Federal Reserve Bulletin, 1944-01

RESERVE BULLETIN JANUARY 1944 BOARD OF GOVERNORS OF THE FEDERAL &ESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

=CONTENTS= PAGE Review of the Month—War Production and Consumer Supplies I-IO Law Department Revision of Regulation N 11-12. Consumer Credit—Suspension of License ... iz-13 Analysis of Individual Accounts as Payment of Interest.. .. i3~*4 Final Settlement of Terminated Contracts 15 Wartime Tax Effort in the United States, the United Kingdom, and Canada... 16-2.7 Financing the War and the Postwar Readjustment xS-^6 Postwar International Investment 37~4I New Monetary and Banking Measures in Paraguay ^"S1 Current Events: S2-^ National Summary of Business Conditions 54—55 Financial, Industrial, Commercial Statistics, U. S. (See p. 57 for list of tables). . 57-102. International Financial Statistics (See p. 103 for list of tables) 103-115 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .. 116 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 117 Map of Federal Reserve Districts 118 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. A ccooppyy iiss sseenntt too eeaachh mmeemmbberr bbna nkw wtihthuot utc hcahragreg.e . TTheh es usbusbcsrcirpitpiotino np rpirciec ein i nt hteh eU Uninteitde dS tSattaetse sa nadn di tsit sp opsossessessisoinosn,s, CCaannaaddaa , CChhiillee , CCoolloommbbiiaa , CCoossttaa RRiiccaa , CCuubbaa , DDoommiinniiccaann RReeppuubblliicc, EEccuuaaddoorr, GGuuaatteemmaallaa, HHaaiittii , RReeppuubblliicc ooff HHoonndduurraass,, MMeexxiiccoo,, NNeewwffoouunnddllaanndd ((iinncclluuddiinngg LLaabbrraaddoorr)),, NNiiccaarraagguuaa,, PPaannaammaa,, PPaarraagguuaayy,, PPeerruu,, EEll SSaallvvaaddoorr,, UUrruugguuaayy,, aanndd VVeenneezzuueellaa,, iiss $$22..0000 ppeerr aannnnuumm,, oorr 2200 cenntt s per copy; ellhse where,$ 2$620.6 0 per annum or2 52 5 cetnts per copy. GGrroouupp ssuubbssccrriippttiioonnss ffoorr 1100 oorr mmoorree ccooppiieess, 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 30 January 1944 NUMBER - WAR PRODUCTION AND CONSUMER SUPPLIES Expansion of economic activity, after Income of individuals expanded further having proceeded at a rapid rate since early and, notwithstanding greatly increased in 1941, slackened somewhat during 1943. taxes, showed a widening margin above Raw materials for war production were ob- consumer expenditures, as is shown on the tained in greater supply than in previous chart. This large surplus of spending years and additional productive facilities power and the exceptional accumulation of were completed, but the increase in output individual savings held in the form of of military and civilian goods was limited liquid assets increased the difficulties of by the reduction in the labor force inci- enforcing rationing, price, and manpower dental to the further large additions to controls. the armed services. The available resources INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES of materials, facilities, and manpower were SEASONALLY LLIONS OF OCU more fully utilized than in 1942-, and in recent months over-all production has been near the practical maximum potential. The entire increase in the total value of commodities and services produced in 1943 over 194Z was accounted for by expenditures for war production, which represented close to one-half of the estimated 187 billion dollars of gross national product. The rate of Government expenditures showed little further increase after the second quarter of the year, as parts of the war program were curtailed or for other reasons did not reach earlier schedules. Notwithstanding the enormous increase in volume of war production, the output of civilian goods and services, even 1942 1943 after some decline from the I94X level, was Department of Commerce data; figures for fourth quarter 1943 estimated. Taxes include Federal, State, and local taxes paid by indistill in larger volume than in any peacetime viduals. year. Supplies of many durable goods were Price increases, nevertheless, were smaller smaller, while food, clothing, and various in 1943 than in 1941 and 1941. Federal services were available in larger amounts policies initiated in the latter part of 1942. than in prewar years. to stabilize prices, wages, and salaries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH affecting the cost of living were broadly- amounted to about 11 per cent, with more applied in 1943 and were strengthened by than half of the total rise occurring in the an Executive Order in April to "hold the first four months of the year. After the line" on both prices and wages. An indi- early part of the year output for war, which cation of the effectiveness of these policies is had already reached an exceptionally high the fact that the cost of living which, ac- level, increased at a slower rate and output cording to the official index, reached 12.5 per of manufactures and minerals for civilian cent of the 1935-39 average in May was 1x4 use showed little change. War production, in November. By the end of the year, how- including munitions and supplies for the ever, stabilization measures for prices and armed forces and for lend-lease export, wages were subjected to increased pressures, accounted for an estimated two-thirds of and consideration was being given to modi- total industrial output in 1943, as shown fications in policy and to new safeguards in the chart, and in the latter part of the that might be needed to prevent inter- year the proportion was somewhat higher. ference with the war program, to assure Industrial output for civilian use, includequitable distribution of the limited sup- ing materials and producers' equipment as plies of goods and services, and to minimize . well as a number of finished consumer inflationary price advances. goods, in 1943 was approximately 80 per Although further curtailment will be cent of the 1935-39 average, also shown made in various parts of the war production on the chart. The 1943 output of these program and some additional materials products was 40 per cent less than the peak will be released for civilian use, schedules reached in the middle of 1941. This decline call for some increase in total war expendi- in volume of nonwar production at factories tures and for further drains on available and mines is much greater than the decrease manpower during the next few months. in the volume of all finished goods and The margin between individual incomes, services available for civilians, owing in after payment of taxes, and available sup- part to savings effected in the use of mateplies of civilian goods will continue wide, rials and equipment, in part to a reduction thus adding to the already large volume of in inventories, and in part to increased liquid assets held by the public. Under output in many nonindustrial lines. these circumstances pressures on supplies The further shift of industrial activity in and prices of civilian goods and services 1943 to output of war products is shown on are likely to continue heavy. the chart by the continued increase in output of planes and ships and other muni- WAR AND CIVILIAN PRODUCTION tions and war supplies. Probably about By November 1943 total output at fac- one-half of industrial output for war in 1943 tories and mines, where most of war was accounted for by the output of planes, production is concentrated, had doubled ships, combat vehicles, and ordnance. since the beginning of the defense program, This activity was largely concentrated in and the Board's seasonally adjusted index the machinery, transportation equipment, of industrial production stood at ±47 per and rubber industries and in the explosives cent of the 1935-39 average. During 1941 and ammunition plants in the chemical and 1942. the index rose about 2.6 per cent industry. each year, while in 1943 the advance For the most part production of muni- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tions by these industries had required con- war products; and the supplies and equipsiderable conversion of old plants and large- ment for the armed services and lend-lease scale expansion of plant and equipment, export, such as manufactured foods and texoften of specialized character. This large tile, paper, petroleum, and leather products. concentration of activity with the accom- These materials and products generally are panying changes in facilities, employment not specialized for war uses and as soon as opportunities, location of workers, and war needs end they can readily be utilized for incomes has taken several years to develop peacetime purposes. Capacity to produce under urgent circumstances. The problem many of these supplies has been greatly of speedy readaptation in peacetime of these expanded since 1939 and the full utilizaresources will be extraordinary and involve tion of this capacity in the years ahead widespread economic changes. will require that peacetime markets be expanded and maintained considerably INDUSTRIAL PRODUCTION above prewar levels. ANNUtL AVERAGES, 1938-39 AVEtUOE FOR TOTAL*100 By the fourth quarter of 1943 production rates for a number of war products, such as tanks and other types of ground ordnance, were either close to or had passed their peaks. On the other hand, output of aircraft was scheduled to show further large increases in 1944. The huge expansion of facilities for the production of synthetic rubber and aviation gasoline was nearing completion at the end of 1943, and in the case of rubber the larger output expected in 1944 will be available for war and the most essential civilian uses. SHIFTS IN WAR PRODUCTION Locomotive plants in 1943 were largely reconverted to their peacetime product The figures on physical volume of production for war and civilian owing in part to a shift in requirements on purposes are based on estimates for the various stages of manufacturing and mining. Plane and ship production is based on the Board's indexes the part of our Allies from tanks to locoof activity in the aircraft and shipbuilding industries—for the latter both in private and Government yards. Part of the production of the motives. In the rubber products industry components for planes and ships, such as aircraft engines, is included in 1 other munitions and war supplies." there were also shifts under way from munitions to automobile tire production. The remaining portion of the industrial The rapidly increased output in newly conproduction for war, shown on the chart, structed explosives and small arms amis war supplies. These are the industrial munition plants was in excess of needs materials, like metals and fuels, which are used in producing munitions; the cement and resulted in extensive curtailment of and the lumber to construct war plants and operations at these plants beginning in the training camps; the machinery to produce second quarter. Curtailment of ammuni- JANUARY 1944 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tion and explosive production offset further increase as much as expenditures during increases in output of industrial chemicals, this period. and as a result the Board's index of chemical NEW CONSTRUCTION ACTIVITY IN THE UNITED STATES production showed little change after June 1943 when it stood at 400 per cent of the 1943 1942 1939 1935-39 average. In August the Quarter- tin millions of dollars] master Corps requested that the woolen Total new construction.. 7,748 13,549 6,06! and worsted industry defer deliveries on Military and naval. . 2,743 5,206 119 Industrial 2,191 3,900 466 large Army orders until early 1944. Private 102 315 452 Public 2,089 3,585 14 Within the machinery industry a number Residential, nonfarm... 1,484 2,060 2,122 of plants which had completed their Private 804 1,460 2,046 Public 680 600 76 machine tool and equipment orders ac- All other. 1,330 2,383 3,354 cepted munitions contracts, while some war [In thousands of units] contracts held by agricultural implement Number of residential units 344 497 515 manufacturers were canceled, and in- Private 182 3C2 458 Public 162 195 57 creased production of farm equipment was NOTE.—Data on activity from U. S. Department of Commerce. permitted. The Board's index of produc- Data on residential units started from Bureau of Labor Statistics; they do not include many accommodations provided by new dormition for the machinery group showed little tories and trailers in 1942 and 1943. change from April to August. In the The reduction in construction expendifollowing three months output advanced tures in 1943 reflected the fact that projects five per cent, reflecting increases in producessential to the war program had been tion of electrical machinery and other largely completed, while other construcmachinery including aircraft engines. tion was prohibited because of the shortage As a result of the leveling off in the proof materials and manpower. Construction duction of heavy war products, including expenditures for both military installations merchant ships, the reduction in construcand industrial plants declined about 45 per tion activity, further increases in metal cent from 1941 to 1943. Value of industrial production, better controls over consumpplant construction in 1943, however, was tion, and cutbacks in parts of the war still much greater than in 1939, as the table program, the metal supply situation was shows. Value of residential construction by the latter part of 1943 no longer a declined more than one-fourth in 1943, and limiting factor on production of war goods. fewer than half as many units were built as in 1941, the peak year of the war period CONSTRUCTION for new housing construction. From the beginning of 1940 to the end of Expenditures for all kinds of construction 1943, 10.5 billion dollars has been spent on in 1943 were about 5.8 billion dollars below the construction of military installations the record outlays of 13.5 billion in 1942-, within the United States, 9.x billion on the but were still considerably larger than in construction of industrial plant, exclusive of the prewar year 193 9. Allowing for the rise equipment, and 9.5 billion on housing. in construction costs, which began at the Although the usefulness of many of the end of 1940 and continued during 1943, military installations will end with the physical volume of construction did not war, this is not true of all of the airfields, FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH roads, bridges, harbor facilities, and ware- encouraged to build. Privately-financed houses which have been built or expanded. building accounted for half of the resi- Industrial Capacity.—In addition to the dential building in 1943. 9.Z billion dollars which has been spent To encourage private capital to build war since 1939 on the construction of industrial housing, the Federal Housing Adminisplants, about 13 billion has been invested tration was authorized in 1941, by Title in machinery and equipment. The mag- VI of the National Housing Act, to insure nitude of this wartime expansion may be mortgages that are not a sufficiently sound judged from the fact that, at the end of risk to be insured under the regular Federal 1939, total plant and equipment of all Housing Administration program. The manufacturing concerns in the United States housing started under Title VI insurance had a book value of about zo billion dollars has increased steadily from about 16 per and an estimated reproduction cost of 50 cent of all privately-built houses in the to 60 billion. first quarter-of 1942. to almost 80 per cent Of the total wartime industrial expan- in the third quarter of 1943 and totaled sion of zz billion dollars, about 8 billion about 1.3 billion dollars in the two years. has been privately financed and 14 billion Because of the uncertainty of the future has been financed by the Federal Governusefulness of housing built for war workers ment, which is scheduled to spend about and the large savings in the use of critical 2. billion dollars more before the war materials which can be realized in temprogram is completed." Nine billion dolporary construction, an increasing proporlars of public funds has been invested in tion of publicly-financed housing has been specialized war facilities for the production of this type. About 90 per cent of the of aircraft, shipbuilding, and ordnance publicly-financed family housing units built supplies. The remaining 5 billion dollars in the latter part of 1943 were temporary. of public funds has been invested in additional capacity for the production of CHANGES IN MANPOWER SUPPLY industrial materials, such as iron and steel and nonferrous metals, and for the produc- Prior to 1943, major attention in the war tion of machinery, chemicals, and program was centered on the expansion of petroleum products. In privately-owned industrial and military facilities and the plant and equipment most of the expansion elimination of bottlenecks in raw matehas been in the durable goods industries, rial supplies. Manpower, while critically although relatively large expansions have short in some areas and in particular skills, also occurred in some nondurable industries was not a primary factor limiting over-all —especially chemical plants and petroleum production. Wage differentials favorable refineries. for the movement of workers into war Housing.—Construction of housing for industries were the main factors utilized to civilians during 1943 has been limited to mobilize manpower. By the beginning of that needed for essential workers migrating 1943, however, the large pool of unemto war production areas. As far as posployed, characteristic of the 1930's, had sible, suclr workers are housed in existing structures; where new construction has disappeared and during the year general been necessary, private capital has been shortages of labor became increasingly JANUARY 1944 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OV THE MONTH important factors determining production Employees in nonagricultural establishlevels in numerous areas and industries. ments as a whole, as shown in the chart, By early December the War Manpower declined somewhat from the end of 1942- to Commission had classified 193 areas as the end of 1943. Employment in agrilocalities of current acute manpower short- culture approximated the level of recent age or anticipated shortage within six years and, although special measures were months . required to obtain needed labor, produc- Manpower controls became progressively tion losses attributable to manpower shorttighter and more direct throughout the ages were small. year. Wage and price stabilization policies EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS designed to "hold the line" restricted the ADJUSTED FOR SEASONAL VARIATION use of increased wage differentials as a N^ method of channeling workers into the TOTAL^ most essential jobs, and nonwage methods of manpower control were utilized to an increasing extent. Employment stabilization programs were extended throughout the country and in especially critical areas, such as the West Coast, strong measures were placed in operation to direct available workers to the most essential jobs, ALL OTHER^,., reduce needless turnover, eliminate hoarding ^-^^MANUFACrURlNG AND MtMING of labor, and utilize more fully manpower supplies available. The armed forces increased their net 60VERNMENT strength almost 4 million during 1943, but did not reach the total of 10.8 million 1941 previously scheduled for the end of the Bureau of Labor Statistics estimates, adjusted for seasonal variayear. With nearly one out of every two tion by Federal Reserve; excludes proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees, and personnel in the armed forces. men in the age group 18 to 37 in the serv- Latest figures shown are for November 1943. ices, it was necessary by the end of the By the end of 1943, the major shifts in year to induct pre-Pearl Harbor fathers in manpower required for war production and all parts of the country. armed service had been completed and the In industries directly related to war promethods of manpower control were fairly duction, employment continued to rise, well established. Cutbacks and changes in although at a slower rate than in 1942.. war production programs may create an Largely because of inability to obtain pereasier manpower situation in some indussonnel, employment declined further in tries and areas but war industries as a whole trade, in some service lines, and in industrial will continue to increase their employment activities not directly associated with war in the period ahead. According to present programs. Employment in construction plans, increases in the net strength of the declined sharply and at the year end was armed forces will taper off in 1944 with the down about two-thirds from its 194Z high. Army going on a replacement basis fairly FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH early in the year and the Navy doing like- farm income. Production expenses inwise around the middle of the year. creased but not enough to offset the growth in gross farm income, and net income for CONSUMER INCOMES 1943 has been estimated by the U. S. De- Income payments to individuals increased partment of Agriculture at 1^.5 billion less rapidly during 1943 than in 1942. but dollars as compared with 10.2. billion in by the end of 1943 they were at a level 1942. and 4.5 billion in 1939. The number which was more than double the 1939 of persons dependent on income received average. Although wage rates and salaries from agriculture has decreased during were under Federal controls, average wage the war. payments continued to rise, owing in part In addition to the large increases in to a further shift of workers into the manufacturing pay rolls and in net incomes armament industries, in which longer hours of farm operators since 1939, the rise in of work at higher hourly rates combined Government pay rolls has been an importo raise weekly wages substantially above tant source of the increase in total income the nonwar industries. Also, increases in payments to individuals. Government pay hourly rates were allowed for substandard rolls, about half of which were for payindustries and for other types of adjustments to the armed forces, accounted for ments not in conflict with the stabilization approximately 15 per cent of total income program. In addition, increased hours of payments in 1943. The important extent work in mining and other nonmanufacto which incomes were being supplied turing lines resulted in higher average directly by expenditures under the war prowage payments in 1943. gram is indicated also by estimates that Manufacturing pay rolls, under the pres- about three-fourths of all manufacturing sure of war production, had increased by pay rolls in 1943 were being met by October 1943 to 333 per cent of the 1939 Government-owned plants and privatelyaverage, according to the Bureau of Labor owned plants holding Government con- Statistics index, and constituted a much tracts or supplying parts and materials for larger share of total wages and salaries production on those contracts. than in any other previous period. The All other income payments to individnumber of factory wage earners was 70 uals, including principally interest, diviper cent larger than in 1939 and average dends, rents and royalties, and withdrawals weekly earnings per worker were about $45 of profits of individuals and partnerships, in October 1943, compared with an average have increased less rapidly than those preof $2.4 in 1939. Factory employees in 1943 viously mentioned. In the third quarter of were working one-fifth longer hours than 1943 they were about 50 per cent above the in 1939. 1939 average. Net income of farm operators continued REGIONAL SHIFTS IN INCOMES to rise sharply in 1943. Prices of farm products increased further in the early Shifts in consumer incomes in different part of the year and for the year as a whole parts of the country continued large in averaged 2.0 per cent higher than in 1942.; 1943, accentuating further the changes larger agricultural production and market- which have developed during the war and ings in 1943 also increased the value of gross indicating that the problems of readjust- JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ment in the postwar period will be con- expenditures, according to U. S. Departsiderably greater in some regions than in ment of Commerce estimates, were 91 others. A rough indication of these shifts billion dollars as compared with 8x billion in income is provided by data on purchases in 1941 and 62. billion in 1939. More than at department stores and on bank deposits, two-thirds of the rise in expenditures since shown in the table. In general during the 1939 and practically all of the rise since past year and since 1939, department store 1941 was accounted for by higher prices. sales and bank deposits have shown the Expenditures for services continued to greatest increases in the southern, south- rise during 1943 reflecting further increases western, and western regions and the small- in prices for services, a number of which est in the northeastern section, with the are not under Federal maximum price middlewestern districts near the average for controls. Actual services available to the country. In the districts showing the consumers were curtailed by manpower largest expansion of activity and incomes, shortages. An important exception to the there have been substantial installations of general rise in prices of services was the many new industrial facilities, principally continued effective control over housing for the manufacture of ships, aircraft, and rentals. While rental rates in 1943 were other munitions, and establishment of large only 4 per cent higher than in 1939, accordmilitary camps and training centers. Also, ing to the Bureau of Labor Statistics cost incomes in these areas have been influenced of living index, actual rent payments by by sharply increased prices and production many consumers had increased considerably of agricultural products. more than that amount. Numerous people before the war were paying quite nominal CHANGES IN DEPARTMENT STORE SALES AND BANK DEPOSITS amounts for rent. With the shift of [Percentage increases] workers to urban centers and from low-cost t Department store Deposits at member communities to overcrowded, high-cost sales banks Federal Reserve district areas, outlays for rent as well as for many 1942 to 1939 to 1942 to 1939 to 1943 1943 1943 1943 other services and goods have increased Boston 7 41 27 68 greatly. New York 5 34 17 64 Philadelphia 44 19 49 Total consumer expenditures for goods Cleveland S 57 27 77 increased 7 billion dollars from 1^1. to Richmond 10 72 29 105 Atlanta 26 82 43 114 1943, as the decline in output of goods for Chicago 7 47 31 90 St Louis 13 65 29 78 consumers was offset by a further rise in Minneapolis 13 44 37 70 retail prices and by a reduction in inven- Kansas City 25 75 45 92 Dallas 37 93 43 105 San Francisco.... 18 84 43 97 tories of most durable goods and also of Total 11 56 28 78 such nondurables as apparel and liquor. NOTE.—Changes in department store sales are computed from annual The value of merchandise held by wholetotals, with 1943 estimated: those for bank deposits represent adjusted demand and time deposits, excluding U. S. Government and interbank salers and retailers in November 1943 was deposits, on June 30 call report dates. about one-fifth below the peak levels reached CONSUMER EXPENDITURES in the first half of 1942.. Considering the Consumer expenditures during 1943 were increases in unit prices which have occurred maintained at the exceptionally high level since that time, it is evident that there has reached at the beginning of the year. Total been a considerable reduction in the physi- 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OP THE MONTH cal volume of retail and wholesale inven- estimates that military and lend-lease needs tories. were one-fourth of the total food produc- Durable Goods.—Expenditures for durable tion in 1943. These data indicate that per goods during 1943 remained at the reduced capita food consumption of civilians in levels reached early in 194Z following sharp 1943 was still somewhat higher than for increases in 1940 and 1941. Sales of jewelry the 1935-39 average when food production and a few other types of durable goods were was limited by the droughts of 1934 and larger in 1943, offsetting further decreases in 1936. Per capita food needs of the civilian sales of most other durable items like auto- part of the population, however, have mobiles, radios, and appliances, the produc- risen in recent years owing to increased tion of which had been discontinued or employment and longer hours of work sharply limited early in 1942-. Activity at and, with increased civilian incomes, prices furniture factories was maintained at a high of foods in wholesale and retail markets level in 1943 but a number of the mills had continued to rise sharply in the early part shifted to war work. In order to conserve of 1943. lumber for more essential uses, various re- In order to assure a more equitable disstrictions were placed on production of tribution of food supplies, rationing was furniture items by a Federal order in extended to processed fruits and vegetables, December. With supplies of metals in- meats, butter, cheese, and fats, and retail creasing beyond military requirements, con- price controls for foods were broadened. sideration was being given to larger allot- In June maximum prices for meats and ments in the first quarter of 1944 for pro- butter were reduced by paying Federal duction of certain durable goods for civi- subsidies to processors. Selective subsidy lians, but the volume indicated was quite programs had already been in effect to ensmall, except for the. production of farm courage metal production by high-cost implements. mines, to prevent increases in retail prices 'Nondurable Goods.—Consumer expendi- of fuels and sugar by paying certain higher tures for nondurable goods increased 7 transportation charges, and to limit prices billion dollars or about 15 per cent from of leading canned vegetables by compensat- 1942. to 1943, in spite of market shortages ing processors for higher raw material and of various items, rationing of shoes and labor charges. Congressional action durnumerous foods, and general price controls. ing the summer, however, limited subsidy Fluctuations in supplies of nondurable con- payments such as those on meats and butter sumer goods were large and varied in 1943 to the period ending December 31 and as compared with 194X5 especially if account placed restrictions on the use of additional is taken of the volume available to civilians Federal funds for such programs. In Deafter military and lend-lease requirements cember payments were authorized until were filled. February 17, 1944. Food production was somewhat larger Production of such nondurable goods as in 1943 than in 1941 and about one-third textile, leather, and paper products for greater than in the years 1935 to 1939. consumer uses was generally reduced during The civilian part of the population was 1943. Restrictions on apparel wool conslightly smaller than in the 1935-39 period; sumption for civilian use were lifted in the and the U. S. Department of Agriculture latter part of the year and raw cotton JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH supplies were also in ample volume, but been selected as the basis for stabilizing declining employment in textile mills and prices, wages, and salaries by the Act of the apparel industries limited output of October 2., 1942.. Food prices declined 4 clothing, especially low-priced items. Con- per cent during the summer owing in part sumer demand for clothing, especially to seasonal declines in prices of fresh fruits women's apparel, remained at an excep- and vegetables. After the middle of Autionally high level throughout the year. gust food prices showed little change. Production of leather shoes for civilians Prices of new fall and winter clothing were totaled 172. million pairs in the first 10 higher and prices of miscellaneous goods months of 1943 as compared with 314 mil- and services continued to rise. The total lion during the same period in 1941. cost of living index, which had declined Owing to a reduction in supplies of hides, 1.4 per cent during the summer, rose .6 leather production by October had been per cent from mid-August to mid-Novemreduced to the 1939 level. Supplies of ber. In the latter month, according to hides increased at the end of the year, reflect- COST OF LIVING ing larger cattle, calf, and sheep slaughter. 1*36.39 AVERAGE-100 Wood pulp production during 1943 was considerably smaller than in the early part of 1941 owing to a shortage of labor in the logging industry. Insufficient supplies of pulp have led to limitation orders on paper production and newsprint consumption to conserve supplies for essential uses. INCREASES IN RETAIL PRICES The reduction in supplies of goods and services available to civilians and larger 120 consumer incomes increased the pressure on prices in 1943. Retail food prices increased sharply until May and in that month living costs in urban centers, according to the Bureau of Labor Statistics index shown on the chart, were 4 per cent 1937 1938 1939 1940 1941 1942 1943 higher than at the beginning of the year. Bureau of Labor Statistics indexes. Latest figures shown are for The reduction in meat and butter prices in Nov. 15, 1943. June was taken as a part of the Federal the Bureau of Labor Statistics index, living program to reduce the cost of living to the costs were 5 per cent above the level of level which existed on September 15, 1941. September 194Z and 2.5 per cent higher than Relationships in effect on that date had in 1939. 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Revision of Regulation N bank or banker or with any group of foreign banks or bankers or with any foreign State and There is set forth below the text of the revision copies of all written agreements between it and of Regulation N entitled "Relations with Forany foreign bank or banker or any group of foreign Banks and Bankers," governing such relaeign banks or bankers or any foreign State which tions by Federal Reserve Banks, which was are now in force, unless copies have heretofore adopted by the Board of Governors of the been furnished to the Board. Each Federal Federal Reserve System effective January i, 1944. Reserve Bank shall also keep the Board of Gov- REGULATION N ernors of the Federal Reserve System promptly and fully advised of all transactions with any Revised Effective January 1, 1944 foreign bank or banker or with any group of RELATIONS WITH FOREIGN BANKS foreign banks or bankers or with any foreign AND BANKERS State, except transactions of a routine character. SECTION I. AUTHORITY SECTION 3. CONFERENCES AND NEGOTIATIONS WITH Pursuant to the authority conferred upon it FOREIGN BANKS, BANKERS OR STATES by section 14 of the Federal Reserve Act, as amended, and by other provisions of law, the (a) Without first obtaining the permission of Board of Governors of the Federal Reserve Sys- the Board of Governors of the Federal Reserve tem prescribes the following regulations govern- System, no officer or other representative of any ing relationships and transactions between Federal Reserve Bank shall conduct negotiations Federal Reserve Banks and foreign banks or of any kind with the officers or representatives bankers or groups of foreign banks or bankers or of any foreign bank or banker or any group of a foreign State as defined in section 2.5(b) of the foreign banks or bankers or any foreign State, Federal Reserve Act. except communications in the ordinary course of business in connection with transactions pur- SECTION 2.. INFORMATION TO DE FURNISHED TO suant to agreements previously approved by the THE BOARD Board of Governors of the Federal Reserve In order that the Board of Governors of the System. Any request for the Board's permission Federal Reserve System may perform its statu- to conduct any such negotiations shall be submitted in writing and shall include a full statetory duty of exercising special supervision over ment of the occasion and objects of the proposed all relationships and transactions of any kind negotiations. entered into by any Federal Reserve Bank with any foreign bank or banker or with any group of (b) The Board of Governors of the Federal foreign banks or bankers or with any foreign Reserve System reserves the right, in its discre- State, each Federal Reserve Bank shall promptly tion, to be represented by such representatives as it may designate in any negotiations between submit to the Board of Governors of the Federal any officer or other representative of any Federal Reserve System in writing full information Reserve Bank and any officers or representatives concerning all existing relationships and transof any foreign bank or banker or any group of actions of any kind heretofore entered into by foreign banks or bankers or any foreign State; such Federal Reserve Bank with any foreign JANUARY 1944 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and the Board shall be given reasonable notice ditions, and limitations as it may deem desirable in advance of the time and place of any such respecting relationships and transactions of any negotiations; and may itself designate the time kind entered into by any Federal Reserve Bank and place of any such negotiations. with any foreign bank or banker or with any (c) A full report of all such conferences or group of foreign banks or bankers or with any negotiations and all understandings or agree- foreign State. ments arrived at or transactions agreed upon and Consumer Credit all other material facts appertaining to such conferences or negotiations shall be filed with Suspension of License the Board of Governors of the Federal Reserve Because of failure to comply with the provi- System in writing by a duly authorized officer of sions of Regulation W, the Board of Governors each Federal Reserve Bank which shall have on December 2.9, 1943, acting under authority of participated in such conferences or negotiations, section 5(b) of the Act of October 6, 1917, as including copies of all correspondence appertain- amended, and the President's Executive Order ing thereto. No. 8843, ordered suspended for one week the license of the Consumers Home Equipment Co., SECTION 4. AGREEMENTS WITH FOREIGN BANKS, which sells merchandise on an instalment basis BANKERS, OR STATES, AND PARTICIPATION IN through house to house canvassing salesmen FOREIGN ACCOUNTS operating from its head office and branches (a) No Federal Reserve Bank shall enter into located in a number of States. All of the terms any agreement, contract, or understanding with of the Board's Order were agreed to by the any foreign bank or banker or with any group of Registrant, which has given its assurance that foreign banks or bankers or with any foreign it will hereafter comply with all the provisions State without first obtaining the permission of of the Regulation. The text of the Order is the Board of Governors of the Federal Reserve as follows: System. (b) When any Federal Reserve Bank, with the ORDER SUSPENDING LICENSE approval of the Board of Governors of the Fed- Consumers Home Equipment Co., having eral Reserve System, has opened an account for appeared by its president, A. B. Chereton, in any foreign bank or banker or group of foreign connection with alleged violations of Regulabanks or bankers or for any foreign State, or has tion W of the Board of Governors of the Federal entered into any agreement, contract, or under- Reserve System (hereinafter called the standing with reference to opening or maintain- "Board"), and having waived notice and op-, ing such an account, or with reference to any portunity for hearing before the Board and conother matter or matters, any other Federal Resented to the issuance of this Order for the susserve Bank may participate in such account, or in pension of its license, and having agreed that: such agreement, contract, or understanding, and in operations and transactions performed therein 1. It was at all times mentioned herein and or pursuant thereto, with the approval of the now is engaged in the business of making Board of Governors of the Federal Reserve instalment sales of listed articles through System. salesmen, with offices, stores or branches located at— SECTION 5. AMENDMENTS Flint, Michigan (13x7 South Saginaw Street) The Board of Governors of the Federal Re- Grand Rapids, Michigan (111 South Division serve System reserves the right, in its discretion, Street) to alter, amend or repeal these regulations and Chicago, Illinois (1412. South Michigan to prescribe such additional regulations, con- Avenue) FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Detroit, Michigan (4801-19 Woodward (b) the receipt of any payments through the Avenue) mails or through the normal and usual col- Indianapolis, Indiana (401 North Capital lection facilities which have heretofore been Avenue) maintained, and (c) the making of payments Cleveland, Ohio (12.62. Ontario Street) on any obligations, including obligations to Cincinnati, Ohio (no West Seventh Street) employees for salaries or wages; Columbus, Ohio (495 North High Street) 2. Any terms used in this Order that arc Louisville, Kentucky (1x4 West Walnut defined in Regulation W shall have the Street) meaning therein given them. Pittsburgh, Pennsylvania (1912. Murray By order of the Board of Governors of the Avenue) Federal Reserve System, this 29th day of Decem- Altoona, Pennsylvania (1716—nth Avenue) ber 1943. Buffalo, New York (715 Main Street) (SEAL) Erie, Pennsylvania (14th and Peach Streets) (Signed) S. R. Carpenter 1. It duly filed the Registration Statement Assistant Secretary. required by the Board's Regulation W and was at all times mentioned herein and now is Analysis of Individual Accounts as subject to such Regulation; Payment of Interest 3. Prior to December 1, 1943, it failed to A member bank recently requested the Board comply with Regulation W in a number of of Governors of the Federal Reserve System to instances; and consider whether the bank's practice of analyz- Said Consumers Home Equipment Co. having ing individual accounts constitutes a "payment further agreed that during the period of susof interest" on demand deposits. pension of its license under this Order it will It appeared that the bank, in analyzing the close all of its offices, stores and branches, accounts of depositors, uses a form known as including but not limited to those listed above, "Monthly Account Analysis." Use of the form and that, upon resumption of business following involves the assessment against the account of the termination of this suspension period, it theoretical costs for certain services performed will conform its business to the requirements in connection with the account as follows: of the Regulation : Checks paid at five cents each, transit items at The Board, having considered the consent, three cents each, clearinghouse items at one cent representations and agreements of the party each, deposits at five cents each, list checks at named, and under authority of section 5OO of three cents each, return items at ten cents each, the Act of October 6, 1917, as amended, and and overdrafts at fifty cents each. The total of the Executive Order of the President No. 8843, these charges is designated in the analysis as hereby orders: "Account Maintenance One Month" and to this 1. That the license of said Consumers Home total there is added 15 per cent. At the same Equipment Co. issued pursuant to the Board's time, the theoretical earning value of the ac- Regulation W be and the same is hereby count for the month is estimated by deducting suspended for the period commencing at 6 from the average daily collected balance an A.M. on January 2, 1944 and ending at 6 amount equal to the 18 per cent required re- A.M. on January 9, 1944, unless said Order serves and treating the so-called "Net Earning is sooner terminated by the Board. Pro- Balance" as though the bank had it invested at vided, that this Order during the suspension a rate of 1 per cent a year. If the cost of services, estimated in the above manner, exceeds the period shall not prohibit (a) the carrying theoretical earnings on the account, the differon of regular office and accounting work, JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ence is set up as "Cost of Services in Excess of will keep and service such accounts for deposi- Earnings." Apparently, the customer may be tors. It is common for a bank using an account charged this amount for the services rendered by analysis also to use as one of the factors in makthe bank. It is assumed, however, that in no ing the analysis its estimate of the return it can case, as a result of the analysis, is any payment obtain by investing the funds which the cusmade to the customer or any credit given which tomer has deposited with it. Likewise, it is increases the amount of his deposit balance. common for such a bank to include in its analysis The question raised by the correspondence estimated factors of cost in servicing the acinvolves the basic distinction between payments count. In some cases the result is that the cusof "compensation for the use of funds" and tomer is charged by the bank for keeping and charges made for keeping balances and performing servicing the account. But the Board'does not other services for a customer. There is no Fed- understand that in any case is a -payment made eral law or regulation which prohibits a bank to or for the account of the customer as "comfrom imposing so-called "service charges" pensation for the use of funds." As the Board against a depositor—nor for that matter which understands the facts, no payments are made at requires it to receive deposits at all. Its rela- all. The analysis is simply an internal artions with a customer and the service charges rangement to enable the bank to determine which may be imposed are matters of contract whether it should make a charge. Under these between the bank and the customer. circumstances, the Board was of the opinion It is not unusual for the management of a bank that, under the facts of the specific case, the to formulate some method of internal account- use of the "Monthly Account Analysis" is not ing designed to enable the management to a "payment of interest" and, accordingly, does analyze individual deposit accounts and deter- not violate section 19 of the Federal Reserve Act mine the terms and conditions under which it or the provisions of the Board's Regulation Q. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINAL SETTLEMENT OF TERMINATED CONTRACTS The following resolution was adopted unani- final and not subject to review by any other mously by the Federal Advisory Council and agency except for frau3. Any amounts that submitted to the Board of Governors at a joint might conceivably be saved the Government meeting on November 1.5, 1943. The Board through a post-audit will fade into insignificance concurs in the resolution. in comparison with grants for relief that will be necessitated by resulting delay, uncertainty, and 1 The larger part of the productive capacity of unemployment. the country is now engaged in the production of "(3) That if settlements of terminated conwar goods. When the war ends the task of tracts when negotiated by the procuring agencies converting this gigantic war economy to a peace are not final, or if they are made subject to subeconomy will be a stupendous one, both for the sequent audit, credit for working capital needed Government and for business. for reconversion after the war may, in many "Already some war contracts are being cancases, be unavailable until the settlement does celed. When peace comes a large percentage of become final and the basis of credit thereby becontracts then outstanding will no doubt be comes ascertainable. This applies particularly canceled. Speedy and equitable settlement of to those contractors whose capital is relatively these contracts will be essential if we are to small. avoid a disastrous business depression and mass 1 '(4) That Congress should relieve contracting unemployment. Millions of men discharged officers who negotiate settlements from personal from military service and millions more now enresponsibility, except for fraud. gaged in war plants will be looking for new "(5) That Congress should enact legislation jobs—and they will expect them promptly. If providing more adequate means of interim we delay in the transition from war to peace, if financing of contractors whose contracts have business is hampered one bit more than is un- been canceled when for unavoidable reasons avoidable in its reconversion and in providing there is delay in final settlement and payment. new jobs, mass unemployment and social distress "(6) That appropriate .plans should be made will result, relief rolls will mount and the State in advance for the prompt removal of surplus and Federal treasuries will be subjected to the Government materiel and facilities for plants necessity of making huge grants for the relief of whose contracts are terminated. the unemployed. 1 'In the opinion of the Federal Advisory Coun- "This must not and need not happen. cil, unless appropriate steps are taken by the "Many factors are involved but the settlement Congress and the various Government agencies of terminated war contracts is one of the most to relieve the minds of thousands of contractors important. large and small and to assure business that, when /The Federal Advisory Council believes: terminated, contracts will be settled fairly, ' X1) That war contracts which are terminated quickly and finally, there is danger that war must be settled and settled promptly and finally production will be hampered now and that by negotiated agreements between the con- peace production will be perilously delayed tractor and the procuring agency of the Govern- after the war. ment which negotiated the original contract. 4 The Federal Advisory Council believes that "(Y) That settlements so negotiated should be these are risks that need not be taken." JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT IN THE UNITED STATES, THE UNITED KINGDOM, AND CANADA* by R. A. MUSGRAVE and H. L. SELIGMAN Division of Research and Statistics The role of finance in a war economy is level of taxation over the prewar level was subsecondary to the task of obtaining the maximum stantially greater in Canada and the United output of war materials. The limits of pro- Kingdom than in the United States. duction are set by the availability of resources 2.. In the United Kingdom, the relative imand the people's willingness to forego civilian portance of excise and income taxes remained consumption; they are not set by the Govern- about the same, while in the United States and, ment's ability to meet the bill. If the neces- to a lesser extent, in Canada the relative imsary funds can not be obtained through taxation portance of income taxes increased while that or borrowing from the people, they can always of excise taxes decreased. be obtained through borrowing from the banks. 3. Personal income taxes in the United King- Yet, the methods of war finance are of vital im- dom and in Canada are much higher than in the portance; they bear directly upon war produc- United States. This picture remains basically tion, they largely determine the distribution the same, although it is modified somewhat, if of the economic burden of the war, and they the comparison is drawn between taxes net of shape the economic conditions after the war. refunds and if adjustments are made for differ- While it is not feasible, politically or eco- ences in the treatment of dividend incomes. nomically, to cover the entire cost of the war The dollar increase in tax liabilities, moreover, by taxation, it is generally agreed that taxation was by far the steepest in Canada. British should cover as large a share as possible without liabilities, although much higher before the imposing gross inequities and impairing produc- war, increased more than did those in the tive incentive. If an all-out tax effort is made, United States. war finance is a powerful means of adjusting 4. Corporation profits after tax rose substanincomes to available civilian supplies; if exten- tially above their prewar level in the United sive reliance is placed on free market borrowing, States and remained practically unchanged in particularly on borrowing from the banks, war the United Kingdom. It appears that the finance turns into a source of aggravated in- profit picture for Canada falls somewhere beflationary pressures. Equally important, an 1 tween that for the United States and that for all-out tax effort during the war reduces the the United Kingdom. financial difficulties of the postwar period. 5. The level of sales and excise taxes is sub- There is thus good reason for appraising the stantially higher in the United Kingdom and financial performance of a nation at war in terms Canada than in the United States. of its tax effort. In assessing these conclusions, it must be re- This paper is designed to obtain some perspec- called that taxation is but a part of total war tive on the tax effort of the United States by finance. It is the volume of Government excomparing it with that of the United Kingdom penditures, not the volume of taxes that indiand Canada. The findings are as follows: cates the share in total output devoted to war 1. The present over-all level of taxation is purposes. The adjustment of civilian incomes highest in the United Kingdom and lowest in to available civilian supplies comes about as the United States. The increase in the general the result of changes in the rate of savings and in prices as well as through additional taxes. * Presented in part as an address before the National Tax Conference, Chicago, November 22, 1943. A more complete analysis of all financial sources NOTE.—Views expressed in signed articles published in the BULLETIN are those of the-writers and not necessarily those of the Board of Governors of the Federal Reserve System. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT of war production, however, falls outside the 15 times as large as those in Canada tells nothing limits of this article which is concerned with about relative tax efforts. taxation only. Equally misleading is a comparison in terms of dollars of per capita tax payments, since per THE OVER-ALL PICTURE capita payments can not reveal the degree to Before comparing the tax effort of the three which taxpayers have had to lower their standcountries, brief consideration may be given to their respective needs for taxation. The ques- GOVERNMENT EXPENDITURES, TAXES, AND NATIONAL INCOME tion as to how adequate a given tax effort is UNITED STATES, UNITED KINGDOM, AND CANADA can not be answered satisfactorily without an M* CCNT extensive analysis of the entire war economy of the country in question, including its fiscal, price, and production policies. A rough picture may be obtained, however, by comparing 40 the shares in the total output of the three countries which are absorbed by the Govern- 20 ment for war purposes. A comparison of this 0 kind involves considerable difficulties.1 The 60 GOVERNMENT SHARE IN GROSS NATIONAL PRODUCT picture provided in Chart I, however, suffices CENTRAL QOVtRhMtNT to show that for the last fiscal year for which 40 ..ill.iilLiil estimates are available (1943 for the United 20 Kingdom and Canada and 1944 for the United States)2 approximately one-half of the output 0 of each country was purchased by Government 60 I TAXES AS P A E L R L C L E E N V T E A L! G O E f •O O V F tR H N M A E T H I T ONAL INCOME war expenditures, the share being perhaps somewhat larger for the United Kingdom and 40 Illllllllllllll somewhat smaller for Canada. Taking this 20 share as a general measure of the magnitude of the fiscal task to be performed, we may con- 0 1940 (Ml t*42 1943 »44 t*3» 1940 *94I 1*42 l»43 1139 1940 1*41 I94S 1943 clude that the severity of tax effort needed UNITED STATES UNITED KINGDOM CANADA was of about the same order for the three rds of living or the amount of income, abcountries. olutely or percentagewise, which they retain The tax effort of three countries differing as after payment of taxes.3 greatly in economic capacity as the United To obtain a significant comparison, tax col- States, the United Kingdom, and Canada can not lections must be measured relative to other be compared in terms of dollars of tax collection. economic dimensions of the respective countries.4 The fact that receipts in the United States are A first step is to compare the extent to which war expenditures have been met by taxation. 1 The difficulties involved, due to lack of statistical information and differences of definition, are such that it seemed preferable merely to indicate general magnitudes in Chart I and to omit the underlying figures from Table I. The percentages shown in the Chart give real central Government expenditures at home as a percentage of the gross 3 Per capita tax payments in the United States are $371 for the fiscal national product. Real Government expenditures at home represent year 1944, as against $256 in the United Kingdom and S211 in Canada central Government expenditures shown in Table I adjusted to a gross for the fiscal year 1943. But at the same time, per capita incomes in national product basis (Department of Commerce definition). The the three countries are SI,151, $609, and S57O respectively. Per capita adjustment involves mainly the deduction of transfer payments, the taxes as a percentage of per capita incomes (equal to the over-all addition of Government investment abroad not included in the budget tax to income ratio discussed below) are thus 42 per cent in the United figures, and the deduction of Government disinvestment abroad. In Kingdom, 36 per cent in Canada, and 32 per cent in the United States. order to obtain resources available for current private use, Government Surely, this latter comparison is more significant* than the former. expenditures thus derived would have to be deducted from the gross * A tax comparison of this kind has certain limitations, arising from national product increased by private disinvestment abroad. This basic differences in the economies under comparison, such as differences further adjustment was not required for the present purpose o{ obtain- in purchasing power and income distribution, as well as from differences ing real Government expenditures at home. ' . .,« in taxation techniques. Some of these differences, however, do not Fiscal years for the United Kingdom and Canada run from April 1 greatly affect the over-all picture, or can be adjusted for. Those rethrough March 31; for the United States, from July 1 through June 30. maining should be kept in mind in interpreting the conclusions. JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT Since war expenditures make up 90 per cent or and Canadian dollar figures are converted into more of wartime, budgets and can not readily be U. S. dollars at the official exchange rates.5 distinguished from other outlays, taxes have The ratio of taxes to expenditures, however, been computed as a percentage of total Govern- has only limited significance, since the effort ment expenditures. Taxes and expenditures required to cover a given portion of expendiof the central governments only are included in tures by taxation depends on the size of expendithis comparison, and budget expenditures are tures and taxes relative to the income of the adjusted to include certain extra-budgetary economy as a whole. items. Taking the aggregate of the fiscal years The war has exploded traditional economic 1941 to 1943 for the United Kingdom and magnitudes of all kinds, but most dramatic has TABLE I NATIONAL INCOME, TAXES AND GOVERNMENT EXPENDITURES (Fiscal year) 1938-39 1939-40 1940-11 1941-42 1942-43 1943-44 (Millions of U.S. dollars) United States 1. National income 74,100 84,500 106,400 135,100 157,000 2. Total taxes—central and local 14,400 16,900 23,000 32,400 50,600 3. Central Government taxes 5,700 7,700 13,400 22,700 40,800 4. Central Government expenditures., 9,300 13,900 34,300 79,800 98,000 United Kingdom 5. National income 22,100 21,700 24,200 27,000 29,500 6. Total taxes—central and local 5,800 5,800 7,700 10,600 12,400 7. Central Government taxes 4,800 4,900 6,800 9,700 11,500 8. Central Government expenditures.. 5,600 8,100 16,100 20,600 23,600 Canada 9. National income 4,300 4,200 4,800 5,700 6; 600 10. Total taxes—central and local 900 900 1,200 1,800 2,400 11. Central Government taxes. 450 . 450 700 1,250 2,000 12. Central Government expenditures., 550 650 1,150 2,400t 4,100 (Per cent) Central Government taxes as percentage of expenditures . 13. United States 61 . 55 39 28 42 14. United Kingdom 86 60 42 47 49 15. Canada 82 69 61 521 49 Total taxes as percentage of national income 16. United States. 19 20 22 24 32 17. United Kingdom 26 27 32 39 42 18. Canada 21 21 25 32 . 36 i Includes 700 million dollar loan to the United Kingdom not included in the Budget. If this item is excluded, the tax to expenditure ratio becomes 71. For explanation of items see note at end of article, p. 26. Canada, and the fiscal years 1941 to 1944 for been the vast expansion in output—particularly the United States, we find Canada covering 51 in the United States,* but also in Canada and the per cent of its expenditures by taxation, fol- United Kingdom. The gross national product lowed by the United Kingdom with 46 per cent in current prices has more than doubled over its and the United States with 36 per cent. Look- 1939-40 level in the United States; that of Canada ing at the most recent fiscal year available, we find the United Kingdom and Canada in 6 Conversion at the official exchange rate is far from satisfactory. the lead with 49 per cent followed by the For purposes of a tax comparison, foreign currency should be converted into United States dollars at rates reflecting the relationship between United States with 42. per cent. A more de- the dollar's purchasing power to the American taxpayer and the purf chasing power of the foreign monetary unit to the foreign taxpayer. tailed picture is given in Chart I and Table L But in absence of such a "true" conversion rate, which can hardly be estimated under prevailing conditions, the exchange rate has to be Here, as throughout this study, pound sterling used. With respect to the countries here under consideration, the resulting distortion is not likely to be serious. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT has increased by 70 per cent, and that of the national income in taxes, (central and local) United Kingdom by 40 per cent. In part this increased this ratio to 36 and 31 per cent respecreflected a rise in prices, but the increase in tively, while the United Kingdom, which terms of constant prices was still very great. started the war with the higher ratio of 16 per This factor alone would have resulted in an cent, achieved an increase to 41 per cent. The enormous increase in tax receipts even though increase in this ratio above its prewar level, as no changes in tax rates had been made. But in measured in percentage terms, is thus highest addition, tax rates in all three countries have for Canada and about equal for the United been increased sharply and new levies have been Kingdom and the United States. It should be imposed. The result, also shown in Chart I noted, however, that the prewar level of taxaand Table I, was that all three countries ex- tion in the United Kingdom was by far the highperienced a substantial increase in the portion est and that additional increases in the tax to of national income absorbed by taxes.6 State income ratio become the more burdensome the and local, as well as Federal taxes, are included higher the level already reached. in this comparison; The United Kingdom, To summarize the over-all picture: With remaintaining the lead throughout, took up 42. spect to the present over-all level of taxation, per cent (fiscal year 1943) of its national income it is clearly highest in the United Kingdom and in taxes as compared to 36 per cent for Canada lowest in the United States. With respect to (fiscal year 1943) and an estimated 32. per cent the increase in the level of taxation, Canada and for the United States (fiscal year 1944). the United Kingdom can not easily be rated, but Apart from the level of taxation reached, the they are both substantially ahead of the United question must be raised how sharp the increase States. has been in the three countries. As may be CHANGES IN THE TAX STRUCTURE expected, the percentage increase in tax collections was greatest where the tax base or the The enormous increase in total tax yields— national income increased most, that is in the from 15 to 50 billion dollars in the United States, United States, and it was least where the in- 6 to ii billion dollars in the United Kingdom, crease in the tax base was smallest, that is in and 1 to z.5 billion dollars in Canada—was the United Kingdom. In measuring the wartime accompanied by equally drastic changes in the tax effort, however, it is not the percentage composition of the tax structure of the three increase in taxes that is significant but the countries. To trace the pattern of this change, changes in the ratio of taxes to income. The taxes may be divided into four groups; namely, percentage increase in taxes may be a reflection, taxes on individual net income, taxes on business wholly or in part, of the buoyancy of an in- net income, excise taxes (i.e., a variety of taxes creased level of income, while the effect of an on business gross income or cost items), and increased base is largely eliminated when tax property taxes. to income ratios are compared.7 The distribution of the total tax yield (ex- Canada and the United States, which prior cluding the yield from property taxes)8 remained to the war collected about 2.0 per cent of their rather stable in the United Kingdom where receipts from the individual income tax and • To avoid confusion, this follows the customary practice of com- from excise taxes expanded at about the same paring tax collections with national income, although, in'some respects, it would seem preferable to draw the comparison with the national product»,^he over-all picture is about the same under either approach. 