Federal Reserve Bulletin, 1943-12

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

=CONTENT§= Review of the Month—The Money and Banking System in Wartime... . 1137-1146 Fourth War Loan Drive... . 1147-1148 Current Events... I;E49 Size of War Production Loans.. XI49 National Summary of Business Conditions... 1150-1151 Financial, Industrial, Commercial Statistics, U. S. (See p. 1153 for list of tables). . 1153-1198 International Financial Statistics (See p. 1199 for list of tables) 1199-1x11 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council.. Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . Map of Federal Reserve Districts... 1114 Index to Volume Z9. . . 1x15-1134 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, £1 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 19 December 1943 NUMBER 12 THE MONEY AND BANKING SYSTEM IN WARTIME During the first two years of this coun- divert enough of its income to the war effort try's active participation in the war, the to avoid rising prices. debt of the Federal Government has in- The Treasury has planned its debt issues creased by about 105 billion dollars. with a view to keeping bank purchases About 56 billion of this increase has been and therefore monetary expansion at a miniacquired by private investors and Govern- mum. Through the emphasis on nonbank ment agencies, and the remaining 49 billion investors in the war loan drives, much has has gone into holdings of the commercial been accomplished during the past year. and the Federal Reserve Banks. This in- It is possible that during the next year less crease in bank holdings has been the major reliance will need to be placed on selling factor in a 45 billion dollar expansion in the securities to banks. War expenditures, money supply, that is, bank deposits and which had grown rapidly to a high level, currency in circulation. Including Govern- are expected to show little further increase; ment securities, which in the view of most tax receipts will rise somewhat further; holders are nearly equivalent to cash, as and the organization for increasing security well as deposits and currency, total liquid sales to nonbank investors has become well assets held by business concerns and indi- established. viduals have increased by nearly 100 billion Expansion in the supply of money that dollars in the past two years and are now has occurred in recent years, besides having exceptionally large. an important bearing on general economic All countries at war have met some part prospects, has special significance for the of their fiscal needs by monetary expansion. banking system. The great growth in de- Some expansion is probably desirable since posits has been accompanied by a shift in the extreme necessities of war mean that the distribution of banking funds, with the economic activity must be expanded and result that some banks and some areas have with it the need for money also grows. expanded more rapidly than others. The The expansion of the money supply should increase in deposits in relation to capital be great enough to facilitate all possible funds raises questions regarding convengrowth of production, but experience has tional standards frequently used by supershown that excessive monetary expansion visory agencies in judging the soundness and is common in war. It is difficult for any security of banks. Bank loans have defree economy to restrict its expenditures to clined as businesses and individuals acthe limited supplies of goods available in cumulated funds in excess of needs, and wartime and through taxes and savings Government securities of various types have DECEMBER 1943 1137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH become the principal earning asset of banks. This scale of advance in deposits and cur- These changes have had a bearing on earn- rency, while very rapid, is not out of proings—total earning assets have increased, portion with the rate of expansion of our but those providing the largest yields have productive economy, measured in dollar declined. The changes are unevenly dis- terms. The total of demand deposits and tributed among banks with the result that currency has grown during the war period some banks have larger earnings, while in about the same proportion as the total others have shown a decline. value of all goods and services produced, Many of the effects on banking of war- as represented by estimates of gross natime monetary expansion are likely to be tional product. The fact that the money lasting. Unless the Government debt is supply, narrowly defined as demand deretired rapidly after the war, deposits will posits and currency, has gone up at the same stay at or near the present high level, and rate as gross national product does not Government securities are likely to con- necessarily mean that the available supply tinue as the dominant earning asset of of money is no greater than is needed for banks. There may, however, be new and current uses. Gross national product is different shifts in the location of deposits as an evaluation of production at current the pattern of economic activity changes to prices and, as such, reflects a considerable fit peacetime needs. Many of the changes element of price advance. Gross national in our banking system and in other banking product and money supply might show a systems during the last war became more parallel movement, even though inflation or less permanent. In a similar way the were occurring. It is likely, moreover, present period is not necessarily just a that cash holdings at the beginning of the temporary aberration of banking affairs but BANK DEPOSITS AND CURRENCY probably one of important transitions. GROWTH IN DEPOSITS AND CURRENCY Of the total growth in deposits and currency during the past two years, about 17 billion dollars has occurred in United States Government.deposits, 17 billion in demand deposits adjusted, 4 billion in time deposits, and 8 billion in currency. Changes in holdings of Government securities by major groups of investors and in bank deposits and currency are shown on the accompanying chart. The demand deposit figures shown in the chart include State and local government deposits but are adjusted to exclude interbank deposits and items in process of collection; the time deposit figures include deposits at mutual savings 1930 1932 1934 1936 1938 1940 1942 NOTE.—Figures are partly estimated. Deposits are for all banks banks and in the Postal Savings System, in the United States. Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process of collection. Time as well as those at commercial banks. deposits include deposits in the Postal Savings System and in mutual savings banks. Figures for October 18, 1943 are preliminary. 1138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH war were in excess of normal working any larger. The excess of business and needs. They were larger relative to total individual incomes over current expendivalue of production of goods and services tures will continue as long as Government than in other periods of high economic ac- expenditures exceed tax receipts. The extivity. Consideration should also be given tent to which this unspent income goes to to the fact that a large part of the public's swell cash holdings will depend primarily increased holdings of Government securities on the extent to which nonbank investors are in the form of short-term or demand use their excess to purchase additional obligations, which are almost as liquid as Government securities. With continuing bank deposits. accumulations of funds and less growth in Under the special circumstances now pre- needs for working cash, nonbank investors vailing business concerns and individuals should be in a position to purchase larger may desire to keep on hand larger cash amounts of Government securities than balances than they would ordinarily want they have taken in the past. Should the to hold. Increased tax liabilities, for ex- banking system, however, take the same ample, have caused many business concerns proportion of Government security offerto hold large amounts of cash or of short- ings as it has been taking, the growth in term securities for discharging these liabili- the money supply is likely to be at a more ties as they become due. In time of war, rapid rate than the expansion in the physimoreover, the future is especially uncer- cal volume of economic activity. tain; businessmen and wage earners alike realize that when the war ceases there will OWNERSHIP OF U.S. GOVT SECURITIES be vast readjustments of production and employment, possibly to lower levels. 90 The timing of these changes, as well as their 80 nature and magnitude, are all unknown. / As a consequence there is a tendency to maintain substantial cash balances and reserves for use in contingencies. With these 60 J/ reserves people are more willing to under- PRVATE HOLDERS take the greater risks involved in achiev- 50 ing maximum productive effort. Such reserves also provide a cushion to ameliorate the effects of possible postwar declines in 30 4income and employment. It now appears that the country is ap- 20 -*• T proaching the peak of its productive effort, AN C D O M E M " R E . R C B I A A N L K S 1 10 i 10 but business and individual accumulations — "^ i«—- FED) E R T A R L U S A T G E F h JC1ES of liquid assets are likely to continue close 0 —m AN JNDS *"*"*~*" to the present rate. The Government's war expenditures have reached a high level in NOTE.—Figures represent breakdown of total interest-bearing debt for: end of June, 1929-1935; June and December, 1936-1941; end of month, 1942 to date. December figures beginning 1936, and monthly recent months and are scheduled to show figures beginning 1942, for certain classes of holders are partly estimated. Holdings by Federal agencies and trust funds include special only a moderate further increase. Pro- and public issues. Private holders include mutual savings banks, insurance companies, trust funds (other than Federal), and all other corpoduction of civilian goods will be little if rations, partnerships, and individuals. Figures for October are preliminary. DECEMBER 1943 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH DISTRIBUTION OF DEPOSIT GROWTH larger than at the end of 1941. The largest growth has been at banks in the southern Most of the wartime increase in bank and western districts, particularly in the deposits of the public has been in demand smaller cities and towns, where demand dedeposits. The major portion of the growth posits are generally 75 per cent or more in demand deposits has been in business aclarger than at the end of 1941. The counts; there has been some growth in persmallest increases have been in the northsonal demand accounts, and individuals' eastern area of the country and particularly holdings also account for most of the at the city banks in that area. growth in time deposits and currency. A large portion of the total increase in de- DEMAND DEPOSITS ADJUSTED mand deposits and the largest percentage ALL COMMERCIAL BANKS growth have occurred in banks in medium- BILLIONS OF DOLLARS CALL REPORT DATES sized and small cities and towns. At these banks personal deposits of individuals, including those of farmers, are relatively more important than at large city banks; they comprise about half of the total at small banks compared with one-fourth or less of the total at medium-sized and large banks. It may be concluded that the growth in demand deposits has been widely distributed, being shared by small and large business units, by depositors engaged in manufacturing and mining, in commerce and trade, and in agriculture, and by urban and rural communities in all sections of the country. The accompanying chart shows changes in demand deposits at three broad groups of banks—New York City banks, other reserve city member banks (covering 61 YOTK L,ity oanKs inciuae, ana ngures ior n.n utnerrsanKS exciuae, cities including Chicago), and all other one large bank admitted to membership in the Federal Reserve System in April 1942. Demand deposits adjusted exclude U. S. Government commercial banks (including "country" and interbank deposits and items in process of collection. member banks and all nonmember banks). Since the beginning of 1942., the pattern This chart shows that the growth in de- of Treasury receipts and expenditures has mand deposits since 1940 has been much been a dominant element influencing the dissmaller at New York City banks than at tribution of deposits as well as the total the other groups, in contrast to the late growth. In 1941 there was a fairly steady thirties when New York City banks showed growth of deposits, but within the past the largest increases. At the reserve city year, as shown in the next chart, which and country bank groups demand deposits gives weekly figures of deposits at banks in are now almost two and a half times their leading cities, the war loan drives have reearly 1939 levels and over 50 per cent sulted in wide shifts in deposits between 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Government and private accounts. During cultural income has been accompanied by the first drive in December 194.x and also increased deposits in farming areas. during the second drive in April and May During 1943, however, deposits in New of this year, U. S. Government war loan York City have shown wide fluctuations accounts were increased by purchases of with some tendency to increase. From the securities for the account of both banks and end of 1941 to November 17, 1943, demand their customers. Purchases for bank ac- deposits adjusted at New York City recounts were not made during the third drive porting banks increased by 1.3 billion but followed in October. dollars, compared with an increase of only Purchases for customers resulted in a 700 million dollars in 1942.. Treasury coldecline in other deposits at the banks during lection of taxes and sales of new securities the drives. Between drives, as the Treasury have continued to take more money from drew upon its war loan deposits to meet the New York market than was returned expenditures, other deposits at banks in- by Treasury expenditures, but during the creased. For the period as a whole, ad- first eight months of the year there was justed demand deposits have increased, and some flow of funds on commercial and they will show a further growth in the financial accounts into the New York marnear future as the Treasury draws upon the ket. The flow of funds into New York exceptionally large balances it now holds. may result in part from heavy net purchases There has also been some increase in time of Government securities in the open market deposits during the past year, following by banks and by others from outside the several years with little change. city. These securities were in general sup- During 1942. only a small part of the growth in deposits occurred at banks in DEPOSITS REPORTING MEMBER BANKS New York. These banks drew upon excess BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS reserves to increase their holdings of Government securities, but their deposits showed little growth. Funds collected by the Treasury in the New York market in the form of taxes and from the sale of new issues were greater than Treasury expenditures in that area. Furthermore, there appears to have been no net flow of private funds to New York. During the early phases of the great expansion in war production, there probably was a tendency to keep funds in banks near actual productive activity, rather than in money market banks where the head offices of the companies were located. This is indicated by the exceptionally large growth in deposits 1942 1943 1942 1943 in areas known to be active in war produc- NOTE.—Weekly reporting member banks in 101 leading cities. tion. Furthermore, rapid growth in agri- Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process of collection. Latest figures are for Nov. 17. DECEMBER 1943 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH plied by banks, dealers, and insurance com- prewar bond issues, secure longer maturipanies, which in turn increased their hold- ties than are available to them by subings by purchases of new issues. To a scription. considerable extent, however, the flow of At the time of our entry into the war, funds to New York has probably repre- about one-seventh of bank holdings of U. S. sented the accumulation of business balances Government securities matured in one year in that market. Working balances in the or less; now, this proportion is over 40 per areas of production may have become ample cent. This has been mainly the result of for current operations and sums in excess of the kind of securities offered by the Treasury such needs may have been placed on deposit for purchase by banks. Commercial banks in money-market banks pending investment reporting monthly to the Treasury added or other use. about 18 billions of dollars of Government securities to their holdings in 1942.; se- BANK PURCHASES OF GOVERNMENT curities maturing in less than one year ac- SECURITIES counted for about 50 per cent of the in- Member bank holdings of United States crease; those maturing in less than five Government securities have increased from years for about 65 per cent; and nearly all about 40 per cent of their total earning had maturities of less than 10 years. assets in 1940 to over 70 per cent at present. In 1942-, the maturity pattern of the se- Of considerable importance is the maturity curities added and retained by banks appears distribution of these holdings. From the to have followed roughly the distribution of standpoint of the banks, short-term issues securities banks obtained by subscription. give lower yields but provide greater In the first half of that year banks subliquidity than long-term issues, while from stantially increased their holdings of bonds the standpoint of the Treasury short-term and certificates, reflecting principally purissues, although less costly, necessitate chases of new issues. more frequent refunding than longer-term In the second half of 194Z banks made the securities. Long-term issues also present to largest net addition to Government porttheir holders greater possibilities of capital folios of any half-year period to date. In gain or loss because of future changes in general the additional securities were acsecurity prices. quired by subscription to Treasury offerings Until recently the policy of the Treasury and the banks did not retain all of the was generally to offer most issues of se- securities so acquired. Although holdings curities for sale to any buyers. In recent increased, there were substantial sales of years, however, there have been issues bills, certificates, and also some notes, which banks were not permitted to pur- to the market or to the Federal Reserve chase or to own except under certain condi- System Account. On the other hand, tions. The aim has been to limit bank pur- banks purchased from the market a small chases f to securities of relatively short amount of bonds in addition to those acmaturity. Since early in 1942-, all of the quired by subscription. securities for which banks were permitted During the first half of 1943 banks made to subscribe have had maturities of ten a net addition to their U. S. Government years or less. Banks may, however, by security portfolios by open-market purpurchasing in the open market outstanding chases as well as by subscription. Banks 1142. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH reporting to the Treasury increased their last June city banks have reduced their holdings of Treasury bonds in this period holdings of bills and have increased their by 4.8 billion dollars, of which about 1. holdings of certificates, notes, and bonds, billion were obtained by direct allotment which provide higher yields. The accomon subscriptions for new offerings and the panying chart shows changes in banks' remainder were purchased in the market. holdings by types of securities and by ma- Most of the bonds purchased were due or turities of bonds. callable in 10 years or less, but a few were As a net result of these transactions and of longer maturity. of the approach to maturity of outstanding issues, commercial bank holdings of COMMERCIAL BANK HOLDINGS OF GOVERNMENT SECURITIES Treasury bonds maturing in more than 10 BY TYPES OF SECURITIES years showed practically no change during BILLIONS OF DOLLARS END OF MONTH FIGURES BILLIONS OF DOLLARS the xz months ending October 31. Holdings of bonds maturing in 5 to 10 years increased by over 10 billion, and those of shorter bonds by 5 billion dollars. In the same period the reporting banks added about 3 billion to their holdings of notes and of guaranteed issues, all of which mature or are callable within five years, and increased their holdings of bills and certificates, which mature within one year, by about 18 billion dollars. CHANGES IN BANK LOANS As would be expected, the net effect of curtailed civilian production, increased money supply, and the financing by the 1942 1943 1942 Government of much plant expansion and NOTE.—Based on end of month reports received by the Treasury from approximately 5,800 commercial banks. Figures are on a par-value basis. of some inventories for war production has October 1943 figures are preliminary. been a decrease in the demand for bank In the third quarter of 1943, banks added credit. The decline in bank loans which to their portfolios of notes and certificates began in early 1942. continued through June through subscription for new issues and in of this year. Commercial loans for nonwar addition purchased certificates and bonds in purposes continued to decline and there was the market. A part of these securities were some slackening in the increase in loans for acquired just preceding and during the Third war purposes. Since June of this year, how- War Loan Drive, when securities were of- ever, there have been sharp increases both fered by individuals and concerns who were in commercial loans and in security loans. taking profits on holdings or were freeing Total loans at all commercial banks were cash in order to subscribe to issues in the about 17.7 billion dollars in June 1943, after Third War Loan Drive. declining about 4 billion from their high In October additional bonds and certifi- level in early 1942.. Commercial and incates were obtained by subscription. Since dustrial loans, which amounted to about 7 DECEMBER 1943 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH billion on June 30, 1943, accounted for The increase in commercial loans since close to x-5 billion of the total decrease. June of this year appears to reflect a sharper Between mid-1940 and early 1942. there had increase in the rate of borrowing for nonbeen a growth in commercial loans at all war than for war purposes. Close to half commercial banks of about 3 billion dollars, the total increase between June and late which rested primarily upon the rapidly November at reporting member banks ocexpanding level of production and trade as curred during the month of September. the defense program was developing. After Part of the unusual rise in that month may reaching a peak during the first half of 1942., have reflected borrowing either directly to the volume declined; outstanding loans finance security purchases during the Third for nonwar purposes apparently declined War Loan Drive or to restore working steadily and the rate of increase in loans for capital balances depleted by security purwar purposes slackened markedly. chases. Regulation V, and more recently Loans at all commercial banks to finance "VT" loans, guaranteed by the War Deproduction of war goods are estimated to partment, Navy Department, and the Marihave increased from 1.4 billion dollars at the time Commission, increased by about 900 end of 1941 to around 3J billion by June 30, million dollars during the first nine months 1943. These estimates for 1942. are based of 1943 to 1.7 billion outstanding on on semiannual surveys on war lending September 30, but the increase was less among the larger banks of the country con- than 300 million dollars during the last ducted by the American Bankers' Associa- three months of the period, when total comtion and on the System's survey of com- mercial loans at reporting banks expanded mercial loans at member banks in 1942.. If by about 700 million. This would indicate the war loans as here estimated are de- an increase in loans not related to war ducted from total loans, it appears that non- production needs. war loans declined by more than 3 billion In New York City, loans to brokers and dollars in 1942. and by another billion or dealers in securities have increased submore in the first half of 1943. stantially at the time of each war loan drive, Since June 1943, however, an up-turn in and have subsequently declined. They commercial loans and open-market paper at have gradually attained an average level weekly reporting member banks in 101 considerably above that of mid-i94x. This leading cities has erased nearly half of the has been due largely to increases in loans decline which occurred at those banks be- made to brokers and dealers for purchasing tween early I94X and mid-1943. The total and carrying Government securities. These of commercial loans and open-market paper loans have been reported separately by at these banks is now within about one banks in New York City since March 1943. billion dollars of the 1941 peak of 7.5 At that time they were close to 2.00 million billion. The relative decline from the loan dollars, but they rose above a billion dollars peak was similar in New York City and in both the Second and Third War Loan outside, but the recent increase has been Drive. By the latter part of November, substantially more rapid at reporting banks they had declined to around 600 million outside New York than in New York City. dollars. Loans to brokers and dealers for Loans made by banks outside New York handling securities other than Govern- City have accounted for roughly two-thirds ments have also increased, rising from a of the total dollar increase since June. level of around Z75 million early in 1943 to 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH around 500 million recently. Other loans A further factor in the earnings situation for purchasing or carrying securities at is that a large part of the decline in loans banks in 101 cities increased to about 600 has been in types of loans, such as consumer million dollars during the Second War credit, that produced high returns, whereas Loan Drive and rose during the third drive the new loans made have been to a considto a peak of 1.1 billion. By the end of erable extent war loans with relatively November they had declined by over 300 lower rates. The average rate of return million dollars. on loans in 1942. and the first half of 1943 All other loans at banks have declined was well below earlier levels. generally since the end of 1941. The greatest absolute, as well as the greatest propor- BANK RESERVES AND FEDERAL RESERVE tionate decline, 70 per cent, has been in POLICY consumer instalment loans, which dropped During the war period, the major prob- 1.1 billion to 480 million outstanding in lem of the Federal Reserve System has been October. to keep the volume of bank reserves and BANK EARNINGS the yields on Treasury issues consonant The large growth in holdings of Govern- with the requirements of war finance. The ment securities, combined with the decline expansion in currency and the substantial in loan volume, has produced widely growth of deposits have made it necessary different effects on the earnings of individ- for the System to supply a large volume of ual banks. In i94x the earnings of central reserve funds to the market. The currency reserve and reserve city banks increased, demand has been particularly important while those of country banks declined. in creating a need for reserves since its In the first half of 1943 earnings at all classes effect is to absorb reserve funds on a dollarof banks increased, but the biggest gain for-dollar basis, whereas deposit growth was at the money market central reserve requires the replenishment of reserve balcity banks. These variations can be ex- ances only on a fractional basis. plained largely by differences in the spread Since die end of 1941 the currency growth between loan rates and investment yields. has amounted to 8 billion dollars and the At large banks loan rates have not been amount of required reserves, notwithstandso much higher than the rates on invest- ing some reduction in the proportions ments, and the increase in holdings of required against deposits, has increased by Government securities has more than offset 2. billions. These needs have been met the effect on earnings of the decline in principally by an increase of 8 billion loans. At smaller banks, loan rates are dollars in Reserve Bank holdings of Govgenerally much higher than rates on ernment securities and a decline of 2. billion Government securities. Many of these in excess reserves. The volume of excess banks, therefore, while showing an in- reserves of all member banks is now close crease in the total volume of earning assets to a billion dollars and most of this is at have nevertheless suffered a decline in earn- country banks. ings. It is likely that many banks have The elimination of reserve requirements had no increase in earnings, or possibly a against war loan balances in April of this decline, even though earnings of banks as year has removed the need for special rea whole have increased. serve action during war loan drives but DECEMBER 1943 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH it has also had the effect of causing wide general, however, most banks still convariations in required and excess reserves. tinue to carry some volume of excess Before this legislation, when war loan bal- reserves and there appear to be a few that ances were subject to the same requirements have the clear policy of not allowing their as other deposits, the wide-scale shifting excess reserves to fall below certain fixed of accounts that characterized a period of levels. Treasury financing and the increase in Banks in New York City and Chicago, deposits resulting from bank purchases of which together held a billion and a quarter Government securities required the main- dollars of excess reserves at the end of 1941, tenance of ample and enlarged excess re- have held practically no excess reserves serves so as to avoid random and unexpected since early this year. At reserve city banks pinches at individual banks or in selected excess reserves, which remained above a bilareas. The effect of the present provision lion dollars during most of i94x, have deis actually to release reserves at the time clined steadily in recent months and are of a war loan drive. During the Septem- now around 300 million dollars, or about 7 ber drive, banks were so well provided per cent of requirements. Country banks with excess reserves that they made sub- have gained reserve funds as their requirestantial purchases of Government securities ments have grown and have generally in the open market. maintained excess reserves of around 800 Although banks should have adequate million. The ratio of excess to required reserves to meet wartime needs, the main- reserves for these banks is still above 30 tenance of a very large volume of excess per cent. reserves no longer seems necessary. The Another aspect of Federal Reserve policy buying rate on bills established by the Sys- has been the maintenance of prices of Govtem, combined with the option to repur- ernment securities at levels which facilitate chase, works in the direction of giving current Treasury financing. In general the banks great facility in the easy and precise pattern of interest rates that became estabmanagement of their reserve funds. The lished in the prewar period, when banks fact that the broad level of prices of other held a large volume of excess reserves, has Government securities is being maintained been maintained. This has required at also endows these securities with a high times the purchase of certain securities and degree of liquidity. Under these circum- at other times their sale. The general stances, excess reserves no longer have the result of these operations and of those to special significance that has been attached supply reserves has been that the Reserve to them in recent years. Banks have purchased from member banks short-term, low-rate securities—Treasury Many banks, in fact, have resumed the bills and certificates—and during this year long dormant practice of investing all have actually sold notes and bonds. available funds and thus of holding no Under existing Federal Reserve policies, excess reserves. Since early this year, therefore, the large amounts of certificates, almost all of the money market banks in as well as of bills, now held by banks New York and Chicago have been on a full provide the means for obtaining at low investment basis and certain other banks rates any amount of additional reserves have also come to this position. In that banks may need. 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOURTH WAR LOAN DRIVE On November 2.7. Secretary Morgerithau issued Series C Savings Notes the following statement announcing that the 2. }/2 per cent Bonds of 1965-70 Fourth War Loan Drive would start January 18, 2. x/± Per cent Bonds of 1956-59 and would run until February 15, 1944: % per cent Certificates of Indebtedness "The goal has been set at 14 billion dollars. "In view of the fact that many commercial Five and one-half billion dollars of this amount banks accept time deposits and perform in their is to be raised directly from individuals. own communities the same functions as those * 'The State War Finance Committees will have performed by other savings institutions, the the task of raising this 14 billion dollars. These Treasury will permit such commercial banks committees are being strengthened and expanded to make a limited investment of their time to meet the necessity of increasing the number deposits only in the 2. x/i per cent and 2. }/& per of people who are buying War Bonds. Millions cent Bonds under a formula to be announced of volunteer salesmen are now ready to carry later. this campaign for funds to every individual "The 2.3/2 per cent Bond will be dated Febinvestor in homes and in plants throughout the ruary 1, 1944, due March 15, 1970, callable nation. March 15, 1965, and will be issued in coupon "The major emphasis throughout the entire or registered form at the option of the buyers, period of the drive—January 18 to February in denominations from $500 to $1,000,000. 15—will be placed on the quota of 5.5 billion Commercial banks, which are defined for this dollars for individuals. During the period purpose as banks accepting demand deposits, from January 18 to February 1 only sales to will not be permitted to own these bonds until individuals will be reported by the Treasury. February 1, 1954, except for the limited invest- The reporting of sales to individuals will be ment of time deposits. supplemented starting February 1 with reports ' 'The i.}/i per cent Bond will be dated February of sales to other nonbanking investors—the 1, 1944, due September 15, 1959, callable Sepquota for which is 8.5 billion dollars. This tember 15, 1956, and will be issued in coupon or will not preclude the acceptance of subscrip- registered form at the option of the buyers, in tions from other nonbanking investors at any denominations of $500 to $1,000,000. Comtime during the drive. mercial banks, which are defined for this pur- "All subscriptions for Savings Bonds and pose as banks accepting demand deposits, will Savings Notes received at the Federal Reserve not be permitted to own these bonds until Banks or at the Treasury of the United States September 15, 1946, except for the limited inbetween January 1 and February Z9, 1944, vestment of time deposits. will be credited to the drive. "The Y% Per cent Certificate of Indebtedness "The goal and the type of securities to be will be dated February 1, 1944, due February offered were determined by the Treasury after 1, 1945, and will be issued in denominations of consultation with the chairmen of the State $1,000 to $1,000,000 and in coupon form only. War Finance Committees, officials of the "The Treasury will request that, until after Federal Reserve System, the American Bankers February 15, 1944, commercial banks not buy Association, and other investment authorities. the % per cent Certificates of Indebtedness ' 'The securities to be sold under the direction offered, and that the market not trade in any of the War Finance Committees will consist of: of the marketable securities offered in the drive. Series E Savings Bonds ' 'To avoid unnecessary transfers of funds from Series F and G Savings Bonds one locality to another, the Treasury requests DECEMBER 1943 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOURTH WAR LOAN DRIVE that all subscriptions by corporations and firms purchase of Government securities. The Treasbe entered and paid for through the banking ury is in favor of the banks making loans to institutions where funds are located. This facilitate permanent investment in Government request is made to prevent disturbance to the securities provided such loans are made in money market and the banking situation. The accord with the joint statement issued by the Treasury will undertake to see that statistical National and State Bank Supervisory Authoricredit is given to any locality for such subscrip- ties on November 2.3, 1942.." tions that the corporations and firms may request; except subscriptions from insurance com- On November 2.2., the Secretary of the Treasury panies will be credited to the State of the home announced an offering of certificates of Decemoffice as in the past. ber 1944 in exchange for the 3.8 billion dollars "In order to help in achieving its objective of certificates that matured on December 1. of selling as many securities as possible outside The new issue carried a coupon rate of ]/g of of the banking system, the Treasury requests one per cent. A total of 3.5 billion dollars of the cooperation of all banking institutions in the maturing certificates were exchanged for declining to make speculative loans for the the new issue. 1-148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Admissions of State Banks to Membership in the Lake View—Farmers State Bank Federal Reserve System Renwick—Renwick Savings Bank The following State banks were admitted to membership in the Federal Reserve System New York during the period October 16, 1943, to Novem- Hempstead—Hempstead Bank ber 15, 1943, inclusive: Northport—Northport Trust Company Texas California Houston—Heights State Bank Napa—Napa Bank of Commerce Conference of Chairmen Illinois The Chairmen of the Federal Reserve Banks met with the Board of Governors in Washington Bloomington—American State Bank of Bloomon November 8, 1943. ington, Illinois Federal Advisory Council Iowa A meeting of the Federal Advisory Council Columbus Junction—Columbus Junction State was held in Washington on November 14-15, Bank and the Council met with the Board of Gover- Des Moines—Capital City State Bank nors on November 15, 1943. SIZE OF WAR PRODUCTION LOANS A recent analysis of Regulation V war produc- distinguished from the size of the loans shows tion loans authorized by the War Department, that about Z5 per cent of the borrowers had Navy Department, and Maritime Commission assets under $50,000, and that 68 per cent had through September 1943 shows that about one- assets of less than $500,000. Only 6 per cent of fifth of the number of guaranteed loans author- the borrowers had assets of $5,000,000 or more. ized were for amounts of $X5,000 or less and that The following table gives a distribution of the over half of them were for $100,000 or less. Less number of borrowers by size of total assets: than one-eighth were for more than $1,000,000. The percentage distribution of the loans authorized, according to size of loan, is as follows: Assets of borrower N bo u r m ro b w er e r o s f P o n e f u r m to c b e t e a n r l t d C p i e u s r t m c ri e u b n l u a ta t t i i g o v e n e Under $50,000 ^01 24.7 24.7 $50,000 to $500,000 21,417 43.6 68.3 Amount of loan P n e u r m c b e e n r t o o f f l t o o a t n a s l d C p i e u s r m t c ri e u b n l u a ta t t i i g o v e n e N $ $ 5 5 o 0 , 0 0 i 0 , n 0 0 f 0 , o 0 0 r 0 m 0 to a a t $ i n 5 o d n ,0 o 0 v 0 e , r 000 8 1 1 9 1 4 8 5 2 6 5 . . . 1 5 1 1 9 9 0 3 9 0 . . . 4 5 0 Up to $5,000 3.6 3.6 Total 3,245 $5,001-$10,000 5.1 8.7 $10,001-$25,000 11.9 20.6 1 Includes 171 borrowers, for whom asset size is not available, with $25,001-$50,000 13.7 34.3 loans under $50,000. $50,001-$100,000 16.7 51.0 2 Includes 113 borrowers, for whom asset size is not available, with $100,001-$250,000 16.9 67.9 loans of $50,000 to $100,000, inclusive. $250,001-$500,000 12.4 80.3 $500,001-$1,000,000 7.9 88.2 In the above table a borrower is counted only $l,000,001-$5,000,000 9.0 97.2 $5,000,001-$10,000,000 1.4 98.6 once regardless of the number of loans made to $10,000,001-$25,000,000 .8 99.4 $25,OOO,OO1-$5O,OOO,OOO .3 99.7 him. Over $50,000,000 .3 100.0 Current data on guaranteed loans under A classification of Regulation V loans author- Regulation V are shown in the table on page ized according to size of the borrowers as 1149 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled November 22 and released for publication November 26. Figures shown on charts may differ from preliminary figures used in text. Industrial activity was maintained in record ber production declined somewhat more than volume in October and the early part of Novem- usual at this season and the prospective supply ber. Value of department store sales continued situation remains critical notwithstanding reat an exceptionally high level. duced demand for lumber for building purposes. Output of stone, clay, and glass products as a INDUSTRIAL PRODUCTION whole showed little change and was at about The total volume of industrial production the level of a year ago. Cement production in continued to increase slightly in October and October was down 40 per cent from last year but production of other stone, clay, and glass prodthe Board's seasonally adjusted index was at 145 ucts, like glass containers and asbestos and per cent of the 1935-39 average, as compared abrasive products, was considerably higher than with 140 in July and 2.1s/ in January. War prolast year. duction in the machinery and transportation equipment industries showed a further rise, Output of most nondurable goods showed reflecting largely a new high level of production little change from September to October. Food of aircraft, aircraft engines, and parts. The total manufacturing as a whole continued in large number of planes accepted during the month was volume, allowing for seasonal changes, although 8,361, or 11 per cent more than the average in the butter and cheese production declined. Output third quarter. Deliveries of cargo vessels from of butter was 11 per cent below last year in merchant shipyards continued at an annual rate October and declined further in the early part of of 2.0,000,000 deadweight tons. November. Meatpacking, however, was at an exceptionally high level in October and con- INDUSTRIAL PRODUCTION tinued to increase sharply in the first three weeks HCAL VOLUME SEASONALLY ADJUSTED, 19 of November. There was also a rise in produc- - 240 tion of wheat flour and other manufactured foods in October. Output of textile and leather 220 220 - / products remained at the somewhat reduced rate 200 200 - / of recent months, while production of rubber 180 products and industrial chemicals increased. - / Coal production declined 6 per cent in October y and dropped sharply further during the first week of November, but increased in the middle 120 120 of November. 100 100 \ The value of construction contracts awarded in October, according to reports of the F. W. Dodge Corporation, continued at the low level Federal Reserve index. Monthly figures, latest shown is for October. of other recent months. Total awards this year have been 60 per cent smaller than in the corre- Steel mills operated during October at the sponding period of 1942., when they were at the highest monthly rate during the war period. highest level of the war period. Production of nonferrous metals also continued to rise. Announcement of permission to use DISTRIBUTION aluminum in additional types of war products Department store sales in October and the first and some essential industrial products followed half of November were 10 per cent larger in dolrapidly increasing output of this metal. Lum- lar volume than in the same period last year, 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS and, allowing for seasonal changes, sales were BANK CREDIT somewhat higher than in the third quarter of The average level of excess reserves at all this year. Total consumer expenditures for member banks was around i. i billion dollars in commodities and services in the third quarter mid-November, reflecting some decline from the were at about the peak level prevailing in the comparable October period. During the four first half of this year and were substantially weeks ending November 17 reserve funds were larger than a year ago. supplied to member banks by an increase of Carloadings of railway freight in October over 900 million dollars in the Government were slightly less than in September, reflecting security portfolio of the Reserve Banks; inchiefly declines in shipments of coal and ore. creased holdings consisted largely of bills pur- Loadings of grain increased sharply to a level chased under option and in part of certificates. 