 9 3 0 4 4 1 0 8 6 1 1 1 1 1 1 1 9 9 0 1 0 1 2 3 4 5 8 5 1 3 7 5 5 4 2 2 2 1 1 1 1 1 1 0 9 8 1 0 8 9 8 9 5 5 5 9 4 9 0 6 0 N M J O M A J A S u u e o c p u a a l n p t v r y g y r e o i t c e u l e b h m s m e t . r b b . e . e . r r 3 8 6 4 4 6 5 5 7 7 0 2 4 9 4 1 8 1 8 6 6 6 6 5 5 7 5 6 0 9 8 3 0 9 2 8 4 3 3 3 3 3 3 3 2 2 3 1 0 5 7 4 6 4 2 1 2 1 1 1 1 1 1 5 6 4 4 0 6 9 8 8 December 43 82 31 18 Volume extended durin; month: 1943 1942— O N S D A e c o e u p t c v g o t e e u e b m m s m e t b r b b e e e r r r 2 1 1 7 6 3 4 1 1 1 1 1 9 4 3 1 0 1 1 1 1 1 4 1 2 4 5 3 3 3 2 3 2 6 5 7 2 J M A M .F a p e a a n r y b r u i c r l a h u r a y ry 4 4 3 3 5 0 1 6 5 3 6 4 5 5 8 2 5 8 0 6 3 3 2 2 2 8 1 9 5 6 2 1 1 1 1 2 5 1 4 3 June 50 80 35 19 1943—January 6 9 14 26 July 44 62 30 15 A M Fe p a b r r i r c l u h ary 9 8 6 1 1 9 2 3 1 9 8 0 3 2 2 9 8 5 A Se u p g t u e s m t ber 4 4 8 5 6 7 4 0 r2 3 9 2 1 1 7 5 May 9 12 11 27 June 9 13 12 35 r Revised. July 8 13 9 30 1 These figures for loans made include only personal instalment cash August 9 14 30 loans and retail automotive direct loans, which are shown elsewhere on September.... 9 14 33 this page, and a small amount of other retail direct loans (one million dollars in September 1943), which are not shown separately. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 c P h e a r n c g e e n t f a r g o e m 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 ge ts Item Sept. p m re A o c u n e g d th . ing July Sep p c t r o . e m r c r e o e A d s n u p i t n g h o g . n o d y f i e J n a u g r ly 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 a n e t r s t- 1943 1943 1943 1943 1943 1943 1942 Net sales: June 22 14 13 22 56 Total +2 +2 -7 +2 +4 +22 July 23 14 13 22 60 Cash sales +4 +3 -6 +14 +20 +41 August 24 16 13 25 59 Credit sales: September.. 25 16 14 26 60 Instalment il +5 —3 0 +17 October.... 29 18 15 30 65 Charge account —3 -5 +2 +3 +24 November.. 29 17 15 31 63 December... 31 18 15 45 65 Accounts receivable, at end of month: 1943 Total -l -3 -5 -34 -36 -37 January 28 17 16 31 61 Instalment -l -2 -34 —36 -38 February 28 17 16 30 61 March 31 19 18 30 62 Coll T ec o t t i a o l ns during month: -4 -14 r-12 —7 A M p a r y il 3 3 0 1 2 2 0 2 2 1 0 8 3 3 1 3 6 6 3 3 Instalment -5 -4 +4 -18 -17 -11 June 29 21 21 33 62 July 30 22 21 34 62 Inv re e t n a t i o l r v ie a s l , u e end of month, at -2 -1 -1 -24 r-22 -21 A Se u p g t u e s m t ber .. 3 3 2 3 2 2 1 2 2 2 0 1 r3 3 3 3 6 6 2 2 ' Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. NOVEMBER 1943 1109 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 a r c o r t m d s - Foods Tc>tal H P 1 i " e d o a e d t s h u a e c n r ts d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 . 65.9 51.4 60.5 7 .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 L04.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 8 ,7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 8 .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 LOO.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941. 87.3 82.4 82.7 89.0 L08.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 L17.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1942—January 96.0 100.8 93.7 941.6 L14.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February 96.7 101.3 94.6 94kO 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 9..2 L16.7 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 18.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98.6 104.4 99.3 95.6 L18.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98.7 105.3 99.2 95.7 L18.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 18.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 Q<,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 L17.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November 100.3 110.5 103.5 0c 8 17.8 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 9t.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 9f.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 Of,S 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 9(.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 Of 7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 9i.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 Of.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 07.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.6 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 Week ending 1943—August 7 103.0 125.0 106.6 07 7 118.4 96.9 81.6 103.8 111.9 100.1 104.2 92.2 August 14 102.7 122.9 105.1 07 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 August 21 102.8 123.8 105.8 07.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 August 28 102.9 124.0 105.5 07 3 118.4 97.0 81.8 103.8 112.1 100.2 104.2 92.4 September 4 102.8 123.3 104.7 973 18.4 97.0 81.7 103.8 112.2 100.2 104.2 92.4 September 11 102.8 123.2 104.8 97.4 18.4 97.0 81.7 103.8 112.5 100.2 104.2 92.6 September 18 102.9 123.6 104.5 97.4 18.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 September 25 102.9 123.8 104.9 97.4 18.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 October 2 103.0 123.6 105.0 97.5 18.4 97.0 81.7 103.8 112.5 100.3 104.2 93.1 October 9 102.8 122.7 104.9 97.5 18.4 97.0 81.8 103.8 112.5 100.3 104.2 93.1 October 16 102.9 122.8 104.7 S L18.4 97.1 81.8 103.8 112.5 100.3 104.2 92.9 October 23 102.9 122.7 104.8 9*.5 L18.4 97.1 81.8 103.8 112.6 100.3 104.2 92.9 October 30 1942 1943 1942 1943 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. Farm Products: Metals and Metal Products: Grains 93 6 113 8 116.0 1168 119.7 Agricultural impl*vm'vn*"c 96 9 96.9 96.9 06 0 96 9 Livestock and poultry... 122.1 128.6 127.6 129 s 130.2 Farm machinery 98.0 98.0 98.0 08 0 98.1 Other farm products 102.2 127.2 124.8 1208 118.8 Iron and steel.. 97.2 97.3 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 11?8 112.8 Dairy products 105 5 109.5 10£\ 0 108,0 108.9 Nonferrous metals 86 0 86.0 86.0 860 86.0 Cereal products 89.1 93.6 93.8 938 94.4 Plumbing and heating 94.1 90.4 90.4 90.4 90.4 Fruits and vegetables . 97.5 143.6 138.0 1256 116.7 Building Materials: Meats 116 0 111 6 105.9 106 106 0 Brick and tile 98 7 99 0 99 0 000 99 0 Other foods .. 94.0 97.0 97.1 08 0 99.0 Cement 94.2 93.6 93.6 03 6 93.6 Hides .and Leather Products: Lumber 133.2 136.3 137.1 1430 142.7 Shoes 126.4 126.4 126.4 1264 126.4 Paint and paintmaterials.. 100.4 102.0 102.0 1028 102.6 H Le id a e th s er and skins t 1 1 0 1 1 8 .0 3 1 10 1 1 6. 0 3 1 1 0 16 1 . . 0 3 1 1 1 0 6 1 0 i, 1 10 1 1 6. 0 3 P S l t u ru m c b tu in r g al a s n te d e l htJa ting 1 9 07 4 .1 3 1 9 0 0 7 . 4 3 1 9 0 0 7 . 4 3 1 9 0 0 7 4 1 9 0 0 7 . 2 3 Other leather products.. 115.2 115.2 115.2 1152 115.2 Other building materials... 103.8 101.7 101.3 1014 102.0 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 1070 107.0 Chemicals 96.3 96.4 96.4 965 96.5 Cotton goods . ... 112.7 112.6 112.6 1127 112.9 Drugs and Pharmaceuticals 128.9 165.2 165.2 1652 165.2 Hosiery and underwear.. 69.7 70.5 70.5 70s 70.5 Fertilizer material'1 78.2 78.6 79.3 801 80.6 Silk Mixed fertilizers 82 8 85 8 85 8 8 85 8 Rayon .... 30.3 30.3 30-3 30 ^ 30.3 Oils and fats 101 5 102.0 102.0 1020 102.0 Woolen and worsted goods 111.7 112.5 112.5 1125 112.5 Housefurnishing Goods: Other textile products 97.8 98.7 0? 7 087 98.7 Furnishings 107.4 107.3 107.1 107 1 107.1 Fuel and Lighting Materials: Furniture 97.4 98.1 98.1 98.1 98.1 Anthracite 85.7 89.5 89.6 896 89.9 Miscellaneous: Bituminous coal ...-....-. 110.4 116.4 116-5 116s 116.4 Auto tires and tjihp« 73 0 73.0 73 0 73.0 73 0 Coke „ „.. 122.1 122.4 \r 4 1?? 4 122.4 Cattle feed 124 2 150.6 149.7 1SS7 159.6 Electricity ,..-.. 62.6 58.8 0 Paper and pulp 98.8 104.3 104.3 1043 105.6 Gas . 81.1 79.1 776 Rubber crude 46 3 46 2 46 2 46 i 46 2 Petroleum products 60.6 t2.6 67.8 630 63.2 Other miscellaneous 92.7 94.9 96.3 96 3 96.3 Back figures.—Bureau of Labor Statistics, Department of Labor. IIIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ice is , - lo S c t a a l te g , o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1942—September 37,645 15,006 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 15,687 884 2,004 3,535 6,635 4,331 5,766 1943—January 38,791 15,932 870 1,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 1,748 3,545 6,458 4,356 5,866 March 38,656 16,043 864 1,564 3,551 6,424 4,347 5,863 April 38,478 16,025 858 1,363 3,572' 6,433 4,331 5,896 May 38,222 15,998 842 1,213 3,577 6,357 4,302 5,933 June 38,345 16,139 842 1,123 3,610 6,373 4,297 5,961 July r38,276 16,138 835 1.065 3,630 6,388 4,301 r5,919 August 38,003 16,086 825 1,023 3,645 6,335 4,281 5,808 September 37,686 15,989 813 979 3,638 6,247 4,252 5,768 UNADJUSTED 1942—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 r38,364 16,136 830 1,218 3,683 6,290 4,359 r5,848 August 38,241 16,245 823 1,162 3,695 6,218 4,331 5,767 September 38,263 16,207 822 1,091 3,704 6,284 4,331 5,824 * Includes contract construction and Federal force account construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for September 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1943. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Oct. 1, 1943 1942 Oct. 1, 1943 1942 Oct. 1, 1943 1942 Oct. 1, 1943 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston . . 8,024 7,662 40 42 New York 32,053 26,782 8,266 5,265 80 48 Philadelphia 50,041 45,460 13,944 12,460 128 142 Cleveland 230,248 203,494 40,608 28,633 52 49 Richmond 1,460 1,385 133,387 133,756 26,208 20,801 Atlanta • 2,533 2,490 177 796 168 937 7 381 6 102 Chicago 1,266,052 1,292,686 35,045 32,837 1,316 978 St Louis *3,922 392,856 354,280 23,358 28,695 20 16 Minneapolis 360,806 372,072 42,573 24,814 250,295 249,234 Kansas City 588" 299 420,741 341,905 365,641 277,006 5,442 5,201 Dallas..... 3,745 3,599 93,887 100,086 49,053 36,386 107 116 San Francisco 576 486 9,263 8,485 91,176 60,858 20,594 46,133 Total 12,824 11,478 3,175,154 3,055,605 703,253 533,857 278,074 301,959 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Oct. 1, 1943 1942 Oct. 1,1943 1942 Oct. 1, 1943 1942 Oct. 1, 1943 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,605 5,585 3,489 3,431 27,343 26,899 50,889 81,723 New York 34 615 11 184 6,227 6,308 1,636 966 32,627 37,280 Philadelphia 16,387 10,665 2,392 2,422 46,016 41,250 19,348 21,385 Cleveland 62,694 37,460 5,613 5,379 107,635 112,663 16,159 16,817 Richmond 26,359 26,229 4,658 4,429 808,552 754,864 24,784 29,271 Atlanta 22,052 21,575 4,203 3,984 143,263 156,356 15,920 19,238 Chicago 523 027 426 650 20,962 18,080 29,670 27,786 36,285 43,541 St. Louis 76,402 65,861 9,327 7,901 242,243 267,040 13,436 13,400 Minneapolis 390,377 331,506 11,949 11,384 2,472 2,331 45,785 59,153 Kansas City 149,083 156,561 8,943 7,648 3,607 4,135 37,817 39,276 Dallas 15,181 19,880 1,989 1,768 6,068 7,543 San Francisco 35,948 35,536 12,493 13,138 72,032 100,918 Total 1,358,730 1,148,692 92,245 85,872 1,412,437 1,394,290 371,150 469,545 1 Includes 21,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimate for Aug. 1, no estimate for Sept. 1. NOVEMBER 1943 n il 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 book iPage Sept. Sept. Oct. Oct. Oct. page July Aug. Sept. 22 29 6 13 20 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve bank credit: Reserve bank credit 5 8.20 8.88 9.73 U. S. Govt. securities, total 2, 4 9.20 9.17 9.39 9.06 8.91 Gold stock 5 22.36 22.30 22.21 Bonds 4 1.53 1.53 1.53 1.53 1.54 Money in circulation 5 17.68 18.20 18.73 Notes 4 .69 .69 .69 .69 .69 Treasury cash 5 2.27 2.28 2.27 Certificates 4 1.32 1.35 1.36 1.38 1.50 Treasury deposits 5 .45 .32 .34 Bills. 