7 With an increasing base, the yield of certain taxes, particularly 8 While receipts from property taxes are included in the over-all taxes on net income, increases at a rate faster than the increase in the figures, they require no special attention in this connection, since they base, while other taxes, especially property taxes, increase at a slower have been a dormant element in wartime taxation. Currently, they ltte' i?n the basis °* Preliminary estimates, it seems likely that had supply about 9 per cent of total tax receipts in all three countries. there been no change in tax rates, taxes as percentage of national in- British property tax rates are considerably lower than those in the come would have remained about constant for the United States and United States but the British house owner loses part of what he saves Canada and would have shown some slight increase for the United in property taxes since the rental value of an owner-occupied home is Kingdom. counted as income under the personal income tax. JANUARY 1344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT uted by the individual income, tax rose from CHART 2 TAX RECEIPTS BY SOURCES one-fifth to nearly one-half, while that of excise CENTRAL AND LOCAL GOVERNMENTS taxes declined from two-thirds to one^fifth. FISCAL YEARS As in the United Kingdom, the share contributed by taxes on corporate income increased with the imposition of an excess profits tax. In Canada, the changes in the tax structure were in the same direction as in the United States, but the share of excises decreased less and that of individual income taxes increased less. These developments are shown in more detail on Chart 250 UNITED KINGDOM 14.6 II and Table II. 200 I 1.7 To some extent the varying emphasis upon 150 8.8 100 5.9 different tax sources reflects differences in the 50 2.9 budgetary situation before the war and in eco- 0 0 nomic developments during the war, but it also 300 CANADA 28 reflects conscious differences in wartime tax 250 2.3 policies. The United Kingdom, having en- 200 18 150 1.4 tered the war with high income and excise 100 .9 taxes found it necessary to expand its tax fron- 50 5 tiers in all directions with the result that the 0 0 relative shares contributed to the total budget 1939 1940 1941 . 1942 1943 by personal income and excise taxes underwent rate. As a percentage of the total, they both little change. In the United States, receipts declined as the result of the introduction of cor- from taxes on individual and business incomes porate taxation in the form of an excess profits greatly increased relative to excise taxes, retax. In the United States, the share contrib- flecting, in part, the large increase in individual TABLE II CHANGES IN THE TAX STRUCTURE [Millions of U. S. dollars] United States United Kingdom Canada (Fiscal years) 1940 1944 1939 1943 1939 1943 Central Government 1. Individual income taxes 1 706 20 753 2 552 5,030 56 547 2. Corporate income taxes 1.281 14,283 105 1,523 87 743 3 Excise taxes 2,686 5,798 2,172 4,848 290 689 4. Property taxes 122 Total 5,673 40,834 4,829 11,523 433 1,978 State and local governments 1. Individual mcome taxes 319 450 46 19 2. Corporate income taxes 155 400 41 9 3. Excise taxes 3,822 4,500 173 215 4. Property taxes '. 4,460 4,450 1,015 863 246 224 Total . 8,756 9,800 1,015 863 507 468 All levels of Government 1. Individual income taxes 2,025 21,203 2,552 5,030 103 1 566 2. Corporate income taxes 1,436 14,683 105 1,523 128 752 3. Excise taxes 6,508 10,298 2,172 4,848 463 904 4. Property taxes 4,460 4,450 1,015 985 246 224 Total 14,429 50,634 5,844 12,386 940 2,446 For explanation of items see note at end of article, p. 27. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT incomes and corporate profits and thus the large lion to over 40 million, and in Canada from expansion in the tax base. Also, it reflects a 2JDO,OOO to over 2. million—thus revolutionizing situation in which the over-all level of taxation the very character of the income tax. was still relatively low so that primary reliance 1. Personal income tax liabilities at various on income taxes constituted a sound policy.9 levels of incomes may be compared in terms of Despite a much sharper increase in rates, the effective rates, that is, tax liabilities expressed relative share of income taxes in Canada in- as a percentage of net income before exemptions. creased less than in the United States, due to a The effective rates applicable to a married taxsmaller expansion in the base and a greater payer with two dependents are shown in Chart expansion in other tax sources. III. Table III shows dollar liabilities at selected income levels, applicable to a single taxpayer TAXES ON INDIVIDUAL INCOMES and to a married taxpayer with two dependents. Receipts from taxes on individual incomes TABLE III increased drastically in all three countries; ten- INCOME TAX LIABILITIES AT SELECTED INCOME LEVELS [In U. S. dollars] fold in the United States, fivefold in Canada, and double in the United Kingdom. They Net 1. United States 2. United Kingdom 3. Canada income supplied over one-half of the total increase in before tax receipts in the United States as against 38 ex ti e o m n p s - Total Refund Total Refund Total Refund Single, no dependents $ 1,000 $ 107 S 189 S 48 S 190 $ 80 PERSONAL INCOME TAXES 2,000 345 024 106 628 160 UNITED STATES, UNITED KINGDOM,AND CANADA m 1 5 0 , , 0 0 0 0 0 0 2 1 , , 9 17 73 2 4 1 , , 6 9 2 7 0 5 2 2 0 4 5 0 2 5 , , 1 2 8 2 0 9 4 7 0 2 0 7 MARRIED TAXPAYER -TWO DEPENDENTS 20,000 8,014 11,340 240 12,069 727 '50,000 28,797 36,550 240 36,318 727 100,000 70,516 84,200 240 82,531 111 Married, two dependents 80 S 1,000 5 13 UNTED KIN6D y 0K7 70 1 5 2 0 , , , 0 0 0 0 0 0 0 0 0 2,3 7 3 5 5 3 8 4 S 4 1 3 , , 3 6 0 0 5 4 0 5 $1 2 2 1 2 6 4 5 0 5 4 1 2 , , 6 7 7 9 4 5 8 7 $ 1, 1 0 6 3 9 0 1 8 0 20,000 7,042 11,020 260 11,336 1,091 50,000 27,184 36,250 260 34,985 1,091 60 60 100,000 68,634 83,900 260 £0,198 1,091 W // * UN A IT KO E D NE W S T Y A O T R E K S For explanation of items see note at end of article, p. 27. 50 V 50 CANADA/ /> For the United States the net victory tax and 40 / 40 the New York State income tax are included together wTith the Federal income tax.10 30 UNITED 7~y 30 AFTER!EF|JNDS// The comparison shows that British and Cana- 20 I/// 20 dian rates (inclusive of refunds) are substantially ' CAN*DA higher except for the very lowest income group. AFTEP REFU 10 /Hi/ 10 Due to the flat exemption under the victory tax, which does not allow for differences in I 11 dependency status, large families with incomes s s of less than about $1,500 pay a somewhat N'T IktOME BtFOIC CXEHPTIOMS (MATIO ICALC) heavier tax here than in the two other counper cent in the United Kingdom and 31 per cent tries.11 But from there on, both British and in Canada. The number of income taxpayers in the United States increased from about 4 mil- 10 The Canadian Provinces relinquished their privilege of imposing income taxes for the duration of the war. Therefore, while Dominion receipts from the individual income tax increased tenfold, the over-all i* h n a c v o 9 e m T b e h e - e t e —a n f x o d a ll t r o i a o w r w .n,* i n n » i g n u - * p + a t^ o h n ,I n Je a M l .U w y I s i n> i l ? s i l t 1e1 t o h 1d f r i o iS t i h w itva e r vt s d ve o e s m c g vh r e j e ai i e is l ^ i g n t i o o h i^ t w w n o t r h n ev i a* c t *c h h h i e v "e v q d a r u * i a e 1 o « s Vl u t ef s i c-v o - t e- n v aa l |I x x l \ a t s o w u h r 1 i c c• e h1 s i h n o c w 1 r 1 e e a T v s e h e r e , w a l a o r s w e f s e i u v st b e f j i e o n c l c d t o a m to s e s h t g e a r a t o e v u d ie p r a s b s i o o n v c t i e a h . l e s U ec n u it r e it d y K ta i x n e g s d o th m a n a n th d o s C e a n in a d t a h , e a change in emphasis is called for. United States. JANUARY 1944 2.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT Canadian rates climb rapidly above United liabilities to be very much heavier. It must be States' rates. A family with an income of noted, however, that certain differences in the tax $1,000, for instance, pays $58 in the United treatment of various types of incomes are neglected States as against $304 in the United Kingdom and in a simple rate comparison. These differences $175 in Canada. Moving up the income scale, may be particularly important for the higher inthe spread between effective rates here and in come levels. Tax-exempt securities, for inthe two other countries widens rapidly, and stance, furnish a very significant part of large reaches a maximum between $10,000 and investment incomes in the United States; in the $10,000. At the $5,000 level a single American United Kingdom and Canada they are much taxpayer contributes $1,171 as against $1,975 in more limited. Joint returns are mandatory in the United Kingdom and $1,180 in Canada. the United Kingdom, but not here and in Can- A family with an income of $10,000, while ada. Rental values of" owner-occupied homes paying a tax of over $11,000 in the United are counted as part of taxable income in the Kingdom and Canada, pays but $7,041 in the United Kingdom but not in the two other United States. Although widest over the countries. Capital gains are taxed and losses middle income ranges, the spread between the are allowed in the United States; in the United rates here and in the United Kingdom or Canada Kingdom and in Canada both are largely disremains. substantial to well above the $15,000 regarded. The net result of these differences is income level. Over the higher income ranges, difficult to determine, but it is unlikely that the United States' rates approach, but do not reach, "hidden burden," as a whole, is heavier for the those payable in the United Kingdom and United States than for the United Kingdom or Canada. Canada. The general picture remains the same if we However, the most important difference tendcompare tax liabilities net of refunds. (See, ing to understate income tax liabilities in the again, Chart III and Table III.) In the United United States and Canada, relative to British States the refundable part of the victory tax liabilities, may be corrected for. This relates to has been discontinued. In the United Kingdom, the treatment of dividend income. In the United refunds are very significant for the lowest in- States corporation net income is taxed (at a rate come groups, but are small relative to total of 40 per cent) under the corporation net income liabilities for other incomes, the maximum tax, and when distributed individends, it is taxed refund being $160. In Canada refunds form a again under the personal income tax. In substantial part of total liabilities for incomes Canada, similarly, a separate tax is imposed on up to $20,000 or more, the maximum refund corporations (at a total rate of 30 per cent) being in excess of $1,000. In part, the Canadian which may not be offset against the tax on inrefunds may be claimed currently against dividual incomes.13 In the United Kingdom, certain types of savings. Comparing tax lia- the corporation income tax is merely a device bilities net of refunds, British and Canadian for collecting personal income taxes on corrates remain well above those of the United porate net incomes at the source. Corporate States. Canadian rates, while about level with net income is taxed at a rate equal to the stand- British rates in a comparison of gross liabilities, ard rate of the personal income tax, but the infall short of British rates if net liabilities are dividual stockholder is not required to pay the compared.12 standard rate again on income received in the 1. The comparison of effective rates in the pre- form of dividends. ceding section shows the British and Canadian To obtain a fair comparison between tax 13 This 30 per cent rate is composed of an 18 per cent normal rate u For a more detailed comparison of income tax rates, see the Fed- and an additional 12 per cent collected under the excess profits tax but eral Reserve BULLETIN for December 1942. assessed on the entire net income. 12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT liabilities in the three countries, liabilities ap- the additional burden of corporate taxation is plicable in the United States and Canada have largest, yet the correction still leaves the rates been adjusted to allow for the double taxation in the United States below those in the two of dividend income. The adjustment is shown other countries. in Table IV.14 The tax liabilities and relative 3. After comparing the present level of income burdens for the United Kingdom remain un- tax liabilities in the three countries, it is of changed, but those of the United States and further interest to compare the increase in income Canada are increased. The increase is most tax liabilities during the war years. An abrupt significant in Canada, raising its rates above increase in liabilities would impose a greater hardship on the taxpayer than a gradual inthose of the United Kingdom for the great crease, so that the country having a low tax majority of taxpayers. Before adjusting for the level prior to the war, is handicapped in reaching a high level of wartime taxation. TABLE IV A comparison between present (unadjusted) TAXATION OF PERSONAL INCOME Individual Income Tax and Corporation Income Tax income tax liabilities and prewar liabilities at Combined1 selected income levels is given in Table V. It tin U. S. dollars] shows that the increase in tax liabilities in Can- Married, no dependents ada and in the United Kingdom was substan- Adjusted net Corporation Net income income tax subject to Personal Total tax tially greater, for all income levels, than the (2 + 3) allocated to personal income tax dividends income tax increase in the United States. Income taxes (1) (2) (3) (4) (5) in Canada rose spectacularly from a prewar level United States generally similar to that in the United States to $ 3,000 s 91 $ 2,909 $ 385 $ 476 10,000 724 9,276 2,201 2,925 a wartime level as high as that of the United 25,000 2,790 22,210 8,353 11,143 50,000 7,360 42,640 21,703 29,063 Kingdom. (The Canadian prewar liabilities 100,000 18,240 81,760 52,621 70,861 500,000 118,200 381,800 330,164 448,364 include Dominion and Province of Ontario taxes United Kingdom and the New York State tax is included in the $ 3,000 S 962 $ 962 United States* liability for both periods.) 10,000 4,491 4,491 25,000 14,976 14,976 Income taxes in the United Kingdom rose more 50,000 36,374 36,374 100,000 83,962 83,962 moderately than Canadian rates, reflecting the 500,000 473,962 473,962 already high level of income taxation before the Canada war. Nevertheless, British liabilities increased $ 3,000 $ 68 $ 2,932 $ 902 $ 970 more sharply than did liabilities in the United 10,000 543 9,457 4,577 5,120 25,000 2,093 22,907 13,831 15,924 States, notwithstanding our much lower level 50,000 5,520 44,480 30,588 36,108 100,000 13,680 86,320 66,875 80,555 of prewar taxation. In the United States, a 500,000 88,650 411,350 376,658 465,308 married taxpayer with two dependents receiv- For explanation of items see note at end of article, p. 27. ing a $1,000 income was without income tax liabilities before the war and now pays $58. corporate tax, the rates in Canada fall very close In Canada, the same taxpayer paid no tax before to the rates in the United Kingdom for incomes the war and now pays $175, or almost five times up to almost $15,000, but drop behind fairly as much as the American. In the United Kingrapidly thereafter. With the adjustments for dom he paid $13 before the war and now pays the corporation tax, however, the Canadian $304. A $10,000 taxpayer in the United States rates are the highest up to the $50,000 income had his liability increased from $659 to $^,333, level when they start to fall behind the rates or by less than $1,700. A similarly situated for the United Kingdom. For the United States, taxpayer in the United Kingdom, having paid $1,854 in the prewar year now pays $4,300, 14 For explanation of adjustment see note to Table IV. JANUARY 1944 ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT that is, an increase of $2_,446. In Canada, come. In all three countries the income exempt finally, the same taxpayer now pays $4,698 as from the excess profits tax may be determined compared to $666 in the prewar year, that is, with reference to the income received in the an increase of $4,032.. base period, although there are differences in It is thus evident that not only are present the way the base period is defined. In the Canadian and British income taxes substantially United States the taxpayer has the option of an higher than present taxes in the United States, alternative method, determining the credit as but also the rates have risen much more sharply a certain rate .of return on invested capital. above their prewar level in both these countries, All three countries make provision for the exparticularly in Canada. pansion of capital over the base period level and TABLE V WARTIME INCREASE IN INCOME TAX LIABILITIES AT SELECTED INCOME LEVELS [In U. S. dollars] ]. United States 2. United Kingdom 3. Canada Net income before Liabilities Liabilities Liabilities exemptions T T pa~e 1940 1913 1939 1943 1939 1943 Single, no dependents S 1,000 S 4 S 107 S 103 $ 27 $ 189 $ 162 $ 190 S 190 2,000 63 345 282 183 624 441 $ 45 628 583 5,000 282 1,172 890 843 1,975 1,132 266 2,180 1,914 10,000 1,018 2,973 1,955 2,118 4,620 2,502 946 5,229 4,283 20,000 . 3,449 • 8,014 4,565 5,842 11,340 5,498 3,456 12,069 8,613 50,000 16,350 28,797 12,447 21,484 36,550 15,066 15,327 36,318 20,991 100,000 46,540 70,516 23,976 52,684 84,200 31,516 40,461 82.531 42,070 Married, two dependents • S 1 000 $ 13 S 1.3 2,000 58 58 S 13 $ 304 S 291 $ V5 $ 275 5,000 $ 115 754 639 579 1,655 1,076 $ 120 1,747 1,627 10,000 659 2,333 1,674 1,854 4,300 2,446 666 4,698 4,032 20,000 2,840 7,042 4,202 5,577 11,020 5,443 2.888 11,336 8,448 50,000 15,298 27,184 11,886 21,219 36,250 15,031 14,557 34,985 20,428 100,000 45,164 68,634 23,470 52,419 83,900 31,481 39,466 80,198 40,732 For explanation of items sec note at end of article, p. 27. TAXES ON BUSINESS INCOME permit reconstruction of the base period income Taxes on corporate income, largely on excess in cases where incomes in that period were ab-. profits, increased no less drastically than did normally low. The United Kingdom provides taxes on individual income. They supplied for unlimited carry-forward and carry-back of about 40 per cent of the increase in Canada and losses and of unused excess profits credits; in in the United States, but only 2.0 per cent in the the United States losses and credits may be United Kingdom. In the United Kingdom, cor- spread over five years wrhile in Canada this poration income is taxed under the excess profits period is limited to two years. Numerous tax only, while here and in Canada an additional other relief provisions are provided for in each tax is imposed on corporation net income at a country. rate of 40 and 30 per cent respectively. The No detailed comparison of these taxes can gross rate of excess profits tax is 100 per cent in be undertaken here, but given the necessary the United Kingdom and in Canada, as against data, an over-all picture of their impact might 90 per cent here, but net of postwar refunds, all be obtained more simply by comparing the three rates are close to 80 per cent. course of corporation profits before and after More important than the differences in rates taxes in the three countries. A comparison of are those in the definition of excess profits in- this kind does not consider the effects of the tax FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT alone, but the joint impact of taxes, price These include not only sales and excise taxes controls, contracting policies, etc. Clearly, proper, but also employers' contributions to pay it is this joint impact which is significant. A roll taxes and to war damage insurance. As a high excess profits yield by itself may be an group, these taxes contributed 40 per cent to the indicator of loose pricing policies rather than increase in total revenue in the United Kingdom of severe tax provisions, just as a low excess against 30 per cent in Canada and 10 per cent in profits yield may indicate stringent price policies the United States. Here and in the United rather than liberal tax provisions. Kingdom, two-thirds of this contribution was For the United Kingdom and the United derived from sales and excise taxes proper, States a comparison may be made of the move- whereas in Canada practically the entire inment of corporation profits1 after taxes. The crease resulted from these sources. index of industrial profits after excess profits The yield from sales and excise taxes proper tax (but before withholding taxes on dividends), doubled in the United Kingdom and Canada compiled by the London Economist, has remained and increased by 50 per cent in the United States. practically stable since 1938. The index is In order to measure the severity of sales and exbased on 1,300 companies and is sufficiently cise taxes in over-all terms, a comparison should inclusive, in the words of the London Economist, be drawn between such taxes paid by the con- "to display conclusive evidence of the close sumer and total consumers' expenditures, but in control of profits through the mechanism of ex- absence of such information, the ratio between cess profits taxation," and to show "that there receipts from these taxes and national income is no sign of the slightest degree of profit inmay serve as a substitute. Taking the most flation."15 In the United States, profits after recent year, this ratio is above 10 per cent for the tax increased sharply notwithstanding the in- United Kingdom and Canada and about 5 per troduction of the excess pFofits tax and the incent for the United States. The indication that crease in rates under the corporation income the level of excises is substantially higher in the tax.16 With due allowance' for differences in other two countries is substantiated by a comaccounting practices, prewar profit levels and parison of the rates applicable to various types changes in capitalization, there remains a clear of commodities. difference in the profit picture for the two In the United Kingdom, nearly 84 per cent of countries. Available data for Canadian profits the additional yield from sales and excise taxes are less conclusive. Statistics compiled by the proper was derived from taxes on liquor, tobacco, Bank of Canada, covering approximately twoand gasoline, while these same taxes yielded thirds of total corporation net income, show about 50 per cent of the increase in the United for the fiscal year 1941 an increase in corporate States and 37 per cent in Canada. The rates profits after tax of about 40 per cent over the on liquor and tobacco are vastly higher in the prewar level. This was followed by a de- United Kingdom than in the other two councrease of 5 per cent from the fiscal year 1941 to tries. The tax on a gallon of liquor, for ex- 1943.17 Thus it appears that the movement of ample, is $13 in the United Kingdom as against Canadian profits will fall somewhere between $7.30 in Canada and $7.50 in the United States. that of the United States and that of the United (Both here and in the following examples, the Kingdom. tax for Canada includes that of the Province of EXCISE TAXES Quebec and the tax for the United States includes The increase in excise and sales taxes is indi- that of the State of New York.) The tax on a cated by data on receipts shown in Table VI. barrel of beer in the United Kingdom is $18 as against $7.90 in Canada and $7.93 in the United is £c0*°mist> London, England, September 19, 1942, p. 365. . °Net income of all corporations, excluding dividends received States. The tax on a package of cigarettes from domestic corporations. Estimates by U. S. Treasury Department, Division of Research and Statistics, September 10, 1943. ranges from 17 to 34 cents in the United Kingdom 17 Bank of Canada, Statistical Summary, Oct.-Nov. 1943. JANUARY 1944 2-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT compared to 9 cents in the United States, while other commodities. In the United States and the Dominion tax in Canada is 18 cents and the Canada, this group supplies about 40 per cent of. provincial tax in Quebec is 10 per cent of the the total sales tax yield, but less than xo per cent retail price. Taxes on a gallon of gasoline are 12. in the United Kingdom where many of the items cents in the United Kingdom as against 10 cents come under the higher rates of the purchase in Canada and 5^ cents in the United States. tax. A rate comparison again shows the Cana- The heavy rates on liquor and tobacco in Great dian rates to be higher in most cases, particu- Britain are indicative of the high level of excise larly if allowance is made for the fact that in taxation since these articles absorb nearly £ many cases the Canadian excise rates apply in of its total consumers' expenditures or as much addition to the 8 per cent sales tax rate. On the as rent and clothing combined. whole, it is clear that the level of sales and ex- Both the United Kingdom and Canada have a cise taxation—as that of income taxation—is general sales tax. on the Federal level. While substantially higher in the United Kingdom and the British purchase tax contributes less than Canada than in the United States. TABLE VI EXCISE AND PAY ROLL TAXES—ALL LEVELS OF GOVERNMENT [Millions of U. S. dollars] United States United Kingdom Canada 1940 1944 1939 1943 1939 1943 1. Employers' pay roll taxes.. 1,314 2,396 254 278 2. War damage insurance S19 3. Sales and excise taxes Alcoholic beverages 817 1,762 510 48 115 Tobacco 705 1,225 409 1,349 35 97 Gasoline 1,096 963 279 218 41 67 General sales tax 559 775 355 132 244 Others, including customs., 2,017 3,175 720 643 207 362 Total. 5,194 7,902 1,918 3,751 463 885 4. Total ... 6,508 '10,298 2,172 4,848 463 903 For explanation of items see note at end of article, p. 27. r£$ of the total sales tax yield, the Canadian sales In conclusion it should again be noted that tax contributes over 3^. The Canadian tax is the adequacy of the tax effort must be measured imposed largely at the manufacturers' level at a for each country against its need for curtailing rate of 8 per cent; it applies to practically all inflationary pressures. Few would hold that commodities excluding, however, most foods. inflationary pressures here are less serious than The British purchase tax is imposed at rates of in the two other countries; yet, as we have seen, 16% per cent, 33^ per cent and 100 per cent. the tax effort in the United States falls far behind Absolute necessities and certain commodities that of the United Kingdom and Canada. already bearing high taxes, such as tobacco and NOTES TO TABLES liquor, are excluded, while luxuries, such as Table I. furs and baggage, are taxed at the 100 per cent Item 1. Figures for fiscal years 1939^0 through 1942-43 from the Department of Commerce, Survey of Current Business, March 1943 and rate. General sales taxes levied by state and August 1943. Figure for 1943-44 is estimated. Item 2. Federal gross tax receipts from Treasury Bulletin and Relocal governments in the United States are at a vised Budget Estimate of August 1, 1943 adjusted to the November 28, 1943 revision. State tax receipts from Department of Commerce, State very much lower rate throughout, rarely ex- Finances; figure for 1943^*4 is estimated. Local tax receipts estimated on basis of Department of Commerce, Financing Federal, State and ceeding 3 per cent. Local Governmentst 1941. For breakdown and further explanation see Table II and notes thereto. In addition, all three countries impose special Item 3. See preceding note. Item 4. Federal budget expenditures are adjusted to include extraexcise taxes (and custom duties) oh numerous budgetary expenditures such as old-age benefit payments under the Social Security Program and net outlays of Government corporations. 2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE WARTIME TAX EFFORT Figures for fiscal years 1939-40 through 1942-43 from Treasury Bulletin corporation would have increased dividend distribution by the amount and Daily Treasury Statement. Figure for 1943-44 from Revised Budget of tax allocable to dividends. For this purpose, the amount of divi- Estimate of August 1,1943 adjusted to the November 28, 1943 revision. dends (after corpoiation tax) received by individuals at various income Item 5. U. $. Department of Commerce definition. Estimated on levels was estimated on the basis of the preliminary report, Statistics basis of data in British White Paper on War Finance for 1943 (Cmd. of Income for 1941, Part I. Each dollar of dividends was regarded as 6438) and The Economist, London, April 24, 1943, p. 519. that percentage (60 per cent) of dividends before the corporation tax Item 6. Central Government tax receipts from annual financial which corresponds to the corporate tax rate (40 per cent) and was blown statements of the Chancellor of the Exchequer. Local taxes (com- up to 100 per cent. Net income including dividends before the corporaposed entirely of rates on property) from British White Paper on War tion tax (column 1) was obtained by adding the difference between Finance for 1943. For breakdown and further explanation see Table dividends before tax and dividends after tax to net income for income II and notes thereto. tax purposes (column 3). Item 7. See preceding note. The difference between dividends before tax and dividends after Item 8. Figures from annual financial statements of the Chancellor taxthus derived equals the amount of corporation tax allocated to the of the Exchequer. Extra-budgetary expenditures estimated from data individual's dividends (column 2). This amount must be added to the in British While Paper on War Finance for 1943. personal income tax (column 4) levied on personal income tax net Item 9. U. S. Department of Commerce definition. There are no income (column 3) to derive the total tax liability (column 5) which generally accepted statistics of income for Canada. Fragmentary can then be charged against the total income. statistics appear in a number of sources. Figures are estimated on 2. For Canada, we begin with the same total net incomes including basis of data in the Financial Post, Toronto, April 17, 1943; Dominion dividends before corporation income tax as derived for the United Bureau of Statistics, Mofithly Review of Business Statistics, April States (column 1). Also, we assume the same ratio of dividends before 1943 and Description of Method Used in the Monthly Computation of corporation tax to the total income. The individual's share of the National Income; Annual Report of the Bank of Canada, February 8, corporation tax was then computed at 30 per cent (the Canadian rate) 1943; and Monthly Review of the Bank of Nova Scotia, June 1941. of dividends before corporation tax (column 2). Subtracting this Item 10. Central Government tax receipts from Appendix to the amount from total net income, we obtain personal income tax net in- Budget, 1943-^4. Provincial and municipal tax receipts from Bank of come (column 3). The total tax was then obtained by adding the per- Canada, Statistical Summary. For breakdown and further explana- sonal income tax on that income (column 4) and the individual's share tion see Table II and notes thereto. of the corporation tax. (In computing the 4 per cent surtax on in* Item 11. See preceding note. vested income under the personal income tax, the ratio of earned to • Item 12. Figures from Appendix to the.Budget, 1943-44. unearned income at various levels was estimated on the basis of Statistics of Income for 1941.) No specific assumptions have been made regarding the extent to Table II. which corporate income is distributed. If it is assumed that the Item 1. Includes taxes on personal income, employees' contribu- entire income is distributed, nothing need be added. If we assume that tions under social insurance programs, gift taxes, and estate or succes- part of the corporate income is retained forever, the corporate income sion taxes. tax in the United States and in Canada, and the withholding tax in the Item 2. Includes taxes on corporate income and on excess profits. United Kingdom become the only tax paid. The taxoaycr in the The capital stock tax is included for the United States and the National United Kingdom is somewhat worse off in this instance since the rate Defense Contribution for the United Kingdom. For the United States, of withholding is higher than the corporate rates in the other two receipts from contract renegotiation are excluded. countries. If it is assumed that the retained income will be distributed Item 3. Includes sales taxes, excise taxes, custom duties, em- at a later date, the larger percentage of income received in the form of ployers' contributions to social security programs, and other miscel- dividends would then be reflected in a greater upward adjustment of laneous taxes. For the United Kingdom, compulsory contributions the personal income tax. for War Risk Insurance premiums and contributions under the business scheme of the War Damage Act are included. Item 4. Includes compulsory contributions under the property scheme of the War Damage Act in the United Kingdom. Table V. Item 1. Liabilities under Federal and New York State Revenue Acts applicable to income earned in calendar years 1940 and 1943. Table III. Item 2. Liabilities under Finance Act, 1939 and Finance Act, 1942. Item 1. Includes Federal income tax under the Revenue Act of Item 3. Liabilities for 1939 under Dominion Income War Tax Act 1942, net victory tax, and New York State income tax. Maximum as amended through first session of 1939 and Province of Ontario income earned income credit is given. Victory tax liability is computed on the taxes for 1939. Liabilities for 1943 are for Dominion income taxes basis of a gross income, assumed to be 110 per cent of the net income under the Income War Tax Act as amended to June 1, 1943 only, since shown in the left column. the Provinces have surrendered this tax to the Dominion for the dura- Item 2. Liabilities under prevailing rates effective for income tion of the war. earned during the fiscal year 1942-43. Maximum earned income credit is given. Item 3. Liabilities are computed on the basis of the Income War Tax Act of 1942. Income in excess of $30,000 is assumed to be invest- Table VI. ment income. Item 1. Employers' contributions under social insurance programs. The United States^ program includes old-age insurance and unemployment insurance. The United Kingdom program includes old-age, Table IV. unemployment, and health insurance. Canada has only an unemploy- In order to make tax liabilities in the United States and Canada ment insurance plan. Figures for the fiscal year 1944 for the comparable with those in the United Kingdom, liabilities for the United States and for the fiscal year 1943 for the United Kingdom and United States and Canada must be increased to allow for the tax- Canada are estimated. payer's share in the corporation income tax. The excess profits tax, Item 2. Includes compulsory contributions for War Risk Insurance which is similar in the three countries, need not be considered here. and for property and business schemes under the War Damage Act. The adjustment involves the following steps: Estimated on basis of data in British White Paper on War Finance. 1. For the United States, we begin by increasing net income for in- Item 3. Figures for the fiscal year 1944 for the United States are come tax purposes by the extent to which dividend income would have estimated. been greater if there were no corporation tax. It is assumed that the Item 4. Same as item 3 for Table II. JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUS' DANIEL 'W. BELL, UNDER SECRETARY OF THE TREASURY I welcome the opportunity to discuss with you their much higher price in human cost on the this evening the problems of financing the war fighting fronts. Exceptions from this rule and the postwar readjustment. It is because we should be permitted only when clearly justified feel that these two problems are so closely tied by special circumstances. together that I have chosen to discuss some as- There are a number of these special circumpects of each in the same address. stances, and it is because of them that the Treasury Department has never recommended to WAR FINANCE Congress that the whole cost of the war should It has come to be generally recognized that be paid for out of current taxation. But it is the real cost of a war must be paid for while it these exceptions, and not the general rule, which is being fought. This real cost consists in the need special justification; and I should like to labor put forth and the sacrifices endured in explain to you tonight, not why the Treasury order to produce and to use the goods of war. has recommended to Congress additional taxes, Guns can not be fired until they and their shells which if enacted would only provide sufficient have been made, nor can they be fired with time revenue to cover about one-half of total Federal borrowed from tomorrow. The labor and sacri- expenditures, but rather why it has not asked fice involved in these things must be made today for taxes to cover the full cost. and can not be postponed. The use of borrowing, to the extent that it is There are, of course, some exceptions to this justified by special circumstances, makes for a rule. A war may be fought, in small part, by smoother working of our war economy than the use of stocks of goods accumulated before would the exclusive use of taxation. What are it begins; and, to a much larger extent, by post- these circumstances under which borrowing is poning the replacement of capital goods wearing thus the superior instrument of war finance? out during its course. With these exceptions, In the first place, the burden of a tax—or of the whole physical cost of a war must be paid any other compulsory levy, even if it is subsefor while it is being fought. quently reimbursable—must be levied according What then, it may be asked, is the role of war to fixed rules. These rules can take but little borrowing? The answer must be that war account of individual circumstances. It requires borrowing is a method of postponing, not the considerable time for many individuals to adjust cost itself, but the final allocation of the total their living standards and commitments to the burden of the war to some future date, when the new and lower levels which would be dictated costs now paid for through the sale of bonds are by all-out wartime taxation. finally assessed in the form of taxes—at which While some individuals are revising their time it is inevitable that a much larger portion living standards downward, other individuals, of them will be paid by the persons noW in the whos~e incomes have been increased by the war armed forces than if they were assessed today.. to levels considerably above those required to When this fact is seen in its stark reality, it is - . _ *i meet their former standards of living, are ready clear that the money cost of the war should be and willing to lend a substantial proportion of met as far as possible by taxes, and so be paid their increased incomes to the Government in for once and for all by today's civilians at the order to insure their future security. same time that the men in the services are paying Ultimately, if the war should last long * Address before the Worcester Economic Club at the Hotel Ban- enough, these adjustments might be Continued croft, Worcester. Massachusetts, on Thursday, December 16.1943. j 1*1 * • i i r ..:«« under a steadily increasing burden of taxation NOTE.—Views expressed in signed articles published in the BULLETIN are those of ths writers and not necessarily those of the Board of Governors of the Federal Reserve System. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT until each person's standard of living and finan- business enterprises were taxed away, there cial commitments had become adjusted to his would be no economic incentive to call forth place in the war economy. This is unlikely to these exertions. occur, except in a very long war; and, in the The borrowing which is justified entirely by meantime, a considerable proportion of the total the special considerations which I have just war cost must be borrowed in order to avoid enumerated would have to take place for our unnecessary disruption in the economy. wartime economy to operate smoothly, no mat- In the next place, the magnitude of our war ter how willing Congress might be to levy addieffort is fixed by our full gross product, rather tional taxes or the people to bear them. This than by our net national income. This means borrowing alone would amount to a great deal that during wartime replacements and repairs on of money by peacetime standards; but it would plant and equipment must be postponed, as far certainly be much less than the nearly 50 bilas possible, so that the manpower and materials lion dollars a year which we should have to which they would otherwise have absorbed can borrow even if the Treasury tax proposals were be thrown into the war effort. Producers, as granted in full. well as consumers, are asked by their Govern- An additional amount of borrowing—over ment to "Use it up, Wear it out, Make it do, or and above the minimum required on economic Do without." grounds—can also be accomplished without This means that during the war period, the danger of inflation to the extent that individuals capital assets of most business firms are wearing can be induced, for patriotic reasons, to increase out more rapidly than they are being replaced, their savings. This the Treasury is endeavoring and the depreciation reserves set aside to offset to do by means of the pay roll savings plan and this wear and tear are piling up in cash. At the the War Loan campaigns. same time, the accounts receivable of these firms The volume of total savings required is dicare running down, which results also in piling tated by the size of the deficit and may differ up cash. These funds are all available to be lent materially from the sum total of savings which to the Government; but they are not available would occur from economic and patriotic to be taxed since they represent capital, rather motives. At the present time the Federal than income, of the firms possessing them, and Government is purchasing about one-half of the represent very different proportions of the total total volume of goods and services being procapital of different firms, depending upon the duced, while the remaining 50 per cent is being type of business. A policy of borrowing these purchased for private use. Federal taxes, howfunds, rather than taxing them away, is, there- ever, are bringing in only about zo per cent of fore, clearly indicated. the gross income generated by production, leav- In the third place, the great wartime expan- ing about 80 per cent in private hands. There is, thus, a discrepancy equivalent to about 30 sion in the economy requires—even at a constant per cent of the value of total output which price level—a great increase in the available makes up the Federal deficit on the one hand and supply of currency and bank deposits; and this the corresponding necessary private savings on increase, under our existing institutions and the other hand. under wartime conditions, can be supplied only by an increase in Government borrowing. To the extent that total borrowing exceeds Finally, it is necessary that some financial in- the aggregate amount of savings consciously centive be supplied to individuals to work long and intentionally undertaken, we are placing hours, and to corporations to operate with the liquid assets in the hands of persons who may utmost efficiency. If the whole of the extra use them to put added pressure on price ceilings. incomes resulting from the overtime pay of It is to aid in immobilizing such unstable accumulations, as well as for fiscal and equitable individuals and the efficient management of JANUARY 1944 2-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT reasons, that the Treasury considers the need say, $3,000 more heavily if he has recently come for additional taxes so urgent. up from $1,000 than if he had been receiving I do not desire to go into the matter of partic- $3,000 for some time. This proposal seems to ular types of wartime taxes at any length this me to be wrong on a number of counts. evening, but I should like to make some general It is unfair. It seems to me that, consciously observations. or unconsciously, it is based in part on the feudal First, there can be no doubt of the ability of concept that every man should stay in his place, the people of the United States to pay taxes and it strikes at the root of the principle that much higher than those now levied. Of course, every man may rise according to his worth—a it would be hard because war itself is hard. principle which has given so much life and hope But the very fact that we are threatened with to the American scene for generations past. inflation is evidence of our ability to pay higher It is uneconomic. It would undermine the taxes, for it means that we have more dollars to incentive of workers to transfer to war indusspend than things to buy with them. tries located in inconvenient places and to work Second, the view is sometimes voiced that, long hours at hard jobs. Particularly, it would while we have exhausted our ability to pay some strike at the incentive for wives to enter war kinds of taxes, such as income taxes, we have plants in order to earn incomes supplementary not exhausted our ability to pay other kinds of to those of their husbands. It would, theretaxes, such as sales taxes. I can see no merit in fore, aggravate the labor shortage. this view. Ability to pay resides in persons, It would be very difficult to administer. This rather than in kinds of taxes—both income and would be true, not only for the Treasury, but sales taxes must be met from the same pay en- also for the taxpayers, as it would require the velopes; and if we have the ability to pay one, use of forms and questionnaires far more complex we have the ability to pay the other. than any involved in the administration of the The income tax can be adjusted, and is ad- individual income tax. justed to the personal circumstances of those It seems to me that the basic problem of the upon whom it is levied. Exemptions are taxation of individuals in wartime is really not granted commensurate with family status, so very complex. Aggregate individual income is that the tax does not fall with merciless bru- higher, and the Government must tax a portion tality upon those with small incomes and large of it away. There may be a great deal of dispute families. No such adjustment mechanism is as to which income brackets should be drawn customary or practicable for the sales tax. The upon the most heavily, but any reasonable patview that we have exhausted our ability to pay tern of withdrawal can be effected by means of additional income taxes, but still have the the individual income tax. ability to pay a sales tax, logically reduces itself I think it is a good rule when any other tax to the view that the principal additional ability is proposed, that you first express the distributo pay in the economy resides in that portion of tion of its burden in terms of the individual incomes falling within the exemptions from the income tax, and then ask yourself whether you individual income tax—that is, $500 for a single would consider it reasonable that the burden person, $1,200 for a married couple, and $350 of the individual income tax itself should be so for each dependent. I can not accept this view; altered. If the answer is "No," then the other and I do not believe that the advocates of the tax should be placed on the defensive and its sales tax would, if they realized the full implicaproponents made to justify it by reasons of tions of their proposal. strong public policy. Sometimes this can be Third, it is often proposed that we should done—for example, I believe that the luxury place a special tax on increases in individual excises proposed by the Treasury this year and incomes; that is, tax a man with an income of, the spendings tax proposed last year are cases in 3° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT point. The test should be rigid, however, and of the inexperienced investor. It is with this the considerations of public policy should be in view that the Department's appeal to small important before a tax is placed on the statute investors has been confined to Series E bonds books, the burden of which is distributed in a which are nonnegotiable, payable on demand manner other than that in which we would be and hence are guaranteed against fluctuations in willing to distribute the burden of an increase market values. in the individual income tax. The Treasury is less concerned with the large I turn now to our policies with respect to war- volume of demand obligations which is being time borrowing. These have been dominated built up by the sale of savings bonds to small by the following considerations. investors than it would be with the only prac- First, we have tried to borrow as much as ticable alternative to this course. This alternapossible from investors other than commercial tive would be the sale to small investors of banks. This principle must be stated subject to marketable securities payable by the Treasury some qualification. It would neither be possible only after the expiration of a fixed term of years. nor desirable to do all of our borrowing outside The fixing of a definite term on securities sold of the banking system. I have already ex- to small investors by no means insures that they plained that one of the reasons for borrowing at will be held by these investors for the full term. all, rather than relying exclusively upon taxa- By and large, the holders of marketable securition, is that an expanding wartime economy ties would sell them on the same occasions when needs—even at a constant price level—a greatly holders of redeemable securities would redeem increased amount of currency and bank deposits. theirs. Indeed, there is one important occasion These can be obtained, under existing institu- upon which marketable securities would be tions and in wartime, only by a corresponding sold, but redeemable securities would not be increase in the Government security holdings of redeemed—that is, the fear of a decline in price, commercial and Federal Reserve Banks; and a from which the nonnegotiable securities are sufficient amount of securities have to be sold immune. to the banks to provide this necessary circulating Now it may appear, at first glance, that while medium, even if adequate markets exist for them the Treasury should be properly concerned with elsewhere. redemptions, it should not be concerned with The amount of Government securities which market sales, since it must meet the redemptions would thus have to be sold to the banks in any out of its own pocket; while the market sales event is substantial; but, in practice, I must will -be taken up by somebody else. This type admit that this has proved little of a problem, of reasoning would suffice for a private borsince it has taken care of,itself by the fapi£ rower, but it is entirely inadequate for the expansion of the borrowing needs of the Federal Treasury since it overlooks the real problem which the holdings of Government securities— Government and the slower development of whether redeemable or marketable—by small nonbanking sources for Federal borrowing. investors will present in the postwar period. For this reason, we have directed our main effort to the sale of securities to nonbanking This problem is that the holders of these investors. During the past year, we have sold securities may dispose of them and spend the to such investors, net after all switches and proceeds on consumers' goods at a time when redemptions, about 40 billion dollars of Gov- the supply of such goods will be scarce; and the ernment securities, as compared with about 30 spending can result only in price rises. This problem would exist, however, whether the billions absorbed by the banks. securities were payable on demand or were Second, we have tried to make the securities negotiable and payable at the close of a fixed sold to the small investor as riskless as possible. term, and will be somewhat less troublesome for The Treasury has considered itself the trustee JANUARY 1944 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT demand securities, because, as I have already issuance of over 10 years. The great majority pointed out, the liquidation of this type of of the securities sold to commercial banks have security will never be precipitated by the fear had maturities far shorter than this. Indeed, of a fall in the price of the security itself. more than half of the total increase in the port- The other problems which will be caused by folios of commercial banks since Pearl Harbor holdings of Government debt by small investors has been in the form of 3-month Treasury bills in the postwar period are minor, relative to the and i-year certificates of indebtedness. This major problem which I have just mentioned; and concentration of sales to commercial banks in will be less serious with demand obligations short securities insures that our banking system than with negotiable obligations of fixed term. will be in a strong and liquid position to meet When savings bonds are presented for redemp- the problems of the postwar period. tion to the Treasury and it is necessary to refund Finally, we have financed this war at an avthem, the Treasury offers the type and maturity erage rate of slightly less than 1% per cent. of new securities best suited to the market at This compares with an average rate of about the time, and offers these securities for distribu- 4^ per cent on the securities issued to finance tion through the regular channels of the Gov- the last World War. ernment security market. Interest rates have remained stable during the Marketable securities, by contrast, would be wartime period and confidence in the continuaoffered in small blocks, oftentimes through ir- tion of this stability has been and is widespread regular channels where the original holders may and well justified, and has caused investors to not receive full value, and might dribble into subscribe to new issues of Government s'ecurities the market in such a way as to keep it continu- in successive war loans without any sign of ally disturbed. They might not be fitted by holding back in anticipation of higher rates. coupon rate, maturity, or other characteristics I think it can be fairly said of the United for the predominant demand then existing in States, as the late Chancellor of the Exchequer, the market, but they would have been cast in Sir Kingsley Wood, recently said of Great whatever mold they were, once and for all, and Britain, that " . .. we have revolutionized the market would have to make the best of it. public opinion as to what are fair rates for Gov- To the extent that the refunding of demand ernment war borrowing." I believe that this obligations would have been accomplished by revolution in opinion has a sound basis in underthe sale of securities to banks, so also would lying economic realities, and is applicable to the the marketable securities find their ultimate coming times of peace also. I hope that the lodgment in banks, but only after a roundabout policies of the Government will be directed to journey, probably involving both loss to their this end. original purchasers and a higher interest cost to the Treasury. FINANCING THE POSTWAR READJUSTMENT It seems clear, therefore, that the Treasury is I come now to the second major division of in a much.better position to refund the non- my topic, that is, the problems of the postwar negotiable securities than the individual would readjustment period. be to refund negotiable securities through the I approach this subject with some trepidation. market. No postwar plan will be of any value unless we The third of the principles governing our bor- win the war and are in a position to put it into rowing policy has been the maintenance of the effect. The war is not yet in the bag. Hitler's liquidity of the banking system. We have laid postwar plan is slavery, and there will not be down the policy that no securities will be offered room for both his plan and our own. to commercial banks for the investment of their. You all remember the recipe for rabbit stew demand deposits with a maturity at time of which begins "First catch the rabbit." So it FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT is with postwar planning. We must first win mediately following the war will be to hasten the war; and we must not let anything, even the reconversion process while mitigating its postwar planning, distract our minds from this hardships and reducing its human costs. This for an instant. task will, of course, be easier if a termination Immediately following the close of the war, of the war on one front before the other should we will be confronted with the problem of re- make it possible to complete part of the reconconversion. The period of reconversion will be version process under a wartime environment. a time fraught with exceptional hazard to our But we must press for victory against Japan as economic structure. well as Germany without regard for the eco- During normal times, most of our people are nomics of reconversion. engaged in producing goods which they and This evening I shall discuss only three aspects their fellow workers can buy with their wages. of fiscal planning for the reconversion period, During wartime, they are largely engaged in and these briefly. They are, first, the cancellaproducing war goods which they can not pur- tion of war contracts; second, the adequacy of chase with their incomes, but the excess pur- corporate financial resources to carry on the chasing power which is thereby created is held work of reconversion; and, third, the control of in check by direct controls, by personal taxation, individual spending during the reconversion and by Government borrowing from individuals. period. The people are willing to accept and cooperate If the war should end today on all fronts, with these measures because of patriotism and there would be outstanding more than 75 billion the all-pervading spirit of sacrifice which exists dollars of war contracts on which deliveries had during wartimes. During the reconversion not yet been made. Much of the material period, however, while the tools of production covered by these contracts would be of no use for peace goods are being made ready, purchasing to the Government if it were delivered after the power may outrun the goods available for immediate emergency of this war had passed. purchase, while wartime measures of control This is because there are no goods with respect may be relaxed if the people do not recognize the to which obsolescence runs faster than it does need for continued restraint. for the goods of war; so the best preparation for A price inflation is, consequently, one of the future wars consists in maintaining the skills hazards of the reconversion period. Stalking and plant capacity necessary for the develophand-in-hand with it goes the hazard of unem- ment, production, and use of new war goods ployment. Normally, these two are never seen rather than in hoarding vast quantities of old together, since unemployment usually rises from ones. a lack of demand for goods and inflation from a Part of the undelivered contracts would still shortage of goods. The unemployment of the exist merely in blueprints in the hands of the reconversion period will be caused, however, contractors, while part would be represented by not by a lack of demand for the finished prod- goods in process, some of which in turn could ucts, but because the plants are not yet ready be converted into peacetime goods. for mass reemployment, and so may go hand-in- In my opinion, all war contracts should be hand with inflation. canceled immediately upon the passing of the Once the period of reconversion is over and military need for the goods contracted for. the tremendous potentialities of the American This is desirable for two important reasons. economy which have been demonstrated during First, it avoids the tremendous waste of human the war period are directed to the production of and material resources involved in making goods the goods of peace, the main hazard of inflation which we will never use; and, second, it gives the maximum stimulation to the men and will be over. management released from making such goods The task of statesmanship in the period im- JANUARY 1944 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT to seek employment in the production of goods war. We are prepared for this outflow, and we for which there is a human need, and so hastens feel that there will be few occasions when a disthe process of reconversion. bursement of funds may be made with so little The abrupt cancellation of war contracts will real cost to the Government and so much benefit give rise to two problems. These are: First, to the economy. provision for the labor thrown out of employ- My second point with respect to the reconverment; and, second, compensation for the con- sion period relates to the adequacy of corporate tractors. financial resources to carry on the work of recon- The first of these problems should be settled version. The adequacy of these resources is with liberality; the second, with the utmost of important, not merely or even principally from speed. the point of view of the corporations involved, A generous treatment of the labor displaced but from the point of view of the whole ecoby contract cancellation is required, not merely nomic system. by considerations of common humanity and fair We in the Treasury have given careful condealing, but also by considerations of economy; sideration to this matter, and believe that funds for without it, we are unlikely to secure abrupt for the reconversion of war industry will be cancellation at all, and there is no form of relief ample, provided that a prompt settlement is more expensive than the production of unneeded made of canceled war contracts Our reasons tools of war. We should be sure, however, that for believing this are as follows: the treatment accorded labor displaced from war First, the wartime period has been a profitable production is of such a character that it en- one for American corporations as a whole. Net courages, rather than slows down, its quest for corporate profits, after taxes, have averaged peacetime employment. about twice as much per year during the wartime Payments to contractors should be just in period as they did in the years 1935 through 1939 accordance with a fixed standard of equity; that (the base period for the FRB index of industrial is, they should be enough to make the contrac- production); and, by and large, the greatest intors and their subcontractors whole for the losses creases have gone to those firmsw hose problems they have sustained as the result of the contract- of reconversion will be greatest. Corporate cancellations. dividend policy, furthermore, has been so conser- It is important also, that payments to con- vative that most of the increase in corporate tractors should be prompt. This is not pri- earnings has been added to surplus. marily for the benefit of the contractors them- Second, in addition to their savings from unselves—although I have no doubt that they will distributed earnings, American corporations appreciate it—but for the benefit of the country have piled up a large volume of liquid assets as a as a whole. A dollar paid out in the settlement result of repayment of receivables, and in some of war contracts during the early reconversion cases reduction in inventories, and the general period may—in terms of national well-being— inability to expend depreciation and depletion be worth several dollars paid out a year or so reserves which has been brought about by warlater. It is far more important, therefore, that time conditions. According to the estimates of the settlements be prompt than that they be the Federal Reserve Board, the demand deposits accurate to the last dollar according to some of nonfinancial businesses, including unincoraccounting concept, whicfy may itself be open to porated enterprises, amounted to over 30 billion question. dollars at the end of last July; and, according to The settlement of war contracts along the lines Treasury estimates, the holdings of Government which I have just outlined will involve a heavy securities—payable for the most part on demand outflow of funds from the Treasury in the few or at very short term—by nonfinancial corporamonths immediately following the end of the tions alone, amount at the present time to about 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT 10 billion dollars. Each of these figures is far human foresight and sobriety. The reconverabove any peacetime precedent; but, to make the sion period is bound to be attended by considerpicture brighter, American business, during the able unemployment, and each individual will same time it has been acquiring them, has re- naturally ask himself how he is going to come duced the amount of both its bank loans and its out in the swirl of readjustments he sees around bonded debt. him. His natural tendency will be to "play it Third, generous carry-back and carry-forward close to the chest" and handle his reserve funds provisions included in the corporation tax laws as carefully as possible. This human tendency insure that corporations suffering losses during alone may maintain a high rate of saving during the reconversion period, or even earning incomes the reconversion period, and so forestall the of less than their excess profits credit, will re- possibility of a postwar inflation. ceive substantial refunds of the taxes paid in We hope that this will be so; but counting on their prosperous years. These refunds—for the it would be as improvident as counting on an expediting of which the Treasury has made internal smash-up in Germany to win the war. recommendations to the Congressional commit- We must consequently lay our plans to prevent a tees—will be available to carry on the work of postwar inflation from occurring, but stand reconversion. In addition, there is provided in ready to adjust any such plans on short notice to the present law a postwar refund, irrespective conditions as they actually develop during the of future tax status, of 10 per cent of the excess reconversion period. profits tax paid in the war period. What should these plans be? It seems to me For the reasons given, I do not believe that the that the direct controls, such as price ceilings, adequacy of business funds for reconversion priorities, and rationing, should be kept in effect purposes will present a major problem. But I as long as necessary; and high income taxes, as can not speak with equal assurance with respect long as possible. to the prospects for the control of individual Let me explain the difference between *'necesspending during the reconversion period—the sary'* and "possible" in the statement which I third postwar problem to be discussed. have just made. Immediately following the end of the actual While I believe that we should keep the direct fighting, we can probably expect a let-down in controls as long after the war as necessary, I do the willingness of people to submit from patri- not believe that this will be very long. I feel otic motives to a continued reduction in their certain that the last of them can be done away consumption. There is likely to be a demand with as soon as the reconverted plants commence for an immediate end of the direct controls; and to pour their flood of consumers' goods on the this demand may, to some extent, succeed. For market. some time, however, while industry is being I have said, however, that the high rates of reconverted and the war effort demobilized, there taxation should be kept as long as possible. I will be only a very gradual increase in the supply think that the case here is very different. High of consumers* goods. When it is considered personal taxes serve the anti-inflationary purpose that there will be available to be spent currently, of absorbing surplus purchasing power; and this in addition to the incomes being received for the may be very useful and necessary in the reconverproduction of consumers' goods, not merely the sion period. But they also serve the purpose of incomes from work in demobilizing the war helping to pay off the national debt; and this effort and reconverting private industry, but also purpose is also useful and necessary. the large liquid resources piled up during war- It seems to me, therefore, that, while the critime, it is easy to conjure up the specter of a terion with respect to the removal of the controls postwar inflation. should be * 'How soon can we remove them with- Against this must be set the powerful force of out risking inflation?"; the criterion with re- [ANUARY 1944 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE WAR AND THE POSTWAR READJUSTMENT spect to wartime rates of taxation should be future prosperity and welfare of our people "How long can we keep them without risking ultimately depend. unemployment?" Perhaps for a long time to To help society achieve more fully the promise of abundance implicit in our capacity to produce; come, if the postwar period lives up to our hopes to help maintain output and employment at a and expectations. level more nearly corresponding to our true But this would take me into new vistas beyond productive potential; and to secure this at a price the scope of tonight's address for I have no intenthat a peaceful democracy can pay—that will tion of discussing the broader phases of fiscal constitute the greatest task of economic statespolicy beyond the reconversion period. manship in the postwar world. I would like to make, however, a few general I do not believe that the glory of America observations. The war has opened the eyes of belongs only to the past. I believe that the real the American people to the tremendous producpromise of America belongs to the future. Betivity of industrial and agricultural America. tween the goal of securing maximum utilization The shortages of peacetime goods and services of our resources and the goal of achieving a more that exist now have not blinded us to the enorequitable distribution of wealth, there need be mous potentialities for abundance inherent in no conflict. Our history has been testimony to our productive mechanism. It is precisely this that fact, and our future will be the record of its unexampled capacity to produce upon which the fulfillment. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL INVESTMENT On November 2.3, 1943, the United States where private agencies are unable to meet fully the legitimate needs for capital for pro- Treasury Department made public a provisional ductive purposes. The Bank would make no outline of a plan for a United Nations Bank for loans or investments that could be secured from Reconstruction and Development drafted by private investors on reasonable terms. The American technical experts. The plan is drawn principal function of the Bank would be to up as a basis for discussion and does not represent guarantee and to participate in loans made by private investment agencies and to lend directly the official views of the Government. It has from its own resources whatever additional been submitted to the Finance Ministers of the capital may be needed. The facilities of the United Nations and the countries associated Bank would be available only for approved with them, for consideration and for study by governmental and business projects which their technical staffs. The text of the plan is have been guaranteed by national governments. Operating under these principles, the Bank given below. should be a powerful factor in encouraging the provision of private capital for international PRELIMINARY DRAFT OUTLINE investment. OF A PROPOSAL FOR 4. By making certain that capital is available A BANK for productive uses on reasonable terms, the FOR RECONSTRUCTION AND Bank can make an important" contribution to DEVELOPMENT OF THE UNITED AND enduring peace and prosperity. With adequate capital, countries affected by the war can move ASSOCIATED NATIONS steadily toward reconstruction, and the newer PREAMBLE countries can undertake the economic development of which they are capable. International 1. The provision of foreign capital will be one investment for these purposes can be a signifiof the important international economic and cant factor in expanding trade and in helping financial problems of the postwar period. Many to maintain a high level of business activity countries will require capital for reconstructhroughout the world. tion, for the conversion of their industries to peacetime needs, and for the development of I. THE PURPOSES OF THE BANK their productive resources. Others will find that foreign investment provides a growing 1. To assist in the reconstruction and demarket for their goods. Sound international velopment of member countries by cooperating investment will be of immense benefit to the with private financial agencies in the provision lending as well as to the borrowing countries. of capital for sound and constructive internaz. Even in the early postwar years it may be tional investment. hoped that a considerable part of the capital 1 z. To provide capital for reconstruction and for international investment will be provided development, under conditions which will through private investment channels. It will amply safeguard the Bank's funds, when private undoubtedly be necessary, however, to en- financial agencies are unable to supply the courage private investment by assuming some capital needed for such purposes on reasonable of the risks that will be especially large imme- terms consistent with the borrowing policies of diately after the war and to supplement private member countries. investment with capital provided through 3. To facilitate a rapid and smooth transition international cooperation. The United Na- from a wartime economy to a peacetime economy tions Bank for Reconstruction and Develop- by increasing the flow of international investment is proposed as a permanent institution to ment, and thus to help avoid serious disruption encourage and facilitate international invest- of the economic life of member countries. ment for sound and productive purposes. 4. To assist in raising the productivity of 3. The Bank is intended to cooperate with member countries by helping to make available private financial agencies in making available through international collaboration long-term long-term capital for reconstruction and de- capital for the sound development of productive velopment and to supplement such investment resources. 37 JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL INVESTMENT 5. To promote the long-range balanced 6. When the cash resources of the Bank are growth of international trade among member substantially in excess of prospective needs, the countries. Board may return, subject to future call, uniform Koportions of the subscriptions. When the cal currency holdings of the Bank exceed zo II. CAPITAL STRUCTURE OF THE BANK per cent of the subscription of any member 1. The authorized capital shall be equivalent country, the Board may arrange to repurchase to about 10 billion dollars consisting of shares with local currency some of the shares held having a par value equal to 100,000 dollars. by such a country. z. The shares of the Bank shall be nontrans- 7. Each member country agrees to repurchase ferable, nonassessable, and nontaxable. The each year its local currency held by the Bank liability on shares shall be limited to the unpaid amounting to not more than z per cent of its portion of the subscription price. paid subscription, paying for it with gold; 3. Each government which is a member of •provided, however, that: the International Stabilization Fund shall sub- (a) This requirement may be generally susscribe to a minimum number of shares to be pended for any year by a three-fourths determined by formula to be agreed upon. The vote of the Board. formula shall take into account such relevant (V) No country shall be required to repurchase data as the national income and the internalocal currency in any given year in excess tional trade of the member country. of one-half of the addition to its official Such a formula would make the subscription holdings of gold during the preceding year. of the United States approximately one-third of (V) The obligation of a member country to the total. repurchase its local currency shall be 4. Payments on subscriptions to the shares limited to the amount of the local curof the Bank shall be made as follows: rency paid on its subscription. (a) The initial payment of each member coun- 8. All member countries agree that all of the try shall be 2.0 per cent of its subscription, local currency holdings and other assets of the some portion of which (not to exceed 2.0 Bank located in their countries shall be free per cent) shall be in gold and the remainder from any special restrictions as to their use, in local currency. The proportions to be except' such restrictions as are consented to by paid in gold and local currency shall the Bank, and subject to IV-13, below. be graduated according to a schedule to be agreed upon which shall take into account 9. The resources and the facilities of the Bank the adequacy of the gold and free foreign shall be used exclusively for the benefit of exchange holdings of each member country. member countries. (b) The member countries shall make the III. THE INTERNATIONAL MONETARY UNIT initial payment within 60 days after the date set for the operations of the Bank to 1. The monetary unit of the Bank shall be the begin. The remainder of their respective unit of the International Stabilization Fund subscriptions shall be paid in such amounts (137V7 grains of fine gold, that is, equivalent and at such times as the Board of Directors- to 10 U.S. dollars). may determine, but not more than zo per z. The Bank shall keep its accounts in terms cent of the subscription may be called in of this unit. The local currency assets of the any one year. Bank are to be guaranteed against any depre- (<r) Calls for further payment on subscriptions ciation in their value in terms of gold. shall be uniform on all shares, and no calls shall be made unless funds are needed IV. POWERS AND OPERATIONS for the operations of the Bank. The 1. To achieve the purposes stated in Section proportion of subsequent payments to be I, the Bank may guarantee, participate in, or made in gold shall.be determined by the make loans to any member country and through schedule in II-4-a as it applies to each the government of such country to any of its member country at the time of each call. political subdivisions or to business or in- 5. A substantial part of the subscribed capital dustrial enterprises therein under conditions of the Bank shall be reserved in the form of provided below. unpaid subscriptions as a surety fund for the (a) The payment of interest' and principal is securities guaranteed by the Bank or issued fully guaranteed by the national governby the Bank. ment. 38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL INVESTMENT (£) The borrower is otherwise unable to secure 6. The Bank shall make no loans or investthe funds from other sources, even with ments that can be placed through the usual the national government*s guarantee of re- private investment channels on reasonable terms. payment, under conditions which in the The Bank shall by regulation prescribe proceopinion of the Bank are reasonable. dure for its operations .that will assure the (c) A competent committee has made a careful application of this principle. study of the merits of the project or the 7. The Bank shall impose no condition upon program and, in a written report, concludes a loan as to the particular member country in that the loan would serve directly or which the proceeds of the loan must be spent; indirectly to raise the productivity of the provided, however, that the proceeds of a loan borrowing country and that the prospects may not be spent in any country which is not a are favorable to the servicing of the loan. member country without the approval of the The majority of the committee making Bank. the report shall consist of members of the 8. The Bank in making loans shall provide technical staff of the Bank. The com- that: mittee shall include an expert selected by Qi) The foreign exchange in connection with the country requesting the loan, who may the project or program shall be provided or may not be a member of the technical by the Bank in the currencies of the counstaff of the Bank. tries in which the proceeds of the loan (d) The Bank shall make arrangements to will be spent, and only with the approval assure the use of the proceeds of any loan of such countries. which it guarantees, participates in, or (F) The local currency needs in connection makes for the purposes for which the with the project shall be largely financed loan was approved. locally without the assistance of the Bank. COThe Bank shall guarantee, participate in (V) In special circumstances, where the Bank or make loans only at reasonable rates of considers that the local part of any project interest with a schedule of repayment can not be financeda t home except on very appropriate to the character of the project unreasonable terms, it can lend that porand the balance of payments prospects of tion to the borrower in local currency. the country of the borrower. (d) Where the developmental program will In accordance with the provisions in IV-i, give rise to an increased need for foreign 2.. above, the Bank may guarantee, in whole or in exchange for purposes not directly needed part, loans made by private investors; provided, for that program, yet resulting from the further: program, the Bank will provide an ap- (a) The rate of interest and other conditions propriate part of the loan in gold or deof the loan are reasonable. sired foreign exchange. (b) The Bank is compensated for its risk in guaranteeing the loan. 9. When a loan is made by the Bank, it shall . 3. The Bank may participate in loans placed credit the account of the borrower with the through the usual investment channels, pro- amount of the loan. Payment shall be made vided that all the conditions listed under IV-I from this account to meet arafts covering audited above are met except that the rate of interest expenses. may be higher than if the loans were guaranteed 10. Loans participated in or made by the Bank by the Bank. shall contain the following payment provisions: 4. The Bank may encourage and facilitate (a) Payment of interest on loans shall be international .investment in equity securities by made in currencies acceptable to the Bank securing the guarantee by governments of con- or in gold. Interest will be payable only version into foreign exchange of the current on amounts withdrawn. earnings of such foreign held investments. (F) Payment on account of principal of a loan In promoting this objective the Bank may also shall be in currencies acceptable to the participate in such investments, but its aggre- Bank or in gold. If the Bank and the borgate participation in such equity securities rower should so agree at the time a loan is shall not exceed 10 per cent of its paid-in capital. made, payment on principal may be in gold, 5. The Bank may publicly offer any securities or at the option of the borrower, in the it has previously acquired. To facilitate the currency actually borrowed. sale of such securities, the Bank may, in its (c) In the event of an acute exchange stringency discretion, guarantee them. the Bank may accept local currency in JANUARY 1944 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL INVESTMENT payment of interest and principal for The Bank may act as trustee, registrar, or agent periods not exceeding three years. The in connection with loans guaranteed, partici- Bank shall arrange with the borrow- pated in, made, or placed through the Bank. ing country for the repurchase of such 17. Except as otherwise indicated, the Bank local currency over a period of years under shall deal only with or through: appropriate terms that safeguard the (/) The governments of member countries, value of the Bank's holdings of such their central banks, stabilization funds, and currency. fiscal agencies, (d) Payments of interest and principal, whether (F) The International Stabilization Fund and made in member currencies or in gold, must any other international financial agencies be equivalent to the gold value of the owned predominantly by member governloan and of the contractual interest thereon. ments. II. The Bank may levy a charge against the The Bank may, nevertheless, with the apborrower for its expenses in investigating any proval of the member of the Board representing loan placed, guaranteed, participated in, or made the government of the country concerned, deal in whole or in part by the Bank. with the public or institutions of member ii. The Bank may guarantee, participate in, countries in the Bank's own securities orsecurities or make loans to international governmental which it has guaranteed. agencies for objectives consonant with the pur- 18. If the Bank shall declare any country as poses of the Bank, provided that at least one- suspended from membership, the member govhalf of the participants in the international ernments and their agencies agree not to extend agencies are members of the Bank. financial assistance to that country without 13. In considering any application to guar- approval of the Bank until the country has antee, participate in, or make a loan to a member been restored to membership. country, the Bank shall give due regard to the 19. The • Bank and its officers shall scrupueffect of such a loan on business and financial lously avoid interference in the political affairs conditions in the country in which the loan is to of any member country. This provision shall be spent and shall, accordingly, obtain the con- not limit the right of an officer of the Bank to sent of the country affected. participate in the political life of his own 14. At the request of the countries in which country. portions of the loan are spent, the Bank will The Bank shall not be influenced in its derepurchase for gold or needed foreign exchange a cisions with respect to applications for loans by part of the local currency proceeds of the loan the political character of the government of the expended by the borrower in those countries. country requesting a loan. 15. With the approval of the representatives of the governments of the member countries in- V. MANAGEMENT volved, the Bank may engage in the following 1. The administration of the Bank shall be operations: vested in a Board of Directors composed of one (a) It may issue, buy or sell, pledge, or discount • director and one alternate appointed by each any of its own securities and obligations, or member government in a manner to be detersecurities and obligations taken frgm its mined by it. portfolio, or securities which it has guar- The director and alternate shall serve for a anteed. period of three years, subject to the pleasure of (b) It may borrow from member govern- their government. Directors and alternates ments, fiscal agencies, central banks, sta- may be reappointed. bilization funds, private financial institu- 1. Voting by the Board shall be as follows: tions in member countries, or from 00 The director or alternate of each member international financial agencies. country shall be entitled to cast 1,000 votes (V) It may buy or sell foreign exchange, after plus one vote for each share of stock held. consultation with the International Stabili- Thus, a government owning one share will zation Fund, where such transactions are cast 1,001 votes, while a government ownnecessary in connection with its operations. ing 1,000 shares will cast 1,000 votes. 16. The Bank may act as agent or correspond- (b) No country shall cast more than 2.5 per cent ent for the governments of member countries, of the aggregate votes. their central banks, stabilization funds and fiscal (0 Except where otherwise provided, decisions agencies, and for international financial instiof the Board of Directors shall be by simple tutions. majority of the votes cast, each member of 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL INVESTMENT the Board casting the votes allotted to his powers to guarantee, participate in, or make government. When deemed to be in the loans. Delegated powers shall be exercised in best interests of the Bank, decisions of the a manner consistent with the general policies Board may be made, without a meeting, by and practices of the Board. polling the directors on specific questions The Board may by a three-fourths vote delesubmitted to them in such manner as the gate to the Executive Committee the power to Board shall by regulation provide. guarantee, participate in, or make loans in such 3. The Board of Directors shall select a Presi- amounts as may be fixed by the Board. In passdent of the Bank, who shall be the chief of the ing upon applications for loans, the Executive operating staff of the Bank and ex-officio a mem- Committee shall act in accordance with the ber of the Board, and one or more vice presidents. requirements specified for each type of loan. The President and vice presidents of the Bank 8. A member country failing to meet its finanshall hold office for four years, shall be eligible cial obligations to the Bank may be declared in for reelection, and may be removed for cause at default and may be suspended from membership during the period of its default, provided that a any time by the Board. The staff of the Bank majority of the member countries so decide. shall be selected in accordance with regulations While under suspension, the country shall be established by the Board of Directors. denied the privileges of membership but shall 4. The Board of Directors shall appoint from be subject to the obligations of membership. among its members, an Executive Committee of At the end of one year the country shall be not more than nine members. The President of dropped automatically from membership in the the Bank shall be an ex-officio member of the Bank unless it has been restored to good standing Executive Committee. by a majority of the member countries. The Executive Committee shall be continu- If a member country elects to withdraw or is ously available at the head office of the Bank and dropped from the Bank, its shares of stock shall, shall exercise the authority delegated to it by if the Bank has a surplus, be repurchased at the the Board. In the absence of any member of the price paid. If the Bank's books show a loss, Executive Committee his alternate on the Board such country shall bear a proportionate share of shall act in his place. Members of the Executive the loss. The Bank shall have five years in Committee shall receive appropriate remuwhich to liquidate its obligations 'to a member neration. country withdrawing or dropped from the Bank. 5. The Board of Directors shall select an Any member country that withdraws or is Advisory Council of seven members. The dropped from the International Stabilization Council shall advise with the Board and the Fund shall lose its membership in the Bank officers of the Bank on matters of general policy. unless three-fourths of the member votes favor The Council shall meet annually and on such its remaining as a member. other occasions as the Board may request. 9. The yearly net profits shall be applied as The members of the Advisory Council shall follows: be selected from men of outstanding ability, but (a) All profits shall be distributed in propornot more than one member shall be selected from tion to shares held, except that one-fourth the same country. They shall serve for two of the profits shall be applied to surplus years, and the term of any member may be until the surplus equals 2.0 per cent of the renewed. Members of the Council shall be paid subscribed capital. their expenses and a remuneration to be fixed by (F) Profits shall be payable in a country's local the Board. currency or in gold at the option of the 6. The Board of Directors may appoint such Bank. other committees as it finds necessary for the 10. The Bank shall collect and make available work of the Bank. It may also appoint ad- to member countries and to the International visory committees chosen wholly or partially Stabilization Fund financial and economic inforfrom persons not regularly employed by the mation and reports relating to the operations of Bank. the Bank. 7. The Board of Directors may authorize any Member countries shall furnish the Bank with officers or committees of the Bank to exercise all information and data that would facilitate any specified powers of the Board except the the operations of the Bank. JANUARY 1944 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY On October 5, 1943 the Republic of Paraguay State Department, for advisers in related fields; adopted a new law which effects several im- and Mr. E. C. Johnson of the Farm Credit portant changes in the Paraguayan monetary Administration, Mr. Ormond E. Loomis of the system. These changes include the designation Federal Home Loan Bank Administration, and of a new unit, the guarani, which is equivalent. Mr. George R. Taylor of the Office of Price to 100 of the old paper pesos, or 31.5 United Administration were designated, respectively, States cents; the establishment of the new unit by their organizations as experts in agricultural on a "composite exchange standard"; and credit, mortgage credit, and price control. allocation to the central bank of control over The representatives of the Board were in the entire monetary issue, including coin as Asunci6n, the capital of Paraguay, during well as notes. September and October, 1943. At the invita- The basic monetary law which the new meas- tion of the Banco de la Republica del Paraguay, ure supersedes had not been revised since its the Banco de la Republica of Colombia generenactment in 1885 and the Banco de la Republica ously lent the services of one of its officers, Mr. del Paraguay, a Government institution which Enrique Davila, to cooperate with the reprehad its origin in a previous "Oficina de Cam- sentatives of the Board and to assist in setting bios/' has been hampered in performing central up new operating procedures in accordance with banking functions by the absence of powers banking practice in Latin America. Mr. Davila adequate to meet the problems of the present was in Paraguay during October, November, rime. and December. In view of this situation, the Government of Preparatory work already undertaken in the Republic of Paraguay and the Directorate Washington served as the basis for discussion of the Banco de la Republica began preparations in Asunci6n of three legislative projects: a some time ago for a general banking and mone- monetary law, a central bank law, and a general tary reform. Mr. Harmodio Gonzalez, General banking law. These projects were developed Manager of the Bank, was seat to the United in consultation with the directors and managers States in 1942. under the auspices of the Co- of the Banco de la Republica, the Ministry of ordinator of Inter-American Affairs, and spent Finance, and the managers of the commercial about twelve months in all at the United. States banks. Dr. Carlos A. Pedretti, President of the Treasury, the Federal Reserve Banks of New Banco de la Republica, exercised an active York and of St. Louis, the Board of Governors leadership in furthering the work, and upon of the Federal Reserve System, and at other completion of the monetary law he and Dr. Government agencies in Washington. After Rogelio Espinoza, Minister of Finance, who Mr. Gonzalez' return to Paraguay, his Govern- also took a special interest in the program, ment asked, through the State Department, sponsored the measure in the Council of State. that two representatives of the Board of President Higinio Morinigo promulgated the Governors be designated to advise the central monetary law October 5, 1943 and it went into banking authorities of Paraguay in the revision effect November 8, 1943. Drafts of the central of their monetary and banking laws. In accord bank and general banking laws are far advanced with its wish to help promote sound fiscal and and it is expected that they will be ready in the monetary policies, especially as an aid to good near future for submission to the Council of relations, the Board was glad to comply and State. designated two members of its staff, Mr. Bray In establishing a new unit, the guarani, the Hammond and Mr. Robert Triffin. The Paramonetary law terminates a situation in which a guayan Government also asked, through the hypothetical t4gold peso" (peso oro sellado) FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY persisted as a unit of account while the unit in silver moneys of the Argentine Republic.'f The actual circulation continued to be the paper second article declared that "the gold pieces of peso Qpeso curso legal or peso fuerte); and in which 8 grams and 645 ten-thousandths (8.0645 grams) both were pegged to the Argentine paper peso. by weight and 900 thousandths fine shall be The new law has also the effect of eliminating worth 5 full pesos Qpesos juertes), the fractions the wide margin on dollar transactions which thereof having their corresponding value.*' had followed appreciation of the Argentine The Argentine gold peso to which this law peso and had reached a maximum of nearly 10 refers had been established in that country by per cent during the last year before the new law monetary law No. 1130 of November 5, went into effect. The margins between the 1881. It was defined as having a gross weight buying and selling rates of foreign currencies of 1.61Z9 grams, 0.900 fine, i.e. a fine gold are now unified and those on the more important * content of 1.45161 grams. On that basis, the currencies are quoted in the daily press in legal monetary unit of Paraguay would be Asunci6n.x Discussion of these and other equivalent to 0.9648 pre-1934 dollars, or about features of the law, including the mechanics 1.63 current dollars of the United States. of the "composite exchange standard/1 will Two different Paraguayan monetary units be found in the explanatory statement which is developed from the monetary law of 1885; one printed with the law in the following pages. was the paper peso, called the peso fuerte or Besides preparing the text of the new legisla- peso curso legal (peso c/1), i.e. peso of legal tion, the Banco de la Republica del Paraguay, in tender, and the other was the gold peso or peso consultation with the representatives of the oro sellado (peso o/s), i.e. peso of coined gold. Board and of the Banco de la Republica of Col- No Paraguayan gold coins were ever minted, ombia, has made many changes in administrative and very few silver coins, but. paper money was and accounting practice called for by the new issued under various regimes and constitutes responsibilities the central bank will have under today, together with subsidiary coins, the only the new legislation that has gone into effect or legal circulating money of the country. A is contemplated in the near future. These series of devaluations progressively lessened the include procedures for introducing the guarani value of the monetary unit. The last definition into circulation in place of the old peso, of the peso curso legal, or paper peso, February establishment of a clearinghouse in Asunci6n, 10, 1941, gave it an equivalence of — of the and preparation for a system of bank inspection. Argentine peso and this rate has been maintained The official statement on the monetary law up to this date by the Banco de la Republica. and the text of the law itself, as translated from The present dollar equivalent is about 308 pesos the original Spanish documents, are given per U. S. dollar, or 0.3x5 U. S. cents per peso. below. The gold peso, or peso oro sellado, became a mere money of account, born historically of two STATEMENT ON THE MONETARY LAW different factors: the actual circulation of Argentine currency in Paraguay and the desire I- THE MONETARY SYSTEM OF PARAGUAY of creditors to protect themselves against the The basic monetary law of Paraguay dates progressive depreciation of the Paraguayan back to July 14, 1885. The first article of that paper peso. The peso oro sellado, as indeed the law gave legal tender quality to "the gold and peso curso legal, was originally equal to the Argentine peso. Contracts in gold pesos were, for all intents and purposes, equivalent to con- 1 The new rates as quoted by the Banco de la Republica on Monday, November 8,1943 were as follows in guaranfes per unit of foreign cur- tracts in Argentine currency. rency: Legal Buying Selling This would have constituted a "gold clause" Rate Rate Rate Argentine peso 0.7700 0.7620 0.7780 if it had not been for the devaluation of the Cruzeiro 0.1615 0.1600 0.1631 Dollar 3.0720 3.0410 3.1030 Argentine peso itself. In the same year 1885, Sterling 12.3200 12.2000 12.4400 JANUARY 1944 43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY however, in which Argentine currency of gold not gold, since its relation to gold fluctuated and silver was made legal tender in Paraguay, with the Argentine paper money. And, finally, Argentina suspended convertibility, and after it was never coined in Paraguay and it ceased the banking crisis of 1890 the Argentine peso to be coined in Argentina even before its estabunderwent a rapid depreciation which led to lishment as the Paraguayan currency unit by the currency reform of 1899. The Argentine the law of 1885. The term "oro sellado" has paper peso was officially fixed at 44 per cent generally been used to accomplish the purpose of the gold peso (4X.45 U. S. cents) and the of a foreign exchange clause protecting the Caja de Conversion was authorized to pay out creditor against the depreciation of the Paragold in exchange for legal tender notes at the guayan paper peso vis-a-vis the Argentine paper rate of 44 centavos for one paper peso. In currency. practice, all domestic transactions in Argentina Further complications have arisen, however, were conducted in paper pesos called moneda in the legal and the de facto interpretation of the national (m/n), the gold peso (o/s) being used meaning of the peso oro sellado, or gold peso. mainly as a unit of account, especially in foreign . First of all, the customary interpretation of the trade statistics. With the outbreak of war in oro sellado came to be sanctioned by a number 1914, the convertibility in gold was again of Paraguayan legal and administrative texts. suspended and the exportation of gold pro- These texts have not defined the oro sellado hibited (laws of August 9 and September 30, directly in terms of Argentine pesos, but in 1914). Gold payments were resumed at the terms of the, peso curso legal. The rate, howold rate by presidential decree effective August ever, was always determined in such a way as ii, 192.7, but were again suspended on December to confirm the customary relationship of 1 to 11, 19x9. The paper peso fluctuated on the ex- X.X7X7 . . . between the gold peso and the change and is now traded at about X5 U. S. cents. Argentine currency. Thus from August 1937 The gold peso continued, as a mere money to February 1941 the official exchange rate on of account, to represent ~^i = X.X7X7 . * . Buenos Aires was 70 Paraguayan paper pesos paper pesos, irrespective of the fluctuations per Argentine peso and the conversion rate of of the peso with relation to gold. About oro sellado into curso legal was 1 to 159.09. In 10 years ago, Argentina finally discarded the February 1941, the Argentine exchange was gold peso even as a money of account and all raised to 77 and the conversion rate was simulstatistics are now expressed uniformly in paper taneously redefined as 175. Thus, in fact, the pesos. In Paraguay, however, the denomina- Paraguayan gold peso remained pegged to the tion "oro sellado" still survived, not only in Argentine peso at the rate of 159.09/70 = private and official statistics, but even in the J75/77 — 2.-2.7x7 . . . Argentine pesos per Parawriting of many contracts and in the deter- guayan gold peso. The important point, howmination of certain taxes and impositions. The ever, is that if the Government's right to define customary meaning of the peso oro sellado has the gold peso in terms of paper pesos is recogcontinued to be based on the Argentine law of nized, it would seem within the power of the 1899, i.e. on the relation of ^7^ = 1.2.7x7 . . . Government to maintain or to change, at will, to the Argentine peso. This made the gold peso the customary relation of the gold peso to the worth about 0.58 of a U. S. dollar, as compared Argentine currency. with a theoretical gold par of about 1.63 It might be maintained that the customary dollars. relation of 1 to X.X7X7 ... is binding upon the Thus the peso oro sellado, or peso of coined Government itself, but all modern trends run gold, now being superseded, was not a peso, directly counter such a theory. Even the gold whether Argentine or Paraguayan, but a clauses, which were far more rigid and precise multiple of the Argentine currency. It was than the oro sellado clauses, have in most 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY countries been set aside by legal and judicial II. THE MONETARY REFORM decisions. In Paraguay itself, the exchange The new monetary law attempts to clarify control legislation now prohibits the use of the confused situation now in existence and foreign moneys or devisen in all domestic trans- to reconcile the legal and the de facto status of actions and obligations and "all such transac- the Paraguayan currency. tions and contracts must be made in money of A. Elimination of the Peso Oro Sellado legal tender \inoneda de cur so legal, i.e. paper pesos]" (Art. 190 of Decree-Law No. 5017). First of all, the law brings to its logical Secondly, if the official definition of the gold conclusion the evolution begun by the exchange peso were accepted as binding upon the parties control legislation of 1941 and unifies the curto a contract, the result was that the denomina- rency through the final elimination of the tion of the contract in gold pesos afforded money of account denominated "peso oro protection against official, but not against sellado** or gold peso. The legal and real unofficial, devaluations of the paper peso in status of that unit is so confused as to be thorterms of the Argentine currency. Thus the oughly incomprehensible abroad and even in market rate of the Argentine peso, in the days Paraguay and its juridical interpretation is so which preceded the introduction of the ex- doubtful as to give rise to lengthy and costly change control legislation of February 1941, litigation. Its only raison d'etre was, in the had risen above 90. Therefore the official past, to offer a monetary standard endowed with Paraguayan gold peso was worth in fact not a greater degree of stability than the paper peso. 159.09/70 = 2..2.72.7 . . . Argentine pesos, but It is questionable, however, whether the State only 159.09/90 = 1.7677 , . . Argentine pesos. itself should sanction such a practice and Finally, there have existed a number of taxes should in this manner throw doubts upon the and impositions expressed in gold pesos and stability of its money and encourage the use payable in paper pesos at conversion rates dif- of what is, in fact, a foreign currency standard ferent from the official conversion rate of 175 in the writing of purely domestic contracts. paper pesos per gold peso. For instance, 50 Moreover, the exchange control legislation now per cent of the import duties have been liqui- in force already prohibits the use of foreign dated at a conversion rate of 79.5454 while the moneys in domestic transactions and obligaother 50 per cent have been calculated at the tions and prescribes the exclusive use of the rate of 175. Still other rates have been used for paper peso in such transactions and obligations. the payment of telephone and electricity bills. Finally, the new monetary law defines clearly the obligation of the Banco de la Republics, To summarize: the gold peso has been worth, to maintain the external stability of the nain principle, 175 paper pesos, or z.2.72.7 . . . tional currency. The present strong position Argentine pesos. The conversion rate of 1 peso of the Bank gives every reason to believe thar oro sellado to 2..Z72.7 , . . Argentine pesos derives this mandate will be effectively observed. from custom and tradition, but since it is also, in an indirect manner, sanctioned by law, it All future prices, contracts, and obligations of would seem that the law could establish a a purely domestic nature wilt be written and different rate if the Paraguayan authorities felt liquidated in the national currency of the counit advisable. Differences between the official try. Exceptions are provided for existing conand the market rates of exchange have in the tracts and obligations, which will be liquidated past produced rates of conversion different from in national currency at the selling rate of the the traditional rate of ^.2.72.7 . . . Finally, Banco de la Republica on the day of liquidation, special conversion rates are also established by in accordance with article 190 of Decree-Law legal and administrative texts for the liquida- 5017 of February 10, 1941. Contracts which are not of a purely domestic nature may be expressed tion of certain duties and impositions. JANUARY 1944 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY directly in the relevant foreign currency, but the but of a long history of progressive devaluations peso oro sell ado will disappear entirely from all forced upon the monetary authorities by foreign legal and contractual texts. and civil wars and by the unprecedented severity Thus Paraguay will, after many years, reaf- of the economic crisis of 192.9. The official gold firm its monetary independence and sovereignty parities of the American currency units with and establish a new national currency in a clear relation to the pre-1934 U. S. dollar averand precise form. aged about 59 cents and their actual parities in December. 1919 about 58 cents. In terms of B. The Strengthening of the National the current dollar, this is equivalent to about one Currency Unit dollar, or more than three times the value of The microscopic value of the present paper the new Paraguayan currency unit as defined by peso has made it a unit totally unfit for transacthe present law. A conversion on the basis of tions of any but the smallest import. This has 10 to one would make the Paraguayan unit the been a source of serious inconvenience and of equivalent of only one-thirtieth the average unnecessary costs in accounting and in all value of the American currency units as defined monetary payments. The Paraguayan public, either by their official gold parities or by their accustomed to count in thousands and millions actual market rates of exchange before the acof pesos, has lost respect for the old currency cidental devaluations brought about by the unit of the country, and the use of the Argentine economic crisis of 192.9. currency, at least as a money of account, has been Even if we take as a criterion the present rates general in all transactions of some importance. of exchange, which, as was mentioned earlier, This has injured the prestige of the national are not the result of conscious choice or of currency both at home and abroad and has beorganic monetary legislation but of a long series come at times a real obstacle to the development of historical accidents, the new Paraguayan unit of thrift in the country. would be worth little more than two-thirds of The need for a new basic monetary unit has the average value of the American currencies in been generally recognized in the country as terms of the current U. S. dollar. A unit estabimperative. The only question is whether the lished on the basis of a conversion rate of 10 new unit should be established as the equivato one would be worth somewhat more than lent of ioo paper pesos or of 10. one-thirteenth of that average. The 1885 gold There is one logical answer to this question. parity was about five times as great as the new In practically every country in the world, the basic monetary unit has been established as the parity at the rate of 100 to one and about 50 centuple of the smallest currency unit actually times the parity which would result from a rate used in transactions, the latter unit being given of 10 to one. the name of cither "centavo," or "centimo," or The choice of a rate of 10 to one would have "centisimo," or "cent," or "centime," etc. had another paradoxical result. The division The smallest currency unit effectively used in of that new unit into 100 centimos would Paraguay has been the peso. The basic mone- remain a dead letter, since the centimo (equivatary unit should thus be made equal to ioo lent in this case to 10 actual centavos of the pesos. A rate of 10 to one would be only peso curso legal) would not circulate in fact in a half-hearted measure. It would eliminate the country. The new legislation would in none of the evils mentioned above and would this case have created a new unit which the leave the Paraguayan currency the smallest country would never have occasion to use or currency unit by far in all the Americas, with coin, the smallest circulating unit being not the single exception of Bolivia. the centimo but the 10 centimo piece. It must be borne in mind that the present low It is sometimes argued in Paraguay that the rate of some American currencies is not the result size of the monetary unit should be governed of choice or of an organic monetary legislation, by the physical or the foreign exchange resources 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY of the country. On the contrary, one of the gold. In fact, however, this definition is in richest countries in both respects is Venezuela, most countries a legal fiction rather than a whose monetary unit, the bolivar (about 2.9 practical reality. Paper money has universally U. S. cents), is appreciably below average, while taken the place of the old gold currencies and Honduras has a monetary unit, the lempira exchange control legislation has divorced the (50 U. S. cents), which is stronger than the national monetary systems from any real interaverage American unit. national monetary standard. Paraguay regrets The only real objection to a rate of 100 to one such a situation and affirms unequivocally in is the fact that in the transitional period which article 1 of the monetary law its determination immediately follows the reform the Paraguayan to seek, in collaboration with other nations, the public, now used to count prices and salaries reestablishment of an international monetary in thousands of pesos, may be somewhat constandard. fused by the change to a stronger unit. There In the meantime, the monetary law attempts will undoubtedly develop some psychological to reconcile the legal texts with the realities of factors tending toward an increase in prices. the present situation and to ensure the money But similar difficulties would have to be met of the country the maximum degree of stability by any monetary reform, whatever the rate of compatible with present disturbed conditions. equivalence it established between the old and The law establishes two criteria in this respect: the new currency. They are the ineluctable the criterion of external and the criterion of legacy of the past devaluations of the internal monetary stability. Paraguayan currency. A thorough educational In the absence of an international monetary campaign will be necessary to clarify the real standard, external stability is defined in terms meaning of the conversion. The new centimo of those foreign currencies which most affect is equal in every respect to the old peso and the balance of international payments of the there would be no justification whatsoever in country. As long as these currencies maintain the monetary reform itself for any price increase the same relation vis-a-vis one another, the in Paraguay. The transition will be made guarani will remain stable with relation to all easier by the coexistence for some years of and every one of them. If, however, these moneys denominated in pesos and moneys currencies display divergent movements at some denominated in the new unit established future time, the Banco de la Republica will by the law. decide, in the light of the circumstances of the The conversion to a new unit must, in order moment, on the course of action which will to avoid confusion, be accompanied by a change bring the least disruption to the Paraguayan in the name of the currency. After mature economy. The Paraguayan currency will, at consideration of the problem, the Paraguayan authorities have decided on the designations such time, be pegged to one or the other of the "guarani" and "centimo." The guarani will 'main currencies influencing the balance of interbe equal to 100 pesos and the centimo to one national payments or be steered to an intermepeso. The name guarani derives from the racial diate course. origins of the Paraguayan nation. The name This system of a "composite exchange standcentimo will establish a clear distinction be- ard" is the best approximation available at tween that unit and the old centavo. " present to a full-fledged international monetary standard. Any other arrangement would bring C The Monetary Standard: The Composite less, rather than more, stability to the monetary Exchange Standard system of the country. The immediate adoption of a fixed relation to gold would be premature, Practically every currency in the world is especially in a country which produces none defined today in terms of a certain weight of 47 JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY and owns little of that metal, at a time when weapon not only against shortages of foreign gold is impeded from performing its traditional exchange but also at other times against the functions as an international monetary standard. inflationary impact of an excessive inflow of On the other hand, a direct pegging of the foreign exchange. Modifications of this charguarani to a definite foreign currency would acter will be proposed later either independently or in connection with the new organic law of constitute a gamble, as the economic and the Banco de la Republica. political developments arising from the present war impart, or may impart at any moment, to D. Unification of Monetary Responsibility any one of the main foreign currencies to which the Paraguayan unit could attach itself, move- The new monetary law reaffirms the status of ments of its own unrelated either to world the banco de la Republica as the sole bank of economic trends or to the circumstances of the issue in Paraguay. This is a principle uni- Paraguayan economy. versally accepted in modern monetary theory The criterion of internal price stability has and legislation. been proposed by some eminent writers as an The Banco de la Republica is made solely alternative to the traditional criterion of ex- responsible not only for the main monetary issue ternal currency stability. Whatever the merits but also for the so-called subsidiary or minor or demerits of this theory, overwhelming politi- issue. A distinction between the two may cal and practical obstacles would prevent its have had some logic in the past, owing to the complete adoption in most countries and espe- fact that most banks of issue were private cially in Paraguay. The monetary authorities, institutions, more or less independent of the however, are directed by article 2. of the present State. The Banco de la Republica, however, is law to use all the means at their disposal, strictly a State institution and should be enwithin the basic framework of the external dowed with full responsibility for the whole stability of the guarani, to combat abnormal monetary issue whatever its denominations. movements of a monetary character in the This arrangement is clearly imposed by the logic level of internal prices. The new organic law of the situation and by the need for modern and of the Banco de la Republica will endow that efficient currency management. institution with the extensive weapons of control necessary to carry out this mandate. III. CONCLUSION The new law makes no essential change in The new organic monetary law of the Republic the exchange control system introduced in of Paraguay puts an end to a long period of February 1941 by Decree-Law 5017 and modified monetary confusion and instability. It provides in February 1943 by Decree-Law 17070. All the country with a modern monetary system in independent observers agree with the Para- . full accordance with the realities of the times. guayan monetary authorities in considering that It will now be for the political and monetary this legislation has been extremely beneficial authorities of the country to carry out the to the country and to the stability of its cur- intention of the' law to give Paraguay the rency. This does not mean that the present modern and stable currency which is the first exchange control legislation can not be improved prerequisite of orderly economic and social in any direction. Its present provisions bear progress in the country. Two other impending the mark of the historical circumstances which laws, the general banking law and the organic led to its adoption. The law should be revised law of the Banco de la Republica, will facilitate in such a way as to make it a more flexible this task and constitute the indispensable cominstrument of monetary policy, to be used as a plement of the present monetary reform. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY DECREE-LAW NO. 655 The Bank, in addition, shall take all measures ON THE ORGANIC MONETARY REGIME necessary to combat abnormal fluctuations of a OF THE REPUBLIC OF PARAGUAY monetary character in internal prices. October 5, 1943, Article 3. All the prices, taxes, assessments, CONSIDERING : fees, wages, salaries, contracts and obligations, (1) That the public interest requires that an of any kind whatsoever, which are to be paid, end be put to the long period of monetary collected, or executed in the Republic, must confusion and instability which has been the be expressed and liquidated exclusively in source of so much harm to the country; guaranies. (1) That the preliminary step of this reform Any modifying or restricting clause which has been accomplished with the stabilization imposes payment in silver or gold metal, coined reached as a result of the effective application of gold, foreign moneys or devisen, or any mone- Decree-Laws No. 5017 and 17070 on exchange, tary unit other than the guarani shall be void control; and without legal effect. (3) That the institution of a new monetary Excepted are: unit based on modern and realistic principles a) Obligations requiring payments from Paraconstitutes an indispensable prerequisite for the guay abroad or from abroad to Paraguay; economic and social progress of the Nation; b) Remunerations to foreigners domiciled (4) That it is necessary to secure for the new outside of Paraguay for temporary services in unit the maximum external and internal stability the country; compatible with the present international mone- c) Obligations to institutions of public law tary situation; which, in application of special laws, must be (5) That it is necessary to unify the monetary paid in foreign currency or exchange or in specie. issue and responsibility and to strengthen the Ankle 4. The Bank of the Republic of national monetary unit; Paraguay is exclusively authorized to issue notes and coins in the national territory, with the (6) That it is indispensable for Paraguay to guarantees and limitations established in the reaffirm her monetary independence and sovpertinent legal provisions. ereignty; The opinion of the Honorable Council of No other institution or person, public or private, may put into circulation notes, coins, State having been heard; or any other instruments which, in the opinion of said bank, might circulate as money. THE PRESIDENT OF THE REPUBLIC OF PARAGUAY Article s- The notes and coins of the Bank DECREES WITH FORCE OF LAW *. shall have unlimited legal tender and cancelatory Article 1. The "guarani" is established as force throughout the national territory. the monetary unit of the Republic of Paraguay. Article 6. The Bank of the Republic of The guarani .is divided into 100 equal parts Paraguay is obliged, at the request of any person called "centimos." Its symbol is a barred or institution, to deliver and accept without letter "G." limit its own notes and coins in exchange for Article 2. As long as international monetary foreign moneys or devisen, at the rate or rates conditions do not permit of another solution, established by the Bank in accordance with the Bank of the Republic of Paraguay shall Article z of this Decree-Law. maintain the stability of the guarani with Article 7. The application of this Decree-Law relation to the currencies which most influence shall be limited by the legal provisions of the balance of payments of the country, using exchange control now in effect or which may be as the initial basis the exchange rates prevailing established in the future for reasons of general interest. at the time this Decree-Law enters into effect. 49 JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY The special rates now in effect or which might from January 1, 1945, the coins denominated be established in the future may not differ by in pesos fuertes shall cease to have legal tender more than 15 per cent in cither direction from and shall be exchangeable at par only by the the rates of exchange fixed in accordance with Bank of the Republic of Paraguay until Decem- Article z. ber 31, 1945; from January 1, 1946, they shall be Article 8. The Bank of the Republic of completely demonetized. Paraguay shall determine the classes, kinds, Article 12. The subsidiary issue, now at -composition, engraving, inscriptions, and other charge of the National Government by virtue characteristics of the notes and coins, in agree- of Decree-Law No. 9408 of October 15, 1941, is ment with the Ministry of Finance. transferred to the Bank of the Republic of All printing and minting expenses shall be Paraguay. The Government shall deliver to the at charge of said Bank. Bank a noninterest-bearing bond in the amount of said issue. TEMPORARY PROVISIONS Article 1$. The difference which is revealed, Article g. The Bank of the Republic of after completion of the redemption, between Paraguay shall replace all present notes and the new guarani issue and the present issue shall coins by stamped or new notes and by coins be applied to the amortization of the bond denominated in the unit adopted by this Decreementioned in the preceding article and the Law. The replacement shall be at the rate of balance shall be applied to the amortization of one guarani for each 100 pesos fuertes and one the bonds of the Guaranteed Internal Debt.1 centimo for each peso fuerte. Article 14. During the periods established in Article 10. Holders of notes denominated in Articles 10 and 11, in which peso fuerte notes pesos fuertes are obligated to exchange them and coins and guarani notes and coins will have before January 1, 1946, for stamped or new legal tender simultaneously, all prices, taxes, guarani notes. After this date the present assessments, fees, wages, salaries, contracts, unstamped peso notes shall cease to have legal and obligations of any kind whatsoever which tender and shall be exchangeable at par (one must be paid in national money may be paid, guarani for each 100 pesos fuertes and one collected, executed or liquidated in pesos fuertes centimo for each peso fuerte) until December 31, or guaranies, without distinction, at the rate of 1947, at the Bank of the Republic of Paraguay equivalence established in Article 9. only. From January i, 1948, the unstamped Article if. The use of the unit of account peso fuerte notes shall be demonetized. called "peso oro sellado" is prohibited. All Stamped notes must be exchanged for new amounts expressed in pesos oro sellado prior to notes denominated exclusively in guaranies this Decree-Law in any kind of document, between January 1, 1946, and December 31, 1947; obligation, assessment, or tax are converted to after this date they shall cease to have legal guaranies at the rate of one guarani and 75 centender and shall be exchangeable at par only at timos for each peso oro sellado. Excepted are the Bank of the Republic of Paraguay until those cases in which special rates have been December 31, 1949; from January 1, 1950, these legally set for converting pesos oro sellado; in notes shall be demonetized and only the notes such cases the equivalent in guaranies shall be denominated exclusively in guaranies will remain in circulation. calculated by applying these special rates for conversion into pesos fuertes and by then con- Article 11. Holders of coins of the present verting into guaranies at the rate of one guarani issue must present them for exchange at par (one centimo for one peso fuerte) for new cen- for each 100 pesos fuertes. timo coins from the time such an exchange procedure is initiated until December 31, 1944; 1 Those bonds are held by the Bank of the Republic of Paraguay. 5° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW MONETARY AND BANKING MEASURES IN PARAGUAY Article 16. All accounting operations must be ioo pesos fuertes and of one centimo for each expressed in guaranies except those relating to peso fuertc. Any attempt to take advantage the legally authorized exceptions, which may be of the application of this Decree-Law in order entered in the respective foreign currencies. to increase prices shall be punished by the General balance sheets and profit and loss Department of Industry and Commerce of the statements shall be expressed exclusively in Ministry of Commerce and Industry with a fine guaranies. The conversion shall be made at of from 50 to 5,000 guaranies. If the offense is the rates fixed by the Bank of the Republic of repeated, the same Department may order the Paraguay. This Article shall apply from the closing of the commercial establishment for a first accounting year initiated after this Decreeperiod of from 15 days to three months without Law becomes effective. prejudice to the imposition of the corresponding Ankle iy. Those who in any way counterfeit fine. the stamping of notes, authorized exclusively Ankle 19. The present Decree-Law shall beto the Bank of the Republic of Paraguay, shall come effective 30 days after its promulgation. be punished by a term of from four to eight Ankle 20, A report shall be made at the years in a penitentiary. The same penalty shall first opportunity to the Honorable Chamber of be imposed on anyone who cooperates willfully Representatives. with the counterfeiters or their accomplices by Article zt. This Decree-Law shall be compassing or introducing into the Republic any municated, published and made available to notes with counterfeit stamping. the Official Register. Ankle 18. The present prices now expressed in pesos fuertes shall be converted into guaranies (Signed) HIGINIO MORINIGO M. and centimos at the rate of one guarani for each R. ESPINOZA JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcement of Changes at the Denver, Oklahoma was appointed a Class C Director of the Federal City, and Omaha Branches Reserve Bank of St. Louis for a three-year term The Federal Reserve Bank of Kansas City has beginning January 1, 1944. Mr. Stead is Dean announced that, in view of the enlarged func- of the School of Business and Public Administions of its three branches and the greatly in- tration, Washington University, St. Louis, creased volume of transactions being handled Missouri. by them, the officer in charge of each branch Mr. J. R. Parten, of Houston, Texas, was would be a Vice President of the Federal Reserve appointed a Class C Director of the Federal Bank. Pursuant to such policy, the former Reserve Bank of Dallas for a three-year term Managing Director of each of the branches was beginning January i, 1944, and Deputy Chairman appointed a Vice President of the Federal Re- for the year 1944. Mr. Parten is President of serve Bank of Kansas City, effective January i, the Woodley Petroleum Company, Houston, 1944, and assigned as officer in charge of the Texas. branch. Mr. Harry R. Wellman, of Berkeley, California, who has been a Class C Director of the Resignation Federal Reserve Bank of San Francisco since Mr. Walter R. Stark has resigned as Assistant October 2.7, 1941, was appointed Deputy Chair- Director of the Division of Research and Staman for the year 1944. Mr. Wellman is Directistics in order to return to the firm of Loomistor of the Giannini Foundation of Agricultural Sayles & Co., Boston, Massachusetts, with Economics and Professor of Agricultural Ecowhich he was formerly associated. nomics, University of California, Berkeley, New Appointments and Designations California. On January 3, 1944, the Board of Governors Mr. Thomas Robins, Jr., of Buffalo, New announced designations and appointments at York, was appointed a director of the Buffalo the Federal Reserve Banks and branches, effec- Branch of the Federal Reserve Bank of New tive as of January i, 1944. The Chairman and York for a three-year term beginning January Federal Reserve Agent at each Federal Reserve 1, 1944. Mr. Robins is President of the Hewitt Bank was reappointed for the coming year, and Rubber Corporation, Buffalo, New York. the Deputy Chairmen were also reappointed Mr. Malcolm E. Holtz, of Great Falls, Monexcept at the Federal Reserve Banks of St. tana, was appointed a director of the Helena Louis, Dallas, and San Francisco, where new Branch of the Federal Reserve Bank of Minneappointments were made as noted below. A apolis for a two-year term beginning January 1, complete list of Federal Reserve Bank and 1944. Mr. Holtz is engaged in farming. branch directors will appear in a later issue Mr. George A. Slaughter, of Wharton, of the BULLETIN. Texas, was appointed a director of the Houston The appointments and designations of new Branch of the Federal Reserve Bank of Dallas personnel are as follows: for a three-year term beginning January 1, Mr. Douglas W. Brooks, of Memphis, Ten- 1944. Mr. Slaughter is engaged in farming. nessee, who has been a Class C Director of the Mr. Henry A. Dixon, of Ogden, Utah, was Federal Reserve Bank of St. Louis since January appointed a director of the Salt Lake City 1, 1940, was appointed Deputy Chairman for Branch of the Federal Reserve Bank of San the year 1944. Mr. Brooks is President of The Francisco for a two-year term beginning Janu- Newburger Company, Memphis, Tennessee. ary 1, 1944. Mr. Dixon is President of Weber Mr. William H. Stead, of St. Louis, Missouri, College, Ogden, Utah. 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 pj r y ew erse Federal Reserve System The following State banks were admitted to Long Branch—The Long Branch Banking Cornmembership in the Federal Reserve System during the period November i6, 1943, to December 15, 1943, inclusive: New York JJJ. . Attica—The Citizens Bank Oyster Bay—Oyster Bay Trust Company Kansas—Kansas State Bank „ Ohio Kansas Colby—The Farmers and Merchants State Bank North Baltimore—The Hardy Banking Corn- Dodge City—Fidelity State Bank Pany Missouri Oklahoma Cairo—Bank of Cairo Hugo—The Citizens State Bank Kirkwood—The Kirkwood Bank Warrenton—Commerce-Warren County Bank Texas Nebraska Houston—Houston Land and Trust Company Superior—Farmers State Bank of Superior Pecos—The Security State Bank of Pecos, Texas JANUARY 1944 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled December 22 and released for publication December 27. Figures shown on charts may differ from preliminary -figures used in text. Industrial activity was maintained at a high ber continued at the level of recent months, level in November and the early part of Decem- Activity in woolen mills showed little change ber. Value of rctaii sales during the Christmas as increased production of civilian fabrics, resultbuying season has been larger than last year's ing from the lifting of restrictions on the use of record sales. wool, offset reduced output of military fabrics. Production of manufactured food products con- INDUSTRIAL PRODUCTION tinued at a high level. Federally inspected meat Industrial production in November was at 247 production-in November was one-fourth larger per cent of the 1935-39 average, the same as in than a year ago. Newsprint consumption in October and 2. points higher than in September November declined to a level 15 per cent below according to the Board's seasonally adjusted the same month last year. Output in the rubber index. Further increases in munitions produc- products and petroleum refining industries contion in November were offset in the total index tinued to increase. by smaller output of coal and steel. Coal production increased sharply in the latter The reduction in steel output from the high part of November but for the month as a whole October rate was small and reflected partly a de- bituminous coal output was down 9 per cent from cline in war orders for some types of steel prod- October and anthracite 19 per cent. In the early ucts. Activity in the machinery and transpor- part of December output of bituminous coal was tation equipment industries continued to rise in at the highest rate in many years. November. The Board's machinery index, which had been stable from April to August, DISTRIBUTION advanced 5 per cent in the past three months as a Notwithstanding a reduced selection of merresult of increases in output of electrical equipchandise, department store sales in November ment and other machinery, which includes airwere about 10 per cent greater than the large craft engines.. volume of sales in November 1941, and in the Total output of nondurable goods in Novemfirst three weeks of December" sales were about INDUSTRIAL PRODUCTION INCOME PAYMENTS TO INDIVIDUALS " H. VOLUME mSOMLLT AQJUtTtD, ItM- »• 100 FOP TOTAL BILLIONS OF (JOLLMS AHHUHL v SATIS, S \ CA50HW.LY AOJUSTtft «LL1«O W^D«.LA» / 100 l£0 / 80 / 100 SALARIE 60 AND WAG y 40 PAYM xEftrs 40 I939 1943 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS the same as a year ago. Value of department BANK CREDIT store stocks at the end of October was reported Excess reserves at all member banks fluctuated to be 9 per cent smaller than a year ago and it is around one billion dollars in November and estimated that, contrary to the usual seasonal December, maintaining an average level slightly movement, stocks declined in November. below that which prevailed during the previous Freight carloadings were maintained in large month. During the five weeks ending December volume in November and in the first half of iz, reserve funds were absorbed by a preholiday December. Loadings of coal during the four rise in money in circulation of about 800 million weeks ending December u were at the highest dollars, and required reserves continued to inrate in many years, following a sharp drop in the crease as Treasury expenditures transferred funds first half of November. Shipments of grain and from Government accounts to private deposits. livestock were in unusually large volume for this Needed reserves were supplied to member banks time of year. through an increase of 1.7 billion dollars in Government security holdings at the Reserve Banks. Additions to Treasury bill holdings COMMODITY PRICES accounted for the larger part of the increase, but Grain prices continued to advance from mid- certificate holdings also rose substantially. November to mid-December and reached levels During November and the first half of Decemmore than one-fourth higher than a year ago. ber, loans and investments at reporting member* Wholesale prices of other farm and food products banks in 101 leading cities declined by around showed little change, while prices of various X.5 billion dollars, after increasing by 6.Z5 industrial commodities, including coal, were billion in September and October. Holdings of all types of Government securities decreased. increased somewhat. Bill holdings, mainly because of sales to the The cost of living, which had increased .4 per Reserve Banks, showed the largest decline. cent in October, declined .2. per cent in Novem- Loans for purchasing or carrying securities conber, according to the Bureau of Labor Statistics tinued to decline over the period. index. MEMBER BANKS IN LEADING CITIES MEMBER BANK RESERVES AND RELATED ITEMS M 4 L 8 UtWS OF POLL*HS MIUON* OF WX 4 LA 8 M t Of PQLL»H$ 1ILLI0N3 Of DOLLAHS 20 I 1941 1942 1943 Demand depots (adjusted) exclude U. S. Government and inter- 1939 1940 1941 1942 . 1943 bank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Wednesday figures, latest shown are for Dec. 29. Dec. 29. JANUARY 1944 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAOB Member bank reserves, Reserve Bank credit, and related items 59 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 60 Federal Reserve Bank statistics 61-65 Guaranteed war production loans 65 Deposits and reserves of member banks 66 Money in circulation..' 67 Gold stock; Postal Savings System; bank suspensions; bank debits. 68 All banks in the United States, number, deposits, loans and investments 69 Condition of all member banks 70-71 Weekly reporting member banks 72.-75 Commercial paper, bankers' acceptances, and brokers' balances... 76 Money rates and bond yields '. 77 Security markets. ; 78-79 Corporate profits 80 Treasury finance 81-83 Government corporations and credit agencies 84 Business indexes 85-93 Department store statistics 94~95 Consumer credit statistics 96-97 Wholesale prices . 98 Employment in nonagricultural establishments 99 December crop report, by Federal Reserve districts 99 Current statistics for Federal Reserve chart book 100-101 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in tnc United States. The data relating to the Fodcral Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 20 20 16 16 12 TREASURY CASH AND DEPOSITS MEMBER BANK RESERVE BALANCES 1937 1938 1939 1940 1941 1942 1943 Wednesday figures, latest shown are for Dec. 29. See p. 59* FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date : B o d e i u i l d s n l - s t- T U o . t a S l s . e G c ' u o r b e r u v i & a e t s i r e - n s m | e A nt ll ot A h l e l r1 Total s G to o c l k d T s r t r c e u o a i e u n n r u n a y c r g t d s - y - - - M i c n t u i o o c l n a i n e r - - y , T c h i r u n a o e r g s l a y h s d s - - i T B p ' r e w s y r o d a R e e i s r n e d e t a i v h - r k t e s e a s - s - l b m p N e o r e o s m n d it - e * s - O c s o e e R a t r u r h c v e a n e - - e l t r s To b ta a l lances and other :ertificates Monthly averages of daily figures: 1942—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 Nov 9 4,746 1,151 3,595 286 5,041 22,741 3,374 14,473 2,247 219 1,323 276 12.618 2,362 1943—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 Nov 35 9,886 7,630 2,256 418 10,339 22,091 4,102 19,566 2,294 338 1,687 334 12,313 1,073 End of month figures: 1942—Sept. 30.... 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 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 Nov. 30... 7 5,399 1,570 3,829 308 5,714 22,743 3,381 14.805 2,236 6 1,320 263, 13,208 2,909 1943—Sept. 30 12 8,919 6,698 2,221 453 9,384 22,175 r4,094 18,844 2,267 706 1,636 335 11,864 1,684 Oct. 30 26 9,354 7,112 2,242 443 9,823 22,116 4,101 19,250 2,288 400 1,674 341 12,086 1,102 Nov. 30..... 52 10,348 8,071 2,277 363 10,763 22,065 4,097 19,918 2,289 394 1,592 332 12,401 985 Wednesday figures: 1943—Feb. 3... 9 5,475 1,588 3,887 283 5,766 22,663 3,846 15,666 2,200 49 1,156 262 12,942 1,700 Feb. 10... 13 5,719 1,939 3,780 250 5,983 22,642 3,885 15,798 2,209 280 1,213 264 12,747 1,640 Feb. 17... 9 5,795 2,083 3,712 410 6,214 22,642 3,915 15,845 2,221 188 1,158 268 13,093 1,992 Feb. 24... 11 5,931 2,275 3,656 281 6,223 22.643 3,925 15,952 2,223 258 1.171 270 12,917 1,788 Mar. 3... 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10.. 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16,205 2,218 5 1,179 276 13,122 1,877 Mar. 17... 10 6,266 3,102 3,165 422 6,699 22,610 3,979 16,115 2,224 6 1,129 297 13,516 2,126 Mar. 24... 10 5,950 2,883 3,067 320 6,280 22,595 3,984 16,065 2,218 6 1,185 301 13,084 1,632 Mar. 31. . 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Apr. 7... 13 6,549 3,516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 302 13,110 1,976 Apr. 14... 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,144 2,147 Apr. 21... 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,293 Apr. 28... 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5... 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12... 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19... 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 May 26... 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 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 S S S S S e e e e e p p p p p t t t t t . . . . . I 2 2 8 1 S 9 2 . . . . . . . , 6 3 2 7 1 9 1 2 1 3 9 9 9 9 9 , , , , i 2 3 1 6 l8 0 3 6 5 7 4 6 8 3 6 6 7 6 7 , , , , , 9 0 9 9 4 5 8 4 8 3 6 4 7 3 2 2 2 2 2 2 , , , , , 2 2 2 2 2 5 3 2 2 2 2 1 1 1 1 4 3 2 3 6 9 3 6 8 3 1 1 2 5 6 1 9 9 9 9 0 , , , , , 7 5 7 5 3 1 4 4 4 1 7 0 2 3 5 2 2 2 2 2 2 2 2 2 2 , , , , , 2 2 2 1 2 0 4 2 7 0 5 3 3 5 4 4 4 4 4 4 , , , , , 0 0 0 0 0 9 9 9 9 9 8 4 3 0 6 1 1 1 1 1 8 8 8 8 8 , , , , , 5 7 7 8 7 7 7 4 1 1 1 3 0 8 4 2 2 2 2 2 , , , , , 2 2 2 2 2 5 7 6 7 6 5 9 6 4 6 2 5 6 1 4 8 6 3 6 9 2 1 1 1 1 1 , , , , , 5 6 3 5 6 7 6 7 0 4 4 2 4 0 9 3 3 3 3 3 2 3 3 2 3 9 7 8 9 7 1 1 1 1 1 2 3 2 3 2 , , , , , 9 3 4 7 0 5 1 8 2 5 1 5 7 9 4 1 2 1 1 1 , , , , , 1 0 8 4 8 4 3 9 5 1 5 1 8 3 0 O O O O c c c c t t t t . . . . 1 2 2 3 6 7 0 . . . . . . . . . . 1 1 1 1 8 1 3 3 9 8 9 9 , , , , 3 9 2 0 8 1 6 9 7 4 2 1 6 6 7 7 , , , , 6 1 0 8 8 6 5 4 6 7 1 6 2 2 2 2 , , , , 2 2 2 2 2 3 2 2 7 5 1 1 C4 3 3 2 8 7 5 8 1 5 6 2 9 9 9 9 , , , , 3 7 6 3 6 7 8 8 2 5 6 0 2 2 2 2 2 2 2 2 , , , , 1 1 1 1 5 3 7 3 5 2 6 2 4 4 4 4 , , , , 0 0 1 1 9 9 0 0 9 8 1 3 1 1 1 1 8 8 9 9 , , , , 8 9 0 0 8 7 1 9 3 8 9 0 2 2 2 2 , , , , 2 2 2 2 8 7 9 8 4 9 5 1 1, 3 5 5 0 8 3 3 1 0 0 0 3 1 1 1 1 , , , , 6 6 4 6 3 3 2 5 7 3 1 9 3 3 3 3 4 3 3 4 1 5 7 2 1 1 1 1 1 2 2 2 , , , , 0 9 0 0 0 0 2 0 2 3 1 5 1 1 1 1 , , , , 6 4 0 6 9 0 6 0 7 7 2 8 N N N N o o o o v v v v . . . . 2 1 1 3 4 0 7 . . . . . . . . 4 3 3 2 8 9 4 2 1 9 9 9 0 , , , , 8 8 4 3 3 6 7 6 2 5 6 4 8 7 7 7 , , , , 2 1 5 6 3 0 7 1 0 1 7 1 2 2 2 2 , , , , 2 2 2 2 4 5 6 5 6 4 3 4 3 3 5 3 2 8 0 4 1 1 6 4 1 1 1 9 0 0 0 , , , , 8 2 7 3 3 3 9 7 1 5 2 2 2 2 2 22 2 2 2 , , , , 0 1 0 0 8 1 9 9 1 6 6 6 4 4 4 4 , , , , 1 1 1 1 0 0 0 0 6 1 0 1 1 1 1 19 9 9 9 , , , , 7 5 3 5 2 5 5 1 6 9 4 4 2 2 2 2 , , , , 2 2 2 2 9 9 9 9 7 8 3 5 3 3 4 4 3 6 0 7 4 9 7 9 1 1 1 1 , , , , 6 7 7 7 6 1 3 1 8 4 9 6 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 2 2 2 2 , , , , 1 4 0 2 9 0 6 6 8 2 9 3 1 1 1 1 , , , , 0 0 0 0 9 8 8 4 6 0 4 4 D D D D D e e e e e c c c c c . . . . . 2 2 1 8 1 2 9 5 . . . . . . . . . . . . . . . 1 1 5 9 0 7 0 3 0 1 0 8 1 1 1 1 1 1 1 0 1 1 , , , , , 5 6 0 4 0 5 1 1 4 1 1 5 4 7 6 8 8 9 9 8 , , , , . 1 2 7 7 3 6 6 4 2 1 9 0 3 8 0 2 2 2 2 2 , , , , , 2 3 2 2 2 7 0 9 6 9 8 2 6 6 1 3 4 6 8 7 7 1 3 0 1 4 7 7 0 4 1 1 1 1 1 1 0 1 2 2 , , , , , 5 8 7 4 4 4 7 0 5 3 0 4 4 9 0 2 2 2 2 2 2 2 2 2 2 , , , , , 0 0 0 0 0 6 4 0 0 0 5 4 4 4 4 4 4 4 4 4 , , , , , 1 1 0 0 0 0 0 9 9 9 2 1 7 7 6 1 2 2 2 2 0 0 9 0 0 , , , , , 1 2 9 3 4 3 3 4 8 2 5 5 0 2 8 2 2 2 2 2 , , , , , 2 3 2 3 3 9 0 9 2 1 9 1 3 5 6 2 6 3 9 7 7 8 7 6 6 5 6 9 7 4 1 1 1 1 1 , , , , , 6 6 6 8 9 3 6 2 6 0 0 4 2 4 8 3 3 3 3 3 3 3 4 4 4 3 1 3 5 4 1 1 1 1 1 2 2 2 2 2 , . , , , 5 9 5 6 7 6 3 6 7 6 2 2 9 7 9 1 1 1 , , , 0 2 1 9 9 9 3 2 1 1 6 8 6 8 9 c Corrected. r Revised. J Includes industrial advances shown separately in subsequent tables. 2 - uEinado iorf amonontntha nanfld wWeeadnneessadaayy nfigguurreess eessutimmaatteead. . , _ , _ , ,„,„ ttn J(_ _Leprints of article, together withN OavTaEil—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Ri e4p)r iand for excess reserves h available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) J in BBUULLLLEETTIINN ffoorr August 1935, pp. 499-500. JANUARY 1944 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 1. 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 . re 1 d 0 ( a b d )l vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3 a) , 1 To nonmember banks Toothers Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective N B e o w st o Y n. o .. rk.... O O c c t t . . 2 3 7 0 , , 1 1 9 94 4 2 2 A Se u p g t . . 2 1 5 , , 1 1 9 9 3 3 9 9 O Oc c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 A Se u p g t . . 2 1 5 , , 1 9 19 3 3 9 9 f O O c c t t . . 2 3 7 0 , , 1 1 9 9 4 4 2 2 Philadelphia;. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 h Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago..;.... Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis... Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 2 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 F Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept, 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 2 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. 2H NOTE.—Maximum maturities for discounts and advances to member banks are: IS days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. FEDERAL RESERVE BANK BUYING RATES ON ' BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD- [Per cent per annum] - VANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity Ja R n a u t a e r o y n 1 In g i e n f n fe in c g t — be- Pre ra v t i e ous (In effect January 1. Per cent per annum] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days do 1 121-180 days do Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank u a if 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 f o o s r e e ff l e l m e re r a , d t . w u r 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 o 9 4 n 2 b , i t l h p ls a u t r o ch f th a e s l i 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 k l 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 3 Minimum buying rates on prime bankers' acceptances. obligated ; MEMBER BANK RESERVE REQUIREMENTS Boston I [Per cent of deposits] New York.... Philadelphia. Cleveland Net demand deposits1 Time deposits Richmond. C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e C b o a u n n k tr s y m ba e ( n m a k l b s l e ) r M A C St h t i . l i n c L a n a n o e g t u a o a p i . s o . . . . l . , is... June 21, 1917-Aug. 15, 1936 13 10 7 Kansas City... 8 M Au a g r. . 16 1 , , 1 1 9 9 3 3 6 7- - A Fe p b r . . 2 3 8 0 , , 1 1 9 9 3 3 7 7 2 1 2 9 % ^ 15 1 m 0)- D Sa a n l l F a r s a . n .. c ., isco., May 1, 1937-Apr. 15, 1938 26 N A A u o p g v r. . . 2 1 0 1 6 , , , 1 1 1 9 9 9 4 4 3 2 1 8 - - - A S O e u c p g t t . . . 1 1 3 3 9 1 , , , 1 1 1 9 9 9 4 4 4 2 2 1 2 2 2 4 6 2% 20 1 1 1 4 2 4 6 1 I R R n a a c t t l e e u d c c i h h n a a g r r g g l e e o d d a n b b s o o m r r r r a o o d w w e e e r i r n . l e p s a s r c ti o c m ip m at i i t o m n e w nt i t r h a f t i e n . ancing institutions. Sept. 14, 1942-Oct. 2, 1942 22 20 14 May charge same rate as charged borrower by financing institution," Effective Oct. 3, 1942 20 20 1 1 4 4 low 5 e F r i . nancing institution is charged H per cent on undisbursed portion oi 1 Gross demand deposits minus demand balances with domestic banks loan under commitment. (except private banks and American branches of foreign banks) and cash items in process of collection. MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by MARGIN REQUIREMENTS* the Board of Governors under provisions of Regulation Q [ Per cent of market value J [Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a n r 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 E N f o f 1 e 9 v c 3 . t 7 i l v f e N Ja o n v . . 3 1 1 , ,1 1 9 9 3 3 3 5 - F D e c b c . . 3 1 1 ,1 ,1 9 9 3 3 5 5 - Ja E n ff . e 1 c ,1 ti 9 v 3 e 6 Savings deposits Postal savings deposits... For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 40 In 6 months or more.... 2H For short sales, under Regulation T 50 In 90 days to 6 months. 2H For loans by banks on stocks, under Regulation U.. 40 In less than 90 days.... 2Y 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 1936t 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. So FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS (In thousands of dollars] Wednesday figures End of month 1943 1943 1942 Dec. 29 Dec. 22 Dec. 15 Dec 8 ]Dec. 1 Nov. 24 Nov. 17 Nov. 10 November October November Assets Gold certificates on hand and due from U. S. Treasury 19,614,76519,628,26019,643,26519,696,01519738,51519784,21519803,21519,804,71519,75551719,832,21420,556,110 Redemption fund—F.R. notes.. 218,495 207,018 193,940 178,817 157,790 130,406 127,950 128,399 142130 114,410 10,590 Other cash 314,728 291,426 299,478 293,124 306,988 310.149 318,672 300,509 304075 321,825 226,392 Total reserves 20,147 98820,126,70420,136,68320,167 95620203,29920224,77020249,83720233,62320,201 72820,268,44920,799,092 Bills discounted: For member banks 100617 70,045 90,127 107893 52,695 47,610 33,735 22,380 51 S00 25 545 3 855 For noamember banks, etc.... 3,500 To'tal bills discounted.... 100,612 70,045 90,127 107893 52,695 47,610 33,735 22,380 51500 25,545 7,355 Industrial advances 10ns 10 10 S58 10.530 11,506 11,676 12,055 11,577 11471 12,070 14 900 U.S. Government securities: Direct: Bonds 1 6^0 1,547 770 157?465 1,519 182 t 508,232 1508,232 1508,232 1508,232 1,508 737 1,505,582 7463,644 Notes 661900 6(5,1900 661900 697900 692,900 690,900 685,900 685,900 692 900 085,900 1342,997 Certificates: Special series. 422,000 Other 7,407 150 ?,277 850 7 186250 2,085 95C 1909,650 1843,550 1771,250 1694,200 1,908 150 1,565,350 705,214 Bills: . Under repurchase option 4 778474 4 655 171 4 104 4866 781 4 784,013 5088,207 4638,506 4,755,683 4,687 876 4,395,534 47,385 Other 2,677 751 2332096 2038466 1767576 1475,230 1169,500 1167,600 1,161,100 1,475 230 1,151,100 335,484 Guaranteed 82014 80 154 79,504 78565 77,055 63,486 60,329 59,829 76 105 50,481 22,126 Total U.S. Government securities, direct and guaranteed 11614 88911551391110136891101595410447,08010363,875 9,831,817 9,864,94410,348493 9,353,947 5,398,850 Other Reserve Bank credit outstanding 704,473 826 738 589352 406,014 362,433 369,111 494,359 332,265 351 370 430,992 293,062 Total Reserve Bank credit outstanding... 12430, 11212458, 56711703,7261154039110,873,71410792,27210371,96610,231,16610,762836 9,822,554 5,714,167 F.R. notes i L n i a a b c i t l u it a i l e s circulation. 16874,80716808, 72816636,13016527 74416,342,89416,131,38215974,14015,918,22510,311,91115,663,158u.756,463 Deposits: Member bank—reserve account. 1? 760 189 2,677,107 12,932,08212569,05312,561,79612,401,91712,263,24412,198,17712,400,94G12,085,66313,208,176 U. S. Treasurer—general account 7<^ 810 967, 379,481 685,718 275,216 479,209 406,625 369,026 393,534 399,821 5,854 Foreign 512545 1,486,3S9 1,441,750 1447,872 1,421,834 1,398,401 1,363,373 1,348,971 1,401,221 1,331,252 916,279 Other deposits 395,352 377, 776 179,913 215,964 207,691 340,814 350,490 366,990 190,966 343,216 4U3.870 Total deposits 15,440,896 5,508,66014,933,22614918,60714,466,53714,620,34414,383,73214,283,16414,38000714,159,952 534,179 Ratio of total reserves to deposit and F.R. note liabilities •combined (per cent) 62.3 62.3 63.8 64.1 65.6 65.8 66.7 67.0 65.8 68.0 79.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t d o n a 6 t y h s s i 6 m 1 y t o o e n a t r hs 2 l y y t e e o a a r rs 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills D D D D D d e e e e e c c c c c is . . . . . c 2 2 1 o 8 9 2 1 5 u nted: '. 1 1 9 5 7 0 0 0 0 2 0 7 . , , , , 1 6 0 6 8 2 1 4 9 9 7 2 5 5 3 8 8 5 4 9 2 0 5 8 5 , , , , , 9 5 1 6 3 7 8 5 2 4 2 2 0 3 0 2 2 , , 5 6 3 6 2 7 9 9 9 4 5 0 0 5 5 5 6 6 6 1 , , , , , 2 2 5 7 36 0 0 9 0 5 0 0 5 0 1 8 3 2 2 , , , , 0 3 6 0 1 0 0 0 5 0 0 0 0 0 0 Indu D D D D D s e e e e e tr c c c c c i . . . . . a l 2 2 1 8 9 2 1 5 advances: 1 1 1 1 1 0 0 0 0 1 , , , , , 5 1 3 5 5 5 3 9 0 3 8 8 3 6 0 1 8 8 8 8 0 , , , , , 4 2 5 5 0 7 5 8 4 6 7 3 0 9 0 5 4 3 3 8 2 0 2 3 1 1 1, , , 1 1 1 5 1 4 2 5 6 7 7 6 5 9 8 5 1 1 1 1 0 1 1 1 1 1 5 4 2 3 2 2 2 2 2 5 5 5 8 6 3 0 8 1 0 2 2 2 2 2 4 6 6 6 6 9 9 8 8 4 1 1 1 8 9 0 0 0 9 0 2 3 2 U. S. Government securities, direct an D D D D D d e e e e e c c c c g c . . . . . u a 2 2 1 r 8 1 2 9 5 a nteed: ;... 1 1 1 1 1 1 1 1 1 0 , , , , , 5 0 0 4 6 5 1 1 4 1 1 5 3 7 4 , , , , , 9 6 3 0 " 5 8 8 9 "" 4 9 0 1 , , , , ,2 2 4 4 3 7 6 3 4 3 6 9 5 8 4 , , , , , 2 0 0 4 4 1 9 3 7 4 7 6 2 3 6 8 9 9 9 9 9 3 8 5 7 7 0 6 4 3 , , , , , 8 2 6 9 3 7 4 8 4 7 3 4 2 7 0 2 2 2 2 2 , , , , , 7 5 3 0 5 3 2 0 7 6 6 2 1 2 0 , , , , , 8 5 3 2 7 9 2 5 9 6 3 9 1 1 3 ' 2 2 2 2 2 , , , , , 1 2 1 0 4 9 7 0 8 4 9 0 2 1 1 , , , , , 3 4 7 3 8 8 3 0 9 3 7 7 1 5 5 1 1 1 , , , 2 1 1 8 7 2 7 4 9 9 1 5 9 4 2 , . , , , 0 0 0 1 5 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 , , , , , 2 1 1 1 1 3 6 4 7 1 5 5 5 3 3 , , , , , 5 7 2 7 6 5 5 5 5 5 0 0 0 0 0 2 2 2 2 2 1 1 2 2 2 7 3 3 1 1 , , , , , 4 4 0 5 5 0 0 0 0 0 0 0 0 0 0 ; 4 4 4 7 7 8 8 8 0 0 7 7 7 2 2 , , , , , 9 9 9 9 9 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 , , , , , 1 1 1 1 1 3 5 8 9 5 8 0 0 0 4 , , , , , 7 1 5 2 4 9 1 7 5 9 8 6 6 3 3 61 JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston 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. D S e . c . T re 1 asury: 19,738,515 ,004,7395,277,058 ,095,6461,589,332 ,085,533 942,559 ,876,020 700,335 ,788 752,250 542,804 446,451 Dec. 8 19,696,015 ,005,8195,322,022 ,099,6811,585,537 ,070,531 931,815 ,888,194 678,088 19,580 716,351 525,514 452,883 Dec. 15 19,643,265 985/912 55,,436,419 ,050,5661,531,346 ,040,506 921,179 f, 915,675 682,609 402,110 701,117 522,501 453,325 Dec. 22 19,628,260 ,011,6645,534,548 ,045,3271,525,927 ,063,010 938,233 1,841,138 666,852 92,577 694,673 511,094 403,217 Dec. 29 19,614,765 ,033,5325,830,133 ,065,6391,475,383 ,028,237 884,461 1,779,679 647,091380,590 659,253 483,016 ,347,751 Redemption fund— Federal Reserve notes: Doc. 1 157,796 20,887 19,163 18,103 21,237 17,907 13,678 1,231 19,876 5,186 5,413 8,435 6,6&0 Dec. 8 178,817 20,818 18,939 18,481 21,161 21,217 13,598 15,140 19,846 5,177 7,389 8,413 8,638 Dec. IS 193,940 22, 702 23,488 22,046 21,029 22,175 14,255 14,981 19,805 6,158 9,356 8,387 9,553 Dec. 22 207,018 22,615 23,158 24,394 25,933 21,273 17,156 14,878 19,772 7,645 11,331 8,362 10,501 Dec. 29 218,495 22,525 22,844 24,238 25,817 22,294 17,055 19,758 19,738 7,633 11,308 9,83^ 15,4+S Other cash: Dec. 1.. 306,988 24,926 74,281 24,018 22,901 18,294 18,245 39,085 11,857 9,378 13,788 9,39; 40,823 Dec. 8.. 293,124 23,588 72,052 23,035 19,973 18,326 19,607 37,665 11,678 9,091 13,943 9,476 34,690 D D e ec c . . 1 2 5 2 . . . . 2 2 9 9 1 9, , 4 4 7 2 8 6 2 2 4 4 , , 5 9 9 5 4 3 6 7 6 1, , 6 9 3 8 5 5 2 2 2 2, , 5 7 4 6 7 9 2 1 2 9 , , 3 1 1 0 5 4 1 1 7 8 , , 9 7 8 7 0 3 1 1 8 8, , 3 7 3 1 4 2 3 3 8 7 , , 5 2 7 9 0 0 1 1 2 2 , , 1 5 4 1 4 9 9 8, r7 4 8 53 5 1 1 2 3 , ,6 9 6 7 5 3 1 9 0 , t 9 6 0 1 3 3 3 3 8 8 , , 0 2 0 8 6 2 Dec. 29.. 314,728 27,753 72,578 24,495 23,555 19,56! 24,469 39,392 13,631 8,659 12,920 10,087 37,822 Total reserves: Dec. 1 20,203,2991,050,5525,370,502 1,137,7671,633,4701,121,734 974,4823,916,336 732,068 444400,,352 771,451 560,631 493,954 Dec. 8 20,167,956!1,050,2255,413,0131,141,1971,626,6711,110,074 965,020 3,940,999 709,612433,848 737,683 543,403 496,211 Dec. 15 20,136,683 ,033, 20S55,,531,54; 1,095,1591,574,6901,080,661 953,768 3,;969,226 714,558418,053 724,138 540,791 500,889 Dec. 22 20,126,7041,059,2325,624,691 1,092,4901,570,9641,103,056 974,1013,893,306 699,143408,675 718,977 530,069 452,000 Dec. 29 20,147,9881,083,"810 5,925,55,' 1,114,3721,524,5551,070,098 925,9853,838,829 680,460 196,882 683,481 502,940 ,401,021 Bills discounted: Secured by U. S. Government obligations, direct and guaranted: Dec. 1 52,695 1,365 17,240 7,310 680 425 6,800 15,850 2,000 1,025 Dec. S 107,89, 5,030 84,500 5,695 705 1,550 1,000 8,300 1,083 30 Dec. 15 90,12 5,774 58,745 11,615 1,340 3,650 1,000 7,900 83 20 Dec. 22 70,045 8,589 25,250 1,601 1,616 4,100 4,000 1,000 14,500 1,000 7,286 1,083 20 Dec. 29 100,612 2,635 60,820 1,175 640 340 500 6,500 11,500 750 14,94: 55 750 Other bills discounted: Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 Total bills discounted: Dec. 1 52,695 1,365 17,240 7,310 680 425 6,800 15,850 2,000 1,025 Dec. 8 107,893 5,030 84,500 5,695 705 1,550 1,000 8,300 1,083 30 Dec. 15 90,127 5,774 58,745 11,615 1,340 3,650 1,000 7,900 83 20 Dec. 22 70,045J 8,589 25,250 1,601 1,616 4,100 4,000 1,000 14,500 1,000 7,286 1,083 20 Dec. 29 100,612 2,635 60r820 1,175 640 340 500 6,500 11,500 750 14,947 55 750 Industrial advances: Dec. 1 11,506! 1,427 152 4,217 390 237 226 183 4,625 Dec. 8 10,530, 344 152 4,405 390 237 226 177 4,550 Dec. 15 10,558 344 152 4,40r 390 236 224 18 4,575 Dec. 22 10,39, 342 140 4,265 390 236 222 174 4,575 Dec. 29 10,138 342 126 4,047 390 235 221 178 4,550 U. S. Government securities, direct and guaranteed: Bonds: Dec. 1 1,572,287 144,647 83,728 135,333 246,527 134,031 130,168 136,965 76,828 61,711 109,283 108,958 204,105 Dec. 8 1,584,747 143,615 111,286 135,825 241,507 131,586 126,498 141,802 77,033 61,13: 107,523 106,181 200,759 Dec. 15 1,588,969 142,659 128,108 135,830 237,869 129,782 123,946 144,483 76,990 60,63. 106,196 104,22£ 198,243 Dec. 22 1,614,424 143,501 147,951 137,622 237,067 129,541 122,820 149,27 77,956 6O.S90 106,16C 103,491 198*137 Dec. 29 1,624,664 143,022 166,073 138,124 234,116 128,121 120,595 152,623 78,193 60,59 105,15, 101,823 196,224 Notes: Dec. 1. 705,900 64,941 37,591 60,760 110,682 60,175 58,44 61,492 34,49, 27,70? 49,064 48,911 91,635 D De e c c . . 1 8 5 . . 6 7 7 1 6 0 , , 9 9 0 0 0 0 6 6 0 4 , , 7 4 7 2 3 4 4 5 9 4 , , 9 5 2 7 1 4 6 5 0 7 , , 9 86 3 3 0 1 1 0 0 8 1 , , 3 3 3 3 8 2 5 5 9 5 , ,2 0 8 2 ^ 8 5 5 6 2 t , 7 8 4 0 5 ] 6 61 3 , , 5 6 5 1 C 3 3 4 2 , , 5 7 5 9 6 8 2 2 7 5 . , 4 8 2 3 J 1 4 4 8 5 , , 2 2 3 3 4 9 • 4 4 4 7 , , 4 6 0 3 1 : 9 8 O 4* 0 5 5 1 S Pec. 22. 676,900 60,169 62,033 57,702 99,398 54,314 51,49! 62,59C 32,686 25,53; 44,51 43,392 83,075 Dec. 29.. 676,900 59,589 69,193 57,548 97,542 53,380 50,245 63,581 32,571 25,24' 43,81 42,423 Certificates: P D D D e e e e c c c c . . . . 2 1 8 1 2 5 2 2 2 1 , , , , 0 1 2 9 8 8 0 7 5 6 9 2 , , , , 9 6 2 8 5 5 5 5 0 0 0 0 1 2 1 1 8 0 7 9 9 2 5 6 , , , , 0 6 0 2 3 8 2 8 8 6 9 5 2 1 1 1 0 4 7 0 8 6 6 1 , , , , 2 4 2 6 8 8 9 6 7 2 0 3 ' 1 1 1 1 6 7 9 8 4 8 3 6 , , , , 3 7 7 8 7 5 8 8 3 2 2 9 3 3 2 3 9 3 1 2 9 3 7 7 , , , , 4 7 2 8 2 5 7 9 4 C 9 ' 1 1 1 1 7 7 8 6 8 2 3 2 , , , , 5 3 7 2 6 7 9 0 . 3 3 4 1 1 1 1 5 6 7 7 8 6 2 0 , , , , O 5 9 5 0 9 1 3 J 4 3 5 2 1 1 1 1 8 6 9 0 6 6 8 , , , , 1 3 6 7 6 5 4 9 2 - 1 1 1 9 0 0 0 3 1 9 5 , , , , 3 7 3 9 1 2 9 5 9 6 8 8 8 7 5 3 0 4 . , , , 7 9 4 4 3 5 2 & C 3 4 1 1 1 1 3 4 4 4 2 1 9 6 , , , , 7 5 4 1 3 2 5 1 i ! : 1 1 1 1 3 3 4 4 2 5 3 9 , , , , 6 4 3 7 9 0 6 3 ! 3 3 4 2 2 2 2 4 7 7 6 7 2 8 l , , , S . < ? g ? 4 f ! c J Dec. 29 2,407,150 211,906 246,061 204,649 346,875 189.83C 178,67' 226,13C 115,85! 89,775 155,801 150,86; 290,7^8 Bills: Under repurchase option: Dec. 1 4,784,013 197,489 2!, 839,003 252,974 43,249 92,23 16,89, 783,72* 183,06! 50,00C 59,224 20,671 Dec. 8 4,866,781 210,9032,884,977 268,303 56,973 86,96C 25,38, 768,29$ 201,81 61,313 64,384 20,501 D D e e c c . . 2 15 2... 4 4, , 6 5 5 2 5 3 , , 1 1 2 04 1 1 8 2 5 4 , , 5 8 55 5 5- ! 4 2 "21 ,6 ,6 5 7 5 7 , , 4 7 0 3 0 9 2 2 7 6 3 3 , , 1 1 6 9 1 9 1 7 0 1 4 , ,9 8 1 6 ! f 1 8 0 5 0 , , 4 85 5! 3 2 8 8 , , 9 8 0 0 ^ i 6 7 7 68 8 , , 6 6 9 8 C 2 1 19 8 5 7 , , 3 7 3 8 ! ! 8 5 4 7 , ,6 5 1 3 , , 6 64 4 , , 0 6 2 7 ! 9 1 5 2, 1 9 1 7i 219.320 Dec. 29.... 4,278.424 99,036 2,408,853 204,399 113,474 68,664 44,48! 711.64S 183,221 83,67 64,031 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-CW/VW [In thousands of dollars 1 Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e * - K C an it s y as Dallas l-'r a a n ncisco Other bills: Dec. 1 1.475,23C 135,718 78,55<J 126,970 231.JW 125,757 122,133 128,510 72, 57,'XV. 102,537 102,232 191,501 Dec. 8 1,767,57( 160,183 124,12. 151,49. 209,370 146,767 141,092 158,lol 85, 68,IS1 119,928 118,431 223.920 Dec. 15 2,038,466 183,016 164,34 174,25 JOS,158 166,4% 159,008 185,350 98,770 77,7HS 130,23; 133,713 25J.. 123 Dec. 22 2,332,096 207,298 213,72C 198,799 342,452 187,127 177,419 215, (,3V 112,010 87.90 153,352 149.-J97 2*0,210 Dec. 29 2,627,751 231,32< 268,609 223,403 378,662 207,224 195,05.1 24(»,K54 126,471 OS.010 I3t),o7(. 317.374 U. S. Government securities, direct and guaranteed —To ta 1: Dec. 1 10,447,081 718,48 3,140,57: 740,41' 931,18' 574,99; 485,734 1,277,OIK 459,787 272,287 452,843 413,11* •A0.fi 12 D De e c c . . 1 8 5 1 1 1 1 , , 0 0 1 1 3 5 , , 6 9 8 5 * - 7 7 6 6 8 8 , , 1 2 6 8 3 r 3 3 , , 3 2 1 0 6 1 , , 7 0 9 3 : 8 7 1 9 8 5 , , 3 O 3 J 5 J 1,0 9 4 9 3 4 ,5 , 1 0 X 7' 1 6 5 1 9 5 7 , . 5 5 8 4 5 5 5 53 1 5 6 , ,2211 , , 2 31 0 8 8 , , 5 8 1 6 V 7 5 5 0 O 0 2 , , 7 2 1 7 N (: , , 5 2 1 9 5 1 4 •4 8 9 1 H ,5 .4 V M S 4 4 3 3 2 8 , , 5 7 1 2 3 5 1,0 W 1 5 8 . , 9 5 5 3 4 3 Dec. 22 11,551,39: 737,85' 3,287,39 86l,03( 1,117,590 054,206 563,554 ,4oo,J(iii 528,.Ml 344,661 517,505 •167,19S1,065,6V5 Dec. 29 11,614,88' 744,87< 3,158.78' 828,12. 1.170,60V (.47,21V 5X9,055 ,400,HIJ 536.31, i357,3o7 538.870 487,253 .155.562 Total bills and securities: Dec. 1 10,511,28 721,2733,157,963 751,946 932,257 575,655 492,7«J ,277,052 475,637 272,470 454,873 414,158 985,237 Dec. 8 11,134,37 773,5373,401,443 805,435 995,174 599,332 517,45(1 ,318,523 509,OIK 29H.O92 481,628 433,6111,000,534 Dec. 15 11,114,374 774,4053,259,928 834,05" ,015,230 619,471 530, .3T19 1.268,871 510,170305,472 498,494 438,823 1,023,128 Dec. 22 11,631,82? 746,7883,312,78 866,9021,119,596 658.542 567,7761,407,304 542,84134 5, K.U 524,821 408,2931,070,290 Dec. 29 11,725,63' 747,856 3i,219.735 833,345",171,699 647,794 589,770 1.407,348 547,813358.235 553,853 •187,3.2r3 1.160,802 Due from foreign banks Dec. 1 155 11 ' Dec. 8 II Dec. 15 *5S 11 Dec. 22 155 11 Dec. 29 l 11 Federal Reserve notes of other banks: Dec. 1 65,990 1,596 9,962 .2,055 3,616 7,836 7.152 7,510 5,316 2,419 5,237 3,316 9,975 Dec. 8 69,264 1,503 10,880 2,011 3,597 10,395 7,127 7,317 5,100 2.160 4,236 2,099 12,179 Dec. 15 72,62' 1,325 11,802 2,163 3,516 9,386 7,201 8,720 4,900 2,023 4,599 3, 70S 13,286 Dec. 22 76,264 1,598 11,990 2,249 4,148 10,228 7,367 8,358 5,418 2,565 4,884 2,930 14,523 . Dec. 29 82,686 1,394 13,296 2,749 4,294 10,022 7,014 9,269 6,990 3,394 5r 3,559 15,234 Uncollectcd items: Dec. 1 1,736,308 128,576 379,453 95,868 194,770 122,446 98,300 271,378 74,£69 38,761 100,996 50,37V 174,509 Dec. 8 1,639,868 138,102 339,617 87,515 151,723 117,925 113,301 236,23V 84,337 41,747 109,204 57,111 163,047 Dec. 15 2,203,62 166,992 451,490 133,411 232,433 156,823 137,089 350,670 103,925 52,565 118,203 74,228 225,792 Dec. 22 2,449,221 179,543 488,412 137,002 239,241 200,592 169,243 361,039 111,057 59,157 151,829 88,886 263,220 Dec. 29 2,198,458 158,775 495,016 124,295 275,619 154,326 124,871 355,952 95.55V 34,33V 99,840 67,721 212,145 Bank premises: Dec. 1 38,287 2,671 9,622 4,624 4,223 2,943 2,864 2,009 1,283 2,737 971 2,023 Dec. 8 38,287 2,671 9,622 4,624 4,223 2,943 2,865 2,068 1,283 2t 737 971 2,623 Dec. 15 38,288 2,671 9,622 4,624 4,223 2,943 2,865 2,06V 1,283 2,737 971 2,023 Dec. 22 38,353 2,671 9,622 4,624 4,214 2,936 2,955 2,069 1,283 2,737 971 2,016 Dec. 29 38,320 2,666 9,622 4,612 4,214 2,936 2,948 2,065 1,280 2,737 971 2.0U) Other assets: Dec. 1 63,394 5,100 6,624 4,758 9,673 4,746 4,582 6,105 3,144 2,418 4,224 4,144 7,876 Dec. 8 67,826 6,191 7,757 6,378 9,733 4,803 4,571 6,432 3,138 2,389 4,249 4,092 8,093 Dec. 15 56,086 4,075 7,737 4,119 7,979 3,982 3,832 5,457 2,620 2,065 3,457 3,544 7,219 Dec. 22 57,586 4,218 8,248 4,175 8,100 4,120 3,815 5,671 2,700 2,133 3,546 3,615 7,245 Dec. 29 58,840 4,351 9,115 4,298 8,286 4,295 3,844 5,667 2,722 2,163 3,000 6,909 Total assets: Dec. 1 12,618,695 ,909,771 934,181 ,997,031 ,778,022 ,835,366 ,578,9385,481,262 1,293,1% 757,7081,339,522 ,039,60* 3,674,185 Dec. 8 33,117,714 ,972,232 182,387 ,047,173 ,791,134 ,845,478 ,609,1315.512.J392 1,313,336 80,1211,339,741 1,041,891 3t682.f>98 Dec. 15 33,621,817 ,982,679 272,176 ,073,546 ,868,084 ,873,277"2 1,639,8715,605,8261,338,251 81,4631,351,632 1,062,06VJ.772.91S Dec. 22 34,380,093 ,994,053 ,455,799 ,107,455 ,946,276 ,979,480 1,723,9625,678,71(11,363,231819,050 1, 406, 98 1,094,774 J.MJ9.9O5 Dec. 29 54,252,O6r ,998,855 ,672,394 ,083,684 ,988.680 ,889,477 ,653,1485.620,030 .335,612 96...295 1,348.980 1.060,108 3.79S.798 Liabilities Federal Reserve notes in actual circulation: Dec. 1 6,342,894 ,120,555 604,531 108,311 ,447,677 ,103,297 914,1153,009,716 679,431375,951 593,310 408,491 1,897,50ft Dec. 8 6,527,744 ,133,606 641,530 121,949 ,46S,011 ,120,499 925.62S3,104,745 707,714380,339 598,73' 410,21V1,914.737 Dec. 15 ;•'"' 6,636,130 ,142,347 679,905 134,633 ,481,624 ,125,791 928,4713,123,971 714,105381,741 59S.914 407,00; 1,917,021 Dec. 22 ] 6,808,728 ,154,544 ,736,738 148,938 ,503,568 ,139,984 939,2023,149,468 721,055383,7(# 003,515 408,2871.919,001 Dec. 29 6,874,807 ,156,482 ,750,965 ,151,438 ,501,229 ,141,806 948.462 3,,157,038 723,319381,616 610,324 412.761 .936.307 Deposits: Member bank—reserve account: Dec. 1 .2,561,796 600,561 ,150,367 628,924 976,995 516,814 502,652 935,614 438,?9i285,354 588,714 507,6781.429,229 Dec. 8 2,569,053 630,020 ,144,016 623,864 957.404 518,197 510,503 ,943,098 438,657289,920 577,479 511,80' 1,424,058 Dec. 15 2,932,082 634,911 ,280,142 639,139 ,017,202 522,579 516,836 975,820 456.721299,57S 596,669 525,1961.406.9S9 Dec. 22 2,677,107 635,597 ,209,051 614,253 999,272 511,130 511,609 929,018 437,810289,736 571,918 519,1451.44S.5OS Dec. 29 2,769,189 658,786 ,301,343 626,930 ,021,890 510,S6S 506,614 ,894,007 443.650295.485 573,516 499,099l,43\00l U. S. Treasurergeneral account: D D D D D e e e e e c c c c c . . . . . 2 2 1 8 9 1 2 5..;.... 9 6 3 7 2 6 7 8 6 7 7 9 5 3 5 , , , , , 4 3 7 8 2 8 8 1 1 1 1 8 8 0 6 4 5 5 2 1 . 0 0 5 ^ 0 , , , , , 7 8 1 9 2 1 0 7 2 2 1 0 8 6 8 2 2 1 1 5 1 2 3 4 6 5 4 0 9 , , , , , 6 6 0 6 0 0 8 6 9 5 1 1 4 5 4 4 6 2 2 1 1 8 6 8 1 , , , , , 2 7 3 8 7 2 4 6 6 6 4 7 5 6 4 8 8 6 2 2 2 3 7 5 2 , . , , , 4 1 5 2 2 0 4 0 4 7 4 7 7 0 0 1 2 4 2 2 0 7 5 3 6 9 , . , , , 1 3 9 4 7 5 5 4 2 7 1 4 1 1 0 3 S 4 1 1 0 I 1 4 9 , , , , , 1 5 2 9 1 7 0 2 7 7 1 7 7 4 6 1 6 4 2 8 2 3 4 7 1 3 , , , . , 4 2 2 5 7 0 6 5 7 3 3 6 3 3 2 3 5 2 2 1 2 7 5 3 9 , , , . , 6 6 6 1 0 6 7 8 2 0 4 4 4 4 6 2 5 3 1 1 2 8 4 7 4 . , , , . 0 7 9 9 2 4 6 7 0 4 4 4 8 3 6 3 1 4 7 1 0 1 8 5 9 , . , . , 2 0 3 2 8 6 0 9 5 6 7 7 3 6 5 4 4 2 1 1 8 4 0 8 9 , . , , . 3 O 5 2 4 S 9 5 0 9 V 7 5 9 8 4 3 6 8 2 2 7 4 2 7 , , , . . 2 5 8 0 5 7 9 9 9 7 5 9 7 4 0 1 After deducting $81,000 participations of other Federal Reserve Bants. JANUARY 1944 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 ] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is a M p i o n l n i e s - K C an it s y as Dallas F c r is a c n o - Fore D D D D D ig o e e e i n c c c c e . : . . . 2 1 2 9 8 2 1 5 . 1 1 1 1 1 . . , , , 4 5 4 4 4 4 1 2 4 8 1 2 1 7 6 , , . , 7 , 8 5 8 3 5 3 4 7 s 1 ' 4 5 2 , , 3 3 3 3 3 4 2 5 4 7 , , , , , 4 4 6 2 5 6 2 7 7 3 3 7 9 8 1 1 ! ! J 1 ^ 6 6 6 6 5 2 5 4 J 8 6 3 5 2 , , , , , O 0 2 6 9 3 4 7 4 4 f 8 4 7 7 i 1 1 1 1 1 2 3 3 2 2 6 1 5 8 7 , , , , , 5 9 4 1 7 4 6 0 4 9 2 3 8 3 0 1 1 1 1 1 2 2 2 2 3 2 7 3 1 4 , , , , , 5 1 7 0 7 4 6 5 6 9 6 6 5 6 3 1 ] ' .5 5 5 5 6 7 7 7 9 1 , , , , , 8 2 9 7 3 4 7 8 3 0 2 7 6 1 6 ! 4 4 4 4 4 6 8 7 7 9 , , , , , 6 6 1 0 9 1 2 9 0 8 8 1 8 0 1 1 1 1 1 1 6 6 7 6 6 9 2 3 4 4 , , , , , 4 9 5 5 1 6 3 0 1 1 9 7 7 8 0 1 3 4 4 4 4 9 2 1 0 0 , , , , , 9 6 3 4 7 6 7 5 5 7 1 3 5 5 1 3 2 3 2 2 0 9 1 9 9 , , , , , 5 6 3 5 3 6 6 9 0 6 7 0 4 5 6 3 3 3 3 3 8 7 7 9 7 , , , , , 8 9 2 7 6 9 2 9 5 6 4 0 7 8 5 3 4 4 4 4 9 0 1 0 2 , , , , , 4 9 3 6 7 5 5 6 7 7 5 5 1 3 1 1 1 1 1 1 0 0 0 0 0 5 1 2 2 8 , , , , , 3 3 6 6 3 7 4 2 0 8 3 3 7 2 6 Othe D D D D D r e e e e o d c c c c c . . . . e . p 2 2 1 o 8 9 2 1 5 sits: 3 3 2 2 1 7 9 1 0 7 7 5 5 7 9 . , , , , 7 9 3 6 9 7 6 5 0 1 C 4 2 1 3 , 3 3 4 4 3 , , , , , 9 7 1 1 7 1 4 1 5 6 9 2 0 6 1 2 2 1 1 8 8 7 0 0 2 6 3 2 1 , , , , , 6 0 7 3 7 0 5 9 8 0 2 4 0 8 8 1 1 1 3 4 7 1 8 , , , , , 0 7 1 0 0 0 5 0 0 1 5 0 5 9 8 ! ] 1 9 8 8 9 3 , , , , , 2 2 9 6 5 9 7 1 6 6 1 8 4 6 3 4 6 4 4 1 , , , , , 2 1 6 2 8 7 0 7 0 4 2 6 9 5 1 4 3 3 3 7 , , , , , 4 7 6 6 9 7 1 7 2 9 8 1 7 8 4 i 6 5 4 6 4 , , , , , 3 0 1 1 2 4 9 7 3 9 9 5 4 4 2 1 1 1 9 9 0 0 1 , , , , , 9 9 4 8 3 6 9 4 0 8 1 2 7 9 9 1 1 9 8 9 0 0 , , , , , 1 1 9 6 1 7 1 6 0 2 0 2 0 0 0 6 2 1 1 1 , , , , , 6 9 4 2 2 9 9 5 6 0 2 7 5 6 2 3 4 2 2 2 , , , , , 9 9 7 6 5 9 4 1 5 7 3 7 2 0 4 ) ! : 4 4 4 4 4 2 2 3 1 4 , , , , , 4 6 9 3 8 0 1 4 4 7 7 1 7 7 2 Total deposits: Dec. 1 14,466,5371 652,955 ,902,176 771,087 ,133,339 607,304 567,977 ,151,768 513,3861341,732 651,420 572,820 600,573 Dec. 8 14,918,60 721,847 ,146,893 811,410 ,157,313 607,469 591,302 ,174,746 521,668357,390 648,366 575,198 ,605,005 Dec. 15 14,933,226| 694,609' ,126,113 798,016 ,172,813 608,441 587,686 ,169,676! 526,609352,451 654,475 587,499 ,654,838 Dec. 22 5,503,660 724,524 ,287,050. 825,458 ,219,138 684,8871 645,131 ,228,368 544,550385,874 688,174 611,865 ,663,641 Dec. 29 15,440,896] 741,3531 ,461,276 797,838 ,249,766 619,369 606,079! ,153,811! 525,484 369,0151 656,395 588,742 ,671,768 Deferred availability items: Dec. 1 1,374,011 105,895 278,807 78,589 156,400 105,571 80,684 204,293 65,974 28,657 80,794] 44,789 143,558 Dec. 8 1,233,990 86,444 244,955 73,318 125,003 98,210| 76,074 177,539] 69,639 30,982 78,626 42,878 130,322 Dec. 15 1,614,405 115,290| 316,118 101,695 172,720 119,694 107,439 256,564' 83,193 35,835 84,185 53,287 168,385 Dec 22 1,622,619 84,457 281,487 93,763, 182,506 135,175! 123,342 244,625 83,250 38,512 100,979 60,789 193,734 Dec. 29 1,494,121 70,369 309,366] 95,008 196,393 108,761 82,122 '252,354 72,311 31,118 68,054 50,725 157,540 Other liabilities, includ ing accrued dividends: Dec. 1 8,390) 785! 2,718 714; 727 294 396) 1,051 314 213 368 214 596 Dec. 8 10,0951 711 2,999 2,110 828 354 327 1,053 289 235 3201 232 637 Dec. 15 9,291, 755 3,174 759 866 346| 423 1,070 331 241 392] 281. 653 Dec. 22 9,535 775 3,041 817 910 349 383 1,175 3081 278 433 366! 700 Dec. 29 10,156 8281 3,045 870 1,054 414| 5281 1,189 344! 2771 410] 365 832 Total liabilities: Dec. 1 32,191,832! 88O,19O|8,788,2321,958,7012,738,143 ,816,466 ,563,172 ,426,828 ,279,108746,553 ,325,892 ,026,3143,642,233 Dec. 8 32,690,4361,942,6089,036,3772,008,7872,751,155 ,826,532 ,593,331 ,458,083 ,299,310]768,946 ,326,049 ,028,5573,650,701 Dec. 15 33,193,0521,953,001|9,125,3102,035,1032,828,023 ,854,272) ,624,019 ,551,281 ,324,238'770,268 ,337,966| ,048,6743,740,897 Dec. 22 33,949,542 1,961,3009,308,3162,068,9762,906,122 ,960,395 ,708,058 ,623,636 ,349,163108,432J ,393,101 ,081,307)3,777,736 Dec. 29 133,819,9SQ1,969,0329,524,6522,045,1542,948,442 ,870,350 ,637,191 ,564,392 ,321,488]'85,056 ,335,183 ,052,5933,766,447 Capital Accounts Capital paid in: Dec. 1 150,773 9,769 55,781 11,696 15,524 6,078 5,430 16,738 4,677 3,2291 4,978 4,596 12,277 Dec. 8 150,846 9,771 55,8001 11,704! 15,557 6,079; 5,424 16,741 4,679 3,231 4,981 4,601 12,278 Dec. 15 151,772, 9,771 56,563 11,704 15,556 6,090 5,433 16,859 4,686i 3,232 4,980j 4,619 12,279 Dec. 22 153,187; 9,789) 57,129 11,686 15,568 6,121 5,438 17,516 4,693) 3,235 5,006 4,653 12,353 Dec. 29 153,93S 9,797 57,331 11,686 15,573 6,124| 5,453 17,877 4,'" 3,236 5,033 4,657 12,473 Surplus (section 7): Dec. 1 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Dec. 8 160,411 11.160J 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Dec. 15 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Dec. 22 160,411 11,1601 58,001 15,670 14,767 5,236 5,725| 22,925 4,966 3,22li 3,613 4,083' 11,044 Dec. 29 160,411 11,160 58,001 15,6/0 14,767i 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Surplus (section 13b): Dec. 1 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530] 1,000 1,137 1,307 2,121 Dec. 8 26.829! 2,874 7,070 4,393 1,007 3,244 717 1,429 530| 1,000 1,137 1,307 2,121 Dec. 15 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 l,000; 1,13' 1,307 2,121 Dec. 22 26,829 2,S74 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,13' 1,307 2,121 Dec. 29 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: Dec. 1 88,850 5,778 25,097 6,571 8,581 4,3421 3,894| 13,342 3,825 3,705 3,902 3,303 6,510 Dec. 8 89,192 5,819 25,139 6,019] 8,648' 4,387 3,934 13,214 3,851 3,723, 3,961 3,343 6,554 D D D e e e c c c . . .2 2 1 9 2 5 9 9 8 0 0 9 , , , 1 9 7 2 0 5 4 9 3 5 5 5 , , , 9 9 8 9 3 7 2 0 3 | 2 2 2 5 5 5 , , , 2 2 3 3 8 4 2 3 0 6 6 6, , , 7 6 7 8 7 3 1 6 0 ' 8 8 8 , , , 7 8 8 3 1 9 1 2 1 i 4 4 4 , , , 4 4 5 8 3 2 4 0 3 3 4 4 , , , 9 0 0 7 2 6 7 4 2 1 1 1 3 3 3 , , , 3 4 2 3 0 0 2 4 7 ! 3 3 3 , , , 8 8 9 3 7 3 1 9 0 3 3 3 , , , 7 7 7 4 6 8 2 2 2' 3 3 4 , , , 9 9 0 3 4 2 6 1 0 ] 3 3 3 , , ,4 4 3 6 2 8 ? 4 6 6 6 6 , , , 6 6 7 0 5 1 7 1 3 Total liabilities and capital accounts: D D D D D e e e e e c c c c c . . . . . 2 2 1 8 9 2 1 5 3 3 3 3 3 2 3 3 4 4 , , , , , 6 1 6 2 3 1 1 2 5 8 S 7 1 2 0 , , , , , 7 8 6 0 0 1 1 9 6 9 4 7 5 ! , ' 1 1 1 1 1 , , , , , 9 9 9 9 9 7 0 9 9 8 2 9 4 8 2 , , , , , 2 7 8 0 6 3 7 5 5 7 1 2 5 3 9 8 9 9 9 9 , , , , , 1 9 2 4 6 8 3 7 7 5 2 2 2 5 4 , , , , , 3 3 1 7 1 S 9 7 9 8 7 4 6 9 11 2 2 2 2, , , , , C 0 0 9 1 4 7 9 0 S 7 3 7 7 3 , , , , , 1 5 6 4 0 S 7 4 5 3 3 6 5 4 1 1 2 2 2 2 2 , , , , 7 7 8 , 9 9 7 9 6 8 4 8 1 8 8 6 , , , , , 0 0 1 6 2 2 8 3 8 7 2 4 4 0 6 ' , , , 8 8 8 8 9 3 4 7 8 7 5 5 3 9 9 , , , , , 3 4 2 4 4 6 7 7 7 8 6 8 2 7 0 1 1 1 1 1 , , , , , 5 6 6 6 7 7 0 3 5 2 8 9 9 3 3 , , , , , 9 1 1 8 9 3 3 6 4 7 8 1 2 8 1 ]5 5 5 5 5 , , , , , 4 6 5 6 6 8 0 2 1 7 1 5 0 2 8 , , , , , 8 2 0 7 3 2 6 3 1 9 0 2 0 0 2|1 1 1 1 1 , , , , , 2 3 3 3 3 9 1 3 3 6 3 3 8 5 3 , , , , , 1 3 6 2 2 0 1 3 5 3 6 2 6 1 1 1 7 7 |8 7 7 5 8 1 9 8 7 0 9 6 1 , ; , , , , , 6 7 2 1 4 5 9 0 2 6 C 5 8 3 1 1 1 1 1 , , , , , 3 3 3 3 4 3 5 4 3 0 9 1 9 8 6 , , , , , 5 6 7 7 9 2 3 4 9 8 2 2 1 8 61 1 1 1 1 , , , , 0 0 0 , 0 0 4 6 3 9 6 1 9 2 4 6 , , , , , 8 " 6 7 1 0 9 0 7 0 6 : ; ' 8 9 3 3 3 3 3 , , , , , 6 6 8 7 7 7 8 0 9 7 4 2 9 8 2 , , , , , 1 6 9 7 9 8 9 0 9 4 5 8 5 8 8 Commitments to make industrial advances: D D D D D e e e e e c c c c c , . . . . 2 2 1 8 1 2 9 5 9 8 8 9 1 , , , . , 7 8 4 8 8 3 9 6 3 8 : 1 5 J ' 700 2 1 1 1 1 , , , , , 5 1 7 9 7 8 4 9 7 1 9 5 8 9 4 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 ! 7 7 7 7 7 7 7 7 7 7 C C 0 0 0 3 3 3 3 3 3 3 3 3 3 7 ' 7 3 3 3 3 3 , . . , . 0 0 0 0 0 0 0 0 0 0 C C C C C 2 2 2 2 2 , , , , , 8 S 9 9 5 9 0 5 3 2 9 4 7 0 4 5 °f °t ral Reserve Banks on Dec. 1; $802,662,000 on Dec. 8; $805,099,000 on Dec. 15; $829,268,000 on FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago In S p L uts M ap in o n li e s -K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes: Issued to F. R. Bank by F.R. agent: D D e e c c . . 8 1 1 1 7 6 , , 0 8 3 4 1 6 , , 0 0 8 4 2 0 1 1, , 1 1 6 4 1 4 , ,7 1 3 5 0 5 3 3,, , 7 7 1 4 9 6 , , 8 9 3 2 0 3 1 1, , 1 1 5 3 4 8 , , 9 6 7 1 1 7 1 1 , , 5 48 0 1 2 , , , 9 43 6 8 1 1 1, , 1 1 3 4 2 9 , , 3 8 0 1 4 0 9 96 6 7 2 , , 8 0 0 6 2 6 3 3 , , , ,1 1 11 5 18 7 8, , , 2 3 6 2 6 2 7 7 3 2 8 8 , , 0 3 2 1 9 0 3 3 8 8 5 1 ,, , 6 4 7 0 6 6 6 i 1 l7 2 . t 4 3 6 5 4 1 4 4 3 3 4 5 , . 3 8 4 7 8 8 1 2 , , 9 0 9 1 2 3 , , 3 1 1 4 8 7 Dec. 15 17,237,786 1,179,251 3,797,667 ,169,3451.532,812 1,157,464 978.863 3,,192,876751,412 389',,396620,351 443,420 2,024,929 Dec. 22 17,409,7791,191,228 3,855,087 ,179,9201,547,390 ,168,773 994,5563,217.100754,404 391,566627,601 444,065 2,038,089 Dec. 29 17,498,108 1,203,996 3,871, 709' 1,185,449 1,553,2311,183,475 999,3543,219,843759,619 392,472 633,052 448,146 2,047,762 Held by Federal Reserve Bank: Dec. 1 503,146 24,175 115,299 30,306 33,761 29,007 47,951 48,606 28,876 5,455 19,041 25,857 94,812 Dec. 8 503,338 27,549 105,393 33,022 34,950 29,311 42,174 52,521 30,315 5,337 18,727 25,629 98,410 Dec. 15 601,656 36,904 117,762 34,712 51,188 31,673 50,392 68,905 37,307 7,655 21,437 35,813 107.908 Dec. 22 601,051 36,684 118,349 30,982 43,822 28,789 55,354 67,632 33,349 7,798 24,086 35,778 118,428 Dec. 29 ^ , 623,301 47,514 120,744 34,011 52,002 41,669 50,892 62,805 36,270 7,826 22,728 35,385 111,455 In actual circulation;* Dec. 1 16,342,894 1,120,5553,604,5311,108,311 ,447,677 ,103,297 914,1153,069,716 699,,434375,951593,310 468,,491 ,897,506 Dec. 8 16,527,744 1,133,606 3",,6 64411, i 530 1,121,949 ,468,011 ,120,499 925,628 31,104,745'07,714 3801.,339.98,737 410,,249 ,914,737 Dec. 15 16,636,130 1,142,347 3,679,905 ,134,633 ,481,624 ,125,791 928,4713,123,971 14,105 381,741598,914 407,607 ,917,021 Dec. 22 16,808,728 1,154, ,736,7381,148,938 ,503,568 ,139,984 939,202 3,149,468r21,055383,768 603,515 408,,287 ,919,661 Collatera D l e c h . el 2 d 9 by agent as 16,874,807 1,156,482 3.,750,965 1,151,438 ,501,229 ,141,806 948,4623,157,038 r23f349384,646610,324412,761 ,936,307 security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Dec. 1 13,815,000 752,000 3(,385,000 790,000 1,085,000 850,000 700,000 2,,860,000 425,000 288,000520,000 286,000 ,874,000 Dec. 8 13,869,000 776,000 3(.415,000 805,0001,105,000 800,000 700,000 2.,890,000 425,000 288,000 4801,000286,000 ,899,000 Dec. 15 13,836,000 746,000 31,465,000 745,0 0"0 1,135,000 800,000 700,000 2,940,000 425,000 270,000 450i.OOO286,000 ,874,000 Dec. 22 . 13,676,000 746,000 3(,515,000 705,000 1,050,000 800,000 675,000 2,960,000 400,000 245,000 420,000286/000 ,874,000 Dec. 29 1.. 13,526,000 761,000 3(.540,000 715,0001,055,000 800,000 675,000 2,860,000 400.000245,000 420,000 261,000 ,794,000 Eligible paper: . Dec. 1 44,190 1,365 17,240 7,310 425 15,850 2,000 Dec. 8 105,075 5,030 84,500 5,695 1,550 8,300 Dec. 15 ..." 87,684 5,774 58,745 11,615 3,650 7,900 Dec. 22 62,326 8,589 25,250 1,601 4,100 14,500 1,000 7,286 Dec. 29 ; 92,167 2,635 60,820 1,175 340 11,500 750 14,947 U. S. securities: Dec. 1 3,258,067 400,000 350,000 350,000 400,000 300,000 300,000 300,000 333,,067100,000100,000 175,000 150,000 Dec. 8 ""' 3,401,813 400,000 350,000 350,000 400,000 375,000 300,000 300,000351,813100,000150,000 175,000 150,000 Dec. 15 . 3,662,789 450,000 350,000 425,000 400,000 375,000 300,000 300,0003S7,789 125; 000 200,000 175,000 175,000 D D e e c c . . 2 2 9 2 ;..;;;;; 3 4, t9 1 7 8 5 8 f , 3 2 3 2 8 0 4 4 5 5 0 0 , , 0 0 0 0 0 0 3 3 5 5 0 0 , , 0 0 0 0 0 0 4 4 7 7 5 5 , , 0 0 0 0 0 0 5 5 0 0 0 0 , , 0 0 0 0 0 0 4 4 0 0 0 0 , , 0 0 0 0 0 0 3 3 5 5 0 0 , , 0 0 0 0 0 0 4 3 0 0 0 0 , , 0 0 0 0 0 0 3 3 8 9 3 5 , , 2 3 2 3 0 8 1 1 5 5 0 0 , , 0 0 0 0 0 02 2 3 3 0 0 , , 0 0 0 0 0 0 2 1 0 7 0 5 , , 0 0 0 0 0 0 3 2 0 0 0 0, , 0 0 0 0 0 0 Tota D D D D D l e e e e e c c c c c c . . . . . o l 2 1 2 la 8 2 1 5 9 t . . . e . . . r . a . l: ! "" 1 1 1 1 1 7 7 7 7 7 , , , , , 8 5 7 3 1 0 8 1 7 1 6 6 3 5 7 , , , , , 3 4 6 8 2 8 7 6 5 8 7 3 4 7 8 , , , , ,2 2 1 1 2 1 0 5 8 0 3 1 3 1 4 , , : , , , f , ,, 3 0 6 7 5 6 3 3 7 8 5 5 0 4 9 3 3 3 3 3 , , 9 8 8 8 7 9 4 5 5 7 0 9 2 0 3 , , , , , 8 7 5 2 2 2 4 0 4 5 0 5 " 0 0 0 1 1 1 1 1 , , , , , 1 1 1 1 1 6 8 8 4 9 0 1 1 7 1 , , , , 6 , 3 6 6 1— 0 1 9 1 7 1 0 5 5 5 1 1 1 1 1 , , , , , 5 5 4 5 5 3 5 8 0 5 5 5 5 5 0 , , . , o 0 0 0 0 o 0 0 0 0 o 0 0 0 0 1 1 1 1 i , , , , ,2 1 1 1 2 0 5 7 7 0 0 0 6 8 4 , , , , , 4 5 6 1 3 2 5 5 0 4 5 0 0 0 0 1 1 1 1 1, , , , , 0 0 0 0 0 2 0 0 0 2 5 0 0 0 51 , , , , , 0 0 0 /0 0 " 0 0 0 0 0 - 0 0 0 0 0 3 3 3 3 3 , , , . , , 2 2 2 1 1 4 6 6 9 6 0 0 0 0 0 , , , , , 0 0 .0 0 0 0 0 0 0 0 0 0 0 0 0 I 8 7 7 8 0 8 9 2 7 9 5 4 0 7 , , , , , 3 7 6 8 1 , 2 8 3 1 9 0 9 8 3 1 73 3 3 3 3 8 8 9 9 9 8 8 5 6 5 , , , , , 0 0 7 0 0 0 0 5 0 0 0 0 0 0 0 6 6 6 6 6 6 5 2 3 5 4 7 2 0 0 , , , , , , 9 0 0 0 . 4 0 0 0 .. 7 0 0 0 4 4 4 4 6 6 6 6 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 , , , , , 0 0 0 0 0 2 4 4 9 7 4 9 9 4 4 . , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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- PARTMENT, NAVY DEPARTMENT, AND MARITIME [Amounts in thousands of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Date (last Applications AP Ad- Commit- Partici- [Amounts in thousands of dollars] W l e a d s p n t e e r d s i a o d y d a ) y o f or Num a b p e p r ro A ve m d ount ( b a p p m u c l r o e t o o m t v n u e e - o d n d t 1 t) s ( t a v a m a o n n u d o c t i u * n e n s g t * ) s (a t m a m o n e o u d n u t i - t n n s l i j it g ) ( s p a t m a a o t n u o i d o t u - i n n n s t g ) Gua a r u a t n h t o e r e i d z e l d oans Gu o ar u a t n st t a e n ed d in lo g ans a A v a d a m i d l i a o t b i u o l n e n t al to borrowers 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree* 2,280 139,829 8,226 25,526 20,959 7,208 Number Amount amount guaran- ments 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 2,653 175,013 1,946 17,345 14,161 12,722 2,781 188,222 2,659 13,683 9,220 10,981 2,908 212,510 13,954 9,152 5,226 6,386 1942 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 3,352 338,822 26,346 11,265 16,832 26,430 D Se e p c. t . 3 3 1 0 2 1 , , 6 6 6 5 5 8 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 6 3 3 5 2 6 , , 4 6 7 7 4 7 1,4 2 3 3 0 0 , , 1 72 2 0 1 3,423 408,737 4,248 14,126 10,661 17,305 3,432 434,638 6,672 12,897 12,160 23,915 1943 3,440 446,319 5,882 13,717 12,117 23,177 Jan. 31 2,961 2,999,731 974,083 1 768,249 1,440,943 3,443 459,296 5,164 .13,182 13,143 20,316 Feb. 28 3,193 3,479,172 :,040,828 828,221 1,706,849 3,447 467,733 3,732 13,188 13,438 20,333 Mar. 31 3,534 3,725,241 ,245,711 999,394 1,865,618 3,448 473,399 3,045 13,378 12,950 20,166 Apr. 30 3,773 4,058,731 ,339,078 1,073,972 2,018,838 3,452 475,468 3,203 13,044 12,132 19,070 May 31....' 4,002 4,554,278 ,415,777 ,150,040 2,077,018 3,455 477,681 2,883 12,320. 11,832 18,832 June 30 4,217 4,718,818 ,428,253 L,153,756 2,216,073 3,458 481,288 4,354 12,062 11,614 18,400 July 31 4,404 4,900,905 L,536,296 1,269,416 2,388,741 3,460 483,608 2,860 12,289 11,474 18,928 Aug. 31 4,599 5,153,941 ,646,921 1,366,178 2,482,895 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 3,466 483,422 401 11,811 9,920 18,621 Oct. 31 4,948 5,546,555 L,815,162 1,511,847 2,586,583 Nov. 30 5,123 6,234,047 1,798,275 1,495,910 2,798,300 'ved conditionally by the Federal Reserve inclu NOTE.—The difference between guaranteed loans authorized and sum includedITidStW a,dvances PasatPdueC3nmonths or more, which are not of loans outstanding and amounts available to borrowers under guarantee ttiioo N nn O oo T ff E FF .— eederal Resea rv aBnCeS 0UtstandinS in weeklv statement of condi- a b g u r t e e n m ot e n c t o s m o p u l t e s t t e a d n , d a in n g d r a e u p th re o s r e i n za ts t io a n m s o e u x n p ts i re r d e p o a r id , w i g t u h a d r r a a n w te n e . s available um of the fo?W; ?ce between amount of applications approved and the ^cations io^l^L^^JtHl^^ 3ffiEf5!?i!f Ld^Ses-and RY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, NOVEMBER 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b n a te nk r- w G m a U o r v e . e l S n o r t . n an - Other A d p d e o j m d s u i e a s t - t n s e 3 d d N p m o e d s a t i e n t - d s d ' e * - p T o d i s m it e s e - 4 d b o a b l f m d a a r u o n n e e m k c st e s i s c Held qu R i e r - ed Excess deposits1 \ll me nit) or luniks ,,•«.. 78tM5 10,799 13,611 53,975 50,557 55,928 14,885 5,593 12,313 11,241 1,073 Central reserve city banks: 22.9SO 3,625 5,075 14,280 13,337 16,918 821 60 3,453 3,433 20 5,295 1,063 1,010 3,222 3,012 3,907 498 170 820 811 8 Reserve dtv lyinks—Totil 29 495< 5,067 4,873 19,555 17,822 21,139 5,944 1,834 4,916 4,584 332 Iloston district . 2,144 297 486 1,361 1,276 1,523 104 52 320 •311 9 Nrw York district 479 29 66 384 359 369 169 20 87 84 3 Philidclphia district 2.358 317 477 1,564 1,456 1,707 131 68 361 349 12 Cleveland district 3 799 490 672 2,636 2,432 2,732 790 193 641 594 47 1,732 312 328 1,092 1,010 1,215 267 110 289 259 30 Atlanta district 1,847 522 302 1,024 896 1,282 216 144 292 269 23 Chicaco district . . 3,676 446 600 2,630 2,444 2,607 980 290 618 580 38 1 74^ 549 274 922 808 1,257 188 105 273 263 10 'Minneapolis district ..... .... 987 273 182 532 471 687 94 58 146 143 3 Kansas City district 2,38( 827 269 1,283 1,128 1,663 188 296 385 344 41 I)illa<; district 1,750 439 219 1,091 1,000 1,213 154 232 297 252 45 San Francisco district 6,598 566 998 5,034 4,541 ' 4,884 2,663 267 1,209 1,137 72 Country franks—Total .... .... 20,616 1,044 2,653 16,919 16,385 13,964 7,622 3,529 3,124 2,412 712 Iloston district . •. 2,103 85 341 1,677 1,604 1,509 680 186 297 252 46 New York district 3,263 73 572 2,617 2,517 2,307 1,791 287 529 430 99 Philadelphia district 1 516 11 230 1,275 1,235 1,069 937 181 262 206 56 Cleveland district . 1,742 20 * 219 1,503 1,463 1,205 916 280 311 224 87 Richmond district 1 662 197 195 1,270 1,204 1,090 469 323 230 181 50 Atlanta district ... 1,599 172 214 1,212 1,166 1,025 328 328 208 163 45 Chicago district .... 2,672 74 365 • 2,233 2,189 1,758 1,143 509 429 315 114 St Louis district ..... 1 125 137 111 877 846 746 299 240 159 122 36 Minneapolis district .-.,... 897 67 106 724 704 596 348 177 137 104 32 Kansas Citv district .. 1 309 71 111 1,127 1,111 805 383 183 123 60 Dallas district 1 539 106 79 1,355 1,324 1,032 102 406 203 151 53 San Francisco district 1,188 29 109 1,050 1,020 822 436 230 175 141 34 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 NOVEMBER 1943 [Averages of daily figures. In millions of dollars] Central reserve m A em ll - 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 d 15 o ,0 v 0 e 0 r I 1 n 5 , p 0 l 0 a 0 c e p s o p o u f la u t n i d o e n r ba b n e k r s1 New b c a i n ty ks baiks1 York Chicago Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e i e x n p c t o e e s p r i - t ts de T p i o m s e its 1942— N O o c v t. . ... 1 1 2 2 , . 2 6 3 1 - 8 1 4 4 . , 0 0 9 8 3 6 8 8 3 5 4 9 4 4 , , 7 9 1 9 1 0 2 2 , , 6 5 8 9 4 7 bank2 bank2 j943_Oct 12,035 3 346 794 4,772 3,123 Nov 12,313 3,453 820 4,916 3,124 Total 12,267 4,489 7,305 3,133 Week ending (Friday): 1943-N N N N D o o o o ec v v v v . . . . . 2 1 1 3 5 6 2 9 1 1 1 1 1 2 2 2 2 2 , , , , , 1 2 3 3 5 2 1 4 9 4 7 4 7 5 1 3 3 3 3 3 , , , . , 4 3 4 4 5 5 2 9 9 2 1 2 7 2 8 8 8 8 8 8 0 2 1 1 3 6 7 5 6 8 4 4 4 4 5 , , , , , 8 8 9 9 0 1 6 7 3 3 7 1 1 6 0 3 3 3 3 3 , , , , , 1 1 1 1 1 0 1 4 0 4 7 5 5 5 4 B N P C h o e le w s i v l t a o e Y d n la e o n l r d p k hia... 2 1 1 , , , 4 7 0 9 5 7 4 0 6 5 4 1 1,1 5 4 4 6 9 3 3 2 2 5 8 6 2 7 6 6 7 0 1 3 6 4 6 5 4 6 1 2 2 0 4 S 4 2 1 Exce 1 s 9 s 4 2 r — es D D D e O r e e e c v c c c t e . . . s : 2 1 1 4 7 0 1 1 1 2 2 2 2 , , , 3 8 6 8 3 3 3 3 1 0 6 8 3 3 3 , , , 6 5 6 5 2 6 3 5 1 4 2 7 8 8 8 4 4 5 2 0 4 2 7 5 5 5 , , , 1 1 0 9 2 0 5 2 4 3 3 4 3 3 3 , , , 2 1 2 8 3 7 6 2 4 5 3 3 A R C St i h t . c l i a h c L n m a o g t u a o o i n s d 1 1 , , 0 5 9 4 3 8 4 2 6 8 8 2 2 2 6 1 3 2 8 6 0 8 5 8 1,0 5 3 5 1 1 9 6 0 7 1 6 2 4 1 1 5 4 0 3 8 0 0 1 Week 1 1 9 9 e 4 4 n 3 3 d — — i N N N N n N O g o o o o o c v v v v t v ( . . . F . 1 1 r . i 5 2 9 . d . ay): 7 , , , , , 2 1 1 1 0 X 6 3 0 2 7 (O 4 1 3 0 3 45 3 2 2 2 1 5 1 0 0 5 8 4 1 5 ( 8 6 9 1 1,0 3 3 3 3 3 3 8 2 3 2 4 5 6 4 2 2 0 8 8 7 7 7 7 3 2 5 1 5 7 8 7 4 2 0 7 M K D Sa a a i n n l n 1 l s n a F a I s e r n s a a c p n C lu o c i d i l t s i e y s c s . . o . . . . . .any banks in outlying s 3 3 5 7 e 9 5 8 6 c 1 5 8 4 tions of 1 2 r 6 8 3 6 e 0 ] 9 4 serve citi 4 8 8 3 e 3 8 4 9 s 9 3 5 6 which h 2 a 1 1 1 3 v 1 4 % 0 3 9 e Nov. 26 ,031 22 c 319 682 been given permission to carry the same reserves as country banks. AH D De e c c . . 1 3 0 p * ,0 9 4 S 2 0 1 1 6 2 8 t 3 2 3 8 ( 9 " " 6 6 8 7 5 0 rese z r v T e h e c it s i e e r s i e h s a v p e u b a l i p sh o e p d u la th ti r o o n u g o h f m A o p r r e il t 1 h 9 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. Dec. 17 V ,019 31 t 294 *>686 The amount of such deposits for the current month at all country banks can Dec. 24 pL,O22 31 6 281 *>705 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in thistable include war loan deposits, shown separately for all country p Preliminary7. banks m table above. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a o t t i e l f d s i- d S o i l l l v a e r r s c S c e a r il t t v i e f e s i- r o T n f r u o e 1 r t 8 a y e 9 s s - 0 S s u i c a l b o v r s i y e i n d r i- M co in in or U S n t n o a i t t t e e e s s d ' R F n e e o d se t e e r r v s a e l F R n B e e o d a s t e n e e r r k s a v l e n t b i N o o a t n n a e - k a s l 1942—November. 14,805 58 74 1,731 565 227 327 11,667 18 136 December 15,410 58 76 1,751 575 228 317 12t082 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 November 19,918 55 92 1,571 662 251 324 16,205 627 129 Backfizures.—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 smairdenomination currency2 Large denomination currency2 End of month i c n u c la ir - - s U or n t a e s d tion1 Total Coin $13 $2 $5 $10 $20 Total $50 I $100 I 5500 I $1,000 I $5,000 ISIO.OOO 1942-November... 14,805 11,122 867 782 53 1,647 3,887 3,885 3,686 972 1,824 278 575 9 28 December.. 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 February.... 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 June.... 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 .^,453 353 637 9 22 September 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 69S 11 20 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 November 19,918 14,598 [1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 — ' . ii ii [ ; ; i ! I I! : ! : I Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. Paper currency,.only; $1 silver coins'reported under coin. Hack figures.—See Annual Report for 1937 (table 36). STOCK OF UNITED STATES MONEY, NOVEMBER 30, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held by Federal Money in 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 R an e k se s rv an e d circulation1 and silver cash Banks and agents certificates agents G G f x e r o o d e l l a e d d s r u . a c . r l y e R r c t e i u s f r e i r r c e v a n e t c e y n s — o :: te : t : o s : t : a : l ; ;;; \\\Y.\\\\\\\\\\ ] \'\\\\\\\\\\\\\\ Z1 2 4 1 9 4 2 6 t , , 9 , 0 0 8 5 9 6 1 3 7 5 6 19 1, , 8 9 3 5 6 3 22,1 1 1 4 3 2 2 5 17,082 2,8 3 5 1 0 7 5 4 0 1 3 6 , , 6 20 5 5 5 8 5 504 306 104 92 520 1,520 254 1,572 * ^Tr n o i' 8 6 3 2 4 9 2 6 7 6 6 0 2 5 3 2 1 2 1 3 2 0 2 6 2 3 6 6 2 2 5 2 4 7 1 640 1 129 130 Total-N O N o c o v t v o e e b m m er b b e e 3 r r 0 3 , 3 0 0 1 , , 9 4 1 1 3 9 9 . 4 4 . 