2.0 per cent greater than in October 194X5 and The effect of these security purchases on excess livestock shipments were the highest in recent reserves was more than offset, however, by a years. currency demand of 540 million dollars and a COMMODITY PRICES continued increase in required reserves as Grain prices advanced in the early part of Treasury disbursements transferred funds from November, while prices of livestock declined as reserve-exempt war loan accounts to private livestock marketings expanded sharply. Prices deposits. of certain industrial raw materials, such as Following substantial bank purchases of cotton, wool, and nonferrous metal scrap, have special Treasury offerings in mid-October, also declined somewhat since the middle of Oc- Government security holdings at reporting tober, reflecting larger supplies and uncertainties member banks in 101 leading cities declined as to the extent of demands for these materials somewhat over the following month. The in war production. principal decrease was in holdings of bills at The total cost of living which had declined banks outside New York. Commercial loans 1.4 per cent during the summer, according to the while decreasing during the past two weeks, Bureau of Labor Statistics, rose .8 per cent showed a net gain for the four-week period, from mid-August to mid-October. There were while loans on securities, which rose to a high increases in prices of food, clothing, and a level during the Third War Loan Drive, declined number of miscellaneous items. substantially. COST OF LIVING PER CENT, 1933-39-100 PER MEMBER BANK RESERVES AND RELATED ITEMS 160 150 140 A 140 j s 130 130 i 120 FOODS ' S "^ no 'If LL ITEMS 100 90 90 80 1937 1938 1939 1940 1941 1942 1943 Bureau of Labor Statistics' indexes. Last month in each calendar buarter through September 1940, monthly thereafter. Mid-month figures, latest shown are for October. Wednesday figures, latest shown are for Nov. 24. DECEMBER 1943 1151 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 Batik credit, and related items 115 5 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 1156 Federal Reserve Bank statistics 1157-1161 Guaranteed war production loans 1161 Deposits and reserves of member banks 1162. Money in circulation 1163 Gold stock; Postal Savings System; bank suspensions; bank debits. 1164 All banks in the United States, number, deposits, loans and investments 1165 Condition of all member banks 1166-1167 Weekly reporting member banks. 1168-1171 Commercial paper, bankers' acceptances, and brokers' balances ... nyz Money rates and bond yields 1173 Security markets 1174-1175 Corporate profits 1176 Treasury finance 1177-1179 Government corporations and credit agencies 1180 Business indexes 1181-1189 Department store statistics 1190-1191 Consumer credit statistics 1191-1193 Wholesale prices 1194 Employment in nonagricultural establishments 1195 November crop report, by Federal Reserve districts 1195 Current statistics for Federal Reserve chart book 1196-1197 Changes in number of banking offices in the United States.... 1198 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 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 scries on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. DECEMBER 1943 I3:53 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 TREASURY CASH AND DEPOSITS MEMBER BANK RESERVE BALANCES 1937 1938 1939 1940 1941 1942 1943 Wednesday figures, latest shown are for Nov. 24. See p. 1155. 1154 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 : B o d e i u i l s d n l - s t- T U o . t a S l s . e G T cu o r a e r v n i a d e t s i r e - n s me o n A 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 u c o e i e a u r u n n a n r y t c g s d - - y - - M i c n t u o io c l n a n i e r - y - T c i h r n u a o e g r s l a y s h d s - - F u T B p r e w s y r o d a R e e i s e n r e t d a i v h r - k t s e a e s s - - l b p m N e o r e o s m n d it - e s - - c O s F o e e R a t e u r r h c e v d a n - e - e - l t r s Tot b a a l lan E ce x s cess2 certificates Monthly averages of daily figures: 1942—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 Oct 9 4,013 1,130 2,883 268 4,290 22,752 3,361 13,951 2,233 350 1,345 290 12,234 2,328 1943—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 1,136 Sept 41 9,214 6,981 2,233 478 9,732 22,209 4,093 18,729 2,266 336 1,504 334 12,864 1,417 Oct 15 9,072 6,845 2,226 464 9,551 22,145 4,100 19,001 2,280 559 1,581 339 12,035 1,264 End of month figures: 1942—Aug. 31 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.... 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Oct. 31 11 4,667 1,207 3,459 282 4,959 22,740 3,368 14.210 2,261 252 1,326 283 12,735 2,644 1943—Aug. 31 59 9,088 6,861 2,227 319 9,466 22,243 4,087 18,529 2,271 249 1,561 339 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 Oct. 30 26 9,354 7,111 2,242 443 9,823 22,116 4,101 19,250 2,288 400 1,674 341 12,086 1,102 Wednesday figures: 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 ,788 Mar. 3 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10.. .. 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16,205 2,218 5 1,179 276 13,122 1,877 Mar. 17 10 6,266 3,102 3,165 422 6,699 22,610 3,979 16,115 2,224 6 1,129 297 13,516 2,126 Mar. 24 10 5,950 2,883 3,067 320 6,280 22,595 3,984 16,065 2,218 6 1,185 301 13,084 1,632 Mar. 31. ... 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Apr. 7 13 6,549 3,516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 302 13,110 1,976 Apr. 14 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,144 2,147 Apr. 21 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,293 Apr. 28 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 May 26 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 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 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 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 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 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 July 7... 34 7,676 5,448 2,228 407 8,117 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14.. 10 7,645 5,419 2,226 495 8,150 22,362 4,086 17,658 2,267 616 1,466 331 12,260 1,310 July 21.. 9 7,577 5,378 2,199 447 8,033 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 July 28.. 13 7,951 5,752 2,199 453 8,418 22,334 4,090 17,799 2,272 559 1,571 331 12,309 1,020 Aug. 4... 18 8,165 5,967 2,199 400 8,582 22,335 4,093 18,014 2,281 398 1,650 332 12,336 1,030 Aug. 11.. 24 8,317 6,119 2,199 377 8,718 22,306 4,091 18,101 2,281 295 1,651 331 12,456 1,199 Aug. 18.. 18 8,156 5,957 2,199 412 8,586 22,291 4,092 18,214 2,279 99 1,388 329 12,660 1,288 Aug. 25.. 40 8,777 6,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 Sept. 1... 69 9,187 6,956 2,231 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8... 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 . 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22. 22 9,204 6,983 2,221 491 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 Oct. 27.. 13 9,291 7,056 2,235 381 9,686 22,132 4,103 19,090 2,295 530 1,659 342 12,005 1,062 Nov. 3... 39 9,476 7,230 2,246 321 9,835 22,116 4,106 19,354 2,298 334 1,668 333 12,069 1,084 Nov. 10.. 22 9,865 7,611 2,254 344 10,231 22,096 4,100 19,514 2,297 369 1,716 333 12,198 1,080 Nov. 17.. 34 9,832 7,577 2,254 506 10,372 22,096 4,101 19,559 2,293 407 1,714 333 12,263 1,096 Nov. 24.. 48 10,364 8,101 2,263 381 10,792 22,081 4,101 19,726 2,295 479 1,739 333 12,402 1,044 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. DECEMBER 1943 "55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES fin effect November 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o n e b g y l i e o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p 1 er 3 a „ )1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 N Ph ew ila Y de o l r p k hia.... O Oc c t t . . 3 1 0 7 , , 1 1 9 9 4 4 2 2 M Au a g r. . 2 2 1 5 , , 1 1 9 9 4 3 2 9 \y& O Oc c t t . . 3 1 0 7 , , 1 1 9 9 4 4 2 2 1 1 M Au a g r. . 2 21 5 , , 1 1 9 9 4 3 2 9 i 2 y2 O O c ct t . . 3 1 0 7 , , 1 1 9 9 4 4 2 2 Cleveland Oct. 27, 1942 Apr. 11, 1942 \y^ Sept. 12, 1942 1 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 \y^ Oct. 28, 1942 1 Mar. 14, 1942 2y% Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 1^2 Oct. 15, 1942 1 Sept. 16, 1939 2 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 \.}/2, Aug. 29, 1942 1 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 i/^ Mar. 14, 1942 1 Sept. 16, 1939 2 Oct. 27, 1942 M Ka in n n s e a a s p C ol i i t s y O O c c t t . . 3 2 0 7, , 1 1 9 9 4 4 2 2 M Ap a r r . . 2 1 8 1 , , 1 1 9 9 4 4 2 2 iy2 O O c ct t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 1 1 M Se a p r t . . 2 1 8 6 , , 1 1 9 9 4 3 2 9 2 2 V£ O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 Dallas Oct. 17, 1942 Mar. 21, 1942 i^ Oct. 17, 1942 1 Sept. 16, 1939 2 Oct. 17, 1942 San Francisco... Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Apr. 4, 1942 2% Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- [Per cent per annum ] VANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity No R ve a m te b o e n r 30 In g i e n ff n ec in t g b - e- Pre r v at i e ous [In effect November 30. Per cent per annum] Treasury bills1 % Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days % do.. 1 121-180 days do IK Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t b i h l e l e s fo o s r e e ff l e l m e re r a , d t . w ur e i E r t e y f f , m e c w a ti d o v e u e l d o A n s u e c g l o l . n 3 b d , a it c 1 i k 9 o 4 n 2 b , i t l h p ls a u t r o ch f th a e s li e k s R e e o s a f e m r s v o u e u c n h B t b a a i n l n l k d s , , adva O n n ces1 co m m O e m n n t i s t- fo p r o w O rt h n io ic n h On re- m O it n m c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases institu- maining have been made subject to repurchase option. tion is portion 2 Minimum buying rates on prime bankers' acceptances. obligated MEMBER BANK RESERVE REQUIREMENTS Boston [Per cent of deposits] New York 2H-5 Philadelphia 2^-5 ;t Cleveland 2M-5 Net demand deposits1 Time deposits Richmond (all Atlanta () C re e c s n i e t t r y r v a e l Re c s it e y rve Co b u an n k tr s y m ba e n m k b s e ) r C St h . ic L a o g u o is 2H-5 banks banks Minneapolis () June 21, 1917-Aug. 15, 1936 13 10 k D K a a l n l s a a s s City Aug. 16, 1936-Feb. 28, 1937 19H 15 103^ San Francisco 23^-5 Mar. 1, 1937-Apr. 30, 1937 22M 17^ 12M M N S A A E e f o u p a f p g r v y e . t . . c . t 2 1 i 1 v 0 1 1 4 6 e , , , , , 1 1 1 1 1 O 9 9 9 9 9 4 4 c 4 3 3 2 1 t 2 7 8 . - - - - - A S 3 O A O , e u c p c p 1 g t t r . t . . 9 . . 4 1 1 3 1 2 3 9 2 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 2 2 8 2 1 2 2 2 2 2 2 6 6 4 0 2 2^ 2 2 2 1 2 2 0 0 0 0 0 7^ 1 1 1 1 1 1 4 2 4 4 4 4 6 5 6 6 6 6 lo 2 3 4 1 w 5 R e M F I R n r i a a . n c a t t l y a e e u n d c c c c h i h h i n n a a a g r r g r g g g l e e e i o d n d a s s n a b b t s m i o o t m r u r e r r t o a o i r w d o w a e n t e e e r i r i n . s a l e s p c s a h s c r h a c t r a i o g c r m g e ip d e m a d t V i i t b o m i o n p e r e r n w o r t w i c t r h e e a r n t f e t i b n . o y an n c f i u i n n n a g d n i c i s n i b n s u g t r i s t i u e n d t s i o t p i n t o u s r . t t i i o o n n , o if f 1 Gross demand deposits minus demand balances with domestic banks loan under commitment. i ( t e e x m ce s p i t n p p r r i o v c a e t s e s b o a f n c k o s l l a e n c d ti o A n m . erican branches of foreign banks) and cash MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by MARGIN REQUIREMENTS1 the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [ Per cent per annum 1 P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a r n n d g a o c e f c o A G r c d o t a v n e o c r f e n o 1 w r 9 s 3 i t 4 o h f t S h e e c F ur e i d ti e e r s al O A 1 c p 1 t 9 9 . r 3 « 3 . 6 3 7 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i I v , e Savings deposits N Ja o n v . . 3 1 1 , , 1 19 9 3 3 3 5 - F D e e b c . . 1 3 , 1 , 1 1 9 9 3 3 5 5 - Ja E n ff . e 1 c , t 1 i 9 v 3 e 6 Postal savings deposits... 23/2 For extensions of credit Jby broker's jand dealers on Other deposits payable: listed securities, under Regulation T. 40 In 6 months or more Fooir short sales,. under Reg„ulation T. ,(*) 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.. 3 55 40 In less than 90 days.... 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 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. II56 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 1942 Nov. 24 Nov. 17 Nov. 10 Nov. 3 1 Oct. 27 Oct. 20 Oct. 13 Oct. 6 October September October Assets Gold certificates on hand and due from U. S. Treasury 19,784,215 19,803,21519,804,71519,831,71519,851,715 19.,843,71519,874,96519,897,71519,832,-214.9,879,71420,554,127 Redemption fund—F.R. notes.. 130,406 127,950 128,399 114,884 112,035 123,280 114,059 112,899 114,410 131,290 15,101 Other cash 310,149 318,672 300,509 314,718 328,857 328,791 318,748 330,570 321,825 333,061 243,806 Total reserves. 20,224,77020,249,83720,233,623 20,261,31720,292,607 20,295,786 20,307,772 20,341,18420,268,449 20,344,06520,813,034 Bills discounted: For member banks 47,610 33,735 22,380 38,625 13,305 10,525 16,309 12,599 25,545 11,760 5,970 For nonmember banks, etc... 2,000 50 5,000 Total bills discounted... 47,610 33,735 22,380 38,625 13,305 10,525 18,309 12,599 25,545 11,810 10,970 Industrial advances 11,676 12,055 11,577 11,751 12,006 11,872 11,954 11,914 12,070 11,902 14,312 U.S. Government securities: Direct: Bonds 1,508,232 1,508,232 1,508,232 1,505,582 1,505,582 1,501,082 1,500,432 1,500,432 1,505,582 1,500,432 2,144,890 Notes 690,900 685,900 685,900 685,900 685,900 687,400 687,400 687,400 685,900 687,400 1,297,359 Certificates 1,843,550 1,771,250 1,694,200 1,591,050 1,571,250 1,498,050 1,379,150 1,359,150 1,565,350 1,347,250 726,201 Bills: Under repurchase option 5,088,207 4,638,506 4,755,683 4,487,544 4,335,653 4,040,245 4,338,010 4,704,410 4,395,534 4,247,874 95,864 Other 1,169,500 1,167,600 1,161,100 1,151,100 1,148,875 1,148,925 1,123,451 1,102,834 1,151,100 1,102,834 385,066 Guaranteed.. 63,486 60,329 59,829 54,671 43,621 38,685 33,116 33,116 50,481 33,116 17,126 Total U.S. Government securities, direct and guaranteed 10,363,875 9,831,817 9,864,944 9,475,847 9,290,881 8,914,387 9,061,559 9,387,342 9,353,947 8,918,906 4,666,506 Other Reserve Bank credit outstanding 369,111 494,359 332,265 308,763 369,417 443,574 269,815 362,869 430,992 441,407 267,449 Total Reserve Bank credit outstanding.. 10,792,27210,371,96610,231,166 9,834,986 9,685,609 9,380,358 9,361,637 9,774,724 9,822,554 9,384,025 Liabilities F.R. notes in actual circulation. 16,131,38215,974,14015,918,22515,759,85215,521,44115,444,57815,386,57515,308,85415,663,15815,266,277 Deposits: Member bank—reserve account 12,401,91' 12,263,24412,198,17712,068,93812,004,86212,002,20712,021,12311,903,29' 12,085,66311,864,26012,735,009 U. S. Treasurer—general account 479,209 406,625 369,026 334,386 529,704 530,417 379,732 1,013,378 399,821 705,933 251,651 Foreign 1,398,404 1,363,373 1,348,971 1,299,815 1,317,889 1,261,808 1,254,286 1,241,929 1,331,252 1,220,733 948,544 Other deposits 340,814 350,490 366,990 367,973 341,349 174,758 366,801 391,312 343,216 414,969 377,724 Total deposits 14,620,34414,383,73214,283,164 14,071,112 14,193,80413,969,19014,021,942 14,549,91614,159,952 14,205,895 14,312,928 Ratio of total reserves to d_ posit and F.R. note liabilities combined (per cent) 65.8 66.7 67.0 67.9 69.0 69.1 68.0 69.0 81.5 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 to 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: Oct. 27 13,305 11,365 240 1,250 450 Nov. 3 38,625 35,510 425 2,140 550 Nov. 10 22,380 18,090 610 2,080 1,600 Nov. 17 33,735 29,705 325 2,455 1,250 Nov. 24 47,610 43,330 815 2,165 1,300 Industrial advances: Oct. 27 12,006 9,770 107 658 334 526 234 266 111 Nov. 3 11,751 9,636 755 147 39 502 293 273 106 Nov. 10 11,577 9,539 743 82 58 503 292 273 107 Nov. 17 12,055 10,587 166 92 29 503 302 270 106 Nov. 24 11,676 10,226 154 91 38 498 294 269 106 U. S. Government securities, direct and guaranteed: Oct. 27 9,290,881 732,507 1,338,893 2,143,144 1,640,234 457,000 952,200 211,400 701,071 1,114,432 Nov. 3 9,475,847 1,197,144 1,373,856 1,735,011 1,862,283 535,500 734,100 211,400 701,071 1,125,482 Nov. 10 9,864,944 800,086 1,961,745 1,753,547 1,939,855 600,350 763,600 211,400 702,971 1,131,390 Nov. 17 9,831,817 1,773,272 922,741 1,791,246 1,866,797 666,900 764,600 211,400 702,971 1,131,890 Nov. 24 10,363,875 1,923,307 854,125 2,024,877 2,009,848 717,700 784,600 211,400 702,971 1,135,047 DECEMBER 1943 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C an it s y as Dallas F ci r s a c n o - Assets Gold certificates on hand and due from U. S. Treasury: Oct. 27 19 851,7151,064,4375,307,5291,098,938 ,712,405 ,098,643 980,0503,790,342 673,631463,264 732,413 556,7742,373,289 Nov. 3 19 831,7151,075,464 5,192,9811,164,460 L,655,122 L,101,120 974,8403,795,779 646,584457,657 762,175 586,3752,419,158 Nov. 10 19 804,7151,062,1535,119,5551,154,0911,670,461 1,099,651 999,3893,784,826 670,713462,626 789,708 591,0652,400,477 Nov. 17 19803,2151 031,931 5,146,9201,145,3811,687,292 1,089,6751,003,8133,714,478 689,005439,245 792,935 595,2822,467,258 Nov. 24 19 784,2151,019,9535,135,9041,121,6661,736,549 1,084,0001,022,9823,723,254 688,493439,029 782,929 595,5642,433,892 Redemption fund— Federal Reserve notes: Oct. 27 112,035 17830 10,986 15,400 10,764 13,326 10,410 796 20,051 2,545 5,544 3,066 1,317 Nov. 3 114,884 17 735 10,636 15,728 10 647 15,327 10,298 1,674 20,014 2,533 5,515 3,539 1,238 Nov. 10 128,399 17,639 20,089 15,562 10,532 16,470 11,967 1,545 19,970 2,518 5,483 3,506 3,118 Nov. 17 127,950 17 548 19,763 15,900 10,428 15,570 11,862 1,432 19,935 3,007 5,460 3,982 3,063 Nov. 24 130,406 17,478 19,484 15,775 10,347 16,854 11,785 1,345 19,909 2,998 5,442 3,962 5,027 Other cash: Oct. 27 328,857 31,783 79,214 24,586 22,330 22,510 19,306 43,123 11,937 8,319 16,496 10,084 39,169 Nov. 3 314,718 30 773 75,766 22,892 24 270 20,035 17,874 41,347 11,446 9,205 14,970 9,367 36,773 Nov. 10 300,509 27 384 74,966 22,139 22 132 19,995 17,286 38,443 11,525 8,266 14,217 9,661 34,495 Nov. 17 318,672 26 715 77,674 23,846 23 260 18,999 17,773 47,505 12,611 9,349 14,143 9,743 37,054 Nov. 24 310,149 26 297 73,948 23,810 21,306 20,085 20,069 39,545 12,641 9,289 14,361 10,345 38,453 Total reserves: Oct. 27 20,292,6071,114,0505,397,7291,138,9241,745,499 1,134,4791,009,7663,834,261 705,619474,128 754,453 569,9242,413,775 Nov. 3 20,261,3171,123,9725,279,3831,203,080[,690,039 1,136,4821,003,0123,838,800 678,044469,395 782,660 599,2812,457,169 Nov. 10 20,233,6231,107,1765,214,6101,191,7921,703,1251,136,1161,028,6423,824,814 702,208473,410 809,408 604,2322,438,090 Nov. 17 20,249,8371,076,1945,244,3571,185,1271 720,980 I 124 2441 033,4483,763,415 721,551451,601 812,538 609,0072,507', 375 Nov. 24 20 224,7701,063,7285,229,3361,161,2511,768,2021,120,9391,054,8363,764,144 721,043451,316 802,732 609,8712,477,372 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Oct. 27 13,305 1455 5,960 845 555 450 2,040 2,000 Nov. 3 38,625 725 18,960 1,665 985 6,200 7,840 2,200 50 Nov. 10 22,380 550 11,175 1,155 400 1,200 4,800 3,000 50 25 25 Nov. 17 33,735 1400 8,795 9,360 305 3,450 3,500 3,850 50 ""3,000 25 Nov. 24 47,610 615 22,020 4,080 315 4,375 8,800 6,300 50 1,000 25 30 Other bills discounted: Oct 27 '.. Nov. 3 Nov 10 Nov 17 Nov. 24 Total bills discounted Oct. 27 13,305 1455 5,960 845 555 450 2,040 2,000 Nov. 3 38,625 725 18,960 1,665 985 6,200 7,840 2,200 50 Nov! 10.'........... 22,380 550 11,175 1,155 400 1,200 4,800 3,000 50 25 25 Nov. 17 33,735 1400 8,795 9,360 305 3,450 3,500 3,850 50 3 ^ 666 25 Nov. 24 47,610 615 22,020 4,080 315 4,375 8,800 6,300 50 1,000 25 "30 Industrial advances: Oct. 27 12,006 1434 152 4,571 595 240 215 4 124 30 16 4,625 Nov. 3 11,751 1430 152 4,437 458 240 215 4 144 30 16 4,625 Nov. 10 11,577 1429 152 4,341 390 239 215 4 136 30 16 4,625 Nov 17 12,055 1429 152 4,761 390 238 227 4 184 30 15 4,625 Nov. 24 11,676 1427 152 4,385 390 238 226 4 184 30 15 4,625 U. S. Government securities, direct anc guaranteed: Bonds: Oct. 27 1546,703 152 042 100,182 135,417 221 248 130,220 109,194 170 878 68,570 60,191 101,110 94,465 203,186 Nov. 3 1557,753 153 437 93,433 132,887 232,029 135,749 113,646 160 886 78,945 61,109 94,778 96,760 204,094 Nov. 10 1,565,561 153 304 101,760 133,408 231 385 135,299 113,168 162 213 79,150 61,091 94,788 96,420 203,575 Nov. 17 1,566,061 152,750 107,040 133,353 230 252 134,589 112,506 162 612 79,048 60,895 94,509 95,898 202,609 Nov. 24 1569,218 152 484 112,246 133,528 229 570 134,142 112,067 163 271 79,087 60,814 94,404 95,567 202,038 Notes: Oct. 27 688,400 67 670 44,588 60,271 98 472 57,958 48,600 76054 30,519 26,790 45,001 42,044 90,433 Nov. 3 688,400 67 807 41,290 58,725 102 538 59,990 50,222 71099 34,887 27,005 41,884 42,760 90,193 Nov. 10 688,400 67 410 44,745 58,661 101 744 59,493 49,762 71 327 34,803 26,863 41,680 42,397 89,515 Nov. 17 688,400 67 145 47,052 58,618 101 213 59,162 49,455 71 480 34,748 26,768 41,543 42,154 89,062 Nov. 24 693,400 67 379 49,599 59,003 101 441 59,274 49,520 72 145 34,947 26,872 41,715 42,229 89,276 Certificates: Oct. 27 1571,250 154 455 101,771 137,565 224 762 132,286 110,929 173 589 69,657 61,146 102,713 95,967 206,410 Nov. 3. 1591,050 156 718 95,426 135,729 236 989 138,651 116,075 164 323 80,633 62,413 96,807 98,830 208,456 Nov. 10 1694,200 165 900 110,122 144,369 250 397 146,417 122,468 175 541 85,656 66,111 102,579 104,340 220,300 Nov. 17 1771,250 172 764 121,065 150,824 260 422 152,221 127,246 183,918 89,406 68,874 106,891 108,463 229,156 Nov. 24 1843,550 179 144 131,868 156,874 269 703 157,594 131,661 191,812 92,912 71,443 110,907 112,273 237,359 Bills: Under repurchase Oc o t p . ti 2 o 7 n • 4 335,653 111 1362,709,055 250,852 61 918 73,688 29,902 581 597 217,642 36,330 61,978 29,892 171,663 Nov. 3 4 487,544 101 015 2,833,979 221,035 52 496 70,395 40,814 632 700 229,634 40,835 72,316 16,502 175,823 Nov. 10 4 755,683 123 7612,964,793 239,525 59 380 87,742 33,734 693,598 218,134 31,575 65,897 19,881 217,663 Nov. 17 4 638,506 132 470 2,917,736 218,494 45 504 85,088 25,474 733,254 184,189 44,540 49,223 17,541 184,993 Nov. 24 5 088,207 148 4463,110,421 257,744 37768 96,520 13,700 844 170 203,697 48,575 62,994 21,916 242,256 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars ] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - Other bills: Oct. 27 1,148,875 112,936 74,414 100,586 164,341 96,726 81,108 126,927 50,933 44,710 75,103 70,167 150,924 Nov. 3 1,151,100 113,382 69,042 98,197 171,457 100,311 83,978 118,887 58,337 45,157 70,036 71,501 150,815 Nov. 10 1,161,100 113,698 75,470 98,942 171,607 100,345 83,931 120,305 58,702 45,309 70,300 71,510 150,981 Nov. 17 1167,600 113,885 79,805 99,424 171,668 100345 83,880 121,238 58,936 45,401 70,462 71,498 151,058 Nov. 24 1,169,500 113,643 83,654 99,515 171,093 99,972 83,521 121,682 58,942 45,323 70,357 71,224 150,574 U. S. Government securities, direct and guaranteed—Total: Oct. 27 9,290,881 598,2393;030,010 684,691 770,741 490 878 379,733 129,045 437,321229,167 385,905 332,535 822,616 Nov. 3 9,475,847 592,3593,133,170 646,573 795,509 505,096 404,735 [ 147,895 482,436236,519 375,821 326,353 829,381 Nov. 10 9,864,944 624,0733»296,890 674,905 814,513 529,296 403,063 222,984 476,445230,949 375,244 334,548 882,034 Nov.17 9,831,817 639,0143,272,698 660,713 809,059 531,405 398,561 [ 272,502 446,327246,478 362,628 335,554 856,878 Nov.24 10,363,875 661,096 487,788 706,664 809,575 547,502 390,4691393,080 469,585253,027 380,377 343,209 921,503 Total bills and securities : Oct. 27 9,316,192 601,1283036,122 690,107 771,891 491,568 381,988 129,049 439,321229,291 385,935 332,551 827,241 Nov. 3 9,526,223 594,5143)152,282 652,675 796,952 511,536 412,790 [ 147,899 484,636236,713 375,851 326,369 834,006 Nov. 10 9,898,901 626,0523>308,217 680,401 815,303 530,735 408,078 [222,988 479,445231,135 375,274 334,589 886,684 Nov. 17 9,877,607 641,8433>281,645 674,834 809,754 535,093 402,288 272,506 450,177246,712 365,658 335,594 861,503 Nov.24 10,423,161 663,1383,509,960 715,129 810,280 552,115 399,4951393,084 475,885253,261 381,407 343,249 926,158 Due from foreign banks: Oct. 27 136 3 *55 13 13 6 5 17 3 2 4 4 11 Nov. 3 136 155 13 13 6 5 17 3 2 4 4 11 Nov. 10 136 3 155 13 13 6 5 17 3 2 4 4 11 Nov. 17 136 3 *55 13 13 6 5 17 3 2 4 4 11 Nov.24 136 3 *55 13 13 6 5 17 3 2 4 4 11 Federal Reserve notes of other banks: Oct. 27 78,791 1967 15205 2 213 3907 13350 6 531 7548 5066 1,497 7,580 3070 9,857 Nov. 3 . 68,339 1825 10928 2 255 4013 11437 6002 7476 5 209 •,314 6,778 2994 7,108 Nov. 10 69,404 1710 12284 2 124 4484 12085 5 120 7537 5 598 ,443 6,224 2 712 8,083 Nov. 17 69,409 1811 12149 2646 3895 10617 5683 7317 6 162 ,375 5,650 3530 7,574 Nov.24 67,534 1818 12341 3012 3492 10011 5 968 7 178 5428 ,292 5,039 2858 8,097 Uncollected items: Oct. 27 1711,960 143983 328 751 90 803 199329 114323 103332 243935 97 200 41,802 114,826 61613 172,063 Nov. 3 1604,614 147031 300 288 83 775 173729 111305 98 896 253 758 69457 3',150 90,732 55 377 183,116 Nov. 10 1554,346 131045 307 760 90 619 145 184 109547 103452 230 215 74296 40,301 102,828 58292 160,807 Nov.17 2000,028 164020 434 632 124300 197 174 129086 122030 300 189 92 528 48,431 113,170 73002 201,466 Nov.24 . 1621,943 120392 339095 85 759 153956 114 715 97 236 250,850 75523 40-744 110,855 62601 170,217 Bank premises: Oct. 27 38,417 2 680 9 658 4 636 4 232 2953 1661 2 869 2076 ,287 2,749 987 2,629 Nov. 3 38,374 2675 9 640 4 636 4 232 2953 1661 2 869 2072 ,285 2,743 979 2,629 Nov. 10 38,375 2675 9 640 4 636 4 233 2953 1661 2 869 2072 ,285 2,743 979 2,629 Nov.17 38,374 2675 9 640 4 636 4 232 2953 1661 2869 2072 ,285 2,743 979 2,629 Nov.24 38,349 2675 9 640 4 636 4 223 2943 1660 2 870 2072 ,285 2,743 979 2,623 Other assets: Oct. 27 59,210 4 847 7 132 4 555 8 273 4 395 3 760 6 713 2599 2.244 3,579 3633 7,480 Nov. 3 60,283 5 156 6 933 4460 8 633 4442 3 881 6 696 2965 2,251 3,628 3666 7,572 Nov.10 61,720 4 992 7568 4 616 8816 4 621 3916 6 705 3026 i2,350 3,580 3 771 7,759 Nov. 17 62,196 5083 7642 4 565 8 979 4682 3 972 6 760 3 062 A2,293 3,632 3690 7,836 Nov.24 63,119 5348 7908 4 676 9070 4 785 3 970 6 708 3 125 \2,316 3,673 3 723 7,817 Total assets: Oct. 27 31497,3131,868 6588 7946521,931 2512,733 1441,761 0741,507 0435,224 3921,251 884751.2511,269,126 971 7823,433,056 Nov. 3 31559,2861,875 1768 7595091,950 8942,677 6111,778 1611,526 2475,257 5151,242 386749\1101,262,396 988 6703,491,611 Nov. 10 31856,5051,873 65c3 860 1341,974 2012,681 1581,796063 1,550 8745,295 1451 266648749,9261,300,0611,004 5793,504,063 Nov.17 32297,5871,891 6298 990 1201,996 1212,745 0271,806,6811,569 0875,353 0731,275 555752,6991,303,3951,025 8063,588,394 Nov.24 32439,0121,857 1029 1083351,974 4762,749 2361,805 5141,563 1705,424 8511,283 079751,2161,306,4531,023 2853,592,295 Liabilities Federal Reserve notes in actual circulation Oct. 27 15521,4411,074 6333415 2431,065 7071,396,0051,042,916 852 2892,951 334 661,563364,378 558,856 374 5161,764,001 Nov. 3 15759,8521,080 6223467 4741,074 2191,404,7281,061,053 880 3562,974 972 675,515367,680 572,395 391 0271,809,811 Nov.10 15918,2251,091 0983 500,2741,085,8181,418,8811,071,570 886 8563,008 151 681,802370,756 576,378 394 5201,832,121 Nov. 17 15974,1401,095 2413 516 7151,087,4801,423 3041,075,719 8883843025 536 683,049372 292 577,116 393 2031,836,101 Nov.24 16 131,3821,107 5223 565 1651,100,1751,436,5851,084,543 888 1913,048 321 686,305373,683 579,703 392 6171,868,572 Deposits Member bank—reserve account: Oct. 27 12004,862 5970543,988,294 603,721 948,854 517,013 473 3131,842,359 421,872278,825 548,442 469,8351,315,280 Nov. 3 12068,938 603,5514,004,455 609,702 920,607 514,689 482 4631,845,885 420,395281,526 554,187 487,7701,343,708 Nov.10 12198,177 5940054,044,920 616,883 930,092 524,599 486 6771,871 092 429,425282,815 567,716 494,3681,355,585 Nov.17 12263,244 625,3414,009,014 615,671 961,506 519,850 497,4651,845,264 432,926284,749 573,800 504,7441,392,914 Nov.24 12401,917 605,4214,083,975 611,601 958,995 515,519 503 7681,908 210 435,207284,156 580,738 507,1281,407,199- U. S. Treasurer— general account: Oct. 27 529,704 27,526 133,297 29,297 60,337 24,743 37 717 35,730 33,529 32,387 30,674 29815 54,652 Nov. 3 334,386 21,809 72,773 21,820 36,981 18,081 20,843 43,347 22,693 24,664 13,004 14311 24,060 Nov. 10 369,026 32,539 66,885 28,452 43,327 26,153 27,457 23,442 33,458 23,486 28,122 13440 22,265 Nov. 17 406,625 22,278 153,507 23,162 27,860 18,921 19092 44,968 17,832 13,478 14,817 15152 35,558 Nov.24 479,209 19,036 201,193 24,015 44,900 23,984 25395 50,468 33,642 15,032 14,183 20030 7,331 1 After deducting $81,000 participations of other Federal Reserve Banks. DECEMBER 1943 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars ] Total Boston Y N o e r w k - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Foreign: Oct. 27 1,317, 30,228 1592,797 115,184 111,546 52,136 42,436 147,920 36,374 26,674 33,949 36,374 92,271 Nov. 3 1,299,815 28,904 X583,364 113,971 110,371 51,587 41,989 146,362 35,991 26,393 33,591 35,991 91,301 Nov. 10 1,348,971 30,850 ^00,354 118,981 115,224 53,855 43,835 152,797 37,573 27,553 35,068 37,573 95,308 Nov. 17 1,363,373 30,373 ^98,966 121,680 117,837 55,076 44,829 156,262 38,425 28,178 35,863 38,425 97,459 Nov. 24 1,398,404 33,295 x609,474 125,262 121,306 56,697 46,149 160,863 39,556 29,008 36,919 39,556 100,319 Other deposits: Oct. 27 341,349 4,175 252,694 4,237 8,667 6,185 4,104 5,326 9,159 8,356 2,282 2,854 33,310 Nov. 3 367,973 5,962 253,156 5., 695 9,420 19,108 4,936 4,184 13,190 8,445 2,254 4,340 37,283 Nov. 10 366,990 4,725 264,864 7,707 10,288 6,896 4,058 3,200 10,109 8,225 3,669 4,196 39,053 Nov. 17 350,490 4,567 255,500 4,803 9,542 4,935 2,' 5,036 10,715 8,008 2,410 4,181 37,913 Nov. 24 340,814 4,028 250,592 3,458' 7,568 6,335 2,444 4,916 9,145 8,792 2,097 2,715 38,724 Total deposits: Oct. 27 14,193,804 658,983 4,967,082 752,4391,129,404 600,077 557, ,031,335 500,934346,242 615,347 53818781,495,513 Nov. 3 14,071,112 660,226 4,913,748 751,1881,077,379 603,465 550,2312,039,778 492,269 341,028 603,036 542,4121,496,352 Nov. 10 14,283,164 662,119 4,977,023 772,0231,098,931 611,503 562,0272,050,531 510,565 342,079 634,575 549,5771,512,211 Nov. 17 14,383,732 682,5595,016,987 765,316 1,116,745 598,782 564,266 2,051,530 499,898 334,41 626,890 562,5021,563,844 Nov. 24 14,620,344 661,7805,145,234 764,336 1,132,769 602,535 577,756 2,124,457 517,550 336,988 633.937 569,4291,553,573 Deferred availability items: Oct. 27 1,342,679 104,857 262,213 73,783 166,856 98,411 80,904 185,735 74,810 29,110 80,734 44,628 140,638 Nov. 3 1,295,987 104,518 229,974 86,697 155,243 94,648 79,736 187,571 60,424 29,146 73,117 41,751 153,162 Nov. 10 1,222,217 90,583 234,249 77,446 122,979 93,888 86,045 181,378 60,070 25,801 75,248 47,111 127,419 Nov. 17 1,505,805 83,820 307,617 104,451 164,532 113,077 100,149 220,741 78,444 34,685 85,533 56,667 156,089 Nov. 24 1,252,968 57,817 248,995 70,963 139,363 99,262 81,198 196,842 65,004 29,186 78,938 47,720 137,680 Other liabilities, including accrued dividends: Oct. 27 7,645 597 2,409 726 697 535 281 852 310 207 300 243 Nov. 3 7,428 619 2,515 633 619 239 261 947 278 17. 322 316 506 Nov. 10 7,781 646 2,782 719 658 311 257 937 299 193 306 184 489 Nov. 17 8,251 769 2,950 643 657 268 567 932 248 195 323 217 482 Nov.-24 8,290 687 3,050 719 656 293 281 1,019 285 228 292 249 531 Total liabilities: Oct. 27 31,065,569 ,839,0708,646,9471,892,655 2,692,9621,741,9391,491,0445,169,2561,237,617739,9371,255,237 958,2653,400,640 Nov. 3 31,134,379 ,845,9858,613,7111,912,737 2,637,' "",759,4051,510,584 5,203,2681,228,486 738,0271,248,870 9751,,506 3,459,831 N N o o v v . . 1 1 0 7 3 3 1 1 , , 4 8 3 7 1 1 , , 3 9 8 2 7 8 , , 8 8 4 6 4 2 , , 4• 3 4• 8 '6 9 8 8 ,: , 8 7 4 1 4 4, , 3 2 2 6 8 9 1 1, , 9 9 5 36 7 , , 0 8 0 9 6 0 2 2, , 7 6 0 4 5 1 , , 2 4 3 4 8 9 1, ,7 7 8 7 7 7 , , 8 2 4 7 6 21 1 , , 5 5 3 5 5 3 , ,3 1 6 8 6 5 5 5, ,2 2 9 4 8 0 , , 7 9 3 9 9 71 1 , , 2 2 5 6 2 1 , ,639 741, , 5 8 8 2 5 9 1 1 , , 2 2 8 8 9 6 , , 8 5 6 0 2 7 1,0 9 1 9 2 1 !, , , 5 3 8 9 9 2 3 3 , , 5 4 5 7 6 2 , , 5 2 1 4 6 0 Nov. 24 32,012,984 ,827,8'06 8,962,4441,936,193 2,709,3731,786,633 1,547,426 5,370,6'3"9 1,269,144 740,085 1,292,8701,010,015 3,,560,356 Capital Accounts Capital paid in: Oct. 27 150,352 9,553 55,755 11,680 15,515 6,074 5,419 16,669 4,674 3,221 4,963 4,557 12,272 Nov. 3 150,358 9,556 55,765 11,669 15,516 6,074 5,418 16,670 4,673 3,222 4,964 4,559 12,272 Nov. 10 150,343 9,532 55,768 11,670 15,517 6,075 5,418 16,674 4,673 3,223 4,964 4,557 12,272 Nov. 17 150,422 9,532 55,776 11,670 15,520 6,077 5,422 16,722 4,676 3,224 4,970 4,557 12,276 Nov. 24 150,504 9,529 55,796 11,676 15,522 6,078 5,422 16,731 4,677 3,228 4,976 4,593 12,276 Surplus (section 7): Oct. 27 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Nov. 3 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Nov. 10 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Nov. 17 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Nov. 24 160,411 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): Oct. 27 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Nov. 3 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Nov. 10 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Nov. 17 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Nov. 24.. 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: Oct. 27 94,152 6,001 26,879 6,853 1,893 4,581 4,138 14,113 4,097 3,872 4,176 3,570 6,979 Nov. 3 87,309 5,601 24,962 6,425 ;,352 4,202 3,803 13,223 3,731 3,640 3,812 3,215 6,343 Nov. 10 87,535 5,641 24,967 6,462 1,418 4,236 3,829 13,120 3,743 3,653 3,840 3,240 6,386 Nov. 17 87,997 5,674 25,004 6,498 1,495 4,278 3,857 13,258 3,744 3,669 3,813 3,270 6,437 Nov. 24 88,284 5,733 25,024 6,544 1,567 4,323 3,"" 13,127 3,762 3,682 3,857 3,287 6,498 Total liabilities and capital accounts: Oct. 27 31,497,3131,868,658 8,794,6521,931,2512,733,144 1,761,0741,507,043 5,224,3921,251,884 7511,2511,269,126 971,782 3,433,056 Nov. 3 31,559,2861,875,176 8,759,5091,950,8942,677,6111,778,1611,526,2475,257,515 1,242,386 7499,1101,262,396 988,6703,491,611 Nov. 10 31,856,5051,873,653 8,860,1341,974,2012,681,1581,796,0631,550,874 5,295,1451,266,648 749,926 1,300,0611,004,579 3,504,063 Nov. 17 32,297,58' 1,891,629 8,990,1201,996,1212,745,027 ,806,6811,569,087 5,353,0731,275,555 ,303,3951,025,806 3,588,394 Nov. 24 32,439,0121,857,1029,108,335 1,974,476 2",749,236 1,805,5141,563, ,424,8511,283,079 751,216 1,306,451"3 1,023,2853,592,295 Commitments to make industrial advances: Oct. 27 10,020 700 1,923 415 770 337 3,000 2,866 Nov. 3 9,833 700 2,053 100 770 337 3,000 2,864 Nov. 10 9,913 700 2,133 100 770 337 3,000 2,864 Nov. 17 9,506 700 1,732 100 770 337 3,000 2,858 Nov. 24 9,732 700 1,959 100 770 337 3,000 2,857 1 After deducting $723,974,000 participations of other Federal Reserve Banks on Oct. 27; $715,975,000 on Nov. 3; $746,245,000 on Nov. 10; $763,596,000 on Nov. 17; and $785,736,000 on Nov. 24. II6O 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 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- m Ri o c n h d - l A an t- ta Chicago L S o t u . is M ap in o n l e is - K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Oct. 27 16.108,626 ,125,9633,523,294 1,099,535 436,5021,078,938 910,8343,006,613695,571371,109583,473 410,1301,866,664 Nov. 3 16,266,7321,130,585 3,564,723 1,105,071 1,442,476 1,093,689 922,2433,022,437705,135374,651587,950 417,8651,899,907 Nov. 10 16.414,171 129,490 3,595,7131,117,339 1,455,4121,098.951 932,080 3,057,943 710,246 378,,357591,757424,1181,922,765 Nov. 17 16,529,1521,130,544 3,637,445 1.126.983 1,463,581 1,107,421 935,3623,076,258 7133,891379,609595,018 427,1721,935,868 Nov. 24 16,712,7951,145,250 3,668,735 1,135,739 1,475J,,*900 1,117,054 953,5483,100,029 7199,859380,864603,020 429,1061,983,691 Held by Federal Reserve Bank: Oct. 27 587,185 51,330 108,051 33,828 40,497 36,022 58,545 55,279 34,008 6,731 24,617 35,614 102,663 Nov. 3 506,880 49,963 97,249 30,852 37,748 32,636 41,887 47,465 29,620 6,971 15,555 26,838 90,096 Nov. 10 495,946 38,392 95,439 31,521 36,531 27,381 45,224 49,792 28,444 7,601 15,379 29,598 90,644 Nov. 17 555,012 35,303 120,730 39,503 40,277 31,702 46,978 50,722 30,842 7,317 17,902 33,969 99,767 Nov. 24 581,413 37,728 103,570 35,564 39,315 32,511 65,357 51,708 33,554 7,181 23,317 36,489 115,119 In actual circulation:1 Oct. 27 15,521,4411,007744,,633 3.,415,2431,065,7071,396,005 1,042,916 852,289 2,951, 334 661,563364,378558,856374,5161,764,001 N No o v v . . 1 3 0 1 1 5 5 , , 7 9 5 1 9 8, , 2 8 2 5 5 21 1 , , 0 0 8 9 0 1 , , 6 0 2 9 2 8 3 3 , , 5 4 0 6 0 7 , , 2 4 7 7 4 41 1, . 0 0 8 7 5 4 , , ; 2191 1 , , 4 4 0 1 4 8 , , 7 * 28 1 1, , 0 0 7 6 1 1 , , 5 0 7 5 0 3 8 8 8 8 0 6 , , 3 85 5 6 6 3 21 , ,974,972 675,5153 3 6 7 7 0 , ,756 5 5 7 7 2 6 , , 3 3 9 7 5 8 3 3 9 9 1 4 , , 0 5 2 2 7 0 1 1 , , 8 8 0 3 9 2 , , 8 1 1 2 1 1 Nov. 17 15,974,1401,095,2 4'1 3,516,7151,087,4801,423,304 1,075,719 ,025,536 683,049 372,292577,1"1"6 393,2031,836,101 Nov. 24 16,131,3821,107,5223,565,165 1,100.1751,436,585 1,084,543 8,1913,048,321686,305373,683579,703392,6171,868,572 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Oct. 27 14,332,000 784,000 3,405,000 805, ., 240,000 850,000 730, ,020, :50,000 323,000 510000 361,000 1,854,000 Nov. 3 14,313,000 792,000 3,425,000 815,000 1,245,000 850,000 730,000 2,960, 000 425,000 326,000 510000 361,000 1,874,000 Nov. 10 14,142,000 792,0003,275,000 820, ,260,000 850,000 730,0002,910,000 425,000 330,000 510000 361,000 1,879,000 Nov. 17 14,185,000 792,000 3,305,000 830, ,265,000 850,000 730,000 2,910, ,000 328,000 510000 361,000 1,879,000 Nov. 24 14,185,000 802,0003,325,000 840,000 1.,280,000 850,000 730,0002,83(1,000 425,000328,000 510,000 361,000 1,904,000 Eligible paper: Oct. 27 10,710 1,455 5,960 845 450 2,000 Nov. 3 29.800 725 18,960 1,665 6,200 2,200 50 Nov. 10 17.130 550 11,175 1,155 1,200 3,000 50 Nov. 17 29.90.r 1,400 8.795 9.360 3,450 3,850 50 3,000 Nov. 24 38,44C 615 22,020 4,080 4,375 6,300 50 1,000 U. S. securities: Oct. 27 2,042,642 350,000 150,000 300,000 200,000 250,000 200,000 317,642 50,000100,000 75,000 50,000 Nov. 3 2,179,634 350,000 150,000 300,000 200,000 275,000 200,000 100,000 329,634 50,000100,000 75,000 50,000 Nov. 10 2,618,134 350,000 350,000 300,000 200,000 275,000 300,000 200,000 318,134 50,000100,000 75,000 100,000 Nov. 17 2.664,189 350.000 350,000 300,000 200,000 275,000 300,000 200, ,189 55,000100,000100,000 100,000 Nov. 24 2,783,69; 350,000 350,000 300,000 200,000 275,000 300,000 300,000 353,697 55,000100,000100,000 100,000 Total collateral: Oct. 27 16.385,35: 135,4553,560,960 1,105,845 1,440,000 1,100,450 930,000 3,020,000 769,642 373,000 610,000436,0001,904,000 Nov. 3 16,522,434 142,7253,593,960 1,116,665 1,445,000 1,131,200 930,0003,060,000 756, s834 376,050610,000436,0001,924,000 Nov. 10 16,777,264 1,142,5503,636,175 1,121,155 1,460,000 1,126,200 1,030,000 3,110,000 746,134 380,050610,000436,0001,979,000 Nov. 17 16,879,094 143,4003,663,795 1,139,360 1,465,000 1,128,450 1,030,000 3,110, ,039 383,050613,000461,0001,979,000 Nov. 24 17,007,137 152,6153,697,020 1,144,080 1,480,000 1,129,375 1,030,000 3,130,000 784,997 383,050611,000461,0002,004,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Date (last Ap a p p l p ic ro a v ti e o d ns pr A o P v - e , d va A n d c - es C m om en m ts it- p P a a t r i t o i n c s i- [Amounts in thousands of dollars] Wednesday or but not out- out- outlas p t e r d i a o y d ) of a p m c l o e o m t u e - d n 1 t) s (a ta m n o d u in n g t) 2 s (a ta m n o d u i n ng t) ( s a t m an o d u i n n t g ) Gua a r u a t n h t o e r e i d z e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a a d m i d l i a o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 6 7 2 2 1 , , , 9 2 4 9 8 0 3 0 6 1 1 1 2 3 5 4 9 0 , , , 4 8 9 9 2 8 3 9 7 1 8 3 15 3 2 4 6 2 8 9 6 3 2 2 2 5 0 , , , 5 4 2 2 9 1 6 3 6 2 2 1 0 7 2 , , , 9 6 7 5 4 8 9 9 0 8 7 7 , , , 7 2 2 7 0 3 8 8 8 Number Amount am To o t u a n l t g P u o te a r e r ti d a o n n - o an 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 1946 17,345 14,161 12,722 1939 2,781 188,222 2659 13,683 9,220 10,981 1940 2,908 212,510 13954 9,152 5,226 6,386 1942 1941 1942 3,202 279,860 8 294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 J D u e n c. e 3 2 1 4 3 3 , ,3 4 5 2 2 3 4 3 0 3 8 8 , , 7 8 3 2 7 2 2 4 63 2 4 4 6 8 1 1 1 4 , , 2 1 6 2 5 6 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 3 3 0 0 5 D Se ec p . t. 3 3 1 0 2 1 , ,6 6 5 6 8 5 2,6 9 8 4 8 4 , , 3 2 9 0 7 4 8 4 0 2 3 7 , , 7 9 2 1 0 8 3 6 5 3 6 2 , , 6 4 7 7 7 4 1,4 2 3 3 0 0 , , 1 7 2 2 1 0 1943 Jan. 30 3,432 434,638 6 672 12,897 12,160 23,915 1943 Feb. 27 3,440 446,319 5882 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 1,040,828 828,221 1,706,849 Apr. 30 3,447 467,733 3 732 13,188 13,438 20,333 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 May 31 3,448 473,399 3045 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 1,415,777 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 2860 12,289 11,474 18,928 Aug. 31 4,599 5,153,941 1,646,921 1,366,178 2,482,895 Oct. 30 3,464 486,098 305 12,409 9,978 18,616 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,875 Oct. 31 4,948 5,546,555 1,815,162 1,511,847 2,586,583 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial advances past due 3 months or more, which are not of loans outstanding and amounts available to borrowers under guarantee included in industrial advances outstanding in weekly statement of condi- agreements outstanding represents amounts repaid, guarantees available tion of Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. DECEMBER 1943 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, OCTOBER 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b nt a e n r k - w • G a m U o r v . e e S l n o r . t n an - Other A d p d e o j m s d u i e a s t - t n s e 2 d d N p m o e s a t i n t d d s e 3 - p T o d i s e m i - t e s4 d b o a m l f d a r u o n e e m s c t e i s c Held qu R i e r - ed Excess de- banks posits1 All member banks 78,045 10,771 15,851 51,423 48,098 53,408 14,612 5,649 12,035 10,772 1,264 Central reserve city banks: New York 23,331 3,640 6,077 13,615 12,739 16,334 804 63 3,346 3,315 31 Chicago 5,301 1,083 1,149 3,069 2,860 3,778 495 168 794 785 9 Reserve city banks—Total 29,305 5,034 5,642 18,629 16,923 20,185 5,820 1,868 4,772 4,386 386 Boston district 2,184 292 592 1,300 1,218 1,460 100 52 309 298 11 New York district 471 29 70 371 346 354 166 22 86 81 5 Philadelphia district 2,349 326 555 1,468 1,365 1,624 131 70 349 333 17 Cleveland district 3,819 491 797 2,531 2,334 2,636 781 191 632 574 58 Richmond district 1,755 316 387 1,052 971 1,175 264 115 296 251 45 Atlanta district 1,849 520 354 975 848 1,237 211 140 278 260 18 Chicago district 3,678 441 690 2,548 2,364 2,519 959 293 608 561 47 St. Louis district 1,722 533 316 873 755 1,191 186 103 258 249 9 Minneapolis district 988 280 207 501 440 655 93 65 141 137 4 Kansas City district 2,358 827 303 1,228 1,075 1,596 184 312 374 330 44 Dallas district 1,706 426 252 1,028 939 1,136 148 234 284 236 48 San Francisco district 6,428 555 1,119 4,754 4,268 4,602 2,597 271 1,156 1,076 80 Country banks—Total 20,106 1,014 2,983 16,109 15,577 13,110 7,492 3,551 3,123 2,285 838 Boston district 2,084 80 396 1,607 1,533 1,423 671 197 291 239 52 New York district 3,229 72 640 2,517 2,422 2,195 1,770 305 545 413 132 Philadelphia district 1,491 12 246 1,233 1,193 1,015 929 196 268 198 70 Cleveland district 1,718 22 250 1,447 1,407 1,146 898 284 312 214 97 Richmond district ' 1,631 192 224 1,215 1,148 1,024 463 328 230 171 59 Atlanta district 1,535 170 233 1,132 1,086 954 317 319 206 152 53 Chicago district 2,594 71 403 2,120 2,074 1,636 1,114 513 426 296 130 St. Louis district 1,090 133 124 833 803 705 294 234 157 116 41 Minneapolis district 851 64 113 673 653 544 339 176 136 96 39 Kansas City district 1,263 68 125 1,070 1,054 746 171 380 182 115 67 Dallas district 1,476 103 105 1,268 1,238 957 100 392 197 140 57 San Francisco district 1,145 27 124 994 964 767 428 229 174 133 41 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 OCTOBER 1943 [Averages of daily figures. In millions of dollars] Central reserve m A e l m l - city banks se R r e v - e Coun- p I o n p u p l l a a t c i e o s n o a f n 1 d 5 , o 0 v 0 e 0 r I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r ba b n e k r s1 N Y e o w rk Chicago ba ci n t k y s banks1 Federal Reserve district Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1942—Sept 12,299 4,150 944 4,676 2,529 bank2 bank2 Oct 12,234 4,093 834 4,711 2,597 1943—Sept 12,864 3,643 858 5,159 3,204 Oct 12,035 3,346 794 4,772 3,123 Total... 12,044 4,407 7,048 3,085 Week ending (Friday): 1943—Sept. 24 12,568 3,466 814 5,041 3,247 Boston 1,746 531 258 140 Oct. 1 12,085 3,356 784 4,818 3,128 New York 2,451 1,148 706 622 Oct. 8 11,941 3,296 775 4,730 3,139 Philadelphia 884 431 595 498 Oct. 15 12,078 3,315 788 4,783 3,191 Cleveland 1,036 482 660 416 Oct. 22 12,108 3,380 798 4,798 3,132 Oct. 29 12,006 3,391 805 4,753 3,057 Richmond 935 226 504 237 Nov. 5 12,127 3,397 806 4,817 3,107 Atlanta 994 219 371 98 Nov. 12 12,214 3,422 816 4,861 3,115 Chicago 1,556 667 967 447 Excess reserves: St. Louis 411 165 546 128 1942—Sept 2,300 302 73 1,069 857 Oct 2,331 557 27 924 823 Minneapolis 369 135 417 204 1943—Sept 1,417 32 515 861 Kansas City 345 59 850 111 Oct 1,264 31 386 838 Dallas 575 63 799 38 Week ending (Friday): San Francisco 743 281 375 147 1943—Sept. 24 1,508 32 522 947 O O O c c c t t t . . . 1 8 I 5 ..* 1 1 1 , , , 3 3 3 4 2 7 9 9 3 3 2 3 7 7 4 4 4 3 0 4 9 5 0 1 8 8 9 8 3 6 9 6 3 been 1 I g n i c v l e u n d e p s e r a m n i y s s b io a n n k t s o i c n a o rr u y t ly th in e g sa s m ec e t io re n s s e r o v f e s r e a s s e r c v o e u n ci t t r i y e s b w an h k ic s h . h A a l v l e O O c c t t . . 2 2 9 2 1 1 , , 2 0 8 6 0 5 4 2 9 3 3 2 8 8 1 8 8 7 4 4 7 7 rese 2 r v T e h c e i t s i e e r s i e h s a v p e u b a l i p s o h p ed u la th ti r o o n u g o h f m A o p r r e i l th 19 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. N N o o v v . . 1 5 2 1 1, , 0 1 9 2 8 6 2 1 5 8 3 3 2 2 4 2 T be h e d a e m riv o e u d n t b o y f c su o c m h p d a e ri p s o o s n i ts w f i o th r t t h h e e c u fi r r r s e t n t t a b m le o n a th b o a v t e a ; ll b c a o n u k n s tr i y n b t a h n e k s s m ca a n ll 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total ce c G r a t o t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i- r o T n f r u o e 1 r t 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 o ta i t t t e e e s d s R F n e es o d e t e e r r v s a e l F R n B e e o d a s t e e n e r r k s a v l e t n b N i o a o t a n n e - a k s l 1942—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 88 1,594 641 246 320 15,146 622 130 October 19,250 56 90 1,578 649 248 321 15,550 626 130 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 small denomination 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—October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,122 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December .... 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September.... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 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, OCTOBER 30, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l, ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F s e e d rv e e ral b B y R a n e F k s e s e d r a e v r n e a d l c M irc o u n l e a y t i i o n n1 and silver cash Banks and agents certificates agents Gold 22 116 20 003 22 113 Gold certificates . . .. z2O,003 17,131 2,815 56 Federal Reserve notes 16,196 40 605 15,550 Treasury currency—total 44,101 1,843 134 322 3,645 Standard silver dollars 514 324 98 2 90 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,843 263 1,579 Subsidiary silver coin 690 27 14 649 Minor coin 257 5 4 248 United States notes 347 3 22 321 Federal Reserve Bank notes . 