4 5.66 5.60 5.81 5.46 5.19 Reserve balances 5, 8 12.41 12.60 12.86 Special certificates , 4 Required reserves 8 10.98 11.46 11.45 Bills discounted ,.....,. „ 2 !02 !oi ""6i ""m .01 Excess reserves, total 8, 9 1.33 1.14 1.42 Gold stock ., 2 22.21 •22.18 22.18 22.16 22.13 New York City 9 .03 .02 .03 Money in circulation , 2 18.71 18.82 18.88 18.98 19.02 Chicago 9 .01 .01 .01 Nonmember deposits 2 1.66 1.65 1.63 1.62 1. Reserve city banks 9 .47 .39 .52 Treasury deposits 2 .55 .68 1.01 .38 .53 Country banks 9 .82 .72 .86 M Ex e c m es b s e r r e b se a r n v k e s r ' e 5 serves 3 3 1 1 2 . . 8 4 9 9 1 1 2 . . 8 0 1 5 1 1 1 . . 7 9 0 0 1 1 2 . . 6 0 1 2 1 1 2 . . 4 0 1 0 Mon B ey il l i s n o c f i r $ c 5 u 0 l a a t n io d n o , v t e o r t al 1 1 0 0 1 4 7 . . 6 9 2 6 1 4 8 . . 8 5 2 3 1 4 8 . . 9 8 5 4 Excess reserves (weekly average), total* 3 1.51 Pi. 35 PI.41 Pi. 46 $10 and $20 bills 10 9.65 9.96 10.10 New York City 3 .03 .04 .03 .03 Coins, $1, $2, and $5 bills 10 3.68 3.76 3.79 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .52 .44 .41 .39 CONSUMER CREDIT Country bankse 3 .95 P.86 P.98 *1.03 Consumer credit, total 18 4.85 p4.77 P4.82 Single-payment loans 18 .99 PI. 00 ^1.00 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.22 p1.20 PI.28 Loans and investments 14 50.14 51.00 51.28 51.65 53.48 Service credit 18 .67 P.68 P.68 Demand deposits adjusted 14 31.61 30.60 30.32 30.74 31.37 Instalment credit, total 18, 19 1.96 PI.90 PI. 87 U. S. Govt. obligations 14 35.95 36.21 36.22 36.70 38.68 Instalment loans 19 1.12 PI. 09 PI.09 Total loans 14 11.24 11.80 12.12 12.01 11.88 Instalment sale credit, total 19 .84 P. 81 P.78 Commercial loans, total 15 6.13 6.21 6.28 6.31 6.36 Automotive 19 .20 P.19 P. 19 New York City 15 2.31 2.33 2.34 2.36 2.39 Other 19 .64 P.62 P.60 100 cities outside New York 15 3.82 3.88 3.94 3.95 3.97 Brokers' loans—New York City 15 1.45 1.56 1.60 1.50 1.40 TREASURY FINANCE U. S. Govt. obligations: U. S. Govt. obligations outstand- New York City, total 15 13.33 13.32 13.30 13.46 14.31 ing, total interest-bearing 20 144.02 146.65 161.02 Bonds 17 6.18 6.22 6.24 6.26 6.51 Bonds (marketable Treasury).. 20 57.52 57.52 65.44 Notes and guar. securities 17 2.75 2.77 2.77 2.78 2.77 Notes, cert., and bills, total... 20 40.90 42.22 45.79 Certificates 17 3.11 3.10 3.10 3.06 3.42 Notes 21 11.88 11.88 11.60 Bills 17 1.29 1.23 1.19 1.37 1.60 Certificates 21 16.56 17.50 21.14 100 cities outside New York, total.. 15 22.62 22.89 22.92 23.24 24.37 Bills 21 12.46 12.85 13.05 B N o o n te d s s and guar. securi . t . i ; e s 1 1 7 7 1 4 0 . . 0 3 4 8 1 4 0 . . 0 4 6 4 1 4 0 . . 0 5 6 2 1 4 0 . . 0 6 7 0 1 4 1 . .1 0 ' 6 Savi S ng av s in b g o s n d b s o , n t d a s x notes, etc.. 2 2 0 1 3 2 0 2 . . 1 0 7 3 3 2 0 2 . .6 8 9 8 3 24 3 . . 4 9 8 1 Certificates 17 5.14 5.27 5.32 5.35 5.90 Tax notes 21 7.68 7.70 8.85 Bills 17 3.06 3.13 3.02 3.22 3.28 Special issues 20 11.46 11.91 11.72 Holdings of U. S. Govt. obligations: Per cent per annum Fed. agencies and trust funds 22 14.86 15.33 15.77 Federal Reserve Banks 22 8.19 9.09 8.92 MONEY RATES, ETC. Commercial banks 22 54.80 p56.00 Treasury bills (new issues) 25 .375 375 .375 375 .375 Private holders other than Treasury notes (taxable) 25 1.31 i.32 1.31 i.32 1.31 commercial banks, total 22 66.18 P66.24 U. S. Govt. bonds: Mutual savings banks 23 5.30 P5.10 Partially tax-exempt 25, 33 1.80 l.80 1.79 1.81 1.81 Insurance companies 23 12.80 12.70 Corp T o a r x a a te b l A e aa bonds 25, 3 3 3 3 2 2 . . 7 3 0 0 2 2. . 3 7 0 1 2 2 . . 7 3 0 0 2 2 . . 7 3 0 0 2 2 . . 3 7 0 0 Othe M r i a n r v k e e s t t a o b r l s e , t is o s t u a e l s 2 2 3 3 4 1 8 8 . . 1 8 0 0 p1 4 8 8 . . 4 4 0 0 Corporate Baa bonds. .....«... « 33 3.83 3.83 3.83 3.82 3.81 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 97.3 96.0 94.6 93.5 95.3 Treasury bills (new issues) 27 .374 .375 .375 Industrial 35 99.5 98.1 96.4 95.2 97.1 Treasury notes (taxable) 27 1.30 1.29 1.31 Railroad 35 93.4 91.9 91.2 91.0 92. Commercial paper 29 .69 .69 .69 Public utility 35 87.6 87.3 86.8 86.0 87.0 U. S. Govt. bonds: Volume of trading (mill, shares) 35 .77 .57 .62 .54 .60 Partially tax-exempt 33 1.82 1.83 1.80 Taxable 33 2.27 2.28 2.30 BUSINESS CONDITIONS Corporate Aaa bonds 29, 33 2.69 2.69 2.69 Steel production (per cent of capacity).. 50 100.6 100.8 100.8 102.2 100.7 Corporate Baa bonds 33 3.81 3.81 3.83 Electric power prod. (mill. kw. hrs.) 50 4,360 4,359 4,342 4,382 4,415 Freight carloadings (thous. cars): Total 51 907.3 910.6 906.3 912.3 905.3 In unit indicated Miscellaneous 51 402.3 406.6 401.2 404.4 407.0 Stock prices (1935-39 =* 100): Department store sales (1935-39 = 100)... 52 158 162 173 171 171 Total 35 98.5 94.4 95.6 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 1 9 0 6 0 . . 6 9 9 90 6 . . 5 3 9 9 7 1 . . 5 3 Who T F le a o s r t a m a l l e p p r r o ic d e u s c t ( s 1 926 = 100): 6 6 3 3 1 1 0 2 2 3 . . 9 8 1 1 0 2 3 3 . . 0 6 1 1 0 2 2 2. . 7 8 1 1 0 2 2 2 . . 9 8 1 1 0 2 2 2 . . 9 7 V Br o o lu k P m e u r e b s ' l o i b c f a u l t a r t a n il d c i i e t n y s g ( m (m il ^ l i , l l d , o s l h l a a r rs e ) s : )... 3 3 5 5 8 1 7 .1 .7 5 85 .6 .9 0 87 .6 .3 6 Other than farm and food ... 63 97.4 97.5 97.5 97.5 97.5 Credit extended customers.... 37 e780 e740 e77O Money borrowed 37 e530 e490 e77O Customers' free credit balances. 3 7 e340 e340 e320 e Estimated. p Preliminary. r Revised. 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. * Copies of the Chart Book may be obtained at a price of 50 cents each. 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 Chart 1943 book book July | Aug. | Sept. page July | Aug. | Sept. MONTHLY FIGURES-Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. I C n a c s o h S O m L a f i t e v a l h a r e e p r m s r a i t e y o s i m c n k a c e o n n a m d t n s e w d ( a ( p m g m r e i o l i s l l d , l u , d d c o t o l s l l l a a r r s s ) ) , , to to ta ta l: l 3 . 8 1 3 1 , , , , 9 4 4 9 5 2 4 8 7 2 9 6 3 9 4 ' ^ ^ 1 8 3 1 2 , , , , 4 5 9 8 0 9 5 2 5 5 9 2 3 2 0 . . . J ^^ nl 2 , , 0 0 0 0 6 0 Expo E I E m r x x t c s p p e o o E a s r r x s n t t s c s d o l f u i e d m x in p p g o o r r t L t s s e n ( d m -L il e l a , se d o e l x la p r o s r ) t : s 6 6 6 6 1 1 1 1 P 1 P ^ , - 3 9 2 7 0 5 5 1 0 0 0 . . . . 3 1 5 2 PI P P P , - 2 3 8 9 0 1 S 9 5 5 9 . . . . 4 7 7 1 Indu C G st r o r o v i p a t s l . p p a r y o m du e c n t t i s on:3 6 3 20 5 85 7 0 8 P9 2* 3 5 7 7 Who O F le a t s h r a m e le r p t p r h r o a i d c n u e s c f , a t s r t m o ta a l n d (1 9 fo 2 o 6 d = 100).... 6 6 6 3 3 3 1 1 9 0 2 6 3 5 . . . 9 2 0 1 1 9 0 2 7 3 3 . . . 5 1 1 1 1 9 0 2 7 3 3 . . . 2 6 1 T G o ro ta u l p s ( 19 (p 3 o 5 i 7 n 3 t 9 s = in 1 to 0 t 0 a ) l . . i . n # dex) 41, 42 239 242 ^243 Cost F o o f o d li ving, all items (1935-39 = 100) 6 6 5 5 r1 1 2 3 3 9. . 0 9 r1 1 2 3 3 7 . . 4 2 1 1 2 3 3 7 . . 9 4 Durable manufactures 41 136.5 138.4 '139.1 Clothing 65 129.1 129.6 132.5 Machinery, etc 42 r95.9 96.9 P97A Rent 65 108.0 108.0 108.0 Iron and steel 42 22.3 23.0 23.5 Other durable 42 18.3 18.4 P18.3 Nondurable manufactures 41 r82.3 82.9 ^82.9 1943 Textiles and leather 42 19.2 18.8 P19.3 Paper and printing 42 11.3 11.8 Apr.- July- Foods, liquor, and tobacco 42 r19.3 19.4 June Sept. Other nondurable 42 32.6 32.9 ^32.4 Minerals 41,42 r20.4 20.5 Primmaarryy pprroducts (1935-39 = 100): In millions oj dollars SStetlel 229 235 239 Cement 119 114 . QUARTERLY FIGURES Lumber 118 119 Budget receipts and expenditures: Coal 150 148 pl50 Expenditures, total 24 19,845 23,228 22,264 Crude petroleum 128 131 P137 War activities 24 18,460 21,535 20,616 Cotton consumption 153 147 156 Net receipts 24 6,950 7,563 10,176 Wool yarn r164 168 . Internal revenue collections, total 24 6,686 6,834 7,877 Paper 131 1,37 . Corporate income taxes 24 3,364 2,781 2,806 Leather 111 106 . Individual income taxes 24 2,234 3,007 3,431 Meats and dairy products r165 164 . Misc. internal revenue 24 1,088 1,046 1,640 Other manufactured foods r141 142 pU2 Corporate security issues: Labor force and employment (mill, Net proceeds 36 153 266 245 persons): New money, total .' 36 51 66 29 Labor force 44 55.5 54.9 53.3 Industrial 36 35 41 14 Employment, total 44 54.3 53.9 52.5 Railroad 36 12 17 10 Nonagricultural 44 42.2 41.9 41.2 Public utility 36 3 1 4 Agricultural 44 12.1 12.0 11.3 Male 44 37.2 37.0 35.8 Female 44 17.1 16.9 16.7 Per cent per annum Nonagricultural employment (mill. pe M rs a o n n u s) f , a c to tu t r a i l n 3 g and mi . n .m in g 4 4 5 5 3 1 8 7 . . 3 0 3 1 8 6 . . 0 9 P P 1 3 6 7 . . 8 7 Bank rates on customers' loans: Trade 45 6.4 6.3 P6.2 Total, 19 cities 29 2.76 3.00 2.48 Government 45 5.9 5.8 P5.S New York City 31 2.36 2.70 2.05 Transportation and utilities 45 3.6 3.6 P3.6 Other Northern and Eastern cities 31 2.76 2.98 2.71 Construction 45 1.1 1.0 2*1.0 Southern and Western cities 31 3.24 3.38 2.73 Factory employment and pay rolls (1939 = 100): Pay rolls • 47 r315.1 322.1 . June 30, Dec. 31,June 30, Employment 47 169.6 170.8 mo.4 1942 1942 1943 Hours and earnings at factories: Weekly earnings (dollars) 48 42.76 43.43 Hourly earnings (cents) 48 96.3 96.5 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 44.4 45.0 New orders, shipments, and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency 11 81.93 99.67 P110.12 New orders, total 49 239 ^240 Demand deposits adjusted 11 41.84 48.85 ^55,95 Durable 49 339 P326 Time deposits 11 27.31 28.40 ^30.33 Nondurable 49 165 P178 Currency outside banks 11 10.94 13.95 *>15.80 Shipments, total 49 249 P257 Durable... 49 346 *>348 Nondurable... 173 2*185 MEMBER BANKS Inventories, total 175 P\77 Loans and investments, total 12 46.80 59.26 67.16 Durable 211 P213 U. S. Govt. obligations 12 24.10 37.55 46.98 Nondurable 143 2*146 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 ic 7 2 1 5 6 2 8 4 5 1 7 7 O Fo th r e e r i g d n o s m e e c s u t r i i c t i s e e s c urities 1 1 3 3 2. . 6 1 9 5 } 2.66 2.48 Private, total 46 44 40 Loans, total 12 16.93 16.09 14.82 1- and 2-family dwellings 31 29 25 Commercial loans 13 9.11 8.48 7.41 Other .... 