3 2 . . . , 3 3 3 4 3 4 2 8 2 9 4 3 1 7 0 2 8 9 Z Z U 2 2 1 2 J , , 7 8 5 9 4 5 6 7 4 4 4 2 2 2 , , , 2 2 2 8 8 3 9 8 6 1 1 1 7 7 7 , , , 0 7 1 8 5 3 2 7 1 3 3 3 , , , 6 5 7 1 8 4 1 9 3 1 1 1 9 9 4 , , , 9 2 8 1 5 0 8 0 5 any paper currency held outside the continental limits of the United State*: figures for other end-of-month dates shown in table above ffift^iS^ F«nd. $143,772,279 balance ^increment resulting from reduction in weight of the go.d dol.ar, and 0 ? d cl £orms of money outstanding> F - ^ ^ ^^ MM! JSftS8£ * security for ^ t\ a^ury notes of 1890—an equal dollar amount in standard sJver dollars (tnesenoiraareucib amount of such silver cer- ^ j g R n f e i d c s t e e a h r u l e e - t s e d h ; n e e a o £ n t t e 3 d e r s t m ( i w i r T ^ e f o t U h S f s f £ F l 1 v P 1 H ™ 1 + 5 - a } l t 3 l t O y * R i f ^ 7 o e J , S ° ? f ^ S & f t o v l i t e ( f 2 a i U c c g n e e a n r i t A t t e t e i s d s f o i - f S c s r a a i t l a t h t v e f k s - e e ? - r g a a P o n in T d ld 0 a U b b n u f t i u l r l ? S l i t l n o i o n H g? n ™ a i o n ? f d E c a ? ^ ^ v a a 5 l t » u ^ S e B o r a S t i S ™ x £ ? a * r f f J o f ^ f x o J M f d f ^ ^ ol t S d t ^ h S ^ c e t e U fe F ^ n t e e it d s c ^ e d r a a ^ S n l t d R a e ^ t s e u s s e c r h ^ i v f e d s i ^ o B sc a a o n ^ u u k ^ t n h . t o e r d F i z e o e s d r d u e c r p h b a u y l g r o c R a h ld e a m s s c e e a e r d j r v o t e r i p n i a n t c y p o a e t t v r e e s o s. a t a s e r i e F o s f e d s t e e e h l c i r g u e a i r l b e l d e ?oard of C ^ r n l ^^ in gold certificates of at least 40 per cent, me uding JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTAL SAVINGS SYSTEM ANALYSIS OF CHANGES IN GOLD STOCK OF {In millions of dollars] UNITED STATES [In millions of dollars] Assets Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o g re c o a k l s d e N im et p g o o r l t d c g r m o e c o a l r a r d e s r e : a i k n s e d ( - 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 a c p l r e o - s s s ' 1 - Total i b C p n t a o o a n d r s s k y e i h - s - T U ot . a l S s . e G c r D u o e r c v i i - t e ti r e n s m G e a u n n a t - r- f s f a u e r n r s e v d - h e s teed 1934a 8,238 4,202.5 1,133.9 82.6 92.9 1935 10,125 1,887.2 1,739.0 .2 110.7 1934-June 1,198 1,225 695 453 418 35 76 1936 •11,258 1,132.5 1,116.6 -85.9 131.6 Dec 1,207 1,237 540 597 467 130 100 1937 M2.760 1,502.5 1,585.5 -200.4 143.9 1935-June 1,205 1,236 ,385 777 630 147 74 1933 14,512 1,751.5 1,973.6 -333.5 148.6 Dec 1,201 1,237 287 853 706 147 98 I939 17,644 3,132.0 3,574.2 -534.4 161.7 1936—June... 1,232 1,265 203 967 800 167 95 1940 21,995 4,351.2 4,744.5 -644.7 170.2 Dec 1,260 1,296 145 1,058 892 167 93 1941 22,737 741.8 982.4 -407.7 169.1 1937—June 1,268 1,307 136 1,100 933 167 71 1942 22,726 -10.3 (*) -458.4 125.4 Dec 1,270 1,308 131 1,097 931 167 80 1942— D N e o c v e e m m b b e e r r .. . . , . . 2 2 2 2 , , 7 7 4 2 3 6 -17 3 . . 2 3 - - 3 10 1 . . 8 0 7 6. . 2 8 1 19 9 3 3 8 9 — -J D J u u e n n c e e 1 1 1 , , , 2 2 2 5 6 5 2 2 2 1 1 1 , , , 2 3 2 9 0 9 0 4 1 1 8 6 1 6 8 5 1 1 1 , , , 1 1 1 3 5 0 2 7 3 1,0 9 9 1 3 6 1 6 5 1 1 1 6 6 4 6 7 6 7 7 7 3 3 8 1943— M J F M A J u e a p a i n n b y r r e u i r c l a u h r a y ry.. .. 2 2 2 2 2 2 2 2 2 2 2 2 , , . , , 6 5 6 4 3 4 4 7 8 7 5 2 4 6 3 3 8 6 -1 - - - — - 6 3 4 3 0 4 8 9 3 8 3 6 . . . . . 0 3 3 9 . 1 3 -1 - - - - - 4 5 7 6 5 0 9 5 3 1 6 1 . . . . . . 0 4 1 7 1 0 4 4 4 4 4 3 . . . . . . 7 9 9 1 1 5 1 1 1 9 9 9 4 4 4 0 1 2 — — — D D D D J J J u u u e e e e n n n c c c c e e e 1 1 1 1 1 1 1 , , , , , , , 2 4 3 2 3 3 3 7 1 0 0 1 9 1 9 7 4 4 6 3 4 1 1 1 1 1 1 1 , , , , , , , 3 3 4 3 3 3 5 1 3 4 6 5 9 2 9 7 8 4 6 6 5 5 4 3 3 2 2 1 3 3 6 0 6 4 6 1 1 1 1 1 1 1 , , , , , , , 1 2 2 2 2 3 2 9 2 2 5 7 7 4 2 4 4 1 4 2 5 1 1 1 1 1 1 1 , , , , , , , 0 0 1 1 0 1 2 4 7 2 0 7 4 2 6 8 8 4 8 6 0 1 1 1 1 1 1 1 4 4 4 4 4 2 2 6 6 6 6 6 6 6 2 1 2 9 6 7 S 7 0 9 5 9 4 5 2 3 fulv 22 335 -52.7 -63.7 3.9 N A O Se o u c p t v g o t e u e b m s m e t r b b e e r r. . . . . 2 2 2 2 2 2 2 2 , , , ,0 1 1 2 6 7 1 4 5 5 6 3 - - - - 9 6 5 5 2 7 1 9 . . . . 0 0 8 3 5 - - - - 4 4 9 8 4 0 1 0 . . . . 6 3 6 1 /3 3 3 3 . . . . 6 8 3 8 1943— M A F J e a p a b n r r . . . 1 1 1 1 , , , , 5 4 4 4 1 4 6 9 7 5 8 3 1 1 1 1 , , , , 5 4 5 5 1 4 9 6 7 5 3 9 1 1 1 1 4 4 3 2 1 1 1 1 , , , , 3 3 4 4 8 7 5 2 1 8 0 1 1 1 1 1 , , , , 2 3 2 3 7 6 5 8 0 0 5 9 1 1 6 6 2 0 1 1 6 9 1 1 1 9 2 1 0 8 5 1 7 Jan.-Nov. , 22,065 -661.5 fi-716.6 P44.7 J M u a n y e 1 1 , , 5 5 4 7 6 7 1 1 , , 6 59 3 6 1 1 1 2 2 1 1 , , 4 5 8 0 2 0 1 1 , , 4 4 4 7 9 1 5 1 1 1 1 8 3 3 7 July 1,620 1,678 11 1,527 1,527 140 p Preliminary. ' Figure carried forward. Aug 1,660 1,719 11 1,588 1,588 121 1 Annual figures are estimates of the United States Mint. Monthly figures Sept 1,683 1,739 10 1,631 1,631 97 arc those published in table on p. 105, adjusted to exclude Philippine Oct ^1,717 Islands production received in United States. Nov "1,753 2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a fine ounce thereafter. on s D In e c c l . u 3 d 1 e , s 1 g 9 o 3 l 6 d , a in n d t h 1 e ,2 2 In 8 a m ct i i l v li e o n A c o c n o D un e t c . a m 31 o , u 1 n 9 ti 3 n 7 g . to 27 million dollars p 1 P O r u e t l s im ta i n n d a i r n y g . principal, represented by certificates pf deposi t t. Does not * The net gold import figures for months subsequent to December 1941 include accrued interest or outstanding savings stamps. have not been released for publication. 2 Includes working cash with postmasters, 5 per cent reserve fund and 5 Gold held under earmark at Federal Reserve Banks for foreign account miscellaneous working funds with the Treasurer of the United States, amounted to 3,390.4 million dollars on Nov. 30, 1943. accrued interest on bond investments, and accounts due from late NOTE.—For back figures through 1937, see Annual Report for 1937 postmasters. (table 29). Back figures.—See BULLETIN for August 1935, pp. 501-502. BANK SUSPENSIONS' BANK DEBITS Member Nonmember Debits to deposit accounts except interbank accounts Total, banks banks [In millions of dollars] all banks ti N o a n - al State su I r n e - d3 i N ns o u n re - d To a t ll al, New 140 Other Number of banks suspended: Year and month re i p n o g rt- Y C o it r y k ce o n th te e r r s1 r c e e p n o t r e ti r n s g 3 1934 48 centers 1935 8 1936 3 1929... 982,531 603,089 331,938 47,504 1937 6 1537... 469,463 197,836 235,206 36,421 1938 6 1938... 405,929 168,778 204,745 32,406 1939 10 1939... 423,932 171,382 218,298 34,252 1940 :.... 3 1940... 445,863 171,582 236,952 37,329 1941 1 1941... 537,343 197,724 293,925 45,694 1942 3 1942... 607,071 210,961 342,430 53,679 1943—Jan.-Nov 1942—October 58,334 19,823 32,131 6,380 De ( p m o s t i h ts o u o s f a n su d s s p o e f n d d e o d ll a b r a s n ) k :3 s N D o ec v e e m m b b e e r r . . . . . 5 6 3 8 , ,8 7 2 7 2 3 2 1 5 8 , , 8 5 9 1 7 2 2 3 9 6 , , 4 0 8 7 9 7 5 6, 8 7 4 7 8 2 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 4 3 4 4 3 1 S 9 7 1 4 0 2 5 3 —Jan.- Nov ! ! j I 3 1 3 1 1 1 2 6 1 0 3 1 5 4 3 9 , , , , , , , , , , 1 7 9 7 9 9 0 0 7 3 0 3 0 1 0 2 4 1 9 2 7 5 3 6 2 2 8 6 3 3 3 5 7 1 , , . , 3 1 3 3 8 5 2 4 1 4 7 4 0 3 6 5 1 3 4 9 0 7 6 6 2 2 1 4 , , 7 6 2 0 2 1 8 9 1 1 1 1 6 3 5 1 1 0 0 1 1 , , , , , , , , , 9 7 3 5 3 2 2 1 7 5 1 6 7 4 4 8 0 5 2 0 2 5 1 1 3 9 7 6 1 3 34 2 1 , , ,0 4 9 9 5 4 3 3 4 3 8 3 9 8 4 2 7 4 5 9 9 2 0 6 7 9 1943— M M J J F A A O S J u u e e a p u c a a n l b p n y r g t r y e i u o t c r u l e u a h b s m r a t e y r b r y . e . . . r . . . . r6 5 5 6 6 6 6 7 6 7 6 7 4 5 5 4 6 3 0 5 , , , , , , , , , , 2 9 8 7 3 2 8 6 6 7 7 7 8 4 6 4 9 6 1 5 2 2 2 7 6 6 4 1 4 9 2 2 2 2 2 2 2 2 2 2 1 1 3 4 9 5 5 7 1 3 , , , , , , , , , , 4 1 9 0 7 4 1 9 2 9 3 1 3 7 6 6 9 9 1 2 7 2 7 6 2 4 3 0 3 1 3 2 3 3 3 3 4 3 3 3 0 8 4 5 7 0 4 2 5 3 , , , , , , , , , , 4 7 9 2 6 4 6 9 6 3 3 2 5 6 8 5 0 5 1 5 7 3 4 1 3 2 2 9 4 9 '6 5 5 6 6 6 6 5 6 7 , , , , , , 4 4 3 , 6 8 0 7 9 4 3 1 5 2 1 6 3 8 0 7 9 7 9 3 2 3 4 4 2 8 3 November.. 65,025 23,327 35,215 6483 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks T Revised. whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation 1 National series for which bank debit figures are available loans). 2 Figure for 1929 includes 128 centers; for 1937-1942 annual figures indud« • Federal deposit insurance became operative Jan. 1, 1934. 3 Deposits ot member banks and insured nonmember banks suspended are 13 N 3 O c T en E t .— ers S ; e e m p o . n 7 t 1 h 7 ly o f f i A gu u r g e u s s i t n 1 c 9 lu 43 d e B U 1 L 9 L 3 E c T e IN n te f r o s r . description of rev . i s • e „ 1 „ 1 as of dates of suspension, and deposits of noninsured nonmember banks beginning with May 1942. r a e re p o b rt a e s d e . d on the latest data available at the time the suspensions were '^c^osuuesh'^nniiai Report for 1937»P- 157- Annualtotals'beginnSf Back figures.—See Annual Report for 1937 (table 76). with 1919 by Federal Reserve districts and for individual centers, ^c available for distribution and will be furnished upon request. 68 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES p g , tted condition repoTte to iSc C^mroller oUhe rency. Under the amended provision of sec. 21 a) private banks no longer report to the Comptroller of the Currency! For^SatfvSfirar private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883 and July^936 D Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. c *00> p* oo<3' ana Juiy iyj0' p* NUMBER OP BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks* Non b m an e k m s ber Member banks' Non b m an e k m s ber Call date Total Other Call date All Other Total ti N on a a - l State M s b a a v u n i t n u k g a s s l m n b o e e n m r - - banks Total ti N on a a - l State M s b a a v u n i t n u k g a s s l m n b e o e m n r - banks banks 1929-T D u e n c. e 2 3 9 1 2 2 5 4 , , 1 6 1 3 0 0 8 8 , , 7 5 0 2 7 2 7 7, , 4 5 0 3 3 0 1 1 , , 1 1 7 1 7 9 6 6 0 1 9 1 1 1 5 5 , , 4 7 9 9 9 2 1929— D Ju e n c e . 3 2 1 9 5 5 3 5 , , 8 2 5 8 1 9 3 3 3 2 , , & 28 65 4 2 1 0 9 , , 2 4 9 1 0 1 1 13 2 , , 5 8 7 7 5 3 8 S , . 9 9 1 8 6 3 1 12 2 , , 5 5 0 8 8 4 1933-Tune 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—Tune 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-June3O 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-Tune29 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-Tune 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 30 66... 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-June30 .14,618 6,703 5,060 1,643 542 7,373 1943—June 30 96,329 73,465 47,434 26,031 11,132 11,733 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] AH banks Member banks^ 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 ts t- Total Loans I m nv en es ts t- Total Loans I m nv e e n s ts t- June29.. 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-Tune 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 J D im ec e . 3 3 0 H .. ., 4 4 7 8 , , 3 9 8 2 1 9 2 2 1 1 , , 1 35 3 4 0 2 27 6 , , 5 2 7 5 5 2 3 3 2 0, , 7 0 2 7 1 0 1 1 3 2 , , 2 9 0 3 8 8 1 1 7 8 , , 7 8 8 6 3 3 1 1 0 0 , , 1 2 9 5 6 5 4 4 , , 9 9 6 3 1 0 5 5 , , 2 3 3 2 5 5 6 6 , ; 6 4 0 6 4 5 3 3, , 2 2 1 3 7 1 3 3, , 3 2 8 3 7 4 "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 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 61,098 26,616 34,483 43,521 18,021 25.500 10,372 4,903 5,470 7,205 3,692 3.513 19«-Tune 30s <* 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. 3i...; 78,137 23,915 54,222 59,263 16,083 43,175 10,746 4.698 6,048 8,128 3,128 4,999 1943-JUne30 87,881 22,241 65,640 67,155 14,823 52,332 11,241 4,579 6,661 9,487 2,840 6,647 -ISSSS^K 2Atf^ttiti$8Stt& fi^Jafeg-. of mm. -.Dec 30 1939) which, up to T tivefy. condltl°n reports. The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000, respecto memn»,;V vw<u ^cscrve system ot one large bank with total loans anu investment ae&^s*""^.""' *»• «-••. -»—"'"•-. , int £ JliDe J 30'1?42- deludes Bank of North Dakota a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, ueroank deposits, were $32,642,000 and its loans and investments $25,756,000. i£«™,-c ^--1 Report for 1937 (tables 48-49). 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollarsi Loans Investments Loans for U. S. Government obligations purchasin Obli Call date i m n l T a o v e o n a e n d n t s t . Tota o L d m m c k p i i u o i n n e a e a c e n g - t l n r r A t c u a K u r l r l b o a r T e s o n r e r o k c s c c a u r r r o i y t t i T h i e n e o s R l t o e a e a s t a n - s l C u o m a o n n e s - r O lo t a h n e Total Total Bill o d c C f t e a i f b e t i i e r n t - Dir N ec o t tes Bonds G t a u e n e a - d r- g p S a o d s a t c t i l o u a n i a v i f b o t t d l i e i - n - O s r e t i h c ti u e e r - s pape deal ed- sions ers ness Total-A11 Member Banks 1938—Dec. 31... 32,07 13,208 5,179 71 97 77J 2,71 2,853 18,863 13,222 28 3,38 7,208 2,340 2,448 3,192 1939—June 30... 32,60 13,141 5,203 78 731 736 2,82 2,855 19,462 13,777 44 t m 2,72 7,786 •2,831 2,554 3,131 Dec. 30... 33,94 13,962 5,84 73 790 700 2,957 2,944 19,979 14,328 56 2,22 8,398 3,144 2,692 2,959 1940—June 29... 34,451 13,969 5,988 73 447 668 3,069 3,062 20,482 14,722 79 2,543 8,26 3,121 2,888 2,873 Dec. 31... 37,126 15,321 6,66( 86 642 652 3,228 3,273 21.S05 15,823 65 2,594 9,09 3,486 3,013 2,970 1941— June 30... 40.659 16,729 7,80" 7; 575 635 3,365 3,609 23,930 18,078 1,12 2,631 10,481 3,839 2,984 2,867 Dec. 31... 43,521 18,021 8,671 97 594 598 3,494 3,692 25,500 19,539 97 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 1,50 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 4,36 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 SOI 52,332 46,980 6,27 9,418 5,251 23,545 2,487 2,876 2,476 Oct. 18 78,112 17,716 60,397 55,255 2,818 2,324 New York City1 1938—Dec. 31 8,335' 3,262 1,594 787 220 121 535 5,072 3,857 15 1,142 1,663 894 317 698 1939—June 30 8,688 2,9S8 1,602 555 215 130 481 5,700 4,483 16 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,888 611 188 133 469 6,043 4,772 31 797 2,385 1,275 579 693 1940— Tune 29 9,829 3,014 1,905 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3.384 2,125 465 190 130 468 7,527 5,044 207 1,245 2,977 1,615 695 788 1941—June 30..... 12,493 3,778 2,503 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 ,651 796 Dec. 31 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—June 30 14,019 4,066 2,841 430 167 121 499 9,953 S.55O 402 ' 663 1,746 4,5*2 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 2,81,8 1,656 6,454 974 484 602 Oct. 18 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 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 3 23 61 16 (32 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 ,483 417 125 803 138 190 188 Dec. 31 2,760 954 732 6 48 52 22 96 1,806 L,430 256 153 903 119 182 193 1912—June 30 3,116 906 712 3 29 50 22 90 2,210 ,858 357 isi 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3,141 1,789 397 637 391 1,282 83 166 186 1943—June 30 4,332 784 612 2 40 41 23 51 15 3,548 J.167 473 795 399 1,124 75 209 172 Oct. 18 5,045 1,023 4,022 5,693 164 16S Reserve City Banks 1938—Dec. 31 1,654 4.963 2,063 207 119 242 ,230 1,101 6,691 5,018 57 L,224 2 997 740 808 866 1939—June 30 1,756 5,004 2 Ml 234 115 221 ,284 1,128 6,751 *1,991 78 1,014 3*010 389 895 866 Dec. 30 2,272 5,329 2,256 221 119 222 ,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 2,160 5,365 2,290 176 87 210 ,372 1,230 6,795 L1,947 87 839 3^052 969 981 S6H Dec. 31 3,013 5,931 2,589 263 115 207 ,436 1,322 7,081 5,204 103 771 3 281 i njo 984 S9S 1 19 9 4 4 1 2 — -J D J u u e n n c. e e 3 3 3 0 1 0 6 4 5 , , , 5 3 0 3 4 1 5 7 3 6 6 7 , , , 5 4 1 6 9 0 4 8 5 3 3 3 , , , 3 0 4 1 8 5 8 1 6 3 1 1 0 5 7 0 2 5 1 1 1 7 0 4 8 0 1 1 1 7 9 9 7 4 8 , , , 4 5 5 7 2 2 7 7 4 1 1 1 , , , 5 4 3 1 6 1 2 6 5 8 9 7 , , , 9 2 5 7 1 4 1 5 3 ' ({ 5 5 5, , , 1 4 7 8 6 0 8 7 0 2 57 9 7 9 5 3 674 6 9 7 8 0 5 6 1 1 4 3 5 ^ ,1 2 8 4 4 5 9 8 8 1I X , , ' l 8 U 17 0 6 - 3 i 6 y 2 9 9 9 7 2 5 9 5 6 8 8 8 2 5 3 8 0 6 Dec. 31 0,915 6,102 2,957 290 97 153 ,486 808 312 4,813 i;t,038 ,441 2,253 1,723 6,'glO 811 954 821 1943— O Ju c n t. e 1 3 8 0 S 4, . 6 S 7 2 7 6 6 5 , , 5 5 3 3 9 3 2,652 205 • 107 157 ,465 670 276 9 2 , , 1 2 4 8 4 7 2 I ( *F ), , 6 4 1 1 6 7 ,626 3,529 1,828 8,576 857 9 9 3 4 8 2 7 73 8 3 5 Country Banks 1 1 1 1 1 1 9 9 9 9 9 9 1 4 4 3 4 3 0 3 2 9 1 8 — — — — — — O D D D D J J J J J D u u u u u c e e e e e n n n n n t c c c c c . e c e e e . . . . . 1 3 3 3 3 2 3 3 3 3 3 8 1 1 1 0 9 0 0 0 0 1.... 0 0 0 3 2 0 0 6 9 2 1 , , , , , , , , , , , 1 2 1 1 1 4 1 2 8 4 5 0 6 5 0 1 3 2 4 1 2 1 3 4 7 9 9 0 4 6 3 6 8 4 5 4 4 4 5 4 4 5 5 5 , , , , , , , , , , , 4 7 0 8 4 9 6 6 3 3 7 8 9 3 4 0 9 0 8 0 9 6 0 7 8 4 7 0 9 7 5 3 8 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 2 2 5 3 5 1 3 6 4 1 3 1 2 1 8 9 6 7 5 7 5 2 6 4 6 3 1 6 3 5 5 4 6 5 6 4 5 5 7 3 6 9 2 7 5 8 9 5 4 1 2 0 3 2 9 3 5 5 6 2 2 2 2 2 1 1 1 1 1 2 0 5 1 0 7 7 6 7 7 2 2 2 1 2 2 1 t 1 1 6 6 0 2 2 0 4 8 6 9 1 1 4 9 8 3 3 9 5 4 , , , , , , , , , . 7 8 7 6 8 7 4 4 5 3 9 3 5 4 4 3 7 0 2 5 7 4 0 4 4 9 7 2 3 3 6 5 7 5 1 1 1 1 1 1 1 1 4 5 . , , , , , , , 5 4 5 2 1 3 1 2 C C 3 ? 8 1 : = 0 4 6 0 9 8 7 1 3 3 7 9 1 3 5 5 5 5 6 4 5 5 7 7 1 , , , , , , , , , , , 5 6 6 3 2 7 5 6 8 4 3 8 1 3 2 6 0 7 2 6 3 5 0 7 7 8 7 4 3 0 9 9 6 i l. i 1 L M 5 5 , , , , , , , , , , 5 0 5 2 2 1 6 3 1 2 7 0 2 2 3 0 7 1 3 5 6 9 2 7 7 0 2 7 2 3 9 9 1 ,1 6 1 1 9 4 3 3 6 7 1 1 7 1 4 5 1 6 0 1 0 1 1 1 , , " 2 2 3 5 7 1 1 6 1 , , 3 2 4 5 3 4 4 6 7 4 6 4 7 3 6 5 3 5 3 8 8 0 4 1 3 7 2 1 3 1 3 5 2 2 1 2 7 l 1 1 , , , , , , , , , , 4 6 4 8 0 9 8 0 8 9 0 3 9 8 2 9 9 4 7 '0 4 6 6 1 6 1 3 9 ? 6 5 6 S 6 5 5 7 7 7 9 8 2 9 7 8 1 2 8 6 7 3 4 5 4 1 0 5 8 1 , , , , , . , , , , 0 1 2 0 0 2 2 2 1 2 9 2 2 6 9 6 4 2 5 2 4 8 2 5 1 7 5 1 2 2 9 6 2 , , , , 0 1 2 4 0 0 9 9 8 3 1 1 4 3 8 5 4 2 5 S 1 0 3 4 6 2 3 7 3 1 6 1 2 1 Central resenre city bzinks. —— Back figures—See Annual "Report for 1937 (tables 52-58). FEDERAL RESERVE 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 Re- Bal- De- Call date F s B s e w e e d R a r r i n e v e v t - r k e h e a s s l C va a in u sh lt m b a w a n d e n i o c s t - t t e h i s s c 1 j p m u a o d s a d e t s n e - - it d d s 2 , v p a s a i n p I t h d r d i o n i t u o p r n d c a n a s e i o l s - - , r s r - , - p s S o u a l t n b i a t d t d i e c i s - al [c C c h e f o a e t e e i f n c e f r r c . i d s d t k - i ' s - m U G er e o . n n v S - t - . v p an i a s p t I d i d h n r o o t u i d r n n c p a a i e o s s - l - r r , s - - , ! S v p s i t a i u s o a c n i b l t a o i d e d l t n s - i s -|P m U G S o e a r s . a e o n S n t v n v d a . - - t - l m D a D n e- o d b m 1 an 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 - - Capital 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 5,496 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.. 12,128 1,150 5,789 48,612 47,849 3,206 1,065 17,542 14,176 316 109 9,806 62 838 150 6,389 Nav York City* 1938-Dec.31... 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,592 1939-June30... 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 Dec. 30.. 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 695 1,592 1940—June 29... 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 Dec. 31... 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941-June30... 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31... 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—June 30... 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 1,698 Dec. 31... 4,388 72 82 11,899 12,501 263 448 4,186 711 23 3,209 736 1^727 1943—June 30... 3,473 92 52 13,543 14,001 249 404 2,820 755 21 2,939 747 11 1,774 Oct. 18 ... 3,426 100 71 12,750 13,149 215 438 6,566 768 26 2,914 760 120 1,808 Chicago3 1M8-Dcc. 31... 884 235 1,688 1,597 181 83 452 9 658 257 I939-June30... 897 235 1,666 1,565 197 60 471 17 746 270 Dec. 30.. 993 283 1,739 1,676 167 80 483 10 879 250 1940—June 29.. 1,187 242 1,898 1,782 199 79 489 15 949 260 Dec. 31... 1,051 319 1,941 1,905 174 90 496 8 997 270 1941-June 30.. 1,062 262 2,205 2,109 213 95. 480 17 1,010 279 1942- D J e u c n . e 3 3 1 0 . . . .; 1, 9 02 73 1 • 2 2 2 98 0 2 2, , 3 2 7 1 9 5 2 2 , , 1 2 5 9 2 2 2 2 3 2 3 6 2 1 0 2 1 7 4 46 7 0 6 1 1, ,0 0 2 2 8 7 2 2 8 9 3 3 902 164 2,557 2,588 178 665 453 1,105 304 Je30.: 786 173 3,002 2,981 202 506 477 1,032 312 Oct. 18 ... 785 170 2,885 2,901 187 1,241 497 1,104 317 Reserve City Banks 31.. 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 2,735 318 2,210 7,654 7,331' 917 160 415 4,320 233 19 2,920 115 69 1,812 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 3,759 334 2,679 8,774 8,372 956 147 422 .4,422 219 18 3,526 105 44 1,873 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 1,904 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 1,967 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 »»• o * a £ . £ i : s : . • .; 4 4 4 , , , 8 8 9 0 4 4 0 8 0 3 3 3 9 9 6 3 5 5 2 1 1 , , , 9 8 2 3 9 0 0 2 2 1 1 17 7 4 , , , 2 4 8 5 0 4 1 3 9 1 1 17 7 5 , , , 4 2 0 6 7 6 2 6 1 1 1 1 , , , 2 3 4 1 1 5 4 9 2 3 3 3 2 8 3 9 5 3 2 6 1 , , , 3 2 9 8 2 8 3 2 3 4 5 5 , , , 2 6 8 6 0 05 5 5 1 1 1 6 7 4 9 2 4 3 5 2 1 1 2 4 4 4 , , , 8 7 8 4 4 3 9 3 1 6 4 4 2 8 5 6 6 7 5 0 3 2 2 2 , , , 0 1 0 2 1 7 8 2 1 Country Banks S Oc S t. S 3 is 1 : .;; 3 2 2 2 2 1 1 1 1 1 1 , , , , , , , , , , , 1 3 8 9 2 4 3 9 7 5 8 5 0 1 3 1 4 8 7 1 5 0 3 3 6 3 4 2 7 8 0 7 6 6 3 3 3 3 4 4 5 5 5 6 1 2 0 5 3 3 4 6 2 2 1 9 2 7 2 7 3 2 3 8 6 6 3 3 3 3 3 3 3 2 2 2 1 , , , , , , , , , , , 6 9 1 4 2 1 1 0 6 6 7 5 1 1 0 1 6 6 0 1 9 1 6 8 7 6 6 8 4 2 1 2 9 1 1 1 1 8 6 6 6 6 9 7 3 5 0 5 , , , , , , , , , , T9 6 3 2 8 8 2 2 7 3 0 6 4 7 5 6 6 2 6 6 2 0 1 5 4 5 6 0 5 6 9 9 4 1 1 1 5 8 9 5 5 5 6 7 1 3 4 , , , , , , , , , , , 9 2 1 5 2 2 8 8 6 3 9 8 1 4 6 0 7 4 0 3 9 8 2 5 1 0 2 0 4 6 6 9 6 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 5 6 1 0 2 5 1 1 3 1 4 9 1 8 5 9 6 1 3 7 2 2 0 9 4 8 0 9 5 0 0 8 9 2 2 2 2 1 1 1 1 1 1 1 7 7 7 3 5 3 9 8 9 6 7 1 2 7 9 4 5 6 7 0 4 2 3 1 1 , , , 5 2 5 0 2 1 1 1 1 1 1 1 2 2 9 3 5 4 5 4 5 3 2 5 7 7 0 1 3 1 3 4 6 6 6 6 6 6 7 5 5 5 5 5 , , , , , , , , , , , 3 3 6 9 0 0 0 8 5 6 8 0 1 1 1 9 8 4 4 0 7 8 6 9 7 6 7 2 2 9 9 7 6 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 5 4 4 3 0 8 7 6 6 5 3 0 0 7 4 3 3 3 3 3 3 4 3 3 5 0 7 3 1 1 1 2 4 5 7 1 4 4 5 5 6 6 9 9 9 7 7 3 7 3 3 5 4 2 5 4 9 4 9 1 3 8 2 6 8 7 5 0 7 2 3 2 2 2 2 3 2 2 1 1 3 0 6 6 9 9 0 7 0 7 6 2 6 5 3 3 3 3 3 4 3 7 5 1 1 1 2 2 2 2 1 1 1 1 , , , , , , , , , , , 8 7 8 9 9 9 0 8 0 0 1 2 9 5 0 5 3 7 4 1 9 5 8 8 1 9 6 6 2 2 4 4 1 - 2 SSJSSfS Jun^ 30» 1942» ^eludes reciprocal bank balances which on that date aggregated $600,000,000. 3 p ^ i deP°sits other than interbank and U S Government, less cash items reported as in process of collection. Central reserve city banks. * ' """ *Jinual Report for 1937 (tables 52-58). JANUARY 1944 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 Com- or carrying securities Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total in t t c a a c r u d i g u i n a r u a l r d a - l i s l , - l , - T T a o n o ta d l b d ro ea k U G o l e . b e o S r r l v s . i s - t. ot T h o ers e l R o s e t a a a n t l s e - . b L a o t n a o k n s s O l t o h a e n r s Total Total Bills C j o d c n e f e e a e r d b t s t i e - t n s i - s - j Notes Bonds G t a e u n e a - d r- O s ri e t t h c ie u e s - r gations| Total—101 Cities 1942—November.. 37,865 10,254 6,558 533 364 1,211 30 1,558 27,611 24,288 3,083 3,368 4,263 11,662 1,912 3,323 1943—Juty 46,370 9,549, 5,612 1,034 399 1,156 56 1,292 36,821 33,858 4,583 6,995 4,602 15,880i ,798 2,963 N A S O e o u c p g v t t o u e e b m m st e b b r e e .. r r . . . . . 4 4 5 5 6 2 2 8 , , , , 9 3 0 8 0 4 3 3 3 6 6 9 1 1 1 9 1 1 0 , , , , 5 9 4 6 7 4 4 7 1 4 0 9 5 6 5 6 , , , , 4 7 3 9 4 1 4 6 2 8 2 6 1 1 1 1 , , , , 0 9 5 5 1 8 2 6 2 9 6 6 1, 3 8 6 0 2 6 5 2 4 8 1 4 1 1 1 1 , , , , 1 1 1 1 2 3 5 4 7 5 0 2 4 6 7 7 3 8 8 8 1 1 1 1 , , , , 2 4 3 3 6 2 8 1 6 3 0 6 3 4 4 3 0 0 8 7 , , , , 4 5 1 3 0 9 3 6 2 6 2 0 3 3 3 3 4 7 7 5 , , , , 4 4 7 2 2 8 5 1 1 0 9 1 4 4 4 4 , , , , 0 5 0 2 1 7 4 5 5 1 8 9 7 8 , , , , 2 8 6 0 0 0 5 0 1 4 4 3 r r r 4 4 4 4 t , , 9 , 8 8 8 4 6 9 9 0 4 8 7 r1 ' 1 1 1 7 6 7 6 , , , , 2 4 6 1 4 5 3 1 3 1 8 6 , , , , 8 8 7 8 1 6 9 4 5 8 6 4 2 2 2 2 , , , , 8 9 9 9 3 2 4 1 7 2 9 1 1943-Oct. 6 51,278 12,117 6,277 2,084 1,126 1,137 59 1,434 39,161 36,215' 4,211 8,417 r4,936 16,771 ,880 2,946 Oct. 13. ... 51,648 12,009 6,307 1,984 1,082 1,136 69 1,431 39,639 36,698 4,585 8,407 r4,945 16,881 ,880 2,941 Oct. 20 53,477 11,881 6,361 1,828 1,029 1,135 114 1,414 41,596 38,682 4,880 9,318 r4,941 17,669 ,874 2,914 Oct. 27 52,982 11,768 6,424 1,750 978 1,132 71 1,413 41,214 38,327 4,626 9,274 r4,939 17,651 ,837 2,887 Nov. 3.... 52,642 11,697 6,458 1,697 936 1,129 79 1,398 40,945 38,071 4,405 9,270 r4,916 17,651 1,829 2,874 Nov. 10.... 52,051 11,483 6,451 1,601 836 1,127 84 1,384 40,568 37,732 4,177 9,190 r4,898 17,637 1,830 2,836 N N o o v v . . 2 1 4 7 . . . . . . . . 5 5 1 1 , , 9 4 8 6 9 2 1 1 1 1 , , 3 2 1 6 1 7 6 6 , , 4 4 3 2 5 3 1 1 , , 5 48 7 7 1 8 7 0 1 7 7 1 1, , 1 1 2 2 5 8 7 7 6 1 1 1, , 3 3 6 7 0 8 4 4 0 0 , , 6 1 7 9 8 5 3 3 7 7 , , 8 3 5 7 7 7 4 3, , 9 3 0 4 9 0 9 9 , , 1 1 6 8 3 3 r " 4 * , 4 9 ,8 0 7 1 3 1 1 7 7 , , 6 6 4 2 2 2 1 1 , ,8 7 1 9 1 0 2 2 , , 8 8 1 2 8 1 D D D D D e e e e e c c c c c . . . . . 2 2 1 2 8 1 5 9..... 4 5 5 5 4 9 0 1 0 9 , , , , , 7 5 1 5 9 3 3 6 0 5 4 5 6 9 0 1 1 1 1 10 1 0 0 0 , , , , , 9 0 9 9 8 2 2 9 9 3 6 5 2 7 9 ' ! 6 6 6 6 6 , , , , , 4 4 4 3 3 3 8 1 7 9 7 6 0 9 5 1 1 1 1 1 , , , , , 3 4 3 4 4 5 2 4 1 9 0 8 7 1 3 5 5 5 6 5 3 7 4 3 5 1 5 7 5 6 1 1 1 1 1 , , , , , 1 1 1 1 1 2 0 2 2 0 5 8 3 3 8 1 1 8 8 6 2 1 9 3 3 1 1 1 1 1 1 1 , , , , , 3 3 3 3 3 4 4 5 3 6 1 7 0 9 8 3 3 4 3 3 9 9 8 0 8 , , , , , 5 6 8 1 9 1 0 9 4 5 7 9 5 1 3 3 3 3 3 3 7 6 6 6 6 , , , , , 7 3 8 1 1 2 4 2 6 0 2 1 3 9 9 3 3 3 3 3 , , , , , 5 6 9 1 2 5 1 1 9 3 4 5 8 8 8 9 9 8 8 8 , , , , , 1 0 8 9 7 6 5 4 5 5 5 8 4 7 0 4 4 4 4 4 , , , , , 8 8 7 7 7 5 6 2 6 3 7 4 0 6 3 1 1 1 1 1 7 7 7 7 7 , , , , , 6 5 6 6 6 3 9 1 2 4 6 7 8 7 3 1 1 1 1 1 1 , , , , , 7 7 7 7 7 7 5 5 5 5 6 7 7 8 8 2 2 2 2 2 , , , , , 7 8 7 7 7 9 0 8 8 8 5 0 6 6 4 New York City 1942—November.. 14,851 2,630 421 137 102 28 378 11,155 9,979 1,278 1,289 1,997 4,419 996 1,176 1943- N J A O S u e o u c l p t v g y o t u e e b m s m e t r b b . e e . r r . . . - . 1 1 1 1 1 9 8 9 7 7 , , , , , 6 2 3 2 3 3 6 1 1 8 1 1 1 6 3 3 4 4 3 4 , , , , , 6 6 5 8 3 4 6 3 9 0 1 4 8 1 8 2 2 2 2 2 , , , , , 1 4 1 3 2 6 1 4 7 4 8 7 9 8 4 1 1 1 , , , 8 8 4 2 2 8 7 6 2 8 5 6 1 5 3 4 4 9 8 7 0 1 4 0 2 9 4 1 1 8 6 4 3 1 1 5 0 4 9 7 7 5 4 4 6 9 9 9 9 9 8 7 5 4 6 3 5 5 2 4 5 4 0 7 4 3 2 2 2 2 0 9 9 9 9 3 5 7 8 7 1 1 1 1 1 4 4 3 3 4 , , , , , 7 6 5 7 0 4 7 9 4 0 0 8 7 2 3 1 1 1 1 1 3 2 3 2 3 , , , , , 7 6 7 8 0 9 4 9 0 2 6 5 8 7 0 4 4 5 2 1 0 2 1 5 2 5 6 6 8 4 3 2 2 3 3 , , , , , 2 3 6 0 8 1 3 3 3 6 5 8 5 5 8 1 1 1 1 1 , , . , , 7 7 7 7 7 5 4 7 8 7 4 4 5 8 1 5 5 6 6 6 , , , , , 1 9 8 3 3 3 7 5 7 7 3 7 3 6 1 1 8 9 9 9 9 8 1 5 8 5 7 6 6 8 7 9 9 9 9 5 3 4 8 2 5 2 3 1943-O O O O c c c c t t t t . . . . 2 2 1 7 6 0 3 2 1 1 1 0 9 9 9 , , , , 1 2 3 8 1 6 4 0 1 6 8 0 5 4 4 4 , , , , 0 9 7 8 2 0 7 6 1 3 4 8 2 2 2 2 , , , , 3 3 3 4 6 3 9 2 2 6 1 1 1 1 1 1 , , , , 5 5 3 4 0 9 4 0 3 7 4 0 , 9 8 8 0 8 4 6 7 1 3 7 3 5 5 6 6 9 7 1 4 1 2 9 0 9 9 9 9 4 6 6 5 3 4 4 9 7 4 4 2 2 2 2 2 9 9 9 9 9 7 7 9 1 1 1 1 4 4 5 5 , , , , 2 4 2 0 6 2 4 2 3 7 3 6 1 1 1 1 4 3 4 3 , , , , 1 3 2 4 0 2 9 6 9 5 7 0 5 6 19 3 0 ; 9 4 3 3 3 3 , , , , 0 4 0 3 9 2 5 7 8 1 6 6 1 1 1 1 , , , , 7 7 7 7 7 6 8 7 7 2 3 9 6 6 6 6 , , , , 4 2 5 2 1 7 3 5 2 8 6 8 9 9 9 9 7 9 9 9 0 3 4 4 9 9 9 9 0 6 6 3 1 6 7 4 N N N N o o o o v v v v . . . . 1 1 2 3 0 7 4 . . . . . . . . . . 1 1 1 1 8 9 9 9 , , , , 2 8 5 2 0 9 2 3 1 9 8 6 4 4 4 4 , , , , 5 7 4 4 6 1 4 2 4 3 9 6 2 2 2 2 , , , , 4 4 4 4 2 1 1 1 2 9 4 1 1 1 1 1 , , , , 3 1 2 2 1 3 3 2 1 1 3 5 7 7 6 7 8 2 4 5 3 5 9 4 5 4 4 3 3 4 6 8 5 1 3 8 9 9 9 9 4 4 4 4 5 3 5 5 5 9 8 0 2 2 2 2 9 9 9 9 2 6 6 7 1 1 1 1 4 4 4 4 , , , , 8 6 4 7 1 7 7 5 5 2 5 0 1 1 1 1 3 3 3 3 , , , , 7 9 9 5 9 1 0 7 1 6 2 6 , , , 5 4 2 3 4 0 7 8 ' 6 9 8 3 3 3 3 , , , , 2 3 3 2 9 2 5 8 6 9 4 2 , , , , 7 7 7 7 5 4 4 3 1 0 6 8 6 6 6 6, , , , 2 3 4 3 9 7 3 9 8 1 9 5 9 9 9 9 7 7 5 3 1 2 1 2 8 8 8 8 8 9 7 7 1 9 3 4 D D D D D e e e e e c c c c c . . . . . 2 2 1 8 1 9 2 5 1 1 1 1 1 8 8 8 8 8 , , , , , 7 2 4 4 2 8 5 5 9 1 5 1 7 3 4 4 4 4 4 4 , , , , , 3 2 2 1 2 0 3 9 8 8 : 0 4 4 7 2 2 2 2 2 , , , , , 4 4 4 4 4 0 1 0 1 3 2 3 3 8 3 1 1 1 1 1 , , , , , 1 0 1 0 0 2 3 9 9 3 3 4 5 4 8 6 6 6 6 6 4 6 4 3 0 9 7 6 7 7 3 2 2 2 2 1 6 8 5 8 9 3 4 2 7 9 9 9 9 9 5 4 4 3 3 1 1 5 5 5 1 0 4 3 3 1 1 2 2 2 3 2 1 9 9 9 9 5 4 2 6 5 1 1 1 1 1 4 3 4 4 4 , , , , , 4 9 2 1 0 9 5 6 5 3 8 7 3 6 0 \ 1 1 1 1 3 3 3 3 3 , , , , , 1 2 4 0 6 7 0 7 5 3 8 2 9 5 , , , , 1 3 2 2 1 1 3 9 3 7 6 7 1 4 9 , 3 3 3 3 3 , , , , , 3 2 2 1 1 0 7 0 1 2 0 3 1 5 3 • , , , , , 7 7 6 6 6 3 3 5 7 5 4 4 9 8 3 6 6 6 6 6 , , , , , 2 2 2 2 2 9 6 5 8 6 •2 4 4 7 6 9 9 8 9 9 1 0 9 1 1 7 9 7 5 7 8 8 8 8 8 6 6 7 7 7 3 1 9 8 8 Outside New York City 1942—November.. 23,014 6,55? 3,928 112 227 1,109 1,180 16,45i 14,309) 1,805 2,079 2,266 7,243| 916 2,147 1 1 9 9 4 4 3 3 — - N J A O O N N N D O O N S D D D D O u e o o o o e e e e e o u c c c c l c c c c c c v v v v p v t y g t t t . t . . . . . . . . . . . t o . e u e 2 b 1 m 2 2 s 2 m 1 2 1 1 3 7 6 t S 1 3 e 9 2 0 5 b 4 0 7 b r . . e . . . . e . . . . . . r r . . . . . . . . . . . . . . , 3 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 2 3 2 3 3 2 2 2 2 2 2 2 2 9 2 1 1 0 9 , , , , , . , , , , , , , , , , , , 7 1 1 3 5 7 8 8 3 0 0 3 5 0 6 5 1 5 8 1 8 6 4 5 1 1 6 2 0 8 2 1 9 0 2 2 S 4 2 3 2 2 5 5 6 0 0 1 0 2 9 9 0 8 6 6 5 5 6 6 6 6 6 6 6 7 6 6 6 7 7 7 , . , , , , , , , , . , , , , , , , 9 9 9 9 8 0 1 7 8 9 6 6 6 0 O 7 3 8 9 1 1 8 1 3 8 3 1 0 5 9 9 7 5 0 S 8 - . - - ' C : ; . ? 3 ( J . 1 : S ' 3 3 4 3 4 4 3 3 3 3 4 4 4 3 3 4 4 4 , , , , , , , , , , , , , , , , , , 5 9 4 9 7 9 0 9 9 0 0 0 9 0 0 0 0 0 5 7 6 2 8 7 6 2 4 0 0 3 4 1 4 3 2 1 0 0 4 2 2 7 3 5 5 7 3 2 1 2 8 6 1 9 4 3 4 2 4 4 4 3 3 3 3 1 1 3 3 3 2 2 5 6 2 8 8 4 0 8 5 5 6 8 4 2 1 1 9 9 1 4 8 1 3 9 6 6 6 0 8 7 6 4 6 7 0 8 4 3 2 2 4 4 4 3 3 4 4 3 1 3 2 2 2 2 0 4 6 7 0 3 6 0 6 2 7 9 8 1 7 9 8 6 5 9 7 7 1 8 3 6 6 9 3 2 6 6 9 1 4 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 3 4 4 4 4 3 3 3 3 4 3 2 1 3 2 1 3 8 3 0 6 0 1 5 8 1 3 0 4 9 5 0 9 5 2 2 2 2 1 2 2 2 3 2 2 2 2 3 3 1 1 1 1 4 4 8 6 2 7 4 2 2 5 6 6 5 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , . , , , , , , , , , , , , , 0 0 1 9 1 1 1 0 9 1 0 1 0 0 0 0 0 0 8 6 1 2 8 3 1 1 8 3 8 0 5 6 4 5 4 5 9 5 9 9 5 7 5 4 2 4 7 2 6 8 7 2 5 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 6 5 5 5 4 6 6 4 5 5 5 5 4 5 5 4 , , . . , , , , 2 , , , , , , , , 5 , , 1 9 6 8 8 1 7 3 3 2 9 6 3 8 2 9 3 1 6 9 9 5 m 4 4 1 5 9 4 6 4 6 C C 8 : 5 i ' . f : 6 ; 1 : ; 12 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 1 1 3 2 2 4 3 4 3 4 3 3 3 3 3 2 3 , , , , , , , , , , , , , , , , , , 9 9 7 6 1 2 6 2 0 3 9 1 2 4 8 9 9 4 1 6 O 9 8 9 3 1 1 7 5 5 4 0 5 0 4 2 1 3 C ! : ' 3 . , 2 . ; 4 £ : : i ] | | | ! 3 2 2 3 2 3 3 3 3 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , . , , , , 7 0 5 7 1 0 8 3 8 2 0 2 6 9 7 3 0 9 2 8 6 2 4 8 9 0 7 1 3 1 9 8 5 7 . ' ! 7 C 9 3 1 3 6 9 s 0 6 9 9 ? 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , ; 3 7 8 8 9 3 8 8 8 9 8 8 3 7 7 7 6 6 6 3 9 8 6 9 6 1 8 1 5 9 5 8 5 3 2 0 6 6 7 8 4 4 9 1 6 8 1 5 7 6 4 5 1 | | r r r 3 r r r r ' 3 3 3 * F 3 3 3 3 3 3 2 3 3 3 3 3 3 i 3 , , , , , , , , , , , , , 1 0 , , l 1 1 1 1 1 1 , 8 , l 1 1 0 0 0 1 1 6 5 7 2 7 5 4 5 6 6 7 3 2 8 7 6 5 3 5 9 6 7 0 8 3 8 2 2 7 0 3 8 4 7 0 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 0 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 , , , , , , , , , , , , 8 1 3 , , , 2 1 3 2 1 2 , , , 5 2 0 6 3 3 3 3 3 7 3 1 1 5 2 4 7 7 6 3 2 2 2 3 7 7 5 2 9 8 2 7 4 2 3 1 : 5 7 3 6 3 3 0 6 9 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 1 5 8 8 8 8 6 6 5 5 5 5 6 8 8 4 4 4 1 9 0 7 0 1 7 0 8 9 8 8 0 6 6 3 8 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 9 , , , , 9 9 9 9 9 9 9 9 9 9 0 9 9 7 9 5 4 8 7 5 4 6 7 8 8 U 9 9 6 2 3 0 5 8 0 5 5 4 6 4 0 6 W 0 5 7 6 7 r Revised. NOTE.—For description of figures s see BULLETIN /or November 1935 (pp.; tables in previous Annual Reports. ^^^ FEDERAL RESERVE BUIXBTD' 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 dollarsj Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- Date or month B s s w F e e e R a r e r r i n e v a v t d k - h e l e - s s v C a i a n u s l h t m b a B w a n d e n a o i c s t k - l t e h - i s s c j p m u D a o d s a d t e s e n e i - - - t d d s 1 s p u p I n v c h a n o a a e i o n i r d d l r p r r a d s t - - i - s * , - - , S p i d s a c t o u i a n a v l b t d i l e i - t - - s c C c h o a e f e e e f i t n f e c r r c i d t d . s - k i ' - s m U G e e r . o n S n v - . t - s p I p u a h v n c n o a a n i e i o d r r p d l d r r a t s i s - - - - - - , , S p s d s a t i o u i a o n v b i t n d i e i - t - s s - P m U G S o a e in a n . o r s e S n g v t n v d a . - s - t - l m D D a e n o b - d m an e k s T s ti i c me Lb F e a i o n g. r k n - s B i r n o o g w r s - - co a u c n - ts B de a i b t n s - k ' tioas tions Total lOt Cities 1942—November.. 9,296 518 2,711 29,361 29,236 1,912 553 2,031 5,117 103 25 9,200 697 4,004 10,192 1943—July 8,667 533 2,300 33,108 33,159 ,807 681 5,255 5,611 118 40 8,767 777 4,133 11,470 August 8,879 520 2,231 34,250 34,159 ,830 614 4,748 5,742 119 41 8,643 786 4,158 11,092 September.. 9,063 546 2,314 33,418 33,629 ,775 734 7,326 5,781 122 48 8,984 783 4,171 13,501 October 8,295 553 2,270 31,062 31,459 ,656 693 12,639 5,796 118 58 8,725 772 4,190 12,042 November... 8,509 548 2,230 32*416 32,706 ,757 710 10,998 5,889 118 61 8,747 785 4,218 12,074 1943-Oct. 6 8,200 539 2,208 30,322 30,395 ,682 598 12,203 5,770 118 57 8,725 773 4,186 12,617 Oct. 13 8,267 574 2,293 30,742 31,652 ,622 809 12,204 5,784 117 58 8,835 760 4,189 9,987 Oct. 20 8,321 541 2,314 31,366 31,718 ,621 729 13,470 5,802 118 59 8,718 776 4,190 13,294 . Oct. 27 8,392 559 2,265 31,817 32,069 ,699 635 12,680 5,829 117 59 8,620 781 4,197 12,270 Nov. 3 8,354 543 2,233 31,774 32,039 ,834 656 12,110 5,859 118 60 8,771 793 4,211 12,493 Nov. 10 8,472 547 2,236 32,039 32,226 ,749 778 11,401 5,882 117 61 8,753 784 4,218 11,955 Nov. 17 8,521 553 2,297 32,6-19 33,124 ,713 669 10,610 5,902 118 61 8,902 772 4,222 11,739 Nov. 24 8,689 549 2,156 33,201 33,434 ,731 739 9,870 5,913 118 63 8,561 792 4,222 12,110 Dec. 1 8,785 545 2,194 33,651 33,970 ,766 951 9,068 5,929 114 63 8,710 792 4,236 11,808 Dec. 8 8,789 575 2,155 34,075 34,147 ,717 721 7,921 5,957 119 64 8,668 801 4,240 11,624 Dec. 15 ; 8,983 593 2,284 34,750 35,287 ,708 920 7,280 5,982 117 64 8,843 782 4.255 13,267 Dec. 22 8,788 610 2,171 34,185 34,521 ,716 831 7,088 6,003 116 64 8,667 809 4,243 14,036 Dec. 29. 8,776 601 2,163 33,895 34,297 1,696 912 7,231 6,037 118 64 8,549 824 4,249 12,183 New York City 1942-November... 3,698 11,526 11,733 309 301 1,080 652 18 3,191 622 1,567 3,865 1943—July 3,220 12,456 12,768 213 378 2,201 6S8 18 2,864 692 ,615 4,693 August 3,360 13,090 13,379 200 337 1,895 697 20 2.788 704 ,632 4,317 September.. 3,362 12,548 12,899 205 371 3,196 698 22 2,899 704 ,632 5,452 • October 3,021 11,431 11,790 195 379 5,444 696 21 2,753 695 ,637 4,822 November... 3,115 11,917 12,257 254 402 4,639 710 23 2,742 709 ,649 4,853 1943-Oct. 6...... 2,964 11,201 11,431 215 295 5,303 697 21 2,732 695 ,637 5,013 Oct. 13 3,017 11,325 11,820 201 484 5,280 693 21 2,772 684 ,637 3,775 Oct. 20 3,046 11,528 11,882 179 403 5,781 692 22 2,765 697 ,638 5,479 Oct. 27 3,057 11,670 12,027 185 333 5,413 700 22 2,742 705 ,637 5,021 Nov. 3 3,073 92 11,642 12,041 281 356 5,129 708 23 2,778 718 ,648 4,940 Nov. 10 3,120 95 11,798 12,080 253 471 4,806 714 23 2,740 707 ,6-19 5,023 Nov. 17 3,101 90 12,010 12,362 241 350 4,471 714 23 2,794 697 ,650 4,569 Nov. 24 3,166 94 12,219 12,545 239 433 4,150 706 23 2,655 714 ,650 4,881 Dec. 1 3,210 88 12,387 12,823 236 585 3,794 712 20 2,759 713 ,656 4,770 Dec. 8 3,198 97 12,557 12,834 216 394 3,309 719 20 2,702 724 ,659 4,690 Dec. 15. ... 3,323 100 12,809 13,235 212 503 3,023 730 20 2,794 704 ,676 5,544 Dec. 22 3,242 105 12,641 12,991 194 442 2,946 732 20 2,739 729 1.66S 5,814 Dec. 29 3,275 99 12,566 12,964 194 510 2,992 737 21 2,764 740 1,668 4,974 Outside New York City 1942-November... 5,598 436 2,684 17,835 17,503 1,603 252 951 4,465 85 25 6,009 75 2,437 6,327 1943-July 5,447 448 2,274 20,652 20,391 1,594 303 3,054 4,923 100 40 5,903 85 2,518 6,780 August 5,519 438 2,207 21,160 20,780 ,630 277 2,853 5,045 99 41 5,855 82 2,526 6,775 September.. 5,701 461 2,290 20,870 20,730 ,570 363 4,130 5,083 100 46 6,085 79 2,539 8,049 October 5,274 464 2,244 19,631 19,669 ,461 314 7,195 5,100 97 54 5,972 77 2,553 7,220 November... 5,394 455 2,204 20,499 20,449 ,503 308 6,359 5,179 95 56 6,005 76 2,569 7,221 1943-Oct. 6 5,236 454 2,184 19,121 18,964 ,467 303 6,900 5,073 97 53 5,993 78 2,549 7,604 Oct. 13 5,250 479 2,267 19,417 19,832 ,421 325 6,924 5,091 96 54 6,063 76 2,552 6,212 O O c c t t . . 2 2 7 0 5 5 , , 3 2 3 7 5 5 4 4 5 7 4 0 2 2 , , 2 2 8 3 7 7 2 1 0 9 , , 1 8 4 3 7 8 2 1 0 9 , , 0 83 4 6 2 , , 4 5 4 1 2 4 3 3 2 0 6 2 7 7 , , 2 6 6 8 7 9 5 5 , , 1 1 1 2 0 9 9 9 6 5 5 5 5 5 5 5 t , 9 8 5 7 3 8 7 7 9 6 2 2 , , 5 5 6 5 0 2 7 7 , , 8 2 1 4 5 9 Nov. 3.... 5,281 451 2,210 20,132 19,998 ,553 300 6,981 5,151 95 56 5,993 75 2,563 7,553 Nov. 10 5,352 452 2,211 20,241 20,146 ,496 307 6,595 5,168 94 56 6,013 77 2,569 6,932 Nov. 17 5,420 463 2,270 20,639 20,762 ,472 319 6,139 5,188 95 56 6,108 75 2,572 7,170 Nov. 24 5,523 455 2,128 20,982 20,889 ,492 306 5,720 5,207 95 5$ 5,906 2,572 r7,229 Dec. 1 5,575 457 2,169 21,264 21,147 ,530 366 5,274 5,217 94 58 5,951 79 2,580 7,038 Dec. 8 5,591 478 2,129 21,518 21,313 ,501 327 4,612 5,238 99 59 5,966 77 2,581 6,934 Dec. 15 5,660 493 2,252 21,941 22,052 ,496 417 4,257 5,252 97 59 6,049 78 2,579 7,723 Dec. 22 5,546 505 2,141 21,544 21,530 ,522 3S9 4,142 5,271 96 59 5,928 80 2,575 8,222 Dec. 29 5,501 502 2,129 21,329 21,333 ,502 402 4,239 5,300 97 59 5,785 84 2,581 7,209 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. JANUARY 1944 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [ In millions of dollars] Loans Investments Loans for U. S. Government obligations d F i e s d tr e i r c ( a t 1 l 9 a R 4 n 3 e d ) s e d r a v t e e m T l v a o o e e i n a n n s t d n - a t t - s s l Total C t m d c a r o i u i n i n e m a a s d - r l - l - - , , b o p T r s r o u o e k c r c c - a u h r r r a i y s ti i i e n n s g g e R lo s e t a a a n t l s e - ba t n o ks O l ther Total Total Bills C c e i a o r n t t f - e i f s i . - otes Bonds G a u n a - r- Other agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Dec. 1 2,760 635 404 29 14 67 5 116 2,125 2,036 196 630 216 941 53 89 Dec. 8 2,704 628 405 23 14 67 5 114 2,076 1,989 172 608 215 941 53 87 Dec. 15 2.676 630 408 25 14 67 2 114 2,046 1,961 169 601 208 930 53 85 Dec. 22 2.675 62 407 22 14 67 2 115 2,048 1,963 174 598 208 930 53 85 Dec. 29 2,649 62i 402 22 14 67 2 115 2,027 1,944 164 588 208 930 54 Xev York ($ cities)*.... Dec. 1 20,46$ 4,645 2,564 1,134 352 177 54 364 15,823 14,869 1,491 3,544 1,905 6,984 945 954 Dec. 8 20,151 4,591 2,575 1,108 317 176 53 362 15,560! 14,609 1,313 3,511 1,905 6,956 924 951 Dec. 15 20.133 4,658 2,563 1,146 296 176 111 366 15,475; 14,508 1,343 3,438 1,849 6,942 936 967 Dec. 22 19.9131 4.649 2,599 1,105 286 174 101 384 15,264 14,296 1,205 3,366 1,830 6,953 942 968 Dec. 29 19.892 4,537 2,575 1,049 321 174 53 365 15,355 14,386 1,289 3,355 1,823 6,974 945 969 Philadelphia (4 cities) Dec. 1 2,276 440 241 43 11 41 104 1,836 1,657 177 392 168 849 71 179 Dec. 8 2.235 441 242 43 11 41 103 1,794 1,617 152 376 167 851 71 177 Dec. 15 2.233 449 250 44 11 41 103 1,784 1,607 169 345 163 859 71 177 Dec. 22 2.179 452 255 41 11 41 104 1,727 1,551 136 323 159 862 71 176 Dec. 29 2.187 451 255 41 10 40 105 1,736 1,561 150 319 156 865 71 175 Cleveland (10 cities) Dec. 1 4.103 894 422 101 25 170 154 3,209 2,964 326 604 36: 1,561 106 245 Dec. 8 4.082 879 417 99 24 169 154 3,203 2,958 315 60' 368 1,564 104 245 Dec. 15 4.074 856 418 96 22 169 151 3,218 2,973 313 620 36' 1,574 99 245 Dec.22 4,057| S61 425 95 22 168 151 3,196 2,95" 282 632 366 1,573 99 244 Dec. 29 .4.009 851 422 IS 167 156 3,158 2,914 244 632 365 1,574 99 244 Richmond (12 cities) Dec. 1 1.633 278 130 28 50 63 1,355 1,299 139 268 171 676 45 56 Dec. 8 1,621 276 131 27 50 62 1,345 1,289 135 266 170 673 45 56 Dec. 15 1.618 276 134 24 50 61 1,342 1,286 132 266 169 674 45 56 Dec. 22 1.591 280 138 24 49 62 1,311 1,255 109 263 .168 672 A3 56 Dec. 29 1,585 280 138 24 50 61 1,305 1,249 118 252 168 670 41 56 Atlanta (S cities) Dec. 1 1,552 363 209 10 33 27 83 1,189 1,07' 59 295 209 461 50 115 Dec. 8 1,552 361 211 10 30 28 81 1,19 1,076 59! 294 208 465 50 115 Dec. 15 1.54ft| 366 216 10 29 29 81 1,180 1,067 55 290 206 467 4' 113 Dec. 22 1,527 367 219 9 28 28 82 1,160 1,04" 42 282 20: 473 49 113 Dec. 29 1.4S9 365 221 27 29 79 1,124 1,01 33 258 200 471 4! 113 ChictKo (12 cities)* St. D D D D D e e e l e e o c c c c c u . . . . . ts 2 2 1 8 2 1 9 5 (5 cities) 7 7 7 7 7 , , , . . 5 8 5 6 6 6 1 7 S 8 < " 1 S J 1 1 1 1 1 . , , , , 4 4 4 4 4 7 7 7 6 5 - 4 5 9 4 1 1 1 1 1 , , , , , 0 0 0 0 0 5 7 6 5 5 3 2 1 5 3 5 7 T 6 7 8 8 1 4 1 1 1 1 1 3 3 3 3 3 ' 8 7 8 8 1 1 1 1 1 1 1 1 1 1 6 7 6 6 6 6 6 6 6 , , , , 1 2 3 2 0 1 3 o C . 6 r 5 5 5 5 5 , , , , , 6 8 7 5 7 1 2 1 9 0 ; 4 0 6 2 4 5 6 5 5 8 5 7 0 9 4 9 9 8 2 1 1 1 1 1 , , , , , 5 5 5 5 5 8 3 1 3 4 ' 8 8 6 7 7 7 7 7 6 6 7 7 6 ! 2 6 2 2 2 2 2 2 2 , , , , , 6 5 5 6 6 0 9 0 8 0 6 0 9 9 8 2 2 2 2 2 1 1 1 1 1 2 0 2 5 6 5 5 5 5 5 0 0 0 0 1 4 5 3 6 2 Mi D D D D D n e e e n e e c c c c c e . . . . . a p 2 2 1 o 8 1 2 9 5 lis (8 cities) 1 1 I 1 ' . , , . 5 5 5 S 6 4 3 S- ! : 4 4 4 4 1 1 1 1 2 2 2 2 2 5 5 5 5 5 3 4 8 9 8 1 1 1 1 1 0 3 0 0 6 6 6 6 6 4 4 4 4 4 7 7 7 7 7 4 3 1 2 1 1 1 1 1 1 , , , , , 1 1 1 1 1 5 1 4 2 4 ! 1 ! ' 1 1 1 1 l, , , , , 0 0 0 0 0 3 0 4 1 3 1 i , ! 4 7 7 6 5 7 8 0 8 1 2 2 2 2 6 6 6 6 1 1 1 1 1 1 1 1 1 4 4 4 4 4 5 8 3 3 8 5 5 5 5 5 2 2 2 2 2 1 1 4 2 0 . 3 3 3 3 3 4 4 5 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 Ka D D D D D n e e e e e s c c c c c a . . . . . s 2 2 1 C 8 9 2 1 5 . ity (12 cities) 1 1, , 0 0 9 9 9 0 0 9 7 6 2 ; 9 3 4 ' ' j 1 1 1 1 1 9 9 9 9 9 ; : 6 1 1 1 1 1 1 1 1 1 1 7 6 5 6 6 5 5 5 5 5 ! 4 7 6 5 8 7 7 1 7 7 ; ; 7 7 7 7 7 6 2 5 3 5 C 2 1 0 3 5 4 8 8 7 0 4 9 1 9 1 1 1 1 1 9 8 8 9 8 C : ! . 9 9 9 9 9 i i 5 6 6 3 3 3 3 3 6 6 6 5 6 5 6 0 5 0 2 2 2 2 2! 9 9 9 9 5 5 5 1 2 2 Da D D D D D ll e e e e e a c c c c c s . . . . . 2 ( 2 1 9 8 1 9 2 5 cities) 1 1 1 1 1 . . . , . 6 7 7 7 7 2 7 3 3 3 1 6 3 7 $ ! ' 3 3 3 3 3 5 5 5 5 5 6 4 8 2 2 2 2 24 4 4 4 4 : 1 1 0 4 4 4 4 4 4 C 1 C C C 5 5 5 5 5 ! ' ' 8 1 1 1 1 i 1 » , , , , 3 3 3 3 3 2 6 7 7 8 2 5 < ! 1 1 1 1 1 , , , , , 2 2 2 1 2 5 5 5 9 3 ' 4 8 8 1 1 1 1 1 5 5 4 3 1 9 0 8 6 6 3 3 3 3 3 1 U 2 2 2 2 5 3 2 2 2 2 22 2 2 3 3 C 9 9 4 4 4 4 4 4 4 9 9 9 9 9 5 2 9 3 7 1 1 1 1 1 2 2 2 2 2 4 7 4 5 5 Sa D D D D D n e e e e e F c c c c c . . . . . r a 2 2 1 n 8 1 2 9 5 c . i . s co (7 ,; . c . i . t . i ; e . s . ) 1 1 1 1 1 , , , , . 3 3 3 3 3 3 4 6 6 5 8 5 0 0 8 3 3 3 3 3 3 2 2 2 2 . \ - ; 2 2 2 2 2 2 2 2 2 2 4 1 0 3 3 2 2 2 2 2 0 0 0 C 0 5 s 5 5 5 9 7 7 9 ; l l 1 l 1 . , , , O , 0 0 0 0 3 0 3 U 3 « i 5 9 9 9 9 9 8 6 8 5 8 < < - 1 . 1 1 1 9 9 0 0 0 1 3 6 2 5 2 2 2 2 27 7 7 7 8 1 i ! : 1 1 1 1 1 4 4 4 4 4 6 6 4 4 5 4 4 3 4 4 0 9 0 1 1 7 8 9 2 •5 5 5 5 5 2 1 3 0 1 Cit D D D D D v e e e e e c c c c o c . . . . f . 2 2 1 C 9 8 1 2 5 h . i . cago* 4 4 4 4 4. . . . . 8 8 8 8 8 5 5 4 8 9 9 5 4 9 1 J ! I 9 9 9 98 9 9 9 < 4 5 5 5 5 5 2 2 2 3 3 4 7 5 0 0 3 3 3 3 3 1 1 0 0 1 : ! 6 6 1 1 1 1 1 0 0 1 0 0 9 4 1 3 6 3 3 3 3 3 , , , , , 8 8 8 8 8 7 5 6 9 6 ! 1 - ! 3 3 3 3 3 , , , , , 5 5 5 5 5 6 9 5 6 5 1 ( , : : 4 4 4 4 4 3 2 4 3 3 9 3 5 2 8 7 8 s 7 7 o 9 9 9 0 - ! : ; •4 4 4 4 4 : 2 2 : 2 9 * i , , , , , 7 7 7 7 7 7 7 7 8 7 - ' : -3 3 3 3 3 0 1 0 0 0 7 0 8 8 2 D D D D D ~ e e e e e c c c c c . . . . . 2 2 1 8 2 9 5 1 4 4 4 4 4 , . , . . 7 6 8 6 7 1 1 3 0 2 2 3 J 8 4 1 1 1 1 , . . 0 0 0 9 0 0 9 0 - ; - 7 7 7 H 7 7 8 7 7 7 9 6 9 8 6 0 s 8 7" c 4| i 4y 2 2 2 2 2 3 3 , 5 3, 3 3 3 3 3 6, , , , , 7 6 8 6 7 2 2 2 0 3 5! 1 ; : 3 3 3 3 3 3 ,, . , , , 3 4 3 3 3 4 1 8 1 9 0 \1 C 9 6 3 0 . 2 3 3 2 23 3 2 1 3 32 5 3 7 8 2 9 89 9 9 9 9 8 ' 0 69 0 0 6 : ' 5 4 4 5 4 1 9 9 9 0 1 ! ^ ; ! 1 1 1 , , , , , 6 6 6 5 5 1 1 1 9 9 . , 1 6 6 3 3 3 3 3 2 1 1 1 1 3 7 5 6 6 this table. The figures for the 74 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 Rejserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 3 e d ) s e d r a v t e e B s w F e R a e e r i n r e a t d v k h - l - e s C va a i u s n l h t m b a w n a d e i n c o s t e - k h ti s s c p l m u o d a s a d s e t n i e - - t d d s 1 s u p p v h n a c a o a i i e o n d p l r r r r d s a t - s - - , - , - S p d s s a t i o i i u a c o n v l t b a i n d i e t l - - s - s C : c h o e a f e e e i f t n f e r r c c i d t s d k . - i ' - s U m G e . e o r S v n n . - - t s p u p h n v c a a a o i o n i e r l p d r r r s d t a s - - - - , - , S p d s s a t i i o i u a c n o v l t a b d n i i e l t - - s s - P U m G S o i e a n a s r o . e n g n t S v v n 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 u t a c a n p - l t - s] B d i a e ts n b * k tions tions Boston (6 Cities) Dec. 1 413 60 112 1,999 1,970 119 281 560 269 284 17 262 623 Dec. 8 432 63 110 2,030 1,994 108| 27 487 270 282 18 263 594 Dec. 15 433 65 126 2,050 2,039: 105 31 447 270 288 18 260 650 Dec. 22 435 67 122 2,048 2,033 103 31 436] 271 297 18 259 671 Dec. 29 452 66 125 2,025 2,016 100 36 443 272 309 18 260 619 Ncu> York (8 cities)* Dec. 1 3,455 12 123 13,622 13,906 425 627 4,023 ,135 22 2,826 716' 1,789 5,131 Dec. 8 3,442 133 11 13,797 13,926 396 422 ~3,509 ,143] 2,767 725 1,792 5,031 Dec. 15 3,553 13' 138 14,081 14,375 392 534 3,207 .156 2,859| 706 1,809 5,902 Dec. 22 3,477 143 13 13,911 14,103 381 472 3,126 ,159 2,800 730 1,801 6,219 Dec. 29 3,500 136 155 13,843 14,08" 378 553 3,17 ,167 2,831 742 1,802 5,320 Philadelphia (4 cities) Dec. 1 380 2! 8! 1,640 1,688 54 448! 161 336 6 226! 452 D D e e c c . . 1 8 5-. 3 3 8 8 6 8 3 3: • 7' 1 1 , , 6 6 6 8 C 5 l 1 , , 7 7 0 4 C 6 4 4 7 8 3 3 8 5 9 7 1 1 6 6 3 2 3 33 2 5 9 6 6 2 2 2 2 7 6 5 5 2 9 4 7 Dec. 22 3771 32 1,63!" l,68f 60 348 164 331 226 622 r Dec, 29 377; 32 1,635 1,674 64 364 165 328 226 509 Cleveland {10 cities) Dec. 1 698 2.80C 2,844 11 578] 805 486 427 773 Dec. 8 679 2,830 2,84' 112 • 500 808 475 426 748 Dec. 15 727 77 2,901 2,95! 115 465 8091 491 427, 892 D D e e c c . . 2 2 2 9 7 7 0 1 7 8 8 2 2 , , 8 8 6 0 2 9 2 2 , , 9 8 0 8 : ! 1 1 1 1 5 2 4 4 6 5 6 5' 8 81 1 9 2 4 4 7 7 8 8 4 42 2 7 6 9 8 8 8 7 8 Richmond (12 Cities) Dec. 1 2761 36 13! 1,050 l,04i 75 19! 285 226J 7- 388 112] 339 Dec. 8 278 37 141 1,076 1,069 75 171 250 226 397 112' 330 Dec. 15 ! 277! 37 15! 1,098; 1,09 75 27; 230 226 81 404 112 375 Dec. 22 270' 39 14' 1,068 1,07: 80 251 225 227 8| 387 112 406 Dec. 29 278 40 130 1,064 1,064 78 20 228 228 379 112 345 . Atlanta (8 cities) Dec. 1 290 24 16; 982 94; 140 241 239] 466 4 108 316 Dec. 8 ;; 287 25 15! 1,005 968 134 211 239 471 3i 108 315 D D D e e e c c c . . . 2 2 1 9 2 5 2 2 2 8 7 8 5 8 3 2 2 2 8 6 8 1 i 1 s 4 3 : ! . 1, 9 9 0 7 1 8 4 0 4 ! 9 9 9 9 5 4 - , C 1 1 1 3 3 3 9 8 4 | 10 1 1 1 9 9 9 1 5 0 2 2 2 4 3 4 1 9 2 4 4 4 6 7 3 0 0 9 ' ! ] 4 4 4 1 1 1 0 0 0 8 7 7 : 3 4 3 5 0 2 2 3 0 Ch D D D D D ic e e e e e a c c c c c g . . . . . o 2 2 1 8 { 1 9 5 2 1 . . . . 2 . . ! . . " [ . " c .. i ' ti _ es) ' * " " l 1 1 1 1 , , , , , 3 3 3 3 3 8 0 6 4 6 2 5 2 9 6 i 1 1 1 9 9 0 0 0 9 2 3 3 5 | 3 4 3 3 3 9 0 9 8 8 : 8 2 3 ] 5 5 5 5 5 , , , , , 1 3 2 2 2 7 4 2 1 6 2 1 3 2 3 5 5 5 5 5, , , , , 1 1 3 2 1 3 5 6 3 0 ; * 9 9 0 3 3 3 3 3 5 5 8 5 7 3 7 9 8 4 , , , , , 0 0 1 3 0 7 4 5 1 8 1 5 5 6 0 1 1 1 1 , , , , 1 1 1 1 8 8 7 8 7 1 5 5 B 8 8 8 S \ 1 1 i 1 1 1 1 1 . , , . , 5 4 4 4 4 0 8 2 6 6 1 0 3 9 8 1 1 \ IS 5 6 l 4 4 4 4 4 8 9 9 9 8 9 1 1 2 9 1 2 2 1 1 1 , , , , , 1 1 9 9 8 0 3 5 4 4 6 7 0 3 8 S l t f . D D D D V e e e e ^ L c c c c . o . . . . u 2 i 1 2 9 s 1 2 8 5 . . . . . . ( . . . 5 . . . . . ; c ; i ; ti : e ; s ; ) •• 2 2 2 2 2 7 7 8 8 9 9 8 0 2 4 | i . 2 2 2 2 1 0 0 2 9 0 ! | 1 1 I 1 0 l 1 1 9 l 5 3 9 9 9 9 9 2 3 5 1 3 1 7 5 7 0 1, 9 9 9 9 0 6 8 7 8 1 1 2 7 0 5 6 5 6 6 6 1 9 8 3 2 1 11 3 ! 2 1 1 1 1 2 9 7 7 8 4 6 7 6 0 1 ] 2 2 2 2 2 1 1 1 1 1 4 8 5 6 6 5 5 5 5 51 1 0 1 2 1 5 8 8 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 9 9 9 9 9 ] 3 3 3 3 4 5 7 2 2 1 5 9 8 0 2 w ,> s p D D a e e e s c c c . . ! . . 2 I C ; 2 S 8 : i . . . ty ; : (1 ; 2 ; ci ; ties) 1 1 1 1 1 7 7 6 7 7 6 3 9 2 3 1 | 1 1 1 1 0 1 0 0 ' 7 7 7 7 7 7 5 4 1 4 6 6 6 6 6 2 2 4 3 1 6 7 6 2 8 i 1 6 6 6 5 6 2 0 9 0 0 5 2 1 7 1 ! ! 8 7 7788 1 8 |J 1 1 1 1 1 3 7 5 3 3 8 3 1 6 4 ; ] 1 1 1 1 1 2 2 2 2 2 9 8 8 7 8 2 2 2 2 2 7 7 5 8 7 3 6 7 0 2 | 1 5 5 5 , 72 2 2 2 2 2 4 4 7 2 3 8 4 3 3 9 DM D D M D D e e e e ™ c c c c . . ! . 2 2 ( 1 9 8 9 2 5 : . . c . ; . i . ; ' . ; j 3 3 3 3 3 7 6 8 7 7 4 7 3 6 8| 2 2 2 2 2 2 2 2 3 1 ; 2 2 2 2 2 6 7 8 7 8 5 8 3 9 3 1 1 1 1 , , , , 1 1 1 1 3 3 3 7 2 3 1 0' 1 1 1 1 1 , , , , , 1 2 1 1 1 1 0 5 4 4 8 4 8 8 3 1 1 1 1 1 0 0 1 1 1 5 8 6 2 6 , 1 19' 2 1 1 1 1 2 7 9 8 8 4 7 8 2 1 1 1 1 1 17 7 7 7 7 1 1 2 0 1 ; | j 7 7 7 7 7 9 8 4 7 7 1 1 1 9 8 . 5 5 5 6 5 1 1 1 1 1 2 2 2 2 2 4 5 5 5 6 l 4 4 4 4 5 0 3 5 0 1 8 1 1 2 7 D D D e e e c c c . . ! 2 is 8 2 ! . ! . 2 2 3 2 2 9 0 8 9 9 4 2 O 5 3 1 1 | | S 2 2 2 2 2 5 0 2 2 3 \ 2 2 2 2 2 3 2 1 2 1 8 8 Q 7 9 ! ! i j 1 1 1 1 1 1, , , . , . O 0 0 1 0 0 3 3 1 7 4 4 5 4 0 1 5 SJ 1 1 1 1 1 , , , , , 0 0 0 0 0 7 4 4 9 5 5 6 2 7 1 ] 5 6 5 5 5 3 3 9 8 0 2 2 2 1 1 2 5 4 5 4 | ! ! 1 1 1 1 1 6 5 7 6 9 1 8 4 1 7 1 1 1 1 1 4 5 4 4 4 * 9 0 8 7 ; , j i 9 4 4 4 4 4 2 5 4 2 3 6 0 6 6 7 ! ] 1 1 1 1 9 0 0 0 0 ; 0 1 1 1 2 3 3 3 2 2 8 0 8 7 6 8 4 2 9 8 D D D < e e e * c c . c . . ! 2 2 i 9 8 s 2 . .; . ; . — .;• • " • cities) 7 7 7 7 7 9 8 8 6 7 5 7 8 2 6 | . j 4 4 4 4 4 5 3 2 4 1 2 2 2 2 2 8 5 7 6 6 8 8 1 3 , 3 ' i 2 2 2 2 2 , , , , , 6 7 7 6 6 8 2 4 3 6 1 0 4 5 9 : ] 2 2 2 2 2 , , , , , 7 7 7 7 7 5 1 0 9 0 4 7 2 9 1 1 1 1 1 1 6 7 4 7 5 4 3 1 8 4 68 6 6 6 7 7 9 1 4 2 0 9 8 7 7 1 , . . , , 2 2 2 2 2 ic 7 6 8 8 7 2 6 r 8 0 5 v 1 i 2 2 2 2 2 b 6 6 6 9 \ ! | i 1 18 8 ; ] 4 4 4 4 4 6 5 2 3 5 5 8 7 8 0 4 4 4 4 4 1 1 1 1 1 6 5 5 7 7 1 1 , , 9 9 9 0 0 3 8 3 1 1 1 5 3 3 0 LlQ S D D D e e e c e - c c o l . . ! f 2 1 2 2 C 9 8 5 . . h . . ' . ! . i . . c ! : a ; g ; o ; * 8 8 8 8 8 1 4 3 4 6 7 7 7 7 6 S 3 4 8 4 r 1 1 1 1 1 6 7 7 8 8 5 4 7 5 3 ! . ! 3 3 3 3 3 , , , . , 1 1 1 1 2 2 0 9 5 1 1 4 9 1 5 ; 3 3 3 3 3 , , , . , 1 1 2 1 1 4 7 5 5 5 9 4 4 6 3 • 1 1 1 1 1 6 8 7 7 8 5 3 9 8 6 , ] 3 4 2 3 0 7 \ ! | 6 6 6 8 7 7 5 9 9 4 4 3 1 7 4 5 5 5 5 5 0 0 1 1 1 8 5 4 3 6 ! 1 ? 1 1 1 1 , . , , 0 0 0 0 9 3 4 5 3 9 7 7 7 7 4 : 3 3 3 3 3 2 2 2 2 2 1 3 0 2 0 1 1 1 1 1 , , , , , 1 1 1 2 2 6 5 7 3 4 2 8 4 0 6 42 ^^ interbank and U. S. Government, less cash items reported as in process of collection, and deposit accounts except interbank and U. £ Government accounts. 75 JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS1 ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer Held by Based on cial End of month p o a u p t e - r T o o u t t a - l Accepting banks Imports Exports G s o h o i d p s p e s d to b re e d tw i e n e n or standing 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 1 1942— S A ep u t g e u m st b . e .. r . 2 2 8 9 2 7 1 1 2 3 3 9 1 9 0 7 8 6 7 4 1 S 3 3 7 3 2 1 6 6 7 6 8 6 8 ( 3 ) 4 4 1 1 1 1 0 1 October... 271 119 94 . 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 US 93 60 34 25 57 9 38 14 1943—January... 220 120 95 60 35 24 57 12 38 12 February.. 209 127 102 64 38 25 60 14 41 12 M J A M u p a a n r y r e i c l h 2 1 1 1 0 7 4 6 1 9 3 0 1 1 1 1 2 4 3 3 S 0 0 6 1 1 1 9 0 0 0 9 2 5 1 6 6 6 6 2 1 2 5 4 3 3 4 0 8 9 0 3 2 3 2 8 9 1 9 6 8 7 7 9 2 1 9 1 1 9 8 0 2 3 3 3 3 $ 6 9 7 1 1 1 1 0 1 2 2 O S N A Ju e o c u l p t v y g t o e e u b m m s e t b b r . e . e . . r . . r . . . 2 1 1 1 1 0 7 8 5 5 2 0 8 6 0 1 1 1 1 1 1 1 1 3 3 5 7 1 0 9 1 9 8 0 4 4 2 4 5 5 5 6 8 0 3 9 4 3 3 3 3 3 9 3 5 6 8 2 2 3 3 3 3 7 3 6 6 6 5 6 8 7 7 9 9 1 7 1 1 1 9 7 1 0 2 (3) 3 3 3 2 3 0 1 3 9 5 1 1 1 1 9 1 0 1 0 1 As reported by dealers; includes some finance company paper sold in open market. 3 None held by Federal Reserve Banks. 8 Less than $500,000. Back figures.—See Annual Report for;i937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl Debit balances Credit balances Customers* Other credit balances End of month Debit Debit credit balances1 ;ustomers' balances in balances in Cash on debit partners' firm hand Money bal l a e n t) c 1 es a in n a d v c e c s t o t r u m a n d e t i n s n t g a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r i a I n n n a v d c e c p s o t a t r u r m a t n d n e t i e s n n r t g s' a n n a v I c d e n c s t o f t r u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t n i ) t 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 1,469 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 iber. 991 32 106 190 754 247 60 22 5 305 1939—Tune 834 25 73 178 570 230 70 21 6 December - 906 16 78 207 637 266 69 23 7 277 1940-June 653 12 53 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 247 1941—June 616 11 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 86 180 309 240 56 16 189 1942— D N e o c v e e m m b b e e r r . . . e5 5 2 4 O 3 154 160 •3 3 2 7 0 8 «2 2 5 7 0 0 54 15 182 1943— M M A A J O N F S J J u u e e a u p o c a a n l b p n g t r v y r y e o i u t r c u e l e u b a h s m m a e r t y r r b b y e e r r e " ' * e e c e * * 6 5 7 7 7 5 7 6 7 7 7 4 4 1 7 4 8 4 5 7 6 8 0 O 0 O O O O 0 O 1 0 190 167 * " e e e e " * * e 3 3 5 5 5 6 5 2 4 7 7 5 5 2 3 7 7 4 0 9 9 2 O 0 0 0 0 O O 0 0 0 9 « * e e e e e * e c 3 3 3 3 3 3 3 2 3 3 3 3 4 2 3 4 2 4 8 1 3 3 0 O 0 0 0 0 0 0 0 4 0 66 212 ' firm's*^' C°mplete ^^ n°W collected se*ni-annually; monthly figures for three items estimated on basis of reports from a small Eluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of &* own partners. b Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). FEDERAL RESERVE 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 I Yields on U.S. IN PRINCIPAL CITIES Prime Stock Government securities [Per cent per annum 1 mo Y w n e t e h e a , k r , or m 4 m p P - c o a e r o n t p r i o m c m 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 e s k p s ' s - t ! , - ch l n a c o e r a e l a e x a n w - - l n l g - e m b o i 3 l n l - s t S h d 9 c m e o c - e n b f t r a o e o t t t s n i i e e s n f 1 t d s i h - 2 - - , 3 t a n - y x t o e o a t a e b r 5 s l - e 1 1 9 9 3 3 4 5 a a v ve e r r a a g g e e 1 1 . . . . . . . . 1 T 9 3 2 o . . c 4 9 t i a 5 3 t l ies . Y N 2 1 C . . o e 7 4 i w r t 6 5 k y 7 e E N r c a 3 3 n i o O s . , t 7 3 r i t t a e e t 1 9 h h n s r e n - d r 1936 average1.... 2.68 1.72 3.04 1940 average.... .56 .44 1.00 .014 1937 average1.... 2.59 1.73 2.83 1941 average.... .54 .44 1.00 .103 .76 1938 average1.... 2.53 1.69 2.75 1942 average .66 .44 1.00 .326 1.13 1942— D N e o c v e e m m b b e e r r . . . 6 6 9 9 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 6 7 3 1 . . 8 8 0 0 1 1 . . 3 3 4 4 1 1 1 9 9 9 4 4 3 0 1 9 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 7 5 6 8 4 3 2 2 1 . . . 9 0 0 7 4 7 2 2 2 . . . 8 5 5 7 6 5 1943—January... .69 .44 1.00 .367 .76 1.29 1942 average 2.61 2.07 2.58 February.. .69 .44 1.00 .372 .73 1.24 1939—March 2.95 2.13 3.05 March.... .69 .44 1.00 .373 .75 1.33 June 2.91 2.15 3.05 April .69 .44 1.00 .373 .78 1.39 September. 2.68 2.04 2.78 O A S J J M u u e u c a n l p t g y y e o t u e b s m t e b r. e — .. r. . . . . 6 6 6 6 6 6 9 9 9 9 9 9 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 7 7 7 7 7 7 5 5 5 4 4 3 . . . . . 7 7 7 6 7 7 0 5 8 8 1 1 1 1 1 1 . . . . . . 3 3 2 3 3 3 1 1 9 2 6 0 1940— J D D S u M e e e n p c c e a t e e e r m m c m h b b b . e e e . r r . r . . . . 2 2 2 2 2 . . . . . 5 5 6 6 5 9 9 5 8 9 2 2 2 2 1 . . . . . 9 0 1 0 0 6 0 4 0 3 2 2 2 2 2 . . . . . 4 5 5 6 5 9 3 6 7 9 November 69 .44 1.00 .375 4.77 1.29 2.58 2.06 2.53 1941-March 2.55 1.95 2.58 Week ending: June 2.60 1.98 2.62 Nov. 27 ... 1.00 .375 .75 1.29 September. 2.41 1.83 2.45 D D D D e e e e c c c c . . . . 2 U 1 4 5 8 . . . . . . . . . . .. 1 1 1 1 . . . . 0 0 0 0 0 0 0 0. . . . . 3 3 3 3 7 7 7 7 5 5 5 5 . . . . 7 7 7 7 7 7 6 8 5 1 1 1 1 . . . . 2 3 2 3 9 1 9 1 1942-M J D S u e e a n p c r e t c e e h m m b b e e r r . . 2 2 2 2 . . . . 7 6 6 4 0 3 2 8 2 2 2 1 . . . . 0 8 0 2 9 5 7 8 2 2 2 2 . . . . 6 4 6 5 3 8 6 6 December.. i Monthly figures are averages of weekly prevailing rates. 1943—March 2.76 2.36 2.76 lhe average rate on'90-day stock exchange time loans was 1.25 per June 3.00 2.70 2.98 cent during the entire period. September. 2.48 2.05 2.71 M u ?*on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. i Prior to March 1939 figures were reported monthly on a basis not strictly 5 5 Ler of issues decreased from 3 to 2 on Nov. 1. comparable with the current quarterly series. Number of issues decreased from 2 to 1 on Dec. 15. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description Back figures.-7$ee Annual Report for 1937 (tables 43 and 44). Figures and for back figures. on ireasury bills and Treasury notes available on request. BOND YIELDS * [Per cent per annum] U.S. Corporate (Moody's)6 Government2 Munic- Corpo- Year, month, or week ipal rate By rating By groups (high- Partially grade}3 grade)4 Total ex ta em x- pt Taxable Aaa Aa Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 " 1 » 9 9 « 4 4 1 2 ^ a a r v v a e e g r r a a e g g e e 2 2 1. . . 9 2 0 5 1 2 2.35 2 2 2 . . . 1 3 5 0 6 0 2 2 2 . . . 6 7 7 7 5 7 3 3 3 . . . 3 3 5 4 4 5 2 2 2 . . . 8 7 8 3 7 4 2 3 2 . . . 9 0 9 8 2 4 3 3 3 . . . 2 5 3 8 7 0 4 4 4 . , , 2 3 7 8 3 5 2 3 2 . . . 9 9 1 6 5 0 3 3 4 . . . 9 9 3 6 5 0 3 3 3 . . 2 1 1 5 1 1 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-Jaimary. 2.06 2.32 2.27 2.70 3.27 2.79 2.93 3.20 4.16 2.90 3.86 3.05 F M e a b r ru c a h r . y .. 2 2. . 0 0 8 6 2 2 . . 3 3 2 3 2 2 . . 2 2 2 1 2 2 . . 7 6 0 8 3 3 . . 2 2 3 0 2 2 . .7 7 7 6 2 2 . . 8 8 9 8 3 3 . . 1 1 7 4 " 4 4 . . 0 0 1 8 2 2 . . 8 8 8 7 3 3 . . 7 7 3 8 3 3 . . 0 0 0 2 ' M A a p y ril 2 1. . 9 0 2 2 2 2 . . 3 3 2 0 2 2 . . 2 1 0 3 2 2 . . 6 6 8 5 3 3 . . 1 1 6 9 2 2 . .7 7 4 6 2 2 . . 8 8 7 8 3 3 . . 1 1 3 4 3 3 . . 9 9 1 6 2 2 . .8 8 7 6 3 3 . .6 6 9 4 3 3 . . 0 0 1 0 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 November....' 1.85 2.32 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 Week ending* Nov. 27.. D D D D e e e e c c c . . c . 2 i 1 4 5 i 8 . . .. . ; . ; .. : . ; " " " " ' 1 1 1 1 . . . . 8 8 S 8 6 7 6 6 2 2 2 2 2 . . . . . 3 3 3 3 3 4 4 4 4 3 2 2 2 2 1 . . . . . 0 0 0 0 9 0 2 1 5 0 2 2 2 2 2 . . . . . 6 6 6 6 6 4 2 3 2 1 3 3 3 3 3 . . . . . 1 1 1 1 1 4 4 5 5 3 . 2 2 2 2 2 . , . . . 7 7 7 7 7 4 4 4 4 2 2 2 2 2 2 . . . . . 8 8 8 8 8 7 7 8 6 6 3 3 3 3 3 . . . . . 1 1 1 1 1 2 2 3 3 3 3 3 3 3 3 . . . . . 8 8 8 8 8 4 4 3 3 1 2 2 2 2 2 . . . . . 8 8 8 8 8 7 6 7 6 5 3 3 3 3 3 . . . . . 5 5 5 5 5 6 7 7 7 6 3 2 3 3 3 . . . . . 0 0 0 0 9 0 0 0 0 9 8 AverS'?*5n<1-liSekly dSta are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 3 Standarda/dpS,?" C 0utst£*ndinS issues due or callable in more than 12 years. * M<w?T'rC?SUry DeDartme^ from 10 tn7 A S <?^stors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced 21-24 W . i F n ie i S S £ ? ? f ! ct0 i ? J £ i n ss n u u e 1a s l ' R re e s p p o e r c t t i f v o e r l y 1 , 9 3 a 7 n d ( t t a h b e l e r a 8 i 0 lr ) o a a n d d A f a o a r a h n ig d h A -g a r a g d r e o u c p o s r p f o ro r m at e 1 b 0 o t n o d 5 s, a B n u d l le 1 t 0 in t o o 9 f i t s h s e u e T s r , e r a e s s u p ry e ct D iv e e p l a y r . tment for July 1941, pp. 6 I0t u- s- Government bonds available on request. JANUARY 1944 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices^ Volume Corporate4 Common (index, 1935-39=* 100) of in tr g a 7 d- Year, month, or week m U G er e o . n n S v - t . - * g M ( r h i a u p i d n g a e i h l c ) - 3 H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fau D lt e e - d fe P r r j e e - ds Total In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c i s s n a h n a th d r o e s u s o ) * f Total trial road utility Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1040 iiVCr3.CC 1 1 0 U 7 . . 0 2 1 1 2 3 3 0 . . 6 9 1 1 1 1 5 7 . . 9 8 9 9 4 8 . . 8 9 1 9 0 7 3 . . 3 9 8 8 3 6 . . 8 9 1 1 0 0 3 6 . . 5 1 2 1 1 4. . 0 9 1 1 6 7 9 1 . . 2 9 8 8 8 0 8 8 8 0 7 7 1 1 ' 8 9 1 6 7 6 6 2 7 9 1042 over&ce . 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1042—November ...... 109.4 129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December 10S.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 81S 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 73 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 1,504 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 1,593 Tune 112.4 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 . j?v 112.9 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 88 1,145 u 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 November 112.4 134.9 120.4 111.3 118.9 99.8 115.2 45.4 172.6 91 93 87 85 886 Week ending: 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 Dec 4 112.3 132.8 119.8 111.5 119.2 100.3 114.9 45.1 169.1 90 91 83 85 685 Dec. 11 ... 112.3 132.4 119.9 112.0 119.5 101.3 115.1 46.2 169.5 93 94 86 86 958 Dec 18 112.1 132.6 119.9 112.2 119.4 102.0 115.1 46.9 168.7 92 94 86 85 111 Dec. 25 112.3 132.8 120.1 112.2 119.2 102.2 115.1 47.7 168.3 93 95 87 86 , -633 J 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. J 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. • 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 fig ura.—For United States Government bonds, see November 1940 BULLETIN. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Year or month T f ( a i u n o r n n n e e t g d a - w d ) l - m T e ( a f o d t e p n g o s t r d a n t - - i l ) c Total S n m a p t i n a c u a d t i - l e - F e e r D a d o l - me T st o ic tal Co B n r a o p o n n t o d e d ra s s te Stocks F e o i r g - n2 m T e e ( a f o i s d o n t g t o r d a n i - - l ) c Total a F e g r D e e a d n o l - - mes T ti o c tal Co B n r a o p o n n t o d e d r s s ate Stocks e F ig o n r- * 1933... 1,063 720 703 483 64 161 40 120 343 283 219 187 32 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 4 3 4 4 4 8 9 5 0 6 2 7 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 6 5 3 4 5 4 2 , , . , , , , , , 1 6 2 9 4 8 5 1 8 6 1 9 3 4 4 1 4 0 0 1 9 7 9 9 2 6 3 1 2 1 2 2 1 2 1 1 , , , , , , , , . 4 3 9 1 3 8 2 0 9 5 3 7 3 5 6 7 8 5 7 6 2 8 1 5 0 9 4 1 2 1 1 2 2 2 1 1 , , , , , , , , , 3 4 9 0 3 8 2 9 0 S 0 4 9 2 4 7 3 5 6 9 9 4 5 8 5 9 2 ' • 7 8 8 7 7 9 9 5 3 1 5 0 5 3 7 3 1 4 2 5 3 1 5 1 1 8 2 1, 4 2 4 1 9 4 1 1 0 7 2 8 5 6 2 5 0 5 2 2 1 0 1 4 7 3 1 1 1 , , , 1 2 0 4 8 1 3 7 6 9 2 0 6 7 7 8 3 2 2 5 4 2 6 8 3 3 4 3 8 1 8 8 8 6 2 5 3 3 4 1 0 8 0 8 0 9 4 4 7 7 9 1 7 6 3 4 1 1 1 3 6 5 6 0 9 3 7 1 5 9 2 3 7 7 5 3 3 * A 4 2 4 3 5 8 2 3 4 5 0 1 3 4 2 3 1 2 2 1 , , , , , , , , 2 2 7 7 0 5 0 8 6 9 4 4 7 8 5 4 9 5 9 4 2 2 9 4 3 3 2 3 4 3 2 2 1 2 1 , , , , , , , , 2 1 6 0 4 6 8 0 7 1 2 8 6 6 8 4 6 5 6 3 0 1 5 4 9 5 2 3 2 1 1 1 1 1 , , , , , , , 3 8 2 2 0 7 5 3 4 6 6 8 0 3 5 2 1 2 4 7 9 7 3 7 6 2 2 3 1 1 1 1 1 , , , , , , 7 1 8 2 5 3 4 8 4 8 8 3 3 9 1 3 5 1 2 7 4 6 6 2 0 6 1 2 3 1 1 1 8 3 5 0 3 9 2 1 1 1 2 0 7 3 6 1 1 1 2 1 2 1 6 9 9 8 9 1942— D N e o c v e e m m b b e e r r. 1 1 0 5 0 0 3 4 1 1 3 4 1 1 9 7 1 1 7 7 1 7 5 1 7 3 1 6 1 9 0 1 6 1 9 0 6 1 6 4 6 1 6 3 1943— N M M O A J S J A F J u u e a e o u p c a p a n b n l v t g y r r t e u r y o e u e i c u a m b l . m s h a . . r t e . . b y . r b . r . . y . e . e . . r . r . . . 3 2 1 2 2 1 1 1 1 1 1 5 0 0 7 0 0 4 5 0 5 6 7 1 3 6 9 0 5 8 2 7 9 1 9 3 4 4 2 2 5 5 3 6 7 0 6 4 1 9 0 7 8 1 5 1 4 8 3 5 5 4 3 2 2 6 7 4 7 6 7 8 1 1 9 0 5 4 3 2 1 1 1 1 4 5 7 3 7 1 7 0 2 0 0 1 5 2 3 4 2 1 1 1 2 1 3 5 9 0 1 2 1 9 0 1 9 4 2 3 8 2 1 1 1 1 3 7 6 5 3 7 2 0 1 5 4 1 1 1 1 1 1 1 1 1 4 8 7 1 1 2 1 6 9 3 4 4 9 0 4 0 2 6 2 2 9 4 1 1 1 1 1 1 1 1 4 8 1 1 9 2 4 1 3 6 9 4 2 4 0 4 2 6 9 2 3 4 5 7 8 7 7 6 7 8 2 8 5 5 9 7 5 8 6 0 3 4 6 6 5 5 7 6 5 8 2 2 2 7 9 1 8 3 5 9 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U S Treaaurv a Includes issues of noncontiguous U. S. Territories and Possessions *b*"tras oi u. a. ireasury. revi i s s i 1 o o n. n'"'~"F°r d°meStk iSSUeS> Commercial and ft»™to Chronicle; for foreign issues, U. S. Departmretmnte onft of Commerce. Monthly figures dtobjert* Back figures.—See Annual Report for 1937 (table 78). 8 7 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS {In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds' proceeds8 Total e P q l u a i n p t m a e n n d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red R o e th p e a r y o m d f e e b n t t pu O r t p h o e s r es 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 4 3 3 4 3 3 4 3 7 1 9 8 0 6 5 2 1 2 4 2 2 2 1 2 2 , , , , , , , , 5 3 6 1 0 6 1 3 3 7 3 6 7 6 5 6 1 9 2 2 7 7 5 4 0 2 7 2 4 2 2 2 2 2 1 , , , , , , , , 4 1 2 2 1 6 6 0 3 3 1 3 6 1 1 2 4 8 1 5 9 6 0 5 3 3 4 3 2 9 8 8 6 5 4 2 0 5 5 9 6 8 6 7 5 8 7 8 1 8 1 9 4 5 4 2 3 5 6 1 1 0 8 2 7 3 8 6 1 7 4 7 4 4 2 0 1 1 0 4 4 2 1 1 1 1 9 1 2 7 7 0 5 8 4 6 7 6 8 7 7 5 7 5 . 