642 1 15 626 National bank notes 131 (5) 1 130 Total—October 30, 1943 342,412 Z21,846 42,288 17,131 3,743 19,250 September 30 1943 342,114 Z21,930 42,267 17,195 3,807 18,844 October 31, 1942 337,760 Z22,542 42,261 17,754 3,535 14,210 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. 1155. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,755,599 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. 1155. 5 Less than $500,000. NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury nftes of 1890—$156,039,431 in gold bullion;, (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (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 the redemption fund which must be deposited with frhe Treasurer of the United States, against Federal Reserve notes in 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. 1163 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- Period j j j i of a s t G t p o e e o c n r l k d i d od j [ i n n s c to r g e c o a k ld se N im et p g o o rt ld g m o o c l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - End of month D a i n b e to c a p l e r o - s s s ' 1 - Total i C n p o a d s s i e h - - U. S s . ec G u o r v it e ie r s nment C se r a r e s v - h e crease (—) b t a o n r k y s Total r D ec i t - G a u n a - r- f e u t n c d .2 s teed 19342 8,238 4,202.5 1,133, 82.6 92.9 1935 10,125 1,887.2 1,739, .2 110.7 1936 HI, 258 1,132.5 1,116, -85.9 131.6 1934—June 1,198 1,225 695 453 418 35 76 1 1 1 1 1 9 9 9 9 9 3 3 3 4 4 7 8 9 1 0 H 2 2 1 1 2 2 1 4 7 , , , , , 7 7 9 5 6 6 3 9 1 4 0 7 5 2 4 3 4 1 1 , , , , 3 1 5 7 7 5 3 0 5 4 1 2 2 1 1 . . . . . 2 5 0 8 5 4 3 1 1 , , , , 7 5 5 9 9 4 7 7 8 8 4 4 2 3 5 , , , , , - - - - - 3 2 4 5 6 3 0 0 3 4 7 3 0 4 4 . . . . . 7 5 4 7 4 1 1 1 1 1 4 6 7 4 6 8 1 0 3 9 . . . . . 6 7 2 9 1 1 1 9 9 3 3 5 6 — — D D D J J u u e e e n n c c c e e 1 1 1 1 1 , , , , , 2 2 2 2 2 0 0 3 6 0 7 5 2 0 1 1 1 1 1 1 , , , , , 2 2 2 2 2 3 3 3 6 9 7 7 6 5 6 3 5 2 2 1 8 8 4 0 4 5 7 0 3 5 1,0 8 9 5 7 5 6 5 9 7 8 7 3 7 7 4 6 8 8 7 6 9 3 0 0 7 2 0 0 6 1 1 1 1 1 4 4 6 6 3 7 7 7 7 0 1 9 9 9 0 7 8 5 3 0 4 1942 22,726 -10.3 (4) -458.4 12.5.4 1937— D Ju e n c e 1 1 , , 2 27 6 0 8 1 1 , , 3 3 0 0 7 8 1 1 3 3 1 6 1 1, , 0 1 9 0 7 0 9 93 3 1 3 1 1 6 6 7 7 7 8 1 0 1942—October... 22,740 -14.3 -56.4 12.0 1938—June 1,252 1,290 115 1,103 936 167 73 November 22,743 3.3 -10.8 7.8 Dec. 1,252 1,291 86 1,132 965 166 73 December. 22,726 -17.2 -31.0 6.2 1939—June 1,262 1,304 68 1,157 1,011 146 78 Dec 1,279 1,319 53 1,192 1,046 146 74 1943—January .. 22,683 -43.3 -76.1 4.7 1940— June 1,293 1,337 43 1,224 L,O78 146 69 F M e a b r r c u h a . r . y .. .. 2 2 2 2 , , 5 6 7 4 6 4 - - 6 3 8 9. . 3 0 - - 6 5 3 9 . . 4 0 4 4. . 5 1 1941— D J e u c ne........ 1 1 , , 3 3 0 0 4 4 1 1 , , 3 3 4 5 8 6 3 3 6 0 1 1 , , 2 2 2 5 4 1 1 1, , 1 0 0 7 4 8 1 1 4 4 6 6 8 7 8 5 April 22,473 —103.1 — 101.0 4.9 Dec 1,314 1,396 26 1,274 1,128 146 95 May 22,426 -46.3 -45.1 4.1 1942—June 1,316 1,525 24 1,272 L, 146 126 229 June 22,388 -38.9 -51.7 3.9 July 22,335 -52.7 -63.7 3.9 1942-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 -80.6 3.3 October... 22,116 -59.3 5-40.6 '3.3 1943—Jan 1,445 1,493 14 1,381 1,255 126 98 Feb. 1,468 1,517 14 1,378 1,270 109 125 Jan .-Oct.. 22,116 -610.5 5—672.5 HO A Mar 1,493 1,545 13 1,421 1,360 61 111 Apr 1,517 1,569 12 1,450 1,389 61 107 May 1,546 1,596 12 1,500 1,449 51 83 p Preliminary. ^ Figure carried forward. June 1,577 1,631 12 1,482 1,471 11 137 1 Annual figures areestimates of the United States Mint. Monthly figures July 1,620 1,678 11 1,527 1,527 140 are those published in table on p. 1201, adjusted to exclude Philippine Aug 1,660 1,719 11 1,588 1,588 121 Islands production received in United States. Sept pl,683 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a Oct "1,717 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. ^ Preliminary. 4 The net gold import figures for months subsequent to December 1941 Outstanding principal, represented by certificates of deposit. Does not ha f v i 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 e a d r m fo a r r k p u a b t l F ic e a d t e io ra n l . Reserve Banks for foreign account inc 2 lu In d c e l u a d c e c s r u w ed o rk in in te g r e c s a t sh o r w o i u th ts t p an o d st i m ng a st s e a r v s i , n g 5 s pe st r a m ce p n s t . reserve fund and amounted to 3,346.3 million dollars on Oct. 30, 1943. miscellaneous working funds with the Treasurer of the United States, NOTE.—For back figures through 1937, see Annual Report for 1937 accrued interest on bond investments, and accounts due from late (table 29). postmasters. Back figures.—-See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS* BANK DEBITS Member Nonmember Debits to deposit accounts except interbank accounts Total, banks banks all [In millions of dollars] banks ti N o a n - al State su I r n e - d2 in N s o u n re - d 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 8 1 1 1 9 9 9 3 3 3 8 7 6 4 5 5 4 9 5 4 1 1 2 1 4 4 4 0 7 7 6 3 6 1 1 9 9 2 3 9 7 9 4 8 6 2 9 , , 5 4 3 6 1 3 6 1 0 9 3 7 , , 0 8 8 3 9 6 3 2 3 3 1 5 , , 9 2 3 0 8 6 4 3 7 6 , , 5 4 0 2 4 1 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.-Oct 3 1 2 1942 607,071 210,961 342,430 53,679 Deposits of suspended banks 1942—September 55,701 19,919 29,990 5,791 (in thousands of dollars) :3 October 58,334 19,823 32,131 6,380 1 1 9 93 3 5 4 3 1 6 0 , , 9 0 3 1 7 5 5,31 4 3 0 3 1 , ,9 7 1 6 2 3 34,9 9 8 3 5 9 N D o ec v e e m m b b e e r r 5 6 3 8 , , 7 8 7 2 3 2 2 1 5 8 , , 8 5 9 1 7 2 3 2 6 9 , , 0 4 7 8 7 9 5 6 , , 7 8 7 4 2 8 1 19 9 3 3 7 6 1 19 1 , , 7 3 2 0 3 6 7,3 5 7 0 9 7 1,708 1 1 0 0, , 2 1 0 5 7 6 4 5 8 9 0 2 1943— F J e a b n r u u a a ry ry 5 5 4 7 , , 8 9 7 7 2 2 2 21 1 , , 1 4 1 3 2 7 3 2 0 8, , 4 7 3 2 7 3 5 5, , 8 3 1 2 2 3 1 1 1 1 1 1 9 9 9 9 9 9 4 3 3 4 4 4 0 8 9 1 3 2 . —Jan.-Oct . . 3 1 2 3 4 5 1 3 , , , , , 1 7 9 9 0 7 0 9 2 4 1 0 3 8 6 2 3 2 3 1 , , 1 3 8 2 4 4 6 3 5 1 4 2 6 6 24,6 2 2 1 9 1 1 6 5 1 1 1 , , , , 3 5 2 7 5 3 4 4 8 2 0 7 1 1 9 1 3 5 2 1 , ,0 4 3 3 4 3 2 4 7 4 9 6 7 9 M M J A A J S u u e u p a a l n p y g r y r e i t c u l e h s m t ber 6 6 6 6 6 7 7 5 5 4 0 3 6 5 , , , , , , , 3 6 7 2 6 7 8 6 4 8 4 1 5 9 1 7 2 6 4 9 4 2 2 2 2 2 2 2 3 7 1 4 5 5 9 , , , , , , , 9 9 2 0 7 4 1 7 2 1 6 3 6 9 6 1 3 2 7 4 3 3 4 3 3 3 3 3 0 4 3 2 4 7 5 , , , , , , , 4 9 3 6 9 6 2 5 5 5 0 5 8 6 2 4 9 2 9 3 1 6 6 7 6 6 5 6 , , , , , , , 4 0 3 7 4 4 9 1 3 9 8 7 5 0 7 4 3 4 2 9 8 October 66,270 23,990 35,614 6,666 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 2 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 figure*.—See Annual Report for 1937 (table 76). available for distribution and will be furnished upon request. H64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member banks2 Nonmember Member banks2 Nonmember banks banks 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 i u n k g a s l s m n b e o m e 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 15,490 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 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 306 14,775 6,647 5,101 1,546 544 7,584 1942—June 305 6 . 72,419 53,434 34,036 19,397 10,387 8,599 Dec. 31 14,682 6,679 5,081 1,598 543 7,460 Dec. 31.... 88,478 67,277 43,069 24,208 10,664 10,537 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 I 11,733 For footnotes see table below. For footnotes see table below. J.OANS AND INVESTMENTS [ In millionsof dollars] All banks Member banks2 Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - 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- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec.31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Dec.31 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4,903 5,470 7,205 3,692 3,513 1942—June 305 6 64,009 25,081 38,928 46,800 16,928 29,872 10,353 4,819 5,534 6,856 3,333 3,522 Dec.31 78,137 23,915 54,222 59,263 16,088 43,175 10,746 4,698 6,048 8,128 3,128 4,999 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 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, beginning June 30, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, up to and including Dec. 30, 1939, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938,, were approximately $50,000,000 and $100,000,000, respectively. ^Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 6 Beginning June 30,1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were $32,642,000 and its loans and investments $25,756,000. Back figures.—See Annual Report for 1937 (tables 48-19). DECEMBER 1943 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars} Loans Investments Loans for L1". 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 o e p i l 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 t a h n e s r Total Total C ti e fi r - - G a u n a - r- po a c l n i a t d l i- O s r e t i h c ti u e e r - s p m k a e p a t e r- r d a e e e n r a r d s s l- ot T h o ers Bills o d f e e d b i - n t- - Notes Bonds teed s d s i i u o v b n i - s ness Total-A11 Member Banks 1938—Dec. 31 32,070 13,208 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 i, 872 3,546 14,485 2,685 2,934 2,840 Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 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 Oct. 18P 78,099 17,707 60,392 55,237 2,818 2,337 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—Tune 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 104Q—Tune 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 Oct. 18p.... 22,137 5,373 16,764 15,734 486 544 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 L,5O7 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2 377 696 492 5 42 54 19 84 1,681 ,307 297 145 752 112 188 186 1941—June 30'.'.'.'.'. 2^707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—June 30 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 S3 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 Oct. 18P 5,045 1,023 4,022 3,693 164 165 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_ D juence . 3 3 0 0 1 1 1 2 , , 7 2 5 7 6 2 5 5 , , 3 00 2 4 9 2 2 , , 0 2 2 5 2 6 2 2 3 2 4 1 1 1 1 1 5 9 2 2 2 2 1 2 J. , 2 3 8 6 4 5 1 1, , 1 1 7 2 7 8 6 6, , 7 9 5 4 1 3 4 5 , ,1 9 9 9 4 1 6 7 3 8 1,0 8 1 1 4 9 3 3 , , 0 3 1 3 0 9 8 9 8 7 9 2 8 8 9 9 5 0 8 86 6 0 6 1940—Tune 29 12,160 5,365 2,290 176 87 210 ,372 1 230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 5,931 2,589 263 115 207 ,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 ,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 L,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 ,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 ,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 Oct. 18P 28,844 6,540 22,304 20,623 939 741 Country Banks 1938—Dec. 31 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30 10,109 4,605 1,235 531 22 229 1,402 1,186 5,504 3,127 11 563 1,870 683 ,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 ,061 1,236 1940—June 29 10,257 4,987 1,361 546 17 208 1,544 L,3H 5,270 3,030 36 451 1,849 695 ,097 1,144 Dec. 31 10,826 5,309 1,453 590 21 201 L.644 1,400 5,517 3,269 45 433 2,081 710 ,146 1,102 1941—June 30 11,446 5,607 1,593 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 ,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 ,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 ,222 1,013 Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 ,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 .241 917 Oct. 18p.... 22,072 4,771 17,301 15,187 1|228 886 v Preliminary. 1 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits se R rv e- es Bal- De- Call date F B s e w e d R a r i n e e v t r k h - e a s l v C a a in u sh lt m b a w a d n e n i o 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 - i - d t d s 2 v p a s n a i p I t h d d r o i n i t u o r p n d c a n a s e i o l s - - , r s r - - , p v s S o i u a l s t i n b a i t o d d t i e c n i s - a s l c C h c e f o a e e e i t f n e c c r f r i d d . s k t - i ' s - m U G er . e o n n v S - t - . v p an a i s p t I d i d h r n o o t u i d r n n p c a a i e s o s - l - r , s r - - , S v p s i t i a u s o a c n i b a l t o d i l e d * t n s i - - s P U m G o S e a r s . a o e n n t v n v d S a - - t - l . m D a D n e o - b d m a 1 n e k s s T tic ime b F e a i o n g r k n - s B r i o n o w g r s - - C c a o a p u c i n - ta ts l ings Total—All Member Banks 1938—Dec. 31... 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 1939—June 30... 10,011 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 Dec. 30... 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29... 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31... 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30... 12,959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31... 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—June 30. .. 12,295 1,022 5,770 36,966 35,646 3,230 711 1,724 11,673 400 49 9,110 109 752 6 5,991 Dec. 31... 13,072 1,019 6,147 42,570 42,139 3,318 1,142 7,923 12,366 332 56 10,101 82 816 5 6,101 1943—June 30... 12,093 1,142 5,578 48,957 47,863 3,522 1,050 7,236 13,382 341 71 9,648 66 837 18 6,252 Oct. 18*.. 47,749 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 1 695 1,592 1940—June 29... 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 Dec. 31... 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30... 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31... 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—June 30... 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 '"3" 1,698 Dec. 31... 4 388 72 82 11,899 12,501 263 448 4,186 711 23 3,209 736 1,727 1943—June 30. . 3,473 92 52 13,543 14,001 249 404 2,820 755 21 2,939 1 747 11 L.774 Oct. 18*.. 13,149 City of Chicago6 1938—Dec. 31.. 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 1939—June 30. .. 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 Dec. 30.,. 993 42 283 1,739 1,676 167 24 80 483 10 ""3 " 879 9 250 1940—June 29... 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31. . 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30. .. l,.O62 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31. .. 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—June 30... 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31... 902 39 164 2,557 2,588 178 38 665 453 2 1,105 12 304 1943—june 30... 786 39 173 3,002 2,981 202 36 506 477 2 1,032 13 312 Oct. 18*.. 2,901 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" 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 Oct. 18*.. 17,468 Country Banks 1938—Dec. 31... 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 1939—June 30... 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 Dec. 30... 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29... 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 Dec. 31... 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—June 30... 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 1,956 Dec. 31... 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 1942—June 30... 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 3 3 2,014 Dec. 31... 2,842 542 3,699 13,265 11,989 1,558 272 1,090 6,397 140 32 957 20 4 3 2,042 1943—June 30... 2,987 616 3,462 15,009 13,604 1,619 277 1,527 6,886 148 37 928 17 4 7 2,094 Oct. 18*.. 14,230 v Preliminary. 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). DECEMBER 1943 1167 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 dollarsl Loans Investments U. S. Government obligations Loans for purchasing Total C m o e m r- - or carrying securities Date or month i m n lo a v e n a e n d n s t s t s - Total i t n c a r a d i g i n a a u r d l i l s , - , - a T n o d b d ro ea k U l e e . r S r s s . ot T h o ers e l R o s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills f C d o ic f e e e a d b r i t n t - t e i - - - s Notes Bonds G t a e u n e a - d r- 0 s ri 1 e t c h i u e e s - r t c u u r l a - l Total G ob o l v i- t. ness gations Total—101 Cities 1942—October 36,787 10,300 6,606 484 370 1217 29 1594 26,487 23,011 2,674 2,984 3,878 11,470 2,005 3,476 1943—June 46,589 9,593 5,606 998 450 1151 59 1329 36,996 33,927 5,368 6,938 4,023 15,720 1,878 3,069 July 46370 9,549 5,612 1034 399 1156 56 1292 36,821 33,858 4,583 6,995 4,602 15,880 1,798 2,963 August 46903 9,571 5,718 1026 368 1,150 43 1266 37,332 34,421 4,041 7,604 4,878 16,102 1,796 2,911 September .. 48839 10,679 5,966 1566 621 1142 68 1316 38,160 35,211 4,015 8,003 4,917 16,432 1,844 2,949 October 52346 11,944 6,342 1912 1,054 1135 78 1423 40,402 37,480 4,575 8,854 4,959 17,224 1,868 2,922 1943—Sept. 1 46 739 9,704 5,735 1127 358 1,145 74 1265 37,035 34,100 3,524 7,635 4,873 16,250 1,818 2,935 Sept. 8 46902 9,771 5,765 1192 352 1147 54 1261 37,131 34,213 3,570 7,657 4,912 16,246 1,828 2,918 Sept. 15 49,412 10,875 5,992 1691 647 1,140 79 1326 38,537 35,584 4,267 8,110 4,923 16,447 1,837 2,953 Sept. 22 50,143 11,244 6,132 1827 750 1,141 56 1338 38,899 35,947 4,354 8,248 4,928 16,557 1,860 2,952 Sept. 29 50998 11,802 6,207 1994 999 1135 76 1391 39,196 36,210 4,360 8,368 4,947 16,659 1,876 2 986 Oct. 6 51278 12,117 6,277 2084 1,126 1137 59 1434 39,161 36,215 4,211 8,417 4,955 16,752 1,880 2,946 Oct. 13 51648 12,009 6,307 1984 1,082 1136 69 1431 39,639 36,698 4,585 8,407 4,964 16,862 1,880 2,941 Oct. 20 53477 11,881 6361 1828 1,029 1135 114 1414 41,596 38,682 4,880 9,318 4,960 17,650 1,874 2,914 Oct. 27 52982 11,768 6,424 1750 978 1132 71 1413 41,214 38,327 4,626 9,274 4,958 17,632 1,837 2,887 Nov. 3 52642 11,697 6458 1697 936 1129 79 1398 40,945 38,071 4,405 9,270 4,935 17,632 1,829 2,874 Nov. 10 52051 11,483 6451 1601 836 1127 84 1384 40,568 37,732 4,177 9,190 4,917 17,618 1,830 2,836 Nov. 17 51989 11,311 6,435 1487 807 1128 76 1378 40,678 37,857 4,340 9,163 4,920 17,623 1,811 2,821 Nov. 24 51462 11,267 6,423 1571 717 1125 71 1360 40,195 37,377 3,909 9,183 4,892 17,603 1,790 2,818 New York City 1942—October 14 353 3,677 2 653 369 138 102 27 388 10,676 9,376 929 1,124 1,911 4,351 1,061 1,300 1943—June 17748 3,708 2 172 850 396 236 97 40 313 14,040 13,067 2,092 2,539 1,654 5,859 923 973 July 17261 3,664 2 149 885 414 194 98 35 303 13,597 12,645 1,516 2,635 1,754 5,853 887 952 August 17383 3,641 2,168 876 409 176 97 27 297 13,742 12,807 1,258 2,868 1,788 5,977 916 935 September... 18311 4,308 2244 1283 801 344 96 44 297 14,003 13,020 1,124 3,035 1,771 6,133 957 983 October 19631 4,891 2378 1461 941 605 95 54 298 14,740 13,798 1,426 3,238 1,775 6,371 988 942 Sept. 1 17,329 3,774 2 172 988 537 169 96 54 295 13,555 12,591 932 2,910 1,752 6,065 932 964 Sept. 8 17,354 3,788 2 174 1027 572. 165 96 32 294 13,566 12,600 917 2,923 1,766 6,053 941 966 Sept. 15 18", 734 4,486 2241 1397 906 399 96 52 301 14,248 13,263 1,249 3,129 1,784 6,151 950 985 Sept. 22 18,919 4,608 2310 1449 955 426 96 30 297 14,311 13,325 1,292 3,108 1,775 6,176 974 986 Sept. 29 19,220 4,883 2325 1556 1,037 559 96 50 297 14,337 13,319 1,229 3,103 1,777 6,219 991 1,018 Oct. 6 19266 5,003 2336 1597 1,073 640 96 37 297 14,263 13,297 1,192 3,098 1,777 6,236 994 966 Oct. 13 19348 4,921 2362 1503 967 619 96 44 297 14,427 13,460 1,369 3,056 1,783 6,258 994 967 Oct. 20 20 111 4,868 2391 1400 881 591 95 92 299 15,243 14,309 1,604 3,421 1,779 6,512 993 934 Oct. 27 19800 4,774 2421 1344 843 572 94 44 299 15,026 14,125 1,539 3,376 1,762 6,478 970 901 Nov. 3 19528 4,713 2422 1311 783 535 94 55 296 14,815 13,916 1,406 3,354 1,746 6,439 971 899 Nov. 10 19236 4,564 2419 1233 725 463 94 58 297 14,672 13,791 1,388 3,296 1,740 6,395 972 881 Nov. 17 19,201 4,426 2414 1,131 654 441 94 50 296 14,775 13,902 1,547 3,282 1,751 6,371 951 873 Nov. 24 18899 4,449 2411 1,225 749 388 94 39 292 14,450 13,576 1,279 3,329 1,738 6,298 932 874 Outside New York City 1942—October 22,434 6,623 3 953 115 232 1,115 2 1,206 15,811 13,635 1,745 1,860 1,967 7,119 944 2,176 1943—June 28,841 5,885 3434 148 214 1,054 19 1,016 22,956 20,860 3,276 4,400 2,369 9,860 955 2,096 July 29,109 5,885 3463 149 205 1,058 21 989 23,224 21,213 3,067 4,360 2,848 10,027 911 2 011 August 29,520 5,930 3550 150 192 1053 16 969 23,590 21,614 2,783 4,736 3,090 10,125 880 1976 September... 30,528 6,371 3 722 283 277 1,046 24 1,019 24,157 22,191 2,891 4,968 3,146 10,299 887 1,966 October 32,715 7,053 3964 451 449 1040 24 1,125 25,662 23,682 3,149 5,616 3,184 10,853 880 1,980 1943—Sept. 1 29,410 5,930 3563 139 189 1,049 20 970 23,480 21,509 2,592 4,725 3,121 10,185 886 971 Sept. 8 29,548 5,983 3591 165 187 1,051 22 967 23,565 21,613 2,653 4,734 3,146 10,193 887 952 Sept. 15..... 30,678 6,389 3 751 294 248 1,044 27 1,025 24,289 22,321 3,018 4,981 3,139 10,296 887 968 Sept. 22 31,224 6,636 3822 378 324 1,045 26 1,041 24,588 22,622 3,062 5,140 3,153 10,381 886 966 Sept. 29.... 31,778 6,919 3,882 438 440 1,039 26 1,094 24,859 22,891 3,131 5,265 3,170 10,440 885 968 Oct. 6 32,012 7,114 3,941 487 486 1,041 22 1,137 24,898 22,918 3,019 5,319 3,178 10,516 886 1980 Oct. 13 32,300 7,088 3,945 481 463 1,040 25 1,134 25,212 23,238 3,216 5,351 3,181 10,604 886 1974 Oct. 20 33,366 7,013 3,970 428 438 1,040 22 1,115 26,353 24,373 3,276 5,897 3,181 11,138 881 1980 Oct. 27 33,182 6,994 4003. 406 406 1,038 27 1,114 26,188 24,202 3,087 5,898 3,196 11,154 867 1986 Nov. 3 33,114 6,984 4,036 386 401 1,035 24 1,102 26,130 24,155 2,999 5,916 3,189 11,193 858 1975 Nov. 10.... 32,815 6,919 4,032 368 373 1,033 26 1,087 25,896 23 941 2,789 5 8943,177 11,223 858 1,955 Nov. 17.... 32,788 6,885 4,021 356 366 1,034 26 1,082 25,903 23,955 2,793 5,881 3,169 11,252 860 1948 Nov. 24.. .. 32,563 6,818 4,012 346 329 1,031 32 1,068 25,745 23,801 2,630 5,854 3,154 11,305 858 1944 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. n68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e a R e r r i n e a d t v h k - l - e s v C a i a n u s l h t m b a w a d n e n i c o s t k t - e h i s s c j p m u o a d s a d s t e n e i - - t d d s 1 s p p u n v c h a o a a e o i n i r l d r p r r d s a t - - - s , - - , S p s d s a t i o i u i c a n o v l a b t d n i e i l - t s - - s c C c h o a e f e e e i f n t e f r r c c d i d t s . - k i ' - s m U G e e r . o n n S v - t . - s p p u h v n a c o a a n i e i o r r p d l d r r a t s - - s - - - , , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s P m U G S o a e in s a . o n e r S n g t v n d v a . - s - t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r in o o g w r s - - co C a i u t a c a n p - l t - s B d i e a ts n b 2 k tions tions Total 101 Cities 1942—October 9,031 517 2,614 28,268 28,154 1,874 517 2,084 5,074 109 26 8,878 72 683 8 3,983 10,032 1943—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 October 8,295 553 2,270 31,062 31,459 1,656 693 12,639 5,796 118 58 8,725 49 772 58 4,190 12,042 1943—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 32,862 33,775 1,752 984 8,747 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 Oct. 27 8,392 559 2,265 31,817 32,069 1,699 635 12,680 5,829 117 59 8,620 48 781 37 4,197 12,270 Nov. 3 8,354 543 2,233 31,774 32,039 1,834 656 12,110 5,859 118 60 8,771 47 793 56 4,211 12,493 Nov. 10 8,472 547 2,236 32,039 32,226 1,749 778 11,401 5,882 117 61 8,753 45 784 43 4,218 11,955 Nov. 17 8,521 553 2,297 32,649 33,124 1,713 669 10,610 5,902 118 61 8,902 44 772 61 4,222 11,739 Nov. 24 8,689 549 2,156 33,201 33,434 1,731 739 9,870 5,913 118 63 8,561 44 792 64 4,222 12,097 New York City 1942—October 3,627 80 30 11,095 11,279 306 270 1,051 642 15 3,127 611 4 1,555 3,784 1943—June 3,157 82 25 12,086 12,426 205 355 3,006 690 17 2,869 1 677 40 1,610 4,976 July 3,220 85 26 12,456 12,768 213 378 2,201 688 18 2,864 1 692 45 1,615 4,693 August 3,360 82 24 13,090 13,379 200 337 1,895 697 20 2,788 1 704 29 1,632 4,317 September.. . 3,362 85 24 12,548 12,899 205 371 3,196 698 22 ""2" 2,899 1 704 55 1,632 5,452 October 3 021 89 26 11 431 11 790 195 379 5,444 696 21 4 2 753 1 695 52 1 637 4 822 1943—Sept. 1 3,506 78 25 13,702 13,963 230 412 1,197 706 22 1 2,858 1 720 84 1,637 4,465 Sept. 8 3,609 84 20 13,926 14,154 231 263 1,087 705 23 1 2,882 1 725 67 1,635 3,305 Sept. 15 3,506 87 28 12,057 12,671 197 539 4,050 699 22 2 3,102 1 705 48 1,634 8,344 Sept. 22 3,115 87 25 11,756 12,061 156 358 4,490 694 22 2 2,824 1 681 20 1,629 5,653 Sept. 29 3,071 91 24 11,301 11,646 211 282 5,155 689 22 4 2,828 1 688 57 1,625 5,496 Oct. 6 2,964 85 24 11,201 11,431 215 295 5,303 697 21 4 2,732 1 695 33 1,637 5,013 Oct. 13 3,017 95 26 11,325 11,820 201 484 5,280 693 21 4 2,772 1 684 40 1,637 3,775 Oct. 20 3,046 87 27 11,528 11,882 179 403 5,781 692 22 4 2,765 1 697 101 1,638 5,479 Oct. 27 3,057 89 28 11,670 12,027 185 333 5,413 700 22 4 2,742 1 705 34 1,637 5,021 Nov. 3 3,073 92 23 11,642 12,041 281 356 5,129 708 23 4 2,778 1 718 41 1,648 4,940 Nov. 10 3,120 95 25 11,798 12,080 253 471 4,806 714 23 5 2,740 1 707 36 1,649 5,023 Nov. 17 3,101 90 27 12,010 12,362 241 350 4,471 714 23 5 2,794 1 697 40 1,650 4,569 Nov. 24 3,166 94 28 12,219 12,545 239 433 4,150 706 23 5 2,655 1 714 44 1,650 4,881 Outside New York City 1942—October 5,404 437 2,584 17,173 16,875 1,568 247 1,033 4,432 94 26 5,751 72 72 4 2,428 6,248 1943—June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 50 85 8 2,507 6,898 July 5,447 448 2,274 20., 652 20,391 1,594 303 3,054 4,923 100 40 5,903 48 85 6 2,518 6,780 August 5,519 438 2,207 21,160 20,780 1,630 277 2,853 5,045 99 41 5,855 47 82 13 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 14 2,539 8,049 October 5,274 464 2,244 19,631 19,669 1,461 314 7,195 5,100 97 54 5,972 48 77 6 2,553 7,220 1943—Sept. 1 5,697 425 2,182 22,031 21,570 1,692 326 1,875 5,086 101 44 5,912 46 78 17 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 14 2,539 5,546 Sept. 15 6,103 475 2,521 20,805 21,104 1,555 445 4,697 5,093 101 47 6,375 47 79 19 2,538 10,611 Sept. 22 5,522 476 2,266 19,857 19,769 1,459 364 5,686 5,061 99 47 6,046 48 82 18 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 4 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 6 2,549 7,604 Oct. 13 5,250 479 2,267 19,417 19,832 1,421 325 6,924 5,091 96 54 6,063 47 76 10 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 6 2,552 7,815 Oct. 27 5,335 470 2,237 20,147 20,042 1,514 302 7,267 5,129 95 55 5,878 47 76 3 2,560 7,249 Nov. 3 5,281 451 2,210 20,132 19,998 1,553 300 6,981 5,151 95 56 5,993 46 75 15 2,563 7,553 Nov. 10 5,352 452 2,211 20,241 20,146 1,496 307 6,595 5,168 94 56 6,013 44 77 7 2,569 6,932 Nov. 17 5,420 463 2,270 20,639 20,762 1,472 319 6,139 5,188 95 56 6,108 43 75 21 2,572 7,170 Nov. 24 5,523 455 2,128 20,982 20,889 1,492 306 5,720 5,207 95 58 5,906 43 78 20 2,572 7,216 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. 1169 DECEMBER 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 Total Com- purchasing loans mer- or carrying d F i e s d tr e i r c ( a t 1 l 9 a R 4 n 3 e d ) s e d r a v t e e m v a e i e n n n s d - t t - s Total t c d a r i i u n i n a a s d - l l - , , b T r s o o e k c - urities e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Oct. 27 ? 887 635 403 29 12 67 5 119 2,252 2,141 295 637 219 933 57 111 Nov. 3 2,896 629 402 24 12 67 5 119 2,267 2,158 308 638 219 936 57 109 Nov. 10 ... 2,842 628 403 23 12 67 5 118 2,214 2,115 268 637 217 936 57 99 Nov. 17 2,805 623 401 21 12 67 5 117 2,182 2,088 245 631 216 939 57 94 Nov. 24 2,800 631 403 26 15 67 5 115 2,169 2,076 229 634 216 941 56 93 New York (8 cities)* Oct. 27 21,530 5,141 2,587 1,357 608 176 44 369 16,389 15,396 1,668 3,654 1,951 7,132 991 993 Nov. 3 21,282 5,079 2,588 1,322 571 176 55 367 16,203 15,212 1,560 3,637 1,930 7,093 992 991 Nov. 10 20,953 4,928 2,585 1,244 498 176 58 367 16,025 15,051 1,506 3,565 1,919 7,068 993 974 Nov. 17 20,921 4,792 2,581 1,143 476 176 50 366 16,129 15,164 1,667 3,537 1,928 7,055 977 965 Nov. 24 20,610 4,813 2,575 1,238 422 176 39 363 15,797 14,832 1,404 3,572 1,911 6,986 959 965 Philadelphia (4 cities) Oct. 27 2,354 449 246 41 12 43 1 106 1,905 1,719 240 410 174 823 72 186 Nov. 3 2,355 445 244 43 12 42 104 1,910 1,726 242 402 172 838 72 •184 Nov. 10 2,333 448 246 43 11 42 ""2" 104 1,885 1,701 220 394 168 847 72 184 Nov. 17 2,333 444 244 43 11 42 104 1,889 1,709 218 404 168 847 72 180 Nov. 24 2,281 443 245 43 11 41 103 1,838 1,658 176 394 168 849 71 180 Cleveland (10 cities) Oct. 27 4,131 947 428 129 28 170 12 180 3,184 2,936 328 595 367 1,538 108 248 Nov. 3 4,119 943 432 127 28 170 11 175 3,176 2,929 315 594 370 1,542 108 247 Nov. 10 . 4,081 912 427 112 27 170 8 168 3,169 2,923 303 595 370 1,545 110 246 Nov. 17 4,101 908 427 110 26 170 8 167 3,193 2,948 330 596 370 1,544 108 245 Nov. 24 4,113 905 428 110 25 170 12 160 3,208 2,962 338 591 366 1,561 106 246 Richmond (12 cities) Oct. 27 1,686 300 136 10 37 50 2 65 1,386 1,330 157 275 170 683 45 56 Nov. 3 1,694 301 136 10 37 50 2 66 1,393 1,337 163 274 170 685 45 56 Nov. 10 1,666 292 136 5 33 50 3 65 1,374 1,319 145 277 168 684 45 55 Nov. 17 1,667 288 133 5 33 50 3 64 1,379 1,324 147 279 170 683 45 55 Nov. 24 1,652 282 131 5 29 50 4 63 1,370 1,315 145 272 171 682 45 55 Atlanta (8 cities) Oct. 27 1,597 393 187 18 64 27 97 1,204 1,091 85 305 212 442 47 113 Nov. 3 1,594 397 204 16 61 27 89 1,197 1,084 76 305 208 448 47 113 Nov. 10 1,590 380 204 13 51 27 ....... 85 1,210 1,098 80 307 210 454 47 112 Nov. 17 1 573 376 203 11 50 27 84 1,197 1,085 61 309 210 456 49 112 Nov. 24 1,557 375 208 11 42 27 1 86 1,182 1,069 56 300 210 453 50 113 Chicago (12 cities)* Oct. 27 8,041 1,520 1,066 99 95 140 1 119 6,521 5,999 847 1,595 792 2,549 216 522 Nov. 3 7,972 1,522 1,075 93 96 139 1 118 6,450 5,931 772 1,602 793 2,548 216 519 Nov. 10 7,903 1,525 1,081 101 86 139 1 117 6,378 5,859 697 1,601 792 2,553 216 519 Nov. 17 7,885 1,516 1,080 96 84 139 1 116 6,369 5,850 701 1,585 786 2,563 215 519 Nov. 24 7,816 1,499 1,069 93 79 138 1 119 6,317 5,801 640 1,586 777 2,585 213 516 St. Louis (5 cities) Oct. 27 1,595 423 260 7 11 65 4 76 1,172 1,060 107 248 149 521 35 112 Nov. 3 1,600 423 262 7 10 64 3 77 1,177 1,066 103 259 150 520 34 111 Nov. 10 1,592 419 257 6 11 64 4 77 1,173 1,062 100 258 150 520 34 111 Nov. 17 1,596 419 258 7 10 64 4 76 1,177 1,066 102 264 149 517 34 111 Nov. 24 1,581 415 256 6 10 64 4 75 1,166 1,055 87 264 149 521 34 111 Minneapolis (8 cities) Oct. 27 1,039 207 121 3 10 14 1 58 832 780 120 190 111 330 29 52 Nov. 3 1,036 205 122 2 8 14 1 58 831 781 116 191 111 333 - 30 50 Nov. 10 1,030 204 121 2 8 14 1 58 826 776 113 191 111 332 29 50 Nov. 17 1,020 203 119 3 7 14 2 58 817 767 102 191 ill 333 30 50 Nov. 24 1,015 201 117 2 7 14 3 58 814 763 93 192 112 336 30 51 Kansas City (12 cities) Oct. 27 1,757 369 247 8 14 40 1 59 1,388 1,264 183 308 232 488 53 124 Nov. 3 .. 1,741 361 242 6 14 40 59 1.380 1,257 172 308 232 492 53 123 Nov 10 1 746 361 242 6 13 40 i 59 1,385 1,264 175 310 234 492 53 " 121 Nov. 17 1,758 363 243 6 13 41 1 59 1,395 1,274 181 314 234 492 53 121 Nov. 24 1,747 363 245 6 13 40 1 58 1,384 1,262 164 317 235 493 53 122 Dallas (9 cities) Oct. 27 1,370 326 217 5 24 20 60 1,044 992 115 270 146 406 55 52 Nov. 3 1,369 322 212 4 25 20 61 1,047 995 119 270 146 414 46 52 Nov. 10 1,364 322 215 4 24 19 60 1,042 990 115 270 146 413 46 52 Nov. 17 1 370 • 323 213 4 25 20 61 L,047 995 120 269 146 414 46 52 Nov. 24 1,365 321 221 3 22 20 55 1,044 992 111 275 146 415 45 52 San Francisco (7 cities) Oct. 27 4,995 1,058 526 44 63 320 105 3,937 3,619 481 787 435 1,787 129 318 Nov. 3 4,984 1,070 539 43 62 320 1 105 3,914 3,595 459 790 434 1,783 129 319 Nov. 10 4,951 1,064 534 42 62 319 1 106 3,887 3,574 455 785 432 1,774 128 313 Nov. 17 4,960 1,056 533 38 60 318 1 106 3,904 3,587 466 784 432 1,780 125 317 Nov. 24 4,925 1,019 525 28 42 318 1 105 3,906 3,592 466 786 431 1,781 128 314 City of Chicago* Oct. 27 4,972 1,035 786 89 79 24 1 56 3,937 3,607 469 965 529 1,574 70 330 Nov. 3 4,932 1,040 798 83 79 23 1 56 3,892 3,562 434 957 529 1,572 70 330 Nov. 10 4,861 1,052 803 92 77 23 1 56 3,809 3,479 355 952 527 1,575 70 330 Nov. 17 4,862 1,041 800 88 75 23 1 54 3.821 3,490 388 934 521 1*578 69 331 Nov. 24 4,824 1,025 791 86 68 23 1 56 3,799 3,470 362 939 512 1,589 68 329 * 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 Chhiiccaagg o, respect'i ve*ly. 117O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] ^ Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a t 1 l 9 a 4 R n 3 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v k h - l - e s ; a i a u n s l h t m b a w e n a d i s c o n t t - e k h i s s c j p m u o a d s a s e d t n i - e - t d d s 1 s u p p v h n c a a o a i e i o n d p l r r r r d s - - a t - s , - - , S p d s s a t i o i i u a c n o v l b t a d i n i e t - l - s - s C : c h o f a e e e e i f t n e f r r c c i d t s d k . - i ' - s U m G er . o e n S n v - . t - s p u p h v n a c a a o i i o n e l r p d r s r r d t a s - - - - , - , S p d s s a t i o i i a u c n o v l t b d a n i i e l - t - s s - P U G m o S i e a n . s a o r e n g n t v v n S d s a - - - t . l m D a e n b - d ank T s ime b e F a i o g n r n k - s B r i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i a e ts n b 2 k tions tions Boston (6 cities) Oct. 27 418 60 115 1,925 1,861 146 25 792 264 267 16 1 260 646 Nov. 3 404 57 118 1,946 1,876 159 26 751 265 285 16 1 261 712 Nov. 10 402 57 115 1,931 1,881 138 28 706 266 281 17 2 261 719 Nov. 17 432 60 116 1,961 1,940 124 28 658 267 295 16 3 262 655 Nov. 24 415 56 117 1,985 1,949 120 26 610 268 291 16 2 26-2 693 New York (8 cities)* Oct. 27 3,282 121 124 12,84< 13,051 367 364 5,735 1,118 24 2,808 4 707 34 1,769 5,335 Nov. 3 3,290 124 125 12,849 13,105 479 383 5,435 1,128 25 2,847 4 720 43 1,781 5,278 Nov. 10 3,325 127 130 12,97< 13,116 437 498 5,095 1,136 25 2,808 4 708 37 1,782 5,416 Nov. 17 3,310 122 123 13,20: 13,414 419 381 4,742 1,137 25 2,864 4 699 41 1,782 4,924 Nov. 24 3,382 125 120 13,43: 13,604 427 463 4,401 1,128 25 2,719 4 716 44 1, 825,230 Philadelphia (4 cities) Oct. 27 364 30 77 1,52' 1,567 51 18 625 160 1 331 5 225 484 Nov. 3 364 29 84 1,54 1,604 46 15 595 161 2 351 6 "T 225 484 Nov. 10 370 28 73 1,56: 1,617 54 21 558 161 2 334 6 226 517 Nov. 17 375 29 1,59! 1,651 55 17 519 161 2 349 6 ••y 225 492 Nov. 24 373 28 1,59' 1,638 47 16 494 161 2 324 6 3 225 512 Cleveland (10 cities) Oct. 27 679 72 228 2,605 2,651 122 51 808 792 49 472 11 2 425 821 Nov. 3 642 70 227 2,57- 2,613 127 51 776 794 49 485 10 2 '"3" 425 877 Nov. 10 651 68 216 2,58^ 2,603 118 50 73: 798 48 476 10 2 426 781 Nov. 17 679 69 228 2,68* 2,748 117 52 67; 800 49 489 10 2 426 778 Nov. 24 69 209 2,745 2,778 119 56 635 803 49 468 10 2 426 823 Richmond (12 cities) Oct. 27 279 38 157 1,02: 1,009 17 39! 226 2 385 8 1 111 348 N N N N o o o o v v v v . . . . 2 1 1 3 4 7 0 2 2 2 2 7 7 8 7 9 8 1 4 3 3 3 3 7 6 8 5 1 1 1 1 4 5 5 6 9 1 8 7 1 1 1 1 . , , , 0 0 0 0 4 2 5 3 C 1 4 1 1 1 1 1 , , , , 0 0 0 0 4 2 3 5 6 2 2 1 7 7 7 7 5 6 3 4 1 1 1 1 7 6 9 8 3 3 3 3 8 5 : ' : 2 2 2 2 2 2 2 2 7 7 6 8 2 2 2 2 4 4 3 3 8 0 0 9 7 5 5 2 7 7 7 7 1 1 1 1 "6 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 6 7 4 5 9 9 3 4 Atlanta (8 cities) Oct. 27 273 26 143 92. 902 129 6 334 234 2 458 1 4 107 323 Nov. 3 268 24 144 92/ 895 139 9 320 236 2 459 1 3 108 311 Nov. 10 276 26 160 94( 924 132 302 237 2 484 1 4 108 312 Nov. 17 281 25 176 96i 948 138 28;? 238 2 481 1 3 108 325 Nov. 24 295 26 156 97( 946 138 26: 239 2 463 1 3 •"4' 108 325 Chicago (12 cities)* Oct. 27 1,305 95 391 4,95' 4,883 394 49 1,77. 1,146 3 1,484 5 16 482 1,884 Nov. 3 1,296 93 398 4,91: 4,811 390 49 1,724 1,149 3 1,506 5 14 484 2,125 Nov. 10 1,322 96 391 4,96: 4,871 378 52 1,6* 1,148 3 1,487 5 15 484 1,781 Nov. 17 1,288 94 386 4,99< 4,967 370 56 1,518 1,153 3 1,513 5 15 485 1,915 Nov. 24 1,358 96 387 5,14' 5,075 379 48 1,414 1,166 3 1,457 5 16 1,827 St. Louis (5 cities) Oct. 27 270 20 133 87: 928 56 10 30; 213 528 1 2 108 429 Nov. 3 264 19 114 87 917 57 10 29i 214 508 1 2 108 384 N N N o o o v v v . . . 2 1 1 4 7 0 2 2 2 8 7 7 1 6 4 2 2 2 0 0 0 1 1 1 0 1 1 8 9 5 9 9 88 0 K : < 9 9 9 6 6 3 0 4 5 6 6 6 1 1 0 1 1 1 0 0 2 2 2 2 4 6 7 : ( C 2 2 2 1 1 1 5 4 4 5 5 5 1 2 1 2 6 9 1 1 1 4 6 3 1 1 1 0 0 0 9 8 8 3 3 3 5 4 1 8 8 9 Minneapolis (8 cities) Oct. 27 169 11 82 58t 564 83 24 124 278 3 5 71 235 Nov. 3 163 10 94 58C 552 87 23- 125 293 3 5 71 277 Nov. 10 166 10 84 591 569 75 22 126 281 2 5 72 226 Nov. 17 168 10 86 60( 587 74 204 127 283 1 5 72 232 Nov. 24 172 10 76 60* 588 75 127 278 1 6 72 238 Kansas City (12 cities) Oct. 27 348 21 304 1,07: 1,084 110 166 772 5 123 471 Nov. 3 357 20 285 1,05. 1,069 108 167 773 6 123 428 Nov. 10 367 20 289 1,08 1,102 108 168 779 5 124 374 Nov. 17 369 21 296 1,11 1,143 107 169 785 5 3 124 416 Nov. 24 380 21 290 1,12 1,140 110 169 790 5 1 124 439 Dallas (9 cities) Oct. 27 273 22 240 97; 992 48 141 423 2 100 314 Nov. 3 285 21 234 98( 992 53 142 437 2 99 307 Nov. 10 292 21 245 98: 1,008 55 143 457 2 100 283 Nov. 17 296 22 249 1,01 1,045 51 144 459 2 100 317 Nov. 24 293 22 218 1,01 1,030 51 145 436 2 100 326 San Francisco (7 cities Oct. 27 732 43 271 2,49t 2,577 113 1,09: 1,245 414 11 22 416 980 Nov. 3 747 41 259 2.51C 2,583 116 1,04 1,251 435 11 23 415 941 Nov. 10 746 38 251 2,495 2,568 120 .1,257 442 11 23 416 884 Nov. 17 769 43 280 2,563 2,671 122 1,264 453 11 22 419 983 Nov. 24 773 39 249 2,60( 2,675 128 1,267 436 11 23 417 947 City of Chicago* Oct. 27 816 168 2,97- 2,988 189 499 1,063 14 314 1,086 Nov. 3 814 174 2,95< 2,946 190 1,12 499 1,074 12 315 1,277 Nov. 10 829 179 2 2,989 184 1,05' 493 1,060 13 1,070 Nov. 17 804 176 3,02- 3,056 180 494 1,074 13 1,143 Nov. 24 845 183 3,12! 3,145 181 97. 504 1,034 13 1,089 91 * 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. DECEMBER 1943 1171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Commercial End of month paper out- standing1 1942—July 305 August 297 September 282 October 571 November December 1943—January . . February March April May June July . .. August September October ot ot os vO oC O Doll.ir acceptances outstanding Held by Based on Total Accepting banks Goods stcred in or out- Imports Exports shipped Detween standing Total O bi w lls n b B ou il g ls ht Others2 U S i n t n a i t t t o e e d s U S f t n r a o i t t m e e s d ex D c o h l a l n ar ge Unite p d oints F in oreign States countries 156 119 77 42 38 92 8 45 il 139 108 71 37 31 78 8 i 41 11 123 97 64 33 26 66 6 41 10 119 94 63 31 25 60 6 40 12 116 90 61 29 26 57 6 3 39 12 118 93 60 34 25 57 9 (3) 38 14 ( ) 120 95 60 35 24 57 12 38 12 209 127 102 64 38 25 60 14 41 12 201 130 101 62 39 29 69 12 39 10 179 128 99 61 38 29 71 9 38 11 1 1 6 4 0 3 1 14 3 0 6 1 1 0 0 2 5 6 6 5 2 4 4 0 0 3 3 1 8 8 7 2 9 1 8 0 /3\ 3 3 7 6 1 1 2 2 150 139 102 64 38 36 81 12 ((33)) 35 10 156 130 94 59 36 . 36 77 10 (3) 33 11 170 117 84 50 33 33 69 7 30 11 188 115 88 48 39 27 67 9 (3) 29 10 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See AnnuaPReport for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange.1 Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a I i n n n a d v c p c e t a o s r t r u a m t n d n t e i e s n n r g t s' i a n n a v c I d e n c s t o t r f u m i a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939_june 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 1942—October e510 e310 e25O November e520 *320 e25O December 543 7 • 154 160 378 270 54 15 4 182 1943—January e540 6290 e280 February e550 6320 e310 March e610 c350 e320 April e67O e57O e330 May e740 e550 e330 June 761 9 190 ""' 167 " 529 334 66 15 7 212 July e78O e530 e340 August e740 6490 e340 September e77O e77O e320 October e780 e740 e330 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis ot reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE .—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 1172. 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. [Per cent per annum] Prime Stock Government securities mo Y w n e e th a e , k r , or m m 4 p P - c o a e r o n t i p r o m m c t e h i - 6 r e a s , - l 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 e a o r a e a l x e a n w l - - n l g - e m b o i 3 l n - ls t s h d 9 c m e - o c e b f r o a t o t t t n i i e e f n t 1 d i s h - - 2 - - 3 ta n - y x o t e o a t a e b r 5 s l - e 1934 average1 1 T 9 3 o . c 4 t i a 5 t l ies Y N C 2. o e i 4 t w r 5 y k 7 e E N r c a 3 n o O i s t . r 7 t i t a t e e h 1 h n s r e - n d r 1 W e 1 r c n e 4 S i . s t 3 o i t a e 2 e u n s r t d n hness 1935 average1 2.93 1.76 3.39 3.76 1936 average1 2.68 1.72 3.04 3.40 1940 average .56 .44 1.00 .014 1937 average1 2.59 1.73 2.88 3.25 1941 average .54 .44 1.00 .103 .76 1938 average1 2.53 1.69 2.75 3.26 1942 average .66 .44 1.00 .326 1.13 1942—October .69 .44 1.00 .372 .75 1.28 1 1 9 9 3 4 9 0 a a v v e 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 3 3 . .3 5 8 1 November .... .69 .44 1.00 .371 .80 1.28 1941 average 2.54 1.97 2.55 3.19 December .69 .44 1.00 .363 .80 1.34 1942 average 2.61 2.07 2.58 3.26 1943—January .69 .44 1.00 .367 .76 1.29 1939—March 2.95 2.13 3.05 3.77 February .69 .44 1.00 .372 .73 1.24 June 2.91 2.15 3.05 3.62 March .69 .44 1.00 .373 .75 1.33 September.... 2.68 2.04 2.78 3.31 April .69 .44 1.00 .373 .78 1.39 December 2.59 1.96 2.59 3.32 M J J T u u a l n J y y e . . . 6 6 6 9 9 9 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 4 3 4 . . . 7 7 6 0 8 8 1 1 1 . . . 3 3 3 2 6 0 1940— J S M u e n a p e r t c e h mber. . . 2 2 2 . . . 6 5 6 5 9 8 2 2 2 . . . 1 0 0 4 3 0 2 2 2 . . . 6 4 5 7 9 6 3 3 3 . . . 3 3 4 5 8 3 A O Se c u p t g o t u e b s m e t r ber . . . 6 6 6 9 9 9 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 < . 7 7 7 8 5 7 1 1 1 . . . 3 2 3 1 9 1 1941— D J M u e n a c e r e c m h ber 2 2 2. . . 5 5 5 5 8 9 2 2 1 . . . 0 0 9 6 0 5 2 2 2 . . . 5 5 5 3 8 3 3 3 3 . . . 2 3 2 5 6 3 Week ending: September 2.60 1.98 2.62 3.29 Oct. 30 %> 1.00 .375 .79 1.30 December 2.41 1.88 2.45 2.99 Nov. 6 % 1.00 .376 .78 1.30 1942—March 2.48 1.85 2.48 3.20 Nov. 13 %~% 1.00 .375 5.77 1.30 June 2.62 2.07 2.56 3.34 Nov. 20 /ie 1.00 .376 .77 1.29 September 2.70 2.28 2.66 3.25 Nov. 27 1.00 .375 .75 1.29 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 Ma 4 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 c 9 u r f r ig e u n r t es q u w a e r r t e e r r l e y p o s r e t r e i d e s m . onthly on a basis not strictly Oc 5 t . N 1 u 5 m . ber of issues decreased from 2 to 1 on Nov. 1. an B d a f c o k r f b ig a u c r k e s f .— igu S r e e e s . November 1939 BULLETIN, pp. 963-969 for description Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)5 U. S. Government2 Munic- Corpo- Year, month, or week ipal rate By rating By groups (high (high- Partially grade) grade)* Total ex ta e x m - pt Taxable Aaa Aa A "rRsaaoa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.02 "2.35" 2.36 2.75 3.34 . 2.83 2.98 3.28 4.28 2.96 3.96 .3.11 1942—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 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October 1.81 2.30 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 Week ending: Oct. 30 1.82 2.31 1.86 2.59 3.11 2.70 2.82 3.10 3.81 2.82 3.55 2.96 Nov. 6 1.83 2.32 1.86 2.59 3.11 2.69 2.82 3.10 3.82 2.81 3.55 2.97 Nov. 13 1.84 2.32 1.88 2.61 3.13 2.71 2.84 3.11 3.84 2.84 3.56 2.98 Nov. 20 1.86 2.33 1.90 2.61 3.13 2.71 2.84 3.11 3.84 2.85 3.56 2.98 Nov. 27 1.86 2.33 1.95 2.61 3.13 2.72 2.86 3.12 3.83 2.86 3.56 2.99 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. & 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 6 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. DECEMBER 1943 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices** Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U. S. Munic- ing? Gov- ipal Medium and lower-grade Pre- (in thoum er e n n - t g ( r h a i d g e h ) o3 H gr i a g d h e - Total Indus- Rail- Public fau D lt e e - d ferred6 Total tn tr d i u a s l - R ro a a il d - P u u ti b li l t i y c s s a h n a d r s e s o ) f trial road utility Number of issues 2-6 50 20 20 15 402 354 20 28 1940 average 107.2 123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 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—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 <586 December.. 108.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January— 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 80 82 74 69 820 February... 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 March 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 - 1,593 June 112.4 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 July 112.9 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 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 October.... 113.0 135.2 120.9 110.6 117.9 98.6 115.4 49.9 175.1 95 97 92 87 633 Week ending: Oct. 30 112.9 135.6 120.9 111.2 118.7 99.8 115.2 50.6 175.5 96 98 94 87 767 Nov. 6 112.7 135.6 120.7 111.1 118.6 99.4 115.2 46.5 175.0 94 96 90 87 911 Nov. 13.... 112.6 135.2 120.4 110.9 118.7 99.0 115.1 44.8 173.3 91 93 86 85 1,337 Nov. 20.... 112.3 134.8 120.5 111.3 118.8 99.8 115.3 45.1 171.6 90 91 85 84 767 Nov. 27.... 112.3 133.8 120.0 111.7 119.3 100.6 115.2 45.5 170.3 91 92 85 85 636 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16-year bond. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN. NEW SECURITY ISSUES [In millions of dollars] ?or newcapital 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 i d 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 o n t d e d r s a s te Stocks eign4* m e ( a f i e d o n g s o r d n t - - i ) c Total S n a m p t i n a c a u d l t i e - - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 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—October 115 28 28 26 a 2 2 87 87 12 31 44 44 November 100 31 31 7 7 7 69 69 10 46 14 13 December 150 41 41 9 17 15 13 2 110 110 9 34 66 66 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 February— 102 58 58 47 11 11 44 44 11 32 2 2 March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 7 April 158 36 36 10 7 19 15 4 122 122 13 35 75 73 2 May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June... 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 September... 109 20 20 10 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 41 33 •••y 144 144 11 46 87 59 27 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). 