16 15 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):3 Holdings of U. S. Govt. securities: Total 248 244 By classes of banks: Residential 66 65 New York City 16 8.55 12.55 13.89 Other 182 179 Chicago 16 1.86 2.79 3.17 Freight car loadings:3 Reserve city banks 16 8.19 13.04 17.42 Total (1935-39 = 100) 141 140 140 Country banks 16 5.50 9.17 12.51 Groups (points in total index) By kinds of securities: Miscellaneous 79.8 79.5 78.4 Bonds 16 14.49 18.95 23.55 Coal 31.1 30.9 32.2 Notes 16 3.55 5.41 5.25 All other 29.7 30.1 28.9 Certificates 16 1.87 6.29 9.42 Department stores (1923-25 = 100) :3 Bills 16 1.51 4.36 6.28 Sales 142 142 132 Guaranteed 16 2.69 2.54 2.49 Stocks 110 114 P110 For footnotes see preceding page. 1113 NOVEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1942-1943 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half First half of 1942 of 1943 of 1942\ of 1943 of 1942 of 1943 Earnings 725,937 783,040 469,359 503,645 256,578 279,395 Interest and dividends on securities r247,726 351,754 161,024 231,304 r86,702 120,450 Interest and discount on loans r329,039 274,665 223,466 182,561 r105,573 92,104 Service charges on deposit accounts 34,136 36,471 23,221 25,324 10,915 11,147 O Se th rv e i r c e c h c a h r a g r e g s e , s c a o n m d m f i e s e s s i o o n n s , lo fe a e n s s , etc 19,549 2 5 0 , , 0 0 0 3 7 3 12,704 1 2 2 , , 9 9 6 5 3 3 6,845 2 7 , , 0 0 4 8 4 0 Trust department 43,147 43,914 15,093 15,004 28,054 28,910 Other current earnings 52,340 51,196 33,851 33,536 18,489 17,660 Expenses 520,087 539,697 333,148 346,897 186,939 192,800 Salaries—officers 83,349 84,485 54,647 55,268 28,702 29,217 Salaries and wages—others 139,848 149,651 86,359 92,384 53,489 57,267 Directors' and committee members' fees. 4,174 4,167 2,825 2,826 1,349 1,341 Interest on time deposits 64,700 61,246 45,423 41,923 19,277 19,323 Interest on borrowed money 58 122 38 46 20 76 Taxes 78,432 92,103 49,272 60,529 29,160 31,574 Other current expenses 149,526 147,923 94,584 93,921 54,942 54,002 Net current earnings 205,850 243,343 136,211 156,748 69,639 86,595 Recoveries, profits on securities, etc. 86,297 129,261 58,735 72,028 27,562 57,233 Recoveries on securities 24,416 28,605 18,060 16,206 6,356 12,399 Profits on securities 24,354 47,377 16,268 23,995 8,086 23,382 Recoveries on loans 26,837 32,662 18,983 23,657 7,854 9,005 All other 10,690 20,617 5,424 8,170 5,266 12,447 Losses and charge-offs. 121,686 126,445 82,740 71,638 38,946 54,807 On securities 52,222 51,427 38,695 31,838 13,527 19,589 On loans 31,446 25,653 21,848 15,585 9,598 10,068 All other 38,018 49,365 22,197 24,215 15,821 25,150 Net profits 170,461 246,159 112,206 157,138 58,255 89,021 Cash dividends declared. 101,199 102,118 64,328 64,860 36,871 37,258 On preferred stock1. 5,711 5,407 3,466 3,196 2,245 2,211 On common stock 95,488 96,711 60,862 61,664 34,626 35,047 Loans2 17,594,000 15,455,000 11,384,000 9,678,000 6,211,000 5,777,000 United States Government obligations2. 21,362,000 42,263,000 13,217,000 26,923,000 8,145,000 15,340,000 Other securities2 5,913,000 5,491,000 3,783,000 3,589,000 2,130,000 1,902,000 Real-estate assets2 1,179,000 1,104,000 719,000 676,000 460,000 428,000 Cash assets2 22,390,000 23,295,000 14,690,000 15,669,000 7,699,000 7,626,000 Total assets2 68,718,000 87,869,000 43,947,000 56,687,000 24,771,000 31,182,000 Time deposits2 12,270,000 13,353,000 8,271,000 8,954,000 3,999,000 4,400,000 Total deposits2 62,254,000 81,146,000 39,935,000 52,529,000 22,319,000 28,617,000 Total capital accounts2 3 . 5,935,000 6,176,000 3,658,000 3,773,000 2,277,000 2,404,000 Number of officers 36,909 36,019 26,75; 25,690 10,152 10,329 Number of employees.. 181,346 190,794 114,73 121,285 66,609 69,509 Number of banks 6,647 6,703 5,101 5,060 1,546 1,643 Ratios to total capital accounts:4 Net current earnings 6.9 7.9 7.4 6.1 7.2 Net profits 5.7 8.0 6.1 5.1 7.4 Cash dividends declared 3.4 3.3 3.5 3.4 3.2 3.1 Ratios to loans:4 Interest and discount on loans.... 3.6 3.9 3.8 3.4 3.2 Recoveries on loans .4 .3 Losses on loans .4 .3 Ratios to securities:4 Interest and dividends on securities.. 1.8 1.5 1.9 1.5 1.4 Recoveries on securities .1 .1 .1 Profits on securities sold .3 Losses on securities .2 Other ratios: # Interest on time deposits to time deposits 1.1 1.1 1.0 .9 Time deposits to total deposits 19.7 16.5 20.7 17.0 17.9 15.4 Loans to total assets 25.6 17.6 25.9 17.1 25.1 18.5 U.S. Government obligations to total assets 31.1 48.1 30.1 47.5 32.9 49.2 Other securities to total assets 8.6 6.2 8.6 6.3 8.6 6.1 Cash assets to total assets 32.6 26.5 33.4 27.6 31.1 24.5 r Revised. J Includes interest on capital notes and debentures. 2 For. the first half of 1942 these are averages of figures reported on Dec. 31, 1941, Apr. 4, 1942, and June 30, 1942; for the first half of 1943 they are averages of figures reported on Dec. 31, 1942 and June 30, 1943. 3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies and other capital reserves. 4 Annual basis. III4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKSX-PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nomnember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loansimd investments Deposits, exclusive of Federal Reserve Total Loans - Investments interbank deposits Number of banks district June Dec. June June Dec. June June Dec. June June Dec. June June Dec. June 30, 31, 30, 30, 31, 30, 30, 31, 30, 30, 31, 30, 30, 31, 30, 1942 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 All banks:1 Boston 8,076 7,281 6,564 2,421 2,574 2,804 5,655 4,707 3,760 8,401 7,744 6,919 857 861 863 New York 31,202 29,133 24,134 8,385 8,644 8,811 22,817 20,489 15,323 31,172 30,163 25,059 1,166 1,171 1,174 Philadelphia 5,158 4,552 3,922 1,130 1,222 1,379 4,028 3,330 2,544 5,657 5,143 4,488 888 894 900 Cleveland 6,224 5,286 4,600 1,387 1,499 1,672 4,836 3,787 2,928 7,176 6,251 5,455 1,193 1,203 1,215 Richmond 3,786 3,300 2,633 890 984 1,105 2,896 2,316 1,528 4 511 4,086 3 328 L 048 1 052 1 052 Atlanta 3,104 2,571 1,937 701 824 875 2,403 1,748 1,062 3,817 3,314 2,490 1,053 1,051 1,053 Chicago 11,687 10,020 7,966 2,346 2,518 2,742 9,340 7,502 5,223 13,352 11,938 9,640 2,419 2,427 2,434 St. Louis 3,012 2,664 2,087 778 880 906 2,234 1,784 1,181 3,418 3,180 2,477 ,46S 1,476 1,492 Minneapolis 2,108 rl,887 rl,382 536 r638 r612 1,572 rl,249 r771 2,433 r2,251 rl,647 1,276 rl,276 rl,280 Kansas City 2,844 2,413 1,759 760 929 838 2,084 1,485 921 3,458 3,018 2,248 1,775 1,785 1,808 Dallas..... 2,273 1,882 1,401 630 685 680 1,643 1,197 721 2,976 2,663 1,961 940 941 947 San Francisco 8,407 7,147 5,624 2,277 2,518 2,657 6,130 4,629 2,967 9,958 8,728 6,708 538 545 557 Total 87,881 r78,137 r64,009 22,241 r23,915 r25,080 65,640 r54,222 r38,928 96,329 r88,478 r72,419 14,618 14..682 r14,775 Member banks: Boston 3,770 3,220 2,648 911 1,003 1,173 2,859 2,217 1,475 4,186 3,734 3,031 346 348 347 New York 23,279 21,740 17,179 4,997 5,180 5,240 18,282 16,560 11,939 23,286 22,710 18,011 801 799 799 Philadelphia 3,773 3,289 2,781 854 925 1,055 2,918 2,363 1,726 4,176 3,767 3,232 649 652 656 Cleveland 5,304 4,442 3,792 1,112 1,196 1,332 4,193 3,246 2,460 6,097 5,247 4,509 699 685 677 Richmond 2,734 2,357 1,828 598 674 745 2,135 1,684 1,084 3,226 2,882 2,336 462 460 450 Atlanta 2,529 2,126 1,575 525 636 666 2,004 1,490 909 2,911 2,548 1,917 316 318 317 Chicago 10,061 8,660 6,824 1,854 1,969 2,138 8,207 6,690 4,686 11,230 10,046 8,065 934 925 913 St. Louis 2,261 2,040 1,580 545 626 638 1,716 1,414 943 2,373 2,225 1,735 454 450 441 Minneapolis 1,524 1,361 983 342 407 419 1,182 954 564 1,697 1,575 1,132 456 454 454 Kansas City 2,368 1,999 1,455 584 703 651 1,784 1,296 805 2,723 2,387 1,789 741 744 744 Dallas 2,033 1,692 1,248 545 599 591 1,489 1,093 656 2,598 2,336 1,728 570 570 572 San Francisco 7,519 6,338 4,906 1,955 2,170 2,281 5,563 4,168 2,625 8,961 7,822 5,947 275 274 277 Total 67,155 59,263 46,800 14,823 16,088 16,928 52,332 43,175 29,872 73,465 67,277 53,434 6,703 6,679 6,647 Nonmember banks: Boston 4,306 4,061 3,916 1,510 1,571 1,631 2,796 2,490 2,285 4,215 4,010 3,889 511 513 516 New York 7,923 7,394 6,955 3,387 3,464 3,571 4,536 3,930 3,383 7,886 7,453 7,049 365 372 375 Philadelphia 1,385 1,264 1,141 276 297 324 1,110 967 818 1,481 1,375 1,256 239 242 244 Cleveland 919 844 808 276 303 340 644 541 468 1,079 1,005 946 494 518 538 Richmond 1,053 943 805 292 310 360 761 633 444 1,285 1,204 992 586 592 602 Atlanta 575 445 361 176 187 209 399 258 152 906 766 573 737 733 736 Chicago 1,625 1,361 1,142 492 549 604 1,133 812 537 2,122 1,892 1,574 1,485 1,502 1,521 St. Louis 751 624 507 233 254 268 518 370 238 1,045 956 741 1,011 1,026 1,051 Minneapolis 584 r526 r399 193 r231 r193 391 r295 r206 736 r677 r514 820 r822 r826 Kansas City 476 415 304 176 226 187 300 189 117 735 630 459 1,034 1,041 1,064 Dallas..... 240 189 153 86 86 88 154 104 65 378 327 232 370 371 375 San Francisco 888 809 718 322 348 377 566 461 3"42 997 906 760 263 271 280 Total... 20,727 r18,874 r17,209 7,419 r7,826 r8,152 13,308 rl 1,047 r9,056 22,865 r21,201 r18,986 7,915 r8,003 r8,128 r Revised; see footnote on p. 1118. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on p. 1118. 1115 NOVEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued ALL BANK^-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Deposits, exclusive of Loans Investments interbank deposits Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, 1943 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 New England: Maine 87,405 97,059 109,430 325,778 269,462 219,456 454,124 412,469 364,095 98 98 98 New Hampshire 97,275 107,655 112,605 232,966 192,369 176,201 340,659 316,025 301,708 107 107 107 Vermont 89,375 91,949 97,781 99,162 85,542 69,440 203,073 192,764 178,080 80 81 81 Massachusetts 1,630,716 1,722,280 1,872,623 3,526,593 2,916,926 2,308,303 5,247,102 4,829,428 4,290,828 384 385 387 Rhode Island 153,959 165,310 187,572 494,606 429,060 331,999 692,851 651,774 574,667 35 35 35 Connecticut 495,746 531,977 573,493 1,262,918 1,050,259 843,347 1,935,506 1,771,347 1,598,399 200 202 202 Middle Atlantic: New York 7,714,292 7,926,525 8,042,47820,848,562 18,875,214 14,048,099 28;, 142,10527,399,706 22,656,159 845 850 852 New Jersey 629,527 677,256 736,502 2,028,903 1,655,024 1,285,785 3,088,295 2,811,628 2,424,350 380 380 381 Pennsylvania 1,405,190 1,505,334 1,704,602 5,246,300 4,353,585 3,487,185 7,168,591 6,499,967 5,764,859 1,054 1,064 1,076 East North Central: Ohio 867,949 944,815 1,037,183 2,831,797 2,115,564 1,531,009 4,431,943 3,759,606 3,233,710 684 687 693 Indiana 289,868 306,974 342,918 1,048,267 799,356 540,215 1,672,652 1,463,447 1,182,209 500 503 503 Illinois 1,165,497 1,263,978 1,388,376 5,091,532 4,334,478 3,020,284 6,693,835 6,132,021 5,016,592 824 826 829 Michigan 485,563 499,868 542,548 2,116,101 1,629,613 1,140,754 3,192,929 2,810,175 2,192,346 432 436 438 Wisconsin 298,790 312,739 344,579 1,028,050 761,376 554,036 1,567,271 1,340,624 1,126,270 563 563 565 West North Central: Minnesota. 342,648 389,473 420,879 1,049,215 835,499 511,022 1,512,569 1,378,987 1,033,856 674 674 677 Iowa 288,318 337,574 351,515 638,488 441,451 279,247 1,151,211 1,015,539 811,873 644 644 648 Missouri 541,342 562,137 587,952 1,425,124 1,188,379 807,456 1,972,527 1,847,525 1,453,787 601 606 614 North Dakota 49,444 r75,709 r35,428 132,549 r99,361 r66,170 222,582 r218,305 r136,653 160 r160 r160 South Dakota 47,939 62,132 51,859 102,77. 73,586 41,087 201,208 184,471 128,267 162 162 162 Nebraska 126,453 178,472 143,599 366,094 244,654 147,914 587,063 508,091 356,331 405 406 412 Kansas 167,316 233,702 178,022 427,001 277,418 186,702 819,969 716,167 515,723 633 640 651 South Atlantic: Delaware 64,993 72,578 83,450 261,329 240,599 160,719 357,980 344,796 276,494 4. 44 44 Maryland 188,732 209,140 236,671 981,637 816,909 640,514 1,304,599 1,178,746 1,002,897 186. 186 186 District of Columbia. 