1 1 1 1 1 3 1 , , , , , , , 8 6 1 2 5 8 3 2 3 6 9 0 0 5 8 3 6 9 5 5 0 6 4 3 1 8 6 3 1 1 1 1 1 , , . , . , 1 7 1 6 7 4 9 2 3 4 9 1 3 2 8 1 3 6 3 4 9 7 6 1 1 3 6 2 1 1 1 7 8 5 2 3 9 0 2 1 7 9 6 0 0 0 8 .1 2 1 1 1 1 1 5 1 6 8 7 1 7 4 3 4 5 9 4 0 1 4 4 8 3 3 2 4 2 2 1 1 6 5 3 9 6 8 9 7 1 1942— J A A F J M M u u J e p u a a a l n b r y g n y r e r i c u u l u h a s a r t r y y 1 1 1 1 1 4 6 5 2 2 3 5 7 3 1 6 5 4 5 2 1 " 1 1 1 1 1 6 4 5 6 3 4 2 2 0 2 4 7 2 9 3 3 2 6 7 3 7 7 1 5 0 2 5 8 5 4 7 7 3 2 5 5 3 1 2 1 3 0 7 8 8 0 5 7 3 3 5 1 7 4 5 5 2 4 5 8 8 2 2 4 3 1 6 4 4 1 5 1 4 4 1 4 8 2 5 3 1 1 0 2 1 6 4 1 3 4 1 2 1 5 5 3 1 1 5 6 9 8 6 0 1 1 3 1 1 S O e c p to te b m er ber 8 4 2 6 8 4 0 5 31 4 1 2 2 1 2 9 2 4 5 1 4 2 1 4 2 4 20 November 35 34 5 1 4 28 28 1 December 34 ' 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 i 34 34 3 March v 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 ' 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 O A Se c u p t g o t u e b s m e t r ber 1 1 '6 3 0 9 0 6 1 1 6 2 0 8 7 3 1 1 3 5 1 1 6 2 3 3 5 1 8 5 0 0 0 1 * 4 7 > 2 9 7 9 4 2 8 5 2 2 1 November 200 197 122 91, 31 69 64 5 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars) Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* ceeds ties poses4 ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935... 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1 1 1 1 1 9 9 9 9 9 3 3 3 4 4 7 9 8 0 1 . . . . . . . . . . . . 3 3 3 7 1 3 1 5 7 6 8 8 9 4 1 2 4 2 2 1 1 2 8 2 5 3 1 4 5 8 3 9 5 5 n 1 1 3 9 5 0 8 o 0 7 8 6 8 ' 7 IS 1 7 1 1 1 1 1 , , , , , 9 2 2 1 3 7 8 0 4 8 4 5 7 8 6 0 0 1 1 2 3 8 4 6 1 8 4 9 3 3 7 0 5 1 1 , , 8 1 6 9 9 9 9 5 1 4 2 9 7 7 1 3 2 3 . 5 2 4 8 3 1 0 7 7 6 0 3 1 1 , , 2 0 8 5 9 8 7 8 8 3 6 2 9 0 4 1 1 8 4 4 6 2 1 1 6 3 1 4 6 8 9 9 6 4 7 8 3 3 4 7 2 7 5 7 6 6 3 2 3 3 1 3 8 6 - 1 1 .5 9 4 8 3 2 6 0 3 0 6 1 3 1 1 9 9 0 5 7 1 4 0 2 5 1 6 21 5 4 5 9 8 8 7 2 5 1 £ 5 IS 9 8 7 2 7 1 2 0 2 5 0 7 4 1 1 1942. 47 32 15 464 145 292 27 527 293 89 146 4 4 19«-J J M M J a A F u u n e p a a n l b u n r v y e c r a i u . h r . a y . r . . y . :::;; 1 4 6 2 9 0 1 4 6 2 3 0 6 1 7 3 7 1 1 1 6 1 0 0 0 0 7 i 1 1 1 1 i 3 3 8 2 7 8 4 5 1 1 3 0 2 0 4 0 3 1 5 3 0 1 4 4 5 4 9 1 7 0 7 2 4 3 5 0 4 2 6 5 4 1 1 5 6 2 5 3 3 5 2 1 1 5 6 9 7 4 1 1 "l 3 4 1 1 i 6 8 7 0 6 " 3 1 3 1 A S O e r u t p g n t u h e s u m t p ber.... 9 2 1 2 1 9 4 3 2 0 8 9 34 6 2 2 4 5 9 9 38 6 2 2 4 2 3 3 15 November.. 17 1 16 17 4 12 1 December 4 4 27 10 17 3 2 1 l943—January.. 8 1 6 2 - J O N $ A S M F M u e e c o u a C n p y b t g v r o e t . r c u e e . u b h . : . m s m . a e • . t r . . . r b b v . . . . e . e . r r " . . . . .'• • • " • ' 2 4 2 1 1 4 6 6 8 6 3 7 4 8 5 " " " "3 ' 1 6 " 4 3 8 4 5 " 2 4 2 1 6 7 8 0 3 3 4 5 4 5 3 2 3 2 7 9 0 6 8 8 6 9 2 1 4 2 1 1 3 4 4 4 3 2 5 2 7 6 1 9 8 4 5 0 1 3 4 1 a 1 1 4 4 4 5 2 3 5 1 1 0 9 8 0 7 4 9 2 4 7 . 1 3 2 1 1 5 3 2 3 9 5 3 2 1 9 3 2 2 I 2 2 S 9 9 5 2 4 3 6 7 2 1 6 6 2 8 2 3 1 1 3 2 2 1 1 ... 7 ... 4 2 1 2 2 fc Of 3ew lssues ^ for cash in the United States. Current figures subject to revision. m 3 ^ross proceeds are derived by multiplying principal amounts or number of units by offering price. 4 fncl rf net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ^.-Data"l^mA^Q's^^^E^^CammMm. For a description of data, see pp. 217-19 of the March 1942 BULLETIN, JANUARY 1944 79 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] Profits and . Net profits,1 by industrial groups dividends Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m u le - o s - p O e t m r t q o i t a u e o r h n t n i n e a s p t r - - - m f p e N u a r e r r o c n o t o a t n d d s u l - - s s O d g b o u t l o h r e a d e - r s . t F o b a a o b e g n o a v e d c d e s c r s , - o , p r r e a 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 a u 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 i l o e v s l u a - s - s - pr N of e i t ts1 fe P D r r r e i e v - d iden C d o s m- Number of companies, 629 69 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 1,818 278 158 242 173 133 148 112 160 132 1,028 90 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 90 151 152 164 136 165 883 552 Quarterly 1939-1 284 13 20 64 23 25 S 31 14 36 28 24 173 21 114 3'.'.'.'.\'.'.'.'.y.'.'.y. 3 3 2 1 0 1 3 1 5 4 2 2 6 5 6 1 1 2 2 2 0 1 3 2 0 2 • 1 2 6 3 3 4 6 4 2 2 6 1 4 4 5 0 3 2 2 9 2 2 7 9 1 16 8 7 5 2 2 2 1 . 1 1 1 2 9 5 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 . 170 4 550 n 55 61 62 40 32 37 46 52 46 48 276 24 221 1942-1 419 52 3$ 46 J51 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 J48 32 18 32 27 35 27 34 174 23 135 3 451 51 .36 46 J49 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 2 3 4 4 4 4 4 5 2 2 2 5 4 5 3 8 0 3 4 4 9 2 3 4 4 5 7 9 2 ? I 75 5 5 3 2 4 3 3 3 2 2 4 2 1 1 2 9 9 4 3 3 0 9 9 3 4 4 6 2 9 4 4 4 2 1 0 3 3 3 6 6 6 3 4 4 8 2 1 2 2 2 2 1 2 1 1 5 2 2 2 2 1 1 1 1 3 2 2 7 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone* 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 Net income1 d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n e t c c a f o o o x m m r 4 e e e inc N o e m t e1 d D en iv d i s - 6 O re p v i e n e r g n a u t e - N co e m t e , 1 d D e i n v d i- s Number of companies. 28 2S 28 23 32 32 1 1 1 1 9 9 9 9 4 3 4 4 0 9 1 2 . . . . 3 4 5 7 , , , , 2 9 3 4 9 9 4 6 7 5 7 6 1,7 1 2 6 1 2 4 7 6 9 8 4 5 9 1 9 5 0 8 3 9 0 9 -1 - 1 7 0 3 7 2 2 3 3 1 1 1 1 2 5 8 9 6 9 6 6 6 7 7 8 9 3 9 4 2 5 9 8 2 1 2 1 0 5 7 2 2 9 7 6 1 1 1 1 3 4 3 1 7 2 3 8 1 1 1 1 1 1 9 6 5 8 8 1 1 1 1 , , , , 0 1 2 3 6 2 3 6 7 9 5 2 1 1 1 1 9 9 7 6 1 4 8 3 1 1 1 1 7 7 7 63 5 8 2 Quarterly 1939— 2 3 4 1. . . . . . . 1 1 . , 1 0 8 9 5 3 0 9 8 3 6 8 - - 3 4 1 8 6 3 3 8 9 - - 4 4 1 3 7 5 2 8 6 2 2 2 6 1 3 1 1 1 1 1 1 7 6 6 8 5 6 7 4 4 3 3 4 6 4 7 3 3 3 3 3 9 2 0 6 2 1 1 1 2 9 9 9 2 2 2 2 5 6 6 7 9 7 6 4 4 4 4 5 4 9 7 1 4 4 4 4 2 2 3 8 1940— 2 3 4 1 . . . . 1 1 1 , , , 0 1 1 1 3 7 0 0 1 - 1 3 9 4 1 2 5 5 -1 1 2 7 2 3 1 7 - - - 2 3 1 9 3 4 3 • 2 2 7 2 5 9 8 9 1 1 1 1 8 7 7 9 7 6 7 4 4 4 4 t 8 o 2 1 4 3 3 3 1 4 1 7 1 1 2 1 9 9 0 9 2 2 2 2 7 8 8 9 4 1 1 4 4 5 4 5 9 0 5 0 4 4 4 4 4 4 4 6 1941— 3 4 2 1 . . . . . . . . 1 1 1 1 , , , . 1 2 4 4 5 7 6 5 2 2 8 4 2 1 1 9 6 4 6 6 7 5 6 1 1 1 6 0 3 8 9 3 8 9 -5 23 0 5 2 3 3 8 8 6 4 7 2 1 1 2 0 9 9 1 1 1 6 1 4 5 4 5 8 9 6 0 4 3 2 3 3 3 5 4 2 1 1 1 4 8 8 9 3 3 2 3 0 9 2 1 8 5 1 1 4 4 4 4 3 4 5 6 4 4 4 4 4 5 4 0 1942— 4 2 3 1 . . . . 2 2 1 1 , , , , 1 7 4 0 3 9 8 4 9 7 3 7 3 5 1 5 8 5 7 9 9 6 9 4 3 2 1 8 9 9 8 7 0 9 3 3 1 6 6 7 2 0 1 3 2 3 9 5 9 4 8 2 2 2 2 1 0 0 2 6 2 8 1 6 5 5 5 3 3 5 6 3 2 2 3 3 5 6 5 1 1 1 1 9 9 9 9 3 3 3 3 2 3 4 5 4 6 4 8 82 4 4 2 7 8 4 4 4 2 1943— 2 3 1 . . . . . . 2 2 2. , , 3 0 2 < 9 5 > 1 5 S 5 6 6 1 0 5 3 5 3 2 2 2 0 3 4 9 9 9 5 5 5 2 6 5 4 2 3 9 8 9 2 2 2 2 2 2 9 5 1 . 7 6 6 1 0 2 3 2 2 4 9 9 1 1 1 9 8 9 3 3 3 6 8 8 6 9 3 4 4 4 2 4 5 4 4 4 0 2 3 J "Net profits'' and "net income" refer to income after all charges and taxes and before dividends. 2 Class I hne-haul railroads. in thV"r™™^eS ™r-\^~'—'~'"'t —~\^ ™J*£ ^J^TPr—$. S-™—^*o-™^t-y*l -vu^mi;, thteut g^rie^adtLeCri ppatiriLt ouif wwnhuossee iinnccoomme ec coonns-ists of dividends received on stock-"0 be 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public recei 4 After all charges and taxes except Federal income and excess profits taxes puouc. « Sofivaflabk1116116 daU aTC nOt available f°r aU comPanies 'm ^e group and, therefore, do not add to the yearEly y teoalrly totals shown. 7 Partly estimated. 8 Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the i 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 f 8o FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES tOn basis of daily statements of United States Treasury. In millions of dollars I End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e e r r t r e b i a e c n t l s t g t- Totals Tre b M a i s ll u a s r r k y eta in b c C d a le n e e t e r e b p t s s t i u s f e o i b d - f l - ic T is r s n e u o a e t s e s u 1 s ry T b re o a n s d u s ry K T o o n t m al a 2 rke s t a b a U v o b . i n l n S e d g . s p s ubl T i s t c a r a n e x v o i a s i t s n a e s u u n g s r d e s y s S is p s e u c e ia s l i b n e N d te a e o r r b n i e t n - s g t- s g t b e e t u c e e F e a u r a d u e r r r a l i i s i l t n n t n y i - g - e - s 1940—June. 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec. 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June. 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec. 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6.982 487 6,317 1942—June. 72,422 71,968 50,573 2,508 3,096 6,689 38.085 13,510 10,188 3,015 7,885 454 4,548 1942-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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,458 4,113 Nov.. 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 ,377 4,154 including amounts held by Government agencies and trust funds, which aggregated $3,766,000,000 on Oct. 31 and $3,760,000,000 (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,NOVEMBER 30, 1943 [In millions of dollars] (On basis of daily statements of United States Treasury. In millions of dollarsl Amount Funds received from sales during Redempout- month tions Issue Amount Issue Amount Month standing Tr D ea ec s . u ry 2 , b 1 i 9 l 4 ls 3 1,002 Tr J e u a n s e u r 1 y 5 , b 1 o 9 n 4 d 9- s 5 — 1 Cont. 1,014 a m t e o n n d t h o 1 f se A rie ll s Se £ ries Se F ries Sc G ries se A r l i l es Dec. 9, 1943 1,005 Sept. 15, 1949-51 1,292 Dec 16, 1943 1,009 Dec. 15, 1949-51 2,098 1942—Aug 11,751 697 454 52 191 32 Dec 23, 1943 1,018 Dec. 15, 1949-52 491 Sept 12,479 755 510 61 184 34 Dec 30, 1943 1,003 Dec. 15, 1949-53 1,786 Oct 13,381 935 665 61 210 40 Jan. 6, 1944 1,007 Mar. 15, 1950-52 1,963 Nov 14,079 735 542 45 148 43 Jan. 13, 1944 1,005 Sept. 15, 1950-52 1,186 Dec 15,050 1,014 726 66 222 55 Jan. 20, 1944 1,001 Sept. 15, 1950-52 4,939 Jan. 27, 1944 1,008 June 15,1951-54 1,627 1943—Jan. 16,246 1,240 815 77 348 63 Feb. 3, 1944.......; 1,003 Sept. 15, 1951-53 7,983 Feb 17,067 887 634 48 205 76 Feb. 10, 1944 1,005 Sept. 15, 1951-55 755 Mar 17,891 944 720 44 180 131 Feb. 17, 1944... 1,001 Dec 15, 1951-53 1,118 Apr 19,267 1,470 1,007 110 353 103 Feb. 24, 1944 1,009 Dec. 15, 1951-55 510 May 20,507 1,335 995 86 254 104 Mar. 15, 1952-54 1,024 June....... 21,256 876 696 35 144 141 Cert, of indebtedness June 15, 1952-55 1,501 July 22,030 890 683 38 169 138 Dec 1, 1943 3,800 June 15, 1953-55 725 22,694 802 661 28 112 152 Feb. 1, 1944 2,211 June 15, 1954-56 681 Sept 24,478 1,927 1,400 139 387 155 Apr. 1, 1944 5,251 Mar. 15, 1955-60 2,611 Oct 26,056 1,708 1,340 93 275 144 May 1, 1944 1,655 Mar. 15, 1956-58 1,449 Nov 26,697 798 665 23 109 170 Aug. 1, 1944 2,545 Sept. 15, 1956-59 982 Sept.l, 1944 4,122 June 15, 1958-63 919 Amount Oct. 1, 1944 3,519 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 0 2 - - 6 6 5 7. 2 1 , , 1 48 1 5 8 Maturity Date of issue N ou o t v s . t 3 a 0 n , d 1 i 9 n 4 g 3 Treasury notes Dec. 15, 1963-68 2,831 Dec. is, 1943 421 June 15, 1964-69 3,762 M Jun ar e . 1 1 5 5, , 1 1 9 9 4 4 4 4 5 4 1 1 5 6 D Se e p c t . . 1 1 5 5 ,' , 1 1 9 9 6 6 4 7 -6 -7 9 2 3 2 , , 8 7 3 16 7 Series A—194! ]From Mar. 1, 1935 176 P M J S M p S S J r e e e e e a a a p p p c c r r r t t t . . . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , t , , 1 1 1 1 1 1 1 9 1 9 9 9 9 9 9 4 9 4 4 4 4 4 4 7 4 5 5 5 6 6 4 4 . . . . . . . . '.[ " ' 1 3 2 , , , 6 2 7 6 2 5 7 5 0 6 0 3 8 3 1 0 6 1 7 5 3 1 8 3 P C P G o a o u C n s n a t o a F v r a m T m a e l e o n b m r a S t . s t a o e i a C 1 l d o e v 5 n d a i d i , t n y n i 1 r a b s g e 9 l e C s o c 4 c l t n 5 r b o u e . d i . o r a d s s i s n n i t t u i d e e C s s s . o .. r p • . 115,9 4 1 0 2 1 1 5 2 0 9 9 7 _ S S S S S S S S S e e e e c e e e e r r r r r r r r r i i i i i i i i i e e e e e e e e e s s s s s s s s s B E D D D D C E C — — — — — — — — — 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 5 5 5 4 4 5 5 C £ ; 0 9 'r I I I ; F F F F F F F F ?r r r r r r r r r o o o o o o o o o m m m m m m m m m J J J J J J M M J a a a a a a a n a n n n a n n n y . . . . . . r . . 1 1 1 1 1 1 1 1 1 , , , , , , , t 1 1 1 1 1 1 t o 1 o 9 9 9 9 9 9 9 3 4 4 3 3 3 F 4 A 9 0 2 7 6 8 e 1 p b r . . 2 3 8 0 , . 1 1 9 9 4 4 1 1 t 5 1, , 2 5 3 4 4 3 9 7 1 5 2 1 8 3 0 9 9 1 5 4 7 2 5 9 0 3 0 i Treasury bonds Fed. Farm Mortgage Corp. Series E—195.i From Jan. 1, 1943 8,502 p A e p c r . 1 1 5 5 , , 1 1 9 9 4 44 4 ^ -5 t6 4 1 . . ..." 1 1, , 0 5 3 1 7 9 M Ma a y r. 1 15 5 , , 1 1 9 9 4 4 4 4 - - 4 6 9 4 8 9 3 5 5 S S e e r r i i e e s s F G — — 1 1 9 9 5 5 ; 3 F F r r o o m m M M a a y y 1 1 , , 1 1 9 9 4 4 1 1 1,2 2 3 2 2 2 Sept. 15, 1945-47 ...'. 1,214 Fed. Public Housing Series F—195-1 From Jan. 1, 1942 631 p M e a c r . . 1 1 5 5 , , 1 1 9 9 4 4 5 6-56. 5 4 4 8 1 9 A Fe u b t . h o 1 r , it 1 y 944 114 S S e e r r i i e e s s F G — — 1 1 9 9 5 5 ! 4 F F r ro om m J J a a n n . . 1 1 , , 1 1 9 9 4 4 2 3 2,4 6 3 9 7 6 J J u u n n e e 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 1 8 9 . . . . . . . 1,0 8 3 1 6 9 Ho M m a e y O 1 w , n 19 er 4 s 4 * - 5 L 2 oan Corp. 779 S S e e r r i i e e s s G un — cl 1 a 9 s 5 s 5 ified From Jan. 1, 1943 2,4 1 6 2 0 8 M O D M J S u e e c a a n p c t r r e . t . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 7 4 8 8 8 8 - 7 . 5 - - '. 5 5 * 2 . 1 . . 0 ' . . . . . . " . • " " " * " " * 3 1 1 , , , 1 2 0 4 7 7 1 2 6 5 0 5 5 3 2 1 1 9 F R e e J V J A d c a u e a p o n n r r r n . e i a . s o l 1 t 1 u 1 r , 5 s , H u , 1 c 1 o 9 1 t 9 4 u i 9 4 o 5 s 4 5 n i 4 - n 4 g F 7 in A . d C m o m rp . . 3 5 7 7 7 5 22 6 1 5 _ D "A i 1 f m f A er o t e u T n c n o c u t e t s r a r l o e b u n e t t t s w t r a e e n d en e d m in " p g F t " i u o r n n e d p s v r a e r l s e u e c e n e s t i s e v t x e h c d e e " d p i t a f n f S e d e r e r n i m e c s o e n G b t , h e tw w to e h e i m c n h o a c n is c t h r s u t e a c d t h e 2 a d i 6 n n ,6 c g a r 9 t e e 7 s a p s a e i r n s . Dec 15, 1948-50..'" 571 Total guaranteed issues 3,959 in redemption values and redemptions of bonds during the month* 1 Called as of Dec. 13,1943, for redemption Apr. 15,1944, JANUARY 1944 8i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMBNT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 Knd of month s i e b n c T e t u e a o r r r i t e i t a n i s e l g t s ' S i e s p r a s e n n u c m e d i s a e t l n ru t s a t g f P e i u s n u s n c u b d ie e l s i s s c F R B H e e a d s e n e e l k r d ra v s l e Total m b C e a r o n c m k ia s - l , M sa b u v a i t n n u k g a s s l I p c a n a o n s m n u c i - e r e - s M i a s a O s b r u t k l h e e e e s t r - inv m es N a t a o r o b k r n l s e e - tissues 1940-lune 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- Tune 76.517 7.SS5 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-March 118,637 10,004 3,130 5,919 99,584 44,160 4,630 10,900 16,000 23,900 O J A S M J A u u e c u p a n l p t g y r o y e t i u b e l s e m t r ber.. 1 1 1 1 1 1 1 6 6 4 4 3 3 3 7 1 6 4 9 3 3 , . , . . , . 7 6 0 0 4 7 0 0 5 1 2 7 5 0 1 8 5 0 2 7 6 1 1 1 1 1 1 1 1 9 1 1 0 0 . , . , . , , 8 9 7 7 4 1 8 6 0 1 5 9 7 9 S 7 7 6 1 8 5 4 3 4 3 3 3 3 , , , , , , , 1 0 4 4 4 5 5 2 7 2 0 6 5 4 5 3 1 5 2 7 0 9 9 8 8 6 6 7 , , , , , , , 3 9 1 0 2 2 4 1 5 8 8 0 2 5 9 7 4 8 2 2 5 1 1 1 1 1 1 1 4 2 3 2 1 1 1 2 2 6 0 8 3 7 , , , , , , , 3 2 3 9 7 1 9 5 3 0 7 7 9 5 4 5 9 6 5 9 9 5 5 5 6 5 5 4 2 4 2 2 6 9 8 , , , , , , , 4 8 8 6 0 2 9 6 0 4 0 0 0 2 0 0 0 0 0 0 0 5 5 5 5 5 5 6 , , , , , , , 1 1 3 9 2 0 2 0 8 9 0 0 0 4 0 0 0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 4 4 2 2 , , , , , , . 7 6 7 2 4 8 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 2 1 1 1 1 4 8 4 9 9 8 9 , , , , , , , 7 8 1 9 7 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 3 3 2 2 3 2 9 0 4 6 8 2 8 , . , , , , , 3 6 3 0 7 9 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 fiturts.—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! j serve I banks1 Banks Treasury bonds: 55,122 2,723' 2,645 Total: 80,685 ! 3 3 , , 2 5 0 5 2 6 ! 6 . ( 18 ,, 5 212 1942-June 38,085 Dec 49,268 1943-May 57,975 June 57,520 uiy 57,520 ug 57,520 Sept 65,444 Oct 67,889 Maturing within 5 years: 1942—June 3,915 1,599 Dec 5,830 2,565 1943-May '.', 5,830 2,773 June 9,474 5,122 juiy ; 9,474 5,171 Aug 9,474 5,272 Sept 9,925 5,831 Oct 8,524 5,074 Maturing in 5-10 years* 1942—June..........'. 9,436 4,959 17,080 9,353 May";;';\\\" 22,019 12,423 June [ 17,921 10,107 juiy ; 17,921 10,373 Aug.... 17,921 10,585 Sept "'*' 21,883 10,606 Oct 25,430 13,153 Maturing in 10-20 years: ' 1942—June '.. 18,731 7,009 Dec 16,295 6,240 1943—May [[ 16,295 7,202 June !!".*"" 17,214 7,611 j u y : : :: 17,214 7,745 Guar 1 a 9 n 4 t 2 e — ed O D J u e c s c n t . e e curities Maturin O g S A e u c a p g t f t . t . e . r . 20 years':'' 1 1 1 7 7 7 , , , 2 2 2 1 1 1 4 4 4 8 7 7 , , , 0 9 8 1 4 3 5 9 9 1943-M J O A S J u u e c u a l n p t y g y . e t.. 3 3 J 3 4 . . , , 8 J , 9 7 0 5 S 2 1 6 2 K 3 1 1 3 1 1 9 9 4 4 2 3 — -M j D J A u J e u a u n c i g y n e e : .. ; : : " ; [[] , , , , , , 2 4 4 3 6 2 3 5 7 8 8 0 4 8 4 5 6 3 Sept ,514 Oct 1,538 Td? VaHes ^ghtly from month to month FEDERAL RESERVE BULLET""' 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 c i: l1 tt o dH hh m 12 -- e O ta t x h e e s r 1 r c n i M n n e n e e u v t i l a o e s e l e l 1 - u a r - - s - S s t r a o e i x c c ty e u ia s - l Other c T e r o i e t p - a t l s ce N r i e p e - t t s3 I d n e o e t s n e b t r t - ac W t t i i e v a s r U. T c f o e t r e a r r a u t u c s 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 n a e e l d s 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 c a n n l d - e l g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,385 -22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 1942-November... 199 337 248 45 830 601 28 6,042 3 291 6,363 5,761 +736 -1,814 3,212 December 1,972 630 50 50 2,702 2,701 353 '5,825 25 297 6,500 3,799 ' -794 +7,461 12,054 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 5,584 -135 -2,819 2,899 February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 5,164 -122 -2,331 2,954 March 4,732 374 50 51 5,207 5,206 262 6,744 1 347 7,354 2,147 -549 -1,213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8,438 14,342 May......... 940 359 282 160 1,742 1/480 42 7,092 1 300 7,435 5,955 -39 +70 6,064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 -206 -3,180 784 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 O Se c p to t b e e m r ber... 5 6 5 7 7 4 4,0 7 9 4 1 6 3 46 4 4 4 5 4 3 6 2 2 8 5 5 6 5 2 , ,0 4 6 4 9 8 5 2 , , 4 0 4 3 7 0 3 1 1 3 1 1 6 6 , , 9 9 8 5 9 2 3 2 6 3 2 0 6 0 9 7 7, , 5 4 3 5 5 6 * 2 5 f , 0 4 8 2 7 6 - - 1 4 3 1 2 0 4 + -1 1 1 , , 1 7 3 9 9 4 1 6 4 , , 6 2 9 9 7 1 November ... 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +290 -4,338 1,112 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e E u n r x e d - s i- i c G a n i o g n m o u c g e v n h n e e t a e n c s r c c i t n e - o k - s f - ce R i e p - ts I m nv e e n s t t s * p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i - r t r v s a e l d s p p e D o e p i e s n c o - i i s t a s i l - O as t s h e e t r s l T ia t o i b e t i a s l l i- Total W b o in a r g k t - Banks taries Fiscal year ending; June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 ,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 r133 10,149 1,038' 7,667 ,444 643 9,507 8,744 1942-November.., 471 170 34 -449 r52 32 3,557 512 1,695 ,350 475 3,082 2,320 December... 75 350 33 548 99 37 11,032 1,516 8,166 ,350 489 10,543 9,780 1943-January 110 43 35 186 74 47 S 8,200 465 . 6,367 ,368 477 7,724 6,961 February.... 498 230 35 370 52 40 -3 .5,895 623 3,892 ,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 • 643 2,694 ,421 579 4,179 3,416 M J j A O N S u u e u c o i a n p y t g v y e o t u e b e s m e m t r b b e e r : r . : . . ' : . , ; 5 5 5 1 2 1 1 3 6 3 9 4 6 1 0 2 2 9 6 5 9 1 9 4 2 2 2 2 1 3 5 2 7 9 9 5 7 5 8 0 2 7 6 8 9 3 3 3 3 3 2 2 2 1 1 0 0 3 9 9 9 - - 3 1 7 1 1 6 8 5 9 4 2 4 1 4 2 6 9 8 6 6 7 3 1 1 1 1 9 8 1 5 0 3 7 1 2 1 5 2 1 9 5 6 2 1 5 7 8 9 5 5 1 7 7 2 6 6 8 2 9 5 -4 3 2 1 1 1 1 0 9 8 1 2 4 6 1 1 1 1 1 1 9 6 3 3 0 5 9 8 , , , , , , , , 1 1 1 1 8 4 8 7 2 5 1 4 4 9 3 3 7 2 2 9 5 2 8 4 1 1 1 1 1 1 , , , , , , 2 0 5 0 0 2 6 9 1 3 3 9 4 7 5 7 5 8 8 5 5 6 1 9 1 1 1 1 1 4 7 6 1 0 5 7 2 , , , , , , , , 3 6 1 7 4 6 2 7 6 1 6 9 8 7 8 7 2 7 7 5 6 0 0 0 1 1 1 1 1 , , , , , , , , 4 5 3 4 3 4 4 4 0 1 5 1 4 8 6 7 6 9 8 2 4 3 2 7 4 4 4 6 5 5 5 5 6 8 9 4 4 3 3 7 5 1 5 3 1 2 4 6 1 1 1 1 1 9 6 2 8 2 8 9 4 , , , , , , , , 5 3 6 5 6 1 2 9 0 8 9 6 1 5 9 5 7 7 7 5 8 4 7 8 1 1 1 1 1 8 5 7 1 1 7 8 4 , , , , , , , , 6 7 9 8 3 8 5 1 0 4 2 5 9 3 3 9 1 4 4 4 5 4 6 2 j Revised. 2 Wwinth?hj ?Ids, STVi ollection basis gg^ievnen i nin t atabDlei eb eDleoiwow.. ! ^ ^ ^ S SS »Sl(SuriS e^plc^Tnftaxes1, wMdfare appropriated directly to the Federal old-age and survivors insurance trust fund. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Miscellaneous internal revenue Income taxes Manufac- Period Total v C i r i n d e u d n u r i t a - - l W h ith- V t t o i a c r x - y r c a C r o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e i e t s s s s p O t r a o t x h f e e it s r s Total C st t t a o a a p x c l k i- E ta s g a x t n i a f e d t t s e b A t h e a a o l v g x c l e e e o i r c s - - b t T a a o c x - c e o s S t t a a x m es p re t e t t u a a x a r n x i c e l d i e e r s s s e r ' s' n c t M a e e x i l o s l e u - a s - s F»scal year ending: J J u u n n e e 1 1 9 9 4 4 2 3 1 8 6 , , 0 2 0 9 7 9 . 3 5 , , 1 7 0 7 8 1 686 4 2 , , 1 7 3 6 7 4 4 5 6 5 0 7 5 1 , (6 06 1 4 8 3 4 , , 8 57 3 1 8 3 2 2 8 9 2 4 4 3 4 3 7 1 1 , , 0 4 4 2 8 3 9 7 2 8 4 1 8 6 5 7 2 0 4 7 0 3 1 2 • M J £ S O N u u e c n a S o p e t r o u . t v * c e b . s e m h e t ; r m . . ; b . . ; . . e ; b ; r ; ; ' ' • ; ; ' • * ' ; * 4 2 4 4 l 1 1 1 .O , , , , , , , 8 0 1 0 4 6 2 4 2 1 7 8 O 4 7 6 0 9 2 3 3 5 9 8 1 4 1 8 0 2 6 4 S 1 6 5 4 3 1 1 1 , , , 9 8 9 3 5 5 1 1 5 0 6 6 4 5 2 5 5 3 6 0 1 1 0 3 7 8 6 7 5 9 2 7 3 9 1 1 , , 0 0 8 0 7 6 1 1 3 3 4 2 8 9 3 3 1 3 8 8 5 3 6 2 2 1 • , 0 9 7 8 1 1 1 2 8 9 7 8 6 3 5 7 7 4 1 8 6 9 5 0 4 7 7 3 7 3 2 1 1 1 4 4 3 4 5 2 3 6 5 7 7 7 0 7 1 3 4 0 4 6 9 5 3 4 9 3 1 1 1 , , , 3 2 6 2 2 7 2 1 1 1 1 1 3 9 4 0 0 7 0 0 2 1 8 6 3 7 4 4 3 0 1 3 3 3 6 2 8 6 4 4 3 3 3 3 3 4 3 3 6 5 3 7 9 7 3 7 7 4 5 7 2 2 9 9 8 6 9 1 9 3 5 2 6 9 1 5 4 r1 1 1 1 8 3 4 2 3 8 2 3 6 5 8 0 r r 3 3 3 4 4 2 6 4 3 2 4 2 2 0 7 0 6 7 8 9 2 4 9 1 5 8 1 1 1 1 1 1 1 1 1 1 1 1 1 0 2 2 2 0 3 1 1 2 2 1 1 2 4 9 8 1 9 7 5 3 5 9 7 7 2 8 8 8 8 8 9 9 9 6 7 8 7 7 0 1 1 0 7 0 0 3 8 1 6 9 7 4 6 5 4 6 3 5 5 6 5 4 5 5 7 4 6 7 0 9 9 6 8 1 9 3 9 1 1 6 3 4 5 6 4 8 8 7 6 7 9 0 1 2 6 0 4 6 0 2 0 1 5 3 3 irrent Tax Payment Act of 1943). 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 inter agency items interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r o r t r c c e e . k - d , Cash g d G U u a i a o r n . r e S v d a c . t n t . - a G O c g i o t e e h v n s e 1 t - r . r c e o a o a A c b t n u h e l c d n e i e - v s t r s - p B n e r r e u o t s s p y s i - - P h e s f r a r e o o t l l r y p e d - a O s t s h e e t r s a a g F n n u u b t d e a l y l e r y d - d ebe O nt t u h r e e r s 1 l O ia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i o v n w a te t n e r e e ly d st teed U.S. 1941—June 13.277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 ' 424 December.... 14.660 S.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 U097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 43S 1942—November. .. 20,992 8,158 621 563 ,222 52 ,069 1,001 4,701 3,605 4,264 1,404 4,601 10,281 443 December. . 21.715 3,127 620 553 1,272 33 ,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22.643 8,036 605 605 ,284 32 1,205 L,041 5,638 4,147 4,291 1,413 4,829 11,671 439 February.. .. 23.437 8.022 565 590 ,375 27 ,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 ,303 1,408 6,074 4,754 4,365 1,375. 5,109 12,860 441 April 24,706 8.092 560 536 ,510 24 ,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24.805 7,949 557 504 ,549 24 ,514 1,475 6,167 5,066 4.092 1,340 5.746 13,188 440 June 26,703 7.685 556 515 ,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 ,638 16 .514 1,561 6,750 5,399 3,936 1,276 5,757 14,146 441 August.: 26.435 7.5S0 498 539 ,691 11 ,450 1,966 7,019 5,681 4,046 1,271 5,972 14,706 440 September... 26.284 7,557 497 501 .722 7 ,487 1,470 7,234 5,809 4,OS1 1,274 5,560 14,929 441 October 27.2JS 7,487 493 486 ,784 6 1,850 1,602 7,115 6,395 4,125 1,285 5,867 15,501 440 LOANS, OTHER THAN INTERAGENCY LOANS Recon- 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 Rural Exstruc- Elec- port- End of month T lo o a t n a s l 1 n C t a F i o n o i r c n - p e . H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M C p R g a a o o F n g m r C y e t- - M t A F g i N o s a e o s a n g d r o - a e t . c - l . P H A F u i o u e b n u t d g l h s i . c - . F b l e a a a d n n l e k d r s - M F C F g a a o e o 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 o B fo t p a i r e v n c r e k a o s s - - m C C C o r o o e d r m d i p t i y - . t C F m A r a e i d r n d m - . it A S F r d e a i m c t r y m u in - . tr m t A i i f o i i d n c n - a . - p B I o m a r n - t k Other 1 1 9 9 4 4 1 2— — D J J u u e n n c e e ember.... 8 8 8 , , , 4 1 3 8 0 7 7 6 9 1 1 1 , , , 0 4 4 3 3 7 2 3 3 1, , , 8 7 6 7 7 7 0 7 6 1 2 1 7 1 9 0 9 3 6 8 7 5 2 2 2 1 2 0 9 1 7 4 6 3 3 3 6 1 8 7 6 4 , , , 7 7 8 6 0 1 4 6 8 6 5 5 9 3 6 7 0 2 2 2 23 8 5 . 9 5 5 1 1 7 1 0 4 3 1 2 2 2 4 3 3 4 3 1 2 2 2 5 6 5 0 3 8 4 4 46 6 6 7 0 1 2 3 3 8 2 4 9 3 2 1 1 1 1 3 1 4 9 3 2 2 2 6 9 9 1 1 3 1942—November. .. 8,153 1,566 ,587 122 93 213 372 ,625 518 238 140 214 241 448 345 119 317 December . . 8.127 1,557 ,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January 8,086 1,554 ,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February — 8.022 1,527 ,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March 8,003 1,530 ,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 April 8,092 1,512 .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 7.6S5 1.4S3 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 1,459 ,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 ,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September... 7,557 1.460 ,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 ,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 438 SELECTED ASSET ITEMS* OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n 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 t i a o o n t n i a s c o f t n i i i n a s - - s l L r r o o a t a a o il n d - s s Other F R s i C n t e t i o r c a o u r o n n p c n c - . e - O C H r L a w o o o t r i m n a p o e n o e n rs - ' Other F F M D e e a d C o d n . r o . k t F g s 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 d e i m p o d i o t n i - y t - C s w F t R o r i a r u e n p r c c a . o t c n a i n o o c n - r e n d - 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 d r e i m p o d it o 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 porations 1941-June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 December. .. 1,433 165 473 795 401 175 1U4 219 34 80 241 703 749 288 151 1942-June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 1942—November. .. 1,566 169 471 926 367 152 102 213 65 497 294 3,221 1,109 231 140 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—January... .. 1,554 161 463 930 364 140 101 203 129 519 354 3,793 1,495 223 127 February.. .. 1,527 159 449 919 361 no 94 205 103 659 473 3,928 1,614 219 122 M J A A O M J S u u e u c p a a l n p t g y r r y o e i c t u l b e h . s m e t r ber... 1 1 1 1 1 1 1 1 , , , . , , , , 4 4 5 4 4 4 4 5 3 6 1 5 8 6 8 3 2 3 2 9 7 0 3 0 1 1 1 1 1 1 1 1 4 3 3 4 5 5 5 4 1 6 8 5 3 5 0 8 4 4 4 4 4 4 4 4 3 4 3 2 2 2 0 2 7 4 4 3 3 6 6 3 9 9 9 8 9 8 8 8 2 3 0 9 0 9 9 9 2 1 3 1 9 9 9 0 3 3 3 3 3 3 3 3 5 5 5 5 4 5 4 4 9 8 5 4 6 1 5 3 1 1 1 1 0 0 8 6 0 0 6 6 9 9 0 4 9 8 4 3 9 9 9 9 9 8 8 8 4 3 3 3 4 8 8 7 1 1 1 1 1 1 1 1 9 9 9 9 9 9 8 8 7 5 2 2 3 3 7 6 2 3 2 1 1 4 1 0 7 5 1 8 7 8 9 9 5 0 0 7 7 9 6 6 7 8 8 7 7 8 7 7 0 2 0 6 9 3 7 7 0 5 0 3 0 2 8 • 3 3 3 4 2 3 2 2 5 7 5 4 9 9 8 7 8 2 6 5 0 7 7 2 4 4 4 4 5 5 5 6 , , , , , , , , 0 2 4 0 7 9 5 7 4 4 1 4 0 6 2 8 1 1 6 2 3 3 8 4 1 1 1 1 1 1 1 , , , , , , , 3 7 2 1 2 0 1 8 1 0 2 5 2 4 9 6 6 0 0 3 3 5 6 5 2 2 2 1 1 1 1 1 1 1 0 8 6 9 5 3 2 6 3 2 9 1 2 6 l 1 1 1 i 1 1 i 0 0 1 9 n 0 0 t S 2 7 S 4 2 1 Excluding Federal land bant bonds held by the Federal Farm Mortgage Corporation. * Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. a Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home J Bank Administration. Loans by these institutions amounted to 1,909 million dollars on Oct. 31,1943 8 4 FEDERAL RESERVE BULLET111 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 variationj Construction Y m ea o r n a th nd ( 1 I m v n = 9 p a c 3 e l a o 5 u n 1 y - m e t 0 - 3 s ) 0 e 9 Tota In l (p d h u 1 y s 9 s tr 3 ic i 5 a a - D a l 3 l b u 9 v p f l r M a o r e - « a o c lu t d n u m 1 u u r 0 N c - d e e 0 t ) u o s i * o r n * - n - M er i a n l - s To a t w a 1 l 9 a 2 c rd 3 o e R - d n 2 t d e e t i 5 s r a n i ( a l - = v - c a t s 1 lu 0 o e 0 A t ) h l 3 e l r N t a c u g u o 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 19 F t 3 o 1 a 0 9 r c y 0 - F c 1 a = r 9 i r e n 3 l i g o 1 5 g s 0 a - h * 3 d 0 t 9 -| D 19 m s ( = e s u 2 v t a p e o e 3 a l 1 a ) r n e - l * 0 e r 2 - s t 5 t 0 5 - W p m r = c i 1 s h o o * c 9 a o d e m 2 l l 1 e s i 6 e - t 4 0 y - 0 C 1 - ll » i 9 i o vv 3 is 1 i s i 5 n t 0 n t - o 0 3 g f 9 4 able Ad- Ad- Unad- . Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923........ 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924... 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925.. 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 W 9 9 3 3 2 3 2 3 3 3 4 3 3 2 4 3 3 2 0 2 9 9 7 1 8 4 5 2 7 3 8 0 1 6 6 1 1 1 1 1 1 1 1 9 8 9 7 6 7 7 0 3 1 0 2 0 0 2 8 7 8 1 8 0 5 7 3 7 2 9 1 . . . . . . . . . . . . . . 7 5 1 9 3 5 9 3 6 8 7 9 1 3 1 1 1 1 1 1 1 9 9 9 9 5 7 6 8 8 7 0 1 6 0 2 1 9 6 5 9 1 8 5 9 7 9 5 3 3 2 9 5 0 9 1 2 1 1 1 1 1 2 1 1 9 6 4 5 6 1 0 0 1 8 3 0 7 0 3 7 2 8 7 1 4 5 4 1 7 7 3 2 9 8 8 9 9 2 1 1 1 1 1 1 7 8 8 9 8 9 9 7 7 7 8 0 1 0 0 5 4 9 3 5 3 4 0 5 9 0 9 1 9 5 6 0 8 2 - 1 1 1 1 1 1 1 1 9 9 8 0 6 8 9 0 9 7 8 0 1 2 0 1 2 3 9 0 0 7 0 9 7 7 6 6 0 2 5 6 7 9 1 1 1 1 1 1 9 2 1 6 3 2 2 2 3 3 5 5 6 8 7 2 6 2 9 7 3 5 9 8 5 2 7 5 9 4 1 2 2 6 1 1 1 2 8 5 3 1 2 3 4 4 2 1 1 6 8 8 1 7 1 7 0 7 7 1 7 1 5 6 3 1 0 9 2 2 2 1 1 1 1 1 2 1 8 4 4 3 3 5 3 4 4 2 7 8 8 8 3 7 4 4 0 8 5 7 0 9 2 2 5 0 0 1 9 5 4 9 1 1 1 1 1 1 9 8 8 9 9 9 7 7 0 0 0 0 1 2 8 8 6 0 6 5 8 6 7 2 0 4 5 4 . . . . . . . . . . . . . . 1 3 0 8 6 1 6 3 1 7 0 2 2 6 1 1 1 1 1 1 1 9 9 9 6 8 9 7 9 9 7 0 0 0 0 0 5 3 9 9 2 6 1 5 8 1 1 3 9 6 8 0 7 2 7 . . . . . . . . . . . . . . . . . 7 6 5 4 4 8 8 2 5 0 1 1 7 0 5 1 3 1 1 1 1 1 1 2 1 1 9 5 7 5 8 9 7 1 8 1 1 1 1 0 4 1 6 6 0 4 3 0 3 0 1 3 9 5 2 1 0 4 2 7 . . . . . . . . . . . . . . . . . 9 7 4 5 4 0 0 0 8 1 3 1 2 0 5 3 5 1 1 1 1 1 1 1 1 1 1 1 1 8 5 5 4 4 3 0 8 9 8 7 0 1 0 0 3 3 9 2 2 7 8 1 5 9 2 2 8 7 1 1 9 0 8 1 1 1 1 1 1 1 9 6 0 6 0 0 1 7 8 9 8 9 0 7 9 1 2 2 9 7 7 6 8 1 5 8 2 5 0 2 9 4 0 4 1 9 9 0 9 8 6 6 8 8 8 8 9 7 7 7 7 7 0 6 5 6 5 0 5 4 0 6 7 3 8 8 4 7 8 . . . . . . . . . . . . . . . . . 0 7 4 4 3 0 9 0 8 8 6 9 3 3 8 6 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 2 2 2 2 0 1 0 0 0 0 1 5 2 7 8 9 9 6 4 2 2 8 9 2 0 0 5 6 . . . . . . . . . . . . . . . . . 7 4 6 1 1 4 4 0 6 5 7 4 7 8 2 2 5 1940 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 O N D o e c c v to e e m b m e b b r e e . r . r . . . . . . 1 1 1 2 1 1 0 7 7 . . . 6 7 1 1 1 14 3 3 0 2 6 1 1 1 3 3 3 7 9 8 1 1 1 6 5 5 6 6 9 1 1 1 2 2 1 6 3 9 1 1 1 1 1 1 9 9 4 1 1 9 1 1 5 1 5 8 8 9 5 7 0 1 1 1 0 3 3 3 6 0 1 1 10 0 0 9 6 8 . . . 7 5 1 1 1 1 1 1 1 4 6 2 . . . 6 8 0 1 1 1 1 1 1 7 4 6 . . . 4 0 8 1 1 1 3 2 2 4 6 7 . . . 9 1 5 1 1 1 1 1 1 1 7 6 1 1 9 0 0 4 0 1 8 7 7 0 8 9 . . . 7 0 6 1 1 1 0 0 0 O 0 0 . . . 7 2 1 1941 f J J J A O S N a u u e u n c o l n p y g e t u v e t u o a e e . s b r m m . t . y e b b r : e . e . r r . . . . . . :: 1 1 1 1 1 1 1 1 1 1 1 1 4 5 4 4 4 4 3 3 2 2 2 2 7 3 6 3 4 0 8 3 5 8 1 3 . . . . . . . . . . . . 5 9 3 2 4 7 3 9 4 2 5 3 1 1 1 1 1 1 1 1 1 1 1 1 7 7 6 7 6 6 6 6 4 4 4 5 6 4 7 2 9 6 0 4 9 3 7 2 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 6 6 3 4 4 6 7 4 5 3 4 6 5 5 9 9 9 0 0 4 2 2 2 2 2 2 2 1 1 1 1 1 2 1 0 0 1 0 2 8 8 7 9 7 5 9 3 8 2 9 0 4 6 8 8 2 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 4 4 5 4 2 5 4 4 4 1 7 3 8 4 1 6 7 0 2 6 4 1 1 1 1 1 1 1 1 1 1 1 9 3 3 2 1 2 3 2 2 3 2 2 6 3 4 1 9 7 2 0 8 4 6 6 1 1 1 1 1 1 1 1 1 1 6 9 9 2 4 1 3 0 5 3 0 0 1 9 4 3 5 7 8 1 2 9 3 3 1 1 1 1 8 8 6 8 8 7 0 7 7 1 0 1 0 7 9 4 8 4 1 6 4 5 5 2 2 1 1 1 1 1 1 1 1 1 1 1 0 2 1 6 0 2 8 1 9 1 5 8 6 1 1 7 9 9 9 7 2 8 8 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 8 1 1 7 9 3 8 5 0 9 1 0 . . . . . . . . . . . . 4 7 2 8 1 8 6 9 3 3 5 3 1 1 1 1 1 1 1 1 1 1 1 1 4 2 2 3 3 3 2 3 1 2 3 3 0 0 2 9 9 8 6 3 8 9 6 7 . . . . . . . . . . . . 9 9 9 5 6 8 3 3 8 8 6 8 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 2 3 3 2 4 3 2 2 4 2 6 1 5 8 0 1 1 2 5 8 1 . . . . . . . . . . . . 7 5 9 3 4 0 2 0 1 8 6 8 1 1 1 1 1 1 1 1 1 1 1 1 5 9 7 3 4 7 7 8 4 6 8 9 0 0 2 2 5 0 8 4 0 1 8 5 . . . . . . . . . . . . 2 2 0 6 9 5 8 8 3 3 6 1 1 1 1 1 1 1 1 1 1 1 1 1 2 3 2 3 3 3 2 1 3 2 3 3 9 1 7 7 8 6 2 2 2 0 4 4 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 0 1 1 0 3 1 5 3 4 1 3 5 5 1 6 4 4 6 8 8 8 8 8 8 9 9 9 9 9 8 3 2 0 0 4 1 2 1 0 7 3 8 . . . . . . . . . . . . 2 4 8 6 9 5 5 8 3 1 6 8 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 0 0 0 1 2 0 0 4 6 2 0 5 9 8 . . . . . . . . . . . . 2 2 2 8 8 6 2 9 5 3 3 1 December.. N D O A S J J T u u a e o e c g p n n c v t u t u e o e e 1 e m m a . s b 9 m . r t . e 4 b b y . b r . e e 2 . . . e . r r . . . . r . . ' . . . . ' 1 1 1 1 1 1 1 1 1 1 1 1 8 9 8 7 7 6 6 7 5 5 6 5 9 3 3 8 6 5 9 2 5 9 3 7 . . . . . . . . . . . . 2 4 0 4 2 4 6 8 2 1 4 1 . 2 2 2 2 2 1 1 1 1 1 1 2 1 0 2 0 9 1 9 8 8 8 8 3 5 8 0 4 9 1 3 1 3 6 9 7 2 2 2 2 2 1 1 1 1 1 1 1 2 2 1 1 0 9 8 9 8 9 7 8 1 0 3 8 7 5 7 9 2 2 7 0 3 3 3 2 2 2 2 2 2 2 2 2 1 1 2 9 4 9 7 5 7 6 5 3 1 9 8 9 1 0 8 7 2 4 0 5 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 5 5 5 5 5 5 5 5 5 8 1 9 8 2 3 4 3 4 3 2 1 1 1 1 1 1 1 1 1 1 1 1 2 3 2 3 3 2 2 2 2 2 3 3 7 1 9 0 0 6 7 5 6 6 3 3 1 1 2 1 1 1 1 1 1 1 1 1 7 9 8 7 0 8 5 2 9 1 2 2 5 8 5 9 6 2 8 5 3 8 8 8 1 9 9 8 6 7 8 9 8 7 7 7 0 0 1 3 5 0 2 5 2 4 6 6 0 2 2 3 2 2 2 2 2 1 1 1 1 4 8 6 1 6 7 2 8 6 5 4 4 3 6 9 3 8 8 6 8 5 1 9 7 r1 1 1 1 1 1 1 1 1 1 1 1 3 2 2 2 2 2 2 2 2 2 2 2 0 8 7 6 5 2 4 0 1 1 1 0 . . . . . . . . . . . . 2 8 6 5 8 5 5 4 2 9 0 8 1 1 1 1 1 1 1 1 1 1 1 1 6 6 5 5 5 5 4 4 4 5 4 4 4 1 9 3 7 5 3 8 0 7 4 1 . . . . . . . . . . . . 2 5 2 6 4 2 8 7 8 8 0 6 1 1 1 1 1 1 1 1 1 1 1 1 6 6 5 6 5 5 4 4 4 4 3 4 4 0 9 1 3 7 9 8 2 6 9 4 . . . . . . . . . . . . 5 7 6 9 4 1 9 0 3 3 8 3 2 2 2 2 2 2 2 2 2 2 2 2 S 7 8 6 5 2 0 2 0 1 3 4 0 7 1 4 1 0 8 8 0 5 4 2 . . . . . . . . . . . . 8 9 9 4 8 4 2 7 1 7 5 7' 1 1 1 1 1 1 1 1 1 1 1 1 3 4 3 4 3 3 3 3 3 4 3 4 5 0 6 0 8 8 6 4 7 0 8 0 1 1 1 1 1 1 1 1 1 1 1 1 2 0 2 2 0 2 3 1 3 3 2 2 1 4 3 5 8 8 8 7 8 0 4 6 1 1 1 9 9 9 9 9 9 9 9 9 0 0 0 8 9 9 6 8 6 8 8 7 0 1 0 . . . . . . . . . . . . 7 6 2 7 7 0 6 8 6 0 0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 9 0 9 7 2 7 2 4 5 6 6 7 . . . . . . . . . . . . 4 0 8 8 9 5 0 3 4 0 0 1 J S N D J A f I J T u u a e e e o u ™ n l b p : c v g y e e r t 1 e u . . e m u a : . m 9 s m . a r b t 4 y r b . : ; e b . y 3 . e r ; e . . r " r . . . . ' " " P2 2 2 2 2 2 2 2 2 2 1 2 1 1 1 0 1 1 0 0 0 9 1 5 5 8 8 3 1 4 0 7 6 . . . . . . . . . . . 4 6 5 0 1 7 3 4 6 5 3 p r 2 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 3 3 3 3 2 3 7 5 7 0 2 7 6 8 5 7 2 P2 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 3 3 3 2 2 3 7 9 5 1 8 5 9 8 9 3 2 p r3 3 3 3 3 3 3 3 3 3 3 7 7 7 6 6 5 5 5 5 3 4 0 8 6 5 1 9 1 8 6 6 4 P r 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 7 7 7 9 7 8 7 7 6 1 5 6 4 4 "1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 2 3 1 2 2 6 5 8 4 1 1 5 3 7 9 1 1 4 5 6 6 4 6 8 5 0 4 9 9 5 3 5 0 5 2 2 5 3 3 3 3 3 3 4 3 5 7 3 2 6 5 5 4 2 1 6 9 1 1 1 8 8 6 6 5 8 7 1 4 9 7 9 1 8 5 0 9 9 0 8 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 3 3 2 2 2 2 7 6 8 7 8 8 0 0 8 9 9 . . . . . . . . . . . 9 6 8 9 5 4 4 3 5 1 9 , P r r 1 1 1 1 1 1 1 1 1 1 1 6 6 7 6 7 6 6 6 6 6 6 8 9 O 9 0 7 7 5 8 8 9 . . . . . . . . . . . 3 6 7 0 4 9 8 4 0 1 7 1* '1 1 1 1 1 1 1 1 1 1 1 7 7 6 6 6 6 6 6 6 7 7 0 0 7 8 9 6 7 7 4 0 0 . . . . . . . . . . . 4 6 8 4 2 8 8 7 1 8 7 r3 3 3 3 2 3 3 3 2 3 2 3 2 1 9 0 1 0 1 9 2 3 8 7 0 3 4 9 5 7 . . . . . . . . . . 2 4 3 1 9 5 6 7 5 5 1 1 1 1 1 1 1 1 1 1 1 3 3 3 4 4 3 3 3 2 4 3 6 9 5 7 1 0 9 5 7 0 8 ! , 1 I! 1 1 1 1 1 1 1 1 1 1 1 4 2 2 2 4 3 3 4 4 5 6 2 5 9 8 2 2 6 3 0 8 8 e1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 3 2 3 3 3 2 3 1 3 3 4 3 . . . . . . . . . . . . 9 7 4 0 2 1 5 9 1 8 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 0 1 5 2 4 4 4 3 3 4 3 . . . . . . . . . . . 7 0 8 8 1 4 9 1 9 4 1 ; | | | I [ I; wooing day. Preliminary. 'Revised. • Estimated. 'Corrected, i Department of Commerce series on value of payments rporationdataVfor description, see P-358ofBuL^TiNtorjuiyiw^^ of the Bureau /employment and pay rolls, wholesale commodity pricesf^ «* ™ ^SSpwSnt are adjusted for level through 1937; the mor to 1939 for factory employment and W ^ ^ ' ^ ^ ^ V ^ ^ U B UJ to Social Security data. Nonh M^^aStember 1941, pp. 933-937, and October 1943,pp. 958-984; for factory ^d&^mlp^ifiot department store sales, October 1938, p. 918, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average « 100] 1942 1943 Industry Oct. Nov. Dec an. eb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total... 215 220 223 227 232 235 237 236 240 242 r245 247 Manufactures—Total 230 236 240 245 250 253 256 258 258 259 261 T264 266 Durable Manufactures 311 319 328 336 344 351 356 359 358 361 365 r37O 376 Iron and Steel 207 204 200 204 208 210 200 208 201 203 209 213 214 Pig iron 199 201 197 198 200 202 198 196 190 191 202 205 202 Steel 229 224 221 226 231 233 235 233 227 229 235 239 241 Open hearth. 186 182 179 182 185 188 186 184 177 180 184 189 190 Electric 536 527 523 542 560 559 584 583 577 598 593 607 Machinery 380 392 407 417 426 436 441 443 441 440 r443 r449 r458 Manufacturing Arsenals and Depots1. Transportation Equipment 743 T763 r771 215 232 r240 A (A ut ir o c m ra o f b t; i le R s ailroad cars; Locomotives; S • h •; ip •; b • u • i • l • d • - • ing—Private and Government)1 Nonferrous Metals atid Products., 230 266 264 266 273 r288 Smelting and refining # 270 275 278 r279 '294 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating • # 234 240 243 254 252 257 255 264 260 262 270 r285 292 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products.. 133 128 128 130 129 118 Lumber 126 118 118 119 118 115 i>123 Furniture.. 147 148 148 151 149 152 4 Stone, Clay, and Glass Products. 175 175 173 173 168 171 Glass products 159 158 162 162 159 169 Plate glass 43 41 45 49 53 47 Glass containers 200 199 203 202 196 212 Cement 130 127 119 114 112 107 Clay products 136 139 132 132 125 124 Gypsum and plaster products 203 204 198 203 19 Abrasive and asbestos products... 320 325 -326 327 321 326 Other stone and clay products1... Nondurable Manufactures ... 174 175 177 176 177 177 178 nl9 Textiles and Products 157 155 148 145 150 152 Text R N C il a o y e y l t o t f o o a n n n b r a d i c n c e o d s l n i v s s e i u l r m k i e p c s t . o io n n su . mption1 1 1 18 4 6 1 7 6 1 1 1 6 8 4 0 3 6 1 1 1 5 3 8 3 9 3 1 1 1 3 4 7 6 7 7 1 1 1 4 8 5 1 1 6 '1 1 1 8 4 5 2 6 6 ..- > • Wool textiles 161 163 166 163 157 158 160 146 150 151 152 Carpet wool consumption.... 43 4 29 39 40 38 32 30 24 33 29 37 Apparel wool consumption... 212 218 208 230 228 214 222 226 207 210 »706 201 Woolen and worsted yarn.... 179 180 172 184 18 173 177 181 164 168 172 173 Woolen yarn 182 184 176 190 is: 179 181 186 168 176 nn 175 Worsted yarn 175 175 167 17! 17: 165 171 174 159 158 171 Woolen and worsted cloth..., 180 185 177 187 18: 177 177 179 164 166 163 168 ''169 Leather and Products. 117. 117 123 123 1L 119 118 114 112 111 110 109 V0 Leather tanning 126 125 126 13C 12 120 111 122 114 111 106 105 103 Cattle hide leathers 14 139 14 14J 13! 128 131 132 122 116 109 107 102 Calf and kip leathers..... 94 94 9; 9! 9; 9 92 86 85 80 81 77 Goat and kid leathers 81 81 84 8! 8! 9 90 90 86 84 82 S3 95 Sheep and lamb leathers., 14' 163 15 *8i 160 166 164 162 169 174 164 173 Shoes 115 11 11C 111 11 117 115 114 112 114 114 113 Manufactured Food Products. 137 14L 14. 14, 14, 141 141 141 144 144 142 W Ca h n e e a t s u fl g o a u r r meltings1 12C 134 126 109 •97 102 103 110 111 117 Manufactured dairy products.. is: 164 131 P134 P143 J>146 Mea B I ~P V C C B t L c o e u h a a e p e e r m n a e t a k f • t l c e n c e b s r a k e r e e d n i a a n n n d m g d a d n l a d m r d d u r t i t e o d n . milk 1 1 1 i 1 1 1 1 1 0 4 4 s 8 3 5 2 4 , 1 1 ; S 3 5 4 2 1 1 1 1 1 i 7 4 1 4 0 3 s ! 1 5 : 1 W 1 1 1 1 1 1 5 8 3 7 0 5 1 6 9 8 1 1 1 1 1 1 1 4 0 3 4 2 6 2 7 - 3 7 4 1 8 3 9 1 1 1 1 1 1 4 4 0 5 8 3 ; : 7 4 3 1 1 1 1 1 1 1 H 4 0 4 4 8 1 6 I 7 6 9 7 7 2 2 1 1 1 2 1 1 1 0 4 5 1 6 6 1 2 3 5 0 6 2 0 1 3 1 1 1 1 2 1 0 6 5 5 2 9 6 1 6 1 0 9 2 6 3 9 1 1 1 2 1 1 1 0 5 7 6 8 7 1 4 4 4 1 0 6 3 0 0 1 2 1 1 1 1 1 9 5 5 4 8 1 0 5 6 0 7 1 2 9 9 4 1 1 2 1 1 1 1 9 5 5 7 2 3 3 6 5 0 4 8 1 0 1 1 1 1 1 1 1 6 9 3 5 7 8 3 5 1 3 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. - r 86 FEDERAL RESERVE 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 Oct. I Nov. Dec. Jan. Feb. Mar. Apr. May June July I Aufi. Sept. Oct. Nov. Manufactured Food Products—Continued Other manufactured foods. 138 139 144 144 143 145 144 144 142 141 142 138 Processed fruits and vegetables.. 123 122 122 121 121 122 124 121 119 114 126 120 '•121 HIS Confectionery 125 123 135 137 139 145 153 152 144 134 123 120 mi Other food products 145 147 152 151 149 150 148 148 148 149 150 mo Alcoholic Beverages 123 121 105 121 112 104 96 106 106 130 141 Malt liquor., 130 144 131 122 142 133 124 113 127 127 131 155 169 Whiskey 13 0 0 0 0 0 0 0 0 0 0 (1 0 Other distilled spirits.. 63 62 42 42 63 35 31 21 22 23 40 90 62 Rectified liquors 226 159 159 isy 161 157 141 139 144 144 157 15S 17.S Industrial Alcohol from Beverage Plants1. Tobacco Products..-. 140 138 146 132 128 129 132 123 124 134 136 134 146 Cigars 121 117 154 103 101 93 103 104 102 99 96 101 101 Cigarettes 163 163 160 159 153 159 160 144 149 166 169 165 186 Other tobacco products,. 97 94 94 93 88 89 86 85 78 84 92 87 KX) Paper and Paper Products US 137 133 135 140 141 141 142 140 135 143 143 Paper and pulp \ .; 139 137 132 135 139 139 138 140 136 133 141 140 Pulp 167 161 149 148 153 148 150 154 143 141 153 150 Groundwood pulp ' 114 107 107 103 107 103 101 104 106 111 115 M2 Soda pulp 137 141 127 96 98 94 93 92 84 87 93 <)i Sulphate pulp 218 208 192 201 206 203 204 211 184 193 214 211 Sulphite pulp 157 151 140 140 146 140 144 147 142 131 139 134 Paper.' 134 133 130 133 137 138 136 137 135 132 139 138 Papcrboard 136 137 134 137. 143 150 150 150 152 143 151 155 151 Fine paper..' 130 129 124 129 131 129 130 133 123 126 r135 r124 Printing paper 131 127 120 125 131 126 124 122 122 117 126 125 Tissue and absorbent paper 170 174 175 175 172 174 167 168 176 158 169 174 Wrapping paper 128 123 120 125 129 127 125 130 118 127 130 126 Newsprint 107 102 100 92 92 90 88 S9 91 91 00 £8 Paperboard containers (same as Papcrboard). Printing and Publishing " w 116 111 115 116 112 113 112 112 HI US no 7107 Newsprint consumption 104 106 103 104 101 91 101 102 102 105 103 97 96 Printing paper (same as shown under Paper) Petroleum and Coal Products 154 157 156 •158 165 166 171 173 177 182 193 r202 1*206 Petroleum refining 153 155 155 157 164 171 174 180 185 196 r206 P2\l Gasoline. 111 110 104 99 102 99 101 104 109 109 116 122 122 H22 Fuel oil '...'.'.'.'.'.'.'.'.'.['.'.'" '.'""' 137 138 137 137 143 137 144 137 138 145 153 156 151 Lubricating oil ....[.[[......./.... 113 114 113 111 114 118 114 116 120 121 123 123 134 Kerosene '.".['.'.'. ! ! . . . !, 112 110 99 104 117 118 121 122 126 118 107 115 113 Other petroleum products^ .../..[[']...". Coke B B . e y e p h r i o v d e u c ct o k c e oke .'.'.'..'..'.. " 5 1 i 2 5 o 7 5 6* 5 1 1 0 5 6 3 6 6 ' 5 1 0 5 1 6 4 1 1 8 6 5 5 6 7 ' 5 1 1 4 6 5 3 9 8 5 1 5 5 1 8 5 1 1 1 5 6 9 9 9 ' 4 1 1 8 6 5 1 6 7 * 3 £ 1 1 5 5 S 7 2 4 \ 1 5 5 t 3 3 l 5 1 1 2 7 5 3 0 9 5 1 3 6 8 1 1 1 6 5 9 8 ' I H " 6 1 3 55 Chemical Products.. 314- 330 344 355 361 370 3S2 389 3Q9 402 r404 395 398 P I S R n o a a d a i y u n p o s ts t n r / . i . a . l . . chemicals''.'.'.'."" 3 1 1 1 0 2 1 9 4 2 6 0 3 1 1 1 1 2 2 8 0 5 1 7 3 1 1 1 1 9 2 2 9 6 3 6 3 1 1 1 3 2 2 9 2 5 5 6 2 3 1 1 0 3 2 2 0 2 7 7 2 3 1 1 4 0 2 2 1 4 6 4 2 3 1 1 1 5 2 2 0 0 9 4 2 3 1 1 1 5 3 2 4 6 0 2 2 3 1 1 1 6 3 2 3 6 5 3 3 2 1 1 7 2 2 3 1 2 0 9 f1 2 3 1 2 2 8 4 4 3 2 0 2 3 1 1 2 8 2 3 1 3 3 7 3 2 1 1 9 2 2 3 6 5 0 8 » J> M 22 0 7 1 Explosives and ammunition*, utner chemical products1 Rubber Products 191 200 212 215 218 222 222 224 230 229 227 231 234 Minerals—Total. 129 130 127 125 131 133 131 129 117 134 135 13S 136 "132 Fuels.... 127 130 126 124 131 133 131 129 115 136 137 140 13$ C C r o u a d B A l. e . i n t p u th e m r tr a i o n c l o i e t u e u s m coal .' 1 1 1 1 2 4 4 1 1 5 0 7 1 1 1 1 2 4 2 5 1 8 4 4 1 1 1 1 2 0 4 3 1 5 3 6 1 1 1 1 1 4 0 3 8 5 2 6 1 1 1 1 2 5 2 5 1 7 9 1 1 1 1 1 6 2 5 2 1 2 4 8 1 1 1 1 5 4 2 2 1 6 4 9 1 1 1 1 4 2 3 2 3 5 9 4 1 1 9 0 2 7 7 3 4 4 1 1 1 1 5 2 2 5 5 9 8 0 1 1 1 1 4 3 5 2 8 1 3 8 1 1 1 1 5 5 2 3 5 0 9 6 1 J 1 1 4 4 3 2 4 1 7 7 *M 25 Mttals., 140 133 133 . 130 131 131 130 129 128 128 123 T124 123 V{77 Meta I l r s o n o t o h r e e r . . than gold and silver. ' 2 1 1 8 84 2 1 1 8 1 1 2 1 2 8 3 7 2 1 2 8 3 5 1 22 8 3 9 2 1 2 8 3 8 2 1 2 8 3 9 2 1 2 8 3 6 2 1 2 8 3 7 2 1 2 8 3 8 2 1 2 8 3 4 2 1 2 S 3 S 2 1 2 8 3 7 mi "7 8 8 2 "6 7 5 4 ' "5 75 i "•4 7 7 6 1 '*4 7 4 7 ' "45' "4 7 3 5 " "4 7 2 7 "3 8 7 3 "3 8 4 7 "28 " . 2 6 7 7 ^ JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES Without Seasonal Adjustment) {Index numbers of the Board of Governors. 1935-39 average « 100] 1942 1943 Industry Oct. Nov. Dec. Jan. Feb. Alar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total. 218 220 221 223 229 232 235 239 238 241 245 248 249 '241 Manufactures—Total 233 236 239 242 247 251 255 258 259 260 263 267 269 Durable Manufactures 312 319 327 334 342 350 356 360 359 362 367 r372 377 Iron and Steel 207 204 200 204 210 209 208 201 203 209 213 214 m V St i e z e O l i E ro l p e n e c n t ri h c earth. 5 2 1 1 3 2 9 8 6 9 9 6 5 2 2 1 0 2 2 8 1 7 4 2 5 2 1 1 2 2 7 9 3 1 9 7 5 2 1 1 4 2 8 9 2 6 2 8 5 2 2 1 3 6 0 8 1 0 0 5 5 2 2 1 5 3 0 8 9 3 2 S 5 2 1 1 8 3 9 8 0 5 8 6 5 2 1 1 8 3 8 9 4 3 4 6 5 2 1 1 8 2 7 9 3 7 7 0 5 2 1 1 7 2 9 8 7 9 1 0 5 2 2 1 9 0 3 8 8 2 5 4 5 2 2 1 9 0 3 8 3 5 9 9 6 2 2 1 4 0 0 9 1 7 2 0 5 2 2 m 3 9 0 5 0 1 Machinery 380 392 407 417 426 436 441 443 441 440 r443 r449 458 Manufacturing Arsenals and Depots1 . . Transportation Equipment 567 600 630 651 671 692 718 728 743 756 r763 r771 Automobiles •, 177 135 191 198 203 204 206 211 215 220 232 r240 (Aircraft; Railroad cars; Locomotives; Shipbuilding —Private and Government)1 Nonferrous Metals and Products. 230 239 243 250 252 256 257 266 264 266 273 r288 Smelting and refining 111 238 141 241 253 255 262 271 275 276 279 (Copper smelting, Lead refining Zinc smelting, Aluminum; Magnesium; Tin)1 Fabr ( i C ca o t p in pe g r products; Lead shipments; Z;inc ship- 234 240 243 254 252 257 255 264 260 262 270 r285 292 *33O3 ments; Aluminum products;Tin consumption)* Lumber and Products. 140 130 120 112 119 123 130 136 135 135 137 136 133 mi Lumber... 137 123 106 96 104 110 120 130 128 128 130 129 124 Furniture.. 145 142 146 142 147 149 149 147 148 148 151 149 152 Stone, Clay, and Glass Products 176 175 169 170 166 168 172 180 177 173 179 174 178 mi G C G C e l y l a a m p y s s G P s e u p n l l m p a a r t r t s o e o s d a d g u n c u c l o d c a t n s t s p s t s a l . a i . n st e e r r s products.... 2 1 1 1 1 3 5 0 3 9 6 3 1 2 3 0 8 1 1 1 1 1 3 7 5 9 8 3 5 1 0 4 6 6 1 1 1 1 1 3 4 9 5 6 1 5 9 4 6 0 1 1 1 1 1 1 8 3 3 4 8 3 7 5 9 7 7 9 1 1 1 1 1 8 3 3 2 8 4 . 6 7 6 4 5 8 1 1 1 1 1 3 8 4 9 2 3 6 5 6 6 6 5 2 1 1 1 1 0 9 5 2 3 3 2 4 3 8 9 8 2 2 1 1 1 4 1 0 6 3 3 3 4 5 9 7 6 2 1 1 1 1 4 9 5 0 3 3 1 7 7 8 7 6 1 1 1 1 1 9 5 4 3 9 3 5 6 5 2 8 1 2 2 1 1 1 4 3 0 1 6 2 9 5 4 0 8 9 2 1 1 1 1 5 0 6 9 2 3 3 0 2 8 9 0 2 1 1 1 1 1 4 3 7 9 2 8 7 1 4 9 4 P P 1 2 1 1 1 9 0 6 3 5 0 6 6 6 4 1 5 Abrasive and asbestos products.. 258 270 293 301 305 308 313 320 325 326 327 321 326 Other stone and clay products1.. Nondurable Manufactures... 168 16S 168 171 171 173 175 177 177 180 r182 181 Textiles and Products 159 157 158 162 158 157 159 155 148 145 150 152 nn Textile fabrics 150 148 149 152 149 147 149 146 139 136 141 142 Cotton consumption 171 163 171 171 166 166 169 160 153 147 156 156 is N Ra y y lo o n n a d n el d iv s e i r l i k e s c onsumpt # i . on1 177 178 180 181 181 181 185 183 183 177 181 r186 191 Wool textiles 160 161 163 154 166 163 157 158 160 146 150 151 152 Carpet wool consumption 44 43 44 29 39 40 38 32 30 24 33 29 37 Apparel wool consumption.... 210 212 218 208 230 228 214 222 226 207 210 r206 201 Woolen and worsted yarn 179 179 180 172 184 181 173 177 181 164 168 172 173 Woolen yarn 182 '182 184 176 190 187 179 181 186 168 176 r178 175 Worsted yarn 175 175 175 167 177 172 165 171 174 159 158 163 171 Woolen and worsted cloth 179 180 185 177 187 182 177 177 179 164 166 r169 168 Leather and Products. 120 119 116 123 126 117 118 118 113 110 110 T110 110 Leather tanning 127 130 125 130 137 119 121 122 112 105 105 r103 104 C Ca a l t f t le a n h d i d k e i p le l a e t a h t e h r e s rs 1 9 4 6 5 1 9 4 7 4 1 9 4 1 1 1 9 4 3 4 1 9 5 8 1 1 9 2 0 8 1 8 3 8 1 132 1 8 1 8 7 10 8 9 4 1 8 0 4 5 1 8 0 0 5 10 7 3 8 Goat and kid leathers 81 79 85 89 93 93 93 86 83 80 89 95 Sheep and Iamb leathers.. 147 172 146 172 188 155 162 177 160 157 180 161 173 Shoes 115 111 110 118 119 115 117 115 114 112 114 '114 113 .Manufactured Food Products. 147 141 139 131 127 128 128 135 141 152 r159 151 V14S Wheat flour us 119 118 134 127 116 105 98 102 109 121 124 Cane sugar meltings1 Man C C B uf h a u a n e t c t e n e t s e u r e d re a d n d d a d ir r y ie d p r m od il u k cts.. 1 1 1 7 0 0 0 7 2 4 7 1 9 8 9 1 7 1 5 0 1 1 8 1 0 6 1 7 P 1 1 9 9 2 1 9 4 7 9 ^1 1 1 1 9 4 3 5 8 2 2 1 1 1 5 0 6 3 8 8 2 1 1 0 9 3 8 4 3 ^2 2 2 1 0 2 1 4 3 3 3 6 1 1 1 9 2 8 8 7 9 P1 1 1 1 7 6 6 0 9 1 7 6 P1 1 1 S 9 4 5 3 1 2 3 P1 1 1 2 1 3 7 0 1 0 5 1 6 0 1 i 7 Meat V L P R I c e e o a p e a e r a m l f k c b c k r a e i a n a n n d m g d l m a u rd tton 2 1 1 1 1 1 3 0 2 5 6 3 1 0 8 2 6 0 2 1 1 1 1 9 4 0 8 4 1 8 9 1 6 8 9 2 1 1 1 2 7 7 2 2 1 1 3 6 8 1 1 1 1 7 1 0 4 6 1 5 5 0 9 1 1 1 1 0 7 3 0 6 5 0 6 8 1 2 1 1 1 6 1 1 2 6 2 1 6 6 2 2 1 1 1 2 9 6 5 1 2 4 3 8 2 1 1 1 1 3 2 7 7 1 4 9 3 0 1 1 1 1 1 5 0 2 8 5 1 7 0 5 4 1 1 1 1 1 7 6 4 7 4 5 0 4 3 0 1 1 1 I 1 8 4 7 S 6 1 7 2 O 8 " 2 2 1 1 1 5 0 6 6 5 9 6 0 6 0 rRevise<I. * Preliminary. l Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE 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 Oct Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Manufactured Food Products—Continued Other manufactured foods./ 154 145 142 133 130 129 128 130 134 146 161 165 P C r o o n c f e e s c s t e io d n f e r r u y its and vegetables., 1 1 5 6 7 3 1 1 1 4 2 5 1 9 3 5 7 1 7 4 9 1 1 7 4 6 0 1 6 3 7 5 1 7 2 5 7 1 7 1 9 7 1 9 0 1 7 1 1 4 1 8 0 r2 1 1 3 4 3 2 1 5 5 9 5 PISS H09 Other food products 152 154 155 145 142 144 142 146 149 152 153 153 Alcoholic Beverages 123 103 94 90 110 105 107 106 127 126 122 138 132 119 Malt liquor 121 111 105 100 128 123 130 129 161 159 150 166 144 130 Whiskey 13 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits.. 164 130 46 27 38 23 19 13 13 13 21 105 234 130 Rectified liquors 226 159 159 159 161 157 141 139 144 144 157 156 158 178 Industrial Alcohol from Beverage Plants1. Tobacco Products 149 141 137 132 122 123 125 123 128 138 140 141 144 151 Cigars * 140 117 154 103 101 93 103 104 102 99 96 101 100 101 Cigarettes.... 169 167 147 159 144 148 149 144 156 175 177 176 179 190 Other tobacco products., 104 97 83 91 85 89 86 86 80 84 89 93 99 103 Paper and Paper Products... 138 137 132 135 140 141 141 142 140 134 rl43 143 141 Paper and pulp 139 137 132 135 140 139 139 140 137 132 140 140 139 Pulp.. •....'.".".".!'."".!!! 165 162 149 149 154 150 152 155 143 140 151 148 152 Groundwood pulp ...I./.......] 106 114 108 107 111 110 112 113 107 99 101 99 104 Soda pulp 137 141 127 96 98 94 93 92 84 87 9S 93 93 Sulphate pulp ". 218 208 192 201 206 203 204 211 184 193 214 211 213 Sulphite pulp.. 157 151 140 140 146 140 144 147 142 131 139 134 141 Paper .'.'."."."!.".".'."! 135 133 129 133 138 138 137 137 136 131 139 138 137 Paperboard. 136 137 134 137 143 150 150 150 152 143 151 155 148 151 Fine paper 130 129 124 129 131 129 130 133 123 126 r135 r124 127 Printing paper '..'.'.'.'.'.. 131 127 120 125 131 126 124 122 122 117 126 125 123 Tissue and absorbent paper '. 171 174 170 173 179 174 168 168 180 152 169 174 178 Wrapping paper. 128 123 120 125 129 127 125 130 118 127 130 126 128 Newsprint 107 103 98 92 92 90 89 90 92 89 88 83 87 Taperboard containers (same as Paperboard)' Printing and Publishing . 120 121 114 HI 115 114 116 114 HI 104 rU0 112 112 mi Newsprint consumption. 109 115 108 91 9& 101 107 106 101 91 93 98 101 98 Printing paper (same as shown'under Paper) '. Petroleum and Coal Products.. 154 157 156 158 165 166 173 177 182 193 T202 206 mo Petroleum refining 153 155 155 157 164 166 174 180 185 196 r206 211 P217 Gasoline *"" 111 110 104 99 102 99 104 109 109 116 122 122 mi Fuel on.;; 137 138 137 137 143 137 137 138 145 153 156 151 Lubricating oil;.";; "" 113 114 112 108 113 117 121 120 120 121 123 134 Kerosene ;; 112 113 102 106 123 120 124 119 110 102 114 113 Cnlr " PetroleUTn products!; 166 166 166 166 169 169 169 166 157 162 170 171 169 Byproduct coke '..' 155 156 156 157 158 158 159 157 152 153 159 161 158 Beehive coke 527 503 501 485 543 551 519 481 .318 453 523 538 535 Chmical Products 317 331 346 354 362 372 384 389 396 398 r400 395 400 *>393 1 12 2 1 2 1 1 2 2 2 4 1 12 2 3 6 1 1 2 2 3 3 1 12 2 5 5 1 1 2 2 6 4 1 12 3 2 0 1 1 1 3 9 4 1 1 3 2 9 0 1 1 3 1 7 9 r1 1 2 3 6 9 1 1 3 2 5 8 1 1 3 2 8 6 P 1 1 3 29 Rayon.*.'.' ""' 190 187 196 196 200 204 210 214 213 222 223 221 225 J>227 Industrial chemicals;'.'. ' 304 310 319 332 332 341 350 356 366 371 382 383 396 fces ?n<J ammunition^; .*•[ ] \ utQer chemical products! ."..*...*.* ."•".'." X^hr Products in 200 212 215 218 222 222 224 230 229 227 231 234 134 132 119 119 125 127 127 132 121 140 140 143 140 p131 127 130 126 124 131 133 131 129 115 136 137 140 138 P133 Coal 140 148 136 136 151 154 146 139 97 150 148 150 141 Bituminous coal 145 154 143 145 157 161 151 143 103 155 153 155 144 Anthracite 117 124 105 102 129 128 129 124 74 129 128 129 127 P102 e petroleum. 121 121 121 118 121 122 124 125 124 128 131 136 137 176 143 79 90 90 105 148 159 163 161 r159 149 P119 239 192 93 114 121 121 147 223 243 250 249 247 228 P177 335 229 19 73 77 79 132 298 341 365 363 351 310 PI 99 * 7 £ 5 o 3- T 7 E 71 .! a V n o d r 8 d 2 r 5 J ^ r 8 r^ 8 l ? ij nm D a ry J- L a 1 C k S er fi i g e u s r es i > n cl S u e d e e B d u i u n -E " t N ot al f o a r n d O g c r to o b u e p r in 1 d 9 e 4 x 3 e , s p b p u . t 9 n 4 o 0 t - 9 a 8 v 4 a , i l S a e b p le te m fo b r e p r u 1 b 9 li 4 c 1 a , t i p o p n . 8 s 7 e 8 p - a 8 r 8 a 1 te a ly n . d 933-937, and August 1940, 1944 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 1442 1943 1942 1943 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Oct. Total. 160. 161.9 169. r170.. r170. 170.' 170.7] 261., 270.9] 280.4 325.6 r322.2 328.i 333.4 Durable good* 206.' 210.4 229. 230.' 130, 232.: 234. 352.41 366.2 382.8 439.7 r448.2 r46i.; 470.3 Nondurable goods 124. 123.8 122. "123.; r 121. 120. 173.3J 177.7 180.3 194.2 199.0 198.; 199.6 Iron tint Steel and Products 164 165.\ 172. 173. 173.6 174.\ 175. 255.4, 264.1 270.1 299.6 308. 312 A 319.8 l!l.i»t furnace*, steel works, etc t.M 133 133 133 132 131 200 201 204 224 230 233 234 Steel castings 2(>9 280 278 271 269 420 435 446 478 484 476 483 Tin cans and other tinware 91 111 117 110 106 149 139 128 173 187 178 175 S S S S H S F c t t t t o a a r e o r r r u e a m k v d w m c i e n p w * t , K u e a m d r i h * r i a a e n o l c a d t . h a - n w i n d h , n a d e e e t a o e n t p r r a i r n . n m h o g a e d e m a l u e e l e q c d i n t u n s t i g ( w a p l m a a m r p e e p n e . a t t a r l a t w u o s r .. k . 2 2 U ] 1 1 1 W 8 4 7 0 1 S 7 1 * 7 0 2 2 1 1 1 1 1 8 4 3 9 8 1 1 9 7 6 0 3 7 0 2 2 1 1 1 1 1 6 6 9 9 9 2 1 - 1 5 6 5 8 9 1 rl 2 2 2 1 1 1 9 6 5 0 9 2 2 2 6 9 2 7 1 8 r r 1 1 2 2 2 1 1 6 6 8 2 0 2 9 5 0 9 4 2 8 5 2 2 2 1 1 1 1 6 8 0 6 3 2 9 1 9 4 8 1 8 7 3 2 4 2 2 1 1 9 6 9 0 9 9 4 4 9 0 7 8 4 5 4 4 3 3 2 2 1 3 9 1 2 0 1 6 8 1 2 7 8 7 0 4 5 2 3 3 2 1 4 3 0 1 1 1 7 2 1 7 4 9 1 0 4 5 2 3 3 2 1 5 4 9 6 5 4 9 6 2 7 1 6 2 8 r3 5 3 4 2 3 2 0 5 7 8 1 5 5 6 1 3 3 1 1 1 r r3 2 4 5 3 2 3 l 1 4 8 7 6 5 5 9 9 9 2 2 4 3 5 3 3 5 2 2 1 8 6 3 6 6 3 4 1 4 1 3 6 2 Electrical Machinery 235. 243.01 275. 276. 279.8 283.4 287.41 368.6 382. 40?. 8] 462.8\ 475.3 487.7 494 J Mach T R M A P in r u e g a e a f m r r c r y i y h i c p t , g u o i s e n r l r t e * e a u r x t r y c o a e r a p l s , n t d e E x m l c e l a c u t c r d h i i c i n n a g l e s t h ra op ct o p r r s o ducts I ! , 2 2 2 1 1 8 1 1 4 2 5 1 * 5 7 2 . 2 2 1 1 1 8 2 2 0 5 5 3 6 6 1 3 2 2 1 1 1 1 3 5 4 6 3 6 6 4 7 5 9 . i 3 2 2 1 1 1 2 5 3 4 7 4 1 9 6 6 3 2 .1 3 2 2 1 1 1 2 6 3 4 4 7 3 1 6 5 5 7 .2 3 2 2 1 1 1 2 6 3 4 8 4 6 6 7 6 0 8 . 239.5 3 3 5 1 1 1 1 5 5 5 6 9 1 7 2 $ 4 8 .3 3 5 3 1 2 1 3 7 7 7 1 8 1 3 2 6 1 7 .5 3 3 5 2 1 1 8 8 5 1 7 9 2 1 6 2 2 0 .5 4 4 2 6 2 2 2 2 6 5 3 5 0 6 0 6 0 4 J 4 6 4 2 2 2 5 2 7 6 3 6 7 3 7 3 4 0 .9 r r 4 2 6 2 4 2 8 S 4 7 7 3 4 l 8 0 5 8 .2 4 4 2 6 2 2 4 8 9 4 9 7 7 8 4 1 6 9 .4 A Tr u a t n o s m p o o b rt i a le t s ion Equipment, except Autos , 1,1 1 5 4 4 2. . , 1 2 4 0 7 2 . . . , 1,4 1 5 7 2 2 . .6 1, 1 4 7 5 7 1 . . 5 7' 1 1 8 , 3 4 . 4 4 9., , 1 4 8 5 7 7 . . 6 6 ,4 1 6 9 5 1 . . 1 2 ,0 2 5 2 3 5 . . 3 , ',1 2 1 3 6 5 . . 3 11 , 2 2 6 7 1 5 . .9" , 3 7 1 9 4 0 . . 3 6 I r2t80 3 5 2 . 4 5 ., r2,9 3 4 3 4 8 .4 ., \Z , 3 9 6 4 8 4 . . 5 1 Nonle L P C r r i l r g o i o m h c u k t s a i s r n y g a M n s e e d m q ta u e w ls l i p t a i m t a n c t g h h e n t e a s t n P d r o r d e u f c in ts ing 1 1 1 1 4 0 2 7 . 1 7 * !. J 1 1 1 2 0 4 7 S 6 6 3.1 I 1 1 1 S 2 1 6 O 2 9 9 . 1 I 1 1 2 2 6 S 0 5 8 O. 9 1 1 1 I 2 2 6 S 5 4 9 1.8 1 1 1 1 7 3 S 2 0 0 4 4 .3 186.0 2 2 2 1 2 0 7 5 3 3 3 9 .3 2 2 2 1 8 2 1 6 2 8 5 5 .: 2 2 2 1 2 9 3 8 8 2 2 3 .2 2 2 2 3 9 0 2 2 5 3 6 1.1 3 2 2 2 3 2 9 1 6 5 9 0 .4] 3 3 2 2 0 3 4 2 5 6 2 3 .8] 3 3 2 2 0 2 4 3 1 7 2 8.2 Lumb S P e a i r n w n m a in n i g l d l s a T n im d b e p r l yw B o a o si d c m Pr il o l d s ucts 1 1 ID 2 2 1 J 7., 1 1 1 2 0 2 1 1 5.1 1 1 9 1 1 2 4 5.1 1 1 9 1 1 2 2 4.6 1 1 8 0 1 9 8 1.0 1 1 8 1 0 8 0 9 .2 109.9 1 1 1 6 5 9 S 8 2.2 1 1 1 9 7 6 8 5 3 .3\ 1 1 1 7 5 8 4 3 8.7 1 1 1 7 9 5 9 3 6 .3 2 1 1 0 6 8 6 9 3 .0] 1 1 1 7 6 9 6 2 7.7] 1 1S 64 2 Furni F tu u r r e n it a u m re i Lumber Products 1 I 1 O 2 S .. 1 10 1 6 0.5 1 10 0 6 9. S 1 1 1 0 0 7 .4\ 1 1 0 0 8 5 .6 1 1 0 0 9 6 .4\ 110.4 1 1 5 5 8 4 .1 1 16 6 5 8.2 1 1 6 5 5 8 .0 1 1 7 7 8 2 .6 1 1 8 7 5 9 .5 1 17 8 7 3.2] 1 18 9 4 1.0 Ston G C B P e, o e r l a i t m C c t s e k l s e a r , n y y t , t i a l a e n n , d d a n C re d l l a a s t t s e e r d P r r a p o c r d o o u d t c t u a ts cts 1 t 1 1 1 o 3 2 1 2 o 7 4 7 $.. 1 1 1 1 1 3 2 1 0 2 3 5 7 6 3 .3 ' 1 1 1 1 9 0 2 2 2 0 1 7 3 2.1. m 1 1 1 8 2 2 0 . 8 9 8 0 s\ 1 1 1 9 8 1 2 2 6 5 9 8 8 .8 U 1 1 9 8 2 2 9 4 3 8 9 .3\ 119.2 1 1 1 1 14 7 6 5 6 7 3 8 2 9 .4 1 1 1 1 1 6 5 8 6 7 7 5 4 4 8.9; 1 1 1 1 1 7 6 6 8 5 9 9 1 8 2 .2] 1 1 1 1 1 8 7 4 8 3 4 9 5 2 5 .4] r1 1 1 1 1 9 4 9 3 9 4 8 0 7 2.3, r1 1 1 m 1 9 8 4 2 3 7 0 8 .s\ 1 2 1 1 1 9 0 4 9 3 4 2 1 4 0 .0 Texti W C S H D C K le i a o o y l n - o k M r s t e i o p t t i i o l e t i a n e e l e n r t n t g n d y s d g a a a a o u n r n n n o n a d d a d d y d s o e f w F r i r n u n e i w o b g i x s r e p e s c s h r o , a e t i o e r n p w P d . d g t . r o * o s m o t d m e l u a x a c n t t l i s u l l e f w a s c a t r u e r s e . s .. . . . 1 1 m 1 9 8 0 7 1 1 1 3 5 8 9 6 m 1 1 1 H 9 8 0 1 7 1 2 t 3 7 6 8 3 Ji 1 1 1 1 1 8 0 7 1 7 0 2 0 7 S 9 1 3 0 2 6,, i 1 1 1 9 8 7 7 2 0 o 0 9 6 5 9 2 1 a 6 .2! 1 1 1 1 8 9 0 0 7 7 1 0 3 7 7 2 8 1 9 3.6 1 1 1 1 9 8 0 7 0 1 7 0 7 3 8 8 3 9 1 3.8 103.9 2 1 1 1 1 1 1 9 0 3 4 9 5 2 6 3 8 1 3 6 9 7 6.81 2 1 1 1 1 1 1 1 7 3 5 3 1 0 9 7 7 8 2 1 3 8 3 1 .0\ 2 2 1 1 1 1 1 1 0 5 1 3 7 0 3 7 1 8 3 9 9 5 1 5.4 2 1 1 1 1 1 1 1 7 5 0 3 9 3 0 7 4 3 7 9 8 1 2 3.0 r1 2 1 t 1 1 1 1 9 5 7 3 0 0 7 3 8 2 7 5 4 7 3 4 .2 r1 1 1 1 2 1 1 1 5 9 0 3 7 0 3 7 l 5 5 1 2 5 2 2.0] 2 1 1 1 1 1 1 1 7 0 9 5 0 3 7 3 7 5 8 2 9 6 4 6 J , Appa W M M S re h i o e l i l n r m li t a ' n s s e n , e n c d r c ' y l s o o O c t l t h l l h a o i e n r t r h s g i F , a n i n n g n . , d i e s n h . n c e . i . e d g . h c T t w ex e ti a le r s 1 1 9 9 8 1 1 4 3 6 1 4.3 1 1 9 9 7 0 1 4 1 2 8 2.3 1 1 8 8 7 0 0 4 6 4 4 5.6] 1 1 8 8 8 0 0 2 2 6 3 5.7\ 1 1 8 8 8 0 0 0 0 5 1 4.1 1 1 8 8 7 0 0 6 0 7 2 4.6} 103.9] 1 1 1 1 1 2 4 3 1 4 1 3 0 6 7.4] 1 1 1 1 1 2 0 5 4 4 2 7 3 7 8 .0] 1 1 1 1 4 7 4 5 2 3 6 5 2 3 .7 1 1 1 1 9 5 3 5 2 5 8 1 1 5 .8] r1 1 1 1 1 3 2 5 6 3 l 2 4 4 3 .1] r1 1 1 1 1 3 5 1 3 6 0 4 4 6 3.4] 1 1 1 1 1 5 0 3 3 6 8 6 4 2 4.1 Leath L H e e o r a o t a t h s n e ^ a r i n L d e a s t h h o er e s Products 1 1 9 0 0 1 2 3.0] 1 1 9 0 0 3 4 4.\ 8 9 9 5 6 5.0\ 8 9 9 4 2 3.6\ 8 8 9 2 9 0 .8 . 8 8 9 8 1 0.5 91.0\ 1 1 1 3 3 4 8 5 5.6 1 1 1 3 4 46 5 0.2] 1 1 13 5 5 7 3 3.4] 1 1 1 3 4 4 1 2 5.9] 1 1 1 4 3 3 7 5 8 .8] 1 1 1 3 3 4 5 1 3.1] 1 1 1 4 3 3 3 5 0 .1 Food C B C S M S F B u l l a a a o e o a a n g k n v n u u l a n i d e t f r n g e r r i , g h n a l c K i g g t t q i b e i n e u o e r a d s o n i e , r n n r t e e d g s n d ry o p a n n r P a e d r l s c o e m o d r u h v e c o i a t n l s t i g c packing U 1 1 1 1 1 1 1 1 4 1 2 1 4 3 0 2 9 2 7 0 5 0 5 5 8.fi' 2 1 1 1 1 1 1 U 1 0 5 0 1 3 1 4 2 b 1 3 0 6 5 4 4 1.5 1 U 1 1 1 1 1 1 4 2 3 4 3 0 1 1 9 8 0 4 2 4 4 0 4 .3] rl 1 1 1 1 1 1 1 7 5 4 3 0 3 1 0 2 5 1 4 5 6 5 5 9 8.4] r r 1 1 1 1 1 1 1 1 8 4 3 1 0 0 7 3 2 5 0 3 7 9 8 4 2 9.0 1 1 1 1 1 1 1 1 1 2 2 6 3 1 3 2 1 3 S 0 7 2 3 2 6 2 3 .3] 118.1 3 1 1 1 1 1 1 1 1 7 3 3 1 7 4 5 5 7 3 8 8 9 3 1 3 5 3 .2 ' ] 2 2 1 1 1 1 1 1 1 9 2 7 4 7 3 6 4 5 4 6 8 4 7 3 4 4 0 . 4 ' ] | j 3 1 1 1 1 1 1 1 1 7 3 8 4 2 6 8 4 6 9 7 1 8 8 3 2 4 0.5 . 2 2 1 1 1 1 1 1 6 0 0 9 4 7 5 7 7 8 1 4 0 9 8 3 5 0 .9, r r r 3 2 1 1 1 1 1 1 8 1 0 7 9 5 8 5 8 6 7 3 4 3 3 4 5 2 .8 r r r r 3 1 1 1 1 1 1 1 1 0 8 9 6 8 7 5 8 0 4 4 2 4 7 2 5 0 0 .8 2 2 2 1 1 1 1 1 1 2 0 0 5 7 S 6 9 8 5 1 6 9 8 3 1 2 4 .2 Toba C C cc i i o g g a a M r r s e a tt n e u s factures 1 1 9 2 0 3 6 6.4] 1 1 9 2 0 7 9 4.S\ 1 8 2 9 2 1 5.1 1 9 2 7 4 5 9 . f 8] 1 T9 2 7 4 6 9 . 1 9 2 7 5 3 8 .5 96.6 1 1 1 6 3 4 7 2 4.1 1 1 14 5 7 5 3 2 .7 1 1 1 5 7 4 7 9 6 .4] 1 1 1 5 8 3 3 2 8 .5 1 1 1 5 8 2 1 7 9 .1 r1 1 1 5 8 4 4 0 0 .1 1 1 1 9 4 6 1 1 0.2 Pape P P P r a a a p a p p n e e e r r r d a b g A o n o l x o d li e d e p s d s u , l n p P .e r . o c ducts., 1 1 1 1 0 2 1 1 7 0 0 3.1 1 1 1 1 1 0 2 1 1 9 4 4.\ 1 1 1 1 0 2 2 1 9 9 3 S.9\ 1 1 1 2 0 2 7 9 2 r 1 I 1 12 1 0 2 5 7 8 0 .2 1 1 1 1 1 2 0 2 8 7 8 3 .2] U9.3\ 1 1 1 1 4 3 4 4 7 2 9 3 .0] 1 1 1 1 5 5 5 4 8 9 7 7 .9] 1 1 1 1 6 6 6 5 3 1 6 4 .S\ 1 1 1 1 7 8 6 7 6 1 9 4 .3 1 1 1 1 8 8 8 7 1 3 0 5 .9 r1 1 1 1 7 7 7 6 7 6 8 8 .6 1 1 ] 1 8 7 S » 3 4 5 .0 'Revised. 9° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY lNDUSTRlUS-Continuett {Without Seasonal Adjustment) [Index numbers of the Bureau cf Labor Statistics 1939 — 100J Factory employment Factory pay rolls Industry and group 1942 1943 1942 1943 Oct. Nov. July I Aug. I Sept. | Oct. I Nov. Sept. Oct. Nov. July Aug. I Sept. | Oct. Prin B N ti o e n o w g k s a p n a a d n p d e P r u j o b p b l e i r s i h o in d g icals 1 1 9 0 0 8 2 0.9\ 1 1 9 0 0 9 5 3.1 1 1 9 0 0 4 7 3.4\ 1 1 9 0 0 4 2 6 .9\ 1 1 9 0 0 5 2 0.7 1 1 9 0 0 5 5 2.3 103.91 1 1 1 1 0 1 0 8 1.2 1 1 1 1 0 1 9 9 6.3 1 1 1 2 1 2 8 1 2.4 1 1 1 3 1 2 3 2 7.0 1 1 1 3 1 2 5 3 8.S 1 1 1 3 1 2 3 5 8.9 1 1 1 1 3 3 4 8 1.0 Che K m P D F C C e a a i r o h c u r i y t e n a t t g o i m o l t l s n s i n , a i z s c , n e a m e a v r d n e l s e s a d d A , d r n l n i o a l c i i . l i s e e i l l n h i d . e c e e d s s P , , p r a a o r n n d o d d u d c u i c t n s c o s t l s e o c rs ticides 2 1 1 1 1 1 1 3 4 5 0 0 5 0 3 2 4 3 7 9 3 . 2 1 1 1 1 1 1 4 4 0 0 0 5 6 0 9 5 4 3 1 0 .3, 2 1 1 1 1 9 5 0 0 7 7 6 5 8 9 7 9 0 8 .6} 2 1 1 1 1 1 8 5 0 0 7 6 0 7 7 9 7 0 9 0 .0] 2 1 1 1 1 1 1 5 0 0 3 0 7 6 5 5 5 4 9 1 9 .4\ 2 1 1 1 1 1 1 1 0 4 7 5 7 0 0 7 5 3 2 6 6 .4 250.9 3 2 1 1 1 1 1 2 7 4 6 3 2 7 2 6 9 5 9 8 3 .5 2 2 3 1 1 1 1 3 4 6 4 5 8 3 6 1 4 5 4 1 1 .4] 2 2 3 1 1 1 1 4 3 4 6 9 3 6 3 6 0 1 4 5 5.3 2 2 1 4 1 1 1 8 7 3 3 6 5 3 9 7 2 3 9 8 5.7 r2 2 4 1 1 1 1 8 3 9 5 6 3 6 1 6 8 0 8 5 0 .8] r2 2 2 2 4 1 1 4 1 4 8 7 3 5 2 4 9 6 0 8 6 .4, 2 2 2 4 1 1 9 8 5 6 6 3 0 2 1 9 0 S.4 Products of Petroleum and Coal 119.3\ 117.8 119J 119J\ 119.0\ U9.3\ 119.01 160.5 160.8\ 165.4\ 190.3 197 A 195.0\ 197.7 C Pe o t k r e o l a e n u d m b r y e p fi r n o i d n u g cts 1 10 2 S 3 1 1 2 0 0 7 1 1 1 1 3 3 1 1 1 1 2 3 1 1 1 1 1 3 1 11 1 0 3 1 1 4 7 4 3 1 1 4 6 6 3 1 1 5 6 1 5 1 1 7 8 5 0 1 1 8 8 5 5 1 1 S 82 7 1 18 8 4 6 Rubber Products 139.9, 143.8\ 1S8.9\ 160.3\ 161.2 161.3\ 163.6] 189.9] 201.9] 213.3 256 J 258.4] 273.4] 278.0 Rubber tires and inner tubes 137 142 162 165 169 166 179 190 205 253 254 277 279 Rubber boots and shoes 136 140 149 150 144 143 206 209 222 247 250 247 244 Rubber goods, other 129 131 141 141 r140 144 177 191 196 228 232 r239 248 Miscellaneous Industries 150,7 151.7 166 A\ 166.4] 165.1 166.0\ 167.3\ 227.4\ 236.31 247.6 291.4 294.5 297.1 301.3 Photographic apparatus 145 148 177 178 178 176 200 209 223 264 269 271 278 Games, toys, and dolls 76 80 B5 r86 84 88 114 120 129 133 145 142 158 r Revised. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1942 1943 Group and year Oct. Nov. Bee. Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Total 159.6 161.5 164.2 165.8 167.4 168.1 168.4 167.9 169.0 169.7 r169.6 r168.3 170.0 ''170.7 Durable 206.5 210.2 215.5 218.6 222.1 224.7 225.8 225.9 228.3 229.4 230.0 r230.2 232.0 "233.8 Nondurable 122.6 123.2 123.7 124.1 124.3 123.5 123.2 122.2 122.3 122.6 r121.9 119.6 121.1 nzo.v ^Revised. P Preliminary ™OrE4 evised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 But* IN, and p. 1187 of December 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] ^ _ ^^ Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1942 1943 1942 1943 Sept. Oct. June July Aug. Sept. .Oct. Sept. Oct. June July Aug. Sept. Oct. 42.4 43.6 45.1 44.4 45.1 44.7 45.4 89.2 89.3 95.9 96J 96.5 r99.4 98.9 44.6 45.8 46.8 46.0 46.8 46.5 47.3 99.7 99.0 105.4 106.0 106.0 109.8 108.8 4 4 4 3 6 8 . . . 0 0 0 4 4 4 6 4 9 . . . 7 3 5 4 4 4 6 7 9 , . . 4 0 4 " 4 4 4 5 6 8 . . . 5 2 1 r4 4 4 6 6 8 . . . 6 9 8 r4 4 4 8 6 6 . . . 6 7 1 4 4 4 9 7 7 . . . 7 0 1 9 9 9 4 9 8 . . . 4 0 9 9 9 99 3 7 . . . 7 6 9 1 1 9 0 0 7 5 3 . . . 0 9 1 1 1 9 0 0 7 6 3 . . . 0 5 3 1 1 9 0 0 7 3 6 . . . 4 7 4 r M 10 0 9 6 9 9 . . . 5 4 3 1 1 9 0 0 8 5 8 . . . 9 7 5 4 4 4 4 4 3 6 4 4 9 1 1 . . . . . . 7 3 1 1 0 0 4 4 4 4 4 4 7 5 5 2 2 1 . . . . . . 2 1 4 5 8 3 4 4 4 4 4 4 6 7 6 4 4 3 . . . . . . 9 2 1 4 6 1 4 4 4 4 4 4 6 6 2 6 3 1 . . . . . . 0 8 7 1 6 8 r4 4 4 4 4 4 3 7 7 5 6 4 . ; . . . . 4 0 2 1 6 6 r r 4 4 4 4 4 4 7 3 5 6 3 2 . . . . . . 2 6 9 8 5 3 4 4 4 4 4 4 7 7 4 7 4 3 . . . . . . 0 6 2 6 9 8 1 1 9 6 6 7 1 1 8 5 7 6 8 9 . . . . , . 2 6 5 1 5 9 1 1 9 6 6 8 1 1 9 5 8 1 3 7 . . . . . . 2 2 4 6 5 2 1 1 1 8 1 7 7 2 0 4 8 4 4 3 1 . . . . . . 9 4 1 1 6 1 1 1 1 8 7 7 1 2 0 4 9 4 3 4 1 . . . . . . 4 9 5 8 3 5 1 1 1 r8 1 7 7 0 2 5 9 4 1 5 1 . . . . . . 4 7 9 6 0 9 r1 1 1 r7 8 7 0 2 2 7 7 6 4 5 6 . . . . . . 1 3 8 2 6 5 1 1 1 8 7 7 2 2 0 7 7 7 3 5 3 . . . . . . 4 0 1 9 6 1 Nondurable Goods 39.7 40.8 42.7 42.2 T42.6 42.2 42 J 74.3 75.1 80.3 80.6 81.1 82.3 S2.4 Tt"etileaf-M i ° U us s aan I d n s d F u si s b t s r e i ra es ' P ,' ?r /. o '. d ' .' *u .' c .' t .' *s .'.[] *"3 3 3 4 3 3 4 3 4 4 4 9 6 4 2 1 8 8 3 9 0 1 . . . . . . . . . . . 4 7 9 7 8 2 6 6 5 8 6 4 3 3 4 4 4 4 4 3 4 4 0 8 7 1 2 0 0 3 4 8 3 . . . . . . . . . . . 4 9 1 7 5 4 4 8 6 5 6 ' 3 3 4 4 4 4 4 4 4 4 4 6 9 4 5 8 0 1 4 6 5 1 . . . . . . . . . . . 5 8 9 7 1 0 9 1 0 5 6 3 4 4 4 4 3 4 4 4 4 4 7 0 4 5 4 0 4 5 9 2 4 . . . . . . . . . . . 9 1 9 6 2 3 6 1 3 1 1 r r r r r 4 4 4 4 4 4 4 4 3 4 4 4 5 6 0 4 1 0 5 7 1 5 . . . . . . . . . . . 1 2 6 6 3 3 0 8 6 1 8 r r r r r 4 4 4 4 4 4 3 3 4 4 4 3 1 4 5 4 1 9 7 0 5 5 . . . . . . . . . . . 3 2 9 3 6 0 2 4 4 7 6 4 3 4 3 4 4 4 4 4 4 4 1 9 4 0 5 7 5 6 2 6 6 . . . . . . . . . . . 2 7 5 0 8 6 4 0 0 6 1 1 5 9 6 6 8 9 7 7 7 8 0 9 6 3 4 8 0 4 1 6 1 8 . . . . . . . . . . . 7 4 0 2 5 1 5 7 5 8 8 1 6 9 6 6 9 7 S 7 7 8 0 5 0 7 3 4 0 4 7 1 6 8 . . . . . . . . . . . 2 2 8 9 7 3 4 1 6 1 1 1 1 1 6 8 9 6 6 7 7 8 0 1 0 6 9 0 2 4 9 4 0 8 2 2 A . . . . . . . . . . 9 2 2 5 8 9 6 1 8 4 1 1 9 7 6 6 7 9 7 8 7 0 1 4 3 9 5 6 9 9 0 S 1 3 . . . . . . . . . . . 4 9 4 7 1 0 7 5 9 9 1 r1 1 r 1 8 1 6 7 S 6 9 7 8 0 0 8 3 6 2 O 2 5 5 0 1 0 . . . . . . . . . . . 5 7 5 7 8 0 8 4 5 2 4 1 1 r r r 1 ' 8 7 6 7 9 6 8 9 0 1 0 7 4 0 6 7 0 1 3 5 5 3 . . . . . . . . . . O . 3 1 5 5 7 1 9 7 5 5 1 1 1 6 9 8 9 7 7 6 8 0 0 1 7 3 3 1 7 6 0 1 5 3 5 . . . . . . . . . . . 5 7 0 2 5 5 1 8 9 4 3 Revised. (T1 i i VISC data based on the classification of the 1939 Census of Manufactures. Back figures arc available from the Bureau of Labor Statistics. estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 99.) JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED. BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d ti l p i u ti S e l s ic 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 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 85.8 433.6 393.5 168.0 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 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 50.0 721.0 413.8 100.6 67.5 261.1 234.8 21.3 7.4 17.1 4.2 107.7 26.4 213.2 73.4 723.2 175.1 126.7 54.1 377.8 31.1 6.1 5.1 6.2 5.8 J 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 IFigures for 37 States eastof 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 November October November January 305 317 351 124 198 316 181 , 119 35 9,288 10,936 16,223 February 270 434 394 105 310 364 166 123 30 New York 12 379 30t 628 67,766 480 611 340 269 473 304 211 138 36 Philadelphia 12,024 15,000 68,481 April 407 499 303 184 355 253 223 144 50 Cleveland 29 707 19,706 87,180 May 549 674 234 267 569 192 281 105 42 Richmond 43,810 37,243 93,525 June 539 1,190 230 314 1,105 183 225 85 46 Atlanta . 22,335 20 976 97,330 577 944 184 348 876 J22 229 68 61 27,353 32,001 50,703 A Se u p g t u e s m t ber.... 6 7 2 6 3 0 7 7 2 2 3 1 4 1 1 7 4 5 5 4 2 0 0 3 6 66 3 1 3 3 1 5 2 1 0 2 2 4 2 0 0 8 6 8 2 6 5 2 6 S M t, i n L n o e u a i p s olis ... ..... 1 2 , , 2 6 8 8 2 5 8 2 f , 2 1 1 5 8 4 6 1 1 1 , , 2 6 3 8 5 6 October 606 780 214 371 710 157 235 71 56 Kansas City • 16,270 13,320 44,941 November.... 459 654 184 298 592 135 161 62 50 Dallas 7,266 23,347 55,114 December.... 432 709 288 664 144 45 Total (11 districts) 184,399 213,529 654,184 Year 6,007 8,255 3,492 7,146 2,515 1,109 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P e r i r o m r o t v y p - e - - S s h c t m o o r m u n a c - l e l - 1 f h ( a - o T m u t i o t s i l l e e y 4 s - h R o g e u a ro n n s u i t d n a p l g h ( W o T u i a s tl r i e ng End of month Total b m c a i n e a r k l - s b s i t a n u a n g v a k s - l s a a s l t a s o i n o o a d c n n i s - p a c a o n n m c i e e - s a c e g i r e e a s n l ! - Other* ment tion ID (Title VI) ID 1936—Dec 365 228 8 56 41 5 27 1 1 9 9 3 3 6 5 3 55 2 7 0 2 2 4 2 6 4 3 9 0 4 9 2 2 1 1 9 9 3 3 8 7 — — D D e e c c 1,1 7 9 7 9 1 4 63 3 4 0 3 2 8 7 1 1 4 1 9 0 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1 1 1 9 9 9 3 3 3 7 9 8 4 6 9 9 9 5 5 4 i 2 1 6 0 6 0 8 0 2 1 5 3 4 4 6 7 2 6 3 4 9 4 5 1 8 1 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 6 9 7 2 2 3 7 4 1 2 1 1 3 5 7 3 133 1 1 1 9 9 9 4 4 4 2 1 0 1 1 1 , , , 1 1 0 3 8 2 7 6 6 2 2 1 5 4 6 1 1 2 2 2 1 6 1 5 6 8 7 9 7 3 1 7 6 1 1 6 3 3 28 1 4 3 1940— J S M u e n a p e r t 2 2 1 , , , 0 2 9 3 7 4 2 5 9 , , 0 0 9 2 9 7 6 3 1 1 1 9 1 0 0 1 0 2 2 2 0 0 1 8 1 6 4 3 4 8 9 3 0 2 2 1 1 1 9 8 7 0 2 1 1 1 1 2 4 2 7 1 4 1942—Nov. 92 10 1 39 43 Dec 2,409 ,162 130 224 542 201 150 Dec. 97 9 1 39 49 1941—Mar 2,598 ,246 146 230 606 210 160 1943— F M J e a a b n r . . . . 6 7 4 3 5 6 7 3 2 1 1 0 9 4 4 3 2 7 9 J S D u e e n p c e t 2 2 3 , , , 7 1 9 5 0 4 7 5 2 , , , 3 4 4 1 6 0 8 5 0 1 1 1 5 7 8 7 1 6 2 2 2 3 5 4 7 4 6 6 7 7 6 8 2 8 9 2 2 2 2 3 2 2 4 0 5 1 1 1 7 7 5 S 9 4 J J A M u u p n a ly y r e . . 5 8 7 7 9 4 2 8 8 7 7 . 1 1 2 1 8 6 9 1 5 3 4 5 1 7 7 6 1942— D J M u e n a c r e 3 3 3 , , , 3 4 6 0 9 2 7 1 0 , , , 5 6 6 4 2 6 9 3 9 2 2 21 3 0 9 6 1 2 2 2 6 7 7 4 2 6 1, 8 9 0 4 5 3 0 6 2 2 2 2 4 3 4 5 7 3 2 1 1 0 9 6 0 5 3 S A e u p g t . . 9 8 0 8 1 1 0 2 2 2 0 0 6 5 0 5 1943—June 3,700 1,700 252 284 1,071 235 158 Oct.. 85 8 20 57 Nov. 92 10 21 60 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States N * O L T es E s . — th F a i n g u $ r 5 e 0 s 0 r , e 0 p 0 r 0 e . sent gross insurance written during the period and do Ho 2 u I s n in cl g u d C in o g r po m r o at r i t o g n a . g lot take account of principal repayments on previously insured loans. eral Housing Administration. op. 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 M F Ja e a n b r u r c u a h r a y ry •:... 2 2 2 1 1 6 3 9 8 3 3 3 4 7 5 7 0 1 3 3 3 2 0 5 5 3 7 4 4 6 8 8 2 0 1 8 P *7 73O 1 1 1 7 5 9 8 8 0 2 2 2 1 0 4 7 0 2 2 2 2 3 6 2 4 8 9 2 2 2 5 7 5 4 2 4 J P * > 2 2 2 2 3 4 B 4 9 6 3 7 1 5 7 1 1 1 4 3 2 7 4 8 9 6 6 9 3 2 2 5 2 2 5 8 6 P7 4 3 8 9 6 M J A u p a n r y e il 2 2 2 4 3 3 9 6 1 3 3 3 5 2 2 0 4 3 3 3 3 3 8 8 0 5 7 6 5 7 4 3 1 8 6 7 pl,0 ,0 0 8 2 5 2 1 1 0 7 8 2 9 6 2 2 2 1 1 1 1 1 2 2 2 2 8 9 8 0 7 7 2 2 1 1 3 9 5 5 1 P p P 2 2 2 5 9 8 5 5 1 5 4 4 7 5 7 1 1 1 3 1 1 8 2 1 1 5 8 0 0 8 0 4 4 34 3 8 5 3 2 P P 8 7 0 2 3 5 A Ju u ly gust 2 2 3 5 0 0 3 3 1 5 7 1 4 36 6 5 0 6 7 5 0 0 3 p p l l , , 2 2 5 0 1 4 1 1 6 7 9 6 2 2 3 2 2 1 2 2 7 8 8 2 2 1 1 8 3 6 P31 0 5 6 7 1 4 1 8 3 4 0 17 8 8 7 4 5 3 1 7 7 September 289 295 425 732 *1 182 195 262 196 P280 107 101 162 536 P953 October 332 344 666 801 215 207 304 200 "329 117 137 362 602 November 292 328 492 787 I,036 235 224 281 168 P318 57 104 211 619 December 368 322 653 873 247 253 344 359 121 69 309 514 January-November 2,809 3,699 4,494 7,163 2,071 2,372 3,001 2,383 p3,084 738 1,327 £1.493 4,780 p8,330 J Preliminary. 1 Including both domestic and foreign merchandise. General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES* AND INCOME OF CLASS I RAILROADS [Index numbers; 1935-39 average=100] [In millions of dollars] For- Mis. Mer- Total Total Net Total Coal Coke Grain s L t i o v c e k - p u r e c o s t d t s - Ore l c o a e u n l s e - - c l d . h C i a s . n l e - . o r r p e a v e i e r lw a n t u a in e y g s e r x a p il e w n a s y es o i r p n a e c i r l o w a m t a in e y g in N c e o t me Annual Annual 1 1 1 1 9 9 9 9 4 4 4 3 2 0 9 1 . . . . , . . . 1 1 1 1 3 0 3 0 8 9 0 1 1 1 1 9 3 2 1 8 5 3 1 1 1 1 1 8 6 3 0 1 8 7 2 1 1 1 1 2 0 0 1 1 1 7 2 1 9 9 9 0 6 6 1 4 1 1 1 15 3 1 0 5 9 4 0 2 1 1 1 0 4 1 8 6 7 0 3 1 1 1 1 0 1 3 4 1 0 6 6 1 9 9 6 0 7 6 9 0 1 1 1 1 9 9 9 9 4 3 4 4 0 2 9 1 , , . 4 3 5 7 , , , , 2 9 3 4 9 4 9 6 7 7 5 6 3 4 3 5 , , , , 6 4 3 9 1 0 4 8 4 6 8 5 1,4 6 5 9 8 8 8 9 1 2 9 8 9 5 1 5 9 0 8 9 3 0 9 SEASONALLY ADJUSTED SEASONALLY 1942- D N O S e e o c c p v to e t e e m b m m e b b b r e e . e r . r r . . . . . . . 1 1 1 1 3 3 4 4 5 6 0 0 1 1 1 1 3 3 4 3 2 9 2 8 1 1 1 1 8 8 8 8 4 6 4 6 1 1 1 1 3 2 3 2 9 6 9 4 1 1 1 1 1 1 1 0 7 0 4 2 1 1 1 1 3 4 4 5 7 0 9 4 1 2 1 1 9 8 0 9 0 9 3 0 1 1 1 1 4 4 5 5 4 5 0 0 5 5 5 5 8 6 9 5 1942— N D O A S D o e c e J v c t p o U e e t b S e m m T m e b b E r b . e D e . e r r r . . . . . . . . 7 6 7 6 0 2 6 6 8 2 1 3 5 5 5 5 5 6 3 3 4 3 4 3 1 1 1 1 5 5 2 2 9 5 8 8 1 1 1 8 2 8 0 1 1 2 1943— N O j S A M F y e J c o e u a p a t b v g n o r t r u e u e b 1 c u m s a m e h t a r r . y b b r . y e e : r . r : . . . : . , . , , , 1 1 1 1 1 3 1 1 1 1 1 3 4 3 4 4 2 3 3 3 3 3 9 0 7 0 1 7 5 5 6 8 9 1 1 1 1 1 1 1 1 1 1 1 2 5 4 4 4 0 3 4 4 3 3 7 2 0 6 5 0 2 5 4 3 5 1 1 1 1 1 1 1 1 1 1 1 8 9 9 9 8 8 6 8 8 7 8 6 5 5 1 4 1 6 6 7 8 4 1 1 1 1 1 1 1 1 1 1 1 6 3 6 4 4 3 4 4 4 4 3 1 7 7 7 3 7 0 0 2 5 8 1 1 1 1 1 1 1 1 1 1 1 3 1 1 1 1 1 1 1 1 1 0 2 4 9 7 3 3 2 7 8 3 2 1 1 1 1 1 1 1 1 1 1 1 5 5 3 3 4 3 4 3 3 3 3 0 0 7 9 8 8 0 3 5 8 0 r1 2 2 2 1 1 1 2 1 1 1 9 9 0 0 0 6 9 6 0 9 9 1 1 9 8 2 3 2 3 2 3 3 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 4 3 7 5 0 6 3 2 6 5 5 4 6 6 6 6 6 6 6 6 6 5 6 7 4 4 3 3 2 3 1 2 7 1 1943— J J O M A S A M F u u e J e c u p a l n a a p t b y g r y r e o n t i r u c e l b u u h s m e a t a r r b r y y e . . r . . . . . . , 7 7 7 7 7 7 7 7 7 7 4 6 7 3 8 3 6 4 4 1 9 1 9 1 3 8 7 0 4 0 6 6 6 6 6 6 6 6 5 5 5 5 6 2 2 5 1 2 9 7 3 5 3 9 4 8 6 3 1 7 1 1 1 1 1 1 1 1 8 5 1 0 7 2 2 4 5 3 2 9 5 8 3 0 4 4 3 4 1 1 1 r 3 8 6 4 9 7 1 7 0 1 3 2 8 1 2 5 8 8 1 1 UNADJUSTED ^-Se N O D p o e c te c t v o e m e b m m e b b b r e . e e . r . r r . . . . . . . . 1 1 1 1 3 3 4 3 2 9 2 8 1 1 1 1 9 8 8 8 3 6 0 4 r1 1 1 1 2 3 3 3 4 0 9 9 r1 1 1 1 4 1 3 6 3 3 5 9 1 1 1 1 3 2 5 6 8 2 8 7 3 2 20 0 5 6 6 4 9 0 1 1 1 13 5 6 6 5 0 3 2 1942— U N D O N S A o e c e D c t v p o e J e t b m U e m e m S b r b T e b e E r e r D r . . . . . . . , 6 7 6 7 0 9 4 9 3 0 6 8 5 5 5 5 3 4 6 4 2 1 1 3 1 1 1 1 7 4 5 8 1 9 5 5 1 1 1 1 0 1 3 3 6 1 7 6 Januaiy February 135 193 138 98 117 50 132 .943—January.... 671 566 105 63 March...!" 145 189 142 90 129 48 137 - February... 664 557 106 62 M J O i A A S u u . ? e c p u a l c p y t r - y g o t i * e i . u b . • m . s e • t b r " . . e • . . " . . . r " . 1 1 1 1 1 1 1 1 4 4 3 5 4 4 0 3 0 6 2 2 5 4 0 3 1 1 1 1 1 1 1 1 9 7 9 7 8 8 8 6 1 8 3 9 3 3 9 2 1 1 1 1 1 1 1 1 5 7 6 2 2 5 4 3 3 2 7 3 4 8 0 1 1 1 1 1 1 9 5 8 8 0 9 1 0 7 1 6 3 1 2 1 5 1 1 1 1 1 1 1 1 5 5 4 4 5 3 3 4 0 0 4 3 6 8 3 5 3 3 2 3 2 2 1 2 1 7 1 6 5 9 0 3 4 4 2 9 6 7 6 1 1 1 1 1 1 1 1 4 5 5 4 4 4 3 4 7 4 3 5 7 6 8 3 M M J O A S J A u u e c p u a a n l p t r y g y r o e i t c u l e b h s m e t r ber.. 8 7 7 7 7 7 7 7 4 9 0 5 9 5 4 7 7 1 0 9 6 6 9 7 6 6 6 6 6 6 6 6 3 8 2 3 2 7 7 6 1 3 2 8 7 1 6 6 1 1 1 1 1 1 1 1 1 2 3 2 2 1 2 1 0 7 0 8 1 3 5 0 8 8 8 7 8 8 7 7 3 6 5 1 2 4 7 0 November.* 127 186 157 166 147 193 153 'Revised. r Revised p Preliminary. , , . , \ « J v u o i n t n h e ° o 1 w 9 A e 4 i m i e h J F S r £ A L * d! £ ? ? a C i ? J ri ? r, p 0 ? a d o d a .n s i . ly a nd a T v o b e t a r a a c S l k e i n d l d a a e t d x a i , c n o s g m e s c . p i p le B p d . a s b 5 i y 2 c 9 c d o 5 a m 3 t 3 a b i o n c f o i n m t g h p e i i n le d B d e U x L b B e I s y U f L o A L r s E s c T o l I a c N s i s a e f s or b r y o N n t O ? h T e t E h I e n D t D e e r i s v s c i t s a r i i t o p e n t C iv o o e f m R m m e e a s r e t c e a e r r i c a C h l o a m a n n m d d i S ss b t i a a o t c n i k s . t t ic fi s g . ure B s a m Slc a y d a b t e a c o o b m ta p in il e e d d tats derived from revenue data of the Interstate Commerce Commission. JANUARY I944 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 IDaily average sales; cnd-of-month stocks.1923-2.5 average = 00] [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 June 15.... ..107 June 14 .120 June 13 ...117 June 12.....151 SALES 22. .. 92 21 .107 20... ...116 19 US January 92 101 138 143 71 79 108 111 29. .. 89 28..... .109 27 ... 100 26 118 February ......... 90 103 126 168 71 82 99 132 July 6. .. 67 July 5 . 86 ...84 July 3 116 March. 89 103 124 136 86 93 US 121 13. .. 78 12 . 93 ...102 10 101 April 89 104 117 128 86 106 115 133 20. .. 72 19 . 89 18 ...93 17.../.Ill May 89 105 108 125 89 105 108 125 27. .. 69 26 . 87 25 ...92 24 109 June 91 104 104 129 87 100 100 124 Aug. 3. .. 81 Aug. 2 .102 Aug. 1 ...96 31 107 July. 92 115 121 142 64 79 83 98 10. ..79 9 .116 8 ...110 Aug. 7 117 A uc us t 98 134 130 142 77 106 103 112 17. .. 81 16 .113 15 ...113 14 118 97 116 123 132 105 125 133 143 24. .. 92 23 .119 22... ...116 21 132 October 94 105 128 140 101 112 137 150 31. ..118 30 .152 29... ...132 28 133 November 100 . 116 138 158 114 133 157 180 Sept. 7. ..109 Sept. 6 .122 Sept. 5 ...153 Sept. 4 154 December 101 m 125 179 197 222 14. .123 13 .133 12 ...129 11 142 21. ..117 20 .131 19 ...137 18 161 Year 94 110 124 28. ..120 27 .148 26 ... 155 25 158 Oct. 5. ..125 Oct. 4 .169 Oct. 3 ...173 Oct. 2 161 STOCKS 12. .115 11 .130 10 ...159 9......173 January 68 71 95 102 61 64 85 92 19. ..123 18 .131 17 ...152 16.. February ...... 71 73 102 93 68 69 97 89 26. ..121 25 .130 24 ...153 23.. March 70 73 109 91 71 75 111 93 Nov. 2. ..117 Nov. 1 .138 31 ...158 30......m J J O A M A S N D u u e c p u o e a l n p t y c r v c y o e t i e u e e l b m m s m e t b r b b e e e r r r . . . . . . . . . . . . . . 6 6 6 6 6 7 7 7 7 8 8 8 8 9 0 0 2 1 8 8 9 9 9 9 7 7 7 3 4 2 7 1 7 5 2 6 r1 1 1 1 1 1 1 1 1 1 4 3 2 1 0 3 2 0 5 2 6 7 8 5 8 5 1 " 1 1 1 1 9 8 9 9 1 0 1 1 7 7 0 8 0 4 4 0 6 6 8 6 7 6 7 7 7 4 1 3 6 0 6 1 3 9 1 1 8 9 8 7 7 7 7 0 1 4 5 7 6 5 3 4 8 0 1 1 1 1 1 1 1 1 3 2 2 9 3 2 3 3 2 0 8 3 5 2 2 0 0 8 P1 1 1 1 9 9 9 9 1 1 1 1 0 3 2 9 2 4 6 0 Dec. 2 2 3 1 2 1 1 7 8 9 4 0 3 6 . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 1 1 2 1 2 9 3 3 4 2 5 1 2 7 0 2 7 4 8 6 Dec. 2 2 1 2 2 1 6 8 2 9 5 0 3 7 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 2 2 2 1 3 4 2 6 1 3 7 7 9 8 8 9 5 6 7 4 N D o ec v . . 1 2 1 2 2 1 7 5 4 8 6 2 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 2 1 3 1 6 6 6 3 6 7 9 0 7 6 6 6 6 4 9 3 N De o c v . . 2 1 1 2 2 1 4 5 5 1 8 0 7 3 1 2 2 2 2 1 1 2 S 5 7 4 8 0 9 9 3 2 3 4 8 1 1 0 19n 1942 1943 1944 Year 69 82 118 Jan. 4. .. 85 Jan. 3 .107 Jan. 2.... .112 Jan. 1 r Revised. 1 1 1 8 . . . . . . 9 9 9 0 1 17 0 . . . . . . . . . . 1 1 3 3 0 1 1 9 6 . . . . . . . . . . 1 1 3 3 8 2 1 8 5 p Preliminary. J 25. .. 89 24.... .119 23 119 22 Back jJgurM.—Sales, see BULLETIN* for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN* for March 1938, p. 232, and subsequent Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issuesssues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] N 19 o 4 v 3 . j O 1 c 9 t 4 . 3 m 1 n 9 o 4 s 3 . ! N 19 o 4 v 3 . O 19 c 4 t 3 . 1943 N 19 o 4 v 3 . O 19 c 4 t 3 . m 19 1 o 4 1 s 3 . N 19 o 4 v 3 . O 19 c 4 t 3 . m 19 1 o 4 1 s 3 . United States. +19 +14 Boston +14 Cleveland—Cont. Chicago—Cont. Dallas.. +37'+16 +3 N Po e r w tl a H n a d ven +1 +1 +24 E Y r o ie ungstown... + +1 2 6 1 a+6 +14 F Pe o o rt r ia Wayne.... + + 1 9 1 ! + + 8 6 D Sh a r l e la v s eport + +5 2 2 3 + + 1 3 9 8 + + 1 4 7 6 C P N l h e e T C S U A C C T Y A B N N L P W P R B N B E B P R S S i v w o c l r h r y o p a o l i l k e u i t o e e o j o r i e a e o m e n n h i b i l a l i n r r l f a i r w u r w s c c l a d e d v Y i n u f v a l g e a c o g k d c t k n g h a i a n d a e o g e c n n a t i m i o h n a r a i l e g e h d d o n l Y d o u l a r n e n y e o r r a s p a s f s k k b e n n a e k p s c g t m i o h t - n e n e e e u a l e t o B r i d a p r l c e t F s t r a k r d o i d a h e p t a n y r i s C l r a i l e e i s . t . . . . y . . . . . . . + + + + + + + ++ + + + 2 1 1 3 2 1 1 1 7 6 7 9 3 7 0 8 • + + + + r + - + + + + + + + + + + + + + - 1 1 1 1 1 1 4 4 9 8 5 2 5 2 0 6 0 6 5 7 1 8 9 1 1 + + + + + + + + + + + + + + + + + i + + + $ + - 2 1 2 1 1 1 1 1 1 1 1 1 1 1 1 4 t 4 6 7 7 7 7 0 7 5 2 2 5 7 1 1 4 2 8 5 1 0 0 1 A R C t i • H J M T A J K N C N G L R C B M M B N C W h P W W C l C c B a a a i h a h y i c i h i a e n a u h o l t r h c c n i a o a r c h t a a i m l a m e i t w a n s a o r n a a k m k n c t a t l h n c o s r e g e f h m r t a s c x t o o r t k s s s n h a p o i o e t m n l n t i v i l b h m g o v t o e n O n s g l n i t a n a e l i v o i i n a b s k u o b i n o d n o n g s l n R g o r l i n t g l u m u n r l v t l l o h o g r e t - e l o o e t g r r d o e i e n a S o o e a g g u l n h n , m . l n r a g n g W , e y : l S a s e . e S . . . . m . . V . . C . a C . . . . . . + + 4 + + + + + + + + + + + + + + + + + + + + + + + + - + 1 2 3 6 2 1 2 2 3 1 2 3 1 3 2 2 2 1 1 1 2 2 2 3 3 3 1 8 7 2 2 5 3 9 6 2 9 3 9 7 8 7 3 6 8 2 5 6 9 8 8 9 3 6 7 \ ' !1 + - + + + + + - + - - + + + + - - - - + + + + + - - 1 2 1 1 2 2 3 1 1 2 1 2 2 2 2 6 2 + 9 4 2 9 9 3 7 9 6 8 8 1 8 1 3 4 4 7 1 0 0 1 < + + + + + + + t + + + + + + + + + + + + + + + + 2 3 2 2 3 3 2 3 2 2 1 1 1 1 2 1 s 3 1 3 2 P 9 7 9 4 4 5 5 2 7 8 6 2 2 5 0 1 2 9 9 S 2 0 7 K M ' a W M T J H D D L F O O T F L Q D K I S S E L G M i S S n o n n i o o l a L t u p i v t o m k u e u e e a r o s i p i n i . d e t . n p a l r r l c s a o n n i l n t a t u t u w m l e i s t i n a a J r c L n s l e h n i u v n t s s a i x a e a M o o h h i n c h k d a s i a s p o g S e i n n p i s y o t a s i C u v v a s h R r f u C t a g m o n a e o m i k i R i i i i e i p p s l i l o l s s t C n e i l l t i o a l a y h t o e d y s e c e e h n i p . l s k . t ^ C i i . y s d . . i . . . . s t . ; . . . y . . . . . . , , , , + + + + + + + + - - - - — + + + + + + + + + + + + - - - + - - 2 3 1 2 2 2 2 2 2 1 3 2 3 2 1 3 3 2 6 3 2 4 2 2 2 1 8 3 0 6 2 3 9 0 6 3 1 0 3 5 1 0 0 8 5 3 3 5 2 8 8 5 + + + r + + + + + + + + + + + + + + X - + + + + 1 1 1 1 1 1 £ 1 1 1 4 1 1 2 2 6 1 8 5 I 4 2 0 4 0 0 9 7 3 4 1 0 5 2 3 5 " " + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 1 2 1 2 1 1 3 2 2 1 1 2 2 3 2 1 2 1 1 2 2 2 4 2 2 5 8 9 1 7 7 9 5 8 1 7 5 7 7 3 2 9 2 9 5 1 0 8 4 9 6 9 7 Sa L H B F P T F S S S S B S S V L O S n P S B E T S S Y o r h a a a a u o a t a o o a o o a a a p e a v e e o N n n n a B F n n k o c n s r i c l l u a k r l c o e s s t k c l t g e s e l r t t e r a t s o e l e k n r a i A k A k D l o a r J t n F a a r t m W n j e L o m a a l s o n o t o m k n B i n e n n a r n i g t B o n n x R a s a n t p e a e d a g c n o e t n h e d e a e k e a l g o n o d i e a r n n a e e l s o n s t a c l c d m y d t c h e a . h o n i i s o o C s d c N i o t a y . p . : . + + + + + + + + + + + + + + + + + + + + + + 4 3 3 + 3 7 2 1 1 2 3 1 2 1 2 2 1 1 3 1 2 1 2 1 1 1 9 5 7 0 6 6 6 5 9 4 0 3 1 7 2 8 1 5 9 9 r+ + + + + r + + + + + + " + f 2 + + + + + 2 + 2 + + + + 2 3 + 3 1 1 2 1 2 1 + 9 6 1 3 4 0 0 6 0 1 8 3 8 1 3 7 8 5 2 8 8 J l 1 * + + + + S + + + + + + I + + + + I + + + 4 3 3 2 2 1 1 1 S 1 2 2 3 1 1 1 2 n l 2 4 3 4 2 7 1 6 9 6 0 S 7 4 3 2 4 r Revised. * Data no tyet available. **Ten months 1943. FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS-Contimed SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Ratio of stocks to sales Number Department of stores Percentage change Percentage change October reporting Oct. 1943 Oct. 1943 Oct. 1942 Oct. 1943 Oct. 1943 Oct. 1942 from from from from from from 1943 1942 Oct. 1942 Sept. 1943Sept. 1942]Oct. 1942 Sept. 1943Sept. 1942] GRAND TOTAL—entire store.. 352 +9 +12 +12 -9 +1 -2 2.7 3.2 MAIN STORE—total 352 +11 +11 +12 -9 +1 -2 2.8 3.4 Women's apparel and accessories 350 +15 +6 +8 +13 -1 -2 2.3 2.3 W W Blo o o u m m s e e e n n s ' ' , s s a a n n s d d k i m m rts i i s s , s s e e s s s ' ' p c d o o r r e a t s s t s s w e a e s n ar d , su s i w ts eaters, kni v t 3 3 2 3 8 2 + + 1 2 0 0 + - 2 1 3 +i + +3 4 S 9 — - 1 14 - + 11 7 1 1 . . 7 4 1 1 . . 4 2 apparel 310 +18 -9 -2 +51 -4 -2 2.2 1.7 Juniors' and girls' wear 29.1 +30 +1 -2 +33 -4 -2 1.8 1.7 Infants* wear 301 +23 -2 +3 -9 +3 -5 1.7 2.3 Aprons, housedresses, uniforms ' 284 +3 +7 . +9 +40 +15 3.0 2.2 Women's underwear, slips, negligees 320 +20 +19 +23 -3 +12 •2.9 3.5 Corsets, brassieres 328 +4 +1 +8 -29 +1 2.6 3.8 Hosiery (women's and children's) 344 -11 +13 + 13 -6 0 -4 2.6 2.5 Gloves (women's and children's) 324 +19 +38 +35 -23 1 -2 3.0 4.7 Shoes (women's and children's) 241 -2 -6 -5 -4 +1 -8 3.4 3.5 Furs 260 +38 +37 +23 +37 -4 2.8 2.8 Men's and boys' wear 320 +11 +20 +15 -20 +2 +2 3.8 5.3 Men's clothing 229 +4 +33 +27 -26 -1 +2 4.1 5.7 Men's furnishings, hats, caps. "......'..'". 303 +12 +30 +25 -18 +7 +4 4.1 S.6 Boys* clothing and furnishings 277 +22 -4 -8 -17 -2 -4 2.6 3.9 Men s and boys' shoes ancl slippers 172 -7 + 14 +4 -12 +1 -3 5.6 5.9 Home furnishings 315 -2 +10 +11 -30 -2 —5 3.2 4.6 Furniture, beds, mattresses, springs ../../...... 230 -8 +4 +2 -22 +2 -3 3.4 4.0 Domestic floor coverings 238 +9 +17 +25 -47 -12 -10 2.4 4.9 Draperies, curtains, upholstery 290 + 12 +25 +34 -29 -11 2.3 3.7 Major appliances (refrigerators, washers, stoves, -64 +5 -5 -72 »9 -10 3.0 3.9 D U o ii m na e s a ti n c d s! g b la la ss n w ke ar ts e , linens,' etc.."......'.'.'.'.'.'.'.'.'.'. 2 2 8 1 7 9 + + 2 9 0 + + 1 3 2 +8 - - 2 23 7 + + 3 2 + -2 1 3 5. . 2 0 4 7 . . 9 4 Housewares 219 -20 +3 +2 - -25 +4 -4 4.3 4.5 OTiSls? (dress and coat 2S4 +28' +5 +8 -6 -4 -6 2.5 3.4 Cotton wash goods.".'.''.'..'.'..'.'.' 120 +35 +3 +3 -11 +5 0 2.4 3.8 Sma j T M e l o l w o i w l t e e i l o t a r n y r a s e . r a s t n ic d l e s s i , l ' v d ; e ; r r ; u w ; g ; a " ; r ; s e ; undries," prescriptions;'.'.'.'. 3 3 2 2 3 7 1 2 1 0 6 0 + + + + 2 2 1 6 1 6 3 + + + + 1 1 1 8 6 3 7 + + + 1 1 1 6 3- + + + - 1 4 3 2 2 ' + + + + 1 4 7 4 1 + + - 1 1 5 0 3 3 3 4 . . . . 7 6 4 0 4 4. . 4 6 + Miscellaneous +8 +37 +42 -17 +4 +2 3.0 3.9 BAS n S M P U E o h i e o e m M o c m n e e e E s e s . g n N . a f o u n s T o r d d n a s i p S b s p h o T a i y n r O s e g ' l s R c a l E n o - t d h t i o a n c t g c a e l a s n so d r i f e u s rnishings 2 2 1 l 1 . 0 1 5 2 6 U 5 6 3 4 6 + -3 + - - - 2 3 4 2 5 3 4 + + + + + + 1 1 1 1 9 1 0 8 1 1 + + + + + - 1 1 1 1 2 7 0 1 1 4 + - - 1 2 - - - 1 5 3 1 6 8 3 + - - - 3 2 8 1 0 0 - - - - - 2 1 6 6 6 0 2 4 2 3 2 2 . . . . . . 6 9 4 6 1 6 2 4 3 3 3 1 . . . . . . 7 2 5 2 0 9 store owine ch^flE Jot?ls include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main !*y dividing stock?it ti?CSion*in basement*of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained ia terms of sales for tht °h month by sales d"r»ns the month and hence indicates the number of months' supply on hand at the end of the month SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Percentage of total sales Index numbers, without seasonal adjustment, 1941 average - 100 Accounts receivable ; Collections during Year and month Sales during month at'end of month ; month Cash I I m ns e t n a t l- C a h c a c r o g u e n - t 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 al t - a C c h co ar u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales sales sales ^-Sep O N D t o e c e c v to m e e b m m b e b b r e e e . r . r r . . . , . • r r 1 1 2 1 2 3 0 3 0 6 8 5 r r r 1 1 2 1 6 4 6 6 2 0 2 2 r r r 1 9 9 7 1 2 0 7 2 r r r 1 1 1 1 0 1 1 6 5 5 4 6 6 6 6 6 3 2 2 4 1 8 8 7 0 2 4 6 9 r 1 9 9 9 0 5 9 0 3 1 1 1 8 1 0 1 3 3 6 6 6 5 5 5 1 6 7 8 3 3 3 3 8 7 6 4 ^3-Ja J J F M O A S n u u e e c u a u n p b l t g r e o t y r a c e u u . b r . h . m a s e y . . r t . . b r . . y : . . e . . . ; . . . r " " ; . ' , r r r r r r l 1 1 1 1 1 1 1 1 1 r l 9 4 0 2 3 2 1 6 0 1 9 6 7 7 0 1 8 6 0 6 7 r r r r r r r r r 1 1 1 1 1 1 1 1 H 2 1 6 8 5 2 5 3 3 1 4 5 2 7 7 9 5 0 8 9 6 0 3 r T r r 6 5 7 5 9 6 6 6 8 7 7 6 3 5 6 3 3 1 4 5 0 0 r r r r 1 1 1 1 1 r r r r r 9 9 1 7 8 0 0 0 9 3 8 9 8 6 5 2 2 4 0 3 0 2 - 4 4 5 5 4 4 3 3 3 4 5 9 3 8 5 5 2 9 8 8 0 1 9 8 6 6 8 7 7 7 7 7 7 0 3 4 3 1 8 5 4 7 8 6 9 8 9 8 6 6 7 7 7 8 7 6 9 1 5 7 7 9 2 0 1 5 *1 1 1 1 1 1 1 1 0 8 8 0 0 0 0 0 0 1 9 5 4 5 5 6 3 0 4 6 5 5 5 6 6 6 6 6 6 6 6 9 8 9 0 0 0 2 2 1 1 1 3 3 3 3 3 3 3 3 3 3 3 6 7 6 6 5 6 3 4 3 4 4 RevisedT are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the JANUAS I944 95 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 i End o r o y f e m ar onth co c T n re o su d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7.089 3,16T 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 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 Tan 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 Jlav 5,079 2,116 955 235 720 1,161 1,027 1,275 661 June ..... 5,065 2,046 896 208 688 1,150 1,014 1,338 667 July 4,844 1,956 838 196 642 1.118 994 1,222 672 Aug. 4,770 1,899 807 190 617 1,092 996 1,198 677 Sept 4,863 1,869 786 186 600 1,083 1,038 1,275 681 Oct "4,959 pl,836 "776 ' "181 "595 "1,060 "1,073 Pi,366 "684 Xov. "5,070 *1,821 "778 "177 ?601 *»!, 043 *l,095 *1,466 "688 p Preliminary. * Includes repair and modernization loans. description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the "Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars} [Estimated amounts outstanding. In millions of dollars] End o r o f y e m ar onth ex m T a cl o u o u t t t d a i o v i - l n e , g D s o m m e t a r p o a d e n a r n i e d e l r r t - s t- F s u t t r u o n r r i e e - s H a s o a h p t o n u p o l l r c s i e d e e - s - J s e t w o e r l e r s y s r o t e t A t o h l a r e l i e r l s m E o y n n e d t a h r o f or Total m b C a e o n rc m k i s a - * l p S c l a o m o n a m a i n e l - l s b I p a n c t a n o d r n k i m u a i i e s n l - - s g u C n r i e o d n i s t M l l a e n n is e d c o e e u r l s - s m R iz o l e o a a d p t n a e i a n d o r i s n n r 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 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 4 3 7 1 5 4 8 9 2 6 0 3 0 1 1 1 1 1 1 , , , , , ,3 5 1 1 3 7 9 6 8 6 7 4 2 6 0 2 4 7 5 6 6 4 1 7 5 4 3 8 7 8 1 5 3 4 3 3 3 1 1 2 1 1 1 1 3 5 7 1 0 5 3 0 8 1 4 9 5 7 4 2 6 3 3 6 9 6 5 4 3 3 3 4 2 4 4 5 5 3 1 5 3 1 8 0 9 9 6 3 9 3 4 6 4 5 6 9 9 9 6 2 3 3 1 1 2 2 1 1 2 1 2 0 0 2 8 3 7 6 7 5 1 2 7 2 1 5 1 1 6 3 5 9 • 1 4 4 3 3 4 2 6 5 7 1 7 5 0 5 0 9 8 6 9 0 0 3 1 1 1 2 2 1 1 1 2 2 9 4 1 3 1 7 2 3 1 7 4 7 1 0 6 5 1 0 2 0 4 6 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 4 3 3 3 3 3 4 4 3 3 0 5 6 7 8 4 2 1 9 . 3... 1 1 2 1 1 1 1 , , , , , , , 1 2 1 9 0 5 4 4 5 7 6 8 2 3 7 5 2 5 2 9 7 4 6 0 4 9 8 9 9 4 5 6 3 3 2 2 1 3 8 8 7 4 1 8 2 7 3 9 7 6 0 8 5 0 9 1 0 3 3 3 4 2 2 5 5 4 2 4 0 5 3 6 0 3 2 4 3 6 1 0 5 7 5 5 4 6 2 2 2 2 2 2 2 1 1 1 1 8 2 5 3 9 2 9 2 0 5 8 1 7 0 8 1 1 5 2 6 2 1 1 1 1 4 3 6 9 1 2 4 8 4 1 4 2 6 3 7 7 7 9 1 3 , 1 1 1 1 6 9 5 2 1 9 9 7 0 0 0 6 0 5 7 9 1 9 2 2 **" 3 * 2 3 2 2 1 1 1 1 4 3 0 7 4 7 6 2 7 0 5 0 7 4 2 3 7" 1941 1,805 469 619 313 120 284 1942 1942 1,012 254 391 130 77 160 Oct 1,551 421 437 222 152 92 227 Oct 1942 1,040 253 408 154 61 164 D N e o c v 1 1 , , 4 4 8 2 3 8 3 3 7 9 0 3 4 4 2 2 4 8 2 21 0 1 2 1 1 4 4 5 1 9 9 1 1 2 2 0 1 0 5 Nov 998 247 392 141 61 157 1943 M A M J J N J F S O D u u a e e u e c o a a n l n p b c t g y v y r e t ".'. 1 '* 9 . 4 " 3 . 1 " " ,0 5 6 6 9 8 7 7 6 6 6 7 1 9 3 1 8 0 8 6 1 0 4 2 2 5 9 0 8 1 4 0 7 0 2 0 " '' 1 2 2 2 1 1 1 1 1 1 1 1 2 6 5 1 6 9 4 5 9 7 4 5 4 8 0 0 8 0 9 5 6 8 8 1 " " 2 2 3 3 3 2 3 3 3 2 3 2 6 9 0 6 5 7 1 0 7 3 2 8 6 1 1 9 9 9 9 8 2 8 2 6 " " 1 1 1 9 8 4 4 6 3 5 3 7 3 1 0 1 1 8 2 4 7 5 2 2 6 3 0 " " 4 4 4 5 5 4 4 4 4 6 5 7 4 4 1 0 8 5 4 8 4 6 7 7 " ? 1 1 1 1 1 1 1 1 > 9 9 9 0 2 4 0 2 3 6 1 9 4 5 7 8 4 3 1 0 2 0 4 4 J J J A O M A M N F S u a e u e u c o p b a a f l n p n t g v y r . y r . t P e . . r . e • . l . i . m .. i . nar " " y 1 1 1 1 1 1 1 1 1 1 1 . , , , , , , , , , , , 3 2 1 2 2 1 0 1 0 0 0 7 4 5 6 0 5 9 1 8 6 4 5 6 2 1 6 0 2 8 3 0 3 r Re r2 v 3 3 3 2 2 2 2 2 2 2 7 4 1 1 9 9 8 8 7 7 7 is 3 5 9 2 9 0 7 3 7 8 0 ed. 4 3 3 3 3 3 3 3 3 3 3 8 8 0 7 6 7 5 5 5 6 5 7 7 3 8 6 1 7 8 5 3 4 1 1 1 1 1 1 1 1 1 1 1 8 9 7 8 7 7 6 6 6 7 6 5 3 9 4 4 4 7 9 8 0 5 1 1 1 1 1 1 1 1 1 1 1 2 3 2 2 1 1 1 1 1 1 0 6 2 7 2 8 8 2 4 1 3 9 m " 8 8 8 8 8 8 8 8 8 8 9 8 7 7 5 6 5 4 5 4 1 1 1 1 P P 1 1 1 8 5 4 7 9 8 1 0 2 7 6 4 5 1 0 3 1 4 3 8 1 0 lhese figures for amounts outstanding include only personal inst p Preliminary. cash loans and retail automotive direct loans, whichare shown on the|W JS1? pagA anda s£atI amount of other retail direct loans (9 i11 ovember 1943), which are not shown separately. FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL L BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions ot dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive r c O e h t t a h a s e i e l r , d R e m r e a n p n o i a d d z i a - r - i m s n P o s e n e t n r a a - t l l- Month or year Co b m a m nk e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g a e l s u C n r i e o d n i s t Pur- I Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 pe 1 1 1 1 r 9 9 9 i 9 4 o 4 3 4 2 1 d 9 0 : .... . ' , 1 1 1 , , , 0 3 5 7 2 4 8 8 0 0 8 7 3 2 3 1 0 1 9 3 0 0 6 6 2 3 1 1 3 6 0 2 0 0 3 2 2 1 2 1 7 4 1 5 9 3 0 0 2 2 2 1 6 2 4 5 0 0 6 4 2 3 3 2 6 8 4 3 4 0 0 2 . 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 4 7 5 6 2 3 3 6 3 3 4 5 1 0 7 8 2 6 9 4 6 4 3 3 4 2 2 2 3 2 0 0 3 5 8 5 9 2 4 4 8 0 1 1 3 4 6 3 4 0 3 2 7 4 3 5 1938 604 417 179 1942—October 922 190 148 159 168 257 1939 . , .. 763 489 257 November 860 166 136 151 165 242 1940 927 536 320 December 787 136 122 143 154 232 1941 983 558 343 1942 705 798 408 215 1943—January 726 116 111 136 144 219 February 662 101 100 121 135 205 1942 March 619 87 95 108 125 204 May 61 58 34 18 April 580 77 91 100 117 195 June 64 68 36 20 a*y : 551 69 89 93 111 189 July 58 63 34 18 A J S J u u e u l n p g y e t u e s m t ber , , , , 5 4 4 5 9 8 1 2 8 9 9 5 6 5 5 6 0 8 7 5 8 8 8 8 2 2 2 5 8 8 7 7 0 4 4 0 1 1 9 9 0 0 5 8 3 5 1 1 1 1 8 9 8 9 5 0 6 0 S O A N e u c o D t t v o r t e u e b m s m e t r b b e e r r 4 4 3 5 9 4 7 2 6 6 5 5 0 0 9 9 3 3 3 2 1 0 3 5 1 1 1 1 6 4 6 4 October 480 57 82 67 92 r182 43 82 31 18 November 471 55 82 66 179 1943 Vo m lu o m n e th : extended during 3 3 6 5 4 5 5 0 2 2 5 6 1 1 1 3 1942-October 77 11 11 14 32 Mo,rch 53 86 38 22 November 64 7 9 14 27 April 41 62 31 15 December !! 69 6 10 15 32 May 40 58 29 14 50 80 35 19 1943— F J e a b n r u u a a ry ry 5 5 9 2 6 6 9 9 1 8 4 2 2 6 5 Tnl v 4 4 4 5 6 6 2 4 3 2 0 9 I 1 S 5 March 74 8 13 9 39 Sr^nteinb^f 47 70 32 18 •fe:::::::: 64 9 12 10 28 43 67 28 16 65 9 12 11 27 ^Jnv^fti hpr 42 70 29 15 A J O N J S u u e u o c n l p t g v y e o t u e e b m s m e t r b b e e r r ;;. 6 6 6 7 6 7 8 6 8 2 7 7 9 8 9 7 9 8 1 1 1 1 1 1 4 4 3 3 3 3 1 1 1 9 9 8 1 2 2 3 3 3 2 3 3 0 0 9 5 l d t o h o a 1 i l s n l T a s p r h s a a e g n s i e e d n , f N r i a e g o n t u a v d r i e e l m a s a b s u f m e o to r r a m l 1 l l o 9 o a 4 t a i m 3 n v ) s e o , u m w d n h i a t r i d e c o e c h f t i a n o lo r c t e h a l u n e n d r s o e , r t w o e s t n h a h l i i o y c l w h d p n i a e r r r e s e s c e o t p s n h a a l o r o l a w a t n i n e n s l s y e t ( . a l o s l n e m e w e h n m e t r i e l c l i a o o s n n h .'.Revised. £-~For descriptive material and back figures, see BULLETIN for "•1O1\ pp. 992-994. RATIO OB COLLECTIONS TO ACCOUNTS RECEIVABLE* FURNITURE STORE STATISTICS Charge Percentage c P h e a r n c g e e n t f a r g o e m Instalment accounts accounts change from corresponding Item p m re o c n ed th ing pre m ce o d n i t n h g o y f ear Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n e s a c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- Nov. Oct. Sept. Nov. Oct. Sept. 1943 1943 1943 1943 1943 1943 1942 T U C sa o r s l e t h e a d s l i : t s a sa l l e e s s . : ..!;;; + + 2 9 + +1 1 4 0 + + 1 4 • &• + -6 8 + + 1 2 5 A N S O e u o c p g v t t o u e e s b m m t e b b r e . e . r r . . . . . . 2 2 2 2 5 9 9 4. 1 1 1 1 6 8 7 6 1 1 1 1 5 3 4 5 3 3 2 2 0 1 5 6 6 5 6 6 5 9 0 4 Instalment 0 r+9 ti -12 -4 December... 31 18 15 45 64 Charge account. +2 +15 +3 +3 +2 T Ins o tal { me a nt f . o .. b . n l . ' t !!! at - - 3 1 0 0 0 + + -2 5 6 0 0 - - - - 2 5 5 1 - - - - - 1 1 2 3 2 2 4 0 9 3 r r - - - - - 2 3 3 1 2 2 3 3 9 2 - - - - 2 3 1 1 3 4 4 8 N O A J S A J M M F J u u e a c u o e p l p n a a n t g y b v r o r y t e u i u c e r e l b a u h m s m e r t a r y b b r e 1 y e 9 r . r 4 . . . . . 3 . . r3 3 3 3 3 3 3 3 2 2 2 1 7 0 2 3 0 1 1 9 3 8 2 2 2 2 2 2 2 2 1 1 1 3 1 0 2 2 2 1 2 7 7 9 2 2 2 2 2 2 2 1 1 1 1 4 0 1 1 1 1 2 8 6 8 6 4 3 3 3 3 3 3 3 3 3 3 1 0 1 1 0 7 4 4 3 3 3 6 6 6 6 6 6 6 6 6 6 6 3 3 0 1 2 2 2 2 5 2 6 Revised! Jf Ratioof collections during month to accounts receivable at beginning of month. JANUARY I944 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES {Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c A t o o i m e H d s i - - F p u a r c o rm 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 i p n M r d o e d m t u a e l c s t t a s l m B a u t i e ld ri i a n l g s p c C a r a o l h l s l d e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 2 3 3 3 3 3 3 4 3 3 3 4 4 0 9 2 1 3 4 5 2 7 6 8 9 1 0 . . . . . . . . . . . . . . . . . . . . . . , . . . 9 8 6 6 7 7 8 9 8 8 8 7 7 7 5 6 4 5 3 4 0 8 0 6 7 7 8 8 . . . . . . . . . . . . . . 4 3 8 9 0 9 0 8 8 3 1 6 3 6 1 1 8 4 6 5 6 0 7 8 8 6 6 6 8 0 8 8 4 1 4 5 6 0 8 7 2 8 5 5 . . . . . . . . . . . . . . 3 2 8 9 4 3 4 9 7 8 4 5 3 9 9 9 7 6 6 8 7 8 8 9 8 7 7 7 9 0 4 0 1 3 0 5 2 9 2 3 1 0 . . . . . . . . . . . . . . 9 5 6 5 0 7 5 7 1 6 3 5 6 4 " 9 8 7 7 7 7 & 8 7 7 8 8 9 8 1 5 5 0 8 1 1 7 9 5 9 1 3 5 . . . . . . . . . . . . . 6 . 2 0 2 4 2 7 9 0 5 6 3 0 3 1 1 1 1 1 1 8 8 8 8 9 9 7 9 0 0 0 1 0 0 6 0 9 6 5 2 2 5 9 0 7 4 0 8 . . . . . . . . . . . . . . 9 1 6 9 4 6 1 0 8 6 7 6 8 3 9 8 6 5 6 7 7 9 7 6 6 8 7 7 0 0 4 6 4 2 0 6 6 9 1 4 3 6 . . . . . . . . . . . . . . 4 9 3 3 8 9 9 7 9 7 5 8 8 3 8 6 7 6 7 7 7 7 7 7 7 7 7 7 3 7 6 0 8 3 6 3 6 1 7 8 6 3 . . . . . . . . . . . . . . 0 5 3 3 5 3 2 5 7 5 5 6 2 1 1 1 9 8 8 7 8 8 8 9 9 9 9 9 0 0 4 2 9 0 6 6 5 7 5 0 4 9 5 3 . . . . . . . . . . . . . . 5 8 2 1 9 4 5 7 7 0 4 4 8 8 1 1 9 8 S 7 7 7 8 8 9 9 9 9 1 0 5 9 9 1 7 6 6 4 5 0 0 5 0 3 . . . . . . . . . . . . . . 4 2 9 4 0 2 8 7 2 3 5 3 2 2 , 9 8 7 7 7 8 7 7 8 9 7 7 7 7 4 8 3 9 2 4 5 8 9 7 2 7 7 6 . . . . . . . . . . . . . . 7 0 9 3 1 7 6 3 0 1 6 0 0 0 1 9 8 9 8 7 8 8 7 8 8 8 9 8 0 4 4 2 0 5 1 6 5 1 9 8 4 6 2 , . . . . . . . . . . . . . 7 9 3 1 5 6 8 7 7 8 5 3 3 4 8 6 6 6 6 7 6 8 7 8 7 7 7 7 2 9 4 7 2 9 8 2 9 3 0 7 4 7 . . . . . . . . . . . . . . 6 7 4 8 7 5 3 0 7 3 5 8 8 3 1942— S A e u p g t u e s m t ber .. 9 9 9 9 . . 2 6 1 1 0 06 7 . . 1 8 1 1 0 0 0 2 . . 8 4 9 9 5 5 . . 6 5 1 1 1 1 8 8 . . 2 1 9 97 7 . . 3 1 7 7 9 9 . . 0 0 1 1 0 0 3 3 . . 8 8 1 1 1 1 0 0 . . 3 4 9 96 6 . . 2 2 1 1 0 0 2 2. . 7 5 8 8 8 8 . . 8 9 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 J A u u ly gust 1 1 0 0 3 3 . . 2 1 1 1 2 2 5 3 . . 0 5 1 1 0 0 7 5 . . 2 8" 9 9 6 7 . . 9 1 1 1 1 1 7 7 . . 8 8 9 9 7 7 . . 4 4 8 8 1 0 . . 0 9 1 10 0 3 3 . . 7 7 1 1 1 1 0 2 . . 7 2 1 1 0 0 0 0 . . 1 2 1 1 0 0 2 2 . . 6 6 9 9 2 2 . . 6 3 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 November.. 102.9 121.4 105.8 97.4 116.5 97.7 "81.2 103.8 113.1 100.3 102.8 93.2 Week ending 1943-Scptemftcr4.. 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 ,6 121.2 105.6 97.5 118.4 97.2 81.6 103.8 113.0 10Q.4 104.2 93.0 November 27 .6 121.2 105.8 97.5 116.9 97.2 81.7 103.8 113.0 100.4 104.2 93.0 December 4... .8 121.8 105.6 97.6 117.5 97.2 82.1 103.9 113.1 100.4 104.2 ,93.0 December 11 ,9 122.0 105.9 97.8 117.5 97.2 82.4 103.9 113.4 100.3 104.2 93.0 December 18.. 9 121.8 105.7 97.8 117.9 97.2 82.6 103.9 113.4 100.3 104.4 93.0 December 25, 102.9 122.0 105.7 97.8 117.9 97.2 82.6 103.9 113.5 100.3 104.4 93.0 1942 1943 1942 1943 Subgroups Subgroups Nov. . Sept. Oct. Nov Nov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 92.8 116.8 119.7 122.5 123.2 Agricultural implements 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 121.3 129.5 130.2 126.1 120.5 Farm machinery 98.0 98.0 98.1 98.1 9SA Other farm products . 108.0 120.8 118.8 118.9 120.5 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: m Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 111.2 108.9 108.9 109.1 110.9 Nonferrous metals 86.0 86.0 86.0 86.0 86.0 v Cereal products 89.5 93.8 94.4 94.7 94.7 Plumbing and heating 93.2 90.4 90.2 90.2 91.8 Fruits and vegetables 102.0 125.6 116.7 115.1 118.5 Building Materials: Meats ., U2.0 106.0 106.0 106.2 106.3 Brick and tile 98.6 99.0 99.0 99.0 100.0 Other foods 95.9 98.0 99.0 99.6 99.5 Cement 94.2 93.6 93.6 93.6 93.6 Hides and Leather Products: Lumber _ 133.1 142.0 142.7 143.1 143.9 Text O S H L ile h e t i d h o a e e e t P h s s r r e o r l a e d n a u d t c h t s s e k : r i n p s roducts 1 1 1 1 2 1 1 0 6 6 5 1 . . . . 4 0 2 3 1 1 1 1 2 1 1 0 6 5 6 1 . . . . 4 2 0 3 1 1 1 1 2 1 0 1 6 5 1 6 . . . . 4 2 0 3 1 1 1 1 2 1 0 1 6 5 1 6 . . . . 4 2 3 0 1 1 1 1 0 0 2 1 8 6 5 1 . . . . 5 4 2 3 Chem S O P P i t l a t c u r h i a u m n e l c t r s b t u a i b a n n r n u g a d i d l l d a p A s i n a t n l d e i l g i n e e h t l d m , e m a a P t a t i e t r n e o r g i r d a i u a ls c ls ts: 1 1 1 9 0 0 0 3 0 2 7 . . . . 2 7 9 3 1 1 1 9 0 0 0 0 2 1 7 . . . . 4 8 4 3 1 1 1 9 0 0 0 0 2 2 7 . . . . 2 6 0 3 1 1 1 9 0 0 0 0 2 2 7 . . . . 2 8 2 3 1 1 1 9 0 0 0 1 3 2 7 . . . . 8 2 2 3 Fuel W O G H B A E C C R C S P a i e l i o t a a o o l n o l n e t h o t k s y k s t t u o d r c t e t h i e o o l m o t h e r e n r r l n r L i n a e i i y n n t c i c u g e g i g o i m a x h t a t o u y n e t t n o s i i d d n p l d e g r c s w o u o p n d o a r M r d l u o s e c d a t r t e t u s w e d c r e t i g a s a . o l r s o . : . ds.." 1 1 1 1 1 6 6 8 7 3 9 7 1 2 1 1 0 0 2 8 5 7 0 1 0 2 2 1 7 . . . . . . . . . . . . 7 4 3 7 4 6 1 3 5 4 7 0 1 1 1 1 1 5 3 9 7 6 8 7 1 2 0 1 1 7 3 8 6 0 9 0 7 6 2 2 2 . . . . . . . . . . . . 6 0 7 3 3 0 7 6 5 4 5 5 1 1 1 1 1 5 9 6 7 3 8 7 0 1 2 1 1 8 3 8 0 9 0 7 7 6 2 2 2 . . . . . . . . . . . . 2 7 1 5 0 9 3 1 4 4 9 5 1 1 1 1 1 S 3 9 7 6 0 1 1 2 1 0 1 9 3 7 9 2 6 2 2 . . . . . . . . . . 4 0 3 2 9 4 9 4 5 5 . ^ 6 1 p 1 1 1 1 1 9 7 3 1 3 0 1 1 0 2 0 1 0 7 2 6 2 0 4 . . . . . . . . . 5 . 6 7 0 3 9 5 5 1 6 H M o i # s u c M D F C O A s F F P C O R e c e l u u a h i r u f t u i a l l r u p u a h r x e r s b t t t n n n m g r e e t e i o b l n l i a d r r s i e e i s e i t n o i z c t u h s m r a a i d u f a e , h f r i r n n e e s r l i n e e i d d c s r s e : n f g s t . c r m a d " g i s u p e l P t a i a s d l u h z n l G . t e a l e a e p d o n r r r s o m e i t a d o u a l s u b s c : s e eu s ' t . ical ' s .'.'.'.'. ,\ 1 1 1 1 9 8 9 9 7 7 6 4 9 0 0 3 6 7 2 8 5 8 3 1 6 7 5 2 . . . . . . . . . . . . 2 4 8 6 4 5 0 8 3 1 3 1 1 1 1 1 1 9 8 8 9 4 0 6 7 9 0 5 0 6 0 5 8 2 5 6 3 7 6 5 4 . . . . . . . . . . . . 5 1 8 0 2 1 0 2 1 7 3 3 1 1 1 1 1 9 9 8 S 7 4 9 6 0 0 0 5 6 8 0 3 5 6 5 2 6 7 5 9 . . . . . . . . . . . . 5 6 1 0 0 8 2 1 2 3 6 6 ' 1 1 1 1 1 9 9 8 4 8 7 9 0 0 5 0 6 6 8 6 3 1 6 5 5 9 7 2 5 . . . . . . . . . . . . 4 1 0 2 4 8 3 6 6 1 0 2 1 1 1 1 1 9 9 4 8 9 8 7 6 0 5 0 0 6 8 6 6 3 1 5 5 5 9 2 7 . . 3 . . . . . . . . . 4 2 5 0 8 2 3 6 8 0 1 fii** cau of Labor Statistics, Department of Labor. FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN N ON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons) Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o a v n e d rnutilities cellaneous ment SEASONALLY ADJUSTED 194?—November • • 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December .... r3S,742 15,687 884 1,904 3tS35 6,635 4,331 5,766 1943—Tanuarv 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,SSL o\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 38,261 16,124 835 1.065 3,630 6,388 4.300 5,919 August . 38,067 16,145 825 1,023 3,645 6,335 4,282 5,812 September . r37,724 16,029 817 957 3,641 6,248 4,258 r5,774 October 37,944 16,169 810 910 3,626 6,345 4,300 5,784 November 38,128 16,230 802 858 3,679 6,449 4,307 5,803 UNADJUSTED 1942—November 38 533 15,434 894 1.896 3,520 6,771 4,295 5,723 December 38 942 15,684 H&5 ,674 3,502 7,107 4,279 5.S11 1943—January 37,862 15,743 867 L,470 3,463 6,371 4,259 5,689 February , 37 958 15,851 867 1.3S6 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 38 354 16 136 830 1,218 3,683 6,290 4,359 5,848 August 38 245 16,245 823 1,162 3,695 6,218 4,331 5,771 September r38,227 16,179 825 1.066 3,708 6,285 4,334 r5,830 October 38,276 16,205 819 974 3,705 6,419 4,300 5,854 November 38,251 16,235 810 865 3,693 6,544 4,269 5,835 _ Includes contract construction and Federal force account construction. r Revised. DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1943. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Prod 19 u 4 c 2 tion D E ec s . tim 1, a 1 te 943 Prod 19 u 4 c 2 tion D E ec s . t im 1, a t 1 e 943 Prod 1 u 94 c 2 ti on I D E ec s . t i 1 m , a 1 t 9 e 43 Prod 19 u 4 c 2 tion D E e s c t . im 1, a t 1 e 943 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels J £ P C o e h l s e i w t l v a o Y e d n la e o n l r p d k h . ia ... 2 3 4 2 8 2 9 9 , , , , 0 2 0 9 2 0 5 5 4 2 3 0 2 4 2 1 6 7 3 4 , , , , 0 1 3 4 0 4 8 4 8 7 4 3 1 4 1 8 0 4 , , , 2 6 0 3 0 1 8 5 8 , 3 1 5 0 2 , , , 0 1 0 9 1 6 5 8 6 12 4 S 5 8 0 2 O ) J2 4 4 4 S 6 8 6 R A CC S M t i t h . c h i l '" n a h L i n n ic m « o t e *a a u a o g i p " n s o o d " l . . i . !. s !.!!! ! !!.^ l3 2 3 1 , , , 9 , 4 5 7 5 5 2 6 2 4 8 7 2 0 6 5 8 6 = 2 3 1 3 , , , , 5 3 6 2 4 3 3 1 1 0 2 s 7 5 6 5 r 0 , 1,2 3 4 1 3 1 3 9 8 1 3 5 7 0 9 3 9 3 9 7 8 , , , , , , , , 2 1 8 3 7 8 2 6 3 9 9 8 9 3 9 6 4 6 7 0 1 8 0 J 1,2 3 3 3 1 1 1 8 6 4 6 3 7 0 7 8 2 2 9 3 9 2 , , , , , , , , 2 0 7 8 2 0 8 0 8 7 6 7 6 2 0 8 2 1 6 6 8 5 6 3 • 3 4 2 3 4 2 9 5 9 7 6 4 2 3 1 8 , , , , , , , , 0 3 2 7 4 5 2 9 8 5 0 2 0 7 3 9 1 3 ? 8 9 3 8 9 ' 2 2 3 2 2 3 6 7 5 1 0 8 6 7 0 1 , , , , , , , . 9 9 0 5 2 1 4 9 8 3 3 5 4 4 5 7 7 4 8 8 0 2 7 1 | 25 2 0 5 0 , , , 2 4 5 4 7 2 , , , 7 7 9 9 1 0 4 3 1 1 1 4 3 9 1 1 6 &T oFtraaln..cisco !!!!!! 12,817 11,478 3,131,518 3,076,159 696,450 529,606 277,726 306,692 Oats Tame hay Tobacco White potatoes Federal Reserve district Prod 19 u 4 c 2 tion De E c s . ti 1 m ,1 a 9 t 4 e 3 Prod 19 u 4 c 2 ti on I D E ec s . t i 1 m ,1 a 9 te 43 De E c. s ti 1 m , a 1 t 9 e 43 Prod 19 u 4 c 2 tion De E c s . tim 1, a t 1 e 943 Bushels Bushels Tons Tons Pounds Pounds Bushels I'ushels B P £ A S M R h ! t o i e : c i i s t v l n h L t e a o m n l d l o n a e e o u * n l a n i p d p s / d h " . o . i . . a . . l ' i . s.!;;;;;; 5 3 1 3 6 1 2 1 9 2 7 4 6 4 2 6 6 3 0 2 6 9 , , , , , , , , , , 6 6 6 3 1 6 3 0 0 3 0 1 8 9 8 2 7 5 6 2 5 5 7 4 4 7 7 2 9 8 ' 4 3 1 3 2 2 6 1 1 2 6 5 9 6 5 1 0 8 5 8 1 , , , , , , , , , , 0 4 0 7 2 0 4 7 9 1 0 3 1 2 5 4 5 7 3 6 7 4 4 6 0 8 8 5 9| ' 2 1 3 6 2 5 4 4 9 8 1 1 , , , , , , , , , , 6 4 2 6 3 4 1 0 9 8 3 8 3 8 2 3 7 4 0 6 9 0 9 0 4 0 8 5 8 6 ! ] . 1 1 6 3 2 5 4 4 8 7 1 7 , , , , , , , , , , 4 4 4 4 6 1 3 3 7 9 6 9 2 0 9 9 3 6 5 2 7 1 1 5 6 2 8 2 6 7 ! 8 1 2 1 4 2 0 2 0 4 4 S 2 3 2 5 9 1 7 2 4 . , , , , , , , , , 5 4 6 6 1 6 7 6 8 4 O 7 7 6 2 5 0 3 5 2 2 2 4 0 7 5 8 5 7 7 , 7 2 1 1 S 2 6 6 1 5 2 2 4 7 9 8 3 6 3 8 , , , , . , , , , 5 2 1 0 7 1 2 0 1 9 3 0 4 1 1 9 5 3 9 9 4 8 2 2 5 4 2 0 7 5 3 2 3 1 1 4 3 1 1 1 2 6 5 6 9 7 4 5 5 3 , , , , , , , , , , , 5 9 4 2 4 1 2 3 9 9 4 4 8 1 3 5 S 3 4 9 8 5 2 6 4 2 9 5 0 ^ 8 4 5 1 ' 8 , 2 2 • 1 5 3 1 1 ^ 5 3 0 9 5 8 8 9 3 5 7 2 , , , , , , , , , , 8 . 8 ^ 7 5 7 2 0 3 5 2 2 6 4 4 3 4 5 7 8 6 0 6 4 6 2 0 9 4 4 5 1 4 15,181 26, IT 1,956 2,018 7165r 100,121 36,428 35,936 12,462] 13,19f 1,349,547 1,143,861 92,207 87,264 1,4OS,717| 1,403,211 370,489 464,656 Includes tfi'nS £a es groWn In miscellaneous territory. NOTE ^1 W 9 2 4 2 f ' if^iT re s ^ for s a r l o l w cr n o p in s a m re is c a e s l l r a e n v e i o s u e sis territory. .s revised in December 1943. JANUARY 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1943 1943 Chart Chart book book Dec. Dec. Dec. Dec. Dec. page Sept. Oct. Nov. 1 8 15 22 29 WEEKLY FIGURESi In billions of dollars MONTHLY FIGURES In billions 0/ dollars S AND CURRENCY RESERVES AND CURRENCY Reserve H;inlc credit: Reserve Bank credit 5 9.73 9.55 10.34 T C N M M r o o o e c M n m n i m s U e H b u y s . c i e r l t m r l y S o i s n S C N H H c . b f p k n e c d i ( o u d l e c t . r l r i m n l e , c o c i t s s p k . i r i c 4 v l d f c a o i o i t e l u s c . r u p l i e a c n t a s o s t * e e t t e e s r t e i c s i r o t d u t v i n * f r e i i s c t i a e t s e * d total 2, 2 • - 2 4 2 2 4 3 2 * 4 * » 2 1 1 1 6 2 2 l 1 9 1 0 ! . . . . . . . . . 2 « 0 5 2 9 0 6 5 4 6 l 7 6 8 4 5 3 7 5 2 2 1 1 0 2 2 0 2 1 1 1 . . . . . . . . . . . 5 0 6 1 6 0 5 6 0 7 i 9 7 4 3 4 9 i 1 6 2 8 1 2 2 1 6 2 1 0 2 2 1 1 . . . . . . . . . . . 5 2 6 9 1 3 0 0 5 6 0 6 8 4 9 3 9 0 2 8 1 9 2 2 1 1 6 2 0 2 2 1 1 1 . . . . . . . . . . . 9 2 9 6 8 3 0 0 6 5 6 7 9 7 7 8 8 0 8 6 5 1 1 2 2 1 2 6 2 1 0 2 1 1 . . . . . . . . . . . 1 9 4 9 6 7 7 4 0 6 6 1 7 6 1 1 3 1 0 8 1 2 1; T M T M R R E G r x r e e o o o e e c s q l n n a a d e e u N C R C e e s s s r i y u y v u s s h e r e o e t r e r s w i u o y r y i c i d e n n n e c a r b s t k v Y g c d r a r c e c e e o a y l e o i r i a s s r r p v r e n h c c c k b o e r i c u u a s s v t e l l y , C i n e a a s t k s s t t t i b o i i s t o o a y t n n a n . l , k . . s t . . o tal 8 5 , , 1 8 9 9 9 9 5 5 5 9 5 8 0 2 1 1 1 1 2 1 2 2 8 1 8 . . . . . . . . . . . . 2 4 2 8 4 7 8 5 3 0 0 8 7 1 2 6 5 3 4 2 4 3 1 6 2 1 1 1 1 2 2 1 0 9 2 9 . . . . . . . . . . . . 2 7 1 2 0 0 2 5 3 0 0 8 8 7 4 4 0 5 6 6 9 3 1 4 2 1 1 1 1 2 2 9 1 2 1 9 . . . . . . . . . . . . 0 5 0 2 2 3 3 0 9 0 7 J 7 7 4 9 1 J 9 4 2 2 1 1 K K t i c c c r s s . s * r r e e s s e e r r v v e e* s* ( weekly average), total* • 3 3 *M 1. 1 .0 0 4 *. . 9 9 8 2 ''1 1 . . 0 2 2 4 »'1 . . 9 0 2 2 1.13! $ B 1 i 0 ll s a n o d f 5 $ 5 2 0 0 a b n il d l s over 1 1 0 0 1 4 0 . . 9 1 5 0 1 5 0 . . 1 3 2 1 1 5 0 . . 3 6 2 9 New York City. 3 .02 .01 .03 .03 Coins, $1, ?2, and $5 bills 10 3.79 3.83 3.91 .01 .01 .01 .01 C R h e u s M e K r " ve . , c .• i • t • y • b • anks * 3 .34 .29 .29 .28 CONSUMER CREDIT Country banks* 3 P. 69 i». 67 *\69 J).71 Consumer credit, total 18 4.86 ^4.96 P5.07 Single-payment loans 18 1.04 PI.07 PI. 10 Charge accounts 18 1.28 PI.37 PI .47 MKMDKR BANKS lU LEADING CITIES Service credit 18 .68 *\ 68 P.69 T C L D U o o o . e t a m m S a n l . m a * n e G l a d o r o n a c v n d d ia s t e l . i p n o v o l s o b e i a s l ts i n t g m s a a , e d t t i n j o o u ts n t s a s t l e d 1 1 1 1 |4 4 4 5 4 5 3 3 1 1 3 7 6 1 . . . . . 1 3 6 3 0 7 4 5 8 3 5 3 3 1 0 4 6 6 0 . . . . . 5 8 0 4 9 4 2 8 0 3 5 3 3 1 6 6 0 4 0 . . . . . 4 7 7 5 9 1 2 5 1 9 4 3 3 1 6 4 9 1 6 . . . . . I 1 4 1 9 K 7 9 9 5 ) 4 3 3 1 9 6 6 3 0 . . . . . 4 7 1 8 9 3 4 1 4 0 , Insta I I l n n m s s t t e a a A O n l l m m t t u h t c e e e o n r n r m e t t d o s l i a t o t i l , a e v n t e c o s . r t . e a . d l it, total 18, 1 1 1 1 1 9 9 9 9 9 1 1 . . . . . 8 0 7 6 1 7 8 9 9 0 P ^1 I P . ! . 0 I 8 6 8 4 P P P P 1 I P . . . . . 8 0 7 1 6 2 4 8 8 0 New York City 15 2.40 2.41 2.40 2.44 2.42! 11X1 cities outside New York 15 3.98 3.9S 4.01 4.05 4.02 TREASURY riNANCE ltwkcrV loans—New York City 15 1.12 1.09 1.13 1.10 1.041 U.S. Govt. obligations outstand- U. S. Ciovt. obligations: ing, total interest-bearing 20 161.02 167.70 168.93 New York City, total 15 13.64 13.40 13.28 13.08 13.15 Bonds (marketable Treasury).. 20 05.44 67.89 67.94 Ronds 17 6.29 6.26 6.25 6.27 6.29 Notes, cert., and bills, total... 20 45.79 47.86 47.77 Notes and guar. securities 17 2.65 2.63 2.59 2.57 2.57 Notes 21 11.60 11.60 11.60 H)0 c C N C B H H it e e i o i o i l l r r n l e t l t t s s e s i d i s f f s i o i c c a u a a n t t t s e d e i d s d K e u N ar e . w se Y cu o r r i k , t i , e t s o tal.. 1 1 1 1 » 1 1 5 7 7 7 7 7 7 2 1 5 2 3 3 3 1 1 . . . . . . . 8 5 3 9 7 3 3 6 3 0 9 1 3 9 2 1 3 5 2 3 3 1 1 . . . . . . . 2 3 7 9 4 2 3 7 2 9 8 2 3 3 2 1 3 3 5 2 3 1 1 . . . . . . . 2 9 7 3 4 2 3 0 4 6 8 4 7 4 2 1 3 3 5 2 1 3 1 . . . , . . . 1 9 7 1 0 0 3 2 2 2 8 2 9 7 2 1 3 2 3 2 1 5 1 . . . . . . . 3 1 6 9 0 1 9 f 2 4 1 6 6 8 i Hold S S F i a p n e v e g d i c s . B T n C S ia a g o a a i e l l g s x v f r l s e t i U i i n b s n n f s g . o c i o u S c s i n t e e a . e d b s s t s G e s o s , o n a v t d n a t s d . x o n tr b o u l t i s e g t s a , f t e u io t n c n d . s s . : 2 2 2 2 2 2 2 0 2 1 0 1 1 1 3 2 2 1 1 1 8 3 1 4 3 1 5 . . . . . . . 8 1 9 0 4 7 7 5 4 1 5 8 2 9 2 3 2 1 1 1 3 9 5 6 3 5 1 . . . . . . . 1 0 7 2 0 9 S 1 6 8 0 6 9 7 P 3 2 2 1 1 1 6 3 9 6 6 3 2 . . . . . . . 5 1 0 7 2 4 2 9 0 7 0 3 0 3 Per cent per annum Federal Reserve Banks 22 8.92 9.35 10.35 Commercial banks 22 59.20 62.60 MONEY RATES, ETC. Private holders other than Treasury bills (new issues)2 25 .375 .375 .375 .375 .373 commercial banks, total 22 77.11 79.75 Treasury notes (taxable) 25 1.29 1.29 *1.31 1.31 1.31 Mutual savings banks 23 5.90 6.00 U. S. Goyt. bonds: Insurance companies 23 14.20 14.40 Partially tax-exempt 25, 33 1.86 1.86 1.87 1.86 1.87 Other investors, total 23 57.00 59.40 Taxable 25,33 2.34 2.34 2.34 2.34 2.34 Marketable issues 23 24.10 24.70 Corporate Aaa bonds 33 2.74 2.74 2.74 2.74 2.74 Corporate Baa bonds 33 3.84 3.84 3.83 3.81 3.81 Per cent per annum Stock T o p ta ri l c es (1935-39 - 100): 35 89.7 9 I 2 n .5 uni 9 t 2 i . n 0 dicat 9 e 2 d .9 91.9 T F T . r r e e R a a . s s u u B r r y a y M n O k b n N i o l d E t l e s i Y s s c ( S n o ( A e t u a w T n x E t a S i b r s , a s l E e u t T ) e e , C s ) N . . Y.... 2 2 2 7 7 7 1.3 S 1 O 1 .3 . . 3 5 7 0 5 1 1 .3 . . 2 7 5 5 9 0 Industrial 35 91.2 94.2 94.0 94.9 93. Commercial paper 29 .69 .69 Railroad 35 83.2 86.4 86.0 86.7 85. U. S. Govt. bonds: Volu P m u e b l o ic f u tr t a il d i i t n y g (mill, shares) 3 3 5 5 84 .6 .5 9 85 .9 .9 6 84 .7 .7 8 85 .6 .7 3 85 .9 , 4 C C o o r r p p T P o o a a r r r x a a t a t t i e e a b l l A B l e y a a a a ta b b x o o -e n n x d d e s s m pt 29, 3 3 3 3 3 3 3 3 2 3 2 1 . . . 3 8 6 R 0 3 9 0 2 2 3 1 . . . . 3 7 8 8 0 0 2 1 2 2 3 1 . . . . 3 8 8 7 2 3 1 5 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 99.5 99.3 99.3 93.0 81.3 In unit indicated Electric power prod. (mill. kw. hrs.) 50 4,560 4,567 4,613 4,340 Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total 51 862.8 823.2 759.3 641.4 Total 35 95.6 94.8 9 Miscellaneous 51 392.9 379.8 349.0 305.1 Industrial 35 97.5 96.6 93.0 Dcpartment store sales (1935-39 = 100)... 52 252 273 290 244 Railroad 35 91.3 92.0 S6.5 F.Il.A. home mortgages, new construc- Public utility 35 87.3 86.8 85.1 tion (thous.)* 52 Volume of trading (mill, shares)... 35 .66 .63 Who T F le a o s r t a m a l l e p p r r o ic d e u s c t ( s 1 926 = 100): 6 6 3 3 1 12 0 1 2 . . 8 8 1 1 2 0 2 2 . . 0 9 1 1 0 2 2 1 . . 9 8 1 1 2 02 2 . . 9 0 Brok C M e r r o e s n 1 d e i b y t a l e b a x o n t r c e r e n o s d w e ( e d m d i c ll u , s d to o m lla e r r s s ) : 3 3 ! 1 * * 7 7 7 7 O O « *0 78O f '7 6 4 0 0 0 Other than farm and food 63 97.6 97.8 97.8 97.8 Customers' free credit balances. 3! e320 'Estimated. p Preliminary- r Revised. c Corrected. * Figures for other than Wednesday dates arc shown under the Wednesday included in the weekly period. - Figure for Nov. 3 shown in December BULLETIN, p. 1196, should be corrected to read 0.376. 3 Number of issues decreased from 2 to 1 on Dec. 15. 4 Publication discontinued. s Adjusted for seasonal variation. 6 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. IOO FEDERAL RESERVE 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 Sept. Oct. Nov. page Sept. I Oct. I Nov. MONTHLY FIGURES-Cont. In unit indicated MONTHLY FIGURES-Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments {mill, dollars), total:5 38 12,069 12,204 12,394 Exports and imports (mill, dollars): Salaries and wages || 8,602 8,695 ^8,830 Exports 61 1,233.1 1,186.0pl,036.3 3,467 3,509 *>3,564 Imports 61 P280.5, *>328.6 P317.9 Cash farm income '(mill, dollars), total. 39 1,992 2,282 P2.050 Excess of exports 61 "952.6 ^857.4 Livestock and products g 929 1,008 PI,066 Excluding Lend-Lease exports 61 P-49.5 Crops g 1,006 1,245 ^946 Wholesale prices, total (1926 ~ 100).... 63 103.1 103.0 102.9 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 :0 °y 57 ,. 29 P38 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 . . 2 1 1 9 2 7 2 . . 3 2 | 1 9 2 7 1 . . 4 4 Total (1935-39 = 100). 41, 42 r245 247 P247 Cost of living, all items (1935-39 = 100) 65 123.91 124.4 124.1 Groups (points in total index) Food 65 137.4 138.2 137.3 DuraDle manufactures *J 140.4 142.4 ^143.3 Clothing 65 132.5 133.0 133.0 Machinery, etc : « r98.2 99.8 P100.8 Rent 65 108.0| Iron and steel *2 23.5 23.6 23.0 Other durable « r18.8 19.0 P19.S Nondurable manufactures 4\ r83.2 83.5 ^83.8 1943 Textiles and leather 4Z r19.4 19.5 ^19.4 Paper and printing........ 42 11.6 11.5 P11.3 Foods, liquor, and tobacco 42 r19.5 19.6 P20.4 Other nondurable 42 32.6 32.9 P32.7 Minerals 41,42 21.0 20.7 "20.0 Primary products (1935-39 = 100): In millions of dollars Steel 43 239 241 235 Cement 43 112 107 98 QUARTERLY FIGURES W L C M C C P L u a e r o o o e u p m a a t o a t d e l t l o t b h r e s n y e e a p r r a c n e r o n t d r n o d s l u a e i m u r m y p t p io ro n ducts 4 4 4 4 4 4 4 J 3 * ^ 3 3 3 3 3 '1 1 1 1 1 1 1 1 6 0 5 1 7 5 3 3 2 5 6 8 2 0 8 6 1 1 1 1 1 1 1 1 5 7 0 4 1 5 3 3 7 3 3 1 5 6 6 7 ^ ^ ^ * 1 1 1 1 1 2 2 3 7 5 3 5 8 2 3 B In u t d e g r N M E C I n n e x o e a i t d t p s r l i p r c W e v r r e . o n e e i c d a r i d c v e n a r u e i e i t t t a i p e n e a u p l t u r c r s t n i e e s t i n i a n s a v c c l , c n o i o o t d t r m l i m o e l e e v e t e s e a c e x l t t n p t i a a o u e x x n e n e e s d s s , i t t o u t r a e l s : 2 2 2 2 2 2 2 4 4 4 4 4 4 4 1 1 3 6 6 2 9 1 8 , . , , , , , 3 6 8 2 9 0 4 6 4 3 3 8 5 6 4 5 4 6 8 0 0 2 2 3 6 7 2 1 3 1 . . , , , . , 2 5 5 0 0 7 8 2 3 6 4 0 8 3 8 5 3 6 7 1 4 2 2 1 3 2 0 7 2 1 0 , , , , , , , 4 8 2 6 6 8 1 3 7 6 4 7 1 0 1 4 7 6 0 6 6 Labor f O or t c h e e r a m n a d n u e f m ac p t l u o r y e m d e f n o t o ds (m ill, 43 r138 *>140 p141 Corp N o e r t a t p e r o s c e e c e u d ri s t y issues: 36 153 266 245 pe L E rs a m o b n p o N s l r o ) o : y f n o m a rc g e e r n i t c , u t l o tu ta r l a l :. 4 4 4 4 4 4 4 S 5 1 2 3 . . . 2 5 3 4 5 5 1 1 2 . . . 2 9 6 4 5 5 1 1 1 . . . 5 3 9 New R P In m u a d b i o u l l n r i s o c e t a y r u d i ; a t l t i o li t t a y l 3 3 3 3 6 6 6 6 5 3 1 3 1 5 2 6 4 1 1 6 1 7 2 1 1 4 9 4 0 Agricultural 44 11.3 10.7 9.8 M Fe a m le a le : 4 4 4 4 3 1 5 6 . . 8 7 3 1 5 6 . . 5 4 3 1 S 6. . 0 3 Per cent per annum Nonagricultural employment (mill. persons), total5 45 37.7 37.9 *38.1 M T T G C r r o o a a a n v n d n s e u e s t r f r p n a u o m c c r t t e t u i a n o r t t i n i n o g n a a n n d d m ut i i n l i i n ti g e s :.... 4 4 4 4 4 5 5 5 5 5 1 5 3 6 1 6 . . . . . 8 6 2 0 8 1 6 0 5 3 7 . . . . .0 3 9 8 6 p1 P ^ ^ P 7 0 6 5 3 . . . . . 0 9 4 8 7 Bank T N O S o o e t r h u w t a a e t t h e l r Y , s e N o r 1 o n r 9 o n k r a c t c i n C h t u d i e i s e t r t W s y n o m e a s e n t r e d s r * n E l a o c s i a t t n i e e s r s : n cities 3 3 3 2 1 1 1 9 2 2 3 2 . . . . 2 7 3 7 4 6 6 6 3 2 2 3 . . . . 0 3 7 9 0 8 0 8 2 2 2 2 . . . . 7 0 4 7 1 5 8 3 Factory employment and pay rolls (1939 - 100): P E a m y p r l o o l y ls m ent 4 4 7 7 r1 3 7 2 0 8 . . 1 3 3 1 3 7 3 0. . 4 4 De 19 c 4 . 2 31,Ju 1 n 9 e 4 3 3 0, O 1 c 9 t. 4 3 18 Hours and earnings at factories: Weekly earnings (dollars) 48 r44.43| 44.90 In billions of dollars Hourly earnings (cents) 48 r99.4 98.9 CALL DATE FIGURES Hours worked (per week) 48 44.7 45.4 Ne (1 w 9 N 3 o e 9 r w d N D = e o o u r r s 1 n r d , a 0 d e s b 0 u r h l ) s r e i : , a p b t m o le e t a n l t s, and inventories 4 4 4 9 9 9 3 2 1 4 4 7 7 0 9 P " P 2 3 1 4 3 8 6 2 3 T T D C o i e u m t m r a r e l e a n n d d A c d e e y L p p L d o o o e s s u B p i i t t t A o s s s N s id i a K t e n s S d a b I d N a c j n u u T k r s r s H t e e E n d c U y . S. , 1 1 1 II 1 1 1 9 4 2 1 9 8 8 3 . . . . 7 9 9 4 1 5 2 4 1 5 3 1 1 6 0 0 5 . . . . 8 1 0 2 1 6 4 6 1 5 3 1 2 1 6 7 4 . . . . 6 0 3 8 7 9 3 3 Shipments, total 49 261 *'27O Durable 49 356 P373 . R . esi I d n e v n e N t D N n ia o t u o l o n r n r a d c d i b e u o u l s r n r e , a a t b r b to a l l e e c t a ts l (mill, dolla ; r s):5 4 4 4 4 9 9 9 9 2 1 1 1 1 4 7 8 5 6 8 6 P P p P 1 1 1 2 7 4 9 1 9 9 1 4 Loan U O s . t h a S e n S . r d t G a s i t e o n M e c v v E u t a e . M r s n i t o B t d m i b E e l R l e s o i n g c t a B a s t l A , i o o N t n o b E s l t S . i a g l ations 1 1 1 1 2 2 3 2 3 5 7 9 5 2 . . . . 5 6 2 9 5 3 6 7 6 4 7 5 6 2 . . . . 1 3 9 8 6 5 8 8 5 7 5 2 5 8 . . . . 1 8 2 1 4 2 5 1 Co a n v T P P s ., t o r u r m i t u b v a c O 1 i a l l l t - i . t i l t . e o , c h a , n . e d n " r t o d o c . l . o t l 2 ' a a . n - l r " f t s . a . r ) . a m : " 5 c . i t l s y ( d 3 w -m el o li . n m gs o ving \\ 5 5 5 5 5 3 3 3 3 3 5 4 1 2 1 7 0 7 5 5 62 3 3 7 7 9 8 1 6 2 3 2 8 0 5 5 7 Loan R O C S F s t e o o , t r h a m r e t e e l o e m r i t e t g a d s e l n l o t r o a c a m s t i n e e a e s c l s l u o ( t l r i b o a i c r t n a i o s n s e k e s s c e u rs r ' i t l i o e a s ns).... 1 1 1 1 1 1 3 3 2 3 3 3 1 2 8 3 6 . . . . . 6 4 0 4 7 2 9 6 8 9 " 1 2 3 4 7 . . . . . 4 4 8 3 9 2 8 1 5 6 1 2 7 . . 3 7 2 2 .O T R o t e h t s a e i l d r ential 5 5 5 5 5 5 2 2 6 6 0 4 5 2 2 1 6 0 3 3 1 9 P ^ ? I 1 9 5 3 7 8 9 Hold B in y g c s N la o e s w f s e U s Y . o o S r f . k b G C a o n i v t k y t s . : securities: 16 12 2 . . 5 7 5 9 1 3 3. . 8 1 9 7 1 3 5 . . 6 7 9 3 Freight carloadings:5 Chicago 16 13.04 17.42 20.62 Total (1935-39 = 100) 57 140 137 139 Reserve city banks 16 9.17 12.51 15.21 Grou M C p o i s s a c l ( e p l o la in n t e s o u in s total index) 5 5 7 7 3 7 2 8 . . 2 4 2 7 9 6 . . 7 9 8 2 0 7 . . 6 0 By k B C in o o d n u s d n s t o ry f s b e a c n u k ri s t . i es: 1 1 6 6 18 5 . . 9 4 5 1 23 5 . . 5 2 5 5 0 0 .. Allother 57 28.9 r30.2 31.1 Notes 16 6.29 9.42 Department stores (1923-25 » 100) :5 Certificates 16 4.36 6.28 S S a to le c s k s \..\\\\\\\\\\\\\\\\\\\ 5 5 9 9 1 11 3 0 2 r1 1 0 4 4 0 1 9 5 7 8 B G i u ll a s r anteed 1 1 6 6 2.54 2.49 For footnotes see preceding page. IOI JANUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOK Gold reserves of central banks and governments 104 Gold production 105 Gold movements IOS Net capital movements to United States since January 1, 1935 106 Central banks 107-110 Money rates in foreign countries Iir Commercial banks II2* Foreign exchange rates XI3 Price movements: Wholesale prices Ir4 Retail food prices and cost of living Ir5 Security prices. ZI5 Tables on the following pages include the principal available statistics of from banks, bankers, brokers, and dealers in the United St tion of November iz, . Back figures may in most cases be obtai I934 Annual Reports of the Board of Governors for 19J7 and earlier years 103 JANUARY 1344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OB CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A i e n n r- a - 1 g B iu e r U a Brazil B In ri d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v s z a l e o k c - i h a o- m De a n r - k Egypt France m G a e n r- y Greece 1937—Dec... 12,760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec... 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1 1 9 9 3 4 9 0 — — D D e e c c . . . . . . 2 1 1 7 , , 9 6 9 4 5 4 4 3 6 5 6 3 2 6 7 0 3 9 4 4 5 0 1 2 2 7 7 4 4 2 2 4 4 2 3 1 7 4 3 3 0 0 2 1 1 7 5 5 S 6 5 5 3 2 5 5 5 2 2 2 , , 0 70 0 9 0 2 2 9 9 2 2 3 8 1941—Dec... 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec... 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Tan... 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.. 22,243 353 734 202 274 7 54 53 61 44 52 2,000 Sept.. 22,175 353 734 223 274 6 55 61 44 Oct... 22,116 274 5 56 Nov.. 22,065 7 End of month H ga u r n y - P I e r r a s n i a) I Italy Japan Java Mexico N la et n h d e s r-] Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru ni m a a- A So fr u ic th a Spain 1937—Dec... 25 25 210 261 79 24 933 23 82 21 83 69 , 120 189 6525 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941-Dec... 24 26 el64 235 47 575 23 21 59 182 366 42 1942—Dec... 24 734 4216 39 506 23 25 59 241 634 42 1943—Tan... 24 34 70 501 23 25 59 241 572 Feb... 24 34 90 497 23 25 59 242 523 Mar.. 24 59 110 496 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 ' 868 July.. 24 125 P500 23 26 59 271 611 Aug.., 24 174 ^500 23 26 59 282 628 Sept.. 24 200 P500 23 26 644 Oct... 200 26 Nov.. 202 31 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw l i a t n z d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O tr o i t u e h n s e 9 - r United United Bel- End of month States King- France* gium dom 1 1 1 1 1 1 9 9 9 9 9 9 4 4 3 3 4 3 1 0 9 8 2 7 — — — — — -D D D D D D c e e e e e c c c c c c 3 2 3 3 1 2 3 2 4 0 6 2 5 1 4 8 0 3 6 5 5 8 7 6 5 4 0 0 6 2 0 9 1 2 5 4 1 9 2 2 2 8 1 2 9 9 9 8 4 M 2,6 S 8 ? 9 1 6 6 9 8 7 0 4 9 8 0 9 0 4 5 5 6 1 2 2 8 4 5 5 5 8 1 7 9 2 2 1 1 1 5 7 1 2 4 2 1 1 1 1 1 1 4 5 4 8 4 6 2 3 5 5 2 0 1 1 19 9 9 3 3 3 9 7 8 — — — J D D M J M u u e e a n n c c a r e . e r . . . . . . .. . . . 1 1 4 8 6 5 9 4 0 4 * 1 1 1 3 4 , , , 7 4 3 7 9 3 8 9 5 3 2 9 5 9 4 3 5 3 5 1 9 .11 8 4 6 5 4 1 2 1943— N J M S O A A F M J T u e a e o u p u c a a p n l b v n t r g y y r t e 3 3 3 3 3 3 3 3 3 3 3 8 6 4 7 7 7 4 4 4 4 4 4 8 4 8 1 4 7 4 2 0 6 P 8 8 9 8 8 8 8 9 8 8 8 7 5 5 4 8 0 0 6 6 3 8 6 9 1 2 7 0 7 6 2 0 3 1 1 1 1 1 1 1 1 1 5 2 6 5 6 2 2 4 5 8 4 1 8 1 4 4 5 8 " P 1 1 1 1 8 8 8 9 0 0 0 0 9 9 9 6 1 3 1 8 6 8 7 8 8 8 7 7 8 8 8 8 0 0 2 0 0 4 6 4 4 4 2 2 2 2 2 2 2 2 2 2 4 2 5 5 6 6 6 5 6 7 , ^ . 1 1 1 1 1 1 1 1 6 8 8 8 8 9 9 9 1 0 2 4 2 5 2 2 2 92 1 1 9 9 4 4 .. 0 1 — — M D D J S S D J J M M S u u u e e e e e e a a a p n p p n n c c c r r y . t e t t . e e . . . . . - . . . . . . . . . . . . . . 1 1 1 1 8 4 8 4 8 6 5 8 0 2 2 5 8 6 5 9 4 6 8 5 4 5 B8 2 7 9 6 2 477 1942-Mar.. 12 p Preliminary. June. 8 1 Figures through March 1940 and figure for December 1942 include, in addition to gold of the Sept.. 7 Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Dec... 12 Stabilization Fund. 1943—Mar.. 14 2 Change from previous December due largely to inclusion of gold formerly not reported. June.. 11 10n May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 1 Reported at infrequent intervals or on * * Figures relate to last official report dates for the respective countries, as follows: Greece— layed basis: U. S.-Exchange Stabilization W Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia (Special A/c No. 1); U. K.-Exchange Equg —Feb. 28,1941. zation Account; France—Exchange Stabilization 6 Figure for December 1937 is that officially reported on Apr. 30,1938. Fd d Rt Fd B l i T s u ry • Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. y 8 Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time p. 170. of gold held for Foreign Exchange Institute. 9 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, 3 Figure for end of March 1937, first date r Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, * Figure fr d f Sb reserve « Estonia, Finland^ Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,Morocco, nk of UK and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. nd on that date. 10 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British 6 Figure for Sept. 1,1941. Exchange Equalization Account during 1939. NOTE.-For details regarding special 11 Beginning December 1940, figures refer to gold reserves of new Central Bank only. transfers in 1939-40 between the British Ev 12 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. and the Bank of England, and between thej E. S F. and the Bank of France, see 13 Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica. for September 1940, p. 926. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. IO4 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o .S ut . s S i . d R e . ^ 1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o i - a A W fri e c s a t ^ | I B C e o l n g g ia pa n chile I I Ni g c u a a r 7 a- Au li s a t 8 r a-1 I B In ri d ti i s a h 9 $1 - 15 ft grains of gold &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.. ,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.. ,136.360 .958.770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939.. 208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940.. ,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941.. ,288,945 1,089,395 504,268 27,765 32,414 209,175 187,,0881 2277,,996699 22,961 9,259 7.525 51,039 9,940 1942.. 968,112 494,439 26,641 29,225 130,963 116699,444466 53300,000000 20,882 6,409 8,623 42,525 8,960 1942—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--JJaann....... 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 55S 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*62,984 38,367 1,987 1,645 4,065 10,975 1,599 566 700 1*2,345 735 June.. p62,104 37,424 1,953 1,645 3,945 11,442 1,540 455 724 p2,24O 735 July... "61,658 37,962 ^1,906 1,540 3,945 10,246 1,763 454 622 P2.45O 770 Aug.... p6O,157 37,297 *1,855 1,540 3,634 10,268 1,704 /454 430 "2,240 735 Sept... P59,297 36,783 PI,925 1,540 3,306 9,898 PI,645 /454 770 *>2,24O .735 Oct.... ^59,945 37,162 ^1,925 '1,540 3,814 9,802 n, 645 '454 628 ^2,240 '735 Gold production in U. S. 5. R.: No regular Government statistics on gold production in U. S. S. R. are available, t>ut data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936,187 million; 1937, 185 million; 1938, 180 million. J Preliminary. / Figure carried forward. Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. STJD A__..,.,>„ , .. . . . » .- • "etal Statistics. 1940 estimated at three times production for first four months of the year, imates of United States Mint. Monthly figures represent ;thly figure $359,634 so that aggregate for ming April 1942, figures no longer reported* Anniraffig^irelfor 1942 is rough estimate based on reported production of $7,809,000 in first three 8 Sol(? exPorts, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. For ™ Tfor "Pknation 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. p 108^109 eS W°rld production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1942, pp. 103-104, and 1936, GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ouncel Net imports from or net exports (—) to: Y m e o a n r t o h r im T n o p e t o a t r l ts U K d n o i i n m t g ed - France Bel- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 4 3 3 9 5 4 6 4 0 . 7 8 . 1 1 . . . . . ! ; . . / " " ; ' * " ; 1 " ' 3 4 , , , , , , , 1 7 1 7 5 5 9 9 3 3 1 4 8 7 7 8 1 9 6 4 5 4 3 2 , , , , , , , , 9 0 5 4 5 1 5 3 9 1 8 7 6 5 0 7 4 9 4 2 9 3 1 8 1 1 , ,8 2 4 3 8 1 6 2 0 1 9 9 7 3 6 5 8 3 9 1 4 3 , , , , , , , , 7 4 7 8 7 5 0 0 2 0 7 2 7 3 9 8 7 0 8 1 3 9 3 3 - 2 9 5 1 2 8 6 3 7 4 3 3 0 4 1 3 1 , , , , , , 7 , 2 7 2 1 6 7 1 2 4 9 7 3 7 0 3 3 1 5 8 8 1 1 9 1 6 8 3 0 5 5 , , , , , 9 3 8 1 4 9 0 5 5 2 8 7 1 2 9 3 2 8 7 1 2 3 1 9 7 2 6 4 6 6 4 1 7 1 3 3 , , , , , , , 4 3 1 0 2 6 0 6 4 8 0 6 4 1 1 8 9 8 6 5 0 1 6 2 6 0 8 1 1 , , , , 7 1 7 4 4 4 1 8 7 6 5 9 2 6 5 8 9 1 4 7 6 1 2 0 , , , , , 5 4 9 4 , 3 3 9 8 " 1 5 8 0 6 6 2 9 - 1 2 7 2 8 3 9 0 2, 6 4 1 6 8 9 1 1 7 7 1 2 5 6 2 2 6 2 1 2 , , , , , , , , 1 8 3 9 0 6 4 3 7 1 2 4 5 4 8 3 1 5 9 9 6 8 0 0 3 3 3 3 3 2 1 1 8 6 3 9 0 9 3 6 , , , , , , , , 4 4 6 9 2 8 6 7 8 7 6 1 6 7 8 9 2 2 7 0 6 0 0 1 2 2 2 1 1 1 1 1 3 4 3 8 0 1 0 6 , , , , , , , , 2 9 3 5 4 9 8 9 9 5 3 9 1 4 9 4 7 7 9 9 1 8 9 4 4 3 2 2 3 1 1 2 2 8 1 5 5 5 2 7 , , , , , , , , 6 6 5 4 3 6 0 8 7 2 1 3 2 3 3 8 8 7 3 5 7 8 6 0 1 3 3 6 2 7 0 3 9 7 4 1 3 4 3 , , , , , , , , 0 4 1 4 7 2 2 7 2 9 6 9 1 8 5 7 9 2 8 2 3 0 0 7 2 1 2 9 8 2 2 4 , , , 4 8 8 1 7 0 6 6 8 9 5 1 8 1 5 1 2 3 2 6 2 1 1 1 4 6 6 1 9 6 5 8 1 , , , , , 4 6 4 7 7 0 6 3 4 4 5 4 9 0 4 5 5 4 7 7 1 7 0 0 9 9 7 6 5 6 , , , , , , , , 7 9 8 1 9 6 2 8 6 5 9 5 8 6 6 2 2 6 2 9 9 8 5 0 3 4 S 1 3 1 26 0 O 4 3 8 3 2 7 2 9 6 8 2 9 O , , , , , , , 9 3 4 7 4 9 , 9 4 7 0 0 6 3 8 9 8 5 4 4 8 5 9 8 5 1941 O A J J S N D A M u u u e c e p a o g p a n l t c r r y t v y . . e . . . . . . . . . . . . . . . . * . . . . " ! ; . . " 2 1 1 1 3 5 4 5 3 3 3 3 6 1 7 0 0 4 2 7 0 6 0 4 8 1 5 8 , , , , , , , , , , , , 3 0 2 9 8 7 5 9 6 8 4 7 7 4 4 7 1 6 9 9 0 3 4 0 - 1 2 3 2 7 2 6 9 0 0 2 1,2 8 4 5 2 1 1 1 1 7 4 3 5 2 5 7 2 6 8 7 4 2 7 0 1 2 5 9 1 3 1,746 5 33 6 7 3 4 8 9 4 2 2 1 1 1 1 1 2 6 1 5 2 0 0 6 7 9 0 6 4 , , , , , , , , , , , , 8 5 6 2 5 3 5 2 8 3 0 9 7 2 1 1 0 6 1 2 4 7 1 7 6 9 9 6 6 2 4 4 2 2 7 7 1 1 6 1 1 1 , , , , , , 1 1 0 0 3 2 8 9 8 8 4 8 4 4 8 2 1 3 6 6 0 9 7 4 7 7 0 0 4 9 6 0 5 6 3 3 3 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 1 1 1 9 2 1 7 2 4 2 6 2 0 1 3 3 9 3 8 3 1 8 8 7 0 4 2 4 0 8 8 1 3 2 3 3 3 4 2 5 3 3 5 1 , , , , , , , , , , , , 1 1 1 9 5 7 1 3 9 0 8 5 8 0 1 3 4 8 7 8 9 8 7 0 5 7 4 0 1 4 2 7 0 8 4 6 1 4 4 5 6 6 4 6 3 2 6 5 1 , , , , , , , , , , , , 1 1 2 7 7 7 5 1 7 0 1 9 9 9 5 6 4 1 3 6 2 9 3 8 9 4 1 3 2 2 0 4 8 3 6 0 1 1 4 3 3 3 2 9 2 , , , , , 5 7 6 7 2 2 1 1 9 8 9 3 6 9 6 8 0 3 4 9 4 8 4 5 6 1 9 8 0 7 0 0 6 3 , , 0 3 0 8 1 4 3 5 6 4 1 2 , , , 5 1 9 3 7 0 9 3 2 1 1 5 7 1 1 • . 6 6 1 1 6 * 1 • 5 2 6 3 5 9 3 6 8 9 9 1 , , , , , , , , , t , , 0 7 5 9 0 8 7 0 0 0 3 0 9 9 8 5 1 0 0 2 3 6 6 4 3 3 9 1 1 6 9 8 9 2 5 1 official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. .83?. 900. from Argentina. ^ $15(719(ooo from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other for m'ontns subsequent to December 1941 have not been released for publication. JANUARY 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U.S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936-Dcc. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938-Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0' 1,125.4 64.1 Dec. (Jan. 4, 1939), 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 Tune 28 .' 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27. 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940), 5,021.2 ' 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095,0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2)..,.. 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec (Jan. 1, 1941) 5,727.6 3,159.0 ,1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941-M S J D u e e a n p c r e . t . . ( 3 ( ( O A 1 Ju c p t l r . y . 1 2 2 ) ) ) 5 5 5 5 , , , , 5 2 5 5 2 3 7 1 6 0 5 0 . . . . 5 7 4 3 • 3 3 3 2 , , , , 1 1 1 8 4 3 9 5 8 9 3 6 . . . . 8 5 3 2 1 1 1 1 , , , , 3 3 3 0 0 2 7 5 7 1 5 3 . . . . 7 7 7 1 1 1 1 1 , , , , 8 8 8 8 0 1 1 4 8 2 7 1 . . . . 2 7 6 0 8 8 7 7 1 0 6 9 8 5 7 1 . . . . 6 4 3 3 "8 8 8 8 1 3 5 4 2 5 4 1 . . . . 7 5 1 1 6 6 6 7 2 3 2 0 3 1 6 1 . . . . 5 2 7 8 ' 1 1 9 9 0 0 8 5 0 0 . . . . 2 9 9 9 J942- J J J J a a a a n n n n . . . . 2 2 1 7 8 1 4 5 5 5 5 , , , , 1 1 1 2 6 7 9 2 3 8 9 5 . . . . 7 5 1 3 2 2 2 2 , , , , 7 7 8 8 8 7 1 4 7 1 6 1 . . . . 7 6 9 7 1 1 , , 0 0 9 9 5 1 8 7 2 2 7 0 . . . . 6 6 3 3 1 1 1 1, , , , 7 8 8 7 9 0 0 8 3 7 4 9 . . . . 9 4 6 1 8 8 7 7 0 0 9 9 1 3 8 6 . . . . 6 0 5 5 8 8 8 8 5 5 5 5 7 6 6 7 . . . . 5 2 7 8 6 6 6 6 2 3 2 2 7 1 7 7 . . . . 0 9 0 6 1 1 1 1 0 0 0 0 1 2 2 2 . . . . 4 0 0 0 F F F F e e e e b b b b . . . .U 2 1 4 5 8 5 5 5 5 , , , , 0 0 0 0 3 9 6 8 5 8 9 1 . . . . 7 2 0 6 2 2 2 2 , , , , 6 6 6 7 8 4 7 0 7 6 5 3 , . . . 5 2 5 5 9 9 8 8 2 3 7 6 6 6 9 6 . . . . 4 7 4 1 1 1 1 1 * , , , 7 7 7 7 6 8 6 9 6 0 1 6 . . . . 8 2 1 0 8 8 8 8 0 0 0 0 3 2 6 9 . . . . 9 5 2 8 8 8 8 8 5 5 5 5 8 6 9 5 . . . . 8 2 1 9 6 6 6 6 3 3 2 2 0 4 0 6 . . . . 0 5 2 2 1 1 1 1 0 0 0 0 2 2 2 2 . . . . 2 4 0 1 M A M M M p a a a a r r r r r . . . . . 1 2 1 1 4 1 8 5 :. 5 5 5 5 5 , , , , , 1 0 1 0 0 8 0 1 5 7 2 1 5 2 0 . . . . . 7 4 8 1 3 2 2 2 2 2 , , , , , 6 7 6 6 7 5 1 8 7 0 4 4 4 2 6 . . . . . 4 6 0 5 1 9 9 9 9 9 3 1 4 5 0 2 7 1 5 8 . . . . . 8 0 0 6 1 1 1 1 1 1 , , , , , 7 7 7 7 7 5 5 4 5 6 4 9 6 2 5 . . . . . 7 0 3 0 1 8 8 8 8 8 1 1 1 1 1 9 7 5 7 4 . . . . . 7 2 5 6 8 8 8 8 8 8 5 5 5 5 4 1 2 5 9 1 . . . . . 7 4 4 6 6 " 6 6 6 6 6 2 2 2 2 2 6 5 4 7 5 . . . . . 6 6 9 0 0 . 1 1 1 1 1 0 0 0 0 0 2 3 2 3 4 . . . . . 4 7 6 1 3 A A A A p p p p r r r r , . . . 2 2 1 8 2 9 5 .: 5 5 5 5 . , , , 3 3 0 3 0 7 0 1 0 9 9 7 .& . . . 5 6 1 2 2 2 2 , , , , 9 6 8 9 1 7 9 0 2 5 3 6 . . . . 9 1 6 1 1 1 1 , , , 1 1 1 9 2 0 3 1 9 6 2 8 . . . . 7 2 7 1 1 1 1 1 . , , , 7 7 7 7 9 6 5 8 9 3 1 6 . . . . 4 2 6 9 8 8 8 8 2 3 2 2 7 0 9 9 . . . . 3 1 8 1 8 8 8 8 4 4 4 4 7 5 4 3 . . . . 2 4 3 2 / 6 6 6 6 2 2 2 2 5 6 7 6 . . . . 2 6 1 6 1 1 1 1 0 0 0 0 4 4 4 3 . . . . 7 6 1 9 M M J M M u a a a a n y y y y e 2 2 3 1 6 7 0 3 5 5 5 5 5 , , , , , 3 3 3 4 3 5 7 1 8 5 8 5 3 8 4 . . . . . 4 4 2 6 8 2 2 2 2 2 , , , , , 9 9 9 9 9 4 7 7 5 9 8 4 1 6 1 . . . . . 5 7 8 4 0 1 1 1 1 1 , , , , , 1 1 1 1 1 4 5 5 4 6 4 3 3 0 0 , . . . . 0 5 3 1 1 1 1 1 1 1 , , , , , 7 8 8 8 8 9 2 1 1 5 5 1 1 1 2 . . . . . 2 2 0 3 8 8 8 8 8 8 3 3 3 3 3 1 4 6 6 9 . . . . . 2 3 4 5 8 8 8 8 8 8 4 4 4 4 4 1 1 1 0 3 . . . . . 9 4 7 9 2 , 6 6 6 6 6 2 2 2 2 2 7 6 6 7 9 . . . . . 2 5 9 3 0 1 1 1 1 1 0 0 0 0 0 4 5 5 4 4 . . . . . 0 0 4 8 6 J J J J u u u u n n n n e e e e 3 2 1 1 0 4 0 7 2 5 5 5 5 , , , , 4 5 4 4 5 1 9 9 6 7 5 5 . . . . 4 8 3 3 3 3 3 3 , , , , 0 0 0 0 3 7 9 7 9 7 5 5 . . . . 9 1 9 9 1 1 1 1 , , , , 1 2 2 2 9 1 2 1 3 1 0 0 . . . . 7 0 3 0 1 1 1 1 , , , , 8 8 8 8 6 7 4 6 5 7 6 4 . . . . 9 2 6 0 8 8 8 8 4 4 4 4 1 2 3 2 . . . . 7 7 8 3 8 8 8 8 4 4 3 3 0 0 9 8 . . . . 7 9 1 8 6 6 6 6 3 3 3 3 0 2 1 1 . . . . 0 6 0 1 1 1 1 1 0 0 0 0 4 5 6 5 . . . . 8 2 2 0 O S J N D A u e o c e u l p c v t y g . . t . . . 3 3 3 3 3 3 1 1 0 1 1 0 .. 5 5 5 5 5 5 , , , , , , 6 5 7 8 5 6 9 4 6 3 9 5 4 2 1 9 5 4 . . . . . . 7 6 6 9 0 9 , 3 3 3 3 3 3 , , , , , , 3 2 1 2 2 1 2 5 2 0 1 8 1 0 0 4 2 4 . . . . . . 4 2 2 3 6 8 1 1 1 1 1 1 , , , , , , 4 2 3 3 2 3 1 4 4 6 9 3 2 2 1 6 3 9 . . . . . . 7 0 1 1 1 1 1 1 1 1 1 1 , , , . , , 9 8 8 8 8 8 7 9 8 0 7 6 8 1 4 8 3 3 . . . . . . 7 7 1 5 3 2 8 8 8 8 8 9 3 8 5 5 9 0 9 8 8 4 0 1 . . . . . . 9 8 2 9 0 6 8 8 8 8 8 8 2 4 2 3 4 4 8 0 8 9 4 2 . . . . . . 6 5 8 2 3 1 6 6 6 6 6 6 4 6 4 5 7 3 1 6 2 4 3 3 . . . . . . 0 1 7 3 3 3 1 1 1 1 1 1 0 0 0 0 0 0 3 4 3 7 4 4 . . . . . . 7 4 9 5 1 t 1943— J J A S A M M F J u u e e a u p l a n a p b n y g r y r e . t . . . . . 3 3 3 2 2 3 3 3 3 1 0 9 0 7 0 1 1 0 6 6 6 6 6 5 6 6 6 . , , , , , , , , 5 7 0 7 2 1 9 5 2 0 7 1 2 1 4 0 8 5 6 1 4 2 6 7 2 7 6 . . . . . . . . . 4 3 9 3 1 3 6 7 0 34 4 4 3 3 4 3 3 3 , , , , , , , , , 0 0 1 7 6 1 6 4 5 5 0 9 6 4 3 0 7 9 6 0 2 3 9 1 7 0 0 . . . . . . . . . 4 5 4 1 6 1 9 6 6 3 - 2 2 2 2 1 1 1 1 1 , , , , , , , , , 0 1 8 1 8 1 6 5 7 7 0 9 2 0 7 7 3 2 1 1 3 2 0 1 1 6 3 . . . . . . . . . 4 4 8 6 9 8 6 6 1 3 ,1 1 1 1 1 1 1 1 1 , , , , , , , , , 9 9 9 8 8 9 9 9 9 8 3 3 9 8 3 1 5 2 9 5 8 4 1 8 3 8 0 . . . . . . . . . 7 3 0 5 2 0 6 3 3 , 8 9 9 8 9 8 9 8 9 0 0 8 0 9 0 9 6 8 9 5 8 9 9 0 1 . . . . . . . . . 9 6 1 7 4 8 9 5 9 8 7 8 9 8 8 7 9 7 0 1 6 0 9 0 0 2 5 9 0 1 2 7 7 6 9 1 . . . . . . . . . 5 5 9 3 0 8 8 9 3 6 6 6 6 6 6 6 6 7 8 7 7 9 8 9 8 9 0 5 6 8 2 7 2 7 2 8 . . . . . . . . . 0 5 9 9 9 3 0 5 1 3 1 1 1 1 1 1 1 1 1 0 0 0 0 1 0 1 1 1 6 9 8 7 8 2 2 4 4 . . . . . . . . . 4 5 6 0 5 6 1 3 8 t central banks and by foreign central gov nsular establishments, etc.). rted figures for capital movement through July 1 have been adjusted to represen .. t . . t « h . e movem «oe n .. t u t » h i rUoUu s g , h ir a J a u e n a e n 3 a 0 s o n n i p t p h i e n b g as m is i s o s f i o c n e s r , ta nents known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, anuary 1943,p. 9S. 106 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s t m er il l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits O lia th b e il r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31, 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931-Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932-Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933-Dec. 27 190.7 260.0 1.0* 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934-Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935-Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936-Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937-Dec. 29, 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938-Dec. 28. 326.4 230.0 .8 51,7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939-Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940-Dec. 25. .2 5 630.0 .9. 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941-Dec. 31. .2 e 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 6 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943-Jan. 27. .2 950.0 .5 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24. .2 950.0 .8 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 Mar. 31 .2 950.0 1.2 15.7 9.9 198.4 934.5 144.3 5.9 56.8 18.1 Apr. 28. .2 51,000.0 1.0 46.8 5.3 196.2 953.4 170.1 8.3 53.1 . 17.7 May 26. .2 1,000.0 .9 55.3 4.6 185.3 945.0 174.1 3.2 51.0 17.8 June 30. .2 ,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 July 28. .2 ,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Aug. 25. .2 ,000.0 1,4 25.3 3.4 218.3 974.9 166. S 7.2 56.6 18.0 Sept. 29 .2 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Oct. 27 .2 61,050.0 1.8 51.8 1.6 211.3 998.5 190.3 5.4 53.1 17.7 Nov. 24 .2 1,050.0 1.7 31.2 6.0 222.1 1,019.0 183.2 6.8 53.3 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n r a e a e d s d s " i ii a nn n mm d ii o llll l ii l oo a n r n s ss ) oof Gold tn S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r irc N ul o a t t e ion* Dominion li O ab th il e it ^ ies dollars S t h e o rm rt- e Other Ch b a a r n te k r s ed g m ov e e n r t n- Other ~Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 }6DeDc:.3i: 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937-Dec. 31.. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938-Dec. 31.. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 93<MDec.3O.. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 940-Dec.31.. (8) . 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941-Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942-Dec. 31:. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 J O S N F M J A M A J u u e a e u c o p n n b a a l p g t y v r . y . r e . . t . 3 . . . 3 2 3 3 O 3 3 3 3 3 3 1 0 7 0 1 0 1 0 1 0 . . . . . . . . . . . . . . . . . . . . , 4 3 3 2 6 1 1 7 6 S 7 1 . . . . . . . . . . . 3 3 3 6 0 2 5 5 6 8 5 7 8 8 8 7 7 7 7 8 7 7 1 6 5 2 2 8 5 9 8 0 9 6 8 2 0 6 6 2 8 7 0 7 . . . . . . . . . . . 7 0 2 7 5 8 4 4 1 7 1 2 2 2 3 3 3 3 4 2 3 4 6 6 0 3 6 4 7 1 7 3 3 0 6 2 1 3 0 6 3 8 4 3 . . . . . . . . . . . 7 7 5 8 8 8 4 0 0 0 1 3 2 1 1 1 2 2 2 1 2 3 4 0 6 7 9 8 4 9 2 2 0 . . . . . . . . . . . 2 8 2 6 2 5 9 0 1 1 6 6 6 7 7 7 7 8 7 8 8 7 9 7 1 4 5 4 1 9 3 4 7 1 7 9 4 8 6 6 5 6 4 6 . . . . . . . . . . . 7 6 1 4 1 7 8 1 6 6 1 2 2 2 2 3 3 3 3 2 3 3 3 5 6 8 1 0 0 0 9 3 6 7 8 1 4 3 1 5 8 5 9 0 . . . . . . . . . . . 7 5 0 5 1 1 7 0 6 2 6 2 2 9 1 5 4 5 4 3 8 6 1 1 0 4 6 6 9 6 8 8 6 . . . . . . . . . . . 8 2 5 8 5 1 7 2 4 9 1 6 2 3 3 1 1 1 1 1 1 1 1 4 4 5 5 9 1 3 0 6 5 . . . . . . . . . . . 3 7 2 5 3 2 4 2 3 1 6 2 4 2 2 3 1 1 3 3 2 2 6 2 4 1 8 9 7 1 3 3 9 . . . . . . . . . . . 3 6 4 0 9 4 9 7 7 6 1 fluctuated until Sept. 6, 1939, when rffciSi/^!?.19??' valueti at lesal P*"^ °f 8S shillinS3 a fine ounce: thereatter atmarket price> SSmSf.iy*et J at.i168sll.'IlinSs P«r fine ounce. , ,. „ 1 NNoott es iis'sdul' dl " °Oin heW aS-Cover S°' fidudary issue>the amoaat of which "» ako shown by l s gure" SlSSta« of gSuai'legal parity) transferred from Bank to Exchange Equalization Account; on Mar 1, 11993399, La,bout <at cu transfer""""! from ExchanfeXcount to Bank; on July 12,1939, 20 million pounds transferred from Exchange A:ccount ^ ^ ^ ^ ^ t C S ^ T ^ S . ^ . ^ ^- n and Ju.y 28.1942; by 70 miUion pounds :Apr-13 and Oct-6> 1943a°"Uy items shown separately in the statements. JANUARY 1944 IO7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A Go d v v e a r n n c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn a O s t s h e e ts r ci N rc o u t l e a , - 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 t o t i s c o 3 - n Other* 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 1,323 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 193S-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. 28 697,267 112 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 84,595 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Sept. 24 84,593 37 43,869 4 4,038 183,758 67,500 19,818 334,370 717 31,100 32,142 5,293 Oct. 29 84,508 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 84,593 37 43,448 108 5,061 216,334 62,600 20,698 387,748 725 9,051 30,654 4,705 Feb. 25 84,598 37 43.103 105 7,533 230,911 57,800 21,458 397,319 1,521 9,521 32,886 4,299 Mar. 25 84,598 37 42,938 23 6,108 230,740 69,250 20,181 405,416 698 8,429 33,776 5,556 Apr. 29 84,598 37 42,884 26 6,686 248,320 57,650 21,072 413,567 713 8,749 34,186 4,053 May 27 84.598 37 42,930 6 6,200 260,919 56', 900 21,768 419,530 734 10,166 37,750 5,177 June 24 84,598 37 42,998 1 5,573 260,927 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 Aug. 26. 84,598 37 43,108 6,908 288,308 53,500 21,078 448,270 743 14,674 29,615 4,235 Assets Liabilities Rcichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m a i r l k li s o ) ns of T fo o r t e a i l gn exch G an o g ld e i T c n h r c e b e l a i u c l s k d l u s 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 t t l e e Other O as t s h e e t r s ci N r t c i o o u t n l e a- Deposits l O ia t t b i h e i e s li r - 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 39S 1,114 3,560 540 1,313 1 19 9 3 3 4 3 — -D D e e c c . . 3 3 0 1 . . . . 3 8 9 4 6 38 7 6 9 4 3 , , 0 2 6 2 6 6 1 1 8 4 3 6 4 2 4 5 5 9 3 3 1 2 9 2 8 7 2 3 7 5 3 3, (6 90 4 1 5 9 6 8 4 4 0 1,0 8 0 3 1 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 3 4 3 3 3 1 8 7 0 9 6 5 — — — - - - - D D D D D D D e e e e e e e c c c c c c c . . . . . . . 3 3 3 3 3 3 3 1 1 1 0 1 1 1 . . . . . . . . . . . . . . 8 7 7 7 7 7 7 6 8 8 6 7 8 2 ' 8 6 7 7 7 7 7 1 2 6 1 1 1 1 . 2 1 1 4 6 8 5 1 1 5 , , , , , , , 5 1 5 2 3 6 4 1 3 5 9 4 5 1 0 1 2 2 6 4 9 8 4 3 3 7 6 3 4 5 0 8 4 0 2 3 5 8 2 1 1 4 0 5 3 2 0 0 9 4 7 2 1 7 6 3 3 2 3 3 2 2 9 8 5 1 0 9 8 3 3 7 5 3 8 6 2 2 2 1 , , , , 6 3 8 8 4 0 7 2 1 6 6 9 5 6 1 1 1 5 3 8 6 1 1 1 8 4 4 5 9 1 4 , , , , , , , 2 2 9 4 3 7 0 8 2 8 9 2 9 3 5 3 5 8 0 3 3 3 2 2 1 1 1 1 , , , , , , , 5 0 0 0 0 6 5 2 3 1 5 1 6 4 7 2 2 9 8 1 9 1 1 1 1 , , , , 0 3 4 3 9 9 9 9 7 9 9 5 2 7 1 8 6 3 3 3 0 1942— N D O e o c c v t . . . 3 3 3 1 1 0 .. . . 7 7 7 7 6 7 2 2 2 9 4 5 , , , 4 2 6 4 4 8 9 1 3 2 1 1 5 3 3 8 6 7 7 3 1 2 2 2 1 0 1 0 1 0 2 2 1 , , , 1 1 6 4 1 6 6 7 4 2 2 2 3 2 4 , , , 6 0 3 0 5 7 0 2 5 3 2 5 , , , 2 2 8 4 9 8 1 2 7 1 1 1 , , , 6 6 6 2 8 7 4 0 3 1943— J A S M M J A F J u u e e u a p a a l n p b n y g r y r e . t . . . . . 3 2 3 3 3 3 3 3 3 0 1 7 0 1 0 1 1 0 . . . . . , . . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 3 2 2 2 2 2 3 3 3 4 9 6 7 8 2 5 6 0 , , , , , , , , , 3 5 5 2 8 6 0 7 8 1 9 7 6 7 1 0 5 9 7 2 0 9 0 0 3 8 0 3 2 2 1 2 2 1 1 1 4 2 1 8 2 9 8 6 7 '4 4 5 1 1 1 1 9 1 1 1 1 7 1 1 1 1 1 1 8 8 7 6 8 2 0 0 0 5 5 8 7 0 1 5 0 7 2 2 2 2 2 2 2 2 1 , , , , , , , , , 5 4 3 3 3 2 1 0 4 6 1 7 7 7 4 6 0 3 9 9 7 8 0 5 8 3 6 2 2 2 2 2 3 2 2 2 7 5 9 5 0 4 6 3 4 , , , , , , , , , 5 4 9 0 0 6 6 6 2 9 4 2 2 9 9 5 6 6 7 2 2 9 9 7 0 4 6 3 3 4 4 4 5 4 5 5 , , , , , , , , , 8 8 3 1 4 2 6 6 8 9 9 2 4 0 5 2 0 8 9 2 1 0 0 1 6 6 6 1 1 1 1 1 1 1 1 1 , , , , , , , , 7 5 4 3 8 3 9 5 7 3 2 2 5 9 6 5 6 1 5 7 6 7 7 9 1 3 1 g&ss^.^t&^j\i%^i i& nd octoha nuary1939, o For explanation of this item, see BULLETIN for July 1940, p. 732 from Aug. 25,1940, through July 8,1943, advances of 291,000 mi\&® 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'Stabiliza^ion Fund to Bank of in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund nfae-oiaDmza"on runa ° 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. 108 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS— Continued Central Bank 1943 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) Nov. J Oct. Sept Nov. date of month) Nov. Oct. Sept Nov. Central Bank of the Argentine Re- National Bank of Denmark (millions] public (millions of pesos): of kroner); Gold reported separately....: 1,073 1,076 Gold 97 9S Other gold and foreign exchange... 1,818 862 Foreign exchange 20 17 Negotiable Government bonds 376 Clearing accounts (net) 1,658 1,075 Rediscounted paper Loans and discounts 46 49 Other assets 252 240 Securities 56 79 Note circulation 1,728 1,544 Govt. compensation account4 125 125 Deposits—Member bank 848 750 Other assets 2,065 1,308 Government 732 133 Note circulation 1,193 917 O Fo th re e i r g n li a e b x i O c li h t t a i h e n e s g r e sold fo .' rward • • • 1 8 3 1 0 1 9 9 8 D O e th p e o r s it l s ia — bi G l O i o t t i v h e e e s r r nment 1 • ,7 3 8 1 2 ti 8 2 1, 4 2 11 6 5 4 1 8 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (th B Is o a s u n u s L L k C e G S a i o o e o n o n d c n a d i l g e n d u n d s , p r s o d i a o a b n t e a n f r i u p e n t d b l p m s a d l a o i E r e l o d t u a n n m n i n n g s t , : d c e l c a i e s n o s s n ) t h u : : d n s t c s t a e s r h ling 1 5 4 1 2 0 9 7 0 3 , , , , ,4 2 1 3 1 1 3 0 0 7 4 9 1 1 7 ] 1 4 3 2 2 7 8 0 7 0 , , , , , 1 2 0 0 1 9 0 6 6 5 9 6 6 2 9 , 4 9 3 2 6 3 6 0 0 , , , , , 5 1 6 3 8 4 0 5 9 5 1 8 6 9 3 san N O F L O G D d o o o t o t e s h h r a m l t e d e e e n o i r a r s g f n c n l a a d i i s r s n a c u s e b d d u e x c i e l t r c l d a s p e i h t t i s o a i i s ) o e s n c : s n i o g ts u e nt ( s ne . t . ) ..'. (A 1 1 1 1 8 5 2 0 4 8 7 p 6 2 9 4 8 2 9 r , , , , , , , . 2 7 0 1 3 8 3 ) 1 7 2 5 3 3 9 8 1 1 3 3 0 2 5 1 1 9 9 8 4 3 3 6 8 9 8 2 2 4 1 , , , , , , , 2 5 5 2 5 9 2 9 2 6 3 9 7 0 7 1 6 8 5 5 0 Na B t a N io n o n k t a e D S l o e c e f c i p B r u o c I r a s u i s i t n l s t i a k s e u t s e io n o o f f B B e ru lg ss iu e m ls ( a m n i d l- 2 1 1 2 6 5 3 8 5 , , , 3 6 2 3 5 6 8 5 2 ] 2 1 1 2 5 7 6 0 2 , , , 6 5 0 3 1 1 5 0 2 1 1 1 5 1 5 6 7 7 , , , 3 5 6 5 5 0 2 0 6 Na o t f i L F o p o o n o r a e u a n i l n s g d n B a s n ) a e : d x n c k d h i a s o n c f g o E e un g t y s pt* (thousands] (A 1 u 6 2 2 g , , , 2 6 4 .) 4 6 0 1 1 1 6 6 6 4 , , , 2 2 9 7 5 2 1 1 9 lion R O C G F C s o r t o r e o h e e r l i e d f d e d c i r i i b g h t t s s e n a s l s t e g k t s o o x a r e ) c S e t p s i h t d 1 r a a i i t n t v e g k a a e a te n s d s e e p c . u o .. b n . l o . i . c m . . y b . o .. d . i . e .. s 3 4 9 , , , 3 1 7 6 7 1 3 1 6 3 1 1 1 6 7 3 7 6 4 4 4 , , , 4 3 8 6 1 7 3 6 5 0 1 4 9 8 8 0 2 2 B O N D O r t e o t e h i h p t t r e e e i o n s r r s m h c i a t , i l e s r s i n — c E a s t u b e g l G i t O s y a l s e i o t p t . t i c ; h v o i t u e i e e n a s r r r n i n t , m i e a s en n t d other Gov- 1 8 4 8 7 1 1 5 5 9 5 4 , , , , , , 9 5 5 8 2 1 7 4 7 5 8 7 6 5 4 4 7 7 ! 1 4 2 7 1 3 5 8 4 3 2 6 , , , , , , 6 8 4 3 3 7 5 5 1 8 5 1 8 0 4 5 9 3 Note circulation 16,132 13,244 Central Reserve Bank of El Salva- Na ra t N i O D L G F v o D P O i o o o o t i a n o h s r a t e l t e a h d c e s e n m ( l i t o e r s g m a c r a B u n l a i n n i r s a l l d t i c e C s l s n a i u e x k o h b d t l c n s e a i e h o l s c t p i a i f k t o o o n i i B f e n s g n s i e o g k ts h o O r e u f m f n ic i y a e ): and Mo- 2 2 6 0 1 1 1 , , , , , 7 9 3 0 5 2 7 3 2 0 1 1 2 0 7 8 7 8 9 2 5 2 6 2 i 1 12 5 1 , , , 5 8 8 2 8 5 7 5 7 4 0 2 1 2 0 2 4 1 6 7 2 9 5 5 s B B a a d n n o k k F L D O G O N G r o o t e t o o o o h h ( o r a p v t l t e f e e n e f d h o e i r r s g o . r s c . G n n i F u . a l a i t m i s r s s r i n a c a e e s n e b d u e n x e n l i l t d c c a l t d s a i h s e n t t i a i i 2 s d d o e n c o e s 2 n o g f b u e t c n a o ts l n o d n e s s e ): curitie — s.. 2 2 3 2 6 5 1 3 5 6 1 , , , , , , , 4 7 9 3 3 9 8 7 6 8 5 5 5 8 4 8 3 9 1 7 4 5 3 7 1 | 2 2 1 9 7 5 4 5 1 1 , , , , , , , 5 5 0 7 2 0 9 5 0 1 0 6 0 4 6 4 1 0 9 8 6 5 3 7 Demand deposits 4,392 3,080 National Bank of Hungary (millions „ Other liabilities 5,738 2,917 of pengo): 100 100 Ce o n f L G F S t b r o e o o a o r c a l l e l d u n i i B s v r g a i i n t a a t a i n n n e h e k d s o o x — s m c d o ) h : i e G f a s c n o a B o g v n o e u e d l r n i n a t v s m b ia r e o n a t ( d thousand; 3 3 5 5 7 5 5 3 1 4 6 0 , , , , 9 6 5 9 5 9 6 5 1 3 0 8 5 3 2 4 7 9 9 9 3 2 5 8 , , , , 1 2 3 7 6 7 7 4 5 3 9 7 D F L o o is r a e c n i o s g u — n n T O T t e s o x o th c f T h e o r a r r e n e a g ig s e n u r r e y c s o e u r n v t e r ies . 2 1 , , 6 9 9 1 1 3 6 7 1 4 3 6 9 3 6 2,0 4 7 6 1 1 6 4 3 5 2 2 0 3 1 Other 40,662 40,747 Other assets 3,974 2,706 Other assets 81,873 68,203 Note circulation 649 666 Note circulation 1,025,574 780,467 Demand deposits. 15 21 Deposits 814,023 923,544 Consolidated foreign credits of 1931 1,173 571 Other liabilities 97,100 164,502 Other liabilities National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (milli< rupees): pesos): (millions of (Aug.)3 Issue department: 444 444 Gold 261 174 Gold at home and abroad. .. 6,418 3,598 Discounts for member banks 122 159 Sterling securities 734 1,324 Loans to Government 743 729 Indian Govt. securities 149 153, Other loans and discounts 872 911 Rupee coin..... 7,597 5,404. Other assets 941 294 Note circulation Note circulation 2,078 1,629 Banking department: 148 116. Deposits—Bank 381 247 Notes of issue department... 1,082 873- Other 206 11 Balances abroad 8 o B an O k t o h f e r t l h i e a b R il e it p ie u s blic of Colombia 272 277 T L r o e a a n s s u t r o y G bi o ll v s e r d n i m sc e o n u t nted.... 105 85 4 (thousands of pesos): Other assets 1,177 913 Gold 98,425 95,525 41,227 Deposits 158 172:: Foreign exchange.. 88,560 86,71. 60,757 Other liabilities g J^ o o v a e n r s n a m nd en d t i l s o c a o n u s n a ts nd securities."..' 5 3 7 , , 5 1 2 00 7 5 3 5 , , 9 6 1 8 8 4 5 1 9 5 , , 7 0 5 1 8 8 C o e f n p t o r u al n d B s) a : n 6 k of Ireland (thousands 2,646 2,646 Other assets... 27,571 28,039 33,646 Gold 24.08C 22,309I £ote circulation...'['"" 111,292 108,869 92,93' Sterling funds 26,72; 24,955 O D t e h p e o r si l t i s a . b i . litie 1 4 1 8 5 , , 8 0 1 7 6 5 .1 4 1 8 2 , , 1 8 9 1 6 7 4 7 1 6 , ,1 3 2 5 1 5 B Ba a N n n k k o t o o e f f c J J ir a a c v p u a a l 2 a n t 2 ion... »<= BciiWiN for Marifi 43/p. 278 ^Z fe^r ^i . 1943. TThh e textt off tthhee CCeennttrraa!! BBaannkk AAcctt iiss ggiivveenn iinn tthhee BB^^KKBB-- ttee FFeebbrruuaarryy 11994433, pp. 109 JANUARY 1344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 1942 Central Bank 1943 (Figures as of last report (Figures as of last report date of month) Nov. ] Oct. I Sept. Nov. date of month) Nov. I Oct. I Sept. Bank of Mexico (thousands of pesos): ank of Spain (millions of pesetas): Metallic reserve1 436,273 420,066 !61,984| Gold 927i "Authorized" holdings of securi- Silver 626| ties, etc ,246,424 1,206,603r49,867 Government loans and securities... 16,117 Hills and discounts 158,536 140,457 12,9401 Other loans and discounts 3,074, Other assets. 50,479 63,596 49,074 Other assets , 2,282 Note circulation ,051,004 ,023,001 .92 ,'563 Note circulation...... 15,610 Demand liabilities 694,089 657,262 55,373 Deposits—Government 3,1H| Other liabilities 146,619 144,459 25,929 Other 3,500 Netherlands Bank (millions of guil- Other liabilities ders): lank of Sweden (millions of kronor): Gold 932 910 Gold 846 833 824 Silver (including subsidiary coin). 1 5 Foreign assets (net) 609 601 588 D Fo is re c i o g u n n t b s ills 2,778 1,5 .3 7 0 4 8 Sw v e a d n i c s e h s t G o o N vt a . t i s o e n c a u l ri D ti e e b s t a O nd ff ic a e d 6. - 1,174 1,118 1,050 683 Loans 139 175 Other domestic bills and advances. 84 95 91 Other assets 76 257 Other assets 866 1,003 866 Note circulation 3,041 2,920 Note circulation 2,085 2,142 2,133 1,831 Deposits—Government 100| Demand deposits—Government!.. 734 364 361 769 Other 675 "242 Other 136 526 313| 1&3 Other liabilities 110 68 Other liabilities 625 618i 612 419 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): , O N O S A In t t o d o e v h l v t r e d e e l a t s r i a n n t c k m c a g i i e r s n e c s s e g n u e x s t t l t c o s s a h ti a S o n t n a g t e e r o e r s e S rv ta e te under- 2 3 3 1 8 9 2 2 4 0 , , , , , , 6 1 9 3 8 4 2 5 2 1 1 0 3 9 4 8 2 2 : | 2 3 3 1 5 2 3 7 3 0 , , , , , , 8 6 8 6 0 3 0 3 1 2 9 3 2 6 0 3 6 2 2 2 2 2 4 5 6 8 1 , , , , , , 4 4 4 8 6 8 5 6 6 8 9 0 5 1 8 1 2 0 | N O G F L O O o o o t t o t h h h r a l t e d e e e e n i r r r s g c n a s l a i i r i s n a g c e s d b u h x e i l t c t l a d s h i l t i . t i i a . s i a o e n c b n s g o i . e u li . n t . i t e s s .. . . . 3 2 1 ( , , . 6 1 9 9 ) 8 0 2 9 6 9 2 8 1 4 3 2 1 , , , 8 2 8 3 2 3 9 7 5 6 8 7 3 6 3 1 0 7 lj ! 3 2 1 . , , 8 4 8 3 2 2 3 5 0 3 9 7 7 8 5 5 0 2 5 5 J 3 2 , , , 5 4 2 3 2 1 1 9 6 1 7 3 7 6 7 7 5 1 9 8 B B a a g n n u N O G O L G F D k k a o o o t o t o e y o h h r a m v t l o e f e d e e n e i ( r r a . s f g m r N c n n n a a i l d i t m o r i s l n a c l e s r h d i e b d u e w x o n e i e l t c n l d a s a t p h i s t i t y o a i l s i R o o 2 o e n s c s n a i f o g e t n s u e p p s n e u t a s b s n o l d s i ) c : s e o cu f r it P ie a s r .. a . - 46 3 , T 1 2 1 8 6 7 ! 42 3 2 2 1 , , ; , , , 1 9 3 9 1 1 5 0 2 2 3 2 0 0 3 4 8 0 0 6 3 7 1 | 2 3 9 , , 0 8 3 0 4 3 Ce T n u L O G O D F N S t r r o o e k o e t t o a h h c r a p l l e t e d u e e n e o y i r r r s g s B i c i n t a l ( a t i a i i s r t s e n a n h — c c s s d b k o u l e e i u l t G O l d a s a i s o r o i t t t a s i i i h f l o e n n c d e s n g d o t r s h u a e n o c t c f s R o p e u o p n u u ts n b d l s ic ): of 6 :A 2 6 7 1 1 1 0 5 6 2 9 2 7 7 6 u 6 4 7 1 3 2 9 6 5 g , , , , , , , , , 6 . 6 2 7 6 8 5 3 3 ) 9 7 3 8 6 6 0 1 5 9 6 : 7 3 0 2 6 8 9 . 7 4 2 . 1 1 1 1 ! ' 9 5 9 2 9 1 2 1 0 , , , , , , , 0 , , 3 6 3 8 0 1 2 5 2 5 3 4 8 4 1 2 2 2 8 0 3 0 8 2 : 5 Demand deposits—Government... 563 [Bank of the Republic of Uruguay Other 1,905 (thousands of pesos): Ce s n a O G n tr d t o a h s l l d e o R r f a e l n s i s o d a e b l r e f i v s o l e i ) r t : e i B e i # g s a n n k e x o c f h P an e g ru e (thou ( 1 A 3 u 1 8 g , , . 4 5 ) 9 8 * 0 4 12.19C B Is a s n u k e G N in o o d l g t e d e p d a a c e n i r r p t d c m a u r s e l t i a n m lv t t i : e e o r n n t ; : ( 1 J 9 1 u 0 7 l , , y 1 0 ) 9 3 3 7 2 3 ?O 9, , 9 8 7 7 3 5 O D G t o i h s v c e e o r r u n a n m s t s s e e n ts t loans 32 2 1 0 0 2 , , , 4 9 1 3 0 7 5 6 2 2 2 5 9 6 4 , . . 2 8 2 4 9 6 4 C C 1 'G A N o d o l v t d e a s n a c n a e d n s d s il c t v o o e in r State and to 3 7 1 3 , , 9 0 7 7 5 5 1 1 9 9 , , 3 6 8 8 3 4 Ba e n s N O G k c D u o t o e h d l p t d e e o o o r 4 s s f c ) i : l i t i r s a c P b u i o l l a i r t t t i i u e o s n gal (millions of ( 3 1 M 2 2 4 1 3 a 7 1 , , , y ,3 7 3 0 ) 9 3 7 0 1 8 ^ 7 5 1 1 2 2 0 7 2 4 1 4 , . , , 3 9 7 8 8 8 8 1 . ' 4 21 ientral O O D O B t e t t g h h h p a o e e e o n v r r r s k e i l a l r t o i n s s o a a s m f b n e i V e t s l s i n t e a t i n n e b d s e o z d d u i i e e s l s c a o u (t n h t o s u .. - .. 2 1 1 3 9 4 6 5 6 6 5 1 3 , , , , , 1 4 9 9 5 2 5 1 5 9 5 3 5 3 0 2 .2 0 2 D J 7 9 4 2 O , , , . 5 6 4 7 .4 9 0 9 4 9 8 2 3 3 2 Other reserves (net) 3,509 2,94! sands of bolivares): Na o t f i O O O N N L G o l o e t t t o o o n h h h i a t n v a ) e e e e n : e r l r r r s e r c n s B a s l a i e m i i r s a n a r g c s v n e d b h u e e k n i t l t l d t a s i e o l t t . i i d i i x s f a e o c e c b s n R o h b i u a t l u i n n t m g i t e s e a s nia (millions ( ' A u 6 5 7 1 1 g , , , ,0 5 5 , 7 . 2 8 0 ) 3 0 6 6 2 2 9 ; 5 2 0 2 ; 5 : 5 5 6 1 , , , , 1 0 7 3 2 9 8 2 8 7 9 5 4 5 8 4 4 ? i c 1 ] | Nati F N G O C D O o o r o t o e t n h e r h l p t e d a d e e e o i l r r i g s t c s n i a B l t i i s s r t a e a s c o b x e u n i t c n k l l s a h i a t t a o t i i n i f o o g n n t e — h a N e l ( C a n b t K e e i a t o n i n ) t n n k r a g a s l l d b o B m a a n n k o k s f . . 2 2 4 3 5 2 3 1 7 2 1 7 6 4 4 7 7 , , , , , , , , 8 3 2 0 5 8 3 7 6 2 3 6 8 1 7 5 4 9 0 7 4 3 5 2 2 3 5 3 2 8 2 1 6 7 1 6 4 7 0 2 , , , , , , , , 6 8 2 9 6 3 2 3 6 6 3 2 3 9 8 6 4 5 0 5 8 8 8 0 2 2 5 3 3 3 1 2 7 7 1 4 0 7 3 0 7 , , , , , , , 9 8 8 2 3 3 4 6 7 6 6 3 1 6 4 4 < 4 0 2 5 : : ! .9 2 3 6 3 6 1 6 6 5 5 8 1 2 6 , , , , , , , , 0 6 2 7 1 2 0 2 6 2 3 4 0 4 5 5 4 0 0 8 4 8 5 4 Gold 53,26! 45,105 Yugoslavia2 Special exchange accounts 30,64i 30,06! Bank for International Settlements; Loans and discounts 46,44 37,84' (thousands of Swiss gold francs7): S G p o e v c e ia rn l m lo e a n n t s d ( e i b n t liquidation) 20,7 2 5 5 3 C 21,2 3 2 6* 5 11 G Ca o s ld h i o n n b h a a rs nd and on current ac- 81,494 80,06; 65,395 So s u a O n N D O th d t t e o h s h m t A e e e o r r a f f n c r a i d i l p r i c s a c o a s b d u e n u i e l t n l a s p i R d t t o i i s o e e s ) s i n s : t e s rve Bank (thou- 1 5 5 2 3 0 7 4 3 , , , , 0 5 0 7 1 7 1 9 , : ' 1 4 4 2 1 5 2 5 2 ( , , , 9 4 7 3 0 4 6 0 C 1 : ' T R Si i e c a g m d o n h i e u c t s e n c f f s t o u u n u n w ( d d n a i s t s t t a h b c a a l o t t b e s a i i t n n n ) b t t k i e e l s l r r s e e s s a t t nd accept- 1 2 5 2 1 0 1 1 5 , , , , 2 2 4 0 0 0 1 7 1 9 3 , 1 1 1 2 5 8 1 1 5 , , , , 0 3 3 7 4 9 9 7 , 4 ' : ' , 3 1 2 4 3 5 1 2 , , , , 3 8 0 7 9 6 4 9 4 1 2 2 O O O N D G Fo t o t t o e h h h r l p t e d e e e e o i r r r g s c n i l i a b t i r s a s i c l s b b u l e s i i l l l t a l i s a s t t n i i e o d s n loans . « .. . , . . „ „ .„ 1 8 4 7 1 2 5 4 6 8 1 7 , , , , , , 2 9 4 1 8 6 7 3 6 5 1 8 8 2 * 4 ! ? ' 1 3 7 7 0 7 4 6 0 1 2 , , , , , , 0 0 0 2 0 2 1 4 7 0 7 7 1 5 . 1 i , ' ' S O D S L u h o t e r h n o m n e e d r g n O C a r t r - c - n y e t t t a i h e d e n e s r e b r t s s m m r r i d ) e a l : e l t l s s p d b d o e a a e s p n n p i o t d k o s s s s > i i i t f n ( t s o g s v r : o ( e v o s l S d w a tm p r ) n i ; e o e c a u n i c a s t c s l o c u a u c n r- - t , 1 5 9 0 5 5 2 , , , , 6 8 9 4 2 8 4 9 6 5 ! ! , 2 1 4 9 1 0 7 5 2 , , , , 3 8 6 4 2 0 9 5 3 * 2 a 0 3 1 5 , , 7 3 s 5 7 1 4 counts 229,00 229,00 Other liabilities ; 197,2' 196,7: 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 for March 1942, 3 Latest month for which report is available for this institution, 4 Yralued at average cost beginning October 1940. 6 Iunivcltuuduews ssumiaanll aaumiuouuun it uoi fU nUoUn'U-GUVoCvIeUrUnImCIeInLt L bonds. J Figure not available. f7l i S ?: e e BCTL - L » E TIN f : o i r - u D iecember 1936, p. 1025. HO FFDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r y - g B iu e m l- N la e e n t r d h - s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l R D 3 a e 1 t c e . ef D fec a t t i e ve ba C n e k n tr of a — l R D 3 a e 1 t c e . efi D fe a c t t e iv: In effect Oct. 2, 1936 2 3 4 2 3 2H 2 Albania BH Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct.9 I*. Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium Jan. 25,1940 Latvia 5 Feb. 17, 1940 Oct. 20 2H Bohemia and Lithuania. .. 6 July 15, 1939 Nov.26 Moravia 3K Oct. 1, 1940 Mexico June 4, 1942 Dec.3 2 Jan. 28, 1937 4 June 15 6 July7 5 Bolivia. 6 Nov 8, 1940 Netherlands June 27, 1941 A Se u p g t . . 4 3. B Bu ri l t g is a h ri a India.. 5 3 D N e o c v . 28 1 , , 1 1 9 9 4 3 0 5 Ne l w an d Zea- lH July 26, 1941 Nov. 13 Canada Mar. 11, 1935 Norway May 13, 1940 M M M a a a y y y 3 1 1 0 3 0, 1938 2H 3 4 C C h o i l l o e mbia 4 J D u e l c y . 1 1 6 8 , , 1 1 9 9 3 3 6 3 P P e o r r u tugal.... 3 5 A A p u r g . . 1 8 , , 1 1 9 9 4 4 0 3 Sept. 28 3 Oct. 27 2H Nov.25 VA Denmark 4 Oct. 16, 1940 Rumania 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6....' Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 . Aug. 29 3 Sept. 28 3 Oct. 26 2 France Mar. 17,1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 6 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 3M Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 Italy May 18, 1936 Yugoslavia.. 5- Feb. 1, 1935 Mar. 17,1941 IK J \I u ft n v e 9 2 0 7.... 3 NOTE.—Changes since Nov. 30: noni In effect Dec. 31, 1943 2 m 3H 2 2% 3 1M OPEN*MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a e m p n t k o a e n n r t c h s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a 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 t n e t D a m y o -t n o e - y day d P is r r c i 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 to n th s s 3 d P is r r i c a v o t a e u t n e t i * 1 1 1 1 1 i » 1 i W 9 9 9 9 9 K 9 9 « 9 9 U 4 3 3 3 4 3 2 8 3 l 3 7 i 5 < 2 4 - 6 - 9 — - 0 - ^ 9 M O - - O - - O o - O O ~ O O - O O c c 3 c c o o c c c c c c t t t t c c t t c t t . . { t . . t . . : : ; . ; : . ; . : v . : . ;;;;;;;; " ; • : • 5 6 2 . . . . . . . . . . . . . . 6 1 0 8 0 0 0 7 5 7 8 5 7 6 8 3 9 8 3 3 3 7 5 0 2 6 9 3 5 6 2 1 1 . . . . . . . . . . . . . . 0 7 4 1 1 0 0 5 6 5 6 6 7 7 7 2 6 9 8 3 0 0 4 3 8 2 3 1 4 5 1 1 1 1 1 . . . . . . . . . . . . . . 0 0 0 7 4 6 3 7 7 7 7 7 7 7 0 1 4 0 5 5 5 5 6 5 5 5 1 5. 4*4 4 2 2 8 3 3 3 3 2 2 2 4 2 2 7 . . . . . . . . . . . . . . 0 1 2 7 9 0 8 1 8 8 8 8 6 2 4 3 5 5 4 0 1 3 8 8 3 8 6 S 4 3 2 2 2 9 4 5 2 8 5 . . . . . . . . . . . . . 8 6 1 2 7 1 1 9 0 8 2 7 8 2 3 3 3 0 5 1 4 6 1 1 6 7 4 2 5 2 1 1 1 1 . . . . . . . . t . . . . 1 8 9 8 5 7 2 5 7 3 2 1 5 5 7 0 8 9 0 5 9 6 1 3 7 0 2 2 5 2 2 3 4 1 1 1 1 . . . . . . . . . . . . . 0 0 2 0 0 2 0 7 4 5 5 5 5 0 0 4 0 0 5 7 5 8 1 0 2 0 3 2 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . 2 3 5 5 5 9 0 3 0 6 2 2 3 2 9 S 0 0 0 0 0 7 0 9 5 5 1 5 ' - N J M D F a o e e n a v b c r . . . . . . . . . ' . . ;; " ; " ;• • • '• * • . . . . . 0 0 0 0 0 3 3 3 3 3 . . . . . 0 0 0 0 0 0 1 0 0 1 1 1 1 1 . . . . . 0 0 1 0 9 0 0 0 8 0 2 2 2 2 2 . . . . . 1 1 1 1 1 3 3 3 3 3 1. . . 8 9 7 4 6 5 1 1 1 1 1 1 . . . . . . 2 2 2 2 2 2 5 5 5 5 5 5 .03 .01 1.03 2.13 1.25 { £ S J • u u e a p g n y t e . . . . . . ."::::;* :; . . . . . 0 0 0 0 0 3 3 3 3 3 . . . . . 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 . . . . . 0 0 0 1 0 7 7 4 1 6 2 2 2 2 2 . . . . . 1 1 1 1 1 3 3 3 3 3, 1 1 1 1 . . . . 2 2 2 2 5 5 5 5 Oct .03 .00 1.00 NOTE.-For fiS*es for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. JANUARY 1944 III Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Liabilities Assets United Kingdom1 (11 F L ig o p u n o d r u e o n s n d i s c n l s e m t a e r i 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 ca o s l n h l e o a y r n t a d t B c i o l u l n s t d e i d s- T r d r e e e c p e a o i s s p u i t r t s 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 bi t l h it e i r es notice 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 4 4 J 9 S 7 6 0 1 — — — — — — D D D D D D e e e e e e c c c c c c e e e e e e m m m m m m b b b b b b e e e e e e r r r r r r . . . . . . 3 3 2 2 2 2 2 4 4 7 6 4 4 4 4 4 6 3 1 1 1 1 1 1 9 5 4 6 7 6 5 9 1 3 4 0 3 3 3 2 2 1 2 0 3 6 5 7 2 0 4 5 0 1 3 7 1 5 4 8 9 6 6 6 6 7 9 0 3 3 7 6 9 9 5 5 1 0 1, 9 9 9 8 0 8 7 2 8 1 9 2 1 4 4 0 3 5 2 2 3 2 2 2 9 4 6 2 5 9 3 9 3 4 6 0 2 2 3 2 2 2 , , , , , , 8 2 4 3 3 3 0 5 3 1 4 2 0 4 0 5 1 9 1 1 1 1 1 2 , , , , , , 7 2 3 2 2 1 7 8 8 5 9 6 0 8 4 6 8 8 1 1 1 1 1 , , , , , 0 0 0 0 1 9 1 3 2 4 6 9 2 0 6 3 1 7 2 2 2 2 2 2 4 5 6 5 5 5 5 2 9 3 0 6 1 1 9 9 4 4 2 3 — — O J A M D F M S A T N u J e e u c e p u a a a l o p b n c t y r g y r n v o t i e r e c l e u u e u b h m m a m s a e r t b r b r b . y e y . . e e . . . r . . r r . . . . . . 3 3 3 3 3 3 3 3 3 3 3 3 9 8 7 8 7 6 7 7 7 8 7 9 4 9 7 3 5 7 7 5 9 7 3 0 1 1 1 1 1 1 1 1 1 1 1 1 5 5 4 3 6 5 4 3 6 5 4 4 1 6 8 5 0 8 2 9 5 4 2 6 2 2 2 2 1 2 1 1 1 1 1 1 0 3 8 4 3 4 5 4 2 9 7 9 9 2 1 4 6 1 4 8 8 7 3 8 1 1 , , 8 8 9 8 9 9 9 0 1 9 9 8 4 3 3 9 0 8 2 5 0 6 5 3 3 6 0 4 4 7 5 5 4 4 9 5 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , ( 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 3 3 5 0 5 6 6 5 6 7 0 2 2 7 0 9 8 2 0 9 2 7 7 7 7 7 7 7 7 7 7 7 7 7 9 7 7 8 6 3 6 4 5 4 5 4 4 3 5 9 9 9 7 1 3 9 8 2 3 2 2 2 2 2 3 2 2 2 2 2 6 7 7 8 6 6 0 8 8 7 9 5 9 1 2 3 8 8 5 5 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 4 5 5 5 6 5 5 8 7 6 6 6 7 7 2 4 2 4 1 6 3 7 2 3 2 7 9 2 5 3 5 6 7 0 8 0 . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 3 2 3 3 3 5 3 4 4 4 5 2 8 2 6 6 5 5 3 8 2 0 5 9 7 4 9 2 0 2 0 8 4 6 6 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 1 2 2 1 1 1 2 2 1 2 2 0 8 0 0 8 9 8 0 1 9 3 5 0 5 7 1 0 5 5 0 4 6 9 3 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 4 4 4 4 3 6 4 7 7 4 5 5 5 5 4 8 8 Assets Liabilities Security Entirely in Canada loans e D x e c p lu o d s i i n ts g p in ay te a r b b l a e n i k n d C e a p n o a s d it a s (10 chartered banks. End of abroad Other Note Other month figures in millions Other and net Securities assets circula- liabilities. of Canadian dollars) Cash Security loans due from tion reserves loans and dis- foreign Total Demand Time counts banks 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 4 4 S 6 7 9 0 1 — — — — — — D D D D D D e e e e e e c c c c c c e e e e e e m m m m m m b b b b b b e e e e e e r r r r r r . . . . . . 2 2 2 2 3 3 4 5 6 9 2 5 0 5 3 2 3 6 1 6 5 4 1 7 3 5 3 0 4 6 2 , , , 1 0 1 8 9 7 0 8 6 6 4 9 8 3 9 2 0 1 1 1 1 1 1 1 6 6 0 3 5 6 1 6 2 2 9 3 1 1 1 1 1 1 . , , , , , 3 7 5 6 4 4 8 5 3 4 6 1 4 9 1 6 3 1 5 5 5 6 5 6 7 5 3 1 5 7 5 4 5 2 3 0 1 9 8 8 8 0 7 5 0 6 8 1 3 2 2 2 2 2 3 , , , , , , 5 3 7 1 3 8 0 7 0 0 3 0 0 4 3 5 5 5 1 1 1 , , , 0 1 4 8 7 7 3 6 3 4 5 5 3 3 6 0 5 2 , , , , , , 6 5 5 7 6 6 6 4 8 4 4 6 0 8 3 1 1 9 9 8 8 S 8 9 6 4 3 5 4 6 3 3 7 0 6 2 1942—November. 395 29 ,236 194 2,304 618 64 3,680 2,050 ,630 1,032 December. 387 31 ,168 231 ,2,293 657 60 3,657 1,984 ,673 1,049 1943—January... 347 29 ,100 242 2,302 582 58 3,494 1,772 ,723 1,050 February.. 357 29 ,044 239 2,380 589 57 3,533 1,738 ,796 1,048 March 377 24 ,003 223 2,689 599 54 3,816 1,927 ,890 1,044 April../.. 400 25 971 218 2,818 660 52 3,984 2,058 ,926 1,056 May 442 33 ,224 212 2,728 632 50 4,152 2,419 ,732 1,068 June 421 42 ,214 204 2,687 665 49 4,101 2,319 ,782 1,084 July 406 36 ,194 185 2,652 626 48 3,959 2,133 ,826 1,094 August 434 35 ,121 242 2,681 641 46 3,978 2,062 ,916 1,131 September 427 34 ,045 198 2,881 679 46 4,085 2,096 ,989 1,133 October... 460 38 1,038 202 2,870 659 45 4,107 2,146 ,961 1,115 France Assets Liabilities (4 targ f e ig b u a r o e n f s k s f i r n . a n m E c i s n l ) li d o n o s f month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e i d s- Loans a O s t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O bi t l h it e i r es 1936—December. . 3,1.00 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 193S— December.. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 .4,454 1 1 9 9 3 4 9 0 — — D D e e c c e e m m b b e e r r 4 . . . 4 6 , , 5 2 9 5 9 8 3 3 , , 7 5 6 4 5 6 2 4 9 4 , , 5 2 4 4 6 3 7 7 , , 5 9 4 8 6 4 2 1 , ,9 4 9 4 9 0 4 5 2 8 , , 4 89 4 0 3 4 5 1 8 , , 8 4 7 1 2 3 4 5 7 7 7 1 8 53 4 5 4 4 4, > 604 1941—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 J O S N M A D M A F T u e u e c e o p u a a l p n b c y t v r y r g o t i e e c r e e l u m b u h m m s e a b t b b r r e . . y e e . . r . r r . . . . . . . . 6 6 6 5 6 6 5 6 6 6 7 , , , , , , , , , , , 3 3 0 5 0 1 8 9 2 2 9 3 2 6 6 1 3 7 9 2 0 2 1 1 1 6 0 5 9 8 4 0 8 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 5 1 1 2 3 3 2 2 4 3 2 1 2 1 5 2 6 2 3 2 5 7 5 2 1 3 1 5 7 6 0 8 2 6 6 6 6 6 7 7 7 7 7 7 2 8 7 4 3 5 3 3 0 4 1 , , , , , , , , , , , 3 8 5 9 7 5 0 4 4 0 9 0 9 1 3 2 2 0 7 6 1 6 S 7 7 9 2 7 6 8 3 6 3 • 1 1 1 1 1 1 9 9 9 9 1 0 0 0 0 0 0 , , , , 0 , , , , , , 3 6 4 5 , 1 7 6 1 4 2 0 9 7 7 2 8 5 2 5 9 5 6 1 6 0 4 5 1 5 8 3 9 5 2 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , , 2 4 2 3 6 2 7 5 9 8 3 2 3 7 9 6 8 2 5 9 4 9 1 7 1 7 9 4 2 0 0 2 3. 8 8 9 7 7 8 8 8 9 8 7 9 2 9 1 7 4 9 6 7 1 8 , , , , , , , , , , , 4 4 2 7 4 3 1 7 5 7 8 3 5 0 6 3 7 8 8 5 4 5 0 9 5 2 9 7 7 0 3 9 6 8 8 9 7 7 8 8 8 8 9 7 1 1 9 4 6 5 9 9 7 1 8 , , , , , , , , , , , 5 8 0 8 8 1 0 0 3 4 2 5 7 4 7 3 5 8 5 7 2 2 2 9 4 3 5 1 2 1 8 3 5 3 3 3 3 3 3 3 8 3 3 3 6 7 6 9 1 4 0 8 0 3 2 1 9 2 5 2 6 4 7 9 0 4 3 3 3 3 3 3 4 4 4 3 2 7 8 6 5 0 4 7 4 6 9 9 7 3 5 5 2 9 0 4 2 2 8 4 4 4 5 5 6 6 6 5 5 5 , , , , , , , , , 3 4 9 6 6 4 0 2 1 3 0 1 2 1 9 5 2 7 1 5 9 3 8 0 1 9 4 2 1 5 0 8 ? - j- -J - f^'V'f6^ 1939' av.era£es of weekly figures; beginning September 1939, end-of-month figures, representing acerbates of figures reported W individual banks for days, varying from bank to bank, toward the end of the month. presenting aggregates oi ugurc t~ I gjP^sent six-month loans to the Treasury at IH per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. J Through December 1937, excludes deposits in offices outside England and Wales which are included in total. •^Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941 M NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596;AuS8* 15, pp. 388-390; and October 1933, pp. 641-o46. . w*iw «i juu* » *-^ FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil (peso) (pound) Bel- (cruzeiro1) British Bul- Canada (dollar) Chile (peso) China Year or month gium India garia (yuan (belga) (rupee) (lev) Shang- Official Free Official Free Official Free Official Export hai) 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 3 4 3 3 3 3 3 0 2 9 1 8 6 5 4 7........ 3 3 3 3 3 3 2 2 2 3 2 3 2 2 0 9 9 9 . . . . . . . . . 1 5 5 6 9 8 7 7 7 3 9 7 5 5 7 5 7 7 7 7 9 9 9 3 0 3 3 2 2 2 3 3 . !7 7 0 0 4 4 " 2 3 3 3 2 2 2 2 2 2 . . . 8 8 8 0 0 0 4 3 3 3 3 3 3 3 3 5 0 8 9 9 8 0 2 2 3 0 9 5 3 8 5 1 1 . . . . . . . . . 3 1 5 5 2 9 9 9 8 8 5 4 4 5 6 6 0 7 21 2 1 1 1 1 1 6 3 6 8 6 6 6 . . . . . . . 2 8 9 4 8 8 8 8 8 1 5 2 9 7 7 0 7 2 4 4 6 8 8 5 6 8 8 6 6 6 . . . . . . . . . 5 2 6 8 0 4 0 0 0 6 4 9 4 2 5 0 5 5 8 3 4 3 6 6 2 7 8 1 7 7 8 8 2 7 5 4 25 6 5 5 5 5 . . . . . ^ 0 1 0 8 1 2 2 4 7 7 9 4 1 2 0 8 8 8 4 7 5 8 3 3 3 3 3 3 3 3 3 3 7 0 3 7 0 6 7 6 0 . . . . . . . . . 3 2 5 1 5 1 8 9 1 7 2 5 2 9 7 6 3 2 9 3 5 6 2 9 4 7 2 2 1 1 1 1 1. . . . . 2 2 2 2 2 4 9 8 8 9 2 5 4 5 5 4 8 6 2 1 2 9 9 9 0 0 0 . . . 9 9 9 0 0 0 9 9 9 1 1 9 9 9 8 8 8 9 0 0 6 5 9 8 7 9 9 0 1 . . . . . . . . . 0 1 4 3 3 9 4 0 0 1 4 1 7 4 0 1 9 0 8 1 9 9 5 4 3 3 6 2 1 5 5 5 5 5 5 5 0 . . . . . . . . 1 1 1 1 1 1 0 1 7 6 6 7 6 2 8 4 2 6 9 6 1 4 3 5 7 4 7 8 6 0 3 2 2 2 4 4 4 4 4 . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 2 2 2 3 1 25 6 6 1 9 9 1 4 . . . . . . . . 3 0 3 8 5 6 0 7 1 0 7 6 0 7 9 5 3 0 9 0 6 1 4 1 1 1 9 9 4 4 2 3 - J - J O M A M J A S F D s J u u e T e a u p c e n a a l p o n b g c r t y r e y v t . . . . . . . . . . . . . . . . . . . . , . . . . . , ; . 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 3 4 3 3 3 . . . . . . . . . . . . 1 1 1 1 1 1 1 7 3 7 7 7 2 2 4 8 8 8 8 0 3 0 0 0 5 5 7 8 8 8 8 4 2 4 4 4 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . . . 8 8 8 8 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 2 2 2 1 1 1 . . . 5 5 5 0 0 0 6 6 6 6 6 6 6 6 6 6 6 6 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 5 5 5 9 8 8 8 8 8 8 8 8 8 8 8 3 6 6 6 6 6 6 6 7 6 6 6 5 5 5 5 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 3 2 2 2 2 5 2 2 2 7 7 7 7 7 7 7 9 1 2 7 7 5 5 5 5 5 5 5 2 6 0 5 6 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 9 9 9 9 9 9 9 9 9 9 9 9 8 8 9 8 9 9 9 9 9 9 8 8 0 0 0 0 9 7 9 0 0 9 0 9 . . . . . . . . . . . . 0 1 1 0 1 6 6 4 8 9 5 4 3 5 9 9 3 3 2 4 8 2 8 2 7 0 9 9 7 8 2 0 3 3 5 6 Year or month C ( o p b l e i o a s m o) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k - e) ( F m l k a i a a n n r ) d - k- F (f r r a a n nc c ) e ( m m r G e a a i e c r n r k h - y ) s- G (d r m r e a a e c ) c h e . ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) l h d d - - s p N Z l o a e e u n w a n d - d) 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 .1 4 4 4 3 3 3 3 3 9 2 1 0 7 8 6 5 4 .. . . . . . . . . . . . . . . . . 5 5 5 5 5 6 5 5 5 7 7 7 7 5 6 7 6 1 . . . . . . . . . 0 0 0 9 0 0 0 7 7 6 8 5 5 1 8 0 2 8 1 5 3 2 1 3 4 6 0 23 4 4 4 3 3 . . . . . . 4 0 1 4 4 2 0 6 6 2 9 4 7 4 7 3 5 2 8 2 4 2 0 4 21 2 2 2 2 2 2 9 0 2 2 1 2 1 . . . . . . . 3 3 1 0 8 5 8 0 4 8 6 2 0 8 8 6 9 9 5 0 3 22 2 2 2 1 1 2 2 . . . . . . . . 0 1 8 9 1 1 2 1 1 5 7 9 2 6 8 9 0 6 1 4 7 2 1 0 1 7 0 7 7 1 3 8 22 4 6 6 6 2 2 . . . . . . . 0 0 6 5 8 1 5 8 4 0 6 7 1 1 2 6 1 8 8 4 0 7 0 3 1 8 3 1 23 4 4 4 4 3 4 4 9 0 0 0 0 9 0 0 . . . . . . . . 9 2 2 2 1 3 0 0 6 9 0 5 7 6 6 2 8 7 4 8 5 4 1 1 2. . . . . . . 6 9 9 9 8 9 8 7 4 1 3 2 0 9 1 0 5 8 8 5 5 5 3 2 6 9 5 8 22 3 3 4 3 3 2 2 4 0 1 2 7 8 0 8 . . . . . . . . 7 4 9 4 2 5 6 7 1 5 5 5 1 9 9 1 1 7 8 4 7 4 2 6 21 2 1 2 2 1 1 1 9 8 9 9 9 9 9 9 . . . . . . . . 7 4 5 7 5 7 2 6 7 5 2 7 7 7 3 0 5 8 7 0 5 9 8 2 25 5 5 8 5 5 8 7 . . . . . . . . 0 0 1 2 2 2 5 2 4 6 9 4 7 6 6 9 0 0 5 7 0 1 1 0 5 7 9 1 7 6 3 7 22 2 2 2 2 2 2 2 3 5 8 8 9 3 9 8 . . . . . . . . 9 7 4 4 4 0 7 7 6 9 5 3 2 3 1 0 3 1 1 6 2 9 5 7 2 2 2 2 2 2 2 1 1 2 0 0 7 9 8 7 7 7 . . . . . . . . . 1 5 3 5 5 7 7 7 7 2 0 4 3 5 6 6 7 4 2 3 6 8 0 9 0 8 2 2 5 6 5 5 6 6 5 5 5 3 4 7 7 3 . . . . . . . 0 3 4 0 7 3 1 4 3 8 0 1 8 2 5 5 1 9 5 3 8 4 3 3 3 3 3 3 3 3 9 9 0 5 2 0 2 9 9 1 8 2 4 2 6 2 2 6 . . . . . . . . . 2 9 8 4 5 3 7 3 9 6 2 2 6 4 8 8 5 1 1 1 9 9 4 4 3 2 - -D Ja e n c . . . . . . 5 57 7 . . 2 1 2 7 2 7 2 2 0 0 . . 5 5 7 73 3 3 3 2 2 2 2 . . 7 7 8 8 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 20.580 324.42 Nov... 57.277 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 po o fr u u i n c th d a ) p S e p s a e i t n a) S S m (d e t o e r t a l n t l l i a t e t s 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 i a n g v a o i r - a ) 1 1 l 1 1 1 1 1 1 9 a 9 9 9 9 9 9 9 4 4 3 3 3 3 n 3 3 0 1 9 8 5 6 4 7 . . . . .. , 2 2 2 2 2 2 2 2 3 2 4 5 4 4 4 . . . . . . . 7 2 6 3 9 8 5 O 2 2 7 1 4 6 6 7 4 6 9 0 6 21 1 1 1 1 1 8 8 8 8 8 8 . . . . . . 8 8 9 8 8 8 7 2 3 4 8 6 5 3 5 6 2 0 24 4 4 4 4 4 4 3 . . . . . . . . 4 4 0 0 4 6 5 7 2 7 3 5 0 0 1 1 6 7 9 7 8 2 3 1 7 5 2 5 3 9 0 0 1 2. . . . . . . 6 0 7 7 9 7 7 8 0 1 3 2 2 3 9 1 0 2 7 9 8 6 1 6 5 7 4 2 3 4 4 4 4 4 4 3 3 9 4 8 9 8 9 9 9 8 0 8 9 7 4 8 1 8 4 . . . . . . . . . 1 6 9 1 2 6 0 0 6 7 2 9 6 9 5 0 0 6 1 1 2 1 1 5 9 6 2 0 3 3 9 . . . . . . . . 3 6 0 3 6 6 6 1 2 0 5 1 3 7 1 3 2 0 3 4 0 8 5 0 2 5 5 4 4 4 5 5 5 5 6 7 8 6 7 1 9 6 7 . . . . . . . . . 9 9 9 7 2 1 0 9 1 1 7 3 7 5 0 3 1 7 7 9 6 3 8 5 3 9 3 22 2 2 2 2 2 2 2 3 5 3 5 3 5 5 5 . . . . . . . . 4 8 1 8 9 6 9 2 8 9 0 9 2 2 8 7 7 7 2 1 6 9 2 1 22 3 3 2 2 2 2 3 3 2 2 2 2 0 2 2 . . . . . . . . 8 5 6 9 2 1 4 3 7 2 7 3 8 9 1 6 1 5 6 8 9 7 0 6 2 4 4 4 0 0 0 3 3 3 . . . 5 5 5 0 0 0 4 4 4 4 4 4 3 4 5 0 0 8 4 8 9 9 9 0 3 3 8 3 3 7 4 0 3 . . . . . . . . . 9 5 0 5 1 0 4 1 9 4 4 0 0 8 9 0 8 3 6 6 6 6 6 8 7 7 7 5 5 2 4 5 9 9 0 9 . . . . . . . . . 8 8 0 3 8 0 8 9 2 3 1 3 7 7 3 7 5 5 0 1 0 2 0 0 4 6 1 23 4 3 5 6 7 3 2 . . . . 7 6 7 3 8 0 2 8 9 1 3 0 22 2 2 2 2 2 2 2 . . . . . . . . 2 3 2 2 2 3 2 2 7 1 8 9 3 0 4 7 1 1 3 6 9 6 1 6 9 5 7 5 7 3 6 0 1942-Be 403.50 403.50 65.830 52.734 n;;;;;; 403.50 403.50 65.830 52.754 Feb.... 403.50 403.50 65.830 52.803 M N A J O s & J A u u e U l c o a a l n p J t y * v y r I . e . t . . . . v . . : ; : ; : : ; : . : : „ ; ; : ; ; : ; ; • ; ; ; '• ; - • ' 3 3 3 3 3 3 3 3 3 9 9 9 9 9 9 9 9 9 8 8 8 8 8 8 8 8 8 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 . . . . . . . . . 5 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 5 . . . . . . . . . 8 8 8 8 8 8 8 8 8 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 2 2 2 2 2 3 2 2 2 . . . . . . . . . 8 8 7 8 9 0 8 7 9 7 4 2 2 0 6 0 1 7 1 9 9 9 3 6 5 0 8 ^Average of ria'n' 1 ' t,he offidal designation of the Brazilian currency unit was the "milreis. NoT£.-:DeveK,raties f5r tfaat part of the year during which quotations were certified. CerSnt! afff.ctinS averages during 1943: , _ . , cK -rates dlscontinued: Australia and United Kingdom, free rates, after Feb. 1. Fnr f,,.,»v_r1.ai!&es in nominal Rtat,,Q (™*»J «„!„ ;t ^ar.^a ™^Jti™*Vnr at least five days ami JANUARY I9 "3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g i d te o d m France Germany Italy ( J O a c p to a b n er N (1 l e a 9 t 2 n h 6 d e - s 3 r- 0 Sweden S (J w u l i l a y t n z d 1 e 9 r 1 - 4 (1926=100) (1926«10O) (1930=100) (1913=100) (1913=100) (1928 = 100) (1900=100) = 100) (1935 = 100) -100) 1926 :. 100 100 * 124 695 134 237 106 U26 144 1 1 1 1 9 9 9 9 3 3 3 3 3 2 1 0 6 6 8 7 6 5 6 3 6 6 8 7 7 7 7 2 1 8 8 8 0 6 6 8 0 4 3 5 5 2 9 0 5 7 8 0 4 1 1 9 9 1 2 3 7 1 5 6 8 7 7 3 5 0 5 1 1 1 1 8 6 8 5 1 1 0 3 9 6 6 7 0 5 3 6* » l i i 10 9 9 9 4 2 3 0 1 1 2 1 9 9 6 0 1 6 1934 75 72 88 376 98 62 178 63 l 96 90 1935 80 72 89 338 102 68 186 62 100 90 1 1 1 9 9 9 3 3 3 8 7 6 8 8 7 1 6 9 $ 7 7 5 5 9 1 1 0 9 0 1 4 9 4 5 6 1 8 5 1 1 3 1 1 1 0 0 0 6 6 4 9 8 7 5 9 6 2 2 1 5 3 9 1 8 8 6 7 7 4 2 6 1 1 1 1 0 1 1 2 4 1 10 1 9 7 1 6 1 1 1 1 9 9 9 9 4 3 4 4 0 9 2 1 9 8 7 7 9 7 7 9 8 9 9 7 3 0 6 5 1 1 1 1 5 3 0 5 9 7 3 3 2 681 1 1 1 1 0 1 1 1 7 0 4 2 1 1 9 1 3 9 6 2 3 3 2 1 2 7 1 9 8 *S 1 1 1 1 1 4 8 7 5 6 9 2 1 1 2 1 1 4 1 8 1 3 0 4 1942-November 1 1 0 0 1 0 9 9 7 7 1 16 6 1 1 1 11 1 5 5 * * > 3 3 5 5 8 8 1 19 9 5 5 2 2 1 1 4 5 1943—January 1 1 0 0 2 3 9 9 7 8 1 1 6 6 2 2 1 1 1 1 6 6 P365 1 19 9 7 6 2 2 1 1 5 7 March 103 99 162 116 197 217 April 104 99 163 116 197 218 ALay 104 99 163 116 197 1 218 June 104 100 163 116 197 21S July 103 . 100 164 r117 196 218 August 103 100 162 117 195 21S September 103 101 163 116 195 220 October 103 102 163 195 November 103 ^102 163 195 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January ,1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES^-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=* 100) (1913=100) Year or month Raw and Fully and Indus- Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u l r y e - d f m c a h c a i t e n u f u r l e y - d Foods pr I o n tr d d i u u a c s l t - s p A r g t o u r d i r u c a c u l t l s - a t f n r i i d n a i l s s e h ra m e w d i- p t r r o i i s a d h l u e f c i d n ts goods goods products — 1926 ; 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1 1 9 9 3 3 1 2 4 6 8 5 6 7 1 5 7 7 5 0 4 5 8 6 6 5 2 5 7 7 5 0 8 8 9 8 8 8 7 5 1 9 0 1 4 103 1 1 3 1 6 8 1933 . 51 61 71 51 57 70 83 87 87 113 1934 65 71 78 59 64 73 85 90 96 91 116 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 4 3 3 3 4 7 5 0 8 9 6 1 . . . . .. 8 8 8 6 6 6 7 1 2 6 9 5 8 9 8 8 S 8 7 7 7 4 2 3 6 0 4 1 8 8 8 8 8 7 8 0 5 2 1 9 3 8 • 6 6 8 6 6 7 7 4 9 7 4 7 4 1 6 8 7 8 6 7 7 6 2 1 4 7 3 5 ' 8 8 8 7 7 7 7 9 1 2 3 8 5 4 1 1 1 8 9 9 9 3 0 4 7 2 7 7 3 2 6 1 1 1 1 1 9 9 0 0 1 5 3 0 6 6 4 2 6 8 1 1 1 1 1 1 1 0 0 0 0 1 1 0 5 2 5 6 1 2 8 1 9 9 9 9 0 9 9 2 4 6 4 0 5 9 1 1 1 1 1 1 1 2 1 2 3 2 2 2 1 9 5 3 6 6 9 1942 106 100 96 82 90 92 158 160 115 102 1942-November. 111 104 96 S7 93 93 158 162 116 102 134 1943— M J A O F J N D S A M u u J e e e o u c p a n a l p a b c y t v g r n e r y t o r e i e u e u c l u m b m m s a h a e t r b b . . r b r y . e y . e e . . . . r . . . r r . . . . . . , 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 2 2 2 2 2 2 2 4 4 3 9 7 1 6 6 3 4 5 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 6 7 5 8 4 1 0 6 5 6 7 5 9 9 9 9 9 9 9 9 9 9 9 9 7 6 6 6 7 7 7 7 7 7 7 7 J> 1 1 8 9 9 9 9 9 9 8 8 9 0 0 9 1 2 3 4 6 8 7 8 8 4 4 1 1 1 1 9 9 9 9 9 9 9 0 0 0 0 7 4 6 9 3 3 8 1 0 1 3 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 4 3 3 3 3 3 4 1 1 1 1 1 1 1 1 1 1 1 1 6 5 6 5 6 6 5 6 6 6 5 5 1 9 0 9 0 0 8 1 4 2 7 7 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 3 3 5 4 3 3 3 5 5 4 2 4 - 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 8 9 9 1 9 9 8 9 1 7 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 3 2 2 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 5 3 3 4 4 4 4 4 5 6 5 5 6 * Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 114 FEDERAL RESERVE 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] United Year or month ( U S 1 = 9 n t a 3 1 i 5 t 0 t e - e 0 3 d s ) 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 '" K = ( 1 J d i 1 9 n u 1 0 o l g 0 4 y m - ) (1 m = G 9 1 a 1 e 0 3 n r 0 - - y 1 ) 4 N (1 l = e a 9 1 t 1 n h 0 1 d 0 e - s 1 ) r 3 , S e = r ( w 1 J l 1 9 a u i 0 1 t n n 0 4 z e d ) - Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 e e -3 ) d s 9 (1 * C a 9 = a 3 1 d 0 5 n a 0 - - 3 ) 9 U K = d ( 1 n J i o 9 1 i u n m 1 0 t l g 4 e 0 y - d ) (1 m = G 9 a 1 e 1 3 n r 0 - y - 0 1 ) 4 . N (1 l = e a 9 1 t 1 n h 0 1 d 0 e - s 1 ) r 3 - S e • ( r w = 1 J l 9 1 u a i 1 0 t n n 4 0 z e d ; - 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 3 3 4 3 3 3 3 3 3 1 2 8 9 0 6 5 4 3 7 2 . ..... 1 1 1 1 1 8 8 9 9 0 9 9 0 0 0 2 8 7 4 4 1 5 7 0 5 6 4 1 1 1 1 1 1 8 8 9 9 0 0 9 2 1 0 0 6 5 3 5 1 6 8 7 6 4 3 1 1 1 1 1 1 1 1 1 1 1 4 6 6 3 4 6 3 2 2 2 2 1 1 8 9 1 4 0 5 6 2 0 " 1 1 1 1 1 1 1 1 1 1 1 2 2 2 1 2 2 3 2 2 1 1 2 9 8 2 2 2 0 3 8 3 6 . . * 1 1 1 1 1 1 1 1 1 2 3 3 1 2 2 2 1 4 7 0 0 8 0 0 4 9 0 , .1 1 2 1 1 1 1 1 1 1 1 3 3 0 4 3 2 7 1 1 1 2 0 0 0 6 2 0 5 5 4 7 5 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 4 4 4 3 3 3 3 3 3 7 9 0 2 1 5 4 2 3 8 6 . . . . . . 1 1 1 1 1 9 9 9 9 9 1 0 0 9 0 0 6 8 9 9 2 7 1 3 8 0 5 1 1 1 1 1 1 9 0 9 9 0 9 9 0 0 1 1 8 2 6 6 2 9 4 6 1 2 7 2 1 1 1 1 1 1 1 1 1 1 0 9 5 5 5 8 4 4 4 4 4 0 9 8 6 4 4 7 3 1 0 4 1 1 1 1 1 1 1 1 1 1 1 3 2 2 2 3 2 2 1 2 3 2 7 6 6 5 0 5 3 8 1 3 1 ' 3 * 1 1 1 1 1 1 1 1 1 3 3 4 3 4 4 3 4 3 9 6 0 7 1 8 9 0 2 1 1 1 1 1 1 1 1 1 1 1 3 9 3 2 5 3 2 3 7 3 3 8 3 1 9 1 7 8 8 4 7 0 J 1 9 9 4 4 3 2 — - N J A S J F M O D M A N u e J u e o u e p c a p n o a b a v g c l r t y n e t v r e y e u i r o e l u e u m m s c b . m a m t a . h e r b b . r b y b r . e . y e e . . r . e r r . . . . r . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 4 3 4 4 3 3 3 3 7 7 8 7 7 2 9 3 1 4 3 1 3 p1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 2 2 2 2 3 3 3 3 3 4 3 2 1 7 7 8 9 0 2 3 P1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 6 6 8 7 8 6 5 5 4 5 5 4 4 8 3 1 1 1 1 1 1 1 1 1 1 1 1 3 3 4 3 3 3 2 3 3 2 3 3 2 3 0 9 6 1 9 2 4 9 3 3 2 2 2 2 2 2 2 2 2 2 2 0 0 1 1 0 1 1 1 1 1 1 9 8 1 1 6 1 0 0 0 2 0 - ' 1 1 9 94 4 3 2 - - M D A J F M A O J S J N N u a u e e p e u c o a a o n n p l b c t r g v r y y v o u t e i e r u c e l e b e a m u h m s m m e r t a r y b b b r b e e y e e r r r . r . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 0 0 5 3 3 4 5 4 4 4 4 P 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 9 9 7 7 8 8 9 9 9 9 9 9 P 2 2 1 1 1 1 1 1 2 1 1 1 1 0 0 9 9 9 9 9 9 0 9 9 9 9 0 0 9 8 9 9 8 9 0 9 8 9 9 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 4 4 3 3 3 3 5 6 7 7 8 8 2 1 9 9 8 8 2 2 2 2 2 2 2 2 2 2 1 0 0 0 0 0 0 0 0 0 0 9 4 1 3 3 4 4 0 1 1 3 9 Revised index from March 1936 (see BULLETIN for April 1937, p.3 7337)3) * AVPSSS EEaaSS AA °°nn ^^gguurreess ff??rr 33 mmoonntthhss;; nnoo ddaattaa aavvaaiillaabbllee ssiinnccee MMaarrcchh 1940, when figure was 141. ^g g c» oonn figufrie s ffo r 5 5 monthhs; no dda ta availialbblle sini ce MMay 1940, when figure was 149. bee BuLLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m Germany United (1926=100) Nether- ( p d r e i r c iv e e )1 d ( 1 D 92 ec 1 e = m 1 b 0 e 0 r ) (1913 = 100) (a p v r e i r c a e g )2 e lands3 (1 = 9 3 10 5 0 -3 ) 9 K U in n g i d te 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 1 19 9 3 3 3 2 . .. :•• 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 • 46 1934. 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1 1 9 9 35 3 6.;•• • ' • • • ; ••••• 1 9 0 8 5 . . 2 5 1 1 2 2 7 9 . . 5 9 8 83 2 . . 5 1 6 9 9 0 5 . . 7 1 1 10 1 7 3 . . 8 4 8 7 2 6 . . 9 6 8 8 6 5. . 7 3 8 79 3 . . 7 3 8 7 2 1 . . 9 1 5 5 5 5 1 19 9 3 3 8 7. , 1 1 1 1 0 0 9 . . 2 5 1 1 2 3 4 1 . . 6 2 7 75 6 . . 1 3 9 98 5 . . 7 8 3 1 10 0 1 9 . . 8 1 1 1 1 1 7 7 . . 5 5 9 9 7 6 . . 0 3 9 7 7 7 . . 4 2 1 9 0 1 2 . . 6 6 1 6 0 6 4.2 193?; 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1940.. 1 11 1 5 3 . . 9 8 1 1 1 1 8 2 . . 3 3 7 8 8 4 3 . . 7 9 1 9 0 9 0. . 7 0 8 9 7 0 7 . . 9 9 8 9 8 4 . . 1 2 7 70 5 . . 8 9 , 7 1 9 2 8 0 . . 3 6 1 9 1 4 4 . . 1 6 9 9 89 5 . . 7 0 1941.. *•*• 117.8 123.8 P98.7 103.0 80.0 72.5 10289.7 136.8 129.0 1942...".'.' 118.3 127.3 7100.1 7103.3 69.4 75.3 *476 142.1 131.5 1942-November 119.5 127.5 75.2 80.4 "529 142.8 128.8 1199« 1, -Ja D n e u ce a m ry b . e . r . . 1 1 1 1 8 9 . . 9 5 1 12 2 9 7 .3 0 7 79 5 . . 7 9 8 8 2 0. . 1 4 *583 1 1 4 4 3 5 . . 5 1 1 1 3 4 5 3 . . 9 5 February 120.0 128.9 84.8 82.2 145.3 156.2 March.. 119.8 128.8 88.2 82.6 145.1 155.0 119.9 129.0 91.3 83.7 June.... 1 1 2 2 0 0 . . 1 5 1 1 2 2 7 7 . . 1 0 9 9 6 5 . . 7 2 8 8 4 4 . . 1 3 145.1 July * 121.1 127.8 98.5 85.6 144.9 August.... 121.1 127.2 94.4 86.0 120.8 126.9 95.6 86.6 p535 120.9 127.4 94.8 86.3 November..' 120.4 91.4 'Preliminary. 1 Figur- - u equal to the monthly average yield for 15 high-grade corporate bonds series prior to that date. The yearly average for 1937 is the same for age price have all borne interest at 4J4 per cent. The series prior to that included in the calculation bore interest at 6 per cent, average yield in base year was 4.57 per cent. For new index beginning ees.—S < A * P e T B * U r L r L * E v, T zs IN f * o r v N v o v * e m m o b n er in 1 s 9 ; 3 n 7 o , p d . a 1 ta 1 72 a ; v J a u u l a y D 1 ie 9 3 iu 7, a p y . ; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121 JANUARY I944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FossEN. Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGPIELD, Assistant General ROBERT F. LEONARD, Director Attorney OFFICE OF ADMINISTRATOR FOR WAR DIVISION OF RESEARCH AND STATISTICS LOANS COMMITTEE E. A. GOLDENWEISER, Director EDWARD L. SMEAD, Acting Administrator WOODLIEF THOMAS, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Chief FISCAL AGENT C. 6. 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 [December 31,1943] ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT WM. A. DAY GEORGE L. HARRISON, NEW YORK DISTRICT ERNEST G. DRAPER Vice President R. M. EVANS M. J. FLEMING WILLIAM F. KURTZ, PHILADELPHIA DISTRICT JOHN K. MCKEE B. G. HUNTINGTON, CLEVELAND DISTRICT W. S. MCLARIN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT W. W. PADDOCK RONALD RANSOM H. LAKE YOUNG, ATLANTA DISTRICT M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORKILL, Secretary S. R. CARPENTER, Assistant Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist MALCOLM H. BRYAN, Associate Economist W. DALE CLARK, KANSAS CITY DISTRICT KENNETH H. MACKENZIE, Associate Economist OLIVER P. WHEELER, Associate Economist NATHAN ADAMS, DALLAS DISTRICT JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 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 Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Albert M. Creighton W. W. Paddock K. K. Carnck J. C. Hunter2 Henry S, Dennison William Willctt E. G.* Hult Carl B. Pitman New York. Beardsley Ruml Allan Sproul R. M. Gidncy A.Phclan William L Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knokc Robert G. Rouse Walter S. Logan John H. Williams V. Willis Philadelphia Thomas B. McCabc Alfred H. Williams W. J. Davis C A. McIIhcnny* Warren F. Whittier Frank J. Drinnen E. C, Hill C. A. Sicnkiewicz Cleveland Geo. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar , R. E. Klages R. B. Hays J. W. Kossin K. H. MacKcnzic A. H. Laning3 W. F. Taylor Richmond Robt. Lassitcr Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden,Jr. Geo. H. Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. L. M. Clark H. F. Conniff J. F. Porter Malcolm H. Bryan Allan M. Black4 E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. P. Preston J.H. Dillard O. J. Nctterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebcry C. M. Stewart Douglas W. Brooks F. Guy Hitt Henry H. Edmiston Minneapolis W. C Coffey J. N. Peyton A. W. Mills* Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Zicmcr Kansas City R. B. Caldwcll H. G. Leedy L. H. Earhart Jos. E. Olson Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin CO. Hardy D. W. Woollcy* Dallas Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford J. R. Partcn E. B. Stroud R. B. Coleman W. D. Gentry* W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels* Harry R. WeUman Ira Clerk W. M. Hale R. B. West OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Fede B r a a n l k R e o s f erve Branch Chief Officer Fede B r a a n l k R e o s f erve Branch Chief Officer New York. Buffalo R. B. Wiltse* Minneapolis... Helena R. E. Towlc* Cleveland.. Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City Denver Jos. E. Olson5 Richmond. Baltimore W. R. Milford4 O Om kl a a h h a oma City L G . . H H . . E P a ip rh k a in r 5 t6 Charlotte W. T. Clements* Atlanta.... J B a i c r k m s i o n n g v h i a ll m e P G . e L o. . T S. . V Be a a r v d e e r m s* an, Jr.4 Dallas. E H l o u P s a t s o o n J E . . L B . . H A e u r s m ti a n n 5 n6 Nashville Joel B. Fort, Jr.4 San Antonio L. G. Pondrom5 New Orleans E. P. Paris4 Chicago. , Detroit E. C. Harris5 San Francisco. Los Angeles W. N. Ambrose* St. Louis. Portland D. L. Davis* Little Rock A. F. Bailey* Salt Lake City W. L. Partner* Louisville C. A. Schacht* Seattle C. R. Shaw* Memphis W. H. Glasgow* 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. 4 Managing Director. 6 Vice President. • Manager. i 44 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

M H OO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES g=gg BOUNDARIES OF FEDERAL RESERVE OISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 4$) 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