1174 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 m ro e a e ss d te s d 2 E p s r t o i n m c 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 i 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 1942—January 171 167 74 38 35 84 82 2 9 February 56 54 17 10 7 24 13 11 3 March 125 123 62 58 4 45 40 5 16 April 135 132 75 20 55 21 21 36 May 124 123 57 25 32 14 14 51 1 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 io " 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 z ay 99 97 25 10 15 70 51 19 2 A S J J u u e u n l p g y e t u e s m t ber 1 1 6 3 0 7 9 0 6 6 1 1 6 2 0 7 8 7 3 4 1 1 3 3 5 1 i 6 i"" 3 5 3 3 1 8 5 5 0 0 0 9 1 9 4 4 7 7 0 2 9 1 9 4 1 9 2 8 2 5 2 1 l 1 0 " October PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 1 1 9 9 3 3 4 5 1 1 7 2 2 0 2 5 1 7 1 5 2 4 0 3 1 1 0 1,2 1 5 3 0 0 3 1 0 1 1,19 7 0 7 4 3 2 0 7 6 7 2 4 2 7 5 4 5 3 5 4 0 15 2 0 1 2 2 0 2 "46"" ""ii" 1 4 9 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 F56 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 1942—January 10 10 110 18 83 10 44 43 1 3 3 M Fe a b r r c u h ary 4 6 4 6 7 1 1 0 "*3i" 4 1 0 0 4 4 0 7 2 1 6 3 1 5 4 "1 1 3 6 ' A M Ju p a n r y e il 3 6 3 1 7 0 7 0 1 1 1 3 2 7 5 1 4 0 3 '""5" 3 1 9 1 7 3 5 0 6 4 5 2 5 5 17 6 1 4 3 1 7 6 0 "i ....... July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 September 1 1 40 6 25 "g" 38 23 15 October 9 9 29 29 6 4 3 November 17 16 17 4 12 " l" December 4 4 27 10 17 3 2 1 I943—January 8 1 6 2 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 ....... M J A J S u u e u a n l p g y y e t u e s m t ber 4 1 4 6 6 7 4 1 4 6 4 46 7 4 4 3 2 6 9 8 6 1 3 4 4 2 8 6 1 4 1 5 4 4 1 1 0 0 9 7 4 1 2 9 3 3 1 5 3 2 2 9 5 7 3 6 ' " 1 " 6 3 1 2" "12 3 2 1 " 4 2 1 2 October 28 " " 28 " 50 49 48 2 24 22 1 ' "l" 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. DECEMBER 1943 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends 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 t i a e u r o h n t n n i e a s p t r - - - f m p N e u a r r e o c r n o t o n t d a d s u - - ls s * O g d b o u th o l r e a d e - r s t F o b a a o b e g n o v a e d d c e s s c r , - , o pr r a e o i i O n n f n d i i g g d n u l - c- c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s s n c M e i e e c r l i o v e s l u a - s - - s pr N of e i t ts1 fe P D r r r e i e - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 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—\ 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 A3 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— 2 1 4 3 1 6 9 4 5 5 2 2 3 3 8 5 4 2 6 5 774 51 8 3 3 6 2 1 1 9 8 3 3 2 2 3 2 5 7 3 3 9 5 3 2 9 7 3 3 2 4 2 1 0 7 4 4 2 2 1 3 1 1 3 3 4 5 3 451 51 36 46 749 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— 2 3 1 r r 4 4 4 4 4 5 2 2 2 r r 5 4 5 3 8 0 r4 3 4 2 9 3 4 4 5 7 9 2 7: 7 s 5 2 4 r3 3 3 2 4 2 2 1 1 2 9 9 4 3 3 0 9 9 4 3 4 2 6 9 4 4 4 2 1 0 r3 3 3 6 6 6 r3 4 4 8 2 1 r2 2 2 2 1 2 1 1 5 2 2 2 1 2 1 1 1 1 2 3 2 7 2 7 753 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 inc I o n m s r o o e l 1 a v d e s nt d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r n g a u t e - inc N o e m t e1 d D e i n v d i- s Number of compani 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 848 226 118 98 1,362 163 163 Quarterly 1939—1 -38 -43 21 175 46 39 19 259 44 42 2.. ..' 906 -43 -47 23 166 37 32 19 267 49 42 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 61 184 43 36 22 274 51 48 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 —14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 -5 201 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 3 2,368 653 249 55 39 225 60 29 19 389 45 43 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Not available. 7 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. I 176 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 ot daily statements of United States Treasury. In millions of dollars] 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 d T e d t i a o e r e r r e t b i a e c n t l s t g t- Total2 Tre b a M i s ll u a s r r k y eta in b c C d l a e e n e t r e e b p t s s i t u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o . i l n S e n d . g s p s ubl T i t s c r a a n e x v o i a s i t s a n s e u u n s g r d e s y s S i p ss e u c e ia s l i b n N e d te a e o r r b i n e n t s - g t- s g e t b t e c u e e F e u a r a d u r r e r i l a i s t i l n n t y n i - e g - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 • 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 " 2,47i 6,982 487 6,317 1942—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—Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov 96,116 95,458 66,554 5,721 37,161 10,095 43,381 20,117 14,079 5,703 8,787 657 4,244 Dec. 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—Jan 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,045 4,277 Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 1,173 4,275 Mar 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 May 135,913 134,675 95,382 10,853 16,561 9,797 57,975 29,095 20,507 8,163 10,198 1,238 4,082 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 Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4,113 1 Including amounts held by Government agencies and trust funds, which aggregated $3,748,000,000 on Sept. 30 and $3,752,000,000 (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, OCTOBER 31, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount out- month tions Month standing Tr N ea o s v u . ry 4 , b 1 i 9 l 4 l 3 s 1,006 Tr J e u a n s e u r 1 y 5 , b 1 o 9 n 49 d - s 5 — 1 Com. 1,014 at m e o n n d t h o 1 f Se E ries Se F ries Nov. 12, 1943 995 Sept. 15, 1949-51 1,292 Nov. 18, 1943 1,005 Dec. 15, 1949-51 2,098 1942—July 11,078 508 74 Nov. 26, 1943 1,002 Dec. 15, 1949-52 491 Aug 11,751 454 52 Dec. 2, 1943 1,002 Dec. 15, 1949-53 1,786 Sept 12,479 510 61 Dec. 9, 1943 1,005 Mar. 15, 1950-52 1,963 Oct 13,381 665 61 Dec. 16, 1943 1,009 Sept. 15, 1950-52 1,186 Nov 14,079 542 45 Dec. 23, 1943 1,018 Sept. 15, 1950-52 4,939 Dec 15,050 726 66 Dec. 30, 1943 1,003 June 15, 1951-54 1,627 Jan. 6,1944 1,007 Sept. 15, 1951-53 7,960 1943-Jan 16,246 815 77 Jan. 13, 1944 1,005 Sept. 15, 1951-55 755 Feb 17,067 634 48 Jan. 20, 1944 1,001 Dec. 15, 1951-53 1,118 Mar 17,891 720 44 Jan. 27, 1944 1,008 Dec. 15, 1951-55 510 Apr 19,267 1,007 110 Mar. 15, 1952-54 1,024 May 20,507 995 86 Cert, of indebtedness. June 15, 1952-55 1,501 June 21,256 696 35 Nov. 1, 1943 96 June 15, 1953-55 725 July 22,030 683 38 Dec. 1, 1943 3,800 June 15, 1954-56 681 Aug 22,694 661 28 Feb. 1, 1944 2,211 Mar. 15, 1955-60 2,611 Sept 24,478 1,400 139 Apr. 1, 1944 5,251 Mar. 15, 1956-58 1,449 Oct 26,056 1,340 93 May 1, 1944 1,655 Sept. 15, 1956-59 982 Aug. 1, 1944 2,545 June 15, 1958-63 919 O Se c p t. t . 1 1 ,, , 1 1 9 9 4 4 4 4 4 3 , , 1 5 2 1 2 9 D Ju 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 Dec. 15, 1963-68 2,831 Treasury notes June 15, 1964-69 3,762 Dec. 15, 1943 421 Dec. 15, 1964-69 3,808 Mar. 15, 1944 515 Sept. 15, 1967-72 2,716 SeriesA—1945 From Mar. 1935 June 15, 1944 416 Postal Savings bonds 117 'SeriesB—1946 From Tan. 1, 1936 Sept. 15, 1944 283 Conversion bonds 29 Series C—1947 From Jan. 1, 1937 Sept. 15, 1944 635 Panama Canal loan 50 Series C—1948 From Jan. 1, 1938 M M De a a c r r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 5 5 5 1,6 7 5 0 1 3 6 8 1 Guar T a o n t t a e l e d d ir s e e c c t u i r s i s t u ie e s s.. . .115,944 S S S S e e e e r r r r i i i i e e e e s s s s D D D D — — — — 1 1 1 1 9 9 9 9 4 5 5 5 9 1 0 1 F F F F F F F F rr r r r r oo o o o o mm m m m m M J JJ JJa a aa a n nn n r . .. . 1 1 1 1 , , t 1 1 t o o 9 9 4 3 F A 0 9 e p b r . . 2 3 8 0 , , 1 1 9 9 4 4 1 1 Mar. 15, ly4o 503 Commodity Credit Corp. Series E—1951 From May 1, 1941 Dec. 15, 1946 3,261 Feb. 15, 1945 412 Series E—1952 From Jan. 1, 1942 Sept. 15,1947 2,707 Fed. Farm Mortgage Corp Series E—1953 From Jan. 1, 1943 Treasury bonds Mar. 15, 1944-64 95 SeriesF—1953. From May 1, 1941 M J A D D J O S u u e e p e c a n n p c c t r r e e . . . t . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 7 5 4 4 6 6 6 5 - - - - - - 5 - 4 5 4 4 5 4 2 6 4 8 9 6 7 1 1 1 1 , , , , 0 2 0 5 4 8 5 7 3 1 3 1 8 1 4 5 7 4 6 9 9 9 1 9 H F R e e o M M J F A A d c m u e . p u o a a n b e r y y t n e . . h s O o 1 1 t 1 1 1 P r w r 5 , 5 , , u u i , , 1 t n 1 1 c b y 9 1 1 9 e 9 t l 4 i 9 9 4 i r 4 o c 4 4 s 4 4 5 n ' 4 - 4 - 5 4 - L 4 2 F 7 o 9 H i # a n n o . u C C si o o n r r . g . p p 8 7 7 5 1 3 7 5 1 7 5 9 5 4 1 S S S S S S e e e e e e T r r r r r r i i i i i i o e e e e e e s s s s s s tal G F F u G G n — — — — — cl 1 1 1 1 1 a 9 9 9 9 9 s 5 5 5 5 5 s 4 5 i 5 4 3 fied F F F F F r r r r r o o o o o m m m m m M J J J J a a a a a n n n n y . . . . 1 1 1 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 3 3 1 Dec. 15, 1947 701 Jan. 1, 1945 .^ _. . 340 Mar. 15, 1948-50 1,115 Federal Housing Admin. 1 At current redemption values exce Series G, which is stated at par. Mar. 15, 1948-51 1.223 Various 22 June 15, 1948 3,062 Sept. 15, 1948 451 Total guaranteed issue 3,923 Dec. 15, 1948-50 571 1177 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i . e b n c e t T u e a r o r r i e i t t n a s ie t l 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 d s n e e k r rv a s e l 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 ie e r - - s M a a O b r t k l h e e e t r - inv m es N a a t r o o b k r n l s e e - tissues issues 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—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 September 161,018 11,717 4,073 8,919 136,309 59,200 5,900 14,200 24,100 32,900 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 d n n s - t - B s F e R a e 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 v u a k s l - - p I a c n a o n s n m c u i e e r - s - Other End of month T st o i o a n u n t g t a d - 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 m a k r l s - - b M i s a t 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 8,748 12,237 Total: Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 1942—June 38,085 2,321 1,617 14,828 3,442 7,766 8,110 1943-:Apr 95,680 3,550 6,455 45,723 5,05312,328 22,570 Dec » 49,268 2,739 2,777 19,445 4,055 9,94410,308 May 99,390 3,556 6,222 49,159 5,117 12,42222.914 1943—Apr 55,201 3,059 2,017 21,520 4,62411,464 12,517 June 99,333 3,434 7,202 48,665 5,16112,486 22,38^ May 57,975 3,068 1,70824,006 4,68711,53912,967 July 102,324 3,339 8,187 50,464 5,22212,55722,554 June 57,520 3,045 1,468 24,226 4,72511,44212,615 Aug 103,796 3,417 9,088 51,429 5,016 12,42722,419 July 57,520 2,996 1,44524,723 4,68011,36512,312 Sept 115,313 4,065 8,919 54,457 5,81113,95028,111 Aug 57,520 2,986 1,47325,168 4,41811,21112,264 Treasury bills: Sept. 65,444 3,614 1,500 25,900 5,39313,10015,936 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years Dec 6,627 "ii1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—Apr 10,044 9 2,430 6,415 14 4 1,173 Dec 5,830 754 2,565 253 726 1,531 May 10,853 122,442 7,017 14 22 1,345 1943—Apr 5,830 735 2,806 190 599 1,500 June 11,864 113,815 6,502 21 154 1,361 May 5,830 754 2,773 186 597 1,519 July 12,460 114,896 5,939 31 198 1,386 June 9,474 867 5,122 298 991 2,195 Aug 12,846 115,701 5,233 122 245 1,534 July 9,474 854 5,171 294 984 2,170 Sept 13,054 2 5,351 6,448 9 3 1,242 Aug 9,474 851 5,272 266 927 2,156 Certificates: Sept 9,925 853 5,831 226 860 2,151 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: Dec 10,534 171,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—Apr 16,154 35 997 9,197 168 257 5,500 Dec 17,080 1,574 9,353 1,129 2,101 2,920 May 16,561 491,099 9,759 178 263 5,213 1943—Apr 19,448 1,349 10,032 1,430 2,693 3,943 June 16,561 511,092 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 11,000 183 315 4,801 July 17,921 768 10,373 1,265 2,296 3,219 T G r u e a a r 1 1 1 1 s a 9 9 9 9 u n 4 4 4 4 r t 3 3 2 y 2 e — — — — e n d J A M J A M D S S J S J A A J J u u o u u e e e u u u u e p p a a l l t n n p p p s n n c y g g y r e y y r e e e t t t . e e , ' s . c ' : " u .'. r '. i ' t " i .' e ." s . : '. 2 1 1 1 6 4 9 9 4 4 4 3 3 9 9 4 3 1 1 1 1 , , , , , , , , , , , , , , , , , 5 6 8 8 1 8 2 7 7 0 8 1 7 0 1 8 5 6 4 6 7 8 1 9 0 6 8 9 8 9 2 3 7 9 5 1 9 1 6 3 6 9 8 8 8 5 8 3 6 7 7 3 3 2 3 2 3 2 2 1 4 9 6 5 5 5 0 8 1 2 5 6 3 9 7 6 1 0 2 5 3 6 7 9 1 8 7 0 6 1 2 6 1 1 1 , , 9 9 6 3 7 7 3 7 7 1 5 2 8 2 2 1 4 7 9 7 1 7 1 4 4 4 7 1 3 5 5 5 5 2 2 7 7 2 2 2 2 2 7 2 1 , , , , , , , , , , , . , , , , , 8 5 4 8 5 6 3 7 7 5 6 8 6 6 5 9 5 1 5 5 0 9 5 8 4 2 6 0 2 3 7 0 0 3 3 6 2 2 2 4 1 7 5 6 5 5 0 0 3 6 3 1 2 2 1 1 1 1 1 1 1 1 4 4 8 6 4 7 6 5 6 5 3 6 6 9 7 4 0 9 2 3 3 4 6 4 8 7 5 8 9 0 8 7 8 8 3 2 3 3 2 2 2 2 2 3 2 4 2 2 3 2 3 1 8 0 0 7 8 9 8 9 3 8 6 6 8 3 7 6 7 7 9 9 1 3 3 8 8 3 6 2 6 7 3 6 4 2 2 2 2 2 7 1 2 2 , , , , , , , , , 7 9 7 3 5 5 4 9 6 6 3 8 7 7 7 7 7 7 6 2 5 5 0 7 0 5 8 7 3 5 3 1 1 4 0 2 7 9 2 2 4 1 1 9 1 1 5 3 3 4 3 M M a 1 1 a 1 1 t 9 9 9 9 t u u 4 4 4 4 r 3 r 3 2 2 i i — — — — . n n g g D D J J M J J M A A S A A A S J J u u u u u u e u e e e u i u p p a a l a n l S n n n n p c c p y y g g r r f y y e e e e t t t 1 e 0 r -2 2 0 0 y y e e a a r r s s : 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 1 7 0 3 8 3 2 6 2 7 2 7 7 6 6 7 , , , , , , , , , , , , , , , , , 7 9 8 0 8 9 0 2 6 2 9 2 2 2 9 2 2 3 3 2 9 1 8 6 0 1 9 9 2 1 1 1 1 1 1 1 1 5 2 3 5 4 5 5 9 2 4 4 2 2 4 2 2 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 5 6 5 5 6 6 1 1 9 7 0 5 2 2 3 3 2 8 5 8 9 4 2 6 6 7 2 9 2 9 2 0 3 1 4 6 7 8 5 3 5 8 4 3 6 1 1 2 5 3 6 ' 1 1 7 7 6 7 7 1 1 7 7 7 1 0 1 1 1 1 0 , , , , , , , , , , , , , , , , , 5 4 2 3 6 6 4 1 2 9 2 0 8 2 7 6 5 6 3 8 8 7 5 0 2 1 0 4 0 3 4 4 0 8 1 4 6 5 4 8 3 2 1 2 9 9 9 5 0 6 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , 3 9 3 4 4 3 3 5 6 6 0 5 7 7 7 8 0 5 1 8 0 7 0 4 8 9 2 9 1 1 1 2 3 9 7 5 1 5 6 2 8 0 2 1 6 5 3 1 0 8 4 5 5 5 3 2 2 2 4 5 2 2 2 2 5 2 2 2 , , , , , , , , , , , , , , , , , 1 5 2 5 6 7 8 5 2 3 8 3 6 7 8 9 2 8 6 8 1 0 7 2 0 3 9 2 9 2 0 1 8 9 8 4 0 4 8 9 9 6 6 6 4 9 6 9 3 4 0 3 3 3 2 3 3 3 4 3 3 3 3 3 5 3 3 1 , , , , , , , , , , , , , , , , , 3 3 6 5 5 3 3 5 5 3 5 6 5 5 6 0 1 1 0 1 3 3 4 4 2 6 7 5 5 0 8 8 3 3 7 5 1 5 1 8 4 3 4 6 6 6 7 7 5 0 6 Sept 16,422 1,702 1,514 2,014 6,524 4,667 for certain dates are shown in the table above. 1 On Sept. 30, 1943, commercial banks reporting to the Treasury held $22,228,000,000 of United States Government securities due or callable within one year out of a total of $41,891,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 1178 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 r n c i n M n e n e e u v t l a i o e e l s l e u a 1 - r - - s - S s t r a o e i x c c ty i e u a s - l Other c T e r o i e t p - a t l s ce N ip e t t s3 I d n e o e t s n e b t t r- a W c t t i i e a v s r i- T c fe t o r e r a r u a t u s c c n n - s . t s t t o s - , Other e b T i x u t p o u d e t r g a n 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 r a n n a c n n l d - l e g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3 847 1 194 666 13 668 12 799 1 260 26 011 381 A 745 32 397 19 598 —3 506 +358 23 461 June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 W7 78 179 55* 897 —1 861 +6 515 64 274 1942—October .. 206 350 48 45 648 607 70 5 481 56 330 5 937 5 331 —496 +594 6 420 November. . 199 337 248 45 830 601 28 6 042 3 701 6 363 5 761 +736 — 1 814 3 212 December 1,972 630 50 50 2,702 2,701 353 5,825 25 ?Q7 6 500 3 799 —794 +7 461 12 054 1943—January 306 365 52 100 824 788 54 5 947 35 •337 6 372 5 584 — 135 —2 819 2 899 February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 5,164 -122 -2,'331 2,954 March 4 732 374 50 51 5 207 5 206 262 6 744 1 347 7 354 2 147 —549 — 1 213 1 483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8! 438 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 —39 +70 6 064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 —206 -3,180 784 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 October 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 -132 +1,139 6,697 Details of trust accounts, etc. General und of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c a G i o g n m o u e g 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 e u n x r d e -, i s - Total R F p e e D o s d i s e n e e i - r t r v s a e l d s p p e D o e p i s n c e o i - i s t a s i l - O as t s h e e t r s l T i t a o i b e t i a s l l i- Total W a b o i n n a 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—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 1,350 489 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 M Ap a r r i c l h 1 3 1 6 1 27 3 2 5 3 3 6 3 30 1 0 7 8 9 2 2 5 5 3 8 1 7 2 1 4 3 , , 7 1 5 1 8 2 1,2 6 1 4 5 3 1 9 04 6 8 9 5 4 • 1 , ,4 4 1 2 2 1 4 5 9 7 5 9 1 4 2 , , 1 6 7 1 9 7 1 3 1 , , 4 8 1 5 6 4 Mav 539 258 31 356 81 57 —41 13,152 651 11 117 1,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 1,444 643 9,507 8,744 July 245 179 29 726 315 252 9 9,127 979 6 790 •,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 1,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 :,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 ],462 541 19,297 18,534 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 g a x t n i a f e d t t s e A be l t v c a o e x h r e a o s g l e ic b ta T a x c o c e - o s S ta ta x m es p re t e t u a x a r n i c e l d i e r s s e r ' s' n t c M a e e x l o i l 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—October 220 19 109 27 58 7 348 35 119 83 3 66 42 November.... 185 19 67 24 73 2 478 185 27 104 79 3 47 32 December.... 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 1943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 ""2" 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 40 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 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 October 1,644 1,065 3 181 50 337 9 421 20 41 122 90 4 59 86 1 Correction of December 1942 collection. DECEMBER 1943 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS?AND LIABILITIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U. S. Pri- End of month Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans ferred Cash Govt. Other and ness held Other Fully liabili- interest interest stock, direct Govt. other prop- for assets guar- ties etc. and agen- receiv- erty sale anteed Other1 guaran- cies1 ables by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 December 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—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—October 20,534 8,159 622 581 1,219 60 1,088 976 4,710 3,119 4,265 1,413 4,185 10,230 442 November. .. 20,992 8,158 621 563 1,222 52 1,069 1,001 4,701 3,605 4,264 1,404 4,601 10,281 443 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 1,284 32 1,205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 February.. .. 23,437 8,022 565 590 1,375 27 1,440 1,359 5,883 4,176 4,332 1,383 5,076 12,206 440 March 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 April.: 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 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 7,685 556 515 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 September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans End of month T lo o a t n a s l * R s n C t t e a F r i o c n o u i o r n - c c p n e - . - H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a e o a s n g d r o - e a t . - c l . P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g d r r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i i . s - t - f o B o t p a i r e v n r c e k a o s s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . t R r E m t A i u i f l o i e i d r n c c n a - a . - l - p B p E I o o m a x r r n t - - t - k Other 1941—June 8,106 1,082 1,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December 8,487 1,433 1,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 1942—October 8,159 1,533 1,603 131 91 214 377 1,645 528 248 130 188 244 453 344 119 311 November. . 8,158 1,566 1,587 122 93 213 372 1,625 518 238 140 214 241 448 345 119 317 December .. 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January. . .. 8,086 1,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February... 8,022 1,527 1,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March.. .... 8,003 1,530 1,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 April 8,092 1,512 1,480 87 97 204 371 1,520 475 280 106 408 245 457 344 122 384 May 7,949 1,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 344 126 416 June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 1,459 1,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 1,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September... 7,557 1,460 1,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y ce 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 l e o s ther Property held for sale End of month Total n t L u i a to o n t n i a s c o f t n i i i n - s a - s l L r r o o a t a a o il n d - s s Other F R i s C n e t t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n e o n rs - ' Other F b F M e a e d o C n d . r k . o t s F g r l p a a a a . n r g n m d e d m C r C C a o o r t o r e d i m p o d i o t n i - y t - C p s w F o t R o r i r r a e u n a p r c c a . t o c t i n i o a o n c o n n - r e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o t n - i y t - O C H L r w a o o o t n r m i a p e o n e 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 1,063 262 141 1942— N O o c v to e b m er ber. .. 1 1 , , 5 5 3 6 3 6 1 16 5 9 3 4 4 7 7 2 1 9 9 0 2 8 6 3 3 6 6 8 7 1 1 5 5 2 2 1 1 0 0 2 2 vv 2 2 2 1 5 3 8 6 0 5 4 49 9 7 0 2 29 9 4 3 3 2 , , 2 9 2 2 1 1 1 1 , , 1 41 0 5 9 2 2 3 3 8 1 1 14 3 0 6 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 1,48> 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 August...... 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 September... 1,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to 1,896 million dollars on Sept. 30, 1943. n8o 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 a th nd I 1 v m n = 9 p a c 3 e l a o 5 1 u n y m 0 - e t - 3 s 0 ) e 9 1 Tota I l n (p d h u y 1 s 9 t s r i 3 i c 5 a a - D l l 3 9 u v p f M a r o r = - c o l a u t d u 1 n m u 0 r u N c e e d - 0 t s ) o u i o 2 n r- * n - M er i a n ls - To a t w a 1 l a 9 r 2 c d 3 o e R - n d 2 t d i t e e 5 a r s n a ( l i = - v c - a ts 1 lu 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r l n a - i E - l - 1 m 93 p 9 lo y = F m a 1 c e 0 t n o 0 t r 4 y 9 r F t o 3 o 1 a l 9 0 r c l y - 0 s4 = F c 1 a r — 9 i r e n 3 l i g o 5 g 1 s a - h 0 3 * d t 0 9 - 1 d 9 m s = ( s u e 2 t v a p e o e 3 a l ) a 1 n r e - l * e 0 r 2 s - t 5 t 0 5 - W p m r = c i 1 h s o o c 9 a o d m e 2 1 l l e i s 6 0 e - t 4 y - 0 C = l 9 i o v 3 1 s i 5 t 0 n - 0 o 3 g 9 l 4 able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted iusted justed usted justed justed justed i us ted' justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 ' M2J) 110 132 93 107 117 87 142 lO6!o' 106.1 119.8 152 111 95.3 122.5 1930 109 1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87 1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 109 109 109 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940 113.8 125 139 115 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 162 201 142 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 199 279 158 129 166 82 235 124.2 152.3 242.3 138 124 98.8 116 5 1940 May 112.4 118 118 125 113 118 64 64 65 101.9 102.8 102.1 105.8 105 89 78.4 June 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 84 117 110.3 118.8 116.9 132.6 120 101 80.8 100.8 February 123.5 147 144 178 131 119 99 76 118 111.5 120.9 120.0 140.3 122 103 80.6 100.8 March 125.4 152 149 184 133 126 94 74 109 111.7 122.9 122.7 145.9 127 103 81.5 101.2 April 128.2 149 149 186 137 96 103 80 i21 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 133.7 160 160 198 142 121 101 88 111 113.6 129.8 128.6 161.3 129 105 84.9 102.9 June 138.9 164 165 203 144 127 117 101 129 115.3 133.3 132.0 170.5 131 104 87.1 104.6 July 140.3 166 165 208 144 126 139 115 158 117.1 136.6 135.5 172.0 132 115 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.... 144.4 169 174 212 146 132 161 105 206 118.9 138.8 141.2 184.8 134 116 91.8 108.1 October 146.3 172 176 219 148 134 145 87 192 119.2 139.5 141.8 190.2 134 105 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 69 167 120.3 140.6 141.1 195.1 138 111 93.6 110.5 1942 January 155.2 181 177 235 152 133 118 82 147 120.4 141.6 139.8 200.7 140 138 96.0 112.0 February 157.1 183 180 241 153 133 128 100 151 120.8 143.2 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 144.8 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.0 146.3 221.4 138 117 98.7 115.1 May 165.4 191 192 264 153 126 158 76 226 121.9 148.7 148.0 228.7 136 108 98.8 116.0 June 169.6 193 195 272 152 127 193 76 288 122.5 150.8 149.9 234.5 134 104 98.6 116.4 July 172.8 197 199 278 154 126 206 74 313 124.5 153.2 153.4 242.7 137 121 98.7 117.0 August 176.2 204 207 290 158 130 182 65 278 125.8 155.8 157.1 254.8 140 130 99.2 117.5 September 178.4 208 213 299 161 131 179 70 268 126.5 157.4 159.6 261.8 140 123 99.6 117.8 October 183.0 215 218 311 165 129 185 83 269 127.6 159.6 160.7 270.9 140 128 100.0 119.0 November 189.2 220 220 319 168 130 198 90 286 128.8 161.5 161.9 280.4 136 138 100.3 119.8 December.... 193.4 223 221 328 169 127 175 91 243 130.5 164.2 164.5 287.9 135 125 101.0 120.4 1943 January 196.5 227 223 336 171 125 145 79 198 130.4 165.8 164.8 290.9 135 143 101.9 120.7 February 200.6 232 229 344 174 131 102 56 140 130.5 167.4 166.4 297.5 139 168 102.5 121.0 March 204.4 235 232 351 174 133 85 42 119 129.9 168.1 167.6 304.5 138 136 103.4 122.8 April 207.3 237 235 356 175 131 63 33 87 129.3 168.4 167.7 309.7 136 128 103.7 124.1 May. 208.7 238 239 359 176 129 52 31 68 128.4 167.9 167.2 313.5 135 125 104.1 125.1 June 211.3 236 238 358 177 117 45 32 55 128.9 169.0 168.8 317.1 127 129 103.8 124.8 July 213.1 r240 241 r361 176 134 60 36 80 128.6 169.7 169.8 rS15.6 141 142 103.2 r123.9 August 215.5 242 r245 365 177 135 59 35 79 r127.9 169.7 170.9 r322.4 140 142 103.1 r123.4 September.. . P215.7 244 248 369 178 138 65 35 89 126.9 168.4 170.2 328.3 140 132 103.1 123.9 October ^245 ?248 *>372 ^179 *>51 P36 ?63 ^127.6 mo.i mo.5 137 140 103.0 124.4 November.. . e244 *244 e372 e178 e125 e140 e102.9 * Average per working day. p Preliminary. r Revised. e Estimated. c Corrected, i Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1182-1185. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1188 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 payrolls 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. Factory employment, adjusted , revised beginning 1941. 6 For sales comparisons by cities and by departments see pp. 1190-1191 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 employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65. 1181 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. I Oct Industrial Production—Total. 208 215 220 223 227 232 235 237 238 236 '240 242 244 P245 Manufactures—Total 222 230 236 240 245 250 253 256 258 258 259 261 263 265 Durable Manufactures 299 311 319 328 336 344 351 356 359 358 r361 365 369 Iron and Steel 199 207 204 200 204 208 210 209 208 203 209 213 214 Pig iron 194 199 201 197 198 200 202 198 196 190 191 202 205 202 Steel 219 229 224 221 226 231 233 235 233 227 229 235 239 241 Open hearth. 179 186 182 179 182 185 188 186 184 177 180 184 189 190 Electric 503 536 527 523 542 560 559 580 584 583 577 598 593 607 Machinery 365 380 392 407 417 436 441 443 441- r440 441 P454 Manufacturing Arsenals and Depots1. Transportation Equipment 539 567 600 630 651 671 692 718 728 743 r756 r766 767 P774 Automobiles ; 172 177 185 191 198 206 211 215 220 232 nn (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 223 230 239 242 250 252 256 257 266 264 r273 284 P289 Smeltingg and refiningg.. 213 111 237 241 241 253 255 262 270 275 278 r281 295 p302 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 227 234 240 243 254 252 257 255 264 260 r27O 280 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products.. 130 133 132 130 123 127 130 133 128 128 130 129 p127 Lumber 126 127 126 122 113 117 119 121 126 118 118 119 118 pns Furniture.. 138 145 142 146 142 147 149 149 147 148 148 151 149 Stone, Clay, and Glass Products. 167 173 180 178 175 175 175 175 173 173 168 p169 Glass products 130 129 135 136 150 149 146 153 159 158 162 162 159 169 Plate glass 35 33 35 35 35 36 35 39 43 41 45 49 53 47 Glass containers 164 163 170 172 191 189 185 194 200 199 203 202 196 212 Cement 173 174 172 171 171 166 154 135 130 127 119 114 112 107 Clay products 143 143 144 144 148 144 142 142 136 139 132 132 125 Gypsum and plaster products 176 186 192 191 193 196 202 204 203 204 198 203 194 P187 Abrasive and asbestos products.. 241 258 270 293 301 305 308 313 320 325 r326 327 321 p326 Other stone and clay products1 .. Nondurable Manufactures .. 161 165 168 169 171 174 174 175 176 177 176 178 P179 Textiles and Products. 157 159 159 157 158 162 158 157 159 155 148 145 150 p151 Textile fabrics 148 150 150 148 149 152 149 147 149 146 139 136 141 Cotton consumption 171 172 171 163 171 171 166 166 169 160 153 147 156 156 Rayon deliveries 170 174 177 178 180 181 181 181 185 183 183 177 181 185 Nylon and silk consumption1... Wool textiles 155 160 161 163 154 166 163 157 158 160 146 150 151 Carpet wool consumption... 34 44 43 44 29 39 40 38 32 30 24 33 29 Apparel wool consumption. 198 210 212 218 208 230 228 214 222 226 207 210 205 Woolen and worsted yarn... 172 179 179 180 172 184 181 173 177 181 164 168 172 Woolen yarn 175 182 182 184 176 190 187 179 181 186 168 176 177 Worsted yarn 168 175 175 175 167 177 172 165 171 174 159 158 163 Woolen and worsted cloth.. 179 179 180 185 177 187 182 177 177 179 164 166 168 Leather and Products., 116 119 117 117 123 123 117 119 114 112 11.0 pno Leather tanning 122 126 125 126 130 127 120 111 122 114 111 106 105 Cattle hide leathers 137 143 139 141 141 139 128 131 132 122 116 r109 107 Calf and kip leathers 96 94 94 93 95 93 92 91 92 86 85 80 81 Goat and kid leathers 76 81 81 84 89 89 93 90 90 86 84 82 88 Sheep and lamb leathers.. 143 147 163 154 185 170 160 166 164 162 169 174 164 Shoes 112 115 111 110 118 119 115 117 115 114 112 113 r114 Manufactured Food Products. 137 137 140 143 141 141 142 141 141 141 r144 P146 144 Wheat flour 107 111 118 120 134 126 118 109 97 102 103 Cane sugar meltings1 110 Manufactured dairy products.. 148 152 164 145 P137 PU9 Butter 103 101 101 103 103 107 108 106 103 106 104 96 95 Cheese 149 141 136 135 144 145 147 147 145 150 154 150 150 Canned and dried milk 153 151 145 143 137 141 145 149 150 161 171 157 154 Mea I t c p e a c c r k e i a n m g 1 1 7 6 5 2 1 14 8 5 8 2 1 1 4 6 9 1 1 5 7 6 6 143 154 "m 162 159 186 pm B V Po e e e r a k f l and lard 1 1 1 9 3 2 0 4 7 1 1 1 5 2 3 7 5 3 1 1 1 7 2 2 1 3 2 1 1 1 1 8 0 9 9 8 1 12 6 7 3 8 9 1 1 8 3 7 3 1 6 1 1 8 7 2 3 4 7 1 1 6 8 1 2 7 2 2 1 6 1 1 0 6 1 2 9 2 6 6 2 3 2 1 6 1 7 0 0 3 1 1 1 0 9 9 ^2 1 1 2 3 3 8 1 0 ^ ^2 1 2 4 1 0 Lamb and mutton 143 144 152 151 121 115 107 111 123 119 140 154 161 P174 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. n8z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average == 100] 1942 1943 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Other manufactured foods 136 138 139 144 144 143 145 144 144 142 141 142 pU2 PU3 Processed fruits and vegetables 123 123 122 122 121 121 122 124 121 119 r114 126 120 p123 Confectionery 121 125 123 135 137 139 145 153 152 144 134 123 Other food products 142 145 147 152 151 149 150 148 148 148 149 150 150 p150 Alcoholic Beverages 138 123 121 111 105 121 112 104 96 106 106 111 135 Malt liquor 147 130 144 131 122 142 133 124 113 127 111 131 164 155 Whiskey. 39 13 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 35 63 62 42 42 63 35 31 21 22 23 40 77 90 Rectified liquors 238 226 159 159 159 161 157 141 139 144 144 157 156 Industrial A Icohol from Beverage Plants1 Tobacco Products 135 140 138 146 132 128 129 132 123 124 134 136 134 139 Cigars 114 121 117 154 103 101 93 103 104 102 99 96 101 100 Cigarettes 159 163 163 160 159 153 159 160 144 149 166 169 165 173 Other tobacco products 92 97 94 94 93 88 89 86 85 78 84 92 87 93 Paper and Paper Products 132 138 137 133 135 140 141 141 142 140 135 r143 143 Paper and pulp 133 139 137 132 135 139 139 138 140 136 133 r141 140 Pulp 164 167 161 149 148 153 148 150 154 143 141 153 150 Groundwood pulp 110 114 107 107 103 107 103 101 104 106 115 112 Soda pulp 127 137 141 127 96 98 94 93 92 84 87 93 93 Sulphate pulp 218 218 208 192 201 206 203 204 211 184 193 214 211 Sulphite pulp 155 157 151 140 140 146 140 144 147 142 131 139 134 Paper 128 134 133 130 133 137 138 136 137 135 132 r139 138 Paperboard 131 136 137 134 137 143 150 150 150 152 143 151 155 148 Fine paper 118 130 129 124 129 131 129 130 133 123 126 134 122 Printing paper 115 131 127 120 125 131 126 124 122 122 117 126 125 Tissue and absorbent paper 174 170 174 175 175 172 174 167 168 176 158 r169 174 Wrapping paper 125 128 123 120 125 129 127 125 130 118 127 130 126 Newsprint 106 107 102 100 92 92 90 88 89 91 91 90 88 83 Paperboard containers (same as Paperboard).. Printing and Publishing 108 117 116 111 115 116 112 113 112 112 111 rU5 111 p110 Newsprint consumption 101 104 106 103 104 101 97 101 102 102 105 103 97 96 Printing paper (same as shown under Paper) Petroleum and Coal Products 151 154 157 156 158 165 166 171 173 177 182 r193 201 P205 Petroleum refining 149 153 155 155 157 164 166 171 174 180 185 r196 205 Gasoline 109 111 110 104 99 102 99 101 104 109 109 116 122 ^122 Fuel oil 137 137 138 137 137 143 137 144 137 138 145 153 156 Lubricating oil 112 113 114 113 111 114 118 114 116 120 121 123 123 Kerosene . . . 107 112 110 99 104 117 118 121 122 126 118 107 115 Other petroleum products1 Coke . . . 166 166 166 166 166 i<59 169 169 166 157 162 170 171 169 Byproduct coke 155 155 156 156 157 158 158 159 157 152 153 159 161 158 Beehive coke 526 527 503 501 485 543 551 519 481 318 453 523 538 532 Chemical Products 298 314 330 344 355 361 370 382 389 399 r402 403 395 p394 Paints 122 122 125 126 125 127 126 129 130 135 139 140 137 P\36 Soap 117 116 121 123 125 127 124 124 122 123 120 122 123 p123 Rayon 188 190 187 196 196 200 204 210 214 213 222 223 221 p223 Industrial chemicals 292 304 310 319 332 332 341 350 356 366 r371 382 383 p390 Explosives and ammunition1 Other chemical products* Rubber Products 180 191 200 212 215 218 222 222 224 230 229 227 231 P235 Minerals—Total 131 129 130 127 125 131 133 131 129 117 134 135 138 Fuels . 129 127 130 126 124 131 133 131 129 115 136 137 140 P136 Coal 146 140 148 136 136 151 154 146 139 97 150 148 150 Bituminous coal 150 145 154 143 145 157 161 151 143 103 155 153 155 2*144 129 117 124 105 102 129 128 129 124 74 129 128 129 P\27 Crude petroleum . 120 121 121 121 118 121 122 124 125 124 128 131 136 ^134 Metals 145 140 133 133 130 131 131 130 129 128 128 123 125 p125 Metals other than gold and silver 189 184 181 187 185 189 188 189 186 187 188 184 188 Iron ore 227 218 211 223 223 223 223 223 223 223 223 223 223 P223 (Conner* Lead* Zinc)1 Gold 85 78 65 53 47 44 45 43 42 37 34 28 Silver 88 82 74 75 76 77 77 75 77 83 87 80 r Revised p Preliminary. * 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. 1183 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] Industry Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 213 218 220 221 223 229 232 235 239 238 241 r245 248 p248 Manufactures—Total.. 227 233 236 239 242 247 251 255 258 259 r260 263 267 P268 Durable Manufactures 300 312 319 327 334 M2 350 356 360 359 r362 r367 370 Iron and Steel 199 207 204 200 204 208 210 209 208 201 203 209 213 Pig iron 194 199 201 197 198 200 202 198 196 190 191 202 205 202 Steel 219 229 224 221 226 231 233 235 233 227 229 235 239 241 Open hearth., 179 186 182 179 182 185 188 186 184 177 180 184 189 190 Electric 503 536 527 523 542 560 559 580 584 583 577 598 593 607 Machinery 365 380 392 407 417 426 436 441 r440 441 P454 Manufacturing Arsenals and Depots1 ... Transportation Equipment 539 567 600 630 651 671 692 718 728 743 T756 r766 767 P774 Automobiles # 172 177 185 191 198 203 204 206 211 215 220 232 234 P237 (Aircraft; Railroad cars; Locomotives; Shipbuilding —Private and Government)1 Nonferrous Metals and Products 223 230 239 243 250 252 256 257 266 264 r266 r273 r284 P289 Smelting and refining 214 222 238 242 241 253 255 262 271 275 276 r279 r295 P302 (Copper smelting, Lead refining Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating ; 227 234 240 243 252 257 255 264 260 r262 r27O r280 (Copper products; Lead shipments; Zinc shipments; Aluminum products;Tin consumption)1 Lumber and Products 139 140 130 120 112 119 123 130 136 135 135 137 136 P132 Lumber 139 137 123 106 96 104 110 120 130 128 128 130 129 Furniture.. 138 145 142 146 142 147 149 149 147 148 148 151 149 Stone, Clay, and Glass Products.. 171 176 175 169 170 166 168 172 180 177 173 179 174 P175 Glass products 133 133 136 127 147 145 146 153 169 157 156 168 162 174 Plate glass 35 33 35 35 35 36 35 39 43 41 45 49 53 47 Glass containers 167 168 171 160 187 184 185 194 214 197 195 210 200 218 Cement 200 202 186 156 139 126 126 128 137 136 131 129 130 124 Clay products 148 151 150 149 139 137 136 138 136 137 132 135 129 P127 Gypsum and plaster products 180 190 194 194 187 188 196 202 205 208 198 204 198 P191 Abrasive and asbestos products 241 258 270 293 301 305 308 313 320 325 r326 327 #326 Other stone and clay products1 Nondurable Manufactures. 167 168 168 168 168 171 171 173 175 177 177 r180 184 Textiles and Products 157 159 159 157 158 162 158 157 159 155 148 145 150 P151 Textile fabrics 148 150 150 148 149 152 149 147 149 146 139 136 141 Cotton consumption 171 172 171 163 171 171 166 166 169 160 153 147 156 156 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumpt;ion1 170 174 177 178 180 181 181 181 185 183 183 177 181 185 Wool textiles '155 '160 161 163 154 166 163 157 158 160 146 150 151 Carpet wool consumption 34 44 43 44 29 39 40 38 32 30 24 33 29 Apparel wool consumption 198 210 212 218 208 230 228 214 222 226 207 210 205 Woolen and worsted yarn 172 179 179 180 172 184 181 173 177 181 164 168 172 Woolen yarn 175 182 182 184 176 190 187 179 181 186 168 176 177 Worsted yarn 168 175 175 175 167 177 172 165 171 174 159 158 163 Woolen and worsted cloth 179 179 180 185 177 187 182 177 177 179 164 166 168 Leather and Products.. 115 119 123 126 117 118 118 113 110 110 109 P110 Leather tanning 120 127 130 125 130 137 119 121 122 112 105 105 104 Cattle hide leathers 134 145 144 141 144 151 128 131 132 117 109 105 105 Calf and kip leathers 94 96 97 91 93 98 90 88 88 84 84 80 Goat and kid leathers 77 81 79 85 89 93 93 93 86 83 80 89 Sheep and lamb leathers 140 147 172 146 172 188 155 162 177 160 157 180 161 Shoes 112 115 111 110 118 119 115 117 115 114 112 113 Manufactured Food Products. 163 147 141 139 131 127 128 128 135 141 152 158 167 P156 Wheat flour 116 118 119 118 134 127 116 105 93 98 102 109 121 P12A Cane sugar meltings1 Manufactured dairy products., 156 126 107 95 POO p171 ^203 P153 Butter 99 87 77 81 86 94 98 108 133 146 127 106 91 Cheese 152 127 102 97 107 119 132 153 194 213 189 167 153 Canned and dried milk.... 141 123 104 110 111 127 142 168 208 223 198 161 142 Ice cream 198 152 130 98 Meat packing 147 146 166 186 '171 147 140 136 162 158 170 PI 63 Pork and lard 150 147 200 249 221 180 171 170 216 222 229 P180 Beef 144 144 128 119 126 121 115 105 111 94 111 120 140 5 Veal 140 142 131 101 73 67 69 61 62 63 73 107 144 PI 74 Lamb and mutton 153 150 152 148 128 117 105 108 126 111 134 151 173 r Revised. * Preliminary. * Series included in total and group indexes but not available for publication separately. 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Manufactured Food Products—Continued Other manufactured foods 172 154 145 142 133 130 129 128 130 134 146 161 ^174 ^160 Processed fruits and vegetables 285 157 112 95 79 76 67 75 79 91 148 213 259 ^158 Confectionery 156 163 145 137 141 140 135 127 117 107 110 133 PI 69 Other food products 145 152 154 155 145 142 144 142 146 149 152 153 153 P158' Alcoholic Beverages... 140 103 90 110 105 107 106 127 126 122 138 P132 Malt liquor , 149 121 111 105 100 128 123 130 129 161 159 150 166 144 Whiskey... ... 39 13 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 48 164 130 46 27 38 23 19 13 13 13 21 105 234' Rectified liquors 238 226 159 159 159 161 157 141 139 144 144 157 156 Industrial Alcohol from Beverage Plants1 Tobacco Products... 144 141 137 132 122 123 125 138 140 141 144 Cigars ..... 123 140 117 154 103 101 103 104 99 96 101 100 Cigarettes 170 169 167 147 159 144 149 144 175 177 176 179 98 104 97 83 91 85 86 86 89 93 99 Other tobacco products 132 138 137 132 135 140 141 141 142 134 r142 143 Paper and Paper Products... 133 139 137 132 135 140 139 139 140 132 r140 140 Paper and pulp 162 165 162 149 149 154 150 152 155 140 151 148 Pulp 98 106 114 108 107 111 110 112 113 r99 101 99 Groundwood pulp 127 137 141 127 96 98 94 93 92 87 93 93 Soda pulp 218 218 208 192 201 206 203 204 211 193 214 211 Sulphate pulp 155 157 151 140 140 146 140 144 147 131 139 134 Sulphite pulp 128 135 133 129 133 138 138 137 137 131 139 138 Paper 131 136 137 134 137 143 150 150 150 143 151 155 148 Paperboard 118 130 129 124 129 131 129 130 133 126 134 122 Fine paper 115 131 127 120 125 131 126 124 122 117 126 125 Printing paper 174 171 174 170 173 179 174 168 168 152 169 174 Tissue and absorbent paper 125 128 123 120 125 129 127 125 130 127 130 126 Wrapping paper 106 107 103 98 92 92 90 89 90 89 89 83 Newsprint Paperboard containers (same as Paperboard) Printing and Publishing .. 109 120 121 114 111 115 114 116 114 HI 104 109 p113 Newsprint consumption 102 109 115 108 97 101 107 106 101 93 101 Printing paper (same as shown under Paper) 151 154 157 156 158 165 166 171 173 177 r193 201 p205 Petroleum and Coal Products.. 149 153 155 155 157 164 166 171 174 180 196 205 Petroleum refining 109 111 110 104 99 102 99 101 104 109 116 122 2*122 Gasoline 137 137 138 137 137 143 137 144 137 138 153 156 Fuel oil 112 113 114 112 108 113 117 118 121 120 121 123 Lubricating oil 106 112 113 102 106 123 120 124 124 119 102 114 Kerosene Other petroleum products1 166 166 166 166 166 169 169 169 166 157 162 170 171 169 Coke 155 155 156 156 157 158 158 159 157 152 153 159 161 158 Byproduct coke 526 527 503 501 485 543 551 519 481 318 453 523 538 532 Beehive coke Chemical Products... 299 317 346 354 362 372 384 389 399 395 P397 Paints 121 122 124 126 123 125 126 130 134 139 137 139 P136 Soap 121 121 122 123 123 125 124 122 119 120 119 123 128 P129 Rayon 188 190 187 196 196 200 204 210 214 213 222 223 221 P223 E In x d p u lo st s r i i v a e l s c a h n e d m a ic m a m ls. unition1 292 304 310 319 332 332 341 350 356 366 r371 382 383 Other chemical products1 Rubber Products..... 180 191 200 215 222 224 230 229 227 231 P235 Minerals—Total . 137 134 132 119 119 125 127 127 132 121 140 r140 143 H38 Fuels.... 129 127 124 131 133 131 129 115 136 137 140 P136 Coal 1 1 4 5 6 0 1 1 4 4 5 0 1 1 4 5 8 4 1 14 3 3 6 1 1 4 3 5 6 1 1 5 5 1 7 1 16 5 1 4 1 1 4 5 6 1 1 1 3 4 9 3 1 9 0 7 3 1 15 5 5 0 1 1 4 5 8 3 1 15 5 5 0 P P U 14 l 4 Bituminous coal 129 117 124 105 102 129 128 129 124 74 129 128 129 ?127 Anthracite 120 121 121 121 118 121 122 124 125 124 128 131 136 P134 Crude petroleum Metals.... 184 176 143 90 90 105 148 159 163 161 161 PJ49 Metals other than gold and silver 249 239 192 114 121 121 147 223 243 250 249 247 P226 I ( r C o o n p p o e re r; Lead; Zinc)1 358 335 229 73 77 79 132 298 341 365 363 351 Gold 97 "37 "34 "32 "31 Silver 76 80 86 78 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. ^ i l - rj ooerscorolptlon and back fiSures' 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. DECEMBER 1943 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Tota N D l o u n ra d b u l r e a b g l o e o d g s oods. 1 2 1 5 0 2 9 2 5 .6 . . 5 9 1 2 1 6 0 2 0 6 4 .7 . . 7 5 1 2 1 6 2 2 8 8 1 . . . 5 7 8 r1 r r 2 1 6 2 2 9 2 9 .8 . . 6 7 r 1 r 1 2 7 2 3 0 4 0 .9 . . 0 4 1 2 1 7 3 2 0 0 2 . . . 2 7 6 1 2 1 7 3 2 0 2 1 . . . 5 8 3 2 3 1 5 4 6 4 2 9 . . . 8 0 5 2 3 1 6 5 7 1 2 3 .8 . . 4 3 2 3 1 7 6 7 0 6 7 . . . 9 2 7 3 4 1 1 4 9 7 1 5 . . . 1 6 4 r3 r r 4 1 1 3 9 5. 9 4 6 . . 7 2 r3 r4 1 2 4 9 2 9 8 . . . 4 1 5 3 4 1 2 6 9 8 1 8 . . . 3 3 3 Iron and Steel and Products 163.5 164.9 173.4 172.9 173.3 173.6 174.3 251.5 255.4 264.1 304.6 299.6 308.1 312.8' Blast furnaces, steel works, etc 137 136 134 133 133 132 197 200 201 224 224 230 233 Steel castings 261 265 279 280 278 271 409 420 435 497 478 484 476 Tin cans and other tinware 111 99 103 111 117 110 152 149 139 162 173 187 178 Hardware 119 119 128 128 128 128 198 195 210 249 242 251 254 Stoves and heating equipment 99 107 117 119 121 123 141 144 167 199 198 211 218 Steam, hot-water.heating apparatus... 171 179 198 195 197 195 280 298 308 363 361 351 362 Stamped and enameled ware 135 135 162 164 165 164 213 209 227 299 297 305 313 Structural and ornamental metal work 183 190 195 196 202 202 290 297 318 362 356 373 372 Forgings 236 244 263 261 259 260 391 390 431 494 456 r483 489 Screw machine products 280 287 r295 r292 289 461 464 490 547 r542 r551 549 Electrical Machinery 226.3 235.3 271.1 r275.5 r276.7 279.8 283.9 343.9 368.6 382.7 463.9 r462.8 r475.3 487.7 Machinery, except Electrical 213.0 217.3 236.7 r236.< r236.8 236.2 237.2 352.6 352.3 371.5 428.0 r420.1 r423.9 435. Z Machin ery and machine shop products 218 222 243 r244 r246 245 352 355 372 435 r426 r430 446 Tractors 145 149 162 167 173 177 202 198 213 248 254 263 270 Agricultural, excluding tractors 114 115 136 139 142 145 183 164 187 265 256 r267 283 Pumps 280 281 319 316 321 323 541 511 531 647 630 657 678 Refrigerators 107 115 153 155 159 161 150 157 176 255 r26O r274 288 Transportation Equipment, except Autos.. 1,104.0 1,156.5 1,441.16,452.61,451.7 1,453.0,4 7l1.0 1,920., 2,053.3\,116. 2,768.0 2,790.6 1,811.3 2,945.8 Automobiles 138.2 142.3 167.9 172.6 177 183.4 185.2 218.0 225.2 235. 305.1 314.3 324.2 338.7 Nonferrous Metals and Products 170.3 171.2 180.9 180.6 180.9 181.8 183.9 -268.5 273.3 282. 325.0 321.1 325.4 336.8 Primary smelting and refining 139 143 167 169 168 169 194 203 215 286 295 299 305 Clocks and watches 128 127 124 122 r125 124 221 223 228 236 226 r236 242 Lighting equipment 103 104 116 r119 r120 125 171 159 165 204 r203 r210 223 Lumber and Timber Basic Products 129.9 127.2 114.8 115.1 114.6 111.0 110.2 199.1 192.2 198. 200.8 193.3 206.0 197.7 Sawmills 105 103 92 92 92 89 164 158 163 164 156 169 162 Planing and plywood mills 123 121 113 114 112 108 174 168 175 181 179 183 176 Furniture and Lumber Products 112.0 112.3 109.1 109.8 110.4 108.6 108.8 159.8 158.1 168. 181.1 178.6 185.5 183.2 Furniture 107 108 105 106 107 105 154 154 165 174 172 179 177 Stone, Clay, and Glass Products 125.. 125.2 122.5 122.1 121.8 119.8 119.1 169.6 168.4 178. 189.6 184.4 192.3 188.5 Glass % 119 117 127 127 128 128 152 147 164 185 182 193 194 Cement.... 127 124 102 % 101 100 96 168 169 167 146 145 148 140 Brick, tile, and terra cotta.... 111 109 91 90 88 85 154 152 155 138 135 137 128 Pottery and related products. 134 137 129 128 129 128 173 173 184 190 179 190 187 Textile-Mill and Fiber Products 111.2 111.5 107.8 106.5 105.2 103.6 103.8 166.3 166.8 173.0 r178.7 173.0 173.2 172.0 Cotton goods except small wares 128 128 123 122 121 119 202 208 211 211 207 204 205 Silk and rayoh goods 82 83 80 79 79 78 127 127 131 135 131 134 132 Woolen and worsted manufactures... 120 119 113 111 108 107 198 196 198 207 198 198 195 Hosiery 78 78 74 73 72 71 99 93 103 108 102 r107 105 Knitted underwear 115 116 110 108 106 102 167 159 177 184 174 177 172 Dyeing and finishing textiles 103 105 103 100 99 97 138 143 153 r157 153 154 152 Carpets and rugs, wool 90 91 91 87 83 126 131 138 144 r139 r135 131 Apparel and Other Finished Textiles 115.0 114.5 108.0 105.6 105.7 104.1 104.5 151.4 147.4 157.0 161.7 155.8 164.1 163.4 Men's clothing, n.e.c 113 111 106 104 103 101 146 143 148 159 151 154 154 Shirts, collars, and nightwear 94 94 86 84 82 80 137 130 142 138 131 130 128 Women's clothing, n.e.c 92 93 88 84 86 85 120 116 127 131 125 138 136 Millinery , 92 86 70 76 82 80 115 121 103 98 122 114 Leather and Leather Products. 