108,270 118,524 135,248 386,713 306,889 185,252 614,189 563,007 473,553 22 22 22 Virginia 272,445 306,349 339,659 620,949 458,759 288,941 1,066,720 940,705 782,611 315 315 314 West Virginia 107,327 115,758 137,188 276,420 191,009 133,285 490,015 409,638 367,015 180 180 180 North Carolina 179,642 192,586 218,063 527,550 454,550 240,464 810,253 763,692 559,268 226 227 227 South Carolina 58,062 67,609 68,440 152,605 123,695 67,741 313,022 303,241 215,278 145 148 149 Georgia 220,059 259,259 268,538 513,055 343,716 189,971 872,074 765,481 570,427 292 291 290 Florida 108,107 122,221 128,698 532,732 353,805 241,158 836,320 651,010 499,011 173 172 172 East South Central: Kentucky 169,943 198,975 227,456 524,697 382,256 228,731 790,804 712,458 536,673 396 401 402 Tennessee 205,997 264,960 260,459 624,523 452,608 255,082 941,576 836,154 627,605 295 295 297 Alabama. 123,483 134,769 146,417 399,371 317,812 184,900 670,998 613,137 456,155 216 216 217 Mississippi 61,148 81,112 73,013 197,871 146,469 94,473 379,195 359,715 252,009 202 202 206 West South Central: Arkansas 63,004 68,681 66,298 214,573 161,980 100,886 385,327 353,990 261,743 21 215 216 Louisiana 126,388 165,648 172,909 506,665 408,642 257,736 761,208 711,344 530,864 145 144 145 Oklahoma 166,392 179,835 177,403 395,147 271,783 177,860 742,047 607,498 489,259 385 388 389 Texas 582,140 626,940 617,853 1,500,115 1,093,085 655,769 2,690,425 2,400,070 1,768,918 830 830 835 Montain: Montana 45,181 56,396 41,919 135,992 116,405 68,495 237,910 239,691 157,176 110 110 111 Idaho 31,797 39,630 37,337 117,266 87,082 48,461 196,303 184,726 124,164 46 46 50 Wyoming 24,763 22,922 27,279 47,317 37,106 22,910 102,784 100,090 73,933 56 56 57 Colorado 85,180 107,989 101,475 305,41" 229,589 137,411 537,993 484,314 366,946 141 141 143 New Mexico 21,85 23,56' 25,168 64,238 46,311 25,244 130,801 119,561 78,421 41 41 41 Arizona 40,244 43,732 41,34. 103,665 69,851 37,147 203,75: 169,284 119,885 l: 12 12 Utah 58,62: 63,781 71,886 181,589 141,446 66,724 292,366 267,734 182,716 5' 59 60 Nevada 14,803 15, -~ 17,958 56,490 38,719 24,21 87,110 78,528 61,871 12 12 12 Pacific: Washington 232,201 272,934 268,422 800,954 593,64 375,419 1,239,904 1,088,220 807,598 133 133 135 Oregon 90,025 113,919 117,188 499,144 371,528 220,804 731,867 641,165 449,616 72 72 73 California 1,815,780 1,976,332 2,110,985 4,389,428 3,337,766 2,202,321 7,243,693 6,330,251 4,986,609 210 215 219 Total 22,241,19' r23,914,671 r25,080,66765,640,233 r54,222,192 r38,928,346 96,329,300 r88,478,312 r72,419,477 14,618 r14,682 r14,775 r Revised; see footnote on p. 1118. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" tabl le on p. 1118. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS-PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of Number of banks interbank deposits State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 1943 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 30,1942 New England: Maine 27,150 32,782 36,453 115,126 90,587 68,945 167,135 147,822 126,947 35 35 35 New Hampshire 27,979 30,957 35,418 68,120 52,139 37,121 112,187 101,342 87,994 52 52 52 Vermont 25,838 27,393 30,756 39,178 32,992 23,460 77,249 72,620 62,692 39 40 40 Massachusetts 522,142 569,136 672,239 1,519,534 1,165,419 747,481 2,153,658 1,900,976 1,508,083 124 124 124 Rhode Island 37,913 41,385 52,871 137,613 105,456 68,010 194,774 180,636 146,919 12 12 12 Connecticut 79,955 89,992 103,939 378,071 290,498 212,502 573,048 499,904 414,546 51 52 52 Middle Atlantic: New York 1,692,815 1,809,421 1,911,713 7,138,434 6,631,054 4,684,176 8,646,993 8,492,627 6,715,417 41 418 419 New Jersey 226,934 248,188 282,565 887,179 713,063 533,302 1,342,120 1,218,195 1,022,872 222 222 223 Pennsylvania 696,985 767,425 866,949 2,748,726 2,294,819 1,783,626 3,688,205 3,345,168 2,930,700 671 676 681 East North Central: Ohio 343,838 379,451 418,661 1,257,668 950,523 637,607 1,917,257 1,627,412 1,360,922 240 241 241 Indiana 128,648 134,094 150,914 597,086 473,610 322,178 882,947 769,632 617,653 124 124 124 Illinois 893,241 963,949 1,062,760 3,847,286 3,326,383 2,275,833 4,908,422 4,545,872 3,677,278 340 339 339 Michigan 242,461 236,514 247,768 1,254,976 995,936 740,731 1,814,494 1,613,916 1,238,540 75 75 76 Wisconsin 112,323 119,507 135,413 606,107 437,264 335,687 817,724 682,441 584,173 West North Central: Minnesota 218,380 254,728 280,893 799,358 644,884 378,765 1,058,016 971,025 701,869 185 185 186 Iowa 77,249 93,207 101,081 268,756 203,968 136,436 378,454 330,842 263,410 102 102 103 Missouri 222,465 230,064 240,510 640,795 514,689 351,989 799,852 727,562 591,574 83 83 84 North Dakota 20,653 30,729 20,165 54,943 41,606 24,357 92,306 91,285 57,655 43 43 44 South Dakota 23,168 29,449 28,411 67,081 51,533 27,268 111,707 104,941 72,758 37 37 37 Nebraska 86,474 122,621 102,449 306,583 212,035 126,948 424,777 374,473 262,611 132 133 133 Kansas 84,666 113,927 89,381 276,418 184,792 125,844 466,958 411,529 294,937 178 179 180 South Atlantic: Delaware 5,837 7,773 8,841 14,844 14,032 10,082 23,379 25,021 21,795 13 14 14 Maryland 57,785 65,419 75,312 402,243 326,399 252,909 497,625 441,697 368,175 63 63 63 District of Columbia. 51,203 55,876 63,932 251,704 203,593 111,607 366,527 334,801 274,000 9 9 9 Virginia 144,273 161,107 176,979 397,512 300,396 192,479 639,526 561,790 464,849 130 130 130 West Virginia 53,627 58,303 68,230 151,389 110,386 75,211 265,713 230,943 200,324 77 77 77 North Carolina 41,494 45,922 52,285 126,498 104,280 46,957 223,609 213,582 153,592 44 44 44 South Carolina 37,725 47,613 46,724 108,168 90,134 47,028 207,139 202,028 144,259 22 22 22 Georgia 122,331 157,115 159,333 352,433 239,774 140,613 531,954 469,370 351,044 47 50 50 Florida 80,954 91,244 93,528 412,821 284,216 197,156 585,644 470,022 361,904 54 53 53 East South Central: Kentucky 83,038 98,921 112,022 281,013 223,330 137,220 387,231 361,324 265,689 94 Tennessee 139,915 194,515 180,524 474,945 355,179 198,369 628,531 563,446 417,014 70 Alabama. 84,293 92,428 100,177 292,941 242,722 143,594 469,719 426,785 323,445 66 Mississippi 14,735 19,375 22,159 71,984 55,488 32,118 119,317 114,270 82,348 24 West South Central: Arkansas 32,470 36,336 35,611 130,839 102,291 66,801 206,296 191,947 142,384 51 51 50 Louisiana 86,533 118,361 115,789 367,748 295,314 176,960 494,372 459,713 344,246 30 30 29 Oklahoma 137,388 146,371 148,351 348,652 240,281 158,404 622,955 508,256 416,029 202 206 207 Texas 478,358 520,983 516,125 1,323,739 974,492 582,333 2,261,278 2,031,881 1,507,155 439 439 442 Mountain: Montana 18,089 24,219 19,002 78,897 70,325 40,697 127,254 129,180 85,128 41 Idaho 24,376 28,891 28,978 97,165 73,337 40,014 155,075 145,883 98,426 19 Wyoming 15,527 13,957 17,575 37,064 29,907 18,760 72,419 70,207 52,151 26 N C e o w lo r M ad e o x . i c ; o 6 1 4 6 , ,3 3 0 3 7 0 8 1 3 8 , , 6 3 7 8 0 2 7 18 9 , , 9 3 6 0 3 9 2 4 5 9 9 , , 6 6 7 0 8 9 1 3 9 6 6 , , 6 5 4 6 1 0 1 2 1 0 8 , , 9 9 2 3 7 7 43 9 0 8 , , 3 0 7 2 3 6 38 8 9 9 , , 1 8 8 4 5 6 29 6 6 0 , , 8 0 3 5 6 8 2 7 2 8 Arizona 30,949 32,741 29,679 79,599 52,252 24,917 154,446 124,993 85,477 5 Utah 22,503 24,943 28,555 98,902 79,719 34,243 141,823 128,751 82,861 13 Nevada 12,960 13,810 16,036 50,673 34,725 22,701 77,032 69,949 56,587 6 Pacific:^ Washington 173,044 206,266 204,740 661,288 486,806 302,464 1,007,729 886,075 646,351 43 Oregon 78,115 101,526 102,929 459,457 342,694 204,151 662,941 581,745 404,511 26 California 1,273,841 1,392,365 1,487,076 3,240,692 2,413,986 1,543,774 5,347,74; 4,635,920 3,590,207 95 Total 9,173,27710,183,35110,880,07333,631,535 27,392,50918,583,692 47,433,959 43,068,830 34,036,395 5,060 5,081 5,101 NOVEMBER 1943 TI17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued STATE BANKS^PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments D i e n p t o er s b it a s n , k e x d c e lu p s o i s v i e t s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June Dec. June 1943 1942 1942 1943 1942 1942 1943 1942 1942 30,1943 31,1942 30,1942 New England: Maine 60,255 64,277 72,977 210,652 178,875 150,511 286,989 264,647 237,148 63 63 63 New Hampshire 69,296 76,698 77,187 164,846 140,230 139,080 228,472 214,683 213,714 55 55 55 Vermont 63,537 64,556 67,025 59,984 52,550 45,980 125,824 120,144 115,388 41 41 41 Massachusetts .,108,574 1,153,144 ,200,384 2,007,059 1,751,507 1,560,822 3,093,444 2,928,452 2,782,745 260 261 263 Rhode Island 116,046 123,925 134,701 356,993 323,604 263,989 498,077 471,138 427,748 23 23 23 Connecticut 415,791 441,985 469,554 884,847 759,761 630,845 1,362,458 1,271,443 1,183,853 149 150 150 Middle Atlantic: New York 6,021,477 6,117,104 6,130,76513,710,128 12,244,160 9,363,' [9,495,112 18,907,079 15,940,742 430 432 433 New Jersey. 402,593 429,068 453,937 1,141,724 941,961 752,483 1,746,175 1,593,433 1,401,478 158 158 158 Pennsylvania 708,205 737,909 837,653 2,497,574 2,058,766 1,703,559 3,480,386 3,154,799 2,834,159 383 388 395 East North Central: Ohio 524,111 565,364 618,522 1,574,129 1,165,041 893,402 2,514,686 2,132,194 1,872,788 444 446 452 Indiana 161,220 172,880 192,004 451,181 325,746 218,037 789,705 693,815 564,556 376 379 379 Illinois 272,256 300,029 325,616 1,244,246 1,008,095 744,451 1,785,413 1,586,149 1,339,314 484 487 490 Michigan 243,102 263,354 294,780 861,125 633,677 400,023 1,378,435 1,196,259 953,806 357 361 362 Wisconsin 186,467 193,232 209,166 421,943 324,112 218,349 749,547 658,183 542,097 465 465 467 West North Central: Minnesota 124,268 134,745 139,986 249,857 190,615 132,257 454,553 407,962 331,987 489 489 491 Iowa. 211,069 244,367 250,434 369,732 237,483 142,811 772,757 684,697 548,463 542 542 545 Missouri 318,877 332,073 347,442 784,329 673,690 455,467 1,172,675 1,119,963 862,213 518 523 530 North Dakota 28,791 r44,980 r15,263 77,606 r57,755 r41,813 130,276 r127,020 r78,998 117 r117 r116 South Dakota 24,771 32,683 23,448 35,694 22,053 13,819 89,501 79,530 55,509 125 125 125 Nebraska 39,979 55,851 41,150 59,511 32,619 20,966 162,286 133,618 93,720 273 273 279 Kansas 82,650 119,775 88,641 150,583 92,626 60,858 353,011 304,638 220,786 455 461 471 South Atlantic: Delaware 59,156 64,805 74,609 246,485 226,567 150,637 334,601 319,775 254,699 30 30 30 Maryland 130,947 143,721 161,359 579,394 490,510 387,605 806,974 737,049 634,722 123 123 123 District of Columbia.. 57,067 62,648 71,316 135,009 103,296 73,645 247,662 228,206 199,553 13 13 13 Virginia 128,172 145,242 162,680 223,437 158,363 96,462 427,194 378,915 317,762 185 185 184 West Virginia 53,700 57,455 68,958 125,031 80,623 58,074 224,302 178,695 166,691 103 103 103 North Carolina 138,148 146,664 165,778 401,052 350,270 193,507 586,644 550,110 405,676 182 183 183 South Carolina 20,337 19,996 21,716 44,437 33,561 20,713 105,883 101,213 71,019 123 126 127 Georgia 97,728 102,144 109,205 160,622 103,942 49,358 340,120 296,111 219,383 245 241 240 Florida 27,153 30,977 35, nO 119,911 69,589 44,002 250,676 180,988 137,107 119 119 119 East South Central: Kentucky 86,905 100,054 HS, 434 243,684 158,926 91,511 403,573 351,134 270,984 302 307 308 Tennessee 66,082 70.445 79,935 149,578 97,429 56,713 313,045 272,708 210,591 226 226 227 Alabama 39,190 42,341 46,240 106,430 75,090 41,306 201,279 186,352 132,710 150 150 151 Mississippi 46,413 61,737 50,854 125,887 90,981 62,355 259,878 245,445 169,661 179 178 182 West South Central: Arkansas 30,534 32,345 30,687 83,734 59,689 34,085 179,031 162,043 119,359 161 164 166 Louisiana 39,855 47,287 57,120 138,917 113,328 80,776 266,836 251,631 186,618 115 114 116 Oklahoma 29,004 33,464 29,052 46,495 31,502 19,456 119,092 99,242 73,230 183 182 182 Texas , 103,782 105,957 101,728 176,376 118,593 73,436 429,147 368,189 261,763 391 391 393 Mountain: Montana 27,092 32,177 22,917 57,095 46,080 27,798 110,656 110,511 72,048 70 Idaho 7,421 10,739 8,359 20,101 13,745 8,447 41,228 38,843 25,738 31 Wyoming..; 9,236 8,965 9,704 10,253 7,199 4,150 30,365 29,883 21,782 31 Colorado 20,850 24,319 22,166 45,808 33,029 18,474 107,620 95,129 70,110 65 New Mexico 5,550 5,185 6,205 14,560 9,670 4,317 32,775 29,715 18,363 19 Arizona 9,295 10,991 11,664 24,066 17,599 12,230 49,306 44,291 34,408 7 Utah 36,119 38,838 43,331 82,687 61,727 32,481 150,543 138,983 99,855 47 Nevada 1,843 1,797 1,922 5,817 3,994 1,516 10,078 8,579 5,284 6 Pacific: Washington 59,157 66,668 63,682 139,666 106,841 72,955 232,175 202,145 161,247 90 90 92 Oregon.. 11,910 12,393 14,259 39,687 28,834 16,653 68,926 59,420 45,105 46 47 47 California 541,939 583,967 623,909 1,148,736 923,780 658,547 1,895,950 1,694,331 1,396,402 116 120 124 Total 13,067,920 "13,731,320 "14,200,594 32,008,698 '26,829,683 '20,344,654 48,895,341 "45,409,482 "38,383,082 9,558 r9,601 r9,674 r Revised principally to include Bank of North Dakota, not previously included in these statistics. 1 Comprises all State commercial banks,_trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and industrial banks as are iricluded in abstracts issued by State banking departments. In six States where all State banks were insured the figures for June 30, 1943 were obtained from the Federal Deposit Insurance Corporation; in four States where all but one of the State banks were insured, the figures for insured banks were obtained from the Federal Deposit Insurance Corporation, and for the noninsured banks from other sources. For call date figures in the June and December 1942 columns see footnote on p. 684 of the July 1943 BULLETIN. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on p. 1118 covering "State Banks." Amounts in thousands of dollars] Loans Investments De in p t o e s r i b ts a , n k e xc d l e u p s o iv s e it s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, 1943 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 Connecticut: District No. 1 250 225 240 155 143 103 561 499 446 2 2 2 District No. 2 75 88 106 218 72 62 677 564 463 1 1 1 Indiana: District No. 7 1,443 1,529 1,569 3,254 2,009 1,259 8,138 7,404 5,798 12 13 13 District No. 8 89 89 81 232 199 103 407 405 285 1 1 1 Kansas 1 1 1 1 1 1 New York 40,992 37,594 37,157 88,070 84,488 "73 ,'319 103,546 104,577 97,586 5 5 5 Ohio 1,538 1,553 1,940 2,488 1,843 906 5,349 4,874 3,907 12 12 12 Pennsylvania: District No. 3 5,676 5,104 5,918 8,836 8,672 8,496 19,123 17,875 15,029 11 11 11 District No. 4 1,071 1,004 1,266 2,618 2,159 1,565 5,155 4,573 3,818 4 4 4 South Carolina 912 953 842 133 115 108 1,837 1,369 1,075 1 1 1 Total 52,046 48,139 49,119 106,004 99,700 85,921 144,794 142,141 128,408 50 51 51 MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures in this table are also included in the table on p. 1118 covering "State Banks." Amounts in thousands of dollars] Loans Investments De in p t o e s r i b ts a , n k e xc d l e u p s o iv s e it s of Number of banks State June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30, June 30, Dec. 31, June 30; 1943 1942 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 Connecticut: District No. 1 231,777 244,207 251,915 426,396 389,792 337,606 644,573 615,503 592,468 58 58 58 District No. 2 76,989 80,428 82,808 116,348 102,290 91,041 194,398 184,516 178,873 14 14 14 Delaware 12,266 12,968 13,244 43,289 40,901 38,101 50,620 48,317 45,902 2 2 2 Indiana: District No. 7 4,641 5,234 5,493 8,244 6,714 5,562 14,358 13,265 12,563 3 3 3 District No. 8 4,163 4,631 4,809 5,198 4,114 3,318 10,291 9,254 8,502 1 1 1 Maine 23,976 25,277 27,145 125,414 114,474 106,589 144,497 135,978 131,073 32 32 32 Maryland 27,575 30,447 35,852 216,223 197,379 183,550 248,200 235,241 225,644 11 11 11 Massachusetts 915,950 939,899 956,2411,434,9491,308,6451,238,369 2,253,822 2,170,557 2,135,344 191 191 191 Minnesota 26,293 25,527 23,187 52,983 49,102 43,610 78,206 73,871 68,914 1 1 1 New Hampshire1 60,508 68,356 68,356 147,083 130,353 130,353 201,297 195,388 195,388 42 43 43 New Jersey: District No. 2 105,754 108,352 113,481 191,636 174,963 164,640 303,612 292,084 288,815 22 22 22 District No. 3 3,413 3,673 4,047 9,932 9,333 8,833 14,426 13,712 13,420 2 2 2 New York ,835,5252,888,616 2967,533 3,003,0112,697,294 2!, 435,0875,830,234 5,574,424 5,442,626 132 132 133 Ohio 51,483 52,156 51,701 77,775 69,724 65,203 135,981 128,839 124,045 3 3 3 Oregon 2,585 2,416 2,477 1,945 1,408 728 4,466 3,982 3,339 1 1 1 Pennsylvania: District No. 3 74,783 78,925 81,132 524,468 489,847 446,548 606,963 581,509 554,454 6 6 6 District No. 4 8,961 9,880 10,710 50,286 49,045 47,893 57,004 55,938 56,177 1 1 1 Rhode Island 53,945 55,327 59,098 135,211 126,819 118,567 187,966 182,287 177,819 9 9 9 Vermont 28,080 29,108 30,241 27,806 24,790 22,514 58,196 56,560 55,918 Washington 30,872 30,719 30,897 64,479 57,891 47,015 95,418 87,275 78,367 Wisconsin: District No. 7 1,704 1,853 1,931 3,570 2,879 2,425 6,114 5,628 5,140 District No. 9 178 154 121 134 91 66 328 245 184 Total 4,581,421 4,698,153 4,822,419 6,666,380 6,047,848 5,537,618 11,140,970 10,664,373 10,394,975 545 546 547 1 New Hampshire figures include guaranty savings banks. The figures in the December 1942 columns are as of June 30. NOVEMBER 1943 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... mi Gold production . . 1113 Gold movements.. 1113 Net capital movements to United States since January i, 1935 • • • II24 Central banks .. .1115-1118 Money rates in foreign countries. .. 1119 Commercial banks 1130 Foreign exchange rates ... 1131 Price movements: Wholesale prices 1131 Retail food prices and cost of living... 1133 Security prices. .. 1133 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 are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. NOVEMBER 1943 11XI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n t i a t t e e d s g t A e in n r a - - g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile] lo C m o b - ia C v z s a e l k o c - h ia o- m D a en rk - Egypt France m G a e n r- y Greece 1937—Dec 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Oct 22,740 354 735 113 274 25 5 36 23 61 44 52 2,000 Nov 22,743 354 735 114 274 25 6 36 24 61 44 52 2,000 Dec 22,726 354 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—jan 22,683 354 734 120 274 25 7 38 27 61 44 52 2,000 Feb.. 22,644 354 734 121 274 6 42 28 61 44 52 2,000 Mar 22,576 354 734 127 274 6 46 30 61 44 52 2,000 Apr 22,473 355 734 143 274 5 47 42 61 44 52 2,000 May 22,426 354 734 274 5 48 43 61 44 52 2,000 June 22,388 354 734 274 6 49 45 61 44 2,000 July 22,335 353 734 274 7 50 51 44 Aug 22,243 7 53 Sept 22,175 6 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1937—Dec 25 25 210 261 79 24 933 23 82 21 83 69 120 189 6 525 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—Oct 24 26 4216 36 514 23 24 59 234 582 Nov 24 26 37 510 23 25 59 239 610 Dec 24 39 506 23 25 59 241 634 42 1943—Jan 24 70 501 23 25 59 241 572 Feb 24 90 497 23 25 59 242 523 Mar 24 110 496 23 25 59 246 537 Apr 24 126 496 23 25 59 252 558 May 24 125 496 23 26 59 261 571 June 24 126 496 23 26 262 583 July 24 125 23 26 Aug 174 26 Sept. 200 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 i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av go ia - B.I.S. c O t o ri t u e h n s e - 8 r End of month U St n a i t t e e s d U K d n i o n i m t g e - d France2 g B iu e m l- 1937—Dec 244 650 29 2,689 74 52 51 5 185 1937—June ... 169 3 934 115 1938—Dec 321 701 29 2,690 69 52 57 14 142 Dec 4 1,395 81 1939—Dec 308 549 29 91 68 52 59 7 153 1938—Mar.... 1,489 1940—Dec 160 502 88 1 90 1<>29 82 12 145 June.. . 44 62 1941—Dec 223 665 92 1 100 41 483 12 142 Dec. ... 80 4 759' "33i" 44 1939—Mar. ... 154 1,732 559 1942—Oct 326 805 116 1 94 64 21 152 May 477 Nov 331 813 117 1 92 64 21 152 June... 85 17 Dec 335 824 114 1 89 68 21 160 Sept 164 ....... 1943—Jan 340 832 124 1 89 68 22 160 Dec 156 Feb 342 842 124 1 89 70 24 U182 1940—Mar. ... 145 Mar 344 851 124 1 89 72 25 182 June... 86 17 Apr 344 859 145 1 89 76 25 184 Sept.... 105 May 346 866 158 1 ?96 80 25 r185 Dec. ... 48 292 17 June 347 867 158 1 p101 80 26 r185 1941—Mar. ... 88 July 368 876 158 1 80 26 12r192 June... 89 Aug 371 p880 1 84 192 Sept.... 24 Sept 374 *887 1 84 192 Dec... 25 17 1942—Mar.... 12 June... 8 p Preliminary. r Revised. Sept... 7 1 Beginning April 1940, reports on certain Argentine gold reserves no longer available. Dec... 12 2 Change from previous December due largely to inclusion of gold formerly not reported. ,1943—Mar... 14 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- June... 11 trol Board. Gold reported since that time is gold held by Minister of Finance. * Figures relate to last official report dates for the respective countries, as follows: Greece— 1 Reported at infrequent intervals or on de- Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia layed basis: U. S.—Exchange Stabilization Fund —Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 5 Figure for December 1937 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Fund and Rentes Fund; Belgium—Treasury. 7 Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time 2 For complete monthly series from October 1938of gold held for Foreign Exchange Institute. May 1939, see BULLETIN for February 1941, 8 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, p. 170- Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, 3 Figure for end of March 1937, first date reported. Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania,Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last 4 Figure for end of September. previous official report. Reported figure for total British gold reserves on 9 Gold holdingsof Bank of England reduced to nominal amount by gold transfers to British Aug. 31, 1939, less reported holdings of Bank of Eng- Exchange Equalization Account during 1939. lan 6 d F o ig n u t r h e a t f o d r a S te e . pt. 1, 1941. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. E. S. F. and the Bank of France, see BULLETIN 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported for September 1940, p. 926. figures through April 1940 appear on p. 926 in that issue. IIXX 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- Austra-1 British U.S.S.R.1 monthly Africa desia Chile lia8 I India9 $1 = 15&grains of gold f0 fine; i.e.,an ounce of fine gold = $35 1934.. 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935.. 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936.. 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937.. 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.. 1,136.360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939.. 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940.. 1,297,349 1,094,264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941.. 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942.. 