102.8 103.0 96.0 95.0 93.6 90.8 89.6 146.3 145.6 149.2 150.8 145.9 147.8 143.1 Leather 102 102 98 96 92 89 137 138 146 149 142 138 135 Boots and shoes 92 91 8S 85 84 82 135 135 135 134 131 135 131 Food and Kindred Products 141.6 128.6 111.5 r119.3 r129.9 129.2 122.8 161.6 173.2 164 A 167.4 H75.9 r188.2 185.1 Slaughtering and meat packing 147 145 132 134 135 132 173 173 177 201 r204 r202 191 Flour 104 105 113 114 115 117 134 138 150 171 170 184 180 Baking 114 115 109 110 109 109 139 141 144 152 153 153 155 Sugar, beet 95 239 46 48 51 74 93 119 294 66 68 74 100 Conf ec tionery 122 130 105 104 106 108 144 155 178 159 149 155 165 Bev erages, nonalcoholic 121 117 134 142 144 139 144 138 133 166 178 182 172 M Ca a n lt n i l n i g q u a o n rs d preservi < ng 2 1 4 2 0 3 1 1 2 4 0 2 130 r1 1 2 3 0 4 1 13 8 5 4 1 1 8 3 5 3 2 1 6 5 6 8 3 1 7 5 3 3 2 1 2 4 6 4 r1 1 3 8 7 2 r2 1 0 9 1 0 r3 1 2 9 2 3 3 1 0 8 3 7 Tobacco Manufactures 105.2 106.4 95.7 95.1 r94.8 94.7 95.1 144.3 144.1 153.7 149.3 153.5 r151.1 155.0 Cigarettes 123 126 118 121 r125 125 171 167 172 159 182 187 182 Cigars 99 85 82 79 79 130 132 145 148 138 129 140 Paper and Allied Products.. 111.9 113.1 119.0 118.9 118.1 117.2 117.8 147.1 147.0 158.9 180.9 176.3 181.9 176.6 Paper and pulp 110 110 109 109 109 108 150 149 159 173 169 175 168 Paper goods, n.e.c 118 120 130 129 127 125 142 143 157 187 181 183 178 Paper boxes 104 107 122 123 122 121 130 132 147 180 174 180 178 r Revised. NOTE.—Figures for October 1943 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. n86 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 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Printing and Publishing 100.9 101.8 103.' 102.9 100.7 102.5 110.2 111.2 116.3 126.4 127.0 128.8 128.9 Newspaper periodicals 97 98 96 94 94 95 106 108 109 112 112 113 115 Book and job 98 102 103 107 106 102 111 110 119 131 133 135 133 Chemical and Allied Products 225.1 233.4 257.7 r258.6 257.0 255.4 255.9 326.4 338.5 351.4 432.5 "435.7 r435.8 438.4 Paints, varnishes, and colors 103 103 106 107 107 105 129 129 131 161 158 160 156 Drugs, medicines, and insecticides 139 142 167 170 170 169 165 173 184 234 232 239 241 Rayon and allied products 107 107 109 109 109 109 143 146 145 167 169 168 170 Chemicals, n.e.c 159 159 166 168 169 171 222 222 231 274 277 281 286 Cottonseed oil 127 154 83 79 87 134 92 179 246 142 133 150 249 Fertilizers 103 103 102 95 100 105 149 165 164, 195 189 198 214 Products of Petroleum and Coal 120.8 119.3 118.5 119.1 119.7 119.0 118.9 156.4 160.5 160.8 187.5 190.3 197.1 195.0 Petroleum refining 110 108 111 113 113 113 140 144 146 175 180 185 182 Coke and byproducts 125 123 116 113 112 111 166 173 163 180 175 r185 187 Rubber Products 135.3 139.9 156.4 158.9 r160.3 161.2 164., 184.4 189.9 201.9 264.0 256.1 258.4 273.4 Rubber tires and inner tubes 131 137 157 162 165 169 173 179 190 257 253 254 277 Rubber boots and shoes 138 136 150 149 r150 144 192 206 209 260 247 r25O 247 Rubber goods, other 125 129 141 141 141 141 175 177 191 241 228 232 238 Miscellaneous Industries 147.6 150.7 166.3 166.4 166.4 165.. 167.0 217.3 227.4 236.3 298.2 291.4 294.5 297.1 Photographic apparatus 141 145 172 177 178 178 195 200 209 271 264 269 271 Games, toys, and dolls 80 76 84 85 121 114 120 143 133 rl45 142 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] Group and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total .1941 118.8 120.9 122.9 126.3 129.8 133.3 136.6 137.8 138.8 139.5 139.9 140.6 1942 141.6 143.2 144.8 147.0 148.7 150.8 153.2 155.8 157.4 159.6 161.5 164.2 1943 165.8 167.4 168.1 168.4 167.9 169.0 169.7 169.7 168.4 ^170.1 Durable.... ..1941 133.7 137.2 140.0 144.8 149.5 154.6 159.7 162.1 164.0 165.7 166.4 168.2 1942 170.1 172.9 176.2 180.0 184.1 188.7 193.6 198.7 202.1 206.5 210.2 215.5 1943 218.6 222.1 224.7 225.8 225.9 228.3 229.4 230.0 230.3 ^232.1 Nondurable.... .1941 107.1 108.1 109.5 111.7 114.2 116.5 118.5 118.6 118.9 118.9 119.0 118.9 1942 119.1 119.8 120.0 121.0 120.8 121.0 121.4 122.1 122.2 122.6 123.2 123.7 1943 124.1 124.3 123.5 123.2 122.2 122.3 122.6 122.2 119.6 ni\ ?, p Preliminary NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 BUL- LETIN. 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 1943 1942 1943 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. All Manufacturing 43.0 42.4 45.2 45.1 44.4 r45.1 44.7 87.0 89.2 95.3 95.9 96.3 96.5 Durable Goods 45.3 46.9 46.0 46.8 46.5 96.9 99.7 105.0 105.4 106.0 106.0 Iron and Steel and Products 43.7 43.0 46.4 46.4 45.5 46.7 46.1 95.1 98.0 102.6 103.1 103.5 103.7 106.4 Electrical Machinery 46.4 46.0 47.3 47.0 46.2 46.9 46.7 91.2 94.9 96.5 97.0 r97.O r97.4 99.4 Machinery Except Electrical 49.4 48.0 49.7 49.4 48.1 48.8 48.9 97.7 99.4 105.6 105.9 r106.3 r106.4 109.5 Transportation Equipment Except Automobiles 47.3 46.7 47.5 47.1 46.8 47.0 47.3 112.4 116.1 118.5 118.9 r119.4 r119.9 125.2 Automobiles 45.1 44.1 46.3 46.2 46.0 47.1 45.9 116.9 118.5 123.1 123.6 124.3 121.9 126.5 Nonferrous Metals and Products .... 44.8 44.1 47.1 46.9 46.1 46.6 46.8 93.3 95.6 101.4 101.1 r101.5 rl0l.7 104.5 Lumber and Timber Basic Products. 41.8 41.0 43.8 44.4 r42.7 r45.2 43.5 67.7 68.2 73.7 74.1 73.8 r74.6 76.8 Furniture and Finished Lumber Products. 41.4 41.0 44.6 44.6 43.6 44.6 44.6 66.1 67.5 73.4 74.1 74.5 75.0 77.0 Stone, Clay, and Glass Products 40.1 39.3 42.9 43.1 41.8 43.5 42.3 78.6 79.9 84.3 84.4 84.9 85.3 87.3 Nondurable Goods 40.2 39.7 42.8 42.7 T42.2 r42.5 42.2 73.0 74.3 79.6 80.3 r80.6 81.1 82.3. Textiles—Mill and Fiber Products 40.3 39.4 41.9 41.5 r40.9 41.3 41.0 61.6 63.4 66.4 66 A 66 A 66.5 67.S Apparel and other Finished Products .. 36.2 34.9 38.4 38.1 r37.1 r37.8 37.4 63.4 64.5 69.3 69.9 r70.5 r72.7 74.2: Leather and Manufactures 38.4 36.7 40.1 39.8 r39.1 r40.0 39.2 68.3 70.2 74.7 74.9 r74.4 75.0 76.2. Food and Kindred Products 41.3 41.8 44.6 44.9 r44.3 43.6 43.3 71.8 71.5 79.7 80.2 r79.9 r80.4 79.9 Tobacco Manufactures 39.5 38.6 40.2 41.0 42.1 41.1 41.4 59.3 59.7 62.9 64.5 65.1 65.8 67.1 Paper and Allied Products 41.2 40.8 45.6 45.7 44.6 45.6 44.5 75.7 76.7 79.4 79.8 79.7 80.4 81.1 Printing, Publishing, and Allied Industrie; 38.0 38.2 39.9 40.1 40.2 40.7 40.4 94.9 96.0 99.8 100.6 99.7 100.2 103.5 Chemicals and Allied Products 43.1 42.7 45.7 45.6 45.3 45.7 45.7 87.6 88.1 90.9 92.2 r93.0 r92.8 93.9 Products of Petroleum and Coal 39.5 39.5 44.5 44.9 44.9 46.1 45.2 105.4 108.8 112.2 112.8 113.9 r113.8 115.5 Rubber Products 42.3 41.6 45.4 46.0 44.1 r44.2 44.8 93.3 94.5 100.5 102.4 101.9 101.5 105.7 Miscellaneous Industries 43.7 43.6 46.4 46.5 45.6 45.8 45.6 78.7 81.8 88.2 88.1 88.1 88.6 90.7 r Revised. NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 1195.) DECEMBER 1943 1187 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 Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p i u ti b e l s ic 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 January 316.8 350.7 102.8 110.8 75.4 73.1 17.7 7.2 9.1 5.6 21.0 68.2 90.9 85.8 February 433.6 393.5 168.0 93.3 84.5 87.7 21.8 22.7 9.2 4.2 54.2 72.7 95.9 113.0 March 610.8 339.7 219.3 71.8 112.7 63.8 36.8 25.2 10.7 4.5 71.6 51.5 159.7 123.0 April 498.7 303.4 162.1 79.4 145.1 40.7 30.9 6.6 12.4 5.9 46.5 43.0 101.7 127.7 May 673.5 234.4 148.0 63.3 178.0 24.2 23.8 9.3 10.1 5.3 86.0 36.5 227.7 95.8 June 1,190.3 229.6 185.5 61.5 271.8 53.7 46.2 6.9 15.4 7.9 234.9 26.3 436.4 73.3 July 943.8 183 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 .• 723.2 175.1 126.7 54.1 377.8 31.1 6.1 5.1 6.2 5.8- 76.8 29.0 129.6 50.1 October 780.4 213.5 161.2 69.7 240.3 34.5 18.9 11.2 10.6 5.7 103.3 28.9 246.2 63.5 November 654.2 156.7 106.7 14.1 11.6 124.1 241.0 December 708.7 159.7 70.6 30.0 8.9 168.6 271.0 Year 8,255.1 1,817.7 2,227.5 302.2 147.9 1,219.1 2,540.6 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 October September October January 305 317 351 124 198 316 181 119 35 Boston 11,473 14,884 13,720 February 270 434 394 105 310 364 166 123 30 New York 30,091 18,558 33,660 March 480 611 340 269 473 304 211 138 36 Philadelphia.... 15,179 9,781 31,703 April .... 407 499 303 184 355 253 223 144 50 Cleveland 19,271 18,542 61,631 Mav 549 674 234 267 569 192 281 105 42 Richmond 37,243 32,593 81,821 June 539 1,190 230 314 1,105 183 225 85 46 Atlanta 20,620 15,758 145,203 July 577 944 184 348 876 122 229 68 61 Chicago 31,650 30,539 101,075 August 760 721 414 520 633 351 240 88 62 St. Louis 8,588 10,976 43,506 September 623 723 175 403 661 120 220 62 56 Minneapolis.... 2,376 2,970 14,396 October 606 780 371 710 235 71 Kansas City.... 13,290 10,168 121,395 November.... 459 654 298 592 161 62 Dallas 23,748 10,346 132,286 December 432 709 288 664 144 45 Total (11 districts) 213,529- 175,115 780,396 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 PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o r m e o t v y n p - e t - - S s h c t t m o i o r o m u n a n c - l e l - 1 f h ( a - o T m I u t i I o t s i ) l l e e y 4 s - h R o ( g T e u a r I n o s i n I t ) i t u d l n a e p l g h ( o W T V u i a s t I l i r ) e ng End of month Total b m c a i n e a r k l - s b s i t a n a u n g v a k . - l 8 s a a s l a t s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c g e i r e e a s n * l - Other2 1936—Dec.. 365 228 56 41 5 27 1937—Dec.. 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec.. 1,199 634 38 149 212 77 90 1936 557 246 309 2 1 1 9 9 3 3 7 8 . .. 4 6 9 9 5 4 1 6 6 0 0 n 4 4 2 7 4 3 4 1 8 1 1939—J D u e n c e . . 1 1 , , 7 4 9 7 3 8 9 7 0 5 2 9 5 7 0 1 1 1 9 6 2 7 2 34 7 2 1 1 1 3 5 7 3 1 9 3 4 3 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 971 90 201 392 171 124 1941 . . 1,186 262 21 877 13 13 June. 2,075 1,026 100 208 432 182 127 1942 1,137 141 1 = 691 6 284 Sept. 2,232 1,093 111 216 480 190 141 Dec. 2,409 1,162 130 224 542 201 150 1942—Oct 99 11 1 44 42 Nov 92 10 1 39 43 1941—Mar. 2,598 1,246 146 230 606 210 160 Dec 97 9 \ 39 * 49 June 2,755 1,318 157 237 668 220 154 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 Mar 73 6 19 47 1942—Mar.. 3,307 1,549 201 264 856 237 200 Apr 59 7 16 * 37 June. 3,491 1,623 219 272 940 243 195 May 72 7 18 47 Dec. 3,620 1,669 236 276 1,032 245 163 June 78 8 19 51 July 84 7 21 56 1943—June. 3,700 1,700 252 284 1,071 235 158 Aug 90 10 20 60 Sept 88 12 20 55 Oct 85 8 20 57 1 The RFC Mortgage Company, the Federal National Mortgage A«ssociation, 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. n88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 January 213 370 325 184 ^730 178 242 229 254 **228 35 128 96 228 2>502 February 219 347 303 480 158 200 234 254 61 147 69 226 March 268 351 357 628 P992 190 217 268 272 2*249 77 134 89 355 P742 April ... 231 323 387 717 186 212 287 235 2>255 45 111 100 482 2*725 May 249 324 385 536 pl,085 202 211 297 191 2>281 47 112 88 345 2*803 June 236 350 330 648 2*1,003 179 211 280 215 2*295 57 138 50 433 2*708 Tulv 230 317 365 650 pl,251 169 232 278 213 Pm 61 84 87 437 p950 August .... 250 351 460 703 PI,205 176 221 282 186 2>315 74 130 178 517 2>89O September 289 295 425 732 2*1,233 182 195 262 196 2>280 107 101 162 536 2*953 October 332 344 666 801 215 207 304 200 117 137 362 602 292 328 492 787 235 224 281 168 57 104 211 619 December 368 322 653 873 247 253 344 359 121 69 309 514 January-September 2,185 3,027 3,336 5,575 **9,197 1,621 1,942 2,417 2,015 2*2,438 564 1,086 919 3,559 2*6,759 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 GLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars! Total Coal Coke L st i o v c e k - p F r e o o s r d t - - Ore l M c o a e n u i l s s e - - - M c l d . h c i e a s . r e l n - . - o r r p e T a v e i o r e l a w t n a t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o i r p n a e N c i r l o w a e m t t a i e n y g in N co e m t e Annual Annual 1939 101 102 107 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 ADJUSTED 1942—August 140 136 182 119 106 165 206 150 57 September 140 142 186 124 102 154 203 150 551942—August 669 539 130 SS October... 140 138 184 139 110 149 190 150 56 September.. 663 r534 128 82 November. 136 139 186 126 114 140 190 145 58 October.. .. 661 533 128 81 December. 135 132 184 139 117 137 189 144 59 November.. 722 563 159 121 December... 708 554 155 110 1943—January... 135 135 184 138 102 130 202 144 57 February.. 139 145 178 145 113 135 193 146 611943—January. 710 577 134 92 March 138 144 187 142 117 133 193 145 61 February... 744 591 153 111 April 136 133 186 140 118 138 163 145 62 March 740 616 124 82 May 135 132 181 140 112 138 163 143 62 April 767 623 144 101 June 127 100 166 137 113 140 192 142 63 May 783 624 159 118 July 141 146 184 143 113 150 202 146 64 June 749 629 120 78 August... 140 145 191 147 117 148 208 145 63 July 761 653 108 68 September. 140 152 195 137 114 139 209 143 63 August 779 663 115 75 October... 137 140 195 167 U9 137 196 140 64 September.. 738 655 82 V UNADJUSTED 1942—August.... 144 136 175 129 101 173 152 57 UNADJUSTED September 152 142 184 139 135 167 304 162 571942—August 684 r548 136 October... 150 138 180 139 169 158 260 163 58 September. 698 543 155 105 November. 140 139 186 123 144 138 206 150 59 October.... 746 561 185 136 December. 126 132 193 130 113 122 59 135 56 November.. 690 541 149 111 December . 703 532 171 137 1943—January... 124 135 193 138 98 117 50 132 55 February.. 130 145 189 142 90 129 48 137 581943—January 671 566 105 63 March 130 144 189 131 92 133 56 138 62 February... 664 557 106 62 April 132 133 183 124 105 138 106 143 63 March 756 627 130 85 May 137 132 179 123 101 143 269 145 62 April 749 622 127 83 June 132 100 162 140 86 145 297 146 63 May 759 631 128 86 July 146 146 178 172 97 150 323 147 63 June 747 638 110 71 August 145 145 183 158 111 156 312 147 64 July 791 671 121 82 September. 151 152 193 153 151 150 314 154 66 August 800 676 125 84 October... 147 140 191 167 183 144 274 153 66 September.. 777 666 110 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 compiled with weights derived from revenue data of the Interstate Commerce Commission. by the Interstate Commerce Commission. DECEMBER 1943 1189 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 May 4.... ..108 May 3 .124 May 2 .134 May 1.... .127 SALES 11.... ..114 10 .128 9 .136 8.... .152 January , 92 101 138 143 71 79 108 111 18 99 17 .110 16 .115 15.... .133 February .... 90 103 126 168 71 82 99 132 25 97 24 117 23 .114 22.. 137 March. 89 103 124 136 86 93 118 121 June 1!.'.'.'.. 90 31 .109 30 95 29..!!.136 April 89 104 117 128 86 106 115 133 8.... 120 June 7 .127 June 6 135 June 5 .137 May 89 105 108 125 89 105 108 125 15..!. . !l07 u!.::..120 13 .117 12..!..151 June 91 104 104 129 87 100 100 124 22.... .. 92 21 .107 20 .116 19.....148 July 92 115 121 142 64 79 83 98 29.... .. 89 28 . 109 27 .100 26.....118 August 98 134 130 142 77 106 103 112 July 6.... .. 67 July 5 . 86 July 4 . 84 July 3.... .116 O N S D e c e o p t c v o e t e b e m m e m b r b b e e r e r r . . . .. .. 1 1 9 0 9 0 4 1 7 0 1 1 1 1 1 1 0 1 1 6 5 6 1 1 1 1 2 3 2 2 5 8 3 8 1 1 4 3 0 2 1 1 1 1 0 7 0 1 1 9 5 4 1 1 1 1 2 1 9 3 5 2 7 3 2 1 1 1 2 5 3 3 2 7 3 7 1 1 5 4 0 3 Aug. 2 2 1 3 7 0 3 . . . . . . . . . . . . . . . . . . . . . . . . 8 7 6 7 1 2 9 8 Aug. 2 1 1 6 2 9 2:.... . . . . 10 9 8 8 2 3 9 7 Aug. 1 2 1 1 5 8 1 . . . 1 0 9 9 9 2 2 3 6 3 2 1 1 1 4 0 7 . . . . . . . .. . . . . . . . . . . 1 1 1 1 0 1 0 0 7 1 1 9 Year. 94 110 124 1 17 0 . . . . . . . . . . . 7 8 9 1 1 9 6 . .1 1 1 1 3 6 1 8 5..'... . . 1 1 1 1 0 3 Aug. 1 7 4 . . . . . . . . . . 1 11 1 7 8 24.... .. 92 23 .119 22 .116 21.... .132 M J A O N J S M J F A D u u a e e o c u e p a a n l n p b t c v g y y r r o u e t r i e c e u e l b u a m m h s m e r a t S y b r b r T b y e O e e C r r r KS r1 1 1 1 1 1 1 1 1 1 1 4 9 1 2 3 0 3 1 0 2 0 0 2 5 4 7 6 9 8 8 5 5 1 2 1 1 1 1 9 9 8 9 9 0 1 1 1 3 1 7 0 8 2 0 0 4 1 1 6 6 8 9 8 7 7 7 0 7 7 1 9 4 4 5 7 5 5 3 8 6 4 0 1 1 1 1 1 1 1 1 1 9 2 1 3 2 8 3 3 2 2 9 3 7 3 1 0 8 5 2 0 8 2 5 0 ?1 1 1 9 9 1 9 8 9 9 9 1 1 0 3 2 9 3 2 9 6 4 0 S O N e c o p t v . t . . 2 1 3 2 2 2 1 1 1 9 2 7 5 3 6 1 8 6 1 4 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . 1 . . 1 1 1 1 . 1 1 1 1 1 1 1 0 2 1 1 1 2 2 3 1 2 1 2 2 9 3 5 7 8 0 2 0 6 5 7 3 1 N O Se c o p t v . t . . 2 1 2 3 1 1 2 2 1 2 1 5 8 6 5 4 0 1 8 7 0 3 . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 2 3 3 3 5 3 2 4 3 6 3 8 8 8 9 0 0 2 1 2 8 1 9 3 N O Se o c p v t. t . . 3 2 2 1 2 1 1 2 1 1 7 1 1 4 4 0 3 7 6 2 9 5 9 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 5 5 5 2 5 3 5 7 3 5 6 7 6 2 8 3 9 5 7 9 3 2 3 N O Se o c p t v . t . . 2 2 1 2 3 1 2 1 1 4 2 9 5 5 1 3 8 6 8 0 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . . 1 1 1 1 1 2 1 1 1 1 1 1 1 6 5 9 8 7 0 3 6 4 7 5 7 7 1 4 1 3 4 1 3 1 2 1 8 3 1 Year. 69 82 118 Dec. 3 7 0 . . . . . . . . . . . 1 1 9 4 7 7 Dec. 2 6 9 . . 1 2 6 1 9 5 Dec. 2 5 8 . . 1 2 6 3 6 6 Dec. 2 4 7 . .. . . . . . p r R Pr e e v l i i s m ed in . ary. 2 2 1 8 1 4 . . . . . . . . . . . . . . . 2 2 1 3 5 2 2 8 4 2 2 1 0 7 3 . . . . . 1 2 2 7 7 3 4 7 6 2 1 1 9 6 2 . . . . 2 1 3 7 9 0 4 9 3 2 1 1 5 1 8 . . . . . . . . . . . . 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] O 19 c 4 t 3 . S 1 e 9 p 43 t. T m 19 e o 4 n s 3 . O 19 c 4 t 3 . S 1 e 9 p 4 t 3 . |T m 19 e o 4 n s 3 . O 19 c 4 t 3 . S 1 e 9 p 43 t. T 19 e 4 n 3 O 19 c 4 t 3 . S 1 e 9 p 4 t 3 . m T 19 e o 4 n s 3 . United States.. +5 +8 +13 Boston -3 0 +6 Cleveland—Cont. Chicago—Cont. Dallas +28 +31 +38 New Haven +1 +4 +1 Youngstown +6 +6 +13 Peoria +9 +7 +8 Shreveport +19 +19 +17 Portland 0 +8 +24 Erie +4 +12 +11 Fort Wayne -1 0 +5 Dallas +38 +41 +46 B Sp o r s i t n o g n field -4 0 — 0 2 + + 6 6 W Pit h t e s e b l u in r g gh + + 2 3 1 + + 1 8 8 + + 1 4 3 D In e d s i a M na o p in o e li s s +11 + + 2 7 0 + + 2 1 3 8 H Fo o r u t st W on orth + +2 3 6 9 + +3 3 0 3 + + 4 3 3 3 Ne P w ro Y v o id rk ence + — / 4 + -1 5 + + 5 6 Ric W hm as o h n i d ngton 0 9 + + 1 9 2 + + 1 6 2 D F Si l e o in t u r t x o i C t ity + + 1 1 0 3 + + -1 1 2 6 2 6 ** + + + 2 2 4 8 0San S a F n r A an n c t i o sc n o io + +2 1 1 1 + r+ 2 7 5 + + 3 2 5 1 Bridgeport -14 Q -6 Baltimore -6 +10 +11 Grand Rapids... +17 +11 +16 Phoenix +5 +19 +27 N A e lb w a a n r y k - - 4 9 + -1 5 - - 1 5 W Ch i a n r s l t e o s n t - o S n a , le S m . . C .. . + + 9 9 + + 1 2 9 7 + + 2 2 8 2 M La i n lw si a n u g kee + -4 1 r- + 5 2 + + 1 3 0 T B u ak cs e o rs n f ield .. + + 2 3 0 0 + + 4 2 1 3 + + 4 3 6 6 Binghamton.... +6 +18 +15 Greenville, S. C. +14 +37 +37 Fresno +30 +26 +28 Buffalo -2 +12 +10 Lynchburg +17 +27 +23 St. Louis +4 +14 +14 Long Beach +18 +10 +24 Elmira -^6 -4 -3 Norfolk 0 +5 +13 Fort Smith +10 +38 +29 Los Angeles +21 +13 +21 Niagara Falls.. +12 +16 +28 Richmond +13 +20 +22 Little Rock +12 +17 +28 Oakland and New York City +2 +6 +7 Charleston.W.Va. +2 +9 +11 Quincy +6 +14 +15 Berkeley +3 +1 +17 Ph U S T P R S i c l y o r t o a i h e r u c c d a n e g h a e c n t h e o l u e p s k n s c t h e e e t i a e r a d p y sie... , + + + + + + - 1 1 1 8 4 4 2 3 0 0 '+ + + + + 1 + 1 1 5 7 4 2 8 1 + + + + + + + 1 1 1 7 6 3 7 2 0 6 At H B M J M l C a a i u l n c o i r a a n m t k n r a m t k s t i i g o s n n i o b n g g m u v h t r o i a e g l n m l r e y + + + + + + + 2 3 2 2 9 6 5 7 1 3 4 + + + + + + + 3 2 3 3 3 1 4 6 4 1 0 5 1 + + + + + + + 2 4 2 5 1 1 9 6 2 9 0 8 2 Mi M E L S S n p t o v n e . r u a e m i L n i n a s p s o g p v v h f u o i i i l i i l e l l s s i l l e s e d + + + + + + 1 1 5 2 1 0 4 4 + + + + + + 1 1 2 4 1 6 5 0 7 0 1 + + + + + 1 + 1 2 3 2 4 7 4 7 3 7 S S S S V S S a a a a t a a o n n n n c l c l r t e a k a D F J j m o t o r i o R s a e e n a e g n o n n o c s t d a o i s N co a . p .. a . + + + + 4 + + 1 2 - 8 3 6 5 7 8 5 + + + + + + + 1 1 3 2 6 2 7 3 3 1 3 + + + + + + + 2 2 1 1 1 4 3 1 1 6 6 9 0 3 Cl L Y e W A C P R C v a h i l e o k e e n i n a i r r l l v l c o k c d k a a e i n a i n e n d l n s s a d n e g t - n . e a l B . d p r : ti a h r i r a e .. . . . . . + + + + + + + + + 1 7 8 6 9 3 5 2 5 1 ' r r + + + + + - + + 1 + 1 1 1 1 1 2 2 3 4 6 3 3 2 5 + + + + + + + + + 1 1 1 1 9 9 5 6 0 5 1 1 9 N T A M N J K B C a a e a a n t h c a l m w t s o k c a a o h x o s t n p n v t o O v n t a a i a n i R l r l n l l l e o e e o a u o n g g s e a.... + + + + + + + + + 2 2 2 4 1 1 1 2 2 8 9 4 2 8 6 8 1 9 + + + + + + + + + 2 2 2 3 4 4 2 3 1 9 7 2 7 5 3 8 3 8 + + + + + + + + + 2 3 2 3 3 2 4 3 2 5 4 3 4 6 8 2 9 4 Ka W T J H D K O S n o o t u e m a s i p . p c n n a t l J a c e h i v s s o h n h k a i e s t a C i s a r a e n . i p s C t o y h i n ty + + + + + + + + + 1 1 1 1 1 9 6 8 5 7 9 7 4 2 + + + + + + + + + 2 2 1 1 1 1 4 9 6 3 1 9 1 6 3 + + + + + + + + + 3 2 2 2 3 1 2 2 2 2 2 1 8 1 0 9 4 6 B B T P E S S S Y o p e a o v e a a N a c o l r i l e k s l t t o t a k i r i e l t L n m m e m a a l e g t a a n n t a p a h n e k d a a d e m City.. + + + + + + * + 1 2 3 2 1 5 8 8 1 + r + + + + — 1 1 2 1 7 4 5 1 7 8 ' • • * + + + + + + + + + 1 2 2 2 1 3 3 1 1 2 3 2 3 3 7 0 9 4 Columbus +16 +24 +26 Chicago +1 +2 +9 Oklahoma City, +34 +39 +49 Toledo +5 +11 +14 Chicago +2 +9 +8 Tulsa +23 +20 +27 r Revised. * Data notyet available. ** Nine months 1943. [I9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Number Department of stores Percentage cha]ige Percentage change September reporting Sept. 1943Sept. 1943Sept. 1942Sept. 1943Sept. 1943Sept. 1942 from from from from from from 1943 1942 Sept. 1942 Aug. 1943 Aug. 1942Sept. 1942 Aug. 1943 Aug. 1942 GRAND TOTAL—entire store. 353 +10 +24 +24 -11 +4 -1 3.0 3.7 MAIN STORE—total 353 +12 +24 +23 -12 +4 -1 3.1 3.9 Women's apparel and accessories 351 +17 +28 +29 +11 +4 -2 2.4 2.6 Women's and misses* coats and suits 328 +23 +41 +25 +54 +1 -6 2.5 2.0 Women's and misses' dresses 335 +17 +27 +47 +47 +12 +16 1.4 1.2 Blouses, skirts, sportswear, sweaters, knit apparel 312 +27 +27 +31 +53 -1 -11 2.1 1.8 Juniors' and girls' wear 299 +27 +20 +25 +36 +3 -3 1.9 1.8 Infants' wear 303 +29 +38 +46 -16 -3 -6 1.6 2.4 Aprons, housedresses, uniforms 284 +5 -12 -1 +32 +16 +4 2.9 2.3 Women's underwear, slips, negligees 321 +24 +11 +14 -10 +13 0 3.1 4.2 Corsets, brassieres 330 +12 +16 +23 -33 -1 -2 2.6 4.3 Hosiery (women's and children's) 345 -10 +30 +16 -10 +2 -7 3.0 3.0 Gloves (women's and children's) 325 +17 +128 +145 -24 +8 +5 4.2 6.4 Shoes (women's and children's) 240 0 +55 +46 -13 -1 -5 3.2 3.6 Furs 260 +23 -19 -30 +42 +3 0 4.2 3.6 Men's and boys* wear 321 +6 +50 +43 -21 +7 ii 4.5 6.0 Men's clothing 230 0 +54 +39 -24 +6 5.4 7.2 Men's furnishings, hats, caps 303 +7 +36 +28 -20 +11 +3 5.0 6.7 Boys' clothing and furnishings 279 +17 +69 +85 -18 0 -4 2.6 3.7 Men's and boys' shoes and slippers 171 -15 +48 +41 -16 +5 -1 6.3 6.3 Home furnishings 315 -2 +11 +9 -33 0 -4 3.7 5.3 Furniture, beds, mattresses, springs 230 -10 -4 -13 -26 +2 -4 3.4 4.2 Domestic floor coverings 237 +17 +20 +16 -45 -7 -4 3.2 6.8 Draperies, curtains, upholstery 291 +20 +32 +34 -26 -2 0 3.3 5.4 Major appliances (refrigerators, washers, stoves, etc.) 188 -67 -18 +12 -72 -4 -10 3.4 4.2 Domestics, blankets, linens, etc 287 +15 +7 +2 -31 +1 -3 3.0 5.0 China and glassware 220 +6 +14 +18 -23 +1 -1 5.8 8.0 Housewares 220 -20 +14 +25 -31 +2 -5 4.2 4.9 Piece goods (dress and coat yard goods, all materials) 287 +32 +19 +26 -8 -2 -2 2.8 4.0 Cotton wash goods 122 +37 -12 -7 -15 +5 +2 2.4 3.9 Small wares 332 +17 +21 +25 -1 +8 +2 3.9 4.6 Notions 222 +9 +20 +30 +6 +7 -1 3.9 4.0 Toilet articles, drug sundries, prescriptions 316 +15 +14 +21 -4 +5 +2 3.7 4.4 Jewelry and silverware 275 +13 +17 +25 2 +3 +1 4.4 5.0 Miscellaneous 298 +12 +17 +14 -19 +9 +3 3.9 5.4 BASEMENT STORE-total 215 -3 +24 +28 -6 +4 -2 2.9 3.0 Women's apparel and accessories...... 202 +3 +23 +26 +14 +5 -2 2.4 2.2 Men's and boys' clothing and furnishings... 165 +40 +47 -17 +4 -2 4.2 4.6 Home furnishings 123 -2 +19 +20 -30 +1 -3 3.0 4.2 Piece goods 53 +21 +8 +18 0 -6 3.1 3.7 Shoes 134 -36 +32 +38 -5 +2 -3 5.0 3.4 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Charge- Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales ment ac s c a o le u s nt 1942—-August 118 74 82 66 64 92 80 58 36 September 121 141 78 106 63 76 90 83 56 38 October r137 r164 r93 r115 62 r82 99 106 57 37 November 135 162 89 114 62 84 96 113 58 36 December 263 112 166 64 109 103 116 61 34 1943—January 100 123 63 82 58 83 96 142 59 36 February 116 140 70 99 55 78 89 109 58 37 March 120 147 67 100 51 77 91 105 59 36 April 129 161 76 104 49 78 85 106 60 35 May 117 146 61 97 45 75 79 105 60 36 June 122 152 57 101 42 76 72 100 60 36 July 97 127 54 73 39 64 70 103 62 33 August 109 140 64 83 38 63 67 85 62 33 September 133 169 70 105 38 74 67 84 61 34 October 149 189 85 116 40 81 75 104 61 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. DECEMBER 1943 1191 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 Total Single- End o r o f y e m ar onth co c n re su d m it er ins T ta o l t m al ent Sale credit Loans1 pa lo y a m n e s2 nt a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 . .. 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,155 2,922 1,494 482 1,012 1,428 1,072 1,513 648 1942 Sept 6,557 3,504 1,862 769 1,093 1,642 1,095 1,320 638 Oct 6,403 3,255 1,704 664 1,040 1,551 1,088 1,419 641 Nov 6,169 3,054 1,571 573 998 1,483 1,085 1,386 644 Dec 6,155 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 Apr. 5,243 2,226 1,020 260 760 1,206 1,029 1,331 657 May 5,079 2,116 955 235 720 1,161 1,027 1,275 661 June 5,065 2,046 896 208 688 1,150 1,014 1,338 667 A Tu u l g y 4 4 , , 8 7 4 7 4 0 1 1 , , 8 9 9 5 9 6 8 8 3 0 8 7 1 19 96 0 6 6 4 1 2 7 1 1 , , 1 0 1 9 8 2 9 9 9 9 4 6 1 1 , , 2 1 2 9 2 8 6 6 7 7 2 7 Sept P4,862 pl,868 P785 P186 P599 PI,083 PI,038 PI,275 P681 Oct P4,956 Pi,831 P775 P181 P594 Pi,056 PI,076 PI,366 ^683 P Preliminary. 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. and Domi descriptio 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- j 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 ar onth x m T a c o u o lu t t t d a o iv - i l, n e g s o m m t a r o e a n d r i n d e e l t r - s F s u t t u o r r r n e e i s - H a s h a t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o re t t A o h ta r l e l e i r l s mo y n e t a h r or Total m b e a r n c k ia s1 l p c l a o o n a m i n e - s j p a c a n o n k m i i e n - s g u C n r i e o d n i s t l l a e n n e d o e u rs s m iz o lo a d t a e i n o r s n n houses 1929 652 43 263 219 32 95 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 1940 1,721 439 599 302 110 271 1941 1,805 469 619 313 120 284 1942 1942 1,012 254 391 130 77 160 Sept. L.642 460 452 236 160 94 240 Oct L.551 421 437 222 152 92 227 1942 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 Nov 998 247 392 141 61 157 1943 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 Jan 1943 Mar 1,252 312 387 184 127 87 155 910 228 359 116 64 143 Apr. .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 -1,092 278 357 168 112 84 93 June 688 168 301 64 47 108 Sept Pi, 083 r277 358 r169 113 P85 P81 July 642 155 286 55 45 101 Oct Pi,056 272 354 167 111 P84 P68 Aug 617 149 279 48 44 97 O Se c p t t P P 5 5 9 9 4 9 P P 1 1 5 4 1 8 nn P P 3 4 7 2 P P 4 4 3 4 P P 9 9 4 4 P Preliminary. r Revised. P268 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 (9 million dollars at the end of October 1943), which are not shown separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. ]n millions of dollars] Month or year Total Aut r o e m ta o il tive O r : e p h t t u a h a s r e i - e l r , d e l m e r a n p n o i d a d z i - a r - i s m n P o s e e n t r n a a - t l l- Month or year Co b m a m nk er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash hased loans direct loans loans 1929 463 413 42 1930 503 380 41 1931 498 340 38 Outstanding at end of 1932.. 376 250 34 period: 1933 304 202 33 1939 1,020 210 160 150 220 280 1934 384 234 42 1940 1,340 300 230 210 260 340 1935 423 288 67 1941 1,588 396 303 279 246 364 1936 563 354 105 1942 787 136 122 143 154 232 1937 619 409 148 1938 604 417 179 1942—-September 998 203 167 175 176 277 1939 763 489 257 October 922 190 148 159 168 257 1940 927 536 320 November 860 166 136 151 165 242 1941 983 558 343 December 787 136 122 143 154 232 1942 705 798 408 215 1943—January 726 116 111 136 144 219 1942 February 662 101 100 121 135 205 April 71 72 37 19 March 619 87 95 108 125 204 May 61 58 34 18 April 580 77 91 100 117 195 June 64 68 36 20 May 551 69 89 93 111 189 July 58 63 34 18 June 529 65 85 84 105 190 August 52 60 33 16 July 515 60 82 80 103 190 September 49 60 31 16 August 498 58 82 74 98 186 October 44 59 30 14 September r489 57 r82 r70 95 185 November 37 59 25 14 October 479 57 82 67 92 181 December 43 82 31 18 Volume extended during 1943 month: January 36 45 25 11 1942—September 82 14 13 35 February 35 50 26 13 October 77 11 11 32 March 53 86 38 22 November 64 7 o 27 April 41 62 31 15 December 69 6 10 32 May 40 58 29 14 June 50 80 35 19 1943—January 59 6 9 26 July 44 62 30 15 February 52 6 9 25 August 45 64 29 15 March.... 74 8 13 9 39 September r47 70 32 r18 April 64 9 12 10 28 October 43 67 28 16 May 65 9 12 11 27 June 77 9 13 12 35 July 67 8 13 9 30 r Revised. August.. 68 9 14 8 30 1 These figures for loans made include only personal instalment cash September 72 9 14 9 33 loans and retail automotive direct loans, which are shown elsewhere on October.. 68 8 13 11 29 this page, and a small amount of other retail direct loans (one million dollars in October 1943), which are not shown separately. r Revised. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* 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 r g o e m Instalment accounts a C cc h o a u r n g t e s preceding corresponding Item Oct. m S o e n p t t h . Aug. Oc p t r . e m c o e S d n e i t p n h g t . o y f e A a u r g. Month D s m e to p e r n a e t r s t- F s t u t 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 a e c e s p e - - J s e t w o e r l e r s y D s m t e o p e r n a e r t s t- 1943 1943 1943 1943 1943 1943 1942 Net T sa o l t e a s l : +10 r+l +2 +2 +4 J A u u ly gust 2 2 3 4 1 1 4 6 1 1 3 3 2 2 2 5 6 5 0 9 C C a re sh d it s a s l a e l s es: + 14 + 4 +3 +8 -+15 +20 O Se c p to te b m er ber 2 2 5 9 1 1 6 8 1 1 5 4 3 2 0 6 6 6 5 0 Instalment +8 r0 +5 0 November 29 17 15 31 Charge account +15 +3 +3 +2 +3 December 31 18 15 45 Accounts receivable, at end of 1943 month: January 28 17 16 31 r60 Total 0 -1 ? -36 February 28 17 16 30 61 Instalment 0 -1 -34 March 31 19 18 30 62 April 31 20 18 31 63 Collections during month: May 30 22 20 33 63 Total +5 r-5 -4 -19 -14 I -12 June 29 21 21 33 62 Instalment +6 e -4 -22 -18 I -17 July 30 22 21 34 62 August 32 22 21 r34 62 Inventories, end of month, at September 33 21 r21 33 62 retail value -2 -2 -24 r-23 October 36 22 22 37 65 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. DECEMBER 1943 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s u h a c e n t r s d p T ro ex d t u i c le ts m F li u a 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 p c C r a a o l h l s l d e i u a e m d n c i t d - s i f n H u g r o n g u i o s s h o e- - ds l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 . 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1942—July 98.7 105.3 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 88.8 October 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99.5 102.5 90.1 December 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 '123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 Week ending 1943—August 7 125.0 106.6 97.2 118.4 96.9 81.6 103.8 111.9 100.1 104.2 92.2 August 14 122.9 105.1 97.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 August 21 123.8 105.8 97.3 118.4 96.9 81.7 103.8 112.1 100.2 104.2 92.4 August 28 124.0 105.5 97.3 118.4 97.0 81.8 103.8 112.1 100.2 104.2 92.4 September 4 123.3 104.7 97.3 118.4 97.0 81.7 103.8 112.2 100.2 104.2 92.4 September 11 123.2 104.8 97.4 118.4 97.0 81.7 103.8 112.5 100.2 104.2 92.6 September 18 123.6 104.5 97.4 118.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 September 25 123.8 104.9 97.4 118.4 97.0 81.6 103.8 112.5 100.2 104.2 92.6 October 2 123.6 105.0 97.5 118.4 97.0 "81.7 103.8 112.5 100.3 104.2 93.1 October 9 122.7 104.9 97.5 118.4 97.0 81.8 103.8 112.5 100.3 104.2 93.1 October 16 122.8 104.7 97.5 118.4 97.1 81.8 103.8 112.5 100.3 104.2 92.9 October 23 122.7 104.8 97.5 118.4 97.1 81.8 103.8 112.6 100.3 104.2 92.9 October 30 122.2 105.0 97.5 118.4 97.2 81.6 103.8 112.8 100.4 104.2 92.9 November 6 122.8 105.7 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 92.9 November 13 122.1 105.5 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 93.0 November 20 121.2 105.6 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 93.0 November 27: 121.2 105.8 97.5 116.9 97.2 81.7 103.8 113.0 100.4 104.2 93.0 1942 1943 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 91.5 116.0 116.8 119.7 122.5 Agricultural implements... 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 123.4 127.6 129.5 130.2 126.1 Farm machinery 98.0 98.0 98.0 98.1 98.1 Other farm products 104.4 124.8 120.8 118.8 118.9 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 109.2 108.9 108.9 108.9 109.1 Nonferrous metals 86.0 86.0 86.0 86.0 86.0 Cereal products : 89.3 93.8 93.8 94.4 94.7 Plumbing and heating 94.1 90.4 90.4 c90.2 90.2 Fruits and vegetables 98.2 138.0 125.6 116.7 115.1 Building Materials: Meats 115.5 105.9 106.0 106.0 106.2 Brick and tile 98.7 99.0 99.0 99.0 99.0 Other foods 95.4 97.1 98.0 99.0 99.6 Cement 94.2 93.6 93.6 93.6 93.6 Hides and Leather Products: Lumber 133.3 137.1 142.0 142.7 143.1 Shoes 126.4 126.4 126.4 126.4 126.4 Paint and paint materials.. 101.0 102.0 102.8 102.6 102.8 Hides and skins 116.0 116.0 116.0 116.0 116.0 Plumbing and heating 94.1 90.4 90.4 90.2 90.2 Leather .101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 103.3 101.3 101.4 102.0 102.2 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.2 96.4 96.5 96.5 96.4 Cotton goods 112.4 112.6 112.7 112.9 112.9 Drugs and Pharmaceuticals 128.8 165.2 165.2 165.2 165.2 Hosiery and underwear 70.5 70.5 70.5 -70.5 71.4 Fertilizer materials 78.3 79.3 80.1 80.6 81.3 Silk Mixed fertilizers 82.8 85.8 85.8 85.8 85.8 Rayon 30.3 30.3 30.3 30.3 30.3 Oils and fats 101.5 102.0 102.0 102.0 102.0 Woolen and worsted goods 111.7 112.5 112.5 112.5 112.5 Housefurnishing Goods: Other textile products 97.4 98.7 98.7 98.7 99.2 Furnishings 107.3 107.1 107.1 107.1 107.1 .Fuel and Lighting Materials: Furniture 97.4 98.1 98.1 98.1 98.1 Anthracite 85.7 89.6 89.6 89.9 89.9 Miscellaneous: Bituminous coal 111.0 116.5 116.5 116.4 116.4 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.1 122.4 122.4 122.4 122.4 Cattle feed 123.8 149.7 155.7 159.6 159.6 Electricity 61.9 59.0 Paper and pulp 98.8 104.3 104.3 105.6 105.6 «Gas _ 79.2 77.6 '76^3 Rubber, crude 46.3 46.2 46.2 46.2 46.2 Petroleum products 60.6 62.8 63.0 63.2 63.5 Other miscellaneous 92.4 96.3 96.3 96.3 96.4 c Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 1194 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 i m ce is , - lo S c t a a l te g , o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1942—October 37,962 15,162 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December 38,842 15,687 884 2,004 3,535 6,635 ±',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 r38,261 r16,124 835 1.065 3,630 6,388 4,300 r5,919 August r38,067 r16,l45 825 1,023 3,645 6,335 4,282 r5,812 September 37,748 16,029 817 957 3,641 6,248 4,258 5,798 October 37,956 16,170 808 913 3,622. 6,352 4,300 5,791 UNADJUSTED 1942—October 38,478 15,313 902 2,028 3,539 6,697 4,327 5,672 November 38,533 15,434 894 1,896 3,520 6,771 4,295 5,723 December 38,942 15,684 885 1,674 3,502 7,107 4,'279 5,'811 1943—January 37,862 15,743 867 1,470 3,463 6,371 4,259 5,689 February 37,958 15,851 867 1,386 3,456 6,291 4,270 5,'837 March 38,115 15,958 861 1,357 3,475 6,328 4,281 5,855 April 38,336 15,956 850 1,328 3,552 6,423 4,337 5,890 May 38,262 15,911 837 1,299 ' 3,587 6,331 4,349 5,948 June 38,484 16,056 835 1,277 3,653 6,371 4,355 5,937 July 38,364 16,136 830 1,218 3,683 6,290 4,359 5,848 August r38,245 16,245 823 1,162 3,695 6,218 4,331 r5,771 September 38,251 16,179 825 1,066 3,708 6,285 4,334 5,854 October 38,286 16,206 818 976 3,701 6,425 4,299 5,861 * Includes contract construction and Federal force account construction. r Revised. 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 October 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1, 1943. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Nov. 1, 1943 1942 Nov. 1, 1943 1942 Nov. 1, 1943 1942 Nov. 1, 1943 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 8,024 7,645 40 42 New York 32,053 26,598 8,266" "5^265"' 80 48 Philadelphia 50,041 44,275 13,944 12,460 128 142 Cleveland ... 230,248 212,113 40,608 28,633 52 49 Richmond 1,460 1,335 133,387 135,325 26,208 20,801 Atlanta 2,533 2,523 177,796 174,886 7,381 6,102 Chicago 1,266,052 1,304,660 35,045 32,837 1,316 978 St. Louis 13,922 ""23;193"'" 392,856 367,016 23,358 28,695 20 16 Minneapolis 360,806 354,359 42,573 24,814 250,295 249,234 Kansas City 588" 311"" 420,741 349,625 365,641 277,006 5,442 5,201 Dallas 3,745 3,593 93,887 100,217 49,053 36,386 107 116 San Francisco 576 487 9,263 8,933 91,176 60,858 20,594 46,133 Total 12,824 11,442 3,175,154 3,085,652 703,253 533,857 278,074 301,959 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1942 Nov. 1,1943 1942 Nov. 1,1943 1942 Nov. 1, 1943 1942 Nov. 1, 1943 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,605 5,585 3,489 3,431 27,343 26,838 50,889 81,431 New York 34,615 11,184 6T 227 6,308 1,636 996 32,627 37,205 Philadelphia 16,387 10,665 2,392 2,422 46,016 38,850 19,348 21,108 Cleveland 62,694 37,460 5,613 5,379 107,635 113,244 16,159 16,696 Richmond 26,359 26,229 4,658 4,429 808,552 759,965 24,784 29,726 , Atlanta . . 22,052 21,575 4,203 3,984 143,263 156,955 15,920 19,238 Chicago 523,027 426,650 20,962 18,080 29,670 29,209 36,285 44,985 St. Louis 76,402 65,861 9,327 7,901 242,243 268,184 13,436 13,552 Minneapolis 390,377 331,506 11,949 11,384 2,472 2,414 45,785 59,869 Kansas City 149,083 156,561 8,943 7,648 3,607 4,218 37,817 39,285 Dallas 15,181 19,880 1,989 1,768 6,068 7,539 San Francisco 35,948 35,536 12,493 13,138 72,032 98,458 Total 1,358,730 1,148,692 92,245 85,872 1,412,437 1,400,873 371,150 469,092 1 Includes 21,000 bales grown in miscellaneous territory. 2 Includes 19,000 bales grown in miscellaneous territory. NOTE.—Figures for spring wheat, oats, and tame hay estimates for Oct. 1; for winter wheat for Aug. 1. No estimates made for Nov. 1. DECEMBER 1943 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1943 1943 book page Oct. Nov. Nov. I Nov. Nov 27 3 10 I 17 24 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Rese U rv . e S B - a G n o k v t c . r e se d c it u : rities, total 2, 4 9.29 9.48 9.86 9.83 10.36 R G e o s ld er v st e o c b k a nk credit 5 5 2 8 2 . . 8 3 8 0 2 9 2 . . 7 2 3 1 2 9 2 . . 5 1 5 4 Bonds 4 1.55 1.56 1.57 1.57 1.57 Money in circulation 5 18.20 18.73 19.00 Notes 4 .69 .69 .69 .69 .69 Treasury cash 5 2.28 2.27 2.28 B C i e l r l t s i ficates 4 4 5 1 . .5 4 7 8 5 1 . .5 6 9 4 5 1 . .6 9 9 2 5 1 . .7 8 7 1 6 1 . .8 2 4 6 T R r e e s a e s rv u e ry b d al e a p n o c s e i s ts 5,8 5 12. . 6 32 0 12. . 8 34 6 12. . 0 5 4 6 Bills discounted 2 .01 .04 .02 .03 .05 Required reserves 8 11.46 11.45 10.77 Gold stock 2 22.13 22.12 22.10 22.10 22.08 Excess reserves, total 8, 9 1.14 1.42 1.26 N M o o n n m ey e m in b e c r i r d cu ep la o t s io it n s 2 2 1 1 9 . . 6 0 6 9 1 1 9 . . 6 3 7 5 1 1 9 . . 7 5 2 1 1 1 9 . . 7 5 1 6 1 1 9 . . 7 7 4 3 N Ch ew ic a Y go o rk City 9 9 . . 0 0 2 1 . . 0 0 3 1 . . 0 0 3 1 T M E E r x x e e c c m a e e s s s b u s s e r r r y r e e b s s d e a e e n r rv v p k e e o s s s r e e i ( t s s w e r e v e e k s l y average), total6 2 3 3 3 1 1 1 2 . . . . 0 0 0 5 7 6 3 0 P 1 1 2 I. . . . 0 3 0 1 8 3 7 3 n 1 1 2 . . . . i 0 2 3 o 8 7 0 1 1 2 . . . 1 2 4 0 1 6 1 1 2 . . . 0 4 4 4 8 0 Mon R B C ey i e o l s l u i s e n n r o t v r c f e y i r $ c c b 5 i u a 0 t l y n a a k t b n i s o a d n n , o k v s t e o r t al 1 1 9 9 0 0 1 4 8 . . . . 8 3 7 5 9 2 2 3 1 4 8 . . . . 5 9 8 8 2 6 5 4 1 5 9 . . . . 1 3 2 8 2 9 5 4 New York City 3 .02 .03 .02 $10 and $20 bills 10 9.96 10.10 10.31 Chicago .m 3 .01 .01 .01 Coins, $1, $2, and $5 bills 10 3.76 3.79 3.83 R C e o s u e n r t v r e y c b i a ty n k b s a e n ks 3 3 . .7 2 5 9 *\ . 7 3 7 2 P. . 3 7 2 5 CONSUMER CREDIT Consumer credit, total 18 4.77 P4.86 2*4.96 Single-payment loans 18 1.00 PI. 04 Pi. 08 MEMBER BANKS IN LEADING CITIES Charge accounts 18 1.20 PI. 28 PI.37 D T U L C o o o e . a t m m S a n N l . a m s e n l G e a w o d r n a o c n d d Y i v a s e t o l i . p n r o k v l o o s e b i a C s t l n s i t i g m s t a a , y e d t t i n j o o u t t n s s a s t l e d 1 1 1 1 1 1 4 4 4 4 5 5 5 3 3 1 1 6 2 8 2 1 . . . . . . 4 8 9 4 3 7 2 2 2 8 3 7 3 5 3 1 6 8 1 2 2 1 . . . . . . 4 7 4 0 6 7 6 7 2 7 4 0 5 3 3 1 6 2 2 2 7 1 . . . . . . 4 4 0 0 7 4 5 2 4 5 3 8 3 3 5 1 6 2 7 2 1 1 . . . . . . 4 4 9 8 6 3 4 1 9 6 5 1 3 3 5 1 6 2 3 7 1 1 . . . . . . 4 4 2 2 3 4 2 1 0 7 6 8 S In e s r t v a I I i n c n lm e s s t t e a c a A O n l r l m m u e t t h d t e c o e e i n r n t r m e t t d o s l t i a o i t l v , a e e n t c o s r t e a d l it, total 18, 1 1 1 1 1 1 9 9 8 9 9 9 1 1 . . . . . . 9 0 8 6 6 1 0 9 1 8 2 9 P P P P I . ' . . . 8 6 1 7 8 7 9 9 P P P P P P I I . . . . . . 5 1 0 7 8 6 9 8 6 8 3 8 100 cities outside New York 15 4.00 4.04 4.03 4.02 4.01 TREASURY FINANCE B U r . o S k . e G rs o ' v lo t. a n o s b — lig N a e t w io n Y s: ork City 15 1.34 1.31 1.23 1.13 1.23 U. S. Govt. obligations outstand- N 10 e 0 w c B N B N B C B C i Y o i o i e t o e o l l i n r o r n t l l t e t s t s e e d r d s i i s k s f f s s i i o c c a a u C a a n n t t t i s d d e e t i y s s d g g , e u u t a a N o r r t e . . a w l s s e e Y c c u u o r r r i i . . k t t . . i i # ; , e e s s t o tal.. 1 1 1 1 1 1 1 1 1 1 7 7 5 7 5 7 7 7 7 7 2 1 1 3 3 4 5 6 2 1 4 1 4 . . . . . . . . . . 5 0 9 3 4 0 7 2 1 1 4 9 0 8 8 6 3 0 5 3 2 1 1 3 4 3 6 2 5 1 4 3 1 . . . . . . . . . . 3 4 4 7 9 0 0 9 1 1 5 1 4 2 2 0 5 2 6 9 1 2 1 6 2 3 4 5 2 3 1 3 1 . . . . . . . . . . 4 3 3 7 0 8 7 7 9 2 0 0 9 1 4 9 9 9 4 2 1 2 1 2 3 6 4 3 1 5 2 3 1 . . . . . . . . . . 3 2 7 5 9 0 8 7 9 2 7 8 0 5 0 3 8 9 6 5 1 2 1 6 3 2 3 4 1 5 3 2 1 . . . . . . . . . . 3 6 2 3 5 8 0 8 6 3 0 7 8 3 8 5 1 0 3 1 Ho in ld g B N S S , i a o p n o t v e n g t o e i c s d N B T C S t n s i s a a o , g a a i o e l l l v x s f r c ( t l i s t e m i i U e n i n s b s n f r t s a g . o i o t e u S c r . s n t r , k e . a e e d b s t e s G a s e s o t n t , s a o - n d b b v t d l a e b t s e . x a i l T r o l n i s r b n o , e l g t i t a e g o s s a t , u a t e r i l o y t . c n ) . . s . . . . : 2 2 2 2 2 2 2 2 2 2 0 0 0 0 1 0 1 1 1 1 1 3 4 2 5 1 1 1 1 4 7 0 2 2 7 1 2 7 1 6 . . . . . . . . . . 7 2 5 6 8 8 6 9 5 8 0 2 2 9 8 5 1 0 5 8 1 6 4 3 2 2 6 1 1 1 8 5 5 3 1 4 1 1 1 3 . . . . . . . . . . 8 7 1 4 0 7 9 6 4 0 5 9 4 4 2 2 1 0 5 8 1 6 4 3 2 2 1 6 1 1 9 7 7 5 3 6 1 7 3 1 . . . . . . . . . . 1 8 8 7 2 6 7 8 0 0 1 6 9 8 0 0 0 7 6 6 Fed. agencies and trust funds 22 15.33 15.79 15.95 Per cent per annum Federal Reserve Banks 22 9.09 8.92 9.35 Commercial banks 22 56.00 59.20 MONEY RATES ETC. Private holders other than T T r r e e a a s s u u r r y y b n i o l t ls e s (n (t e a w x a i b ss le u ) e s) 2 2 5 5 1 .3 .3 7 0 5 3 1 . .3 7 0 6 1 .3 .3 7 0 5 1 .3 .2 7 9 6 1 .3 .2 7 9 5 co M mm ut e u r a c l i a s l a v b i a n n g k s s , b a to n t k a s l 2 2 2 3 6 5 6 . . 1 2 0 4 7 5 7 . . 9 1 0 1 U C . o r S p P T . o a a G r r x a o t a t i v e a b t l l . A e l y b a o a t a n b x d o - s e n : x d e s mpt 2 2 5 5 , , 3 3 3 3 3 3 2 2 1 . . . 8 7 3 2 0 1 2 2 1 . . .8 3 6 3 2 9 2 2 1 . . .8 3 7 4 2 1 2 2 1 . . . 8 7 3 6 1 3 2 2 1 . . .8 7 3 6 2 3 O In t s h u e M r r a i a n n r c v k e e e s t t a c o b o r l m s e , p t i a s o s n t u a ie e l s s 2 2 2 3 3 3 4 1 1 8 2 8 . . . 4 7 4 0 0 0 5 2 1 7 4 4 . . . 0 1 2 0 0 0 Corporate Baa bonds 33 3.81 3.82 3.84 3.84 3. Per cent per annum In unit indicated MONEY RATES, ETC. F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 Stock prices (1935-39 = 100): Treasury bills (new issues) 27 .375 .375 .375 Total 35 95.7 94.0 91.2 89.6 90.7 Treasury notes (taxable) 27 1.29 1.31 1.31 I R n a d i u lr s o t a r d ia l 3 3 5 5 9 9 7 3 . . 5 5 9 90 5 . . 2 8 9 8 2 5 . . 9 6 9 8 0 5 . . 9 4 9 8 2 4. . 8 3 U C . o m S m . G er o c v ia t. l b p o a n p d er s : 29 .69 .69 .69 Public utility 35 87.2 86.8 84.7 84.4 84.6 Partially tax-exempt 33 1.83 1.80 1.81 Volume of trading (mill, shares) 35 .77 .91 1.34 .77 .64 Taxable 33 2.28 2.30 2.30 Corporate Aaa bonds 29, 33 2.69 2.69 2.70 Corporate Baa bonds 33 3.81 3.83 3.82 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 100.6 100.0 98.2 97.8 99.1 In unit indicated Electric power prod. (mill. kw. hrs.)— 50 44.53 44.14 44.83 45.13 Freight car loadings (thous. cars): Stock prices (1935-39 = 100): Total 51 883.7 754.7 847.7 882.3 Total 35 Miscellaneous 51 409.2 396.2 393.6 400.0 Industrial 35 Department store sales (1935-39 = 100)... 52 174 183 191 201 Railroad 35 F.H.A. home mortgages, new construc- Public utility 35 tion (thous.)2 52 Volume of trading (mill, shares)... 35 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars) :. Total 63 102.8 102.9 102.8 102.6 102.6 Credit extended customers 37 e780 Farm products 63 122.2 122.8 122.1 121.2 121.2 Money borrowed 37 e740 Other than farm and food 63 97.5 97.5 97.5 97.5 97.5 Customers' free credit balances. 37 e330 e Estimated. p Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Publication discontinued. 3 Adjusted for seasonal variation. 4 Revised back figures: January, P-32.7; February, P-43.2; March, P-34.0; April, P-50.1; May, P-44.1; June, P-83.7; July, P-70.8. * Copies of the Chart Book may be obtained at a price of 50 cents each. II96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1943 Chart 1943 book book page Aug. Sept. Oct. Aug. | Sept. | Oct. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Gont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. I C n a c s o h O S m L a f i t e v a l h a r e p e m r s r a i t e y o s i m n c k a c e n o n d a m t n s e w d ( a ( m p g m r e i o l i s l l d , l , u d d c o o t l s l l l a a r r s s ) ) , , to to ta ta l: l 3 . 3 3 3 3 3 8 9 8 9 8 1 8 3 2 1 , , , , 5 5 0 9 8 5 1 6 2 5 1 4 3 0 2 P P 1 3 8 2 1 . . , , 9 4 6 0 9 7 7 2 0 9 5 3 2 2 9 * P > I 2 , , 0 2 1 9 9 3 Expo E I E m r x x ts c p p e o o E a s r r n x s t t d s c s 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 : s4 6 6 6 6 1 1 1 1 1 P p p , - 3 8 2 9 1 9 0 8 4 0 4 . . . . 7 8 0 7P P i P P , - 2 2 9 4 8 3 5 9 3 0 2 . . . . 5 1 5 6 Crops 39 850 1,006 PI,245 Wholesale prices, total (1926 = 100).... 63 103.1 103.1 103.0 Indu G st o r v ia t. l p p a r y o m du e c n t t i s o n:3 39 78 57 P2g F O a th rm er p t r h o a d n u c fa ts r m and food 6 6 3 3 1 9 2 7 3 . . 1 5 C12 9 3 7 . . 1 2 1 9 2 7 2 . . 3 2 Total (1935-39 = 100) 41, 42 242 244 ^245 Cost of living, all items (1935-39 = 100) 65 123.4 123.9 124.4 Groups (points in total index) Food 65 137.2 137.4 138.2 Durable manufactures 41 r138.5 139.9 P141.2 Clothing 65 129.6 132.5 133.0 Machinery, etc 42 96.9 97.7 P98.8 Rent 65 108.0 108.0 Iron and steel 42 23.0 23.5 23.6 Other durable 42 r18.6 18.7 »18.8 Nondurable manufactures 41 ^83.0 83.5' *>83.7 1943 Textiles and leather 42 18.8 19.3 P19.5 P F a o p o e d r s , a l n i d q u p o r r i , n a ti n n d g tobacco 4 4 2 2 1 1 1 9 . . 8 4 1 1 1 9 . . 6 9 2 * * 2 1 0 1 . . 1 5 J M a a n r . . - J A u p n r e .- J S u e l p y t - . Other nondurable 42 32.9 32.6 P32.7 Minerals 41, 42 20.5 21.0 2*20.5 Primary products (1935-39 = 100): In millions of dollars Steel 43 235 239 241 Cement 43 114 112 107 QUARTERLY FIGURES Lumber 43 119 118 P115 Budget receipts and expenditures: Coal 43 148 150 P141 Expenditures, total 24 19,84523,228 22,264 Crude petroleum 43 131 136 P134 War activities 24 18,460 21,535 20,616 W Co o t o t l o y n a c r o n nsumption 4 4 3 3 1 1 4 68 7 1 17 5 2 6 156 Inte N rn e a t l r r e e c v e e i n p u t e s collect ; i ons, total 2 2 4 4 6 6 , , 9 68 5 6 0 6 7 , ,5 8 6 3 3 4 1 7 0 , , 8 17 7 6 7 Paper 43 r139 138 Corporate income taxes 24 3,364 2781 2,806 Leather 43 106 105 Individual income taxes 24 2,234 3,007 3,431 Meats and dairy products 43 161 164 'P167' Misc. internal revenue 24 1,088 1,046 1,640 Other manufactured foods 43 142 142 P143 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 54.9 53.3 52.6 Industrial 36 35 41 14 Employment, total 44 53.9 52.5 51.9 Railroad 36 12 17 10 Nonagricultural 44 41.9 41.2 41.2 Public utility 36 3 1 4 Agricultural 44 12.0 11.3 10.7 Male 44 37.0 35.8 35.5 Female 44 16.9 16.7 16.4 Per cent per annum Nonagricultural employment (mill. persons), total3 45 r38.1 37.7 ^38.0 Manufacturing and mining 45 rl7.0 16.8 P17.0 Bank rates on customers' loans: Trade 45 6.3 6.2 P6A Total, 19 cities 29 2.76 3.00 2.48 Government 45 5.8 5.8 P5.8 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 1.0 1.0 v.9 Southern and Western cities 31 3.24 3.38 2.73 Factory employment and pay rolls (1939 = 100): Pay rolls 47 r322.4 328.3 Dec. 31,June 30, Oct. 18 Employment 47 r170.9 170.2 hio.'s' 1942 1943 1943 Hours and earnings at factories: Weekly earnings (dollars) 48 43.52 44.39 Hourly earnings (cents) 48 96.5 99.3 CALL DATE FIGURES In billions of dollars Hours worked (per week) 48 45.1 44.7 New orders, shipments, and inventories ALL BANKS IN THE U. S. (1939 = 100): Total deposits and currency 11 r99.71 110.16 PI 24.30 New orders, total 49 242 P248 Demand deposits adjusted 11 r48.92 56.04 P55.80 Durable 49 328 P342 Time deposits 11 r28.44 30.26 P31.70 Nondurable 49 179 P180 Currency outside banks 11 13.95 15.81 P17.40 Shipments, total 49 258 P261 Durable 49 354 P356 Nondurable 49 183 P187 MEMBER BANKS R C e o a s n v i T s I P P d ., n t u o r e r v i m u b n t v e a c l t N D i O 1 a l n i i t l c a - t i l t o u t , l e o o h a n r , n r d e a n c d i r t o b d e o u o c l l s n r o t e l 2 , a a a t n - l r b r t f t a s o a l r e ) c t a m : a t c 3 s l i t l s y ( m ( d 3 i w - ll m e , l o l d . i o n m g ll s a o r v s i . ) n . : g 3 .. 5 4 4 5 4 5 5 5 3 9 9 3 9 3 3 3 2 1 1 1 6 4 4 7 2 2 1 3 8 4 5 7 4 9 5 ? P P I 2 1 1 4 4 5 2 1 1 7 5 6 0 8 7 5 7 5 3 6 2 3 7 8 9 1 7 Loan O L U s o . t h a a S n e n S O R C S . F r d s t t , e o o G t a r s h i a m r e t e t o n e e l e o e c r v m v i t e t u g t a e a s d e . l n r l n s o t i r o a t o d t c a m s m i t b i n e e e a l l s s e e c l o i l s n u g c o ( t l t r a b a i o a s i c t l r , t n a i i o o s s n o e t k e n s o s b c e s t l u r i a g s l r ' i a t l t i o i e o a s n n s s ).... 1 1 1 1 1 1 1 1 1 1 2 2 3 3 2 3 2 3 3 3 5 3 1 5 2 8 7 9 2 3 6 . . . . . . . . . 6 5 4 4 6 9 2 7 0 3 5 8 2 7 6 6 9 9 4 6 1 6 7 5 2 2 3 4 7 . . . . . . . . . 9 1 3 8 3 4 4 8 9 6 8 5 8 5 2 1 8 6 P P P 5 7 P P P 1 2 2 7 5 8 5 . . . 0 7 8 3 1 1 1 2 4 0 4 6 Total 55 244 265 P209 Holdings of U. S. Govt. securities: Freig O T R G h o e t r t h o t s a e i u c d l r p a e s ( r n 1 l t o 9 ( i p 3 a a o 5 l d - i t i 3 n n 9 t g s s = : i 3 n 1 t 0 o 0 ta ). l „ i ndex) 5 5 5 5 7 5 1 1 6 7 4 5 9 0 2 1 6 0 4 4 2 0 P P 1 1 6 4 3 4 6 7 By c N C R C la e h e o s w s i u s c e e n a r s Y t g v r o e o o y f r k c b b i a t C a y n n i b t k k y a s s : n — k s 1 1 1 1 6 6 6 6 1 1 9 2 2 3 . . . . 1 7 5 0 7 9 5 4 1 1 1 3 3 2 7 . . . . 5 1 8 4 1 9 2 7 P P n 1 2 s 5 0 . . . . 6 0 7 6 9 9 2 3 Depa S S r a t t o l m e c s M C A k e s o l n i l s a t c o l s e t t h l o l e a r r n e s e o ( u 1 s 9 23-25 = 100) :3 5 5 5 5 5 7 7 7 9 9 3 3 7 0 0 9 1 1 . . . 4 1 1 9 5 2 4 3 2 7 2 8 8 1 1 . . . 1 3 2 9 4 0 2 7 2 3 9 6 0 1 1 . . . 4 0 7 9 3 0 4 By k B N B C G in o i o e u l d n r t l a s s t e d r i s f s a o i n f c t a e s t e e e d s c urities: 1 1 1 1 1 6 6 6 6 6 1 5 4 6 2 8 . . . . . 4 2 3 5 9 1 9 6 4 5 23 5 9 6 2 . . . . . 5 4 2 2 4 5 2 8 5 9 For footnotes see preceding page. 1197 DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks M sav u i t n u g a s l Private1 Non- Insured insured Number of Banks (Head Offices) December 31, 1933 15,029 5,154 857 28,341 579 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1941 14,825 5,117 3l,502 6,809 800 545 52 December 31, 1942 14,680 5,081 31,598 6,666 741 543 September 30, 1943 14,600 5,051 31,665 6,572 721 4542 549 Number of Branches and Additional Offices December 31, 1933 2,911 1,121 960 27OO 125 5 December 31, 1934 3,133 1,243 981 6778 126 5 December 31, 1941 3,699 1,565 1,015 932 46 135 6 December 31, 1942 3,739 1,592 1,023 935 46 137 6 September 30, 1943, total 3,868 1,695 1,044 942 45 4136 66 In head-office cities 1,729 695 780 127 11 115 1 Outside head-office cities 2,139 1,000 264 815 34 21 5 Analysis of Bank Changes January I—September 30, 1943 Increases in number of banks: Primary organizations (new banks)7 +32 +1 +2 +21 +8 Unclassified .... +3 +1 +2 Decreases in number of banks: Suspensions -3 -1 -2 Consolidations and absorptions -67 -25 -7 -27 Voluntary liquidations8 -44 -5 -2 -24 Unclassified -1 Inter-class bank changes: Conversions— National into State -5 +5 State into national +5 -3 Private into State +1 Federal Reserve membership9— Admissions of State banks +78 -77 -1 Withdrawals of State banks -2 +1 +1 Federal deposit insurance °— Admissions of State banks +11 Withdrawals of State banks Net increase or decrease in number of banks— -80 -30 +67 -94 -20 -1 -2 Analysis of Branch Changes January I—September 30,194311 Increases in number of branches: De novo branches +20 +2 +3 +11 +1 +3 Banks converted into branches +18 +5 +9 +4 Decrease in number of branches: Branches discontinued -37 Inter-class branch changes: From national to State -1 +1 From State member to .national +2 -2 From State member to nonmember -1 +r From nonmember to State member +5 -5 From noninsured to insured nonmember +2 +128 +103 +16 +9 Branches and additional offices established at military reservations... Net increase or decrease in number of branches... +129 +103 +21 +7 < 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Cuft-ency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency; accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 Includes 3 mutual savings banks. 4 Number of banks comprises 179 insured and 363 noninsured; number of branches comprises 95 insured and 41 noninsured. The figures beginning with 1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 6 Number of banks comprises 1 insured and 48 noninsured: all branches were noninsured. 6 Separate figures not available for branches of insured and noninsured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidation incident to the succession, conversion, and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. # n This analysis covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only. Back figures—-See Annual Report for 1942 (Tables 17 and 18). 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments..., 1100 Gold production .. IZOI Gold movements. . 12.01 Net capital movements to United States since January i, 1935... 1202. Central banks ... 1103-1x06 Money rates in foreign countries. . . 1x07 Commercial banks. .. 1208 Foreign exchange rates .. I2-°9 Price movements: Wholesale prices ... mo Retail food prices and cost of living. . 12.11 Security prices. .. 1111 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data arc compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. DECEMBER 1943 I][99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k o ch - ia o- m De a n rk - Egypt France m G a e n r y - - Greece 1937—Dec. 12,760 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1 1 9 9 4 4 0 1 — — D D e e c c . . 2 2 1 2 , , 9 7 9 3 5 7 *3 3 5 5 3 4 2 7 7 3 3 4 4 5 7 1 0 2 2 7 7 4 4 2 2 4 4 37 5 3 3 0 0 1 1 7 6 5 6 8 1 4 5 4 2 5 5 2 2 2 2 , , 0 0 0 0 0 0 2 2 9 9 4,2 2 8 8 1942—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. 22,426 354 734 153 274 5 48 43 61 44 52 2,000 June. 22,388 354 734 166 274 6 49 45 61 44 52 2,000 July. 22,335 353 734 182 274 7 50 51 61- 44 52 2,000 Aug.. 22,243 353 734 274 7 54 53 61 44 52 Sept. 22,175 274 6 55 Oct.. 22,116 56 End of month H g u ar n y - ^P Ir e a r n sia) Italy I Japan Java Mexico Ne la t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ruma- A S f o r u ic th a Spain 1937—Dec... 25 25 210 261 24 933 23 82 21 83 69 120 189 5525 1938—Dec... 37 26 193 164 29 998 23 94 20 85 69 133 220 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec... 24 26 6164 235 47 575 23 21 59 182 366 42 1942—Nov... 24 4216 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 59 262 583 768' July.. 24 125 522 23 26 59 271 611 Aug... 24 174 522 26 628 Sept.. 200 26 Oct... 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 z e ue n l e a - Y sl u a g v o i - a B.I.S. c O t o r t i u h e n e s - 8 r End of month U St n a i t t e e s d U K d n o in i m t g e - d France2 Bel- 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 io29 82 12 145 June.. . 44 62 1941—Dec 223 665 92 1 100 41 483 12 142 Dec ... 80 "4 759 331 44 1939—Mar. ... 154 1,732 559 1942—Nov 331 813 117 1 92 64 21 152 May 477 Dec 335 824 114 1 89 68 21 160 June... 85 1943—Jan 340 832 124 1 89 68 22 160 Sept.... 164 ' ^876 Feb 342 842 124 1 89 70 24 U182 Dec 156 Mar 344 851 124 1 89 72 25 182 1940—Mar. ... 145 Apr 344 859 145 1 89 76 25 184 June... 86 May....... 346 866 158 1 96 80 25 185 Sept.... 105 June 347 867 158 1 101 80 26 185 Dec ... 48 292 July 368 876 158 1 80 26 12192 1941—Mar. ... 88 Aug 371 880 161 1 84 26 192 June... 89 Sept 374 ^887 1 84 192 Sept.... 24 Oct 1 84 192 Dec... 25 1942—Mar. 12 June... 8 v Preliminary. * 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. 4 Figures relate to last official report dates for the respective countries, as follows: Greece— Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia 1 Reported at infrequent intervals or on de- —Feb. 28, 1941. layed basis: U. S.—Exchange Stabilization Fund 5 Figure for December 1937 is that officially reported on Apr. 30, 1938. (Special A/c No. 1); U. K.—Exchange Equali- 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. zation Account; France—Exchange Stabilization 7 Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time Fund and Rentes Fund; Belgium—Treasury. of gold held for Foreign Exchange Institute. 2 For complete monthly series from October 1938- 8 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, May 1939, see BULLETIN for February 1941, Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, p. 170- Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, 3 Figure for end of March 1937, first date reported. 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 holdings of Bank of England reduced to nominal amount by gold transfers to British Aug. 31, 1939, less reported holdings of Bank of Eng- Exchange Equalization Account during 1939. land on that date. 10 Beginning December 1940, figures refer to gold reserves of new Central Bank only. 6 Figure for Sent. 1, 1941. 11 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. NOTE.—For details regarding special gold 12 Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica. 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. I ZOO 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 Nortn and South America Other outside West I Belgian 1Nicara- Austra-1 British U.S.S.R.1 Africa2 | CongoS gua7 lia8 I India9 $1 = 15jpi grains of gold fn fine; i.e.,an ounce of fine gold = $35 1934... 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935... 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936... 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937... 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938... 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939... 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940... 1,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941... 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942... 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—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 1,985 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 11,309 1,648 548 646 2,450 805 May 2*63,019 38,367 1,987 1,645 4,065 10,975 1,599 566 700 2*2,380 735 June ^62,139 37,424 PI,953 1,645 3,945 11,442 1,540 455 724 p2,275 735 July ^61,694 37,962 ^1,906 1,540 3,945 10,246 1,763 '455 622 ^2,485 770 Aug p60,302 37,297 '**l,906 1,540 3,634 10,268 '1,763 '455 430 2*2,275 735 Sept 2*59,432 36,783 '^1,906 '1,540 3,306 9,898 '1,763 '455 770 '2*2,275 735 try. ' Figi 1 Annua^figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for 1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1943 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1942, pp. 103-104, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o 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 el m - N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h l i a i n l n i e d p s - t A ra us l - ia A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39, 735 1 1 1 1 1 9 9 9 9 9 3 4 3 3 4 7 0 8 9 1 4 1 3 1 , , , , 7 5 9 5 9 4 8 7 7 8 4 5 3 4 2 , , , , , 4 5 5 1 3 7 0 6 5 7 2 3 9 1 8 1 1 , , 2 8 8 6 0 2 9 3 8 6 1 3 3 , , , , , 7 5 4 7 0 2 3 0 7 8 1 8 3 9 3 -1 2 8 4 3 3 1 1 , , , 7 , 7 1 7 1 3 9 7 0 5 8 8 1 1 9 1 6 0 5 5 , , , 8 1 4 9 5 2 8 7 9 2 8 7 1 3 1 6 4 6 6 3 1 3 , , , , 4 2 6 0 6 6 1 4 1 0 8 9 1 6 2 6 0 1 8 1 , , , , 7 1 7 4 4 4 1 8 7 6 5 9 6 5 9 8 4 0 6 1 , , , , 3 4 9 3 8 6 5 8 2 9 3 2 7 0 9 2,6 4 6 1 2 1 7 1 1 2 2 6 2 1 , , , , , 3 3 0 9 4 3 1 5 4 8 0 5 6 9 0 3 3 2 3 1 8 6 9 3 6 , , , , , 4 4 8 6 7 8 7 8 1 9 2 2 0 0 1 2 2 2 1 1 4 3 3 8 0 , , , , , 3 2 5 9 4 9 5 3 9 4 7 7 9 9 8 4 2 3 3 2 2 5 8 5 7 , , , , , 6 4 6 6 8 7 2 2 3 8 8 7 7 6 0 1 3 3 6 0 7 4 9 7 3 4 , , , , , 1 4 7 7 2 6 9 7 1 5 2 2 7 3 0 2 1 2 9 8 2 2 4 , , , 8 8 7 4 1 6 5 9 0 8 2 6 3 1 1'2 1 1 1 4 6 1 6 6 9 8 1 5 , , , , , 4 4 7 6 7 6 4 4 0 3 4 0 4 5 9 4 5 5 1 9 0 0 9 6 , , , , , 7 9 9 1 6 6 5 5 8 6 2 6 9 9 5 6 4 3 1 1 3 2 0 6 0 8 2 2 7 9 0 8 , , , , , 4 4 9 4 9 8 6 7 0 9 5 8 5 4 8 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 3 5 3 6 7 3 4 81 6 , , 5 8 2 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 3 8 6 149,73 9 5 6 6,085 4,501 615 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 M Ju a n y e 3 30 4 , , 7 8 1 3 2 0 474 1 1 17 6 , , 5 3 1 0 4 6 9 8 6 0 9 0 2,794 7 3 2, , 1 3 1 8 4 4 4 4 , , 1 5 9 9 4 3 3,59 6 4 9 ""m 3 5 , ,0 5 0 89 9 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 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 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other C°UI4 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. DECEMBER 1943 I1OI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [[IIn miilllliio ns off ddollars] Increase in foreign banking Decrease Foreign Domestic From Jan. 2, 1935, through— Total funds in U. S. b in a n U k . i n S g . se R cu e r tu it r i n es: s I e n c f u lo r w it i o es f : b In ro fl k o e w ra g in e funds of U. S. foreign . balances Total Official1 Other abroad funds funds 1 1 1 9 9 9 3 3 3 6 5 7 — — — D D D e e e c c c . . . 3 ( 2 J 0 a 9 n. 1, 1936) 2 3 1 , , , 6 4 4 0 1 1 8 2 0 . . . 4 5 3 1,1 9 6 6 3 0 8 0 3 . . . 5 5 3 2 8 4 9 1 3 . . . 8 1 9 8 9 5 4 2 9 9 4 3 . . . 4 6 5 4 4 3 4 3 6 9 1 1 . . . 1 4 5 5 3 1 5 1 2 W 6 5 . . 7 2 2 i 3 9 iM 1 1 6 7 . . a 7 4 A 1 T 6 2 . . 0 9 5 CENTRAL BANKS—Contmued Assets Liabilities I 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 Fo e r x e - ign Other ci N rc o u te la- l O ia t b h i e l r ichange m O a p r e k n et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 , 2,718 1939—Dec. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 •23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—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 r42,884 26 6,686 248,320 57,650 21,072 413,567 713 8,749 34,186 4,058 May 27 84,598 r37 42,930 6 r6,200 260,919 56,900 21,768 419,530 734 10,166 37,750 5,177 June 24 84,598 r37 42,998 1 r5,573 r260,927 63,550 21,042 426,974 837 14,670 29,574 6,669 July 29. 84,598 38 43,261 6,456 271,371 61,150 21,472 440,291 754 11,170 31,864 4,267 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a u il s d l u s i r n y g Se lo cu an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932--Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 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—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 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 1,735 Aug. 31 77 34,570 17 1 107 1,569 29,029 5,456 1,857 Sept. 30 77 35,010 22 1 105 2,436 30,099 5,601 1,951 r Revised. 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 July 8,1943, advances of 291,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940,30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Gold not shown separately 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BARKS—Continued Central Bank 1943 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) date of month) Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): O Go th ld e r re g p o o ld r t a ed n d s e fo p r a e r i a g t n e ly exchange. 1 1 , , 6 0 9 7 4 2 1,0 7 7 9 5 8 F G o o r l e d i . gn exchange 9 2 7 0 9 1 8 7 Negotiable Government bonds... 347 366 Clearing accounts (net) 1,607 1,045 Rediscounted paper Loans and discounts 32 42 Other assets 245 236 Securities 55 77 Note circulation 1,705 1,520 Govt. compensation account3 125 125 Deposits—Member bank 933 793 Other assets 1,989 1,243 Government 519 45 Note circulation 1,165 915 Other 91 19 Deposits—Government 755 468 Foreign exchange sold forward Other 1,679 1,025 Other liabilities 110 Other liabilities 326 237 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds): sands of sucres): (Apr.)4 Issue department: Gold 148,323 98,154 Gold and English sterling. .. 38,266 37,641 29,829 Foreign exchange (net) 104,071 85,897 Securities 120,152 118,459 93,417 Loans and discounts 82,753 88,005 Banking department: v Other assets 56,211 43,063 Coin, bullion, and cash 7,009 7,749 5,349 Note circulation 182,832 158,714 London balances 47,199 45,913 45,434 Demand deposits 179,395 123,819 L Se o c a u n r s i t a ie n s d discounts 2 2 2 0 6, , 5 0 1 6 0 6 2 2 09 1 , , 9 4 2 3 5 1 1 2 3 2 9 , ,6 7 6 9 4 6 Nat O io t n he a r l B lia a b n i k li t o ie f s Egypt5 (thousands 29,130 32,586 Deposits 172,635 167,317 156,402 of pounds): Note circulation 150,012 146,762 114,106 Gold 6,241 6,251 National Bank of Belgium and Foreign exchange 12,406 5,106 Bank of Issue of Brussels (mil Loans and discounts 2,661 4,078 lions of belga) :* British, Egyptian, and other Gov- Gold 4,331 4,337 ernment securities 189,976 131,095 Foreign exchange 8,651 4,538 Other assets 5,577 6,834 Credits to State and public bodies. 3,818 4,590 Note circulation •.. 85,854 73,920 Credits to private economy 101 87 Deposits—Government 41,545 20,458 Reichskreditkasse 730 749 Other 75,284 46,031 Other assets 703 430 Other liabilities 14,177 12,954 Note circulation 15,704 12,841 Central Reserve Bank of El Salva- Demand deposits 1,017 876 dor (thousands of colones): Postal Checking Office 1,308 789 Gold 26,661 24,206 Other liabilities , 305 223 Foreign exchange 25,551 8,670 National Bank of Bohemia and Mo- Loans and discounts 829 1,189 ravia (millions of koruny): Government debt and securities.. 6,834 7,014 Gold. 1,515 1,515 Other assets 589 559 Foreign exchange 767 736 Note circulation 32,430 24,305 Discounts 1,142 862 Deposits 22,048 11,581 Loans Other liabilities 5,986 5,753 Other assets 24^103 14,737 Bank of Finland2 Note circulation 19,002 11,803 Bank of Greece2 Demand deposits 3,504 3,575 National Bank of Hungary (millions Other liabilities 5,021 2,472 of pengo): Central Bank of Bolivia (thousands Gold 100 100 of bolivianos): Foreign exchange reserve 3 1 Gold at home and abroad 554,951 554,505 395:,,208 Discounts 2,793 1,904 Foreign exchange 371,693 367,041 420,050 Loans—To Treasury 671 760 Loans and discounts 356,560 333,494 3"0"5",389 To foreign countries 761 422 Securities—Government 530,958 544, ,012 Other 13 33 Other 40,662 40,641 41,234 Other assets 1,166 612 Other assets 81,873 78,266 61,956 Note circulation 3,737 2,638 Note circulation 1,025,574 1,023,372 77^3 ,746 Demand deposits 591 598 Deposits 814,023 795,386 779•,,525 Consolidated foreign credits of 1931. 15 21 Other liabilities 97,100 99,-301173,579 Other liabilities 1,165 575 National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (millions of rupees): pesos): Issue department: Gold 261 174 Gold at home and abroad. .. 444 444 444 Discounts for member banks 122 201 Sterling securities 6,418 6,188 3,258 Loans to Government 743 729 Indian Govt. securities 734 884 1,324 Other loans and discounts 872 909 Rupee coin 149 149 218 Other assets. 941 293 Note circulation 7,597 7,546 5,147 Note circulation , 2,078 1,654 Banking department: Deposits—Bank ,.., 381 245 Notes of issue department... 148 117 98 Other 206 136 Balances abroad 1,082 967 944 Other liabilities 272 272 Treasury bills discounted 11 3 Bank of the Republic of Colombia Loans to Government 11 (thousands of pesos): Other assets 105 107 90 Gold 98,425 95,525 92,679 39,566 Deposits 1,177 1,048 973 Foreign exchange 88,560 86,715 83,678 57,641 Other liabilities 158 164 161 Loans and discounts 3,527 3,918 6,199 14,685 Central Bank of Ireland (thousands Government loans and securities... 57,100 55,684 55,684 60,436 of pounds) :6 Other assets 27,571 28,039 30,660 32,675 Gold^ 2,646 2,646 Note circulation 111,292 108,869 108,488 90,57: Sterling funds 22,309 21,413 Deposits 115,075 112,817 115,684 72,602 Note circulation .. 24,955 24,059 Other liabilities 48,816 481,196 44,729 41,829 Bank of Japan2 Bank of Java2 ETIN tor Uctober 1943, p. liwy; or ureece (iviarcn iy4i; ana japan (,septemDer iy*ij, see BULLETIN ior iviarcn lyiz, pp. /si-z«z; ana oi java (January iy^ se BULLETIN for March 1943, p. 278. 3 Represents Bank's claim on the Government for the Bank'sforeign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 4 Latest month for which report is available for this institution. 5 Items for issue 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. 22-127. DECEMBER 1943 1105 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) Oct. Sept. Aug Oct. date of month) Oct. Sept. Aug. Oct. Bank of Mexico (thousands of pesos): Bank of Spain (millions of pesetas): (June)3 Metallic reserve1 403,457247,045 Gold 749 "Authorized" holdings of securi- Silver 627 ties, etc 1,165,347708,305 Government loans and securities.. 15,766 Bills and discounts 133,265112,530 Other loans and discounts 3,350 Other assets 52,449 44,819 Other assets 2,250 Note circulation 999,127 664,666 Note circulation 15,192 Demand liabilities 614,701323,516 Deposits—Government 3,250 Other liabilities 140,690124,517 Other 3,532 Netherlands Bank (millions of guil- Other liabilities 768 ders): Bank of Sweden (millions of kronor) Gold , 932 918 Gold 824 817 719 Silver (including subsidiary coin). 2 6 Foreign assets (net) 588 575 559 L D Fo o is r a e c n i o s g u n n t b s ills 2,6 14 5 4 1 2 1, 2 4 1 5 3 5 1 9 8 O Sw t v h e a e d n r i c s d e h o s m G to e o s N v ti t a c . t i b s o i e l n l c a s u l r a i D n ti d e e b s a t d a v O n a f d n fi c c a e e d s 5 . - . 1,05 9 0 1 1,0 9 1 1 0 667 Other assets 79 236 Other assets 866 827 1,146 Note circulation 2,905 2,764 Note circulation 2,133 2,045 1,863 Deposits—Government 390 Demand deposits—Government... 361 358 436 Other 405 ' 177 Other 313 286 383 Other liabilities 110 67 Other liabilities 612 630 409 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 3,896 3,838 3,807 3,484 Sterling exchange reserve 25,810 26,988 25,827 Foreign exchange 77 92 82 87 Advances to State or State under- Loans and discounts r275 201 71 Inve t s a t k m in e g n s ts 3 1 7 0 , , 6 3 3 2 6 3 3 1 7 0 , , 8 3 3 2 5 0 2 4 6 , , 4 9 5 6 5 7 N O o th te e r c a ir s c s u e l t a s t . i . on 2 (6 a , ) 8 7 61 3 2,8 3 0 3 5 0 2, 3 6 1 9 9 2 2, 2 4 8 2 9 9 Other assets 3,092 2,707 2,472 Other sight liabilities 1,233 1,455 1,444 1,225 Note circulation. 33,636 33,340 27,590 Other liabilities 6 275 273 277 Demand deposits. 42,920 44,224 31,791Central Bank of the Republic of Other liabilities.. 3,108 3,087 3,143 Turkey (thousands of pounds) : Bank of Norway1 Gold 201,696 45,624 Bank of the Republic of Para- Foreign clearing accounts 66,287 48,565 guay (millions of pesos): Loans and discounts 657,763 554,553 Gold 20 20 Securities 194,672 189,978 Foreign exchange 2,333 2,254 Other assets 23,660 22,662 Loans and discounts 106 105 Note circulation 722,802 580,043 Government loans and securities... 1,924 1,998 Deposits—Gold 79,358 79,358 Other assets ., 2,107 1,993 Other 165,399 36,299 Note circulation 2,531 2,531 Other liabilities 176,516 65,683 Demand deposits—Government 563 620 Bank of the Republic of Uruguay Other 1,905 1,878 (thousands of pesos): Other liabilities 1,490 1,341 Issue department: (June)3 Central Reserve Bank of Peru (thou- Gold and silver 90,197 90,875 sands of soles): (July)3 Note circulation 119,715 .08,334 Gold and foreign exchange 139,682115,322 Banking department: Discounts.., 9,087 11,817 Gold and silver 73,266 63,345 Government loans 313,844 248,,923 Notes and coin 29,182 42,654 Other assets 22,249 24,741 Advances to State and to Note circulation 322,399 270i,,034 government bodies 37,987 40,584 Deposits 140,967107,463 Other loans and discounts.... 100,394 99,792 Other liabilities 21,496 23,307 Other assets 162,490 .03,022 Bank of Portugal (millions of Deposits 155,756 .29,036 escudos): (May); Other liabilities 247,563 !20,361 Gold4 1,398 1,381 Central Bank of Venezuela (thou- Other reserves (net) 3,509 2,839 sands of bolivares): Nonreserve exchange 6,762 5,587 Gold 157,864 257,864 257,864 96,064 Loans and discounts 227 251 Foreign exchange (net) 36,665 34,312 29,519 12,866 Government debt 1,025 1,028 Credits to national banks 31,230 31,230 31,230 35,230 Other assets 1,035 1,035 Other assets 12,925 13,443 17,847 11,153 Note circulation 5,502 5,033 Note circulation—Central Bank.. !24,638 230,365 238,410 .66,935 Other sight liabilities 7,560 6,199 National banks.. 27,398 27,976 28,971 40,978 Other liabilities 893 890 Deposits 80,288 70,642 62,856 41,080 National Bank of Rumania (millions Other liabilities 6,360 7,865 6,222 6,319 of lei): (July); National Bank of the Kingdom of Gold 51,098 44,071 Yugoslavia2 Special exchange accounts 32,917 27,574Bank for International Settlements Loans and discounts 42,486 36,273 (thousands of Swiss gold francs7): Special loans (in liquidation) 264 391 Gold in bars 80,067 80,067 62,932 Government debt 20,759 21,231 Cash on hand and on current ac- Other assets 56,202 45,333 count with banks 18,044 23,172 34,850 Note circulation , 127,083107,714 Sight funds at interest 15,773 15,718 15,705 Demand deposits 49,337 42,721 Rediscountable bills and accept- Other liabilities 27,306 24,438 ances (at cost) 151,399 150,131 42,505 South African Reserve Bank (thou- Time funds at interest 21,395 21,394 21,010 sands of pounds): Sundry bills and investments 197,657 194,679 200,856 Gold 76,191 70,614 Other assets 37 38 72 F O o th re e i r g n b il b ls il l a s nd loans 11, 6 7 0 1 3 5 1,0 1 4 8 3 3 D Sh e o m r a tn t d e rm de p d o e s p i o ts s it ( s g o (v ld ar ); ious cur- 40,802 41,521 33,703 Other assets 85,827 65,923 rencies): N D o ep te o s c i i t r s c . u .. l ation ; . . " ... 1 4 2 5 4 , , 7 1 0 3 4 6 9 3 5 7 , , 7 3 9 3 2 9 O Ce th n e t r ral banks for own account. 1 2 5 , , 4 3 9 2 4 0 1 2 5 , , 6 70 1 1 0 1 5 5 , , 6 4 3 83 6 Other liabilities 4,496 4,632 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 196,755 196,365 194,106 r Revised. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN ffoorr March 1942,pp.281-282. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 See BULLETIN for December 1936, p. 1025. I2.O6 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 r B jiu e m l- N la e e n t r d h - s - S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l R N 3 a o 0 t v e . eff D ec a t t i e ve ba C n e k n t o r f a — l N R 3 a o 0 t v e . ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 2% 2 Albania 5% Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina 3% Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 2 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 "2H" Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 "iy2" Moravia.... Oct. 1, 1940 Mexico 4^ June 4, 1942 Dec. 3 "2"" Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov 8, 1940 Netherlands 2% June 27, 1941 Aug. 4 h British India.. 3 Nov 28, 1935 New Zea- N Se o p v t . . 1 3 3 B C u an lg a a d r a ia 5 D M e a c r . . 11 1 , , 1 1 9 9 3 4 5 0 No la rw nd ay 3 iy2 M Ju a ly y 2 1 6 3 , , 1 1 9 9 4 4 0 1 May 10, 1938 4 Chile 3-4% Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 2% Colombia 4 July 18, 1933 Portugal.... 3 Apr. 8, 1943 May 30 "3"" Sept. 28 3 Oct. 27 2H Nov. 25 ... Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 "4 El Salvador... Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 2% Finland Dec. 3, 1934 Switzerland. ±% Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France m Mar. 17, 1941 Turkey 4 July 1, 1938 J D a e n c . . 2 1 5 5 , 1940 2 3 G G e re r e m c a e ny s 6 y2 M Ap a r r . . 9 1 , , 1 1 9 9 4 4 0 2 Un d i o te m d King- 2 Oct. 26, 1939 Apr. 9 "3MT Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 Italy. . 4% May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 Mar. 17, 1941 TVTiiv 90 3 June 27 2% NOTE.—Changes since Oct. 31: none In effect Nov. 30, 1943 2 s% 2 2% 3 OPEN-MARKET RATES [ Per cent per annum] United Kingdom Germany Netherlands Sweden Month i 3 B cc a m e n p o k t n e a t r n s h c ' s es T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u te nt D a m y o -t n o e - y day d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a t n o th s s 3 1929—Sept.. 5.59 5.63 4.39 7.18 7.86 5.36 5.32 3.38 1930—Sept.. 2.07 2.05 1.68 3.30 3.78 1.96 1.84 3%-5% 1.50 1931—Sept.. 4.74 4.57 4.04 7.99 9.15 1.30 1.21 S-9% 1.80 1932—Sept.. .67 .55 .67 4.25 5.55 .37 1.00 1.50 1933—Sept.. .44 .31 .63 3.88 5.00 .77 1.00 1.50 1934—Sept.. .73 .61 .78 3.81 4.71 .61 1.00 1.50 1935—Sept.. .58 .55 .75 3.02 3.21 5.48 5.65 2.40 1936—Sept.. .55 .53 .75 3.00 3.01 1.23 1.29 1.98 1937—Sept.. .55 .50 .75 2.88 3.07 .14 .50 1.00 1938—Sept.. .91 .86 .75 2.88 2.59 .32 .70 1.00 1939—Sept.. 3.51 3.23 2.72 2.75 2.51 2.94 3.66 1.25 1940—Sept.. .03 1.03 1.00 2.25 2.03 2.25 2.68 3%~5\ 1.50 1941—Sept.. .03 1.01- 1.00 2.13 1.94 1.88 2.25 3-5V 1.25 1942—Sept.. .03 1.00 1.05 2.13 1.83 1.25 1942—Oct... .03 1.00 1.04 2.13 1.80 3-5% 1.25 Nov.. .03 1.00 1.00 2.13 1.75 1.25 Dec... .03 1.01 1.00 2.13 1.96 3-53J 1.25 1943—Jan... .03 1.01 1.08 2.13 1.84 3-53^ 1.25 Feb... .03 1.00 1.10 2.13 3-5K 1.25 Mar.. .03 1.00 .90 2.13 1.25 Apr... .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 2.13 1.25 Aug.., 1.03 1.00 1.11 1.25 Sept.. 1.03 1.00 1.07 1.25 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. DECEMBER 1943 11O7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (11 F L ig o p u n o d r u e o n s n d i s n c l s e m t a e i r r l i l l n i i n o g g n 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 r n e t d at B co il u ls n d te i d s- T r d e r e c e p e a o i s p s u 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 t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 1935—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 19 38 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—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—Tanuarv 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 L,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 ,150 769 268 3,566 2,380 1,185 234 June .. 387 165 236 859 1,159 758 305 3,630 2,432 1,199 238 J A U u ly gust 3 38 7 3 5 1 1 6 5 0 6 2 23 4 2 4 9 9 0 5 0 7 1 1, , 1 1 6 6 2 2 7 7 3 5 9 3 2 2 7 8 9 5 3 3 , , 6 6 2 7 8 0 2 2 , , 4 4 2 5 8 6 1 1, , 2 2 1 0 4 0 2 24 4 4 5 September 389 148 209 1,045 1,160 741 293 3,737 2,504 1,233 248 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n i d n 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 i r ties reserves loans and dis- foreign Total Demand Time counts banks 1936—December 240 114 791 161 1,384 554 103 2,303 755 1.548 837 1937—December 255 76 862 102 1,411 575 96 2,335 752 L.583 850 1938—December 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—October 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1.018 November 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—January .... 347 29 1,100 242 2,302 582 58 3,494 1,772 1,723 ,050 February 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 ,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 1,890 ,044 April ' 400 25 971 218 2,818 660 52 3,984 2,058 1,926 ,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 1,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 1,826 ,094 August 434 35 1,121 242 2,681 641 46 3,978 2,062 L,916 ,131 September 427 34 1.045 198 2,881 679 46 4,085 2,096 1,989 ,133 France Assets Liabilities (4 larg f e i g b u a r n es k s i . n m E i n ll d io o n f s month Cash Due from Bills dis- Other Deposits Own Other of francs) reserves banks counted assets Total Demand Time ances liabilities 1936—December 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December 3,403 4,116 18 249 7,624 2,134 . 30,348 29,748 600 661 4,517 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—May 5,740 3,522 r5,229 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 60,9'2 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 December** 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 figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Re ~ " - - - - - - -- 4 Figures for three banks only. Data for Credit In 5 Figures for September—November incomplete. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. I2.O8 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 Canada (dollar) , Chile (peso) China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r l i - a (yuan Official S E p x e p c o ia rt l Official Free (belga) Official Free rupee) (lev) Official Free Official Export Sh h a a n i) g- 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33 137 395.94 16.917 8.5681 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6*. 1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 21.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5^248 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 85.141 5.1668 4.0000 6.000 1941 29.773 '223i704' 322.80 321.27 6.0575 5.0705 30.137 90!909 87.345 25.1664 24. 0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—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 1. 6.0586 5.1275 30.122 90.909 90.150 Oct 29.773 75.125 6 0586 ' 5 1275 30,122 90.909 89.426 Year or month C ( o p b l e i o a s m o) - C S (k l z o o e v r c u a h n k o a i - a ) ! ( m D kr e a o n r n k - e) ( F l m a k i a a n n r ) d - k- F ( r fr a a n n c c e ) ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e u a 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 ) l h d 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—Nov. 57.030 20.573 ^ 322.78 Dec 57.177 20.573 322.78 1 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 Oct 57.277. i 20.580 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d e t e o r t l a n t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso t ) r N c o o o l n l n e - - d Y ( s d l u a i g n v o a i r a - ) 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 383.00 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—Nov 398.00 403.50 403.50 65.830 52.733 Dec 398.00 403.50 403.50 65.830 52.734 1943—Tan 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 Oct 398.00 403 50 65.830 52.978 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 certified. 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. DECEMBER 1943 1x09 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a c p to a b n er (1 la 92 n 6 d -3 s 0 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 U24 695 134 237 106 U26 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 83 137 110 116 311 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1942-October... 100 97 160 115 nsi 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 PS65 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 July 103 100 164 r116 196 218 August. .. 103 100 162 117 195 218 September 103 101 163 116 P195 . October... 103 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 S o A u v r e c r e a s g — e S b e a e s e B d U o L n LE f T ig IN ur f e o s r f o Ja r n 5 u m ar o y n '1 th 94 s; 1 , n p o . d 8 a 4 t ; a A a p v r a i i l l a 1 b 9 l 3 e 7 , s i p n . c 3 e 7 M 2; a M y a 1 r 9 c 4 h 0 , 1 9 w 3 h 7 e , n p f . i 2 g 7 u 6 re ; a w n a d s O 89 ct . ober 1935, (p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930= 100) (1913 = 100) Year or month Raw and Fully and Indus- Other partly chiefly Indus- Agricul- trial raw x1 arm Foods commod- Farm manu- manu- Foods trial tural and semiproducts ities products factured factured products products finished goods goods products 1926 100 100 100 100 100 100 129 130 1930 88 91 85 82 82 R7 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 . 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1942-October... 109 103 96 86 92 92 156 162 116 102 134 November. 111 104 96 37 93 93 158 162 116 102 134 December. 114 104 96 87 93 93 159 162 117 102 134 1943—January... 117 105 96 88 93 93 160 163 119 102 134 February.. 119 106 96 89 94 93 160 163 118 103 134 March.... 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May...... 126 111 97 93 98 93 162 163 119 102 134 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 98 101 93 158 164 September C123 105 97 98 101 94 159 165 ii9 ""iO2" 136' October... 122 105 97 *104 *>103 P94 p Preliminary. c Corrected. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. IilO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 n t a 3 i 1 5 t t 0 e e - 0 3 d s ) 9 (1 C = 9 a a 3 1 d 5 n 0 a - 0 - 3 ) 9 U K d ( n 1 J i o 9 n i u m 1 t l g 4 e y - d ( m 1 G 9 a e 1 1 n r 3 0 - y - 0 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 s 1 ) r 3 , S e = r ( w 1 J l 9 1 a u i 1 0 t n n 4 0 z e d ) - Year or month U ( S 1 = n 9 t 1 a 3 i 0 t 5 t e 0 e -3 d s ) 9 (1 = C a 9 a 3 1 d 0 n 5 a 0 - - 3 ) 9 U K d ( n 1 J i o 9 i u n m 1 t l g e 4 y - d ( m 1 = G 9 a e 1 1 n 3 r 0 y - - 0 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 s 1 r ) 3 - S e = ( r w 1 J l 9 u a i 1 1 t n n 0 4 z e 0 d - ; = 100) = 100) 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 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1 1 9 9 3 3 8 9 9 9 8 5 1 1 0 0 1 4 1 1 4 4 1 1 1 1 2 2 3 2 1 1 3 3 0 0 1 13 3 2 0 1 19 9 3 3 9 8 ; 1 9 0 9 1 1 10 0 2 2 1 15 5 8 6 1 1 2 2 6 6 1 1 3 4 9 0 1 1 3 3 7 8 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—October ... 130 130 162 128 204 1942-October... 119 118 200 135 197 November. 131 132 163 129 206 November . 120 119 200 135 199 December . 133 133 164 129 208 December. 120 119 200 136 200 1943—January ... 133 127 164 131 209 1943-January... 121 117 199 137 201 February .. 134 127 164 132 210 February... 121 117 199 137 201 March.... 137 128 165 133 210 March 123 117 199 138 201 April 141 129 165 133 210 April 124 118 198 138 203 May 143 130 165 134 210 May 125 118 199 139 203 June 142 . 131 165 136 211 June 125 119 198 139 203 July 139 132 168 140 211 July 124 119 200 142 204 August.... 137 133 167 139 211 August 123 119 199 141 204 September.. 137 134 166 September.. 124 119 198 October... 138 ^133 132' October... 124 PH9 2>199 138 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 United United Germany United (1926=100) Nether- ( S p d r e t i a r c i t v e e e ) s 1 d ( K 1 D 9 i 2 e n 1 c g e = d m o 1 b 0 m e 0 r ) (1 F 91 r 3 a n = c 1 e 00) (a p v r e ic ra e g )2 e N la et n h d e s r 3 - ( S 1 = 9 t 3 a 1 5 0 t - e 0 3 ) s 9 K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) 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 1110.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 . . .. 115.9 118.3 7 84.7 100.7 8 77.9 88.1 70.8 7120.6 114.6 9 95.0 1941 117.8 123.8 2*98.7 10p103.0 80.0 72.5 U289.7 136.8 129.0 1942 . . .. 118.3 127.3 7100.1 7103.3 69.4 75.3 ?476 142.1 131.5 1942—October 119.3 128 1 74.2 78.4 2*507 142.7 125.3 November 119.5 127.5 75.2 80.4 p529 142.8 128.8 December 118.9 127.3 75.9 80.1 P583 143.5 135.9 1943—January 119 5 129 0 79.7 82.4 145.1 •143.5 February 120 0 128 9 84.8 82.2 156.2 March 119.8 128.8 88.2 82.6 155.0 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 120.8 126.9 95.6 86.6 October 120.9 94.8 11 FFiigures 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 bothh sseerriieess.. SSoouurrccee..—StaSntadnadrda rd aanndd PPoooorr'ss CCoorrppoorraattiioonn.. 22 SSiin ce AAp r. 11, 11993355, tthhe 113399 bbodn dsi ilncdldu deid in the calculation of the average price have all borne interest at 4^2 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 Janu 4 a T ry h i 1 s 9 3 n 7 u , m J b a e n r . -M or a ig r. i n 1 a 9 l 3 ly 7 = 32 9 1 , 0 h 0; a a s v d e e r c a l g in e e y d i e a ld s t in h e b a n s u e m p b e e r r i o o d f w s a e s c u 3 r .3 it 9 i e p s e e r l c ig e i n b t l . e for the index has dimi # n ished. In May 1941, i . t 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. IZII DECEMBER 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTJRSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS 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 WINGIIELD, 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 12.12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston....... Albert M. Creighton Henry S. Dennison W. W. Paddock William Willett K. K. Carrick E. G. Hult J. C. Hunter1 Carl B. Pitman New York... Bcardsley Ruml William I. Myers Allan Sproul L. R. Rounds R. M. Gidney T W TCrtnlr* Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe Warren F. Whittier Alfred H. Williams Frank J. Drinnen W. J. Davis F C Will C. A. Mcllhcnny* C. A. Sienkiewicz Cleveland Geo. C. Brainard R. E. Klages M. J. Fleming R. B. Hays Wm. H. Fletcher J. W. Kossin A. H. Laning2 B. J. Lazar K. H. MacKenzic W. F. Taylor Richmond ... Robt. Lassitcr W. G. Wysor Hugh Leach J.S. Waldeo,Jr< J. G. Fry R. W. Mercer Edw. A. Wayne Atlanta Frank H. Ncely J. F. Porter W.S. McLarin,Jr, Malcolm H. Bryan L. M. Clark H F CnrmifF Chicago Simeon E. Leland W. W. Waymack C. S, Young H. P. Preston Allan M. Black1 J. H. DiUard Charles B. Dunn E. C. Harris O. J. Netterstrom Alfred T. Sihler St. Louis Wm. T. Nardin Oscar G. Johnston Chester C. Davis F. Guy Hitt O. M. Attebery Henry H. Edmistoo C. M. Stewart Minneapolis.. W. C. Coffcy Roger B. Shcpard J. N. Peyton 0. S. Powell A. W. Mills1 E. W. Swanson Sigurd Ueland A. R. Upgren Harry I. Ziemcr Kansas City.. R. B. Caldwcll Robert L. Mehornay H. G. Lcedy Henry O. Koppang Raymond W. Hall D. W. Woolley* Dallas Jay Taylor J. B. Cozzo R. R. Gilbert E. B. Stroud E. B. Austin W. J. Evans W. O. Ford W. D. Gentry8 L. G. Pondrom San Francisco Henry F. Grady St. George Holdcn Wm. A. Day Ira Clerk C. E. Earhart H. N. Mangels1 R. B. West MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Managing Director Branch Managing Director Bank of Bank of New York Buffalo R. B. Wiltse Minneapolis Helena R. E. Towle Cleveland Cincinnati B. J. Lazar3 Pittsburgh J. W. Kossin3 Kansas City Denver Jos. E. Olson Richmond Baltimore W. R. Milford Oklahoma City G. H. Pipkin Omaha L. H. Earhart Charlotte W. T. Clements 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. Harris* San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock A. F. Bailey Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis W. H. Glasgow Seattle C. R. Shaw iCashicr. 2Also Cashier* 3Vice President. 'Manager. DECEMBER 1943 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 =gi BOUNDARrES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w <§) 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