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—Aug.... 77,382 41,454" 2,258 2,345 10,166 14,221 1,730 531 722 3,360 595 Sept 76,813 40,559 2,180 2,310 11,839 13,325 1,710 441 634 3,185 630 Oct 78,269 41,023 2,162 2,275 12,015 13,479 1,659 401 669 4,165 420 Nov 70,386 39,144 2,095 2,240 7,831 12,801 1,614 432 659 3,045 525 Dec... 68,374 38,616 2,149 2,135 6,212 12,704 1,433 544 906 2,940 735 1943—Jan 64,862 37,687 rl,985 2,135 4,654 11,708 2,055 440 672 2,827 700 Feb 63,904 38,835 1,902 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar 61,871 35 489 1,987 1,610 4,520 12,169 1,661 558 622 2,450 805 Apr 63,551 37,604 2,004 1,645 4,891 rl1,309 1,648 548 646 2,450 805 May p63,019 38 367 1,987 1,645 4,065 r10,975 1,599 566 700 p2,380 735 June... ^62,040 37,424 1,645 3,945 rll,442 1,540 {566 724 P2.065 735 July.... 3>61 805 37,962 pl 906 1,540 r3,945 r10,246 1,763 '566 622 p2,485 770 Aug ^60^624 37,297 •frl',906 '1,540 3,634 10,268 •^1,763 '566 430 /p2,485 735 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, Taut data of percentage changiges irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating anni mal production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. * Figure carried forward. r 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. nes production for first four months of the year. rir ^ o Jnited 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 ar n t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada VIexico 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 31O2, 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 J F a e n b 2 1 3 0 4 8 , , 2 6 4 0 2 9 1,21 3 8 7 1 1,746 5 3 6 3 3 7 4 8 6 1 , , 8 52 7 9 6 1,1 8 4 1 7 4 3,16 1 8 1 3 2 , , 1 7 8 7 5 2 1 6 1 , , 7 1 3 36 8 149,73 9 5 6 6,085 4,501 a6 15 6 , , 0 0 9 6 3 2 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 ] 17,514 800 7 2,114 4,593 69 i3i" 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 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 52,89 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10 416 000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. NOVEMBER 1943 11x3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) ... 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (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 A 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan. 14.... 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21.... 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28.... 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.4 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11.... 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18.... 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25.... 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8.... 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15... 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22... 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29... 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6... 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13. . 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20. . 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27. . 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3... 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30.... 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 . .. 5,835.0 3,320.3 1,412.0 1,908.3 848.2 673.3 104.4 1943—Jan. 30.. 5,907.7 3,471.1 1,536.6 1,934.5 761.3 678.5 107.0 Feb. 27. 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30.... 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 34,056.4 32,103.4 31,953.0 3901.9 792.9 692.3 3112.6 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on July 31, in millions of dollars: total foreign banking funds in United States, 4,723.6, including official funds, 2,721.0, and other funds, 2,002.6; United States banking funds abroad, 233.6; and brokerage balances (net due "foreigners") 35.7. 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking 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 ss th 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 ri- tion3 Bankers' D P e u p b o l s i i c ts Other l O ia t t h b ie e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 . . .. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 . ... 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8 5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9 2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4 3 176 1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 6 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—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 Sept. 29 .2 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold d S o ta ll t a e r s s S t h e o rm rt 6 - Other assets irculation7 Ch b a a r n te k r s ed D g o o m ve in rn io - n Other liabilities 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—Oct. 31. .5 797.5 199.3 21.7 657.6 304.6 19.3 12.2 25.3 Nov. 30.. .5 780.6 204.2 17.8 666.3 273.2 24.6 13.8 25.2 Dec. 31 . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Jan. 30.... .3 768.0 231.8 17.6 677.6 237.7 14.8 61.3 26.3 Feb. 27... .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 Mar. 31... .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4 Apr. 30... .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 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 Sept. 30... 31.0 786.7 360.7 19.0 815.1 305.7 36.2 11.4 29.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, 1943. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677H578). 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" anndd ""nO*+th»e>r *l iiai«bKiliii»ti*e*si«"c i"n ciilude certain small asset and liability items shown separately in the statements. NOVEMBER 1943 112.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL]BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e t n o t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p rk en 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 ci N r t c i o o u t n l e a- G m ov e e n r t n- C.A.R.4 Other l O ia t t i b h e i e s l r i- 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 i,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. 26 684,616 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—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 June 24 84,598 36 42,998 1 5,572 260,926 63,550 21,042 426,974 837 14,670 29,574 6,669 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) Total i T n r c e l a u s d u i 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 cir t c io u n la- Deposits li t ab i i e l s 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 1,396 1941—Dec. 31. 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Sept. 30 77 23,996 21 68 204 2,251 22,037 2,985 1,594 Oct. 31. 77 24,641 13 63 201 2,117 22,600 2,887 1,624 Nov. 30. 77 25,449 13 71 210 2,146 23,052 3,241 1,673 Dec. 31. 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Jan. 30. 77 26,270 22 51 185 2,477 23,664 3,892 1,526 Feb.27. 77 26,758 21 49 180 2,370 24,266 3,820 1,369 Mar. 31. 77 27,869 18 41 85 2,345 24,697 4,340 1,397 Apr. 30. 77 28,603 18 1 78 2,319 25,442 4,226 1,427 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 cl,735 Aug. 31. 77 34,570 17 1 107 1,569 29,029 5,456 1,857 Corrected. 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Mar. 31, 1943, advances of 261,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940,30,00p million francs of gold transferred from Bank of France to Stabilization Fund. 6 Gold not shown separately in weekly Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. iix6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. I July Sept. Central Bank of the Argentine Re National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,073 1,075 Gold 97 Other gold and foreign exchange. 1,603 694 Foreign exchange 21 16 Negotiable Government bonds... . 349 366 Clearing accounts (net) 1,542 1,024 Rediscounted paper Loans and discounts 36 50 Other assets 250 217 Securities 64 80 Note circulation 1,687 1,503 Govt. compensation account3 125 125 Deposits—Member bank 881 694 Other assets 1,901 1,198 Government 519 39 Note circulation 1,075 847 Other 78 20 Deposits—Government 742 470 Foreign exchange sold forward Other 1,648 1,035 Other liabilities 108 96 Other liabilities 319 239 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds): sands of sucres): (Apr.)4 Issue department: Gold 148,323 97,928 Gold and English sterling.... 36,391 29,110 Foreign exchange (net) 104,071 63,206 Securities 114,719 91,642 Loans and discounts 82,753 88,083 Banking department: Other assets 56,211 40,882 Coin, bullion, and cash 6,995 6,211 Note circulation 182,832 151,368 London balances 45,152 38,936 Demand deposits 179,395 108,652 Loans and discounts 21,411 22,110 Other liabilities 29,130 30,079 Securities 210,565136,167 National Bank of Egypt5 (thousands Deposits 168,721149,212 of pounds): (May)4 Note circulation... 141,762111,606 - Gold 6,251 6,251 National Bank of Belgium and Foreign exchange 11,285 4,474 Bank of Issue of Brussels (mil- Loans and discounts 3,399 3,163 lions of belga) :l British, Egyptian, and other Gov- Gold 4,332 4,337 ernment securities 170,390 125,443 Foreign exchange ». 8,172 4,066 Other assets 6,125 6,402 Credits to State and public bodies 3,366 4,164 Note circulation 78,862 71,134 Credits to private economy 93 81 Deposits—Government 46,960 18,730 Reichskreditkasse 733 785 Other 59,435 42,408 Other assets 702 504 Other liabilities 12,193 13,460 Note circulation 15,270 12,306 Central Reserve Bank of El Salva- Demand deposits 975 640 dor (thousands of colones): Postal Checking Office 852 766 Gold 26,661 26,684 21,719 Other liabilities 300 224 Foreign exchange 25,551 25,663 10,730 National Bank of Bohemia and Mo- Loans and discounts 829 611 974 ravia (millions of koruny): Government debt and securities .. 6,834 6,835 7,055 Gold 1,515 1,51 Other assets 589 563 529 Foreign exchange 755 753 Note circulation 32,430 32,396 23,841 Discounts . 1,116 917 Deposits 22,048 22,019 11,422 Loans 1 Other liabilities 5,986 5,941 5,743 Other assets 22,781 14,421 Bank of Greece2 Note circulation 18,064 11,404 National Bank of Hungary (millions Demand deposits 3,692 3, of pengo): Cen O tr t a h l e r B l a i n ab k i l o iti f e B s olivia (thousands 4,412 2,339 F G o o r l e d ign exchange reserve 10 4 0 10 1 0 of bolivianos): Discounts 2,554 1,732 Gold at home and abroad 554,505 554,268394,953 Loans—To Treasury 682 761 Foreign exchange 367,041 360,839 "34 3",,667 To foreign countries 658 339 Loans and discounts 333,494 307,601280,849 Other 14 33 Securities—Government 544,111 544,948496,585 Other assets 976 610 Other 40,641 40,652 41,236 Note circulation 3,477 2,470 Other assets 78,266 86,299 69,625 Demand deposits 556 529 Note circulation 1,023,3721,003,183742,419 Consolidated foreign credits of 1931. 15 21 Deposits 795,386 791,131740,333 Other liabilities 942 556 Other liabilities 99,301 100,29!144,16; Reserve Bank of India (millions of National Bank of Bulgaria2 rupees): Central Bank of Chile (millions of Issue department: pesos): Gold at home and abroad.... 444 444 Gold 244 174 Sterling securities 5,829 3,298 Discounts for member banks 9 145 Indian Govt. securities .... 1,083 1,024 Loans to Government 761 729 Rupee coin 152 267 Other loans and discounts 870 935 Note circulation 7,404 4,926 Other assets 876 287 Banking department: Note circulation 2,033 1,666 Notes of issue department.. 104 108 Deposits—Bank 397 252 Balances abroad 955 863 Other 150 116 Treasury bills discounted... 1 2 Other liabilities 266 235 Loans to Government 3 13 Bank of the Republic of Colombia Other assets 112 86 (thousands of pesos): Deposits 988 911 Gold 92,679 89,744 36,692 Other liabilities 186 161 Foreign exchange 83,678 79,052 52,921 Central Bank of Ireland (thousands Loans and discounts 6,199 5,129 14,958 of pounds)6 O G t o h v e e r r n a m ss e e n ts t loans and securities.. 3 55 0 , ,6 • 6 ' 0 5 30 5 , , 5 8 7 2 3 2 5 3 9 4, , 1 9 4 8 1 9 S G t o e l r d ling funds 2 2 1 , , 6 4 4 13 6 2 2 1 , , 6 0 4 2 6 4 Note circulation 108,488 108,327 86,442 Note circulation 24,059 23,671 Deposits 115,684 96,380 69,435 Bank of Japan2 Other liabilities 44,729 55,613 42,824 Bank of Java2 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 INational Bank and deposits by the Postal Checking Office. JLjcilcai iiionui lur WHICH repui L IS avauauic IUI LIUS maun 5 Items for issues and banking departments consolidated. 6 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. NOVEMBER 1943 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 1942 Central Bank 1943 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Mexico (thousands of pesos): Sank of Spain (millions of pesetas) : June)2 Metallic reserve1 403,457 397,877240,373 Gold 749 "Authorized" holdings of securi- Silver 627 ties, etc 165,347 ,145,294 683,859 Government loans and securities... 15,766 Bills and discounts 133,265 125,139 1.010,8 Other loans and discounts 3,350 Other assets 52,449 60,645 48,214 Other assets 2,250 Note circulation 999,127 952,929548,358 Note circulation 15,192 Demand liabilities 614,701 638,580313,136 Deposits—Government 3,250 Other liabilities 140,690 137,446 20,851 Other 3,532 Netherlands Bank (millions of guil- Other liabilities 768 ders): (June)2 ank of Sweden (millions of kronor) : Gold... 88 925 Gold 824 817 811 707 D S F L O i o o i t l s h r a v e c e n e i o r s r g u n a ( n s i t n b s s e c il l t l s u s ding subsidiary coin).. 2,2 2 1 9 5 4 2 4 6 0 1,3 2 2 1 6 5 2 5 0 0 7 5 8 F O S O o w t t v h h r e a e e e d n i r r i g c s n d a h e o s s a s m s t G e o s e t o s e s N v t t s i t a c . t ( i b n s o i e e l n l c t s a ) u l r a i D n ti d e e b s a t d a v O n a f d n f i c c a e e d s 5 . . - 1, 5 8 0 9 6 8 5 1 6 8 0 1, 8 5 0 9 2 7 1 1 7 5 0 1,0 8 5 3 9 9 7 7 3 7 1 1,1 5 7 2 5 8 9 0 5 Note circulation : 2,596 2,680 Note circulation 2,133 2,045 1,969 1,832 Deposits—Government 569 Demand deposits—Government... 361 358 353 661 Other...., 340 "l80 Other 313 286 476 274 Other liabilities 73 66 Other liabilities 612 630 610 405 Reserve Bank of New X^2\2nc^6. (thou- Iwiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 3,838 3,807 3,791 3,466 Sterling exchange reserve 26, 25,778 26,610 Foreign exchange 92 82 66 105 Advances to State or State under- Loans and discounts 274 201 152 69 takings 37,835 34,047 25,811 Other assets (6) (6) 326 286 Investments 10,320 10,314 4,146 Note circulation 2,805 2,692 2,670 2,340 Other assets 2,707 3,566 1,959 Other sight liabilities 1,455 1,444 1,395 1,303 Note circulation 33,340 32,833 26,807 Other liabilities (6 (6) 270 283 Demand deposits 44,224 40,584 31,712 Central Bank of the Republic of Other liabilities 3, 3, 2,810 Turkey (thousands of pounds): Bank of Norway3 Gold 197,232 138,639 Bank of the Republic of Para- Foreign clearing accounts 66,839 53,732 guay (millions of pesos): Loans and discounts 662,382 615,685 Gold; 20 Securities 194,810 190,028 Foreign exchange 2,254 Other assets 17,419 27,617 Loans and discounts .-•.•••• 105 Note circulation 726,593 643,427 Government loans and securities.. 1,998 Deposits—Gold 79,358 79,358 Other assets 1,993 Other 172,217 129,604 Note circulation 2,531 Other liabilities 160,514 173,310 Demand deposits—Government... 620 Bank of the Republic of Uruguay Other 1,878 (thousands of pesos): Other liabilities 1,341 Issue department: (June)2 Central Reserve Bank of Peru (thou- Gold and silver 90,197 90,875 sands of soles): (May): Note circulation 119,715 107,717 Gold and foreign exchange 119,914 97,66; Banking department: Discounts 15,458 15,331 Gold and silver 73,266 64,973 Government loans 299,\3t 259,09i Notes and coin 29,182 43,240 Other assets 21,12f 35,03' Advances to State and to Note circulation 302,90i 263,93 government bodies 37,98: 37,761 Deposits 131,79i 108,33< Other loans and discounts.... 100,394 100,212 Other liabilities 20,92i 34,86^ Other assets 162,490 100,301 Bank of Portugal (millions of Deposits 155,756 132,600 escudos): (May)2 Other liabilities 247,563 213,886 Gold4 1,39? 1,381 Central Bank of Venezuela (thou- Other reserves (net) 3,50c 2,721 sands of bolivares): Nonre serve exchange 6,762 5,35i Gold 257,864 257,864 245,504 183,704 Loans and discounts 22' 25: Foreign exchange (net) 34,312 29,519 37,178 25,071 Government debt 1,02: 1,02: Credits to national banks 31,230 31,230 31,23P 35,230 Other assets l,03i 984 Other assets 13,443 17,847 18,395 13,571 Note circulation . 5,50i 4,944 Note circulation—Central Bank. 230,365238,410 235,16r 165,885 Other sight liabilities 7,56( 5,942 National banks. 27,976 28,97 30,448 41,649 Other liabilities 89- 84C Deposits 70,642 62,856 60,734 43,834 National Bank of Rumania (millions Other liabilities 7,865 6,222 5,95i 6,209 of lei): (June)2 National Bank of the Kingdom of Gold 49,39< 42,50i Yugoslavia3 Special exchange accounts 31,40: 24,6; Bank for International Settlements Loans and discounts 38,78; 35,09, (thousands of Swiss gold francs7): Special loans (in liquidation) 27: 391 Gold in bars 78,6 61,916 Government debt 20,76: 21,2; Cash on hand and on current 'ac- Other assets 54,345 42,6: count with banks 23,403 39,692 Note circulation 122,451 102,83 Sight funds at interest 15,846 15,644 Demand deposits 47,95: 42,56i Rediscountable bills and accept- Other liabilities 24,55' 21,11 ances (at cost) 151,75 141,486 South African Reserve Bank (thou- Time funds at interest 21,39 20,936 sands of pounds): Sundry bills and investments.... 192,69 200,434 Gold 74,13: 66,93 Other assets 3 39 Foreign bills 10,02; 1,01 Demand deposits^ (gold); 40,86 33,832 Other bills and loans 51 33 Short-term deposits (various cur- Other assets 92,80! 61,50 rencies) : Note circulation 46,975 34,05 Central banks for own account 1583 15464 Deposits 125,905 91,55 Other 253 6938 Other liabilities 4,587 4,17 Long-term deposits: Special accounts 22900 229001 Other liabilities 19557 194912 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month 'for which report is available for-this institution. 3 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), seeBuiXETiN for March 1942,pp. 281-282. 4 Valued at average cost beginning October 1941. 5 Includes small amount of non-Government bonds. 6 Figure not available. * See BULLETIN for December 1936, p. 1025. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n t r d h - s - S d w en e- S l w a e n r it - d z- b C an e k n tr of a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 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 2 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2H Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 "Hi" Moravia Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 2 Jan. 28, 1937 4 June 15 6 J A u u l g y . 7 4 5 4 B B o ri l t i i v s i h a India.. 3 6 N N o o v v . . 2 8 8 , , 1 19 9 3 4 5 0 N Ne e w th e Z r e la a n ds 2Y2 June 27, 1941 Sept. 3 sy Bulgaria 5 Dec* 1, 1940 land July 26, 1941 Nov. 13 2 Canada Mar. 11, 1935 Norway 3 2 May 13, 1940 May 10, 1938 4 Chile 3-4H Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 2y2 3 Colombia 4 July 18, 1933 Portugal.... 3 Apr. 8, 1943 Sept. 28 "z"" Oct. 27 Nov. 25 Denmark 4 Oct. 16, 1940 Rumania 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden. 3 May 29,194i July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France 1H 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 Italy May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941 Mnv 9Q 3 June 27 NOTE.—Chailges since Sept. 30: none In effect Oct. 31, 1943 2 IK 2 3 OPEN-MARKET RATES [ Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ic 3 B c a e m n p o t k a n e n t r c h s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P i r s r i a c v o t a e u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s 3 s d P i r s r i c a v o t a e u t n e t 1929—Aug 5.47 5.48 4.35 7.18 7.42 5.06 4.68 3.33 1930—Aug .'.. 2.21 2.17 1.85 3.24 3.73 1.83 1.63 1.75 1931—Aug 4.28 4.21 3.59 J8.92 9.15 1.30 1.22 1.08 1932—Aug .74 .60 .73 4.50 5.82 .37 1.00 1.50 1933—Aug .41 .30 .62 3.88 4.94 1.11 1.08 1.50 1934—Aug .79 .74 .81 3.75 4.72 .75 1.00 1.50 1935—Aug .60 .58 .75 3.00 3.06 4.78 4.72 2.47 1936—Aug .55 .53 .75 2.88 3.01 1.29 1.20 2.25 1937—Aug .55 .52 .75 2.88 2.85 .13 .53 1.00 1938—Aug .53 .51 .75 2.88 2.51 .13 .50 1.00 1939—Aug 1.58 1.92 1.35 2.75 2.50 1.03 1.53 1.00 1940—Aug 1.03 1.02 1.00 2.31 1.77 (2) 3.00 1.50 1941—Aug 1.03 1.00 1.00 2.13 1.73 1.88 2.25 1.25 1942—Aug 1.03 1.00 1.00 2.13 1.68 1.25 1942—Sept =.. 1.03 1.00 1.05 2.13 1.83 1.25 Oct 1.03 1.00 1.04 2.13 1.80 1.25 Nov 1.03 1.00 1.00 2.13 1.75 1.25 Dec 1.03 1.01 1.00 2.13 1.96 1.25 1943—Jan 1.03 1.01 1.08 2.13 1.84 1.25 Feb 1.03 1.00 1.10 2.13 1.25 Mar 1.03 1.00 .90 2.13 1.25 Apr 1.03 1.01 1.03 2.13 1.25 May 1.03 1.00 1.07 2.13 1.25 June 1.03 1.00 1.06 2.13 1.25 July 1.03 1.00 1.04 1.25 Aug 1.03 1.00 1.11 1.25 1 Based on data for part of month only. 2 Figure not available. NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. NOVEMBER 1943 11x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o d r u e o n s n d i s c n l s e m t a e i r r l i l l n i io g n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o a i y c n r e t a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s t e o rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es .1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—September 349 127 277 693 1,097 785 263 3,358 2,218 1,140 233 October... 350 136 271 744 1,108 785 263 3,424 2,261 1,163 232 November. 367 135 241 804 1,117 774 269 3,472 2,287 1,185 234 December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—January... 379 146 197 935 1,112 773 271 3,577 2,369 1,207 237 February.. 373 154 148 933 1,109 775 272 3,525 2,324 1,201 237 March 377 139 173 884 1,132 789 283 3,542 2,362 1,180 235 April 375 142 128 964 1,137 767 268 3,545 2,350 1,195 235 May 377 158 154 924 1,150 769 268 3,566 2,380 1,185 234 Tune 387 165 236 859 1,159 758 305 3,630 2,432 1,199 238 July 375 160 244 900 1,162 753 279 3,628 2,428 1,200 245 August 383 156 232 957 1,162 739 285 3,670 2,456 1,214 244 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in d k o s m . l la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n 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 ,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 583 850 1938—December. 263 65 940 166 1,463 535 2,500 840 660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 1,108 159 1,531 570 2,805 1,163 ,641 846 1941—December. 356 32 1,169 168 1,759 653 3,105 1,436 ,669 962 1942—September. 366 27 1,050 185 2,340 594 69 3,486 1,738 ,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 ,709 1,018 November. 395 29 1,236 194 2,304 618 64 3,680 2,050 ,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—January... 347 29 1,100 242 2,302 582 58 3,494 1,772 ,723 1,050 February.. 357 29 1,044 239 2,380 589 57 3,533 1,738 ,796 1,048 March 377 24 1,003" 223 2,689 599 54 3,816 1,927 ,890 1,044 April...'.. 400 25 971 218 2,818 660 52 3,984 2,058 ,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 ,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 ,782 1,084 , July 406 36 1,194 185 2,652 626 48 3,959 2,133 ,826 1,094 August 434 35 1,121 242 2,681 641 •46 3,978 2,062 ,916 1,131 France Assets Liabilities (4 larg f e i g b u a r o n e f s k s i f n . r a n m E c i s n l ) l d io 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 d te i d s- Loans a O s t s h e e ts r Deposits c O c w e n pt- Ha O h t i h li e t r i Total Demand Time ances 1936-«rDecember. . 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December.. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. . 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December .. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—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 July 6,200 3,221 70,427 10,259 1,784 86,180 85,835 346 392 5,318 August 6,224 3,272 71,963 10,265 1,842 87,753 87,423 330 383 5,429 December5.. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figiureis 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 \% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 6 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. ) Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. 5 Figures for September—November incomplete. ^^NoTE'~"for °}heI back fiSures 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. II3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil (peso) (pound) Bel- (cruzeiro1) British Bul- Canada (dollar) Chile (peso) China Year or month gium India garia (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h ha 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 33.279 96.018 5.1727 4.0000 11.879 1940 . . . 29.773 2322^80 305.16 216.880 6.0562 5'.0214 30.155 290^909' 85.141 5.1668 4.0000 6.000 1941 29.773 223!704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—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 Aug 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.638 Sept 29.773 25.147 322.80 6.0586 5.1275 30.122 90.909 90.150 Year or month 1 C ( o p b l e i o a s m o) - C s ( l k z o o e v r c a u h n k o a ia - ) ( m D kr e a o n r n k - e) ( F l m k a i a a n n ) r d - k- F ( r fr a a n n c c e ) ( m m r G e a a 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 ( t li a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e a u r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1942—Oct. 57.023 20.573 322.78 Nov 57.030 20.573 322.78 Dec 57 177 20 573 322.78 1943—Jan 57.222 20.573 322.78 Feb. 57 220 20.573 323.30 Mar 57.233 20.573 324.42 Apr. 57 280 20.574 324.42 May 57.280 20.580 324.42 June 57.280 20.580 324.42 July 57.278 20.577 324.42 Aug 57 277 20.575 324.42 Sept 57.277 20.578 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n c th a d) ( S pe p s a e i t n a) S S m (d e t e o r t l n a t l l i a t e s t r s - ) S (k w r 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 l n le - ( d peso t ) r N c o o o l n l n e - - d Y ( s d l u i a n g v a o i r a - ); 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37'.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 , 398.00 246.919 403.50 403.50 65.830 52.723 1942—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 Aug 398 00 403.50 65.830 52.871 Sept 398.00 403.50 65.830 52.929 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. NOVEMBER 1943 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a ct p o a b n er ( l 19 a 2 n 6 d - s 30 Sweden (Ju l l a y n 1 d 914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 1126 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931.. .... 73 72 88 500 111 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1942—September 100 96 159 115 192 212 October 100 97 160 115 P357 193 212 November 100 97 161 115 195 214 December 101 97 161 115 195 215 1943—January 102 97 162 116 196 215 February 103 98 162 116 *365 197 217 March 103 99 162 116 197 217 April 104 99 163 116 197 218 May 104 99 163 116 197 218 * June 104 100 163 116 197 218 Tulv 103 100 164 117 196 August 103 100 162 195 September 103 101 163 ^195 p Preliminary. 1 Approximate figure, derived from old index"(1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h 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 n u t u a r ly e n - d d F f u m c a l h c l a i t y e n u f u a r l e y - n d d Foods pr I o n tr d d i u u a c l s- ts p A r t g o u r d r i u c a c u l t l s - a t f n r I i i d n n a i d l s s u h e ra m s e w - d i- p tr r I i i o n s a d h d l u e u f d c s in t - s goods goods products 1926 100 100 100 100 100 129 130 150 1930 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 S3 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 90 92 158 160 115 102 134 1942—September... 108 102 96 84 91 92 154 161 117 102 134 October 109 103 96 86 92 92 156 162 116 102 134 November 111 104 96 87 93 93 158 162 116 102 134 December 114 104 96 87 93 93 159 162 117 102 134 1943—January 117 105 96 93 93 160 163 119 102 134 February 119 106 96 94 93 160 163 118 103 134 March...... 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May 126 111 97 93 98 93 162 163 119 102 134 June , 126 110 97 94 99 93 161 164 119 102 135 July 125 107 97 96 100 93 164 164 121 102 135 August 124 106 97 r98 101 93 158 164 September... 124 105 97 P99 P94 159 165 p Preliminary. r Revised. Sources,—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 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 n ta it t e es d C a a d n a - U K d n i o n i m t g e - d m G a e n r- y N l e a t n h d e s r-S er ( w J la u it n n z e d - Year or month U S n ta it t e e d s C a a d n a - U K d n i o i n t m g ed - m G a e n r y - N l e a t n h d e s r-S e ( r w J l u a it n n z e d - (1 = 9 3 1 5 0 - 0 3 ) 9 (1 = 9 3 1 5 0 - 0 3 ) 9 = ( 1 J 9 1 u 1 0 l 0 y 4 ) (1 = 9 1 1 3 0 - 0 1 ) 4 (1 = 9 1 1 1 0 - 0 1 ) 3 = 1 9 1 1 0 4 0) (1 = 9 1 3 0 5 0 -3 ) 9 (1 = 9 1 3 0 5 0 -3 ) 9 = ( 1 J 9 1 u 1 0 l 4 y 0) (191 1 3 0 - 0 1 ) 4 (1 = 9 1 1 1 0 - 0 1 ) 3 = 1 9 1 1 0 4 0; 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 98 147 125 130 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—September. 127 129 160 129 203 1942-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-Jaituary.... 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 142 131 165 136 211 June 125 119 198 139 203 July 139 132 168 140 July 124 119 200 142 ^204 August 137 133 167 139 August.... 123 119 199 141 September. 137 ^134 166 September.. 124 PH9 198 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure|was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r t e i a r i c i t t v e e e e ) d s 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = d t m e o 1 b d 0 m e 0 r ) (1 F 9 r 1 a 3 n =1 c 0 e 0) G ( e a p r v r m e ic r a a e g ) n 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 t 0 t e - e 0 3 d ) s 9 K U in n g it d e o d m (1 F 92 ra 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 1 1 1 1 9 9 9 9 4 3 4 4 2 9 0 1 1 1 1 1 1 1 1 1 5 8 3 7 . . . . 9 8 3 8 1 1 1 1 2 1 2 1 3 8 7 2 . . . . 8 3 3 3 7 7 1 p 9 0 8 8 8 0 3 4 . . . 7 . 1 9 7 1QP 71 1 1 0 9 0 0 3 9 3 0 . . . . 3 0 0 7 8 9 7 0 7 . . 9 9 9 8 8 6 4 9 8 0 . . . . 2 4 1 0 7 7 7 7 5 0 2 5 . . . . 9 8 3 5 * 7 n ^ 2 4 1 8 7 9 2 9 6 8 0 . - 7 . 3 6 1 1 1 9 1 4 3 4 4 2 6 . . . . 1 6 1 8 9 8 9 9 5 . . 7 0 1942—September...... 119.0 127.8 69.4 75.7 P511 141.9 October......... 119.3 128.1 74.2 78.4 *>5O7 142.7 November 119.5 127.5 75.2 80.4 *>529 142.8 December 118.9 127.3 75.9 80.1 p583 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 July... 121.1 127.8 98.5 85.6 August 121.1 127.2 94.4 86.0 September 120.8 95.6 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. J Average Apr-Dec. only. Average Jan.-Mar. on old basis was 95.9. 7 Average based on figures for 5 months; no data available June-Dec. ° Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. 10 Average based on figures for 11 months; no data available for December. 11 Average based on figures for 10 months; no data available Jan.-Feb. Sources—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. NOVEMBER 1943 "33 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. MCEEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTT&STON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGTEELD, Assistant General ROBERT F. LEONARD, Director Attorney DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Chief FISCAL AGENT C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN 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 1134 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 n. vj. jnuit J. C. Hunter1 Carl B. Pitman New York... Beardsley Ruml William I. Myers Allan Sproul L. R. Rounds R. M. Gidney T W TTnrkt'(« J-i. W . KI1OKC Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whitticr Alfred H. Williams Frank J. Drinnen W. J. Davis F C Hill n. v_i. rilll C. A. Mcllhenny* C. A. Sienkiewicz Cleveland Geo. C. Brainard R. E. Klagcs M. J. Fleming R. B. Hays Wm. H. Fletcher J. W. Kossin A. H. Laning2 B. J. Lazar K. H. MacKcnzie W. F. Taylor Richmond ... Robt. Lassiter W. G. Wysor Hugh Leach J.S. Waldcn,Jr, J. G. Fry VJCO. n. iv.eescc R. W. Mercer Edw. A. Wayne Atlanta Frank H. Nccly J. F. Porter W.S, McLarin,Jr« Malcolm H. Bryan L. M. Clark T-T V CnnniflF XJL • JT a VJ \J 11 111 11 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. Sihlcr St. Louis Wm. T. Nardin Oscar G. Johnston Chester C. Davis F. Gay Hitt O. M. Attebcry Henry H. Edmiston C. M. Stewart Minneapolis.. W. C. Coffcy Roger B. Shepard J, N« Peyton 0, S. Powell A. W. Mills1 k-»tis iv. Jrreston E. W. Swanson Sigurd Ueland A. R. Upgren Harry I. Ziemcr Kansas City.. R. B. Caldwell Robert L. Mehornay H. G. Lcedy Henry O. Koppang Raymond W. Hall D. W. Woolley1 Dallas Jay Taylor J. B. Cozzo R. R Gilbert E. B. Stroud E. B. Austin a K. £>. L.oleman W. J. Evans W. O. Ford W. D. Gentry8 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. Towle Cleveland Cincinnati B. J. Lazar3 Pittsburgh J. W. Kossin3 Kansas City Denver Jos. E. Olson Richmond. . Baltimore W. R. Milford Oklahoma City G. H. Pipkin Charlotte W. T. Clements Omaha L. H. Earhart Atlanta... Birmingham P. L. T. Beavers Jacksonville Geo. S. Vardeman, Jr. Dallas El Paso J. L. Hermann4 Nashville Joel B. Fort, Jr. Houston E. B. Austin3 New Orleans E. P. Paris San Antonio L. G. Pondrom3 Chicago Detroit E. C. Harris3 San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock A. F. Bailey Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis W. H. Glasgow Seattle C. R. Shaw Cashier. 2Also Cashier* 3Vice President. 4Manager. NOVEMBER 1943 1135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES a= BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM (§) FEDERAL RESERVE BANK CITIES • 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