INDEX TO VOLUME 29 Pages Pages Absorption of exchange or collection charges: Assets and liabilities—Continued. As payment of interest on deposits, interpretation of Government corporations and credit agencies Regulation Q 817 74, 170, 252, 297, 332, Resolution signed by group of member banks 1058 450, 552, 654, 772, 878, 1012, 1096, 1180 Acceptances, bankers: Insured commercial banks in United States and Buying rates 50, 146, 228, 308, 426, possessions 570, 1031 528, 630, 748, 854, 988, 1072, 1156 Mutual savings banks, by States 685 Open market, rates on 67, 163, 245, 325, 443, National banks, by States 683 545, 647, 765, 871, 1005, 1089, 1173 Private banks, by States 685 Outstanding 66, 162, 244, 324, 442, State banks, by States 684 544, 646, 764, 870, 1004, 1088, 1172 Australia: Addresses: Commonwealth Bank of: Eccles, Marriner S., on "War Bonds, Taxes, and Condition 101, 197, 277, 359, 475, Economic Stability," given on National Radio 577, 697, 797, 907, 1039, 1127, 1205 Forum 393 Foreign exchange rates 105, 201, 281, 363, 479, Admissions of State banks to membership in Federal 581, 701, 801, 911, 1043, 1131, 1209 Reserve System 43, 128, 221, 302, 419, Gold movements. 97, 193, 273, 355, 471, 522, 623, 741, 850, 937, 1065, 1149 573, 693, 793, 903, 1035, 1123, 1201 Agricultural loans: Gold production 97, 193, 273, 355, 471, Member banks, call dates 60, 156, 238, 318, 436, 573, 693, 793, 903, 1035, 1123, 1201 538, 640, 758, 864, 998, 1082, 1166 Babb, Max W., Class B Director of Federal Reserve Bank Agriculture: of Chicago, death of 302 Crop reports 93, 787, 893, 1027,1111,1195 Bank credit: National summary of business conditions Current statistics for Federal Reserve chart book 625, 743, 848, 939, 1067 91,185, 267, 347, 466, United Nations conference on 609 568, 670, 788, 894, 1028, 1112, 1196 Albania: National summary of business conditions Discount rate of central bank... . 103, 199, 279, 361, 477, 45, 141, 223, 304, 421, 579, 699, 799, 909, 1041, 1129, 1207 524, 625, 743, 848, 939, 1067, 1150 Alexander, William A,, appointed director of Denver Bank debits: Branch for unexpired term 221 Debits to individual accounts, monthly table Announcement of Treasury financing 293, 707, 1147 58, 154, 236, 316, 434, Annual reports: 536, 638, 756, 862, 996, 1080, 1164 Bank for International Settlements 15 Revision of statistics of 717 Bank of Canada 218 Bank for International Settlements: Central Bank of the Argentine Republic 613 Annual report of 15 Swiss National Bank 841 Condition 102, 198, 278, 360, 476, Argentina: 578, 698, 798, 908, 1040, 1128, 1206 Annual report of the Central Bank of. . .613 Gold reserves 96, 192, 272, 354, 470, Central Bank of: 572, 692, 792, 902, 1034, 1122, 1200 Condition 101, 197, 277, 359, 475, Bank funds, changing distribution of 207 577, 697, 797, 907, 1039, 1127, 1205 Bank loans: Discount rate 103, 199, 279, 361, 477, All banks, call dates 60, 156, 238, 318, 436, 579, 699, 799, 909, 1041, 1129, 1207 538, 640, 758, 864, 998, 1082, 1167 Gold reserves 96, 192, 272, 354, 470, (See also Loans) 572, 692, 792, 902, 1034, 1122, 1200 Bank premises: Foreign exchange rates 105, 201, 281, 363, 479, All member banks, December 31, 1942 350 581, 701, 801, 911, 1043, 1131, 1209 Federal Reserve Banks 52, 148, 230, 310, 428, Gold movement to and from United States 58, 154 530, 632, 750, 856, 990, 1074, 1158 Arthur, W. C, appointed director of Pittsburgh Branch Bank suspensions 58, 154, 236, 316, 434, for unexpired term 522 536, 638, 756, 862, 996, 1080, 1164 Assets and liabilities: Bankers' acceptances: (See Acceptances, bankers') All banks in United States. . .. 681, 1115 Bankers' balances: All member banks: Member banks on call dates 61, 157, 239, 319, 437, Classes of banks, June 30, 1943 1030 539, 641, 759, 865, 999, 1083, 1167 December 31, 1942 350 Weekly reporting member banks: Commercial banks in United Kingdom, Canada, and By Federal Reserve districts. .65, 161, 243, 323, 441, France 104, 200, 280, 362, 478, 543, 645, 763, 869, 1003, 1087, 1171 New York City and outside... 63,159, 241, 321, 439, 580, 700, 800, 910, 1042, 1130, 1208 541, 643, 761, 867, 1001, 1085, 1169 Federal Reserve Banks: Banking funds: All banks .. .51, 147, 229, 309, 427, Foreign, increase in United States. .98,194,274, 356, 472, 529, 631, 749, 855, 989, 1073, 1157 574, 694, 794, 904, 1036, 1124, 1202 Each bank 52, 148, 230, 310, 428, Banks: 530, 632, 750, 856, 990, 1074, 1158 Consolidations 190, 686, 899, 1198 Foreign central banks 99, 195, 275, 357, 473, Government securities held by. . . .72, 168, 250, 330, 448, 575, 695, 795, 905, 1037, 1125, 1203 550, 652, 770, 876, 1010, 1094, 1178 DECEMBER I943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Banks—Continued. Borrowings: Number of: Member banks on call dates 61, 157, 239, 319, 437, By districts 681 539, 641, 759, 865, 999, 1083, 1167 By States 687 Weekly reporting member banks: Call dates 59, 155, 237, 317, 435, By Federal Reserve districts. .65, 161, 243, 323, 441, 537, 639, 757, 863, 997, 1081, 1165 543, 645, 763, 869, 1003, 1087, 1171 Changes in 190, 686, 899, 1198 New York City and outside... 63, 159, 241, 321, 439, Suspensions 58, 154, 236, 316, 434, 541, 643, 761, 867, 1001, 1085, 1169 536, 638, 756, 862, 996, 1080, 1164 Branch banks: Banks for cooperatives: Federal Reserve System: Loans by 74, 170, 252, 332, 450, Cincinnati: 552, 654, 772, 878, 1012, 1096, 1180 Bylaws amended to provide for Vice Presi- Barclay, Robert D., appointed director of San Antonio dent as chief executive officer 302 Branch for unexpired term 221 Lazar, B. J., made Vice President at Federal Belgian Congo: Reserve Bank of Cleveland and desig- Gold production 97, 193, 273, 355, 471, nated chief executive officer of Branch. .. 302 573, 693, 793, 903, 1035, 1123, 1201 Detroit: Belgium: Bylaws, revision to eliminate position of Budget and official financing 41 Managing Director 128 Foreign exchange rates : 105, 201, 281, 363, 479, Chalfont, H. J., title changed to Manager 581, 701, 801, 911, 1043, 1131, 1209 and position of Managing Director dis- Gold movements 97, 193, 273, 355, 471, continued 128 573, 693, 793, 903, 1035, 1123, 1201 Harris, E. C, appointed Vice President of National Bank of (Bank of Issue of Brussels): Federal Reserve Bank of Chicago and Condition 101, 197, 277, 359, 475 to devote full time to branch 128 577, 697, 797, 907, 1039, 1127, 1205 El Paso: Discount rate 103, 199, 279, 361, 477, Bylaws amended to eliminate position of 579, 699, 799, 909, 1041, 1129, 1207 Managing Director 221 Gold reserves 96, 192, 272, 354, 470, Transfer of Brewster County, Texas," from 572, 692, 792, 902, 1034, 1122, 1200 territory of San Antonio Branch 42 Bills, discounted by Federal Reserve Banks: Expansion of activities of 397 All banks combined 49, 145, 227, 307, 425, Houston: 527, 629, 747, 853, 987, 1071, 1155 Bylaws amended to eliminate position of Each bank. . 52, 148, 230, 310, 428, Managing Director 221 530, 632, 750, 856, 990, 1074, 1158 Bylaws amended to eliminate position of Maturity distribution 51, 147, 229, 309, 427, manager and provide for appointment of 529, 631, 749, 855, 989, 1073, 1157 Vice President as managing officer 937 Member and nonmember banks.. .51, 147, 229, 309, 427, Managing officers 109, 205, 285, 367, 483, 529, 631, 749, 855, 989, 1073, 1157 585, 705, 805, 915, 1047, 1135, 1213 Board of Governors of the Federal Reserve System: Pittsburgh: Members and officers 108, 204, 284, 366, 482, Bylaws amended to provide for Vice 584, 704, 804, 914, 1046, il34, 1212 President as chief executive officer 302 Bohemia and Moravia: Kossin, J. W., made Vice President at National Bank of: Federal Reserve Bank of Cleveland and Condition 101, 197, 277, 359, 475 designated chief executive officer of 577, 697, 797, 907, 1039, 1127, 1205 Branch 302 Discount rate 103, 199, 279, 361, 477 San Antonio: 579, 699, 799, 909, 1041, 1129, 1207 Bylaws amended to eliminate position of Bolivia: Managing Director 221 Central Bank of: Bylaws amended to eliminate position of Condition 101, 197, 277, 359, 475, Manager and provide for appointment of 577, 697, 797, 907, 1039, 1127, 1205 Vice President as managing officer 937 Discount rate 103, 199, 279 ? 361, 477, Transfer of Brewster County, Texas, to 579, 699, 799, 909, 1041, 1129, 1207 territory of El Paso Branch 42 Gold movements to and from United States 58, 154 Group banks 689 Bond yields: Member and nonmember banks, changes in Government, municipal, and corporate 190, 686, 899, 1198 67, 163, 245, 325, 443, 545, 647, 765, 871, 1005, 1089, 1173 Number of banks maintaining branches 687 Bonds: Brazil: New security issues 68, 164, 246, 326, 444, Foreign exchange rates 105, 201, 281, 363, 479, 546, 648, 766, 872, 1006, 1090, 1174 581, 701, 801, 911, 1043, 1131, 1209 Prices in principal countries 107, 203, 283, 365, 481, Gold movements to and from United States..... .58, 154 583, 703, 803, 913, 1045, 1133, 1211 Gold reserves 96, 192, 272, 354, 470, Prices in United States 68, 164, 246, 326, 444, 572, 692, 792, 902, 1034, 1122, 1200 546, 648, 766, 872, 1006, 1090, 1174 British India: (See India, British) United States savings, sales [of 71, 167, 249, 329, 447, British plan for postwrar international monetary stabiliza- 549, 651, 769, 875, 1009, 1093, 1177 tion " 507 (See also Government securities) British White Paper on War Finance 729 ni6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages . Pages Brokers and dealers in securities: Capital accounts: Loans for purchasing or carrying Government obliga- Federal Reserve Banks 52, 148, 230, 310, 428, tions 496 530, 632, 750, 856, 990, 1074, 1158 Loans to, by member banks on call dates Insured commercial banks in United States and 60, 156, 238, 318, 436, possessions 570, 1031 538, 640, 758, 864, 998, 1082, 1166 Member banks: Loans to, by weeklv reporting member banks: Call dates 61, 157, 239, 319, 437, By Federal Reserve districts. .64, 160, 242, 322, 440, 539, 641, 759, 865, 999, 1083, 1167 542, 644, 762, 868, 1002, 1086, 1170 December 31, 1942 350 New York City and outside. .62, 158, 240, 320, 438, Weekly reporting member banks: 540, 642, 760, 866, 1000, 1084, 1168 By Federal Reserve districts. .65, 161, 243, 323, 441, Brokers' balances: 543, 645, 763, 869, 1003, 1087, 1171 Movement to United States from abroad New York City and outside. .. 63, 159, 241, 321, 439, 98, 194, 274, 356, 472, 541, 643, 761, 867, 1001, 1085, 1169 574, 694, 794, 904, 1036, 1124, 1202 Capital movement to United States 98, 194, 274, 356, 472, Brown, Edward E., reelected President of Federal Ad- 574, 694, 794, 904, 1036, 1124, 1202 visory Council 221 Cash in vault: Budgets: Member banks 61, 157, 239, 319, 437, Receipts and expenditures - 112 539, 641, 759, 865, 999, 1083, 1167 United States Government, message of President to Weekly reporting member banks: Congress Ill By Federal Reserve districts. .65, 161, 243, 323, 441, Bulgaria: 543, 645, 763, 869, 1003, 1087, 1171 Foreign exchange rates 105, 201, 281, 363, 479, New York City and outside. .. 63, 159, 241, 321, 439, 581, 701, 801, 911, 1043, 1131, 1209 541, 643, 761, 867, 1001, 1085, 1169 National Bank of: Central banks: Discount rate 103, 199, 279, 361, 477, Assets and liabilities 99, 195, 275, 357, 473, 579, 699, 799, 909, 1041, 1129, 1207 575, 695, 795, 905, 1037, 1125, 1203 Gold reserves 96, 192, 272, 354, 470, Discount rate 103, 199, 279, 361, 477, 572, 692, 792, 902, 1034, 1122, 1200 579, 699, 799, 909, 1041, 1129, 1207 Business conditions: Gold reserves 96, 192, 272, 354, 470, Current statistics for Federal Reserve chart book 572, 692, 792, 902, 1034, 1122, 1200 91, 185, 267, 347, 466, Central reserve city banks: 568, 670 788, 894, 1028, 1112, 1196 Assets and liabilities on June 30, 1942. . . . . 1030 National summary of.. 44, 140, 222, 303, 420, Condition: 523, 624, 742, 848, 938, 1066, 1150 Call dates 60, 156, 238, 318, 436, Business indexes: 538, 640, 758, 864, 998, 1082, 1166 Monthly and yearly figures, 1919-1943 December 31, 1942 350 75, 171, 253, 333, 451, Deposits 56, 152, 234, 314, 432, 553, 655, 773, 879, 1013, 1097, 1181 534, 636, 754, 860, 994, 1078, 1162 Bylaws: {See Branch banks, Federal Reserve System) Deposits and reserves 636, 754, 860, 994, 1078, 1162 Byrne, W. S., appointed as director of Omaha Branch for Earnings and expenses, 1942 672 unexpired term 221 Reserves 56, 152, 234, 314, 432, Calkins, Robert D., appointed Class C director at Federal 534, 636, 754, 860, 994, 1078, 1162 Reserve Bank of New York for unexpired term 937 Chairmen of Federal Reserve Banks: Canada: List of 109, 205, 285, 367, 483, Bank of: 585, 705, 805, 915, 1047, 1135, 1213 Annual report 218 Meeting of. . 1149 Condition 99, 195, 275, 357, 473, Chart books: 575, 695, 795, 905, 1037, 1125, 1203 Current figures on bank credit, money rates, and Discount rate 103, 199, 279, 361, 477, business 91, 185, 267, 347, 466, 579, 699, 799, 909, 1041, 1129, 1207 568, 670, 788, 894, 1028, 1112, 1196 Gold reserves 96, 192, 272, 354, 470, Revised edition of Chart Book Number 1 302 572, 692, 792, 902, 1034, 1122, 1200 Charts: Commercial banks, assets and liabilities Bank deposits and currency 1139 104, 200, 280, 362, 478, Banking developments by groups of banks 211 580, 700, 800, 910, 1042, 1130, 1208 Budget expenditures and receipts 113 Cost of living, index numbers. . .. 107, 203, 283, 365, 481, Changes in bank deposits during 1942 by counties. 601 583, 703, 803, 913, 1045, 1133, 1211 Clearing claims and assimilated accounts from Foreign exchange rates 105, 201, 281, 363, 479, annual report of Bank for International Settle- 581, 701, 801, 911, 1043, 1131, 1209 ments 31 Gold movements ,. .97, 193, 273, 355, 471, Clothing in retail stores 11 573, 693, 793, 903, 1035, 1123, 1201 Commercial bank holdings of Government securities. 1143 Gold production 97, 193, 273, 355, 471, Construction contracts awarded 420, 743, 809 573, 693, 793, 903, 1035, 1123, 1201 Consumer credit 486 Plan for postwar international monetary stabiliza- Consumer expenditures and retail prices 3 tion, proposed draft by experts 718 Cost of living 45, 524, 812, 1151 Retail food prices 107, 203, 283, 365, 481, Currency in circulation 497 583, 703, 803, 913, 1045, 1133, 1211 Demand deposits adjusted, all commercial banks. .. 1141 Wholesale prices in 106, 202, 282, 364, 480, Demand deposits and currency, all banks in United 582, 702, 802, 912, 1044, 1132, 1210 States 498 DECEMBER I943 1x17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Charts—Continued. Chile—Continued. Department store sales and stocks Foreign exchange rates 105, 201, 281, 363, 479, 44, 223, 303, 523, 938, 1066 581, 701, 801, 911, 1043, 1131, 1209 Department store sales, stocks, and orders 298, 491 Gold movements to and from United States 58, 154 Department store sales, stocks, and receipts 811 Gold production 97, 193, 273, 355, 471, Department stores, charge account sales and receiv- 573, 693, 793, 903, 1035, 1123, 1201 ables 605 China: Deposits, reporting member banks 1141 Foreign exchange rates 105, 201, 281, 363, 479, Excess reserves of member banks 214, 374 581, 701, 801, 911, 1043, 1131, 1209 France, the payment of occupation cost and its Gold movements to and from United States 58, 154 financing from annual report of Bank for Inter- Clark, John Davidson, appointed director of Omaha national Settlements 41 Branch for unexpired term 937 Government security holdings of Federal Reserve Clearing and collection: Banks 376,1055 Absorption of exchange charges as payment of inter- Gross national product 709 est, ruling on 817 Holdings of United States Government securities... 591 Absorption of exchange or collection charges, resolu- Home and farm mortgage loans, Government credit tion of group of member banks 1058 agencies 297 Iowa, all banks now cleared at par 623 Income payments to individuals 290 Coins, circulation of 57, 153, 235, 315, 433, Incomes and taxes of individuals 807 535, 637, 755, 861, 995, 1079, 1163 Index of note circulation from annual report of Bank Colombia: for International Settlements 37 Bank of the Republic of: Indexes of wholesale prices for foreign countries from Condition 101, 197, 277, 359, 475, annual report of Bank for International Settle- 577, 697, 797, 907, 1039, 1127, 1205 ments 23 Discount rate 103, 199, 279, 361, 477, Industrial production 1, 44, 140, 222, 288, 579, 699, 799, 909, 1041, 1129, 1207 303, 420, 523, 624, 742, 808, 938, 940, 1066, 1150 Gold reserves 96, 192, 272, 354, 470, Instalment credit 487 572, 692, 792, 902, 1034, 1122, 1200 Member bank reserves 524, 743 Foreign exchange rates 105, 201, 281, 363, 479, Member bank reserves, all member banks 592 581, 701, 801, 911, 1043, 1131, 1209 Member bank reserves and related items Gold movements 97, 193, 273, 355, 471, 45, 48, 144, 223, 226, 304, 306, 421, 424, 573, 693, 793, 903, 1035, 1123, 1201 526, 628, 742, 746, 852, 939, 986, 1070, 1151, 1154 Gold production 97, 193, 273, 355, 471, Member bank reserves by classes of banks 592 573, 693, 793, 903, 1035, 1123, 1201 Member banks in leading cities 421, 625, 1067 Commercial and industrial loans: Money in circulation 822 Member banks, call dates 60,156, 238, 318, 436, Money in circulation and salaries and wages 498 538, 640, 758, 864, 998, 1082, 1166 Money in circulation by denominations 814 Commercial banks: Monthly increase in money in circulation 822 Assets and liabilities in United Kingdom, Canada, Ownership of demand deposits, July 31, 1943 921 and France 104, 200, 280, 362, 478, Ownership of Government securities 711, 1139 580, 700, 800, 910, 1042, 1130, 1208 Per capita volume of bank deposits by counties 602 Condition of insured in United States and possessions Production in the machinery and transportation 570, 1031 equipment industries 946 Consumer instalment loans 88, 182, 264, 344, 462, Production of chemical products . 940 564, 666, 784, 890, 1024, 1108, 1192 Production of manufactured food products 947 Insured home mortgages held 84, 178, 260, 340, 458, Production of nonferrous metals and products 946 560, 662, 780, 886, 1020, 1104, 1188 Production of petroleum and rubber products 947 Commercial, industrial, and agricultural loans: Production of stone, clay, and glass products 950 Weekly reporting member banks: Production of textile and leather products 10 By Federal Reserve districts. .64, 160, 242, 322, 440, Retail food prices 8 542, 644, 762, 868, 1002, 1086, 1170 Retail sales 604 New York City and outside. .62, 158, 240, 320, 438, Taxation receipts in Germany, United States, and 540, 642, 760, 866, 1000, 1084, 1168 England from annual report of Bank for Inter- Commercial paper: national Settlements 36 Total assets of war corporations and United States Member bank holdings, December 31, 1942 350 Maritime Commission 296 Open market, rates on 67, 163, 245, 325, 443, Total volume of bank deposits by counties 600 545, 647, 765, 871, 1005, 1089, 1173 Treasury receipts and expenditures 1051 Outstanding 66, 162, 244, 324, 442, War expenditures of United States Government.... 587 544, 646, 764, 870, 1004, 1088, 1172 Wholesale prices 141, 304, 624 Commodity Credit Corporation: Yields on United States securities 625 Asset items 74, 170, 252, 332, 450, Chile: 552, 654, 772, 878, 1012, 1096, 1180 Central Bank of: Loans by 74, 170, 252, 332, 450, Condition 101, 197, 277, 359, 475, 552, 654, 772, 878, 1012, 1096, 1180 577, 697, 797, 907, 1039, 1127, 1205 Commodity prices: Discount rate.. , 103, 199, 279, 361, 477, 579, 699, 799, 909, 1041, 1129, 1207 Discussion in Review of the Month 811 Gold reserves 96, 192, 272, 354, 470, National summary of business conditions. . .45, 141, 223, 572, 692, 792, 902, 1034, 1122, 1200 304, 421, 524, 625, 743, 848, 939, 1067, 1151 IZI8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Z9 Pages Pages Comptroller of the Currency: Consumer credit—Continued. Loan limitations of national banks, compliance of Total debt, by major parts 88, 182, 264, 344, 462, guarantee agreements with terms as used in section 564, 666, 784, 890, 1024, 1108, 1192 5200 of revised statutes 389 Corporate bonds: Condition statements: Yield on 67, 163, 245, 325, 443, All member banks: 545, 647, 765, 871, 1005, 1089, 1173 December 31, 1942, by classes of banks 350 Corporate security issues: June 30, 1943, by classes of banks 1030 Proposed use of proceeds: Commercial banks in United Kingdom, Canada, All issuers 69, 165, 247, 327, 445, and France 104, 200, 280, 362, 478, 547, 649, 767, 873, 1007, 1091, 1175 580, 700, 800, 910, 1042, 1130, 1208 Major groups of issuers 69, 165, 247, 327, 445, Federal Reserve Banks: 547, 649, 767, 873, 1007,1091, 1175 All banks combined 51, 147, 229, 309, 427, Corporate stocks: 529, 631, 749, 855, 989, 1073, 1157 Holdings of all member banks, December 31, 1942. . .350 Each bank 52, 148, 230, 310, 428, Prices in United States 68, 164, 248, 326, 444, 530, 632, 750, 856, 990, 1074, 1158 546, 648, 766, 872, 1006, 1090, 1174 Foreign central banks 99, 195, 275, 357, 473, Correspondence: 575, 695, 795, 905, 1037, 1125, 1203 Relation between currency and bank deposits 415 Government corporations and credit agencies Cost of living: 74, 170, 252, 332, 450, Chart 45,524,812 552, 654, 772, 878, 1012, 1096, 1180 Index for principal countries 107, 203, 283, 365, 481, Insured commercial banks in United States and 583, 703, 803, 913, 1045, 1133, 1211 possessions 570, 1031 Index, United States, 1919-1943. .75, 171, 253, 333, 451, Member banks: 553, 655, 773, 879, 1013, 1097, 1181 Call dates 60, 156, 238, 318, 436, Country member banks: 538, 640, 758, 864, 998, 1082, 1166 Assets and liabilities on June 30, 1943 1030 Reserves and liabilities 61, 157, 239, 319, 437, Condition: 539, 641, 759, 865, 999, 1083, 1167 Call dates 60, 156, 238, 318, 436, Revision in periodic call report form 300 538, 640, 758, 864, 998, 1082, 1166 Weekly reporting member banks: December 31, 1942 350 By Federal Reserve districts. .64, 160, 242, 322, 440, Deposits 56, 152, 234, 314, 432, 542, 644, 762, 868, 1002, 1086, 1170 534, 636, 754, 860, 994, 1078, 1162 New York City and outside. .62, 158, 240, 320, 438, Deposits and reserves 636, 754, 860, 540, 642, 760, 866, 1000, 1084, 1168 994, 1078, 1162 Conferences: (See Meetings) Earnings, 1942 675 Consolidations of banks 190, 686, 899, 1198 Reserves 56, 152, 234, 314, 432, Construction contracts awarded: 534, 636, 754, 860, 994, 1078, 1162 By districts 84, 178, 260, 340, 458, Credit: 560, 662, 780, 886, 1020, 1104, 1188 Agencies of United States Government, activities By public and private ownership. .84, 178, 260, 340, 458, in 1942 296 560, 662, 780, 886, 1020, 1104, 1188 Consumer: (See Consumer credit) By types of construction 84, 178, 260, 340, 458, Federal Reserve: 560, 662, 780, 886, 1020, 1104, 1188 Chart 48, 144, 226, 306, 424, Index of value of 75, 171, 253, 333, 451, 526, 628, 746, 852, 986, 1070, 1154 553, 655, 773, 879, 1013, 1097, 1181 End of month and Wednesday figures Consumer credit: 49, 145, 227, 307, 425, Add-on when old loan is in default 1058 527, 629, 747, 853, 987, 1071, 1155 Advances by life insurance companies to their agents, National summary of business conditions applicability of Regulation W to 595 45, 141, 223, 304, 421, Amendment number 10 to Regulation W, text of... . 818 524, 625, 743, 848, 939, 1067, 1151 Decline in, discussed in Review of the Month 485 Credit survey, retail for 1942 606 Instalment credits of commercial banks, by types of Crop reports, by Federal Reserve districts 93, 787, 893, credit 89, 183, 265, 345, 463, 1027, 1111, 1195 565, 667, 785, 891, 1025, 1109, 1193 Currency: Instalment loans 88, 182, 264, 344, 462, Circulation 497 564, 666, 784, 890, 1024, 1108, 1192 Kinds of money in circulation 57, 153, 235, 315, 433, Instalment loans made by principal lending 535, 637, 755, 861, 995, 1079, 1163 institutions 89, 183, 265, 345, 463, Relation between currency and bank deposits, 565, 667, 785, 891, 1025, 1109, 1193 correspondence relating to 415 Instalment sale debt, excluding automotive Stock of United States money... .235, 315, 433, 535, 637, 88, 182, 264, 344, 462, 755, 861, 995, 1079, 1163 564, 666, 784, 890, 1024, 1108, 1192 Treasury, outstanding 49, 145, 227, 307, 425, Loans of insured banks, December 31, 1942 417 527, 629, 747, 853, 987, 1071, 1155 Ratio of collections to accounts receivable Customers' debit balances 66, 162, 244, 324, 442, 89, 183, 265, 345, 463, 544, 646, 764, 870, 1004, 1088, 1172 565, 667, 785, 891, 1025, 1109, 1193 Czechoslovakia: Statement of necessity: Foreign exchange rates 105, 201, 281, 363, 479, Increased tax burden is not basis for 116 581, 701, 801, 911, 1043, 1131, 1209 Option (2) as affected by 1059 Gold reserves 96, 192, 272, 354, 470, Suspension of license of Louis H. Mitchell 594 572, 692, 792, 902, 1034, 1122, 1200 DECEMBER I943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Z9 Pages Pages Davis, Wallace M., appointed director of Louisville Deposits—Continued. Branch for unexpired term 128 Government: Deaths: Federal Reserve Banks, each bank Babb, Max W., Class B Director of Federal Reserve 52, 148, 230, 310, 428, Bank of Chicago 302 530, 632, 750, 856, 990, 1074, 1158 Gray, Howard, Director of Birmingham Branch 302 Member banks on call dates. .61, 157, 239, 319, 437, Maupin, E. B., Director of Nashville Branch 42 539, 641, 759, 865, 999, 1083, 1167 Roberts, Clarence, Class C Director at Federal Weekly reporting member banks: Reserve Bank of Kansas City 42 By Federal Reserve districts Debit and credit balances of stock exchange firms 65, 161, 243, 323, 441, 66, 162, 244, 324, 442, 543, 645, 763, 869, 1003, 1087, 1171 544, 646, 764, 870, 1004, 1088, 1172 New York City and outside Debits to individual accounts: 63, 159, 241, 321, 439, Monthly table 58, 154, 236, 316, 434, 541, 643, 761, 867, 1001, 1085, 1169 Member banks: 536, 638, 756, 862, 996, 1080, 1164 Classes of banks 636, 754, 860, Revision of statistics 717 994, 1078, 1162 Debt, United States Government: Call dates 61, 157, 239, 319, 437, Amount of 112 539, 641, 759, 865, 999, 1083, 1167 Volume and kind of securities. ... 71, 167, 249, 329, 447, Larger and smaller centers... .56, 152, 234, 314, 432, 549, 651, 769, 875, 1009, 1093, 1177 534, 636, 754, 860, 994, 1078, 1162 Denmark: Mutual savings banks, by States '. 685, 1119 Budget and official financing 41 National banks, by States 683, 1117 Foreign exchange rates 105, 201, 281, 363, 479, Nonmember banks: 581, 701, 801, 911, 1043, 1131, 1209 Chart 48, 144, 226, 306, 424, National Bank of: 526, 628, 746, 852, 986, 1070, 1154 Condition 101, 197, 277, 359, 475, In Federal Reserve Banks. . . .49, 145, 227, 307, 425, 577, 697, 797, 907, 1039, 1127, 1205 527, 629, 747, 853, 987, 1071, 1155 Discount rate 103, 199, 279, 361, 477, Ownership of: 579, 699, 799, 909, 1041, 1129, 1207 Discussed in Review of the Month 917 Gold reserves 96, 192, 272, 354, 470, Special article on survey 713 572, 692, 792, 902, 1034, 1122, 1200 Statistics on 930 Postal savings: Department stores: Call dates 61, 157, 239, 319, 437, Accounts receivable and collections 563, 665, 783, 539, 641, 759, 865, 999, 1083, 1167 889, 1023, 1107, 1191 Depositors' balances and assets Sales: 236, 316, 434, 536, 638, By Federal Reserve districts and by cities 756, 862, 996, 1080, 1164 86, 180, 262, 342, 460, Rates on 50, 146, 228, 308, 426, 562, 664, 782, 888, 1022, 1106, 1190 528, 630, 748, 854, 988, 1072, 1156 By type of transaction 87, 181, 263, 343, 461 Private banks, by States 685, 1119 Index of value of 75, 171, 253, 333, 451, Relation between currency and bank deposits, 553, 655, 773, 879, 1013, 1097, 1181 correspondence relating to 415 Weekly index of 86, 180, 262, 342, 460, Savings: 562, 664, 782, 888, 1022, 1106, 1190 Growth in, discussed 1053 Sales in orders, increase in 298 Interest rate on 50, 146, 228, 308, 426, Sales and stocks: 528, 630, 748, 854, 988, 1072, 1156 By major departments 87, 181, 263, 343, 461, State banks, by States 684, 1118 563 665, 783, 889, 1023, 1107, 1191 States and political subdivisions with member banks Charts 44, 223, 303, 523, 938, 1066 on call dates 61, 157, 239, 319, 437, Monthly index of 86, 180, 262, 342, 460, 539, 641, 759, 865, 999, 1083, 1167 562, 664, 782, 888, 1022, 1106, 1190 Suspended banks. 58, 154, 236, 316, 434, 536, 638, 756, 862, 996, 1080, 1164 Depositaries: Time, maximum rates on 50, 146, 228, 308, 426, Press statement of Treasury Department on in- 528, 630, 748, 854, 988, 1072, 1156 creased number of 42 Treasury: Deposits: Chart 48, 144, 226, 306, 424, All banks in United States: 526, 628, 746, 852, 986, 1070, 1154 By Federal Reserve districts 681 With Federal Reserve Banks. .49, 145, 227, 307, 425, Call dates 59, 155, 237, 317, 435, 527, 629, 747, 853, 987, 1071, 1155 537, 639, 757, 8.63, 997, 1081, 1165 Weekly reporting member banks: Expansion discussed in Review of the Month.. .207, 1138 By Federal Reserve districts. .65, 161, 243, 323, 441, Federal Reserve Banks: 543, 645, 763, 869, 1003, 1087, 1171 All banks combined 51, 147, 229, 309, 427, New York City and outside.. .63, 159, 241, 321, 439, 529, 631, 749, 855, 989, 1073, 1157 541, 643, 761, 867, 1001, 1085, 1169 Each bank 52, 148, 230, .310, 428, Directors, Federal Reserve Banks: 530, 632, 750, 856, 990, 1074, 1158 Babb, Max W., Class B at Chicago, death of 302 Foreign banks, held by member banks on call dates Calkins, Robert D., appointed Class C at New York 937 61, 157, 239, 319, 437, Hague, Lyle L., Class C, appointed at Kansas City 539, 641, 759, 865, 999, 1083, 1167 for unexpired term 522 Geographical distribution of 599 I2.ZO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Directors, Federal Reserve Banks—Continued. Earnings: Heath, William C, elected Class B at Chicago for Corporations 70, 166, 248, 328, 446, unexpired term 522 548, 650, 768, 874, 1008, 1092, 1172 List of 129-139 Member banks: Myers, William L, designated Deputy Chairman at 1942 500 New York for remainder of year 937 First half of 1943 1064 Roberts, Clarence, Class C at Kansas City, death of. .42 First half of year, 1942-1943 1114 Directors, Federal Reserve branch banks: Wage earners in manufacturing industries Alexander, William A., appointed at Denver for 83, 177, 259, 339, 457, unexpired term 221 559, 661, 779, 885, 1019, 1103, 1187 Arthur, W. C, appointed at Pittsburgh for un- Earnings and dividends: expired term 522 Industrial corporations, quarterly 1939-1943 Barclay, Robert D., appointed at San Antonio for 70, 166, 248, 328, 446, unexpired term 221 548, 650, 768, 874, 1008, 1092, 1176 Byrne, W. S., appointed at Omaha for unexpired Public utility corporations, quarterly, 1939-1943 term 221 70, 166, 248, 328, 446, Clark, John Davidson, appointed at Omaha for un- 548, 650, 768, 874, 1008, 1092, 1176 expired term 937 Earnings and expenses: Davis, Wallace M., appointed at Louisville for un- Federal Reserve Banks: expired term 128 1942 188 Elkins, James A., appointed at Houston for un- Six-month period ended June 30, 1943 790 expired term 221 Member banks: Geier, Frederick V., appointed at Cincinnati for 1942 500 unexpired term 302 Ratios by classes of banks in Federal Reserve Gifford, Ralph C, resignation at Louisville 128 districts 679 Gray, Howard, Birmingham Branch, death of 302 National banks, 1942 672 Hicks, John K., appointed at El Paso for unexpired State member banks, 1942 672 term 419 Eccles, Marriner S., address on National Radio Forum on Lee, Charles S., appointed at Jacksonville for un- "War Bonds, Taxes, and Economic Stability" 393 expired term 522 Economic developments, discussion of recent in Review List of 130-139 of the Month 807 Managing Director at El Paso, bylaws amended to Ecuador: eliminate position 221 Central Bank of: Managing Director at Houston, bylaws amended to Condition 101, 197, 277, 359, 475, eliminate position 221 577, 697, 797, 907, 1039, 1127, 1205 Managing Director at San Antonio, bylaws amended Discount rate 103, 199, 279, 361, 477, to eliminate position 221 579, 699, 799, 909, 1041, 1129, 1207 Maupin, E. B., Nashville Branch, death of 42 Gold movements to and from United States 58, 154 McFarland, Archie J., appointed at Pittsburgh for Egypt: unexpired term 419 National Bank of: Sadler, B. L., elected for unexpired term at Nashville. .42 Condition 101, 197, 277, 359, 475, Schellberg, W. H., resignation at Omaha 221 577, 697, 797, 907, 1039, 1127, 1205 Shaffer, John J., Jr., appointed at New Orleans for Gold reserves 96, 192, 272, 354, 470, unexpired term 419 572, 692, 792, 902, 1034, 1122, 1200 Stocking, George W., appointed at San Antonio for El Salvador: unexpired term 623 Directory: Central Reserve Bank of: Board of Governors of the Federal Reserve System Condition 101, 197, 277, 359, 475, 108, 204, 284, 366, 482, 577, 697, 797, 907, 1039, 1127, 1205 584, 704, 804, 914, 1046, 1134, 1212 Discount rate 103, 199, 279, 361, 477, Federal Advisory Council 108, 204, 284, 366, 482, 579, 699, 799, 909, 1041, 1129, 1207 584, 704, 804, 914, 1046, 1134, 1212 Elkins, James A., appointed director for Houston Branch Federal Open Market Committee. 108, 204, 284, 366, 482, for unexpired term 221 584, 704, 804, 914, 1046, 1134, 1212 Employment: Federal Reserve Banks and branches Discussion in Review of the Month— ... 810 109, 205, 285, 367, 483, Factory employment: 585, 705, 805, 915, 1047, 1135, 1213 Adjusted for seasonal variation Discount rates: 80, 177, 259, 339, 457, Federal Reserve Banks 50, 146, 228, 308, 426, 559, 661, 779, 885, 1019, 1103, 1187 528, 630, 748, 854, 988, 1072, 1156 Business index 75, 171, 253, 333, 451, Foreign central banks 103, 199, 279,361, 477, 553, 655, 773, 879, 1013, 1097, 1181 579, 699, 799, 909, 1041, 1129, 1207 Revision of index 13 Dividends: Factory employment and pay rolls by industries Federal Reserve Banks, 1942 188 82, 176, 258, 338, 456, Industrial corporations 70, 166, 248, 328, 446, 558, 660, 778, 884, 1018, 1102, 1186 548, 650, 768, 874, 1008, 1092, 1176 Nonagricultural, total in each classification Member banks, 1942 500 81, 187, 269, 349, 465, Public utility corporations 70, 166, 248, 328, 446, 567, 669, 787, 893, 1027, 1111, 1195 548, 650, 768, 874, 1008, 1092, 1176 England: (See United Kingdom) DECEMBER I943 IULI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Estonia: Federal Open Market Committee: Discount rate of central bank.. .. 103, 199, 279, 361, 477, Executive committee, members of... .. 302 579, 699, 799, 909, 1041, 1129, 1207 Meeting held on: Evacuees, work in interest of by Federal Reserve Bank of December 14, 1942 42 San Francisco. . 295 January 25-26 128 Executive officers, loans to: March 2 302 Inactive officer serving as director and member of May 15 522 discount committee 215 June 28 623 Executive orders: October 18 .. .1065 Number 9336 authorizing Office of Lend Lease Members: Administration and War Shipping Administration Day, William A., election of 302 to indemnify War Department, etc 389 Eccles, Marriner S., reelected Chairman 302 Expenditures of Treasury 73, 169, 251, 331, 449, Fleming, M. J., election of 302 551, 653, 771, 877, 1011, 1095, 1179 McLarin, W. S., election of 302 Expenses: (See Earnings and expenses) Paddock, W. W., election of 302 Export Import Bank: Sproul, Allan, election of 302 Reelected Vice Chairman *. . .302 Loans by, 74, 170, 252, 332, 450, Members and officers, list 108, 204, 284, 366, 482, 552, 654, 772, 878, 1012, 1096, 1180 Exports and imports: (See Imports and exports) 584, 704, 804, 914, 1046, 1134, 1212 Factory employment: (See Employment) Federal Public Housing Authority: Farm Credit Administration: Loans by 74, 170, 252, 332, 450, Loans by 74, 170, 252, 332, 450, 552, 654, 772, 878, 1012, 1096, 1180 552, 654, 772, 878, 1012, 1096, 1180 Federal Reserve Act: Farm products, wholesale price indexes: Amendment to extend time for United States Principal countries 106, 202, 282, 364, 480, obligations as collateral security for Federal 582, 702, 802, 912, 1044, 1132, 1210 Reserve notes. 493 United States 90, 184, 266, 346, 464, Amendments relating to war loan deposit accounts. .. 378 566, 668, 786, 892, 1026, 1111, 1195 Federal Reserve bank notes: Farm Security Administration: Circulation 57, 153, 235, 315, 433, Loans by 74, 170, 252, 332, 450, 535, 637, 755, 861, 995, 1079, 1163 552, 654, 772, 878, 1012, 1096, 1180 Stock of unissued made available for use to conserve Federal Advisory Council: labor and paper 42 Lichtenstein, Walter, reappointed Secretary 221 Federal Reserve Bank of Chicago: Meetings: Staff: February 14-15 221 Harris, E. C, appointed Vice President and to be May 23-24 522 in charge of Detroit Branch 128 September 19-20 937 Federal Reserve Bank of San Francisco: November 14-15 1149 Regulation providing for blocking of transactions in Members: property of persons evacuated from military areas Brown, Edward E., reelection as President 221 on Pacific Coast, revocation of 390 Gifford, Ralph C, appointed to represent St. Work in interest of evacuees by 295 Louis District 128 Federal Reserve Banks: Harrison, George L., reelection as Vice President. 221 Assets and liabilities of 51, 147, 229, 309, 427, List 108, 204, 284, 366, 482, 529, 631, 749, 855, 989, 1073, 1157 584, 704, 804, 914, 1046, 1134, 1212 Branches: Federal Farm Mortgage Corporation: Directors: (See Directors, Federal Reserve Accounts and other receivables 74, 170, 252, 332, 450, branch banks) 552, 654, 772, 878, 1012, 1096, 1180 Managing officers 109, 205, 285, 367, 483, Loans by.. 74, 170, 252, 332, 450, 585, 705, 805, 915, 1047, 1135, 1213 552, 654, 772, 878, 1012, 1096, 1180 Capital and surplus of each bank. .54, 150, 232, 312, 430, Federal Home Loan Banks: Loans by 74, 170, 252, 332, 450, 532, 634, 752, 858, 992, 1076, 1160 552, 654, 772, 878, 1012, 1096, 1180 Chairmen: Federal Housing Administration: List of 109, 205, 285, 367, 483, Insured home mortgages held by banks and others 585, 705, 805, 915, 1047, 1135, 1213 84, 178, 260, 340, 458, Meeting 1149 560, 662, 780, 886, 1020, 1104, 1188 Condition statement, each bank. .52, 148, 230, 310, 428, Loans insured by 84, 178, 260, 340, 458, 530, 632, 750, 856, 990, 1074, 1158 560, 662, 780, 886, 1020, 1104, 1188 Directors: (See Directors) Federal Intermediate Credit Banks: Earnings and expenses: Loans by 74, 170, 252, 332, 450, 1942 188 552, 654, 772, 878, 1012, 1096, 1180 Six-month period ending June 30, 1943 790 Federal Land Banks: Government securities held by 72, 168, 250, 330, 448, Loans by 74, 170, 252, 332, 450, 550, 652, 770, 876, 1010, 1094, 1178 552, 654, 772, 878, 1012, 1096, 1180 Officers... 109, 205, 285, 367, 483, Federal National Mortgage Association: 585, 705, 805,515, 1047, 1135, 1213 Loans by 74, 170, 252, 332, 450, Research and statistical departments, meeting of 552, 654, 772, 878, 1012, 1096, 1180 heads with members of Board's staff 1065 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Federal Reserve Chart Book: Foreign banks—Continued. Current statistics on bank credit, money rates, and Deposits held by member banks on call dates business 91, 185, 267, 347, 466, 61, 157, 239, 319, 437, 568, 670, 788, 894, 1028, 1112, 1196 539, 641, 759, 865, 999, 1083, 1167 Number 1, revised edition of 302 Deposits of weekly reporting member banks: Federal Reserve districts, map of 110, 206, 286, 368, 484, By Federal Reserve districts. .65, 161, 243, 323, 441, 586, 706, 806, 916, 1048, 1136, 1214 543, 645, 763, 869, 1003, 1087, 1171 Federal Reserve notes: New York City and outside. .63, 159, 241, 321, 439, Amendment to Federal Reserve Act to extend period 541, 643, 761, 867, 1001, 1085, 1169 during which direct obligations of the United Discount rates of central banks. . 103, 199, 279, 361, 477, States may be used as collateral security for 493 579, 699, 799, 909, 1041, 1129, 1207 Circulation: Gold reserves of central banks 96, 192, 272, 354, 470, All banks combined 51. 147, 229, 309, 427, 572, 692, 792, 902, 1034, 1122, 1200 529, 631, 749, 855, 989, 1073, 1157 Swiss National Bank, annual report of 841 Each bank, condition statement Foreign deposits held by Federal Reserve Banks: 52, 148, 230, 310, 428, All banks combined 51, 147, 229, 309, 427, 530, 632, 750, 856, 990, 1074, 1158 529, 631, 749, 855, 989, 1073, 1157 Each bank, Federal Reserve Agents' accounts Each bank.. 52, 148, 230, 310, 428, 55, 151, 233, 313, 431, 530, 632, 750, 856, 990, 1074, 1158 533, 635, 753, 859, 993, 1077, 1161 Foreign exchange: (See Foreign funds control) Outside Treasury and Federal Reserve Banks Foreign exchange rates 105, 201, 281, 363, 479, 57, 153, 235, 315, 433, 581, 701, 801, 911, 1043, 1131, 1209 535, 637, 755, 861, 995, 1079, 1163 Foreign funds control: Collateral security for 55, 151, 233, 313, 431, Licenses, circulars, interpretations, and rulings 533, 635, 753, 859, 993, 1077, 1161 issued by Treasury Department 119, 215, 390, Federal Reserve Agents' accounts. .55,151, 233, 313,431, 493, 819, 923, 1059 533, 635, 753, 859, 993, 1077, 1161 Revocation of special regulation issued by Federal Redemption fund: Reserve Bank of San Francisco 390 All banks combined 51, 147, 229, 309, 427, Special regulation number one of Treasury De- 529, 631, 749, 855, 989, 1073, 1157 partment on 596 Each bank 52, 148, 230, 310, 428, Amendments on report of property in foreign 530, 632, 750, 856, 990, 1074, 1158 countries : 819, 1059 Federal Reserve System: Forms: Map 110, 206, 286, 368, 484, Condition reports, revision discussed 300 586, 706, 806, 916, 1048, 1136, 1214 Guarantee agreement for war loans, new standard Membership, admissions to 43, 128, 221, 302, 419, form 379 522, 623, 741, 850, 937, 1065, 1149 Fourth war loan drive 1147 Fees: France: Schedule to be charged financing institutions for Bank of: guarantees of war production loans 12 Condition 100, 196, 276, 358, 474, Finland: 576, 696, 796, 906, 1038, 1126, 1204 Bank of: Discount rate 103, 199, 279, 361, 477, Discount rate 103, 199, 279, 361, 477, 579, 699, 799, 909, 1041, 1129, 1207 579, 699, 799, 909, 1041, 1129, 1207 Gold reserves 96, 192, 272, 354, 470, Foreign exchange rates.. 105, 201, 281, 363, 479, 572, 692, 792, 902, 1034, 1122, 1200 581, 701, 801, 911, 1043, 1131, 1209 Budget accounts from annual report of Bank for Fiscal and monetary developments during year 4 International Settlements 41 Food: Commercial banks, assets and liabilities Retail prices, principal countries. 107, 203, 283, 365, 481, 104, 200, 280, 362, 478, 583, 703, 803, 913, 1045, 1133, 1211 580, 700, 800, 910, 1042, 1130, 1208 United Nations conference on 609 Foreign exchange rates 105, 201, 281, 363, 479, Wholesale prices: 581, 701, 801, 911, 1043, 1131, 1209 Principal countries. 106, 202, 282, 364, 480, Gold movements 97, 193, 273, 355, 471, 582, 702, 802, 912, 1044, 1132, 1210 573, 693, 793, 903, 1035, 1123, 1201 United States 90, 184, 266, 346, 464, Security prices, index numbers. . .107, 203, 283, 365, 481, 566, 668, 786, 892, 1026, 1110, 1194 583, 703, 803, 913, 1045, 1133, 1211 Foreign banking corporations: Wholesale prices in 106, 202, 282, 364, 480, Amendment to Regulation K... . . 923 582, 702, 802, 912, 1044, 1132, 1210 Foreign banks: Freight-car loadings: Bank of Canada, annual report of 218 Classes 85, 179, 261, 341, 459, Bank of Spain, report of, 1936-1941 399 561, 663, 781, 887, 1021, 1105, 1189 Central Bank of the Argentine Republic, annual Index of... 75, 171, 253, 333, 451, report of 613 553, 655, 773, 879, 1013, 1097, 1181 Central Bank of Ireland created by recent legislation. . 122 Furniture store statistics 89, 183, 265, 345, 463, Commercial banks, condition of. . 104, 200, 280, 362, 478, 565, 667, 785, 891, 1025, 1109, 1193 580, 700, 800, 910, 1042, 1130, 1208 Geier, Frederick V., appointed director of Cincinnati Condition of central banks 99, 195, 275, 357, 473, Branch for unexpired term 302 575, 695, 795, 905, 1037, 1125, 1203 Geographical distribution of bank deposits 599 DECEMBER I943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Z9 Pages Pages Germany: Government securities: Cost of living, index numbers.... 107, 203, 283, 365, 481, Bank purchases of, discussion in Review of Month. . . 1142 583, 703, 803, 913, 1045, 1133, 1211 Bond prices 68,164, 246, 326, 444, Foreign exchange rates 105, 201, 281, 363, 479, 546, 648, 766, 872, 1006, 1090, 1174 581, 701, 801, 911, 1043, 1131, 1209 Collateral security for Federal Reserve notes, amend- Open-market rates 103, 199, 279, 361, 477, ment to Federal Reserve Act to extend time 493 579, 699, 799, 909, 1041, 1129, 1207 Direct obligations, volume and kind 71, 167, 249, 329, Receipts from taxation and borrowing 32 447,549, 651, 769,875,1009,1093,1177 Reichsbank: Federal Reserve Bank holdings: Condition. 100, 196, 276, 358, 474, Each bank 52,148, 230, 310,428, 576, 696, 796, 906, 1038, 1126, 1204 530, 632, 750, 856, 990, 1074, 1158 Discount rate 103, 199, 279, 361, 477, End-of-month and Wednesday figures... .49, 145, 579, 699, 799, 909, 1041, 1129, 1207 227, 307, 425, 527, 629, 747, 853, 987,1071, 1155 Gold reserves 96, 192, 272, 354, 470, Maturity distribution 51, 147, 229, 309, 427, 572, 692, 792, 902, 1034, 1122, 1200 529, 631, 749, 855, 989, 1073, 1157 Retail food prices 107, 203, 283, 365, 481, Holdings of all member banks: 583, 703, 803, 913, 1045, 1133, 1211 December 31, 1942 351 Security prices, index numbers.. . 107, 203, 283, 365, 481, Selected call dates 1937-1942 351 583, 703, 803, 913, 1045, 1133, 1211 Investments by weekly reporting member banks: Wholesale prices in 106, 202, 282, 364, 480, By Federal Reserve districts. .64, 160, 242, 322, 440, 582, 702, 802, 912, 1044, 1132, 1210 542, 644, 762, 868, 1002, 1086, 1170 Gifford, Ralph C, resignation as director of Louisville New York City and outside... 62,158, 240, 320, 438, Branch and appointment as member of Federal 540, 642, 760, 866, 1000, 1084, 1168 Advisory Council 128 Loans for purchasing or carrying 496 Gold: Market, maintenance of stability in 1054 Earmarked 58, 154, 236, 316, 434, Member bank holdings, call dates. .60,156,238, 318,436, 536, 638 756, 862, 996, 1080, 1164 538, 640, 758, 864, 998, 1082, 1166 Imports and exports to and from 7 United States. .58, 154 National summary of business conditions... .44, 140, 222, Movements, United States 97, 193, 273, 355, 471, 303, 420, 523, 624, 742, 848, 938, 1066,1150 573, 693, 793, 903, 1035, 1123, 1201 Obligations of Federal agencies guaranteed by Production: Government 71, 167, 249, 329, 447, United States 58, 154, 236, 316, 434, 549, 651, 769, 875, 1009, 1093, 1177 536, 638, 756, 862, 996, 1080, 1164 Obligations of Government, direct and guaranteed, World 97, 193, 273, 355, 471, ownership of 72, 168, 250, 330, 448, 573, 693, 793, 903, 1035, 1123, 1201 550, 652, 770, 876, 1010, 1094, 1178 Reserves of central banks and governments Offerings for third war loan drive 708 96, 192, 272, 354, 470, Ownership of 72,168, 250,330,448, 572, 692, 792, 902, 1034, 1122, 1200 550, 652, 770, 876, 1010, 1094, 1178 Stock: Discussion in Review of the Month ,. 113, 711 Savings bonds 71,167, 249, 329,447, Chart 48, 144, 226, 306, 424, 549, 651, 769, 875, 1009, 1093, 1177 526, 628, 746, 852, 986, 1070, 1154 Statement to banks on* making loans for purchase of... 816 End-of-month and Wednesday figures Treasury bills: (See Treasury bills) 49, 145, 227, 307, 425, Treasury notes, average yield on. .. 67, 163, 245, 325,443, 527, 629, 747, 853, 987, 1071, 1155 545, 647, 765, 871, 1005, 1089, 1173 United States, analysis of changes Yield on 67, 163, 245, 325,443, 58, 154, 236, 316, 434, 545, 647, 765, 871, 1005, 1089, 1173 536, 638 756, 862, 996, 1080, 1164 } Gray, Howard, Director of Birmingham Branch, death of. . 302 Gold certificates: Great Britain: (See United Kingdom) Circulation 57, 153, 235, 315, 433, Greece: 535 637, 755, 861, 995, 1079, 1163 y Bank of: Federal Reserve Bank holdings: Discount rate 103, 199, 279, 361, 477, All banks combined .51, 147, 229, 309, 427, 579, 699, 799, 909, 1041, 1129, 1207 529, 631, 749, 855, 989, 1073, 1157 Gold reserves 96, 192, 272, 354, 470, Each bank 52, 148, 230, 310, 428, 572, 692, 792, 902, 1034, 1122, 1200 530, 632, 750, 856, 990, 1074, 1158 Foreign exchange rates 105, 201, 281, 363, 479, Government bonds: (See Government securities) 581, 701, 801, 911, 1043, 1131, 1209 Government corporations and credit agencies: Group banks: Assets and liabilities 74, 170, 252, 332, 450, Branches of 689 552, 654, 772, 878, 1012, 1096, 1180 Number and deposits of 689 Loans by 74,170, 252, 332, 450, Guarantee agreement: 552, 654, 772, 878, 1012, 1096, 1180 Compliance with terms as used in revised statutes.... 389 1942, special article on 296 Text of new Standard Form adopted 379 Government debt: Guaranteed obligations: (See Government securities) Amount of 112 Hague, Lyle L., appointed Class C director at Federal Volume and kind of securities 71, 167, 249, 329, 447, Reserve Bank of Kansas City for unexpired term 522 549, 651, 769, 875, 1009, 1093, 1177 Harrison, George L., reelected Vice President of Federal Government employees, number of Federal, State, and Advisory Council 221 local 81, 187, 269, 349, 465, Heath, William C, elected Class B director at Federal 567, 669, 787, 893, 1027, 1111, 1195 Reserve Bank of Chicago for unexpired term 522 112.4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Hicks, John K,, appointed director of El Paso Branch for Index numbers—Continued. unexpired term 419 Industrial production: Home Owners Loan Corporation: Adjusted for seasonal variation 76, 172, 254, Loans by 74, 170, 252, 332, 450, 334, 452, 554, 656, 774, 880, 1014, 1098, 1182 552, 654, 772, 878, 1012, 1096, 1180 Physical volume 75, 171, 253, 333, 451, Hong Kong: 553, 655, 773, 879, 1013, 1097, 1181 Foreign exchange rates 105, 201, 281, 363, 479, Revision of 940 581, 701, 801, 911, 1043, 1131, 1209 Without seasonal adjustment.. 78,174, 256, 336,454, Hours and earnings of wage earners in manufacturing 556, 658, 776, 882, 1016, 1100, 1184 industries 83,177, 259, 339, 457, Retail food prices 107, 203, 283, 365, 481, 559, 661, 779, 885, 1019, 1103, 1187 583, 703, 803, 913, 1045, 1133, 1211 Hungary: Security prices in principal countries.... 107, 203, 283, Foreign exchange rates 105, 201, 281, 363, 479, 365, 481, 583, 703, 803, 913, 1045, 1133, 1211 581, 701, 801, 911, 1043, 1131, 1209 Stock prices 68, 164, 246, 326, 444, National Bank of: 546, 648, 766, 872, 1006, 1090, 1174 Condition 101,197,277,359,475, Wholesale prices: 577, 697, 797, 907, 1039, 1127, 1205 Commodities 75,171, 253, 333, 451, Discount rate 103,199, 279, 361, 477, 553, 655, 773, 879, 1013, 1097, 1181 579, 699, 799, 909, 1041, 1129, 1207 Groups of commodities 90,184, 266, 346, 464, Gold reserves 96, 192, 272, 354, 470, 566, 668, 786, 892, 1026, 1110, 1194 572, 692, 792, 902, 1034, 1122, 1200 Principal countries 106, 202, 282, 364,480, Imports and exports: 582, 702, 802, 912, 1044, 1132, 1210 Gold movements to and from United States.... 58, 97, India, British: 154,193,273, 355,471,573,693, 793,903,1035,1123,1201 Foreign exchange rates 105, 201, 281, 363, 479, Merchandise 85, 179, 261, 341, 459, 581, 701, 801, 911, 1043, 1131, 1209 561, 663, 781, 887, 1021, 1105, 1189 Gold movements 97, 193, 273, 355, 471, Income: 573, 693, 793, 903, 1035, 1123, 1201 Discussion of... ...290 Gold production 97,193, 273, 355, 471, Payments: 573, 693, 793, 903, 1035, 1123, 1201 Chart 290 Reserve Bank of: Index of value of 75, 171, 253, 333, 451, Condition 101, 197, 277, 359, 475, 553, 655, 773, 879, 1013, 1097, 1181 577, 697, 907, 1039, 1127, 1205 Railroads 85,179, 261, 341,459, Discount rate 103, 199, 279, 361, 477, 561, 663, 781, 887, 1021, 1105, 1189 579, 699, 799, 909, 1041, 1129, 1207 Taxes, Internal Revenue collections... .73, 169, 251, 331, Gold reserves 96, 192, 272, 354, 470, 449, 551, 653, 771, 877, 1011, 1095, 1179 572, 692, 792, 902, 1034, 1122, 1200 Index numbers: Industrial advances by Federal Reserve Banks: Bond prices 68, 164, 246, 326, 444, All banks combined 51,147, 229, 309, 427, 546, 648, 766, 872, 1006, 1090, 1174 529, 631, 749, 855, 989, 1073, 1157 Business indexes 75,171, 253, 333, 451, Commitments 52,148, 230, 310,428, 553, 655, 773, 879, 1013, 1097, 1181 530, 632, 750, 856, 990, 1074, 1158 Construction contracts awarded., .75, 171, 253, 333, 451, Each bank 52,148, 230, 310,428, 553, 655, 773, 879, 1013, 1097, 1181 530, 632, 750, 856, 990, 1074, 1158. Cost of living: Maturity distribution 51, 147, 229, 309, 427,, Principal countries 107, 203, 283, 365, 481, 529, 631, 749, 855, 989, 1073, 1157' 583, 703, 803, 913, 1045, 1133, 1211 Number and amount 55,151, 233, 313,431, United States 75, 171, 253, 333, 451, 533, 635, 753, 859, 993, 1077, 1161 553, 655, 773, 879, 1013, 1097, 1181 Rates... 50, 146, 228, 308, 426, Department stores. 528, 630, 748, 854, 988, 1072, 1156 Sales, adjusted 75, 171, 253, 333, 451, Industrial corporations: 553, 655, 773, 879, 1013, 1097, 1181 Earnings and dividends 70,166, 248, 328,446, Sales, weekly 86,180, 262, 342,460, 548, 650, 768, 874, 1008, 1092, 1176 562, 664, 782, 888, 1022, 1106, 1190 Industrial production: Sales and stocks, monthly 86, 180, 262, 342, 460, Business index 75, 171, 253, 333, 451, 562, 664, 782, 888, 1022, 1106, 1190 553, 655, 773, 879, 1013, 1097, 1181 Factory employment, business index. .. .75, 171, 253, By industries: 333, 451, 553, 655, 773, 879, 1013, 1097, 1181 Adjusted for seasonal variation 76,172,254, Factory employment and pay roils: 334, 452, 554, 656, 774, 880, 1014, 1098, 1182 Adjusted for seasonal variations 80,177,259, Without seasonal adjustment.. 78,174, 256, 336,454, 339, 457, 559, 661, 779, 885, 1019, 1103, 1187 556, 658, 776, 882, 1016, 1100, 1184 Revision of 13 Charts 1, 44, 140, 222, 288, Without seasonal adjustment. .82,176,258, 338,456, 303, 420, 523, 624, 742, 808, 938, 940, 1066, 1150 558, 660, 778, 884, 1018, 1102, 1186 Discussion in Review of the Month 808 Freight-car loadings: Index, revision of 940 Adjusted 75, 171, 253, 333, 451, National summary of business conditions.... 44, 140, 553, 655, 773, 879, 1013, 1097, 1181 222, 303, 420, 523, 624, 742, 848, 938, 1066, 1150 Classes 85,179, 261, 341, 459, Industrial products: 561, 663, 781, 887, 1021, 1105, 1189 Wholesale prices indexes 106, 202, 282, 364, 480, Income payments 75,171, 253, 333,451, 582, 702, 802, 912, 1044, 1132, 1210 553, 655, 773, 879, 1013, 1097, 1181Instalment loans: (See Consumer credit) DECEMBER I343 12.Z5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Insurance companies: Java—Continued. Advances to agents, applicability of Regulation W. . . . 595 Bank of—Continued. Government securities held by 72, 168, 250, 330, 448, Discount rate 103, 199, 279, 361, 477, 550, 652, 770, 876, 1010, 1094, 1178 579, 699, 799, 909, 1041, 1129, 1207 Insured home mortgages held 84, 178, 260, 340, 458, Gold reserves 96, 192, 272, 354, 470, 560, 662, 780, 886, 1020, 1104, 1188 572, 692, 792, 902, 1034, 1122, 1200 Interest rates: Keynes plan for postwar international monetary stabiliza- Absorption of exchange charges as payment of in- tion 507 terest on deposits 817 Labor supply and utilization of 11 Commercial loan rates in principal cities. . . .67, 163, 245, Labor supply problems discussed 287 325, 443, 545, 647, 765, 871, 1005, 1089, 1173 Latvia, Bank of: Open market, in New York City... 67,163,245,325,443, Discount rate 103, 199, 279, 361, 477, 545, 647, 765, 871, 1005, 1089, 1173 579, 699, 799, 909, 1041, 1129, 1207 Time deposits, maximum rates on . 50,146, 228, 308, 426, Lee, Charles S., appointed director of Jacksonville Branch 528, 630, 748, 854, 988, 1072, 1156 for unexpired term 522 Internal Revenue collections 73, 169, 251, 331, 449, Legislation: 551, 653, 771, 877, 1011, 1095, 1179 Amendment to Federal Reserve Act to extend time International capital transactions of the United States. .98, for United States obligations as collateral for 194, 274, 356, 472, 574, 694, 794, 904, 1036, 1124, 1202 Federal Reserve notes 493 Investments: Central Bank of Ireland created by recent law 122 All banks in United States: Federal Reserve Act, amendment affecting war loan By districts 681 deposit accounts 378 GUI dates 59, 155, 237, 317, 435, General assembly of State of Iowa, act providing for 537, 639, 757, 863, 997, 1081, 1165 clearing of checks at par 623 Member banks, call dates 60,156, 238, 318,436, Stabilization fund, extending time within which 538, 640, 758, 864, 998, 1082, 1166 powers may be exercised 493 Weekly reporting member banks: Lend Lease Administration: By Federal Reserve districts. .64, 160, 242, 322, 440, Executive Order in connection with guarantee of 542, 644, 762, 868, 1002, 1086, 1170 loans for war production purposes 389 New York City and outside. .. 62,158, 240, 320,438, Licenses relating to transactions in foreign exchange.... 119, 540, 642, 760, 866, 1000, 1084, 1168 215, 391, 494,820,928,1059 Iowa: Lichtenstein, Walter, reappointed Secretary of Federal Checks on all banks now cleared at par 623 Advisory Council 221 Iran: Life insurance companies: Gold reserves 96, 192, 272, 354, 470, Advances to agents, applicability of Regulation W. .. . 595 572, 692, 792, 902, 1034, 1122, 1200 Lists: Ireland: Directors of Federal Reserve Banks and branches. 129-139 Lithuania: Central Bank of: Discount rate of central bank 103, 199, 279, 361, 477, Condition 476,578, 697, 797, 907, 579, 699, 799, 909, 1041, 1129, 1207 1039, 1127, 1205 Loans: Central bank created by recent legislation 122 Italy: Agricultural, member banks 60,156, 238, 318,436, Budget accounts and estimates from annual report 538, 640, 758, 864, 998, 1082, 1166 of Bank for International Settlements 35 Bank, revised reports of 300 Discount rate 103, 199, 279, 361, 477, Broadened basis for under Regulation V, press state- 579, 699, 799, 909, 1041, 1129, 1207 ment released by Office of War Information 849 Foreign exchange rates 105, 201, 281, 363, 479, Brokers and dealers in securities: 581, 701, 801, 911, 1043, 1131, 1209 By weekly reporting member banks. . . .62, 158, 240, Gold reserves 96, 192, 272, 354, 470, 320, 438, 540, 642, 760, 866, 1000, 1084, 1168 572, 692, 792, 902, 1034, 1122, 1200 Purchasing or carrying Government obligations. . 496 Wholesale prices in 106, 202, 282, 364, 480, Changes in, discussion in Review of the month 1143 582, 702, 802, 912, 1044, 1132, 1210 Commercial, industrial, and agricultural by weekly Japan: reporting member banks: Bank of: By Federal Reserve districts. .64, 160, 242, 322, 440, Discount rate 103, 199, 279, 361, 477, 542, 644, 762, 868, 1002, 1086, 1170 579, 699, 799, 909, 1041, 1129, 1207 New York City and outside. .62, 158, 240, 320, 438, Gold reserves 96, 192, 272, 354, 470, 540, 642, 760, 866, 1000, 1084, 1168 572, 692, 792, 902, 1034, 1122, 1200 Consumer, of insured banks on December 31,1942 417 Budget accounts and estimates from annual report of Consumer instalment, made by principal lending Bank for International Settlements 34 institutions 89, 183, 265, 345, 463, Foreign exchange rates 105, 201, 281, 363, 479, 565, 667, 785, 891, 1025, 1109, 1193 581, 701, 801, 911, 1043, 1131, 1209 Executive officers, inactive officer serving as director Gold movements 97, 193, 273, 355, 471, and member of discount committee 215 573, 693, 793, 903, 1035, 1123, 1201 Federal Housing Administration, insured by Wholesale prices in 106, 202, 282, 364, 480, 84, 178, 260, 340, 458, 582, 702, 802, 912, 1044, 1132, 1210 560, 662, 780, 886, 1020, 1104, 1188 Java: Government corporations and credit agencies Bank of: 74, 170, 252, 296, 332, Condition... 102, 198, 278 450, 552, 654, 772, 878, 1012, 1096, 1180 12.2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Loans—Continued. Meetings: Instalment 88, 182, 264, 344, 462, Chairmen of Federal Reserve Banks: 564, 666, 784, 890, 1024, 1108, 1192 Novembers ..1149 Limitations applicable to national banks, compliance Federal Advisory Council: of guarantee agreements with provisions of re- February 14-15 ...221 vised statutes 389 May 23-24 522 Real estate, by weekly reporting member banks September 19-20 937 62, 158, 240, 320, 438, November 14-15 1149 540, 642, 760, 866, 1000, 1084, 1168 Federal Open Market Committee: War production, guaranteed by War Department, December 14, 1942 42 Navy Department, and Maritime Commission January 25-26 128 55, 151, 233, 313, 431, March 2 302 533, 635, 753, 859, 993, 1077, 1161 May 15 522 Analysis of 1149 June 28 623 Loans and investments: October 18 , 1065 All banks in the United States: Presidents' Conference: By Federal Reserve districts 681, 1115 January 22-24 128 Call dates 59, 155, 237, 317, 435, March 1-2 302 537, 639, 757, 863, 997, 1081, 1165 June 25-26 623 All member banks: October 15-16 1065 December 31, 1942 351 Research and statistical departments of Federal Re- Selected call dates 351 serve Banks with staff of Board 1065 Member banks: United Nations on food and agriculture... 609 Call dates 59, 155, 237, 317, 435, Member banks: 537, 639, 757, 863, 997, 1081, 1165 Assets and liabilities on June 30, 1943 1030 Classified, on call dates 60, 156, 238, 318, 436, Condition on December 31, 1942 350 538, 640, 758, 864, 998, 1082, 1166 Deposits and reserves of 636, 754, 860, 994, 1078, Mutual savings banks: 1162 By States 685, 1119 Earnings: Call dates 59, 155, 237, 317, 435, 1942 ....500 537, 639, 757, 863, 997, 1081, 1165 First half of year 1942-1943.... ... 1114 National banks, by States 683,1117 Earnings and expenses: Nonmember banks, call dates. . . .59, 155, 237, 317, 435, 1942 672 537, 639, 757, 863, 997, 1081, 1165 First half of 1943 1064 Private banks, by States 685, 1119 Loans and investments, on call dates States banks, by States 684, 1118 59, 155, 237, 317, 435, Weekly reporting member banks: 537, 639, 757, 863, 997, 1081, 1165 By Federal Reserve districts. .64, 160, 242, 322, 440, Number of, on call dates 59, 155, 237, 317, 435, 542, 644, 762, 868, 1002, 1086, 1170 537, 639, 757, 863, 997, 1081, 1165 New York City and outside. .62, 158, 240, 320, 438, Operating ratios, 1942 896 540, 642, 760, 866, 1000, 1084, 1168 Reserve requirements 50, 146, 228, 308, 426, Manufactures: 528, 630, 748, 854, 988, 1072, 1156 Industrial production, index of. . : .75, 171, 253, 333, 451, Reserves, Reserve Bank credit and related items 553, 655, 773, 879, 1013, 1097, 1181 49, 145, 227, 307, 425, Manufacturing industries: 527, 629, 747, 853, 987, 1071, 1155 Hours and earnings of wage earners Membership in Federal Reserve System: 83, 177, 259, 339, 457, Admission of State banks 43, 128, 221, 302, 419, 559, 661, 779, 885, 1019, 1103, 1187 522, 623, 741, 850, 937, 1066, 1149 Maps: Merchandise, exports and imports 85, 179, 261, 341, 459, Federal Reserve System 110, 206, 286, 368, 484, 561, 663, 781, 887, 1021, 1105, 1189 586, 706, 806, 916, 1048, 1136, 1214 Mexico: Margin accounts: Bank of: Statistics of stock exchange firms. .66, 162, 244, 324, 442, Condition 102, 198, 278, 360, 476, 544, 646, 764, 870, 1004, 1088, 1172 578, 698, 798, 908, 1040, 1128, 1206 Margin requirements: Discount rate 103, 199, 279, 361, 477, Under Regulations T and U 50, 146, 228, 308, 426, 579, 699, 799, 909, 1041, 1129, 1207 528, 630, 748, 854, 988, 1072, 1156 Gold reserves 96, 192, 272, 354, 470, Maritime Commission: 572, 692, 792, 902, 1034, 1122, 1200 War production loans guaranteed by Foreign exchange rates 105, 201, 281, 363, 479, 55, 151, 233, 431, 533, 581, 701, 801, 911, 1043, 1131, 1209 635, 753, 859, 993, 1077, 1161 Gold movements 97, 193, 273, 355, 471, Analysis of 1149 573, 693, 793, 903, 1035, 1123, 1201 Maturity distribution of bills and Government securities Gold production 97, 193, 273, 355, 471, 51, 147, 229, 309, 427, 573, 693, 793, 903, 1035, 1123, 1201 529, 631, 749, 855, 989, 1073, 1157 Minerals: Maupin, E. B., director of Nashville Branch, death of Industrial production, index of. .75, 171, 253, 333, 451, 42 553, 655, 773, 879, 1013, 1097, 1181 McFarland, Archie J., appointed director of Pittsburgh Mitchell, Louis H., suspension of license for violation of Branch for unexpired term 419 Regulation W 594 DECEMBER I943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Money in circulation: National Radio Forum: Chart 48, 144, 226, 306, 424, Address by Marriner S. Eccles on war bonds, taxes, 498, 526, 628, 746, 814, 822, 852, 986, 1070, 1154 and economic stability .393 Discussion in Review of the Month 813 National summary of business conditions Kinds of 57, 153, 235, 315, 433, 44, 140, 222, 303, 420, 535, 637, 755, 861, 995, 1079, 1163 523, 624, 742, 848, 938, 1066, 1150 New seasonal adjustment factors for 822 Navy Department: Stock of 235, 315, 433, 535, 637, War production loans guaranteed by 755, 861, 995, 1079, 1163 55, 151, 233, 313, 431, Total 49, 145, 227, 307, 425, 533, 635, 753, 859, 993, 1077, 1161 527, 629, 747, 853, 987, 1071, 1155 Analysis of \ 1149 Money market, discussion in Review of the Month Netherlands: 369, 587 Bank: Money rates: Condition 102, 198, 278, 360, 476, Commercial loan rates 67, 163, 245, 325, 443, 578, 698, 798, 908, 1040, 1128, 1206 545, 647, 765, 871, 1005, 1089, 1173 Discount rate 103, 199, 279, 361, 477, Current statistics for Federal Reserve chart book 579, 699, 799, 909, 1041, 1129, 1207 91, 185, 267, 347, 466, Gold reserves 96, 192, 272, 354, 470, 568, 670, 788, 894, 1028, 1112, 1196 572, 692, 792, 902, 1034, 1122, 1200 Foreign countries 103, 199, 279, 361, 477, Cost of living, index numbers.... 107, 203, 283, 365, 481, 579, 699, 799, 909, 1041, 1129, 1207, 583, 703, 803, 913, 1045, 1133, 1211 Open market, New York City... .67, 163, 245, 325, 443, Foreign exchange rates 105, 201, 281, 363, 479, 545, 647, 765, 871, 1005, 1089, 1173 581, 701, 801, 911, 1043, 1131, 1209 Monetary stabilization, plans for postwar international Gold movements 97, 193, 273, 355, 471, 501, 718, 827 573, 693, 793, 903, 1035, 1123, 1201 Mortgages: Official credit financing 41 Insured Federal Housing Administration mortgages Open-market rates 103, 199, 279, 361, 477, held 84, 178, 260, 340, 458, 579, 699, 799, 909, 1041, 1129, 1207 560, 662, 780, 886, 1020, 1104, 1188 Retail food prices 107, 203, 283, 365, 481, Mutual savings banks: 583, 703, 803, 913, 1045, 1133, 1211 Assets and liabilities by States 685, 1119 Security prices, index numbers. .107, 203, 283, 365, 481, Changes in number of banks and branches 583, 703, 803, 913, 1045, 1133, 1211 190, 686, 899, 1198 Wholesale prices in 106, 202, 282, 364, 480, Deposits, call dates 59, 155, 237, 317, 435, 582, 702, 802, 912, 1044, 1132, 1210 537, 639, 757, 863, 997, 1081, 1165 New York stock exchange: Government securities held by... .72, 168, 250, 330, 448, Volume of trading on 68, 164, 246, 326, 444, 550, 652, 770, 876, 1010, 1094, 1178 546, 648, 766, 872, 1006, 1090, 1174 Insured home mortgages held 84, 178, 260, 340, 458, New Zealand: 560, 662, 780, 886, 1020, 1104, 1188 Foreign exchange rates 105, 201, 281, 363, 479, Loans and investments, call dates. 59, 155, 237, 317, 435, 581, 701, 801, 911, 1043, 1131, 1209 537, 639, 757, 863, 997, 1081, 1165 Gold movements to and from United States. .. .58, 154 Number of, call dates 59, 155, 237, 317, 435, Reserve Bank of: 537, 639, 757, 863, 997, 1081, 1165 Condition. 102, 198, 278. 360, 476, Myers, William I., designated Deputy Chairman at Fed- 578, 698, 798, 908, 1040, 1128, 1206 eral Reserve Bank of New York for remainder of year. .937 Discount rate 103, 199, 279, 361, 477, National bank notes: 579, 699, 799, 909, 1041, 1129, 1207 Circulation 57, 153, 235, 315, 433, Gold reserves 96, 192, 272, 354, 470, 535, 637, 755, 861, 995, 1079, 1163 572, 692, 792, 902, 1034, 1122, 1200 National banks: Nicaragua: Gold production 97, 193, 273, 355, 471, Assets and liabilities: 573, 693, 793, 903, 1035, 1123, 1201 By States 683, 1117 Nonmember banks: June 30, 1943 1030 Assets and liabilities. 681, 1115 Changes in number of banks and branches Changes in number of banks and branches 190, 686, 899, 1198 190, 686, 899, 1198 Condition on December 31, 1942 350 Deposits: Deposits, call dates 59, 155, 237, 317, 435, Call dates 59, 155, 237, 317, 435, 537, 639, 757, 863, 997, 1081, 1165 537, 639, 757, 863, 997, 1081, 1165 Earnings and expenses in 1942 672 Held by Federal Reserve Banks Earnings for first half of year 1942-1943 1114 49, 145, 227, 307, 425, Loan limitations, reply of Comptroller of the Cur- 527, 629, 747, 853, 987, 1071, 1155 rency on 389 Loans and investments, call dates. 59, 155, 237, 317, 435, Number of: 537, 639, 757, 863, 997, 1081, 1165 By States 683, 1117 Number of: Call dates 59, 155, 237, 317, 435, By districts 681, 1115 537, 639, 757, 863, 997, 1081, 1165 Call dates 59, 155, 237, 317, 435, Changes in 190, 686, 899, 1198 537, 639, 757, 863, 997, 1081, 1165 Suspensions 58, 154, 236, 316, 434, Suspensions 58, 154, 236, 316, 434, 536, 638, 756, 862, 996, 1080, 1164 536, 638, 756, 862, 996, 1080, 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 2.9 Pages Pages Norway: Portugal: Bank of: Bank of: Discount rate 103, 199, 279, 361, 477, Condition 102, 198, 278, 360, 476, 579, 699, 799, 909, 1041, 1129, 1207 578, 698, 798, 908, 1040, 1128, 1206 Gold reserves 96, 192, 272, 354, 470, Discount rate 103, 199, 279, 361, 477, 572, 692, 792, 902, 1034, 1122, 1200 579, 699, 799, 909, 1041, 1129, 1207 Foreign exchange rates 105, 201, 281, 363, 479, Gold reserves .96, 192, 272, 354, 470, 581, 701, 801, 911, 1043, 1131, 1209 572, 692, 792, 902, 1034, 1122, 1200 Obligations of Government, direct and guaranteed: Foreign exchange rates 105, 201, 281, 363, 479, Maturities 71, 167, 249, 329, 447, 581, 701, 801, 911, 1043, 1131, 1209 549, 651, 769, 875, 1009, 1093, 1177 Gold movements to and from United States 58, 154 Office of Price Administration: Postal savings deposits: Ration banking, general order number 3 issued by. . .116 Depositors' balances and assets. .236, 316, 434, 536, 638, Office of War Information: 756,862,996, 1080, 1164 Press statement on broadened basis for Regula- Interest rate on 50, 146, 228, 308, 426, tion V loans 849 528, 630, 748, 854, 988, 1072, 1156 Open-market operations: Member banks on call dates 61, 157, 239, 319, 437, Review of 590 539, 641, 759, 865, 999, 1083, 1167 Open-market paper: Weekly reporting member banks: Member bank holdings, call dates. .60, 156, 238, 318, 436, By Federal Reserve districts. .64, 160, 242, 322, 440, 538, 640, 758, 864, 998, 1082, 1166 542, 644, 762, 868, 1002, 1086, 1170 Weekly reporting member banks: New York City and outside... 63, 159, 241, 321, 439, By Federal Reserve districts. .64, 160, 242, 322, 440, 541, 643, 761, 867, 1001, 1085, 1169 542, 644, 762, 868, 1002, 1086, 1170 New York City and outside... 62, 158, 240, 320, 438, Postwar international monetary stabilization, plans sub- 540, 642, 760, 866, 1000, 1084, 1168 mitted by United States and British experts 501 Open-market rates: Draft of plan proposed by Canadian experts 718 Foreign countries 103, 199, 279, 361, 477, Revised draft released by Treasury Department 827 579, 699, 799, 909, 1041, 1129, 1207 Presidents of Federal Reserve Banks, meetings of: New York City 67, 163, 245, 325, 443, January 22-24 128 545, 647, 765, 871, 1005, 1089, 1173 March 1-2 302 Operating ratios of member banks, 1942 896 June 25-26 623 Ownership of bank deposits: October 15-16 1065 Article on 713 Press statements: Chart 921 Office of War Information, broadened basis for Regu- Detailed statistics on '. 930 lation V loans 849 Discussion in Review of the Month 917 Treasury Department, increased number of special Paper currency: depositaries 42 Circulation 57, 153, 235, 315, 433, Treasury postwar international monetary stabiliza- 535, 637, 755, 861, 995, 1079, 1163 tion, revised draft of plan released 827 Shipments and receipts 57, 153 Price controls, discussion of 2 Par list: Prices: Iowa banks now all clearing at par... ... 623 Discussion of 290 Paraguay: Food and clothing supplies 7 Bank of the Republic of: Retail food 107, 203, 283, 365, 481, Condition ... 698, 798, 908, 1040, 583, 703, 803, 913, 1045, 1133, 1211 1128, 1206 Securities in principal countries. . 107, 203, 283, 365, 481, Pay rolls, factory: 583, 703, 803, 913, 1045, 1133, 1211 Business index of 75, 171, 253, 333, 451, Wholesale commodity: 553, 655, 773, 879, 1013, 1097, 1181 Business index 75, 171, 253, 333, 451, By industries 82, 176, 258, 338, 456, 553, 655, 773, 879, 1013, 1097, 1181 558, 660, 778, 884, 1018, 1102, 1186 By groups of commodities... .90, 184, 266, 346, 464, Revision of index 13 566, 668, 786, 892, 1026, 1110, 1194 Peru: Wholesale in principal countries, index of Central Reserve Bank of: 106, 202, 282, 364, 480, Condition 102, 198, 278, 360, 476, 582, 702, 802, 912, 1044, 1132, 1210 578, 698, 798, 908, 1040, 1128, 1206 Private banks: Discount rate 103, 199, 279, 361, 477, 579, 699, 799, 909, 1041, 1129, 1207 Assets and liabilities, by States 685, 1119 Gold reserves 96, 192, 272, 354, 470, Changes in number of banks and branches 572, 692, 792, 902, 1034, 1122, 1200 190, 686, 899, 1198 Gold movements to and from United States 58, 154 Proclamations: Philippine Islands: President of the United States on third war loan Gold movements 97, 193, 273, 355, 471, drive 707 573, 693, 793, 903, 1035, 1123, 1201 Production, industrial: (See Industrial production) Poland: Foreign exchange rates 105, 201, 281, 363, 479, Public debt: 581, 701, 801, 911, 1043, 1131, 1209 Amount of 112 Discussion of 589 Gold reserves 96, 192, 272, 354, 470, Volume and kind of securities 71, 167, 249, 329, 447, 572, 692, 792, 902, 1034, 1122, 1200 549, 651, 769, 875,1009,1093, 1177 DECEMBER I943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Public utility corporations: Receipts of Treasury: Earnings and dividends of, quarterly Summary of operations 73, 169, 251, 331, 449, 70, 166, 248, 328, 446, 551, 653, 771, 877, 1011, 1095, 1179 548, 650, 768, 874, 1008, 1092, 1176 Recent economic developments 807 Publications: Reconstruction Finance Corporation: Federal Reserve Chart Book Number 1, revised Loans by 74, 170, 252, 332, 450, edition of 302 552, 654, 772, 878, 1012, 1096, 1180 Railroad Electrification Administration: Preferred stock held by 74, 170, 252, 332, 450, Loans by 74, 170, 252, 332, 450, 552, 654, 772, 878, 1012, 1096, 1180 552, 654, 772, 878, 1012, 1096, 1180 Reconstruction Finance Corporation Mortgage Company: Railroads: Loans by 74, 170, 252, 332, 450, Revenues, expenses, and income of class one 552, 654, 772, 878, 1012, 1096, 1180 85, 179, 261, 341, 459, Regulations: 561, 663, 781, 887, 1021, 1105, 1189 Board of Governors: Rates: D, Reserves of Member Banks, amendment to... 378 Acceptances, bankers, buying 50, 146, 228, 308, 426, K, amendment 923 528, 630, 748, 854, 988, 1072, 1156 Q, Absorption of Exchange Charges as a Pay- Bills, buying 50, 146, 228, 308, 426, ment of Interest on Deposits. 817 528, 630, 748, 854, 988, 1072, 1156 T, amendment number 3, text of 818 Commercial loan rates in principal cities V, war production loans made under 67, 163, 245, 325, 443, 55, 151, 233, 313, 431, 545, 647, 765, 871, 1005, 1089, 1173 533, 635, 753, 859, 993, 1077, 1161 Discount: W, Consumer Credit: Central banks 103, 199, 279, 361, 477, Advances by life insurance companies to 579, 699, 799, 909, 1041, 1129, 1207 agents, applicability to 595 Federal Reserve Banks 50, 146, 228, 308, 426, Amendment number 10, text of 818 528, 630, 748, 854, 988, 1072, 1156 Mitchell, Louis H., suspension of license for Foreign exchange 105, 201, 281, 363, 479, violation of 594 581, 701, 801, 911, 1043, 1131, 1209 Statement of necessity: Industrial advances at Federal Reserve Banks Increased tax burden is not basis for. .. 116 50, 146, 228, 308, 426, Option (2) as affected by 1059 528, 630, 748, 854, 988, 1072, 1156 Treasury Department: Interest on customers' loans, discussion in Review of Special regulation number one on reporting with the Month 814 respect to property held in any foreign country. 596 Money: Amendments to extend time for filing Current statistics for Federal Reserve chart book reports * 819, 1059 91, 185, 267, 347, 466, Reports: 568, 670, 788, 894, 1028, 1112, 1196 Bank loans, revised . .300 Open market in certain foreign countries Reserve city member banks: 103, 199, 279, 361, 477, Assets and liabilities on June 30, 1943. . . . 1030 579, 699, 799, 909, 1041, 1129, 1207 Condition: Member bank earnings, 1942 679 Call dates 60, 156, 238, 318, 436, Open market in New York City.. .67, 163, 245, 325, 443, 538, 640, 758, 864, 998, 1082, 1166 545, 647, 765, 871, 1005, 1089, 1173 December 31, 1942 350 Postal savings deposits 50, 146, 228, 308, 426, Deposits 56, 152, 234, 314, 432, 528, 630, 748, 854, 988, 1072, 1156 534, 636, 754, 860, 994, 1078, 1162 Time deposit, maximum interest on Deposits and reserves 636, 754, 860, 50, 146, 228, 308, 426, 994, 1078, 1162 528, 630, 748, 854, 988, 1072, 1156 Earnings and expenses, 1942 _ 672 Ration banking: Reserves 56, 152, 234, 314, 432, Discussion of plan 121 534, 636, 754, 860, 994, 1078, 1162 General ration order number 3 issued by Office of Reserve position of member banks 56, 152, 234, 314, 432, Price Administration 116 534, 636, 754, 860, 994, 1078, 1162 Ratios: Reserve requirements: Member bank earnings, 1942 679 Member banks 50, 146, 228, 308, 426, First half of year, 1942-1943 1114 528, 630, 748, 854, 988, 1072, 1156 Member bank operating, 1942 .896 Reserves: Real estate: Amendment to Regulation D 378 Loans on: Changes discussed in Review of the Month All member banks, 1942 and call dates 351 213, 373, 591, 710, 812 Member banks, call dates. . . .60, 156, 238, 318, 436, Federal Reserve Banks: 538, 640, 758, 864, 998, 1082, 1166 All banks combined 51, 147, 229, 309, 427, Weekly reporting member banks: 529, 631, 749, 855, 989, 1073, 1157 By Federal Reserve districts Each bank 52, 148, 230, 310, 428, 64, 160, 242, 322, 440, 542, 644, 762, 868, 1002, 1086, 1170 530, 632, 750, 856, 990, 1074, 1158 New York City and outside Gold, of central banks and Governments 62, 158, 240, 320, 438, 96, 192, 272, 354, 470, 540, 642, 760, 866, 1000, 1084, 1168 572, 692, 792, 902, 1034, 1122, 1200 IX3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages Reserves—Continued. Rumania—Continued. Member banks: National Bank of—Continued. Account with Federal Reserve Banks Gold reserves 96, 192, 272, 354, 470, 52, 148, 230, 310, 428, 572, 692, 792, 902, 1034, 1122, 1200 530, 632, 750, 856, 990, 1074, 1158 Sadler, B. L., elected director of Nashville Branch for Action of Federal Reserve System to pro- unexpired term 42 vide for 1055 Salaries: By classes of banks 636, 754, 860, Federal Reserve Banks: 994, 1078, 1162 1942 188 Chart 48, 144, 226, 306, 424, Six months period ending June 30, 1943 790 526, 628, 746, 852, 986, 1070, 1154 Member banks 500, 672 Excess: Savings and loan associations: Chart 214,374 Insured home mortgages held 84, 178, 260, 340, 458, End-of-month and Wednesday figures 560, 662, 780, 886, 1020, 1104, 1188 49, 145, 227, 307, 425, Savings bonds: 527, 629, 747, 853, 987, 1071, 1155 Sales of 71, 167, 249, 329, 447, In classes of banks 56, 152, 234, 314, 432, 549, 651, 769, 875, 1009, 1093, 1177 534, 636, 754, 860, 994, 1078, 1162 Savings deposits: Federal Reserve Banks on call dates Interest rates on 50, 146, 228, 308, 426, 61, 157, 239, 319, 437, 528, 630, 748, 854, 988, 1072, 1156 539, 641, 759, 865, 999, 1083, 1167 Savings of individuals in the United States 214, 1053 Total held: Schellberg, W. EL, resignation as director at Omaha All banks, end-of-month and Wednesday Branch 221 figures 49, 145, 227, 307, 425, Seasonal adjustment factors for money in circulation. . . .822 527, 629, 747, 853, 987, 1071, 1155 Second war loan drive 293 Classes of banks 56, 152, 234, 314, 432, Securities: (See also Government securities) 534, 636, 754, 860, 994, 1078, 1162 Domestic, inflow of foreign funds. . 98, 194, 274, 356, 472, Statement to banks on investment of idle funds 816 574, 694, 794, 904, 1036, 1124, 1202 Weekly reporting member banks: Foreign, return of United States funds By Federal Reserve districts. . 65, 161, 243, 323, 441, 98, 194, 274, 356, 472, 543, 645, 763, 869, 1003, 1087, 1171 574, 694, 794, 904, 1036, 1124, 1202 New York City and outside... 63, 159, 241, 321, 439, Holdings of member banks. ..'.... 60, 156, 238, 318, 436, 541, 643, 761, 867, 1001, 1085, 1169 538, 640, 758, 864, 998, 1082, 1166 Retail credit survey, 1942 604 Loans for purchasing or carrying by member banks Retail food prices 107, 203, 283, 365, 481, 60, 156, 238, 318, 436, 583, 703, 803, 913, 1045, 1133, 1211 538, 640, 758, 864, 998, 1082, 1166 Retail trade, recent trends in 490 Loans on, by weekly reporting member banks Revenues, expenses, and income of class one railroads 62, 158, 240, 320, 438, 85, 179, 261, 341, 459, 540, 642, 760, 866, 1000, 1084, 1168 561, 663, 781, 887, 1021, 1105, 1189 Securities exchange administration: Review of the Month: Amendment number 3 to Regulation T, text of 818 Margin requirements under Regulations T and U Changing distribution of bank funds 207 50, 146, 228, 308, 426, Decline in consumer credit 485 528, 630, 748, 854, 988, 1072, 1156 Further shift to war economy 287 Security issues: Money and banking system in wartime 1137 Corporate, proposed use of proceeds Ownership of bank deposits 917 69, 165, 247, 327, 445, Recent economic developments 807 547, 649, 767, 873, 1007, 1091, 1175 Third war loan drive 707 Security markets: Transition to war economy, review of 1942 1 Bond and stock prices 68, 164, 246, 326, 444, Treasury finance and the money market 587 546, 648, 766, 872, 1006, 1090, 1174 Treasury finance and the new budget Ill Security prices. . 107, 203, 283, 365, 481, Treasury war finance 1049 583, 703, 803, 913, 1045, 1133, 1211 War loan drive and money market 369 Shaffer, John J., Jr., appointed director of New Orleans Revised statutes: Branch for unexpired term 419 Section 5200, compliance of new guarantee agreement Silver and silver certificates: with terms as used in 389 Circulation 57, 153, 235, 315, 433, Rhodesia: 535, 637, 755, 861, 995, 1079, 1163 Gold production 97, 193, 273, 355, 471, South Africa: 573, 693, 793, 903, 1035, 1123, 1201 Foreign exchange rates 105, 201, 281, 363, 479, Roberts, Clarence, Class C director at Federal Reserve 581, 701, 801, 911, 1043, 1131, 1209 Bank of Kansas City, death of 42 Gold movements 97, 193, 273, 355, 471, Rumania: 573, 693, 793, 903, 1035, 1123, 1201 Foreign exchange rates 105, 201, 281, 363, 479, Gold production 97, 193, 273, 355, 471, 581, 701, 801, 911, 1043, 1131, 1209 573, 693, 793, 903, 1035, 1123, 1201 National Bank of: Reserve Bank: Condition 102, 198, 278, 360, 476, Condition 102, 198, 278, 360,.476, 578, 698, 798, 908, 1040, 1128, 1206 578, 698, 798, 908, 1040, 1128, 1206 Discount rate 103, 199, 279, 361, 477, Discount rate 103, 199, 279, 361, 477, 579, 699, 799, 909, 1041, 1129, 1207 579, 699, 799, 909, 1041, 1129, 1207 DECEMBER I943 12.31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages South Africa—Continued. State member banks—Continued. Reserve Bank—Continued. Assets and liabilities on June 30, 1943 1030 Gold reserves 96, 192, 272, 354, 470, Branches of, changes 190, 686, 899, 1198 572, 692, 792, 902, 1034, 1122, 1200 Condition on December 31, 1942 350 Spain: Deposits, call dates .59, 155, 237, 317, 435, Discount rate of central bank.. . . 103, 199, 279, 361, 477, 537, 639, 757, 863, 997, 1081, 1165 579, 699, 799, 909, 1041, 1129, 1207 Earnings and expenses for 1942 672 Foreign exchange rates 105, 201, 281, 363, 479, Earnings for first half of year, 1942-1943 1114 581, 701, 801, 911, 1043, 1131, 1209 Number of: Gold reserves 96, 192, 272, 354, 470, Call dates 59, 155, 237, 317, 435, 572, 692, 792, 902, 1034, 1122, 1200 537, 639, 757, 863, 997, 1081, 1165 Report of Bank of, 1936-1941 399 Changes in 190, 686, 899, 1198 Special articles: Suspensions 58, 154, 236, 316, 434, Annual report of Bank for International Settlements. . 15 536, 638, 756, 862, 996, 1080, 1164 Annual report of the Bank of Canada 218 Statement to banks, sent by Reserve Banks to banking Annual report of the Central Bank of the Argentine institutions in their districts 816 Republic 613 States and political subdivisions: Annual report of Swiss National Bank 841 Deposits: British White Paper on War Finance 729 Member banks, on call dates.. 61, 157, 239, 319, 437, Broadened basis for Regulation V loans 849 539, 641, 759, 865, 999, 1083, 1167 Central Bank of Ireland 122 Weekly reporting member banks: Consumer loans of insured banks, December 31, By Federal Reserve districts 1942 417 65, 161, 243, 323, 441, Currency in circulation 497 543, 645, 763, 869, 1003, 1087, 1171 Expansion of Federal Reserve branch activities 397 New York City and outside Fourth war loan drive 1147 63, 159, 241, 321, 439, Geographical distribution of bank deposits 599 541, 643, 761, 867, 1001, 1085, 1169 Government corporations and credit agencies in Investments of member banks in obligations of 1942 296 60, 156, 238, 318, 436, Increase in department store sales and orders 298 538, 640, 758, 864, 998, 1082, 1166 Member bank earnings in 1942 500 Stock exchange: Member bank earnings, first half of 1943 1064 Call loan renewals, open-market rates in New New indexes of factory employment and pay rolls.... 13 York City 67, 163, 245, 325, 443, New seasonal adjustment factors for money in circu- 545, 647, 765, 871, 1005, 1089, 1173 lation 822 Customers debit balances, money borrowed and Ownership of bank deposits 713 principal related items of firms carrying margin Postwar international monetary stabilization plan accounts 66, 162, 244, 324, 442, submitted by United States and British experts.... 501 544, 646, 764, 870, 1004, 1088, 1172 Postwar international monetary stabilization plan, Volume of trading on New York market draft by Canadian experts 718 68, 164, 246, 326, 444, Postwar international monetary stabilization, re- 546, 648, 766, 872, 1006, 1090, 1174 vised draft 827 Stocking, George W., appointed director of San Antonio Ration banking plan 121 Branch for unexpired term 623 Report of Bank of Spain, 1936-1941 399 Stocks: Retail credit survey for 1942 604 New security issues 68, 164, 246, 326, 444, Revision of industrial production index 940 546, 648, 766, 872, 1006, 1090, 1174 Revision of statistics of bank debits 717 Prices in principal countries 107, 203, 283, 365, 481, Revised reports of bank loans 300 583, 703, 803, 913, 1045, 1133, 1211 Second war loan drive 293 Prices in United States 68, 164, 246, 326, 444, Size of war production loans 1149 546, 648, 766, 872, 1006, 1090, 1174 Statistics of deposit ownership 930 Straits Settlements: Supply and price situation , 7 Treasury bills for smaller banks. 492 Foreign exchange rates 105, 201, 281, 363 f 479, United Nations conference on food and agriculture.. .609 581, 701, 801, 911, 1043, 1131, 1209 War bonds, taxes, and economic stability, address by Supply and price situation 7 Marriner S. Eccles .393 Surplus: WTork in evacuees' interests by Federal Reserve Bank Federal Reserve Banks 52, 148, 230, 310, 428, of San Francisco 295 530, 632, 750, 856, 990, 1074, 1158 Stabilization, postwar international monetary: Member banks 350 Draft of proposal of Canadian experts 718 Surveys: Plans for 501 Ownership of bank deposits 713, 917, 930 Revised draft of plan released by Treasury De- Retail credit—1942 604 partment 827 Suspensions of banks: Stabilization fund: Analysis of changes 190, 686, 899, 1198 Act to extend time within which powers may be exercised 493 Number and deposits of 58, 154, 236, 316, 434, State banks: 536, 638, 756, 862, 996, 1080, 1164 Assets and liabilities by States 684 Sweden: State member banks: Bank of: Admissions to membership 43, 128, 221, 302, 419, Condition 102, 198, 278, 360, 476, 522, 623, 741, 850, 937, 1065, 1149 578, 698, 798, 908, 1040, 1128, 1206 IZ32. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Z9 Pages Pages Sweden—Continued. Treasury Department: Bank of—Continued. General licenses, circulars, and interpretations re- Discount rate of central bank lating to foreign exchange issued by 119, 215, 390, 103, 199, 279, 361, 477, 493, 819, 923, 1059 579, 699, 799, 909, 1041, 1129, 1207 Press release on postwar international monetary Gold reserves 96, 192, 272, 354, 470, stabilization 827 572, 692, 792, 902, 1034, 1122, 1200 Receipts and expenditures, review of 588, 1050 Foreign exchange rates 105, 201, 281, 363, 479, Releases relating to foreign exchange 819 581, 701, 801, 911, 1043, 1131, 1209 Second war loan drive, terms of offerings and or- Gold movements 97, 193, 273, 355, 471, ganization 293 573, 693, 793, 903, 1035, 1123, 1201 Special depositaries, press statement on 42 Open-market rates 103, 199, 279, 361, 477, Special regulation number one on reporting with 579, 699, 799, 909, 1041, 1129, 1207 respect to property held in any foreign country.... 596 Wholesale prices in 106, 202, 282, 364, 480, Amendments to extend time for filing reports 582, 702, 802, 912, 1044, 1132, 1210 819, 1059 Switzerland: Treasury finance and the money market, discussion in Cost of living, index numbers. . .. 107, 203, 283, 365, 481, Review of the Month 587 583, 703, 803, 913, 1045, 1133, 1211 Treasury finances: Foreign exchange rates 105, 201, 281, 363, 479, Discussion in Review of the Month... ..Ill 581, 701, 801, 911, 1043, 1131, 1209 Receipts and expenditures: Gold movements 97, 193, 273, 355, 471, Discussion in Review of the Month 588, 1050 573, 693, 793, 903, 1035, 1123, 1201 Summary of 73, 169, 251, 331, 449, Open-market rates 103, 199, 279, 361, 477, 551, 653, 771, 877, 1011, 1095, 1179 579, 699, 799, 909, 1041, 1129, 1207 War finance, Review of the Month 1049 Retail food prices 107, 203, 283, 365, 481, Turkey: 583, 703, 803, 913, 1045, 1133, 1211 Central Bank of the Republic of: Swiss National Bank: Condition 102, 198, 278, 360, 476, Annual report of. 841 578, 698, 798, 908, 1040, 1128, 1206 Condition 102, 198, 278, 360, 476, Discount rate. . .• 103, 199, 279, 361, 477, 578, 698, 798, 908, 1040, 1128, 1206 579, 699, 799, 909, 1041, 1129, 1207 Discount rate 103, 199, 279, 361, 477, Gold reserves 96, 192, 272, 354, 470, 579, 699, 799, 909, 1041, 1129, 1207 572, 692, 792, 902, 1034, 1122, 1200 Gold reserves 96, 192, 272, 354, 470, Union of Soviet Socialist Republics: 572, 692, 792, 902, 1034, 1122, 1200 Discount rate 103, 199, 279, 361, 477, Wholesale prices in 106, 202, 282, 364, 480, 579, 699, 799, 909, 1041, 1129, 1207 582, 702, 802, 912, 1044, 1132, 1210 Gold movements to and from United States 58, 154 Taxes: United Kingdom: Income, burden resulting from, not sufficient reason Bank of England: for statement of necessity under Regulation W 116 Condition 99, 195, 275, 357, 473, Internal Revenue collections 73, 169, 251, 331, 449, 575, 695, 795, 905, 1037, 1125, 1203 551, 653, 771, 877, 1011, 1095, 1179 Discount rate 103, 199, 279, 361, 477, Territory: 579, 699, 799, 909, 1041, 1129, 1207 El Paso Branch, transfer of Brewster County, Texas, Gold reserves 96, 192, 272, 354, 470, from territory of San Antonio Branch 42 572, 692, 792, 902, 1034, 1122, 1200 Third war loan drive 707 Commercial banks, assets and liabilities. . 104, 200, 280, Treasury bills: 362, 478, 580, 700, 800, 910, 1042, 1130, 1208 Average rate on 67, 163, 245, 325, 443, Cost of living, index numbers 107, 203, 283, 365, 481, 545, 647, 765, 871, 1005, 1089, 1173 583, 703, 803, 913, 1045, 1133, 1211 Buying rates on 50, 146, 228, 308, 426, Foreign exchange rates 105, 201, 281, 363, 479, 528, 630, 748, 854, 988, 1072, 1156 581, 701, 801, 911, 1043, 1131, 1209 Federal Reserve Bank holdings: Gold movements 97, 193, 273, 355, 471, End-of-month and Wednesday figures. .49, 145, 227, 573, 693, 793, 903, 1035, 1123, 1201 307, 425, 527, 629, 747, 853, 987, 1071, 1155 Open-market rates 103, 199, 279, 361, 477, Investments in, by weekly reporting member banks 579, 699, 799, 909, 1041, 1129, 1207 62, 158, 240, 320, 438, Retail food prices 107, 203, 283, 365, 481, 540, 642, 760, 866, 1000, 1084, 1168 583, 703, 803, 913, 1045, 1133, 1211 Maturities of 71, 167, 249, 329, 447, Security prices, index numbers. .. 107, 203, 283, 365, 481, 549, 651, 769, 875, 1009, 1093,1177 583, 703, 803, 913, 1045, 1133, 1211 Member bank holdings 60, 156, 238, 318, 436, Wholesale prices in 106, 202, 282, 364, 480, 538, 640, 758, 864, 998, 1082, 1166 582, 702, 802, 912, 1044, 1132, 1210 Sales and repurchases of 376 United Nations Conference on food and agriculture 609 Smaller banks 492 United States: Weekly reporting member banks: Cost of living, index numbers 107, 203, 283, 365, 481, By Federal Reserve districts. .64, 160, 242, 322, 440, 583, 703, 803, 913, 1045, 1133, 1211 542, 644, 762, 868, 1002, 1086, 1170 New York City and outside. .62, 158, 240, 320, 438, Gold movements 97, 193, 273, 355, 471, 540, 642, 760, 866, 1000, 1084, 1168 573, 693, 793, 903, 1035, 1123, 1201 Treasury currency outstanding: Gold production 97, 193, 273, 355, 471, End-of-month and Wednesday figures. .49, 145, 227, 307, 573, 693, 793, 903, 1035, 1123, 1201 425, 527, 629, 747, 853, 987, 1071, 1155 Gold reserves 96, 192, 272, 354, 470, Monthly table 57, 153 572, 692, 792, 902, 1034, 1122, 1200 DECEMBER I943 I2-33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages United States—Continued. War loan deposit accounts: Government corporations and credit agencies, 1942. .. 296 Amendments to Federal Reserve Act affecting 378 Government securities: (See Government securities) Changed status of 369 Retail food prices 107, 203, 283, 365, 481, War loan drive: 583, 703, 803, 913, 1045, 1133, 1211 Second 293 : Security prices, index of 107, 203, 283, 365, 481, Third, securities offered and organization for 707 583, 703, 803, 913, 1045, 1133, 1211 Fourth 1147 Wholesale prices in 106, 202, 282, 364, 480, War loans: 582, 702, 802, 912, 1044, 1132, 1210 Analysis of war production loans 1149 United States notes: Broadened basis under Regulation V, press statement Circulation 57, 153, 235, 315, 433, released by Office of War Information 849 535, 637, 755, 861, 995, 1079, 1163 Executive Order relating to guarantee of loans for United States Treasury War Finance Committee, or- war production purposes 389 ganization of 293 Fourth war loan drive 1147 Uruguay: Guaranteed by War Department, Navy Depart- Bank of the Republic of: ment, and Maritime Commission, number and Condition 102, 198, 278, 360, 476, amount 55, 151, 233, 313, 431, 578, 698, 798, 908, 1040, 1128, 1206 533, 635, 753, 859, 993, 1077, 1161 Foreign exchange rates 105, 201, 281, 363, 479, Guaranteed, number and amount authorized during 581, 701, 801, 911, 1043, 1131, 1209 year 377 Gold reserves 96, 192, 272, 354, 470, Organization for drive 371 572, 692, 792, 902, 1034, 1122, 1200 Review of results of drive 369 Venezuela: Second war loan drive, terms of offerings and com- Central Bank of: mittee organization 293 Condition 102, 198, 278, 360, 476, Summary of and schedule of fees to be charged 578, 698, 798, 908, 1040," 1128, 1206 financing institutions for guarantees 12 Gold reserves 96, 192, 272, 354, 470, Text of new Standard Form of Agreement 379 572, 692, 792, 902, 1034, 1122, 1200 Third war loan drive, securities offered and organi- Gold movements to and from United States 58, 154 zation for 707 Violations of Regulation W: War Shipping Administration: Mitchell, Louis H., suspension of license 594 Executive Order in connection with guarantee of Wage controls, discussion of 3 loans for war production purposes 389 Wage earners in manufacturing industries, hours and West Africa: earnings of 83, 177, 259, 339, 457, Gold production 97, 193, 273, 355, 471, 559, 661, 779, 885, 1019, 1103, 1187 573, 693, 793, 903, 1035, 1123, 1201 War bonds, sales of various issues during 1942 209 White plan for postwar international monetary stabili- War bonds, taxes, and economic stability, address by zation 501 Marriner S. Eccles 393 Wholesale prices: War Department: Groups of commodities 90, 184, 266, 346, 464, War production loans guaranteed by. .55, 151, 233, 313, 566, 668, 786, 892, 1026, 1110, 1194 431, 533, 635, 753, 859, 993, 1077, 1161 Principal countries 106, 202, 282, 364, 480, Analysis of 1149 582, 702, 802, 912, 1044, 1132, 1210 War economy: Yugoslavia: Discussion of 291 Foreign exchange rates 105, 201, 281, 363, 479, Further shift to 287 581, 701, 801, 911, 1043, 1131, 1209 Transition to, review of 1942 1 National Bank of the Kingdom of: War finance- Discount rates 103, 199, 279, 361, 477, British White Paper on 729 579, 699, 799, 909, 1041, 1129, 1207 Discussion in Review of the Month 208 Gold reserves 96, 192, 272, 354, 470, Review of third war loan drive 1049 572, 692, 792, 902, 1034, 1122, 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis