Federal Reserve Bulletin, 1944-02

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

=CONTENTS= PAGE Review of the Month—The New Budget ... 119-1x5 Law Department Absorption of Exchange Charges—Report to Congress 1x6-132. Correspondence—Wartime Changes in Consumer Expenditures ,. . . 133-134 New Monetary and Banking Statistics ... . .. 134 = = Current Events 135 Directors of Federal Reserve Banks and Branches 136-146 National Summary of Business Conditions 147-148 Financial, Industrial, Commercial Statistics, U. S. (See p. 149 for list of tables)... 149-198 International Financial Statistics (See p. 199 for list of tables) 199-zn Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council zii. Senior Officers of Federal Reserve Banks; Managing Officers of Branches , 2.13 Map of Federal Reserve Districts 2.14 Federal Reserve Publications QSee 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 copy is sent to each member bank without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 30 February 1944 NUMBER 2. THE NEW BUDGET The President's Annual Budget Message, be exceeded only in rare cases of special presented to Congress in January, stated war requirements and not by attempts that for further prosecution of the war of pressure groups to promote their provision should be made for war expendi- special interests. If we take the point tures of 90 billion dollars a year, which of view that our efforts to secure stabiliis the present rate of military disburse- zation can be relaxed just because producments. Other expenditures are expected tion is nearing its peak, we shall be to continue at about 10 billion dollars a sacrificing one of the main objectives year and receipts, on the basis of existing of the stabilization program—to reduce taxes, at 41 billion. These outlays will the dangers of economic disorganization require borrowing by the Treasury of about in the demobilization period." 60 billion dollars both in the current and The Budget Message presents a program in the next fiscal year. for the next 18 months in two phases: With Government expenditures at the first, the financial requirements of the final levels indicated, individual and business stage of the war and, second, an outline incomes will continue far in excess of the of the measures necessary to lay the groundsupplies of goods and services that will be work for returning the nation to peaceful available for purchase by civilians. It is pursuits. This dual program is summaessential, therefore, in order to avoid undue rized in the following paragraphs. pressure on supplies and prices of available goods, that a large portion of current in- THE WAR PROGRAM comes be kept out of the market for com- The country is now in a position, the modities. It is also essential that rationing President stated in the Message, to make and price control remain in effect. As the full use of its equipment for decisive President said in his message: military action. This is the final phase "If we permit general increases in of the program inaugurated in June 1940 wages in the war industries, in farm when France fell. The size and composiprices, or in profits on war contracts, tion of war expenditures, as summarized Federal expenditures will increase cor- in the table on the following page published respondingly. The estimates presented in the Message, reflect four phases of this in this Budget are based on the assump- program. tion that the wage and price line will be The first phase was one of preparedness held and I am convinced that the line and ran from July 1940 to Pearl Harbor. can be held. Wages, farm prices, and During this period, war expenditures were profits have reached levels which should at a rate of 10 billion dollars a year. The 119 FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH WAR EXPENDITURES munitions. In the past, such estimates Including net outlays of Government corporations were based on maximum output, which was Estimated per cent always less than enough to fill the require- Aver- of total age ments established by our military leaders. Period a ( l i n i n r o n a n u b te s a i ) l l -i M n t s i c h i o u n l i n u p g n s d s i , - - P su a b y - , s W c t t r i o o u n a n c r - - N in o s w om , e h o ty w p e e v s e r o , f m th u er n e i tio ar n e s e a x n c d e s d s e f s ic u i p e p nc li i e e s s in others. This is a varying situation Preparedness: July 1940-November 1941 $ 9.8 50 30 20 depending on rapidly changing strategic Defensive war: December 1941-October 1942 45.7 56 22 22 conditions, and effort is constantly directed Aggressive deployment: November 19427December 1943 83.5 59 28 13 to adapting production programs to chang- Offensive war: January 1944-June 19442 97.0 64 30 6 ing needs as promptly as possible. Esti- July 1944-June 1945 (fiscal year 1945) 90.0 63 33 4 mated expenditures for the fiscal year 1945 1 Including also agricultural Lend-Lease and other civilian war are based on the assumption that the war activities. 2 On basis of 92 billion dollars for fiscal year 1944. will continue throughout the period. The following II months constituted a period Budget Message pointed out, however, that of defensive war, in which war expenditures if an unfavorable turn in military events averaged 46 billion dollars a year. The should result in an increased demand for third period was one of aggressive deploy- munitions, even more munitions than schedment and extended through December uled will be produced and expenditures 1943. In this period, the annual average will be larger. If, on the other hand, rate of war expenditures was 84 billion victory should be achieved on one of the dollars. In the next six months of offen- major battle fronts earlier than assumed, sive war, it is estimated that war expendi- war expenditures may be less than present tures will be at an average annual rate of estimates. Because of termination pay- 97 billion dollars; in the fiscal year ending ments, mustering-out pay, and similar on June 30, 1945, the average annual rate demobilization expenditures, however, the is expected to be 90 billion. reduction in cash expenditures will neces- The various categories of war expendi- sarily lag considerably behind curtailment tures have shifted substantially. Expendi- of war production. tures for industrial facilities and other war construction were the first category to reach PREPARATION FOR PEACE their peak, which was attained in the The various problems of returning to autumn of i94i. They have declined since peace and certain aspects of a demobilithen and will decline further. Payments zation program are outlined in the Budget for munitions and ships have increased Message. steadily from half of the total to nearly "Demobilization begins long before two-thirds at present. Expenditures for pay hostilities end. While we are still exand subsistence increased as the military panding war production, we have already forces grew and allowances to dependents terminated more than ix billion dollars of the fighting men increased and amount of war contracts; while we are still now to about 30 per cent of the total. increasing the size of the armed forces, The Budget Message pointed out that we have already discharged a million at the present time it is extremely difficult men and women. If hostilities end on to estimate necessary expenditures for one major front before they end on other ixo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH fronts, large-scale demobilization adjust- large. Recommendations pertaining to ments will be possible and necessary- contract termination and to disposition of while we are still fighting a major war. surplus war properties are now in prepar- "The problems of adjustment cover a ation. wide range—contract termination, re- It will be necessary to dispose of a vast conversion of war plant, disposal of amount of Government property. The war Government-owned property, shifting of program has required the expenditure of men to peacetime employment, and many approximately 15 billion dollars by the others. Our approach to these problems Government for new industrial plant and must be positive, not negative. Our equipment and over 13 billion for noninobjective must be a permanently high dustrial construction and land. In addilevel of national income and a cor- tion, the Government owns scores of respondingly high standard of living. billions of dollars of raw materials, mer- To achieve this end there must be con- chant ships, aircraft, munitions, and a wide certed efforts by industry, labor, and variety of other commodities. Policies fol- Government and a well-planned'demobil- lowed in contract termination and in the ization program. As men, materials, disposal of surplus property will have a and facilities are released from war major impact on the speed and effectiveness service and production, such resources of the reconversion of industry and of the must be channeled into civilian produc- reemployment of those released from war tion on a basis that will assure a high service and war production. and stable level of production, consumption, and employment. The soldier, the MANPOWER DEMOBILIZATION worker, the businessman, and the farmer AND REEMPLOYMENT must have assurance against economic The Budget Message stated that men in chaos. service and in war industries will need active help in finding their way back into "Just as economic mobilization for peacetime employment. Many will be able total war required many interrelated to resume their prewar employment, but measures, so adequate reconversion to the great shifts in the geographic, technocivilian production will require many logical, and market structures of industry interrelated adjustments of fiscal policy, brought about by the war will create production policy, price policy, and labor serious employment problems. The Mespolicy.'* sage stated that we should not weaken the DISPOSAL OF SURPLUS PROPERTY AND administrative agencies that have been INDUSTRIAL RECONVERSION established for the purpose of job placement, It is imperative, the Message stated, to counseling, and training and that adequate develop a unified program to deal with the provision must be made for job retraining, interrelated problems of contract termina- education, and rehabilitation. A minition, surplus property disposal, and indus- mum program was recommended last July trial reconversion. The timing of contract to assist servicemen and servicewomen in terminations is uncertain, but it is evident meeting some of the problems they will that the volume of such terminations and face when discharged, including musteringthe amount of related claims will be very out pay to provide for a reasonable period FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH after discharge and an educational and established at all levels of Government for training program. the general' planning and evaluation of The permanent program of social security public works in relation to broader ecoinitially adopted in 1935, the Message said, nomic activities and that public works provides a framework within which many activities of the various communities and of the problems of demobilization can be areas will be effectively coordinated with met. Proposed changes would provide broad national programs and interests. the necessary minimum protection for TAX POLICY nearly all individuals and their families, including veterans of the present war. The The President urged the earliest possible Budget Message recommended that the enactment of additional fiscal legislation framework of unemployment insurance and stressed the need for additional warbe reinforced and extended, so that we shall time taxes in at least the amount of the 10.5 be better equipped for readjustment of the billion dollars requested last October. labor force and for the demobilization Retention of the scheduled increase in social of the armed forces and civilian war security tax rates was also recommended, workers; it should provide the necessary as was simplification of the tax system to protection for the millions of workers reduce the burdens of compliance on many who may be affected by the reconversion millions of taxpayers. The Message further of industry and also for members of the stated, armed forces and temporarily for others in "Let us face the fact—the failure thus Federal war service. Extension at the far to enact an adequate fiscal program has present time of the coverage of the Federal aggravated the difficulties of maintaining old-age and survivors insurance system economic stabilization. Increases in into many groups now denied protection come should be limited to reasonable and expansion of the scope of the system rewards for additional effort. A warto include disability benefits would permit time tax policy directed to that objective many workers to retire after the war. is a necessary support to wage and price stabilization. It is, furthermore, an im- PUBLIC WORKS portant wartime contribution to postwar The Budget presents as a major objective fiscal planning. of reconversion policy the stimulation of "The time to impose high taxes is private investment and employment, and now when incomes are high and goods outlines the part to be played by public are scarce. In this situation, if we do works. There will be, it is stated, an not now pay in taxes all that we can, urgent need for certain public works in we shall be treating unfairly those who the postwar period. Careful advance must face the accumulated bill after the planning and evaluation are essential to war. Individual incomes will be apassure that priority will be given to those proximately 40 per cent higher in the projects that fill the greatest need relative calendar year 1944 than in 1941, after to their cost, as well as to assure that payment of all taxes, Federal, State, and construction will be timed in accordance local. Corporate profits after taxes are with employment requirements. It is running at an all-time high. The time hoped that adequate machinery can be to relax some wartime taxes will come 112. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH when goods are again plentiful, after Government expenditures, however, are reconversion of industry to peacetime expected to decline. production." Net receipts are estimated at about 41 billion dollars in both fiscal years. The TREASURY RECEIPTS AND EXPENDITURES level of receipts that was attained in the In the first six months of the current first six months of the current fiscal year fiscal year, expenditures for war activities will, except for new revenue legislation, be totaled 43.4 billion dollars, an annual rate maintained approximately during the next of about 87 billion. The Budget Message 18 months. Increases are expected in indicated that this annual rate will increase payments of income and excess-profits to 97 billion dollars in the remainder taxes by corporations, while payments by individuals are expected to decline. Re- BUDGET EXPENDITURES AND RECEIPTS FISCAL YEAR TOTALS ceipts from individual taxpayers in the current fiscal year will temporarily increase as a result of the Current Tax Payment Act of 1943; they include collections of victory taxes, which were actually withheld in the preceding fiscal year, and also collections of the portion of 1942. taxes not yet paid. Receipts from renegotiation of contracts, which are expected to increase by i.x billion dollars in the current fiscal year, will decline by 500 million dollars in the fiscal year ending on June 30, 1945. Budget comparisons are shown in the table and chart. GENERAL BUDGET SUMMARY [In billions of dollars] 1940-41 1941-42 1942-43 1943-44 1944-45 Fiscal year Estimated figures for fiscal years 1943-44 and 1944-45 are on basis Classification of the President's Budget Message for 1945. Figures of receipts ex- 1945 1944 1943 clude social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. Receipts: Direct taxes on individuals 18.1 19.4 7.0 Direct taxes on corporations 15.4 14.1 9.9 of the fiscal year and will decline to 90 Other 7.3 7.7 5.4 billion in the subsequent fiscal year. Be- Net receipts ... 40.8 41.2 22.3 Expenditures: tween the fiscal years 1944 and 1945 there W^ar activities* 88.2 88.5 72.1 Interest on the public debt 3.8 2.7 1.8 will be sharp increases in a number of items Veterans' pensions and benefits 1.3 .9 .6 Refunds 1.8 .4 .1 of expenditures that are directly or in- Other activities 2.9 3.5 3.6 directly related to the war effort. Interest Total expenditures... 98.0 96.0 78.2 on the public debt is expected to increase Excess of expenditures 57.2 54.8 55.9 by 1.1 billion dollars, veterans' pensions Expenditures by Government corporations and agencies* ... 3.1 6.1 1.9 and benefits by 400 million dollars, and * In addition to war expenditures under Budget accounts, the refunds of taxes by 1.4 billion. Other figures for Government corporations and agencies include 3.0 billion dollars in fiscal year 1943, 3.5 billion in 1944, and 1.8 billion in 1945. FEBRUARY 1944 I2-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH PUBLIC DEBT surance policy holders, can count upon the soundness of these assets. It is estimated that the public debt will increase by 92- billion dollars in the next 18 OWNERSHIP OF GOVERNMENT SECURITIES months and that by June 30, 1945, it will reach a total of z^S billion. The annual Supplementing the Budget Message it is appropriate to review the further progress bprrowing rate of approximately 60 billion made in the past calendar year in dollars is close to the actual rate of inselling Government securities to investors crease in the public debt in the past six other than commercial banks. This is months. It is obvious, therefore, that the in accordance with the announced policy current rate of financing will not have to be of raising the maximum possible amount varied materially over the next 18 months. of funds outside of the banking system. This financing will presumably be ac- With a continuation of strong efforts on complished through a number of largethe part of the war finance commitscale war loan drives each year and through tees, which have been greatly expanded, regular receipts from the sale of savings and a growing realization on the part of bonds and notes. The need for interim the public of the huge expense of the war financing from commercial banks is rapidly and of the desirability of obtaining a wide diminishing and may disappear during public distribution of the debt, it is exthis period. pected that further progress will be made A public debt of 2.58 billion dollars will during the present year in selling Governrequire interest payments of 5 billion ment securities to nonbank investors. annually at the present average rate. With Not only was the dollar volume of a postwar national income of 1x5 billion securities sold last year to nonbank indollars or more, the Message pointed out, vestors greater than in previous years, but these payments need not be oppressive. the proportion of the increase in the debt A tax structure and other appropriate taken by these investors also increased, economic policies can be devised that will and many more individuals and business permit both payment of interest and concerns participated in the Government's gradual repayment of principal during years financing program than in any previous of prosperity, without impairing the stabilyear. As an indication of the wide distriity and growth of the national income. bution of Government securities in 1943, The Government has sought to secure almost 53 million series E bonds, which can the broadest possible distribution of our be purchased only by individuals, were debt. Over 50 million subscribers to war issued in the Third War Loan Drive alone. bonds now have a direct financial stake The interest-bearing direct and guaranin the United States. More than a third teed debt increased by 57 billion dollars of all of the resources of life insurance in the calendar year 1943. This increase companies and mutual savings banks and was 9 billion dollars more than in 194Z. half of all of the assets of commercial banks It is estimated that nonbank investors consist of Government securities. The increased their holdings of Government Message said that these individual in- securities during 1943 by 33 billion vestors, as well as bank depositors and in- dollars, compared with 14 billion in the 1x4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH previous year. Commercial banks and insurance companies 14.7 billion, increases the Federal Reserve Banks together took of 1.5 billion and 3.7 billion, respectively, about Z4.6 billion dollars of the in- during the year. Other investors, largely crease in the debt in 1943, compared with individuals, private trusts, and corporai3 4 billion in the previous year. Despite tions, held 59 billion dollars, about 35 per # the larger increase in the debt, therefore, cent of the total debt. These holdings the proportion of the increase taken by increased during 1943 by about 1^ billion dolthe banking system declined from 49 to lars, compared with an increase of 17.8 bil- 43 per cent. lion in the previous year. Of the holdings The following table shows estimated of other investors, 35.5 billion dollars was ownership of Government securities on in savings bonds and savings notes. Practi- December 31, 1943, by classes of investors, cally all of the savings bonds belong to together with the increase in holdings in individuals, while a large portion of the each of the last three calendar years. Com- other issues are held by businesses. mercial banks held about 61 billion dollars of Government securities at the end of the OWNERSHIP OF U. S. GOVERNMENT SECURITIES [Estimated holdings in billions of dollars] year, or about 36 per cent of the total out- Amount Increase in holdings standing debt; bank holdings increased held Classes of investors Dec. 31, by 19 billion dollars in 1943, about the 1943 1943 1942 1941 same as in the previous year. Holdings Commercial banks 60.6 19.2 19.5 4.0 by the Federal Reserve Banks aggregated Federal Reserve Banks 11.5 5.4 .1 11.5 billion dollars at the end of the year, Federal agencies and trust funds: Special issues 12.7 3.7 2.0 1.6 increasing by 5.4 billion in 1943 and 3.9 Public issues 4.2 1.0 .7 .3 Mutual savings banks 6.1 1.5 .9 .5 billion in 1942.. Federal agencies and trust Insurance companies 14.7 3.7 3.0 1.1 Other investors: funds held 16.9 billion dollars of special Marketable issues 23.4 8.2 5.2 .4 Nonmarketable issues.. 35.5 14.4 12.6 5.4 and public issues of Government securities Total interest-bearing direct and at the end of the year, an increase of 4.7 guaranteed securities outstanding 168.7 57.1 47.8 13.4 billion dollars during the year. Mutual NOTE.—Estimates for Dec. 31, 1943, for commercial banks, mutual savings banks held 6.1 billion dollars and savings banks, insurance companies, and other investors are preliminary. FEBRUARY 1944 I2-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Absorption of Exchange Charges interest on any deposit which is payable on demand:* * *" Report of Board to Congresson Proposed The foregoing prohibition was enacted by the Legislation to Permit Congress as a part of the Banking Act of 1933. On January 12., 1944, there was introduced Prior to 1933 there was no such prohibition. in the Senate by Senator Maybank a bill to Widespread abuses had developed in the practice amend section 19 of the Federal Reserve Act of paying interest on deposits. Many banks, in which would provide that the paragraph of order to attract accounts from other banks, that section prohibiting the payment of interoffered and paid excessive rates of interest on est by member banks on demand deposits demand deposits. Accounts of others, particushall not be deemed to prohibit the absorplarly national concerns, were likewise sought tion of exchange or collection charges. A and obtained. The result, as concerned correcompanion bill (H.R. 3956) was introduced spondent bank relationships, was, in many cases, in the House of Representatives on the followan unnatural and unhealthy concentration in the ing day by Mr. Brown of Georgia. In relarger centers of funds from the smaller comsponse to a request received from the Senate munities without regard either to geographical Committee on Banking and Currency, the or business affiliation between the two points. Board of Governors submitted its views with Moreover, these balances proved to be the most respect to the merits of the proposed legislavolatile deposits such banks had. When, durtion in a letter dated January 14, 1944, ading the depression, deposits declined, the impact dressed to Senator Wagner, Chairman of that of the demand made by the real owners of the Committee. The text of the Board's letter deposits was felt by two and sometimes more is set forth below. A similar report on the proposed legislation was submitted by the banks, rather than one. The depositor in the Board to the Banking and Currency Commit- smaller community demanded his balance, and tee of the House of Representatives. his banker, in order to meet the demand, had to withdraw or to try to withdraw his balance from his correspondent bank in the larger center. Dear Senator Wagner: Meanwhile the banks in the larger centers were This is in response to the request for the opinalso receiving like demands from their indiion cf the Board of Governors of the Federal Reserve System as to the merits of S. 1641, "A Bill vidual customers. National and other accounts, to amend the Federal Reserve Act, as amended, obtained by the inducement of high rates of to provide that the absorption of exchange and interest, were being brought closer home and collection charges shall not be deemed the pay- "smart money" was the first to go. One has ment of interest on deposits." only to remember the experiences in Detroit, The pertinent part of section 19 of the Federal Cleveland, Baltimore, New Orleans, and many Reserve Act, as amended, which the proposed other large centers to recall what happened to bill would further amend, now reads as follows: many of the smaller banks and would have hap- '"No member bank shall, directly or indi- pened to more but for the intervention of the rectly, by any device whatsoever, pay any Banking Holiday and the measures which fol- 1x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT lowed. These are the reasons, as understood by Board in its Regulation Q has not availed itself the Board, for the enactment of the legislation of the power to define as thus authorized. On and the Board believes any relaxation of the the contrary, the Board has rested the meaning statute would be a step backward and not in the of the term "interest" squarely upon its meaning public interest. as a matter of general law. The proposal in S. 1642. and in the companion The Board's reasons for not exercising the aubill in the House of Representatives, H.R.3956, thority given it in 1935 are as follows. The would relax the existing statutory prohibition general question whether the absorption of exto the extent that exchange or collection charges change charges by a bank for a depositor mainmight be absorbed by a member bank as an in- taining a compensating balance constituted the ducement to a depositor, bank or otherwise, to payment of interest has been a controversial one maintain an account with it. Senator. May- from the beginning. In 1935, the Board bank, in introducing the bill in the Senate, amended its Regulation Q to include a definition stated: "The substance of the bill is to prohibit of interest under which the absorption of exthe Federal Reserve from interpreting a law to change and collection charges by a member bank the effect that small banks are unable to charge as compensation for the maintenance of a deposit exchange and larger banks are unable to absorb would have been expressly defined as a payment the country's banking exchange." The Board of interest on such deposit; but the effective date hastens again to state that it has not interpreted of this amendment was deferred from time to section 19 of the Federal Reserve Act (which is time and the amendment never became effective. the statute in question) to the effect that small This was largely because the Federal Deposit Inbanks are unable to charge exchange. At the surance Corporation would not take the same request of the Comptroller of the Currency it has position with respect to the banks it supervised. interpreted section 19 in its application to the The Federal Deposit Insurance Corporation confacts of a specific case and, under such facts, tended first that the absorption of exchange did expressed the view that the bank in question was not constitute the payment of interest and secviolating the statute and the Board's Regulation ondly that it did not have authority, correspond- Q. This ruling was published in the September ing to that of the Board, to define the term 1943 issue of the Federal Reserve BULLETIN . The "interest" and thus, by definition, to extend its Board understands that the bank in question ordinary meaning. Always, however, the Fedamended its practices in respect to the subject eral Deposit Insurance Corporation has emphamatter of the ruling. It also understands that sized, more than the question whether the pracother banks, reviewing their practices in the tice should be construed as constituting the light of the ruling, have likewise amended their payment of interest, the question of the effect practices, and this no doubt accounts for the such a construction would have on some 2., 500 proposal that the statute be amended to legalize banks which were charging the exchange being the practice. absorbed. Finally, in 1937, in order partially to The September 1943 ruling has been discussed solve the dilemma, the Board proposed and the in informal hearings before the Committee on Federal Deposit Insurance Corporation agreed to Banking and Currency in the House of Repre- the adoption of uniform language in their respecsentatives. It is appropriate, however, to tive regulations. Thereupon both regulations acquaint all of the members of the Committee were amended to provide that for the purposes of with the background of the ruling and the the regulations the term "interest" should mean principles involved. In 1935, section 19 of the "any payment to or for the account of any de- Federal Reserve Act was further amended to positor as compensation for the use of funds conauthorize the Board "to determine what shall stituting a deposit." By joint announcement it be deemed to be a payment of interest.'' But the was made clear that the purpose of the action FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT was merely to restate principles of law as decided compensating balance, the bank had "no way by the Courts and to provide for dealing with of making it back"; that, on occasion, the bank each case upon the facts of that specific case. had written to its correspondent banks suggest- The action also had the effect of eliminating the ing that they par items sent to such banks in question of any difference in the respective return for the parring by the subject bank of powers of the Federal Deposit Insurance Cor- items received from such banks; and finally that, poration and the Board because it was also made in at least one instance, accounts had been clear that the intention was not to use any rule- shifted from a competing bank to the subject making power to extend the definition of the bank because of its willingness to absorb such term "interest" beyond its meaning as already charges. In these circumstances, the Board exdeclared by the Courts. Since then the Board pressed the view that the bank in question was has adhered to the position thus agreed upon and violating the prohibition against the payment of made no ruling upon the question, either general interest on demand deposits. The Board beor specific, until it was requested to do so by the lieves that it would be difficult to conceive of Office of the Comptroller of the Currency. clearer ' 'facts or circumstances establishing that On December 6, 1943, the Federal Deposit In- the practice is resorted to as a device for the paysurance Corporation adopted a ruling of general ment of interest." application to insured nonmember banks on the The bill before the Committee would legalize subject of "Absorption of Exchange Charges.as a practice such as described in the Board's Sep- Payment of Interest." This general ruling ex- tember 1943 ruling and would permit a member pressed the view "that the absorption of ex- bank to reward or compensate its customers for change charges by an insured nonmember bank the use of their demand funds so long and only in connection with its routine collection for its so long as the reward or compensation consisted depositors of checks drawn on other banks can of absorbing exchange charges. not be considered a payment of interest, within "Exchange" is the name applied to charges the terms of the interest regulations of the Fed- exacted by some banks for paying checks drawn eral Deposit Insurance Corporation, in the upon them by their customers when presented absence of facts or circumstances establishing through the mails for payment. There has been that the practice is resorted to as a device for the so much misunderstanding as to what is meant payment of interest." by "exchange charges," particularly by some In the specific case with which this Board Members of Congress from sections or communidealt in its September 1943 ruling the facts were ties where the practice does not exist, that it may that the bank had absorbed exchange charges for be worth while to describe the practice in some customers keeping so-called compensating bal- detail. Let us assume that a bank in Forest, ances; that in 194Z it had absorbed for such cus- Mississippi, charges exchange on its checks pretomers $18,000 out of $2.5,000 exchange charges sented through the mails. A customer of the paid; that in the first three months of 1943 it had bank, John Jones, wishes to settle a transaction absorbed for such customers $4,600 out of $5,600 in Louisville, Kentucky, and to do so he sends exchange charges paid; that in some instances his check drawn on the Forest bank for $1,000 to the amount absorbed for some customers Smith Mail Order Corporation in Louisville. amounted to as much as 1 or 3 per cent of their Smith Mail Order Corporation deposits the balances; that its total correspondent bank de- check in its bank in Louisville. The Louisville posits had increased from less than $7,000,000 at bank sends the check to the Forest bank for paythe end of 1941 to nearly $18,000,000 in 1943, a ment but the Forest bank remits only $999. The ratio far greater than the increase in its total dollar which the Forest bank has retained is the demand deposits or of the corresponding in- "exchange charge." The use of the one dollar creases of other banks in the same area; that figure is not to be construed as meaning that the exchange charges were not absorbed but were charge made is at the rate of $1.00 per $1,000. charged back when, because of a lack of a Such charges are fixed by exchange-charging FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT banks individually and vary. The Board's charge; and the Louisville bank and, in turn, September 1943 ruling does not prohibit the Smith Mail Order Corporation would receive Forest bank from making the charge; but it the full amount, $1,000. does deal with the question whether a member Since the transaction which the $1,000 check bank may pay the charge as a means to com- was to settle was between John Jones and Smith pensate a depositor for the use of his funds. Mail Order Corporation, one would think that This latter question can arise in a number of the $1.00 charge should be paid either by John different ways. In the first place it may be Jones for services rendered by the Forest bank that Smith Mail Order Corporation maintains or at least by Smith Mail Order Corporation as a balance with the Louisville bank deemed to a charge for transferring the funds from Forest be sufficiently large to justify an arrangement to Louisville. By no stretch of the imagination whereby the Louisville bank is willing to ab- could the obligation to pay such charges be sorb all or a part of the exchange charges. This that of either the New Orleans or Louisville case probably would arise only in the event banks, and this Committee can be sure that Smith Mail Order Corporation did enough busi- they are not so paid gratis. The absorbing ness at points where there are exchange- bank pays the charge only because it is getting charging banks to cause the amount of exchange the use of someone's funds and it would not charged to be a factor. Secondly, it may be pay them otherwise. Considering that there that the Louisville bank has an account with is a statute prohibiting the payment of interest a New Orleans bank with an arrangement under on demand deposits it is plain to see what which the Louisville bank will send the checks could be done competitively by the use of the it receives on exchange-charging banks in the device which the bill before the Committee New Orleans area to the New Orleans bank, would sanction. maintaining with the New Orleans bank a It is small wonder, therefore, that already compensating balance deemed sufficient by the one outlying suburban bank by using this device New Orleans bank to justify it in absorbing all to reward correspondent banks spread its busior a part of the exchange charges exacted by the ness even into surrounding States and ran its Forest bank. In this case Smith Mail Order deposits from $800,000 to over $8,000,000 in Corporation would deposit the check with the less than a year. Of this over $6,800,000 or 82. Louisville bank; the Louisville bank would per cent was represented by correspondent bank send it to the New Orleans bank; and the New accounts and, mind you, this is a small outlying Orleans bank would send it to the Forest bank suburban bank. Another bank, hailed as a for payment. The Forest bank would pay $150,000,000 country bank, the largest indionly $999 but the New Orleans bank would vidual or unit bank in any city with a population credit the Louisville bank with $1,000 and the of 110,000 or less, has $90,000,000 correspondent Louisville bank in turn would credit Smith bank balances as against $38,000,000 individual Mail Order Corporation with $1,000. Thirdly, deposits. Obviously, demand bank balances it may be that the New Orleans bank and the would not be concentrated in such amounts at Forest bank will have an arrangement whereby such points if there were not some corresponding the Forest bank will maintain a compensating reward or compensation for their use. That this balance with the New Orleans bank and the is the fact is further substantiated by the current New Orleans bank will absorb all or a part of fear that the balances will not be maintained the exchange charges which the Forest bank as they now are unless the absorption of exhas exacted on checks sent it by the New change is continued. It is inconceivable to the Orleans bank. Here again, the Forest bank Board that the Congress would continue the would remit only $999 on the $1,000 check statutory prohibition against the payment of drawn by John Jones, its customer, in favor of interest on demand deposits and at the same time Smith Mail Order Corporation. The New legalize a practice which partakes of the char- Orleans bank would absorb the $1.00 exchange acteristics of the old secret rebates by railroads FEBRUARY 1944 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and which would accomplish for a limited the Banking and Currency Committee in the few and by indirection the same result as though House the Board's September 1943 ruling has interest were being openly and directly paid. been characterized as an attempt to enforce It is appropriate also to analyze the proposal par clearance. This charge is not in accordance under consideration to ascertain to whom it with the facts. The Board has repeatedly would apply and the favors it would grant. stated that it favors par clearance and it is, There are some 2.,500 exchange-charging banks. of course, *a fact that the question of absorption These are known as nonpar banks because they of exchange is inextricably involved in the do not remit at par. Other banks which remit question of par clearance, as it is also with at par are known as par banks and total in other questions. On the other hand, to charge number about 11,500, of which about 4,800 that the ruling was directed at the 1,500 nonpar are not members of the Federal Reserve System. banks disregards the fact that the ruling applied From the charts attached to this report the to a member bank which was absorbing the Committee will note that there are zo States exchange, not charging it, as well as the fact and the District of Columbia in which no banks that the ruling could result in causing member charge exchange and in which all of the 4,763 banks desirous of resorting to the practice to banks remit at par. These States are Arizona, decide to withdraw from the Federal Reserve California, Colorado, Connecticut, Delaware, System. The Board recognizes that the final Idaho, Iowa, Maine, Maryland, Massachusetts, determination of the question of par clearance Nevada, New Hampshire, New Jersey, New is one for appropriate legislative bodies. Con- Mexico, New York, Ohio, Pennsylvania, Rhode gress has already enacted legislation which Island, Utah, and Vermont. In addition, it is requires remission at par of all checks collected noteworthy that in Illinois only 12. out of 8x8 by Federal Reserve Banks. The legislation to banks are nonpar banks; in Indiana 3 out of which the Board refers is known as the "Hard- 496; in Kansas 2. out of 62.7; in Kentucky 10 wick Amendment" to section 13 of the Federal out of 389; in Michigan 1 out of 443; in Okla- Reserve Act. It was enacted in 1917 and reads homa 12. out of 384; in Oregon 1 out of 69; as follows: in West Virginia 6 out of 180; and in Wyoming "Provided, further, That nothing in this 1 out of 56. Iowa has required its banks to or any other section of this act shall be conremit at par. strued as prohibiting a member or nonmember The proposed legislation would permit a bank from making reasonable charges, to be practice tantamount to the payment of interest determined and regulated by the Board of on demand deposits but its application would Governors of the Federal Reserve System, be limited to those having checks on exchange- but in no case to exceed 10 cents per $100 or charging banks and to the amount of the ex- fraction thereof, based on the total of checks change charged on such checks. In practice it and drafts presented at any one time, for would be limited still further because banks collection or payment of checks and drafts would not be willing to absorb the exchange and remission therefor by exchange or otherexcept for depositors maintaining compensating wise; but no such charges shall be made balances, and only depositors having enough against the Federal reserve banks." checks on nonpar banks to justify the main- It will be noted that, by virtue of this provision tenance of compensating balances would keep of law, about 6,700 member banks are prohibited such balances. The practical result would be from charging exchange on checks presented by that, with few exceptions, the amendment would Federal Reserve Banks. Checks on some 4,800 be applicable only to correspondent banks and nonmember banks are collected through the large national accounts. Federal Reserve collection facilities which, The Board has a further objection to the under this amendment, involves remission at par. proposed legislation. In the hearings before Since a fair estimate would be that 90 per cent 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or more of the amount of all out-of-town checks NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY STATES, ON DECEMBER 31, 19431 are collected through the Federal Reserve col- [Includes all member banks, and all nonmember banks on which checks lection system, the practical effect of the Hard- are drawn, except mutual savings banks on a few of which some checks are drawn] wick Amendment is to prohibit all member Nonmember banks Total banks from charging exchange and to require on which checks banks Mem- are drawn on Total all nonmember banks wishing to avail them- State ber which banks f s o el r v e e g s o o m f a F k e i d n e g r a a l n R y e s s e u r c v h e c c h o a ll r e g c e t s i . on facilities to banks l p O i a s n t r on N li o s p t a t rTotal c d h r a a e r w c e k n s on l is p t ar In the current discussion of the Board's Alabama 84 5 132 216 Arizona 7 5 5 12 12 September 1943 ruling at the hearing it has been Arkansas 63 31 159 222 94 California 112 82 82 194 194 stated that many of the nonpar banks will be Colorado 92 47 47 139 139 forced to close if member banks are not per- Connecticut 62 54 54 116 116 Delaware 17 24 24 41 41 mitted to absorb the exchange charges which District of Columbia. 18 4 4 22 22 Florida 60 17 105 165 77 they make. This is on the theory that if Georgia 64 16 263 279 343 80 member banks do not absorb the charges but Idaho 26 21 21 47 47 Illinois 464 352 364 828 816 pass them back to their customers, the pressure Indiana 222 271 274 496 493 Iowa 162 491 491 653 653 from these customers will result finally in the Kansas 213 412 414 627 625 abandonment of exchange charges. The Board Kentucky 112 267 10 277 389 379 Louisiana 38 4 104 108 146 42 makes no such prediction. It does aver, how- Maine 40 26 26 66 66 Maryland 79 96 96 175 175 ever, that there are in the same States, in the Massachusetts 154 38 38 192 192 same counties, and often in the same towns Michigan 227 215 1 216 443 442 Minnesota 209 41 420 461 670 250 equally small national or State member banks Mississippi 25 2 174 176 201 27 Missouri 167 332 94 426 593 499 which, for all practical purposes, can not charge Montana 69 20 21 41 110 89 exchange and which are living and competing Nebraska 105 154 259 404 250 Nevada 2 2 10 10 with nonpar banks which do. Now it is pro- New Hampshire.. 53 12 12 65 65 New Jersey ' 292 58 58 350 350 posed that member banks be authorized to absorb New Mexico 27 14 14 41 41 the exchange the nonpar banks charge. Here New York.. 586 113 113 699 699 North Carolina 54 18 127 145 199 72 again it is inconceivable to the Board that the North Dakota 42 3 111 114 156 45 Ohio 414 267 267 681 681 Congress would authorize member banks to Oklahoma 213 159 171 384 372 absorb exchange charges for small nonpar banks Oregon 32 36 37 69 Pennsylvania 765 267 267 1,032 1,032 when equally small member banks are pro- Rhode Island 13 9 9 22 22 South Carolina 28 3 117 145 31 hibited from making such charges. South Dakota 59 5 103 162 64 For the reasons stated the Board is opposed Tennessee 76 52 218 294 128 Texas 533 225 313 846 758 to the enactment of S. 1642. and the companion Utah 34 23 23 57 57 Vermont 39 32 32 71 71 bill, H.R. 3956. Since the Board has also Virginia 193 83 120 313 276 received a request for a report on this legislation Washington 56 50 22 72 128 106 West Virginia 105 69 6 75 180 174 from the Banking and Currency Committee in Wisconsin 149 266 145 411 560 415 Wyoming 36 19 1 20 56 55 the House of Representatives, a similar report Total.. 6,738 4,763 2,529 7,292 14,030 11,501 is being sent to it. Insured 6,738 4,223 2,278 6,501 13,239 10,961 Very truly yours, Noninsured. 540 251 791 791 540 Chester Morrill, 1 Excludes 56 industrial banks and 54 nondeposit trust companies on which no checks are drawn; includes 104 private banks which do not Secretary report to State banking departments, and 13 cooperative banks (in Arkansas). FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT NONMEMBER BANKS ALL BANKS-MEMBER AND NONMEMBER PAR AND NONPAR PAR AND NONPAR DECEMBER 31. 1943 DECEMBER 31.1943 200 NU MBER O 4 F 0 B 0 ANKS PAR NONPAR 0 N UMBER 1 O 0 F 0 BA NKS £00 300 , 400 500 ALABAMA ARIZONA ARKANSAS COLORADO CONNECTICUT 2 7 2 7 - 88 D F IS L T O RI R CT ID O A F COLUMBIA D D E IS L T A R W IC A T R O E F COLUMBL SO 263 GEORGIA FLORIDA GEORGIA IDAHO ILLINOIS INDIANA IOWA HEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA, NORTH DAKOTA OHIO OKLAHOMA PENNSYLVANIA RHODE ISLAND 16 8 6 8 TE T N E N X ES A S S EE S S O O U U TH T H CA R D O A LI K NA OTA - VERMONT WASHINGTON WEST VIRGINIA WISCONSIN WYOMING ••••i PAR BANKS 1 NONPAR BANKS INSURED 4.223 INSURED 2.278 NONINSURED 540 NONINSURED 251 TOTAL 4.763 TOTAL 2.529 PAR COLLECTION IN THE UNITED STATES DECEMBER 31. 1943 20 STATES AND D. C- ALL 4.685 BANKS ARE PAR BANKS IZ FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Wartime Changes in Consumer Expenditures QUESTION: Recently, I have been seeing CONSUMER EXPENDITURES FOR GOODS AND SERVICES statements in the press to the effect that "the [In billions of dollars] physical volume of goods and services available 1939 1941 1942 1943 for purchase and consumption by the American public was actually greater in 1943 than in Durable goods 6.4 9.1 6.4 6.6 Nondurable goods .... 32.6 40.1 48.0 54.6 1939." Likewise, I have seen such statements Services 22.7 25.4 27.6 29.3 as these: "Civilians bought and presumed to Total.. . 61.7 74.6 82.0 90.5 consume in 1943 about 90 billion dollars worth of goods and services." SOURCE.—Department of Commerce. All figures subject to revision; 1943 figures preliminary. I am familiar with the fact that our production of civilian goods in 1943 exceeded the doleful The people who compile these figures are predictions of almost everyone. It does not aware of the problems that arise out of deflating seem possible to me, however, that the two expenditure data by price indexes, but even after statements which I have quoted can be correct. allowing for the possibility that the figures for When one considers that production of auto- 1943 in 1939 dollars are too high, the physical mobiles and their accessories, so far as civilians volume of goods and services available to conare concerned, is practically stopped, as is the sumers was still large in 1943. This is in'part production of radios and household electrical because, as you pointed out, we were living off appliances, together with the fact that construc- our inventories. Another point is that while tion for civilians stopped almost completely, the output of durable goods like automobiles with the exception of war housing, I can not help and radios has been discontinued, these items but wonder what was produced for civilian use have never bulked large in total production for to run its total value up to 90 billion dollars. consumers or in total consumer expenditures. It seems to me that our standard of living is as Expenditures by consumers for durable goods high today as it is primarily because we are reached a wartime peak of 9.1 billion dollars in living off our "fat" or inventories. At least 1941 and then declined sharply in the early part that is the way it is in my household. My cars of 1941. In 1943 expenditures were slightly are wearing out as is my refrigerator and all the higher than in 1942.. The value of automobiles, other household appliances. And if I go to the household appliances, and radios purchased in store, I can not replace them. 1943 continued to decline, but purchases of Will you not tell me if the statements are cor- jewelry and automotive parts increased and purrect, in substance, and what is the breakdown of chases at furniture and housefurnishing stores the goods and services that were purchased by were close to 1942. record volumes. Purchases the civilians in 1943? of houses are regarded as savings rather than expenditures for current consumption and are ANSWER: Your letter raises some questions not included in these figures. that have been bothering a good many people. Outlays for nondurable goods and services in All of us have been surprised that supplies of current dollars are now much greater than ever goods and services to consumers have held up so before. Dollar sales by selected apparel stores well. in 1943, according to our estimates from Depart- There is some specific material bearing on this ment of Commerce data, were 100 per cent question in an article which appeared on pages greater than in 1939. Physical output of cloth- 9-14 of the August 1943 Survey of Current Business ing and shoes for civilians, according to our published by the Department of Commerce. figures, averaged about the same in 1943 as in Figures are shown there for the first half of 1943 1939. Food production has increased sharply and current estimates for the remainder of the since the prewar period, and in 1943 per capita year indicate that total consumer expenditures food consumption by civilians, on the whole, were about 91 billion dollars for the whole year. The following table shows these data for recent although reduced from the 1941 volume, was years with a breakdown for major groups. Ad- still 2_ per cent larger than in 1939. These figures justing these figures for the price rise during the are compiled by the Department of Agriculture war period, the Commerce data show expendi- and from some of their other calculations it may tures slightly above 70 billion dollars as com- be estimated that actual expenditures at grocery pared with 62. billion in 1939. stores and restaurants for food by civilians were 133 FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE about So per cent higher in 1943 than in 1939. ployed—the lower income groups can buy more Consumer expenditures for services, including food and clothing and consequently there is less housing and household expenses, transportation, available for those accustomed to buy all they medical care, and recreation, were 6.6 billion want. This results in scarcities at a high level dollars larger in 1943 than in 1939, as shown of total consumption. in the table. The Review of the Month in the January BUL- Some of the consumption is coming out of re- LETIN presented some additional .information ductions in inventories, and, as you indicate, relating to this general subject, but this is the there is continued use of existing durable goods, gist of the matter, as we see it. The outstanding somewhat longer in many cases than they would fact is that the American economy has been able ordinarily be used. It is true also that there are to produce far more than anyone supposed it evident scarcities, but these reflect increased could and that consequently so far it has met demand as well as decreased supplies. With the the challenge of the war without having to large and widespread increase in consumer in- diminish aggregate civilian consumption below comes—especially for people formerly unem- the 1939 level. NEW MONETARY AND BANKING STATISTICS In this issue of the BULLETIN substantial ad- public on current changes in the condition of ditions are being made to the statistical in- all banks and in the nation's money supply. formation regularly presented in the financial The additional information on major assets and statistics tables. These additions are: liabilities of all banks, by classes, brings to- (1) New monthly series showing adjusted gether in one place information which has predeposits at all banks in the United States viously had to be obtained from a variety of and currency outside banks; see page 161 different sources, not all of which are conven- (previously published for call dates only in iently available to the public, and also includes the Chart Book section). some adjustments needed to improve the comparability of the data. The new table showing (2.) New series for all banks in the United monthly figures for adjusted deposits (demand States, showing a substantial amount of adand time) at all banks and currency outside ditional detail by class of bank for major assets banks will provide the best available indicaand liabilities of all banks in the United tion of current changes in the total money supply States, on June and December dates, with and its major parts, while the seasonally adseparate data for each class of commercial justed currency series provide a more accurate and mutual savings banks; see pages 162.-163. picture of the current growth in currency out- (3) Weekly and monthly seasonally adstanding than is shown by unadjusted data. justed figures for currency in circulation, to- The new deposit turnover series, though imgether with the weekly and monthly rate of perfect indicators of the rate of use of deposits outflow in the seasonally adjusted series; for many analytical purposes,1 provide some see page 160. information on the current rate of spending (4) Monthly figures on the turnover of of bank balances for different groups of banks. total deposits and of demand deposits at Back data for some of the new series, together selected groups of banks—turnover of total with sources of data and descriptions of the deposits at banks regularly reporting monthly methods used in constructing estimates and debits in 334 cities, and turnover of demand making necessary adjustments, will be included deposits at weekly reporting banks in 101 in a source book of Banking and Monetary Statistics cities; see page 160. to be published by the Board in the near future. In addition the currency in circulation tables The date of publication and the price of the on page 159 have been consolidated in certain book will be announced in a forthcoming respects and more back data are provided as to BULLETIN; until such announcement, no back currency by denominations. data or descriptions can be supplied. For the most part these new data are intended 1 For some of the limitations, see "Significance of Bank Debits as to increase the information available to the an Index of Changes in Business Activity," in the March 1941 BUL- LETIN, p. 211. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Resignation l owa Mr. B. Magruder Winefield, who has been a Farnhamville—Security Savings Bank membi er ofr tih e -Bn oardi, s ?L egali staf^f- s•ince 192.3, has resigned as Assistant General Attorney to N Y h become Vice President and Director of the National Bank of Commerce, Houston, Texas. Huntington Station—Huntington Station Bank Lyndonville—Citizens State Bank Admissions of State Banks to Membership in the Federal Reserve System Newfane—State Bank of Newfane The following State banks were admitted Ncw H>rde P^k-Bank of New Hyde Park to membership in the Federal Reserve System Sencca F^-The Seneca County Trust Comduring the period December 16, 1943, to January Pan? of Seneca FalIs> N* Y- 15, 1944, inclusive: Ohio Arkansas Fostoria-The Commercial Bank and Savings Fayetteville Mcllroy Bank Company Connecticut Bridgeport—The North End Bank and Trust West Virginia Company Gassaway—Bank of Gassaway Indiana Parkersburg—Union Trust and Deposit Com- Clay City—Farmers and Merchants Bank pany FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. District No. 1—Boston Term Expires Class A: Dec. 51 Allan Forbes President, State Street Trust Company, Boston, Mass 1944 Leon A. Dodge President, The First National Bank of Damariscotta, Damariscotta, Me 1945 Allen W. Holmes President, The Middletown National Bank, Middletown, Conn 1946 Class B.- Philip R. Allen Director, Bird & Son, inc., East Walpole, Mass 1944 Edward J. Frost .... .President and Director, Wm. Filene's Sons Company, Boston, Mass 1945 Ralph E. Flanders President, Jones & Lamson Machine Company, Springfield, Vt.. 1946 Class C: Albert M. Creighton Chairman of the Board I944 Henry S. Dennison1 President, Dennison Manufacturing Company, Framingham, Mass 1945 Henry I. Harriman Director and Vice Chairman, New England Power Association, Boston, Mass 1946 District No. 2—New York Class A: William J. Field President, Commercial Trust Company of New Jersey, Jersey City, N. J 1944 Warren W. Clute, Jr President, Glen National Bank of Watkins Glen, Watkins Glen, N. Y. 1945 S. Sloan Colt President, Bankers Trust Company, New York, N. Y 1946 1 Deputy Chairman. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 FrederickE. Williamson. .President, The New York Central Railroad Company, New York, N. Y 1944 Carle C. Conway Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y 1945 Donaldson Brown Vice Chairman of the Board, General Motors Corporation, New York, N. Y.. 1946 Class C: Beardsley Ruml1 Treasurer, R. H. Macy & Company, Inc., New York, N. Y X944 William I. Myers2 Dean, New York State College or Agriculture, Cornell University, Ithaca, N. Y 1945 Robert D. Calkins Dean, School of Business, Columbia University, New York, N. Y 1946 Buffalo Branch Appointed by Federal Reserve Bank: Reginald B. Wiltse Managing Director, Buffalo, N. Y J944 Robert R. Dew President, Dunkirk Trust Company, Dunkirk, N. Y J944 Lewis G. Harriman President, Manufacturers and Traders Trust Company, Buffalo, N.Y 1945 Elmer B. Milliman President, Central Trust Company, Rochester, N. Y 1946 Appointed by Board of Governors: Marion B. Folsom Treasurer, Eastman Kodak Company, Rochester, N. Y 1944 Gilbert A. Prole Genesee Farm Supply Company, Batavia, N. Y 1945 Thomas Robins, Jr President, Hewitt Rubber Corporation, Buffalo, N. Y 1946 District No. 3—Philadelphia Class A: Howard A. Loeb Chairman, Tradesmens National Bank and Trust Company, Philadelphia, Pa 1944 George W. Reily President, Harrisburg National Bank, Harrisburg, Pa 1945 John B. Henning President, Wyoming National Bank, Tunkhannock, Pa 1946 Class B.- Harry L. Cannon President, H. P. Cannon & Son, Inc., Bridgeville, Del 1944 Ward D. Kerlin Secretary & Treasurer, Camden Forge Company, Camden, N. J.. 1945 James T. Buckley Chairman, Executive Committee, Philco Corporation, Philadelphia, Pa Class C: C. Canby Balderston. .. .Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1944 Thomas B. McCabe1 President, Scott Paper Company, Chester, Pa 1945 Warren F. Whittier2 Farmer, dairyman, and cattle breeder, Douglassville, Pa ^ District No. 4—Cleveland Class A: F. F. Brooks President, First National Bank, Pittsburgh, Pa 1944 B. R. Conner President, First National Bank, Ada, Ohio 1945 H. B. McDowell President, McDowell National Bank, Sharon, Pa 1946 1 Chairman. 2 Deputy Chairman. FEBRUARY 1944 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 G. D. Crabbs... .. .Chairman of Board, Philip Carey Manufacturing Company, Cincinnati, Ohio I944 T. E. Millsop President, Weirton Steel Company, Weirton, W. Va 1945 R. P. Wright Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa.. 1946 Class C: A. Z. Baker. . .. .President and General Manager, Cleveland Union Stock Yards Company, Cleveland, Ohio 1944 R. E. Klages2 President, Columbus Auto Parts Company, Columbus, Ohio 1945 G. C. Brainard1 President, General Fireproofing Company, Youngstown, Ohio 1946 Cincinnati Branch Appointed by Federal Reserve Bank: J. G. Gutting President, Second National Bank, Cincinnati, Ohio 1944 Frederick V. Geier President, Cincinnati Milling Machine Company, Cincinnati, Ohio 1945 Buckner Woodford Vice President & Cashier, Bourbon-Agricultural Bank and Trust Company, Paris, Ky 1945 Appointed by Board of Governors: Frank A. Brown Farmer, Chillicothe, Ohio 1944 Francis H. Bird Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio 1945 Pittsburgh Branch Appointed by Federal Reserve Bank: E. B. Harshaw Vice President & Cashier, Grove City National Bank, Grove City, Pa 1944 Archie J. McFarland President, Wheeling Steel Corporation, Wheeling, W. Va 1945 Clarance Stanley President, Union Trust Company, Pittsburgh, Pa 1945 Appointed by Board of Governors: W. C. Arthur President, Talon, Inc., Meadville, Pa J944 Robert E. Doherty President, Carnegie Institute of Technology, Pittsburgh, Pa... 1945 District No. 5—Richmond Class A: John A. Sydenstricker Cashier, First National Bank in Marlinton, Marlinton, W. Va.. 1944 Charles E. Rieman President, Western National Bank, Baltimore, Md 1945 James C. Braswell Chairman of the Board, Planters National Bank & Trust Company, Rocky Mount, N. C 1946 Class B: Edwin Malloy President and Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1944 Charles C. Reed President, Williams & Reed, Inc., Richmond, Va 1945 Harry Lee Rust, Jr President, H. L. Rust Company, Washington, D. C 1946 Class C: Charles P. McCormick.. .President, McCormick & Company, Inc., Baltimore, Md 1944 W. G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va 1945 Robert Lassiter1 Chairman of Board, Mooresville Cotton Mills, Mooresville, N. C 1946 1 Chairman. 2 Deputy Chairman. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Baltimore Branch Expires Appointed by Federal Reserve Bank: Dec. 31 W. R. Milford Managing Director, Baltimore, Md 1944 George W. Reed President, National Marine Bank, Baltimore, Md 1944 James C. Fenhagen Vice Chairman of Board, Baltimore National Bank, Baltimore, Md 1945 George M. Moore Vice President, Union National Bank, Clarksburg, W. Va... 1946 Appointed by Board of Governors: W. Frank Thomas Construction Engineer and Real Estate Management, Westminster, Md 1944 Joseph D. Baker, Jr Secretary and Treasurer, The Standard Lime and Stone Company, Baltimore, Md 1945 W. Frank Roberts President, Standard Gas Equipment Corporation, Baltimore, Md 1946 Charlotte Branch Appointed by Federal Reserve Bank: W. T. Clements Managing Director, Charlotte, N.C. 1944 J. Gerald Cowan Vice President, Wachovia Bank and Trust Company, Asheville, N.C 1944 Angus E. Bird... ... President, The Citizens and Southern National Bank of South Carolina, Charleston, S. C 1945 Allen H. Sims Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C Appointed by Board of Governors: Charles L. Creech, Sr Chairman of Board, B. F. Huntley Furniture Company, and General Manager, Unique Furniture Makers, Winston- Salem, N.C 1944 D. W. Watkins Director of Extension, Clemson College, Clemson, S. C 1945 George M. Wright President, Republic Cotton Mills, Great Falls, S. C 1946 District No. 6—Atlanta Class A: Geo. J. White President, First National Bank, Mount Dora, Fla 1944 Thos. K. Glenn Chairman, Trust Company of Georgia, Atlanta, Ga 1945 W. D. Cook President, First National Bank, Meridian, Miss 1946 Class B.- Ernest T. George President, Seaboard Refining Company, Ltd.., New Orleans, La 1944 J. A. McCrary. .. .. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1945 Fitzgerald Hall President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn 1946 Class C: Frank H. Neely1 Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga 1944 J. F. Porter2. . . .President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tenn 1945 Rufus C. Harris... .. President, Tulane University, New Orleans, La 1946 1 Chairmao. 2 Deputy Chairman. FEBRUARY 1944 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Birmingham Branch Expires Appointed by Federal Reserve Bank: Dec. 31 P. L. T. Beavers Managing Director, Birmingham, Ala. 1944 Gordon D. Palmer President, First National Bank, Tuscaloosa, Ala 1944 M. B. Spragins President, First National Bank, Huntsville, Ala 1945 Jas. G. Hall Executive Vice President, First National Bank, Birmingham, Ala 1946 Appointed by Board of Governors: Donald Comer Chairman, Avondale Mills, Birmingham, Ala 1944 Vacancy 1945 Ed. L. Norton Chairman of Board, Voice of Alabama, Inc., Birmingham, Ala 1946 Jacksonville Branch Appointed by Federal Reserve Bank: Geo. S. Vardeman, Jr Managing Director, Jacksonville, Fla 1944 J. L. Dart President, Florida National Bank, Jacksonville, Fla 1944 B. C. Teed Executive First Vice President, First National Bank, Palm Beach, Fla 1945 J. C. McCrocklin President, First National Bank, Tarpon Springs, Fla ^ Appointed by Board of Governors: Walter J. Matherly Dean, College of Business Administration, University of Florida, Gainesville, Fla 1944 Charles S. Lee Livestock and farming, Oviedo, Fla 1945 F. D. Jackson President and General Manager, Jackson Grain Company, Tampa, Fla 1946 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn I944 B. L. Sadler. President, First National Bank, Harriman, Tenn— 1944 Edward Potter, Jr President, Commerce Union Bank, Nashville, Tenn.... 1945 Leslie R. Driver President, First National Bank, Bristol, Tenn 1946 Appointed by Board of Governors: Clyde B. Austin President, The Austin Company, Inc., Greeneville, Tenn 1944 W. E. McEwen Director, County Farm Bureau, Williamsport, Tenn. 1945 Vacancy - . 1946 New Orleans Branch Appointed by Federal Reserve Bank: E. P. Paris Managing Director, New Orleans, La 1944 J. F. McRae President, Merchants National Bank, Mobile, Ala.. J944 T. G. Nicholson President, First National Bank of Jefferson Parish, Gretna, La... 1945 John Legier President, National American Bank of New Orleans, New Orleans, La ... 1946 Appointed by Board of Governors: Alexander Fitz-Hugh... .President, P. P. Williams Company, Vicksburg, Miss I944 John J. Shaffer, Jr Sugar planter, Ellendale, La 1945 E. F. Billington Vice President, Soule Steam Feed Works, Meridian, Miss 1946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 7—Chicago Expires Class A: Dec. 31 Frank D. Williams President, First Capital National Bank, Iowa City, Iowa 1944 Walter J. Cummings Chairman, Continental Illinois National Bank & Trust Company, Chicago, 111 1945 Horace S. French President, The Milwaukee Ave. National Bank, Chicago, 111.... 1946 Class .B.- Nicholas H. Noyes Vice President and Treasurer, Eli Lilly and Company, Indianapolis, Ind 1944 William C. Heath President, A. O. Smith Corporation, Milwaukee, Wis......... 1945 Clarence W. Avery President and Chairman, The Murray Corporation of America, Detroit, Mich 1946 Class C: Simeon E. Leland1 Chairman, Department of Economics, and Professor of Government Finance, University of Chicago, Chicago, 111 X944 W. W. Waymack2 Vice President and Editor, Editorial Pages, Des Moines Register and Tribune, Des Moines, Iowa 1945 Paul G. Hoffman..., ... President, The Studebaker Corporation, South Bend, Ind J94^ Detroit Branch Appointed by Federal Reserve Bank- Joseph M. Dodge President, The Detroit Bank, Detroit, Mich 1944 Rudolph E. Reichert President, Ann Arbor Bank, Ann Arbor, Mich J944 Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich 1945 Appointed by Board of Governors: L. Whitney Watkins Farmer, Manchester, Mich 1944 H. L. Pierson President, Detroit Harvester Company, Detroit, Mich 1945 District No. 8—St. Louis Class A: Sidney Maestre. President, Mississippi Valley Trust Company, St. Louis, Mo.. 1944 Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Ky 1945 G. R. Corlis Cashier, Anna National Bank, Anna, 111 I94^ Class B.- John R. Stanley Secretary-Treasurer, Stanley Clothing Company, Evansville, Ind I944 A. Wessel Shapleigh President, Shapleigh Hardware Company, St. Louis, Mo 1945 H. H. Tucker President, Fones Bros. Hardware Company, Little Rock, Ark. 1946 Class C: Douglas W. Brooks2 President, The Newburger Company, Memphis, Tenn I944 Win. T. Nardin1 Vice President and General Manager, Pet Milk Company, St. Louis, Mo 1945 Wm. H. Stead Dean, School of Business and Public Administration, Washington University, St. Louis, Mo 1946 Little Rock Branch Appointed by Federal Reserve Bank: A. F. Bailey Managing Director, Little Rock, Ark 1944 Paul R. McCoy Chairman, Peoples National Bank, Stuttgart, Ark 1944 Chas. A. Gordon Vice President, Simmons National Bank, Pine Bluff, Ark..... 1945 W. A. McDonnell Executive Vice President, Commercial National Bank, Little Rock, Ark 1946 1 Chairman. 2 Deputy Chairman. FEBRUARY 1944 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec, 31 S. M, Brooks President, Brooks Advertising Agency, Little Rock, Ark 1944 R. E. Short Farmer, Brinkley, Ark 1945 I. N. Barnett Manager, Barnett Bros. Mercantile Company, Batesville, Ark... 1946 Louisville Branch Appointed by Federal Reserve Bank: C. A. Schacht Managing Director, Louisville, Ky 1944 Wallace M. Davis Vice President, Citizens Union National Bank, Louisville, Ky.. 1944 Lee L. Persise President, The State Bank of Salem, Salem, Ind 1945 Phil E. Chappell President, Planters Bank & Trust Company, Hopkinsville, Ky.. 1946 Appointed by Board of Governors: E. J. O'Brien, Jr President, E. J. O'Brien & Company, Louisville, Ky 1944 G. O. Boomer Vice President, The Girdler Corporation, Louisville, Ky 1945 Vacancy 1946 Memphis Branch Appointed by Federal Reserve Bank: W. H. Glasgow Managing Director, Memphis, Tenn 1944 Oliver Benton President, National Bank of Commerce, Jackson, Tenn 1944 V. J. Alexander President, Union Planters National Bank & Trust Company, Memphis, Tenn 1945 W. W. Campbell President, National Bank of Eastern Arkansas, Forrest City, Ark 1946 Appointed by Board of Governors: JJ.. Holmes Sherard President, Jno. H. Sherard & Son, Sherard, Miss 1944 JJ.. P. Norfleet President, Sledge and Norfleet, Memphis, Tenn 1945 RRuufus C. Branch Cotton planter and ginner, Pecan Point, Ark X94^ District No. 9—Minneapolis Class A: J, R. McKnight President, Pierre National Bank, Pierre, S. D I944 F. D. McCartney....... .Vice President, First National Bank, Oakes, N. D 1945 S. S. Ford President, Northwestern National Bank, Minneapolis, Minn.. 1946 Class B: J. E. O'Connell President, Eddy's Bakeries, Inc., Helena, Mont I944 Ray C. Lange. President, Chippewa Canning Company, Chippewa Falls, Wis.. 1945 Homer P. Clark Chairman, West Publishing Company, St. Paul, Minn ^ Class C.- Roger B. Shepard2 President, Finch, Van Slyck & McConville, St. Paul, Minn 1944 W. C. Coffey1 President, University of Minnesota, Minneapolis, Minn 1945 W. D. Cochran W. D. Cochran Freight Lines, Iron Mountain, Mich 1946 Helena Branch Appointed by Federal Reserve Bank: R. E. Towle Managing Director, Helena, Mont 1944 P. B. McClintock Cashier, Farmers National Bank, Chinook, Mont 1944 Peter Pauly President, Deer Lodge Bank & Trust Company, Deer Lodge, Mont 1945 1 Chairman. 2 [Deputy Chairman. 142. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec, 31 R. B. Richardson President, Western Life Insurance Company, Helena, Mont. 1944 Malcolm E. Holtz Farmer and stockman, Great Falls, Mont 1945 District No. 10—Kansas City Class A: W. L. Bunten... . .Vice President and Cashier, Goodland State Bank, Goodland, Kan 1944 T. A. Dines President, United States National Bank, Denver, Colo 1945 M. A. Limbocker President and Chairman, Citizens National Bank, Emporia, Kan Class B: L. E. Phillips Phillips Petroleum Company, Bartlesville, Okla 1944 Willard D. Hosford Vice President and General Manager, John Deere Plow Company, Omaha, Neb 1945 J. M. Bernardin Lumberman, Kansas City, Mo 1946 Class C: Robert L. Mehornay2 President, North-Mehornay Furniture Company, Kansas City, Mo 1944 Lyle L. Hague Farmer and stockman, Cherokee, Okla 1945 Robert B. Caldwell1 Caldwell, Downing, Noble and Garrity, Kansas City, Mo.... 1946 Denver Branch Appointed by Federal Reserve Bank: Harold Kountze President, Colorado National Bank, Denver, Colo 1944 Clarence H. Adams President, International Trust Company, Denver, Colo .... 1945 W. C. Kurtz President and General Manager, Independent Lumber Company, Grand Junction, Colo 1946 Appointed by Board of Governors: J. B. Grant Lewis and Grant, Denver, Colo *944 W. A. Alexander Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo 1945 M. E. Noonen... .. Sheep rancher, Kremmling, Colo 1946 Oklahoma City Branch Appointed by Federal Reserve Bank: Hugh L. Harrell Vice President, First National Bank and Trust Company, Oklahoma City, Okla I944 A. E. Stephenson Chairman of the Board, Central National Bank, Enid, Okla... 1945 D.M.Tyler First Vice President, Dewey Portland Cement Company, Dewey, Okla 1946 Appointed by Board of Governors: Neil R. Johnson Rancher and farmer, Norman, Okla 1944 Lloyd Noble President, Noble Drilling Corporation, Tulsa, Okla 1945 Phil C Ferguson Stockman, Woodward, Okla 1946 Omaha Branch Appointed by Federal Reserve Bank: George W. Holmes...... President, First National Bank, Lincoln, Neb 1944 T. L. Davis President, First National Bank, Omaha, Neb 1945 George A. Bible President, First National Bank, Rawlins, Wyo 1946 1 Chairman. 2 Deputy Chairman. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OP FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 L. E. Hurtz President, Fairmont Creamery Company, Omaha, Neb J944 Walter S. Byrne General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb 1945 John D. Clark... .. .Dean, College of Business Administration, University of Nebraska, Lincoln, Neb... 1946 District No. 11—Dallas Class A: J. E. Woods Chairman of Board, Temple National Bank, Temple, Texas.. 1944 Walter P. Napier President, Alamo National Bank, San Antonio, Texas 1945 Frank Turner President, First National Bank, Decatur, Texas. 1946 Class B: E. L. Kurth ... Vice President and General Manager, Angelina County Lumber Company, Keltys, Texas 1944 J. R. Milam President, The Cooper Company, Inc., Waco, Texas 1945 Geo. A. Hill, Jr President, Houston Oil Company of Texas, Houston, Texas... 1946 Class C: Dolph Briscoe Stock raiser, Uvalde, Texas 1944 Jay Taylor1 Ranching and stockyards, Amarillo, Texas 1945 J. R. Parten2 President, Woodley Petroleum Company, Houston, Texas 1946 El Paso Branch Appointed by Federal Reserve Bank: J. E. Moore Vice President, First National Bank, Roswell, N. M J944 John K. Hicks President and Manager, Hicks-Hayward Company, El Paso, Texas 1945 H. A. Jacobs Vice President, El Paso National Bank, El Paso, Texas 1945 R. W. McAfee President, State National Bank, El Paso, Texas 1946 < Appointed by Board of Governors: Frank M. Hayner President, Las Cruces Lumber Company, Las Cruces, N. M 1944 R. E. Sherman President, Leavell and Sherman, Inc., El Paso, Texas 1945 Jack B. Martin President, Arizona Ice and Cold Storage Company, Tucson, Ariz Houston Branch Appointed by Federal Reserve Bank: John W. McCullough President, Hutchings-Sealy National Bank, Galveston, Texas.. 1944 James A. Elkins President, City National Bank, Houston, Texas 1945 B. C. Roberts President, Wharton Bank & Trust Company, Wharton, Texas.. 1945 W. N. Greer President, Citizens State Bank, Houston, Texas & Appointed by Board of Governors: Henry Renfert Cotton shipper, Galveston, Texas I944 J. S. Abercrombie President, J. S. Abercrombie Company, Houston, Texas 1945 George A. Slaughter..... Farming, Wharton, Texas I94^ San Antonio Branch Appointed by Federal Reserve Bank: T. C. Frost, Jr Vice President, Frost National Bank, San Antonio, Texas I944 R. D. Barclay. President, National Bank of Commerce, San Antonio, Texas.. 1945 E. J. Miller President, South Texas National Bank, San Antonio, Texas 1945 J A. Walker Vice President, Del Rio National Bank, Del Rio, Texas 1946 1 Chairman. 2 Deputy Chairman. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. $i J. M. Odom .General Contractor, Austin, Texas , J944 George W. Stocking Professor of Economics, University of Texas, Austin, Texas.... 1945 Holman M. Cartwright. .Livestock and farming, Twin Oaks Ranch, Dinero, Texas 1946 District No. 12—San Francisco Class A: RenoOdlin... ..President, Puget Sound National Bank of Tacoma, Tacoma, Wash 1944 Carroll F. Byrd. . .. Chairman of the Board, and Executive Vice President, The First National Bank of Willows, Willows, Calif 1945 C. K. Mclntosh Chairman of the Board, The Bank of California, N. A., San Francisco, Calif 1946 Class B: Wm. G. Volkmann Partner, A. Schilling & Company, San Francisco, Calif I944 Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1945 Elmer H. Cox... . President, Madera Sugar Pine Company, San Francisco, Calif.. 1946 Class C: Henry F. Grady1 President, American President Lines, Ltd., San Francisco, Calif 1944 Harry R. Wellman2..... .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1945 Vacancy... ^ Los Angeles Branch Appointed by Federal Reserve Bank: W. N. Ambrose Managing Director, Los Angeles, Calif 1944 Herbert D. Ivey President, Citizens National Trust & Savings Bank of Los Angeles, Los Angeles, Calif 1944 F. E. Snedecor.. .. President, The First National Bank of Corona> Corona, Calif 1945 Appointed by Board of Governors: C. E. Myers Agriculturist, Covina, Calif. J944 Y. Frank Freeman... . Vice President, Paramount Pictures, Inc., Hollywood, Calif... 1945 Portland Branch Appointed by Federal Reserve Bank: D. L. Davis Managing Director, Portland, Ore *944 William C. Christensen. .President, The Commercial National Bank of Hillsboro, Hills* boro, Ore 1944 Paul S. Dick... . . President, The United States National Bank of Portland, Portland, Ore 1945 Appointed by Board of Governors: William H. Steen Livestock and farming, Milton, Ore J944 George T. Gerlinger President, Willamette Valley Lumber Company, Dallas, Ore.... 1945 Salt Lake City Branch Appointed by Federal Reserve Bank: W. L. Partner. Managing Director, Salt Lake City, Utah 1944 Orval W. Adams.. . .Executive Vice President, The Utah State National Bank of Salt Lake City, Salt Lake City, Utah 1944 Frederick P. Champ.. . .President, Cache Valley Banking Company, Logan, Utah 1945 t 1 Chairman. 2 Deputy Chairman. FEBRUARY 1944 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OP FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. $i R. C Rich Livestock and farming, Burley, Idaho . . 1944 Henry A. Dixon President, Weber College, Ogden, Utah 1945 Seattle Branch Appointed by Federal Reserve Bank: C. R. Shaw Managing Director, Seattle, Wash 1944 Fred L. Stanton President, The Washington Trust Company, Spokane, Wash.. 1944 Andrew Price President, The National Bank of Commerce of Seattle, Seattle, Wash 1945 Appointed by Board of Governors: Fred Nelsen Farmer and dairyman, Seattle, Wash I944 Charles F. Larrabee Vice President, Pacific American Fisheries, Inc., Bellingham, Wash 1945 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled January 22^ and released for publication January 26. Figures shoivn on charts may differ from preliminary figures used in text. Industrial activity declined slightly in De- the total for the year to 19,2.38,6x6 deadweight cember from the record levels reached in pre- tons, as compared with 8,089,732. tons in 1941. ceding months. Prices of commodities at re- Lumber production in the last two months of tail showed little change and distribution was 1943 was above the level of a year ago in conmaintained in large volume. trast to the first 10 months of 1943 when output averaged 10 per cent below the same period INDUSTRIAL PRODUCTION in The Board's seasonally adjusted index of Activity in the chemical industry declined industrial production, which had been at 147 5 per cent in December, reflecting a large reper cent of the 1935-39 average in October and duction in output of small arms ammunition in November, declined to 245 in December, re- accordance with plans of the armed forces. flecting largely decreases in output of steel Cotton consumption declined further in Deand chemicals. cember to a level 13 per cent below December Steel production dropped 6 per cent in De- 1942,. Newsprint consumption declined seasoncember to the same rate as in December 1941. ally. Further restrictions on its use, as well Output for the year, however, totaled 88.9 as on the use of printing paper in books and million tons, which was 2.. 8 million tons larger magazines, were made effective January 1, 1944, than the year before. Activity in the trans- owing to inadequate supplies of pulpwood. portation equipment and machinery industries Output in the petroleum refining and rubber was maintained in December at a high level. products industries increased further. The number of aircraft accepted during the Crude petroleum production showed little month was slightly larger than in November change in December and output of coal was and was at approximately the average monthly restored to a high level. Bituminous coal rate scheduled for 1944. The average weight production for the year exceeded 194Z output of planes to be produced, however, will con- by 1.6 per cent. Iron ore production continued tinue to increase. Deliveries of merchant vessels to decline seasonally in December and output in December were the largest on record, bringing for the year was approximately 4 per cent below 1942.. INDUSTRIAL =>R0DUCTI0N The value of construction contracts awarded PERCE POINTS IN <Lt)O in December, according to reports of the F. W. - 240 r\ Dodge Corporation, was greater than in recent 220 J - months, reflecting mainly increased Federal 200 V - — NONC y awards for manufacturing and other non- MANUFACTURES residential buildings. 180 / - 160 - ^"\ / D O U TH R E A R BLE^ DISTRIBUTION ^— 140 J - MACHINE*Y a - December department store sales were slightly 120 r - TRANSPORTEQUIP. - larger than a year ago and combined with •J V 100 - MINERALS November sales were 11 per cent larger than in the corresponding months last year. For the 80 year 1943 total value of sales reached a new Federal Reserve indexes. Groups are expressed in terms of points peak—about ix per cent larger than 1941 and in the total index. Monthly figures, latest shown are for December. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DEPARTMENT STORE SALES AND STOCKS middle of December to the middle of January Y ADJUSTED, 1923-25-1' and the general index of the Bureau of Labor Statistics remained at 103 per cent of the 192.6 M average. Retail food prices declined slightly from 140 mid-November to mid-December, while other •Ml\ 120 groups of cost-of-living items increased and •JX SAL the total index advanced .2. to 12.4.4 per cent 100 of the 1935-39 average. V - 1 STOCKS 80 - BANK CREDIT During the latter part of December and the first two weeks of January excess reserves at all member banks were maintained at an average Federal Reserve indexes. Monthly figures, latest shown are sales, December; stocks, November. level close to 1.1 billion dollars. Purchases 55 per cent larger than 1939. Sales during the of Government securities by the Federal Refirst two weeks of January were about the same serve Banks offset the effect on reserves of inas last year. creases in nonmember deposits at the Reserve Railway freight traffic in December and the Banks and the increase in currency in circulation. first part of January was unusually heavy for The System portfolio of Government securities this season. For 1943 total freight carloadings increased by 900 million dollars in the five were about the same as in 1942.. Shipments weeks ending January 19. After allowance of grain and livestock averaged about 2.0 per for expected seasonal movements, currency in cent above 1942., while loadings of ore, forest circulation increased less in December than in products, and less-than-carload-lot freight aver- November but there was little post-Christmas aged 8 per cent lower. return flow. Loans and investments of reporting member COMMODITY PRICES banks in 101 leading cities, which had been Wholesale prices of agricultural and industrial decreasing steadily since late October, declined commodities showed little change from the by an additional 62.0 million dollars during the five weeks ended January 19. A large part of COST OF LIVING the decline reflected sales of Government se- 160 curities, principally Treasury bills, to the 50 150 Federal Reserve Banks. Holdings of United A States Government securities were reduced by 140 140 370 million dollars. Total loans declined by 130 * / 130 2.30 million dollars, representing reductions in / 120 120 loans to banks, in commercial and industrial FOODS loans, and in "other" loans, mainly instalment 10 110 LL ITEMS credit. Adjusted demand deposits, which had 100 increased sharply from the middle of October 90 90 to the middle of December, declined somewhat over the year-end, but increased again in the 80 first half of January. United States Govern- Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Mid-month ment deposits at banks continued to decline. figures, latest shown are for December. I48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 151 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 151 Federal Reserve Bank statistics 153-157 Guaranteed war production loans 157 Deposits and reserves of member banks 158 Money in circulation 159-160 Gold stock; bank debits and deposit turnover 160 Deposits and currency; Postal Savings System; bank suspensions. 161 All banks in the United States, by classes 161-163 Condition of all member banks 164-165 Weekly reporting member banks 166-169 Commercial paper, bankers* acceptances, and brokers' balances. . 170 Money rates and bond yields 171 Security markets. 171-173 Corporate profits 174 Treasury finance 175-177 Government corporations and credit agencies 178 Business indexes 179-187 Department store statistics 188-189 Consumer credit statistics 190-191 Wholesale prices 191 Employment in nonagricultural establishments 193 Current statistics for Federal Reserve chart book 194-195 Earnings and expenses of Federal Reserve Banks during 1943... 196-197 Changes in number of banking offices in the United States 198 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System 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 scries 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. FEBRUARY 1944 149 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 MONEY IN -# CIRCULATION / 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Jan. 26. See p. 151. IO 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c B o d u e i i l d s n l - s t- T U ot . a S l s . e G c T u o a b u r r n v e i r i l a d e y t l i s r s e - n s m o e A n th t l e l r ot A h i e l r* Total s G to o c l k d T s r t r e c u o i a e n u n r u n a y g c r t d - s y - - - M i c n t u o io l c n a n i e - r y - T c i h r n u a o e g r s l a y h s d s - - F u T B p r e s w y o r d a R e e i s e n r e t d a i v r h - k t e s a e s s - - l b p m N e o r e o s m n i d t - e s - - c O s F o e e R a t e u r r h c e v d a n - e - e l - t r s Tot b a a l lan E ce x s cess certificates Monthly averages of daily figures: 1942—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 Dec 9 5,549 1,485 4,064 478 6,035 22,740 3,472 15,119 2,199 307 1,210 261 2,376 1943—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 Dec 90 11,166 8,876 2,290 658 11,914 22,018 4,098 20,243 2,307 669 1,723 339 12,749 1,048 End of month figures: 1942—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 Dec. 31...... 6 6,189 2,051 4,138 484 6,679 22,726 3,648 15,410 2,193 79 1,278 256 13.117 1,988 1943—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 Dec. 31 5 11,543 9,236 2,307 691 12,239 21,938 4,094 20,449 2,303 579 1,716 339 12,886 1,236 Wednesday figures: 1943—Mar. 3 12 5,800 2,287 3,513 319 6,130 22,643 3,953 16,154 2,212 14 1,141 271 12,935 1,786 Mar. 10 9 6,090 2,747 3,343 291 6,390 22,644 3,971 16.205 2,218 5 1,179 276 13,122 1,877 Mar. 17 10 6,266 3,102 3,165 422 6,699 22,610 3,979 16,115 2,224 6 1,129 297 13,516 2,126 Mar. 24 10 5,950 2,883 3,067 320 6,280 22,595 3,984 16,065 2,218 6 1,185 301 13,084 1,632 Mar. 31 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 Apr. 7 13 6,549 3,516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 302 13,110 1,976 Apr. 14 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,144 2,147 Apr. 21 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,293 Apr. 28 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 May 26 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 June 2 21 6,217 3,539 2,677 297 6,535 22,427 4,075 17,196 2,272 6 1,192 315 12,057 1,634 June 9 13 6,636 3,995 2,641 349 6,998 22,407 4,078 17,237 2,277 175 1,312 316 12.165 1,514 June 16 11 6,626 4,218 2,408 451 7,088 22,407 4,080 17,189 2,278 6 1,258 332 12.511 1,632 June 23 19 6,748 4,393 2,355 427 7,194 22,387 4,079 17,154 2,268 294 1,386 335 12,223 1,299 June 30 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 July 7 34 7,676 5,448 2,228 407 8,117 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14 10 7,645 5,419 2,226 495 8,150 22,362 4,086 17,658 2,267 616 1,466 331 12,260 1,310 July 21 9 7,577 5,378 2,199 447 8,033 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 July 28 13 7,951 5,752 2,199 453 8,418 22,334 4,090 17,799 2,272 559 1,571 331 12.309 1,020 Aug. 4 18 8,165 5,967 2,199 400 8,582 2.2,335 4,093 18,014 2,281 398 1,650 332 12.336 1,030 Aug. 11 24 8,317 6,119 2,199 377 8,718 22,306 4,091 18,101 2,281 295 1,651 331 12,456 1,199 Aug. 18 18 8,156 5,957 2,199 412 8,586 22,291 4,092 18,214 2,279 99 1,388 329 12,660 1,288 Aug. 25 40 8,777 6,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 Sept. 1 69 9,187 6,956 2,231 ' 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22 22 9,204 6,983 2,221 491 9,717 22,205 4,094 18,714 2,266 549 1,662 338 12.487 1,893 Sept. 29 13 9,168 6,947 2,221 362 9,543 22,175 4,096 18,818 2,274 682 1,649 337 12,054 1,810 Oct. 6 13 9,387 7,166 2,221 375 9,775 22,176 4,098 18,883 2,279 1,013 1,633 337 11,903 1,697 Oct. 13 18 9,062 6,841 2,221 282 9,362 22,155 4,099 18,978 2,281 380 1,621 335 12,021 1,608 Oct. 20 11 8,914 6,687 2,227 456 9,380 22.132 4,101 19,019 2,284 530 1,437 341 12,002 1,407 Oct. 27 13 9,291 7,056 2,235 381 9,686 22,132 4,103 19,090 2,295 530 1,659 342 12,005 1,062 Nov. 3 39 9,476 7,230 2,246 321 9,835 22,116 4,106 19,354 2,298 334 1,668 333 12,069 1,084 Nov. 10 22 9,865 7,611 2,254 344 10,231 22,096 4,100 19,514 2,297 369 1,716 333 12,198 1,080 Nov. 17 34 9,832 7,577 2,254 506 10,372 22,096 4,101 19,559 2,293 407 1,714 333 12,263 1,096 Nov. 24 48 10,364 8,101 2,263 381 10,792 22,081 4,101 19,726 2,295 479 1,739 333 12,402 1,044 Dec. 1 53 10,447 8,169 2,278 374 10,874 22,065 4,101 19,940 2,299 275 1,630 333 12.562 1,096 Dec. 8 108 11,016 8,720 2,296 417 11,540 22,044 4,102 20,135 2,301 686 1,664 331 12,569 918 Dec. 15 90 11,014 8,748 2,266 600 11,704 22,004 4,097 20,235 2,293 379 1,622 343 12,932 1,238 Dec. 22 70 11,551 9,260 2,291 837 12,459 22,004 4,097 20,382 2,325 967 1,864 344 12,677 919 Dec. 29 101 11,615 9,313 2,302 714 12,430 22,004 4,096 20,428 2,316 764 1,908 345 12.769 1,126 1944—Jan. 5 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12..... 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Tan. 19. .. . 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13.014 1,122 Jan. 26. 24 12,026 9,711 2,315 334 12,385 21,928 4,C93 20,387 2,331 351 1,994 340 13,002 1,023 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. FEBRUARY 1944 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o e n b g y l i e o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 VA. Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland..:.. Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 VA Oct. 28, 1942 A S C t h t . l i a c L n a o g t u a o is O O Oc c c t t t . . . 2 1 1 7 7 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 M M Fe a a b r r . . . 2 2 14 1 8 , , , 1 1 1 9 9 9 4 4 4 2 2 2 M A Oc a u t g r . . . 1 2 1 4 9 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 S S S e e e p p p t t t . . . 1 1 6 1 6 , , , 1 1 1 9 9 9 3 3 3 9 9 9 V 2 2 O O O c c c t t t . . . 2 1 1 7 7 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 Minneapolis.. Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 Dallas........ Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept.16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal 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 Maturity Ja R n a u t a e r y o n 31 In g i e n ff n ec in t g b - e- Pre ra v t i e ous [In M ef a f t e u ct r i J t a ie n s u n ar o y t e 3 x 1. c e P ed er i n c g e n f t i v p e e y r e a a n r n s um] T B r a e n a k s e u r r s y ' a b c i c ll e s p 1 tances :2 % Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days % do 1 121-180 days do IK Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a u 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 fo o s r e e ff l e l m e re r, a d t . w ur e i r E 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 i t c 1 i k o 9 n 4 2 b , i t l h p ls a u t r o ch t f h a e s li e k s R e e o s a f e m r s v o u e u c n h B t b a a i n n l 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 2 Minimum buying rates on prime bankers' acceptances. obligated MEMBER BANK RESERVE REQUIREMENTS Boston 2^-5 (2) (3) [Per cent of deposits] New York 2H-5 K-1K (3) Philadelphia 2^-5 Yr^A (3) M-VA J A M M N A S A u e u o p u a a n p g g r v y r e t . . . . . . 2 2 1 1 1 1 0 1 1 4 6 1 6 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 1 4 3 4 4 3 3 3 7 2 6 1 2 7 7 8 - - - - - - - - A A S O F A A O u e e u c p p c g p b t g r t r . . t . . . . . . 2 1 3 3 1 1 1 5 8 0 1 2 5 3 9 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 4 4 4 3 3 4 6 7 2 2 2 7 8 1 C r b e e c s a 1 1 2 2 2 2 2 2 n i e n N 3 6 2 6 4 2 t 2 9 t r y k % ^ ^ r v e a s e t l de R m b e c a a 1 1 2 2 2 2 1 \ s i n n i 0 5 0 0 t 0 0 e 7 y y d k r H 2 v s d e ep C o o b si u a i 1 1 1 1 1 1 t o n n 2 7 4 2 4 4 4 s1 k M t n r s y d m b e T a e p n ( i m 6 3 S 5 6 6 6 o a m k K l s b s l e i e ) t r s M K D S A S R C C a t i a a h l 2 4 t 3 1 i . n c e l n l n i a h v l c M L R R I n s a F n a m n e a o e s a a g r t l c a s a u a a a o t t o l y e e p i n n n u C s o d c c d d c c i l i h h h i t i s n y s a a a c g r r r o g g g l e e e o d d a s n a b b m s o o m r e r r r o a o r w d a w e t e e e 2 2 2 2 2 2 2 2 2 r i r * l J y H H H H ^ n . A a l 4 4 2 - e s - - s - - - - - p 5 5 5 s 5 5 5 5 5 c a s h r c t a i o r c m g ip e y l H H y W w m A d a 2 r - - - t - i ^ * 1 i i m t i b V A o m H X X H o n A r e r n w o t w it r h e a r t f 1 2 e b i - n . H y 1 a ( a (( ( ( M - n 2 J2 2 2 5 ) ) ) f ) c ) i i n n a g n c i 2 i n n K s ? ( g ( ( ( ( © - t 3 3 3 3 3 5 i ) ) ) ) ) t i u n t s i t o i n t * * 5 M J u s X n y M 4 K J t . 2 i - - 4 - - o - - i - i 1 i X i - 1 X 1 n H x 1 X , X X X if Effective Oct. 3, 1942.. 20 20 14 6 low 6 e F r i . nancing institution is charged H per cent on undisbursed portion of 1 Gross demand deposits minus demand balances with domestic banks loan under commitment. (except private banks and American branches of foreign banks) and cash MAXIMUM RATES ON TIME DEPOSITS items in process of collection. Maximum rates that may be paid by member banks as established by MARGIN REQUIREMENTS1 the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a r n n d g a o c e c f o A G rd c o a t v n e o c r f e n o 1 w r 9 s 3 i t 4 o h f t S h e e c F ur e i d ti e e r s al O A 1 c p 1 9 t 9 r . 3 . 3 6 3 7 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e Savings deposits N Ja o n v . . 3 1 1 , , 1 19 9 3 3 3 5 - F D e e b c . . 3 1 1 , , 1 9 1 3 93 5 5 - Ja E n f . f e 1 c , t 1 i 9 v 3 e 6 Postal savings deposits.. . For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 55 40 In 6 months or more VA For short sales, under Regulation T ''' ,(2) 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.... 3 55 40 In less than 90 days.... 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 3 Regulation U became effective May 1, 1936. NOTE —Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. I 5 2 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1944 1943 Jan. 26 Jan. 19 Jan. 12 Jan. Dec. 29 Dec. 22 Dec. 15 Dec December November December Assets Gold certificates on hand and due from U. S. Treasury.... 19,498,57519,501,57519,500,57019,512,58019,614,76519,628,260 19,643,26519,696,01519,532,58019,755,517 20,523,281 Redemption fund—F.R. notes.. 258,853 258,574 261,433 251,291 218,495 207,018 193,940 178,817 233,671 142,136 30,449 Other cash 366,116 360,061 353,510 336,566 314,728 291,426 299,478 293,124 329,822 304,075 354,084 Total reserves... 20,123,544 20,120,21020,115,513 20,100,43720,147,988 20,126,704 20,136,68320,167,956 20,096,073 20,201,728•20,907,814 Bills discounted: For member banks 24,307 41,079 46,986 30,800 100,612 70,045 90,127 107,893 5,255 51,500; 3,071 For nonmember banks, etc.... 2,500 Total bills discounted.... 24,307 41,079 46,986 30,800 100,612 70,045 90,127 107,893 5,255 51,500 5,571 Industrial advances 10,116 10,404 10,542 10,169 10,138 10,393 10,558 10,530 10,134 11,473 13,649 U.S. Government securities: Direct: Bonds 1,564,430 1,563,930 1,562,390 1,561,165 1,555,650 1,547,270 1,522,465 1,519,182 1,559,465 1,508,232 2,777,059 Notes 664,900 664,900 664,900 664,900 663,900 663,900 663,900 697,900 664,900 692,900 1,323,799 Certificates: Special series Other 2,676,690 2,578,690 2,514,800 2,477,300 2,407,150 2,272,850 2,186,250 2,085,950 2,467,300 1,908,150 1,041,000 Bills: Under repurchase option 3,860,534 3,999,741 4,137,476 3,939,763 4,278,424 4,655,121 4,523,104 4,866,781 3,845,077 4,687,876 578,118 Other 3,173,731 3,020,061 2,890,301 2,923,191 2,627,751 2,332,096 2,038,466 1,767,576 2,923,191 1,475,230 431,877 Guaranteed 85,935 85,462 84,962 84,212 82,014 80,154 79,504 78,565 83,014 76,105 36,782 Total U.S. Government securities, direct and guaranteed 12,026,120 11,912,78411,854,82911,650,53111,614, 11,551,39111,013,68911,015,95411,542,94710,348,493 6,188,635 Other Reserve Bank credit outstanding 324,059 454,619 402,351 680,624 704,473 826,738 589,352 406,014 680,877 351,370 470,794 Total Reserve Bank credit outstanding. .. 12,384,60212,418,88612,314,70812,372,12412,430,11212,458,56711,703,72611,540,39112,239,21310,762,836 6,678,649 Liabilities F.R. notes in actual circulation. 16,907,039 16,905,67116,896,31916,908,109 16,874,80716,808,72816,636,130 16,527,744 16,906,35916,311,91112,192,986 Deposits: Member bank—reserve account 13,002,11613,013,60312,801,259 12,601,756 12,769,189 12,677,10712,932,08212,569,05312,885,98412,400,94613,116,809 U. S. Treasurer—general account 351,252 403,756 638,332 961,279 763,810 967,388 379,481 685,718 578,617 393,534 799,449 Foreign 1,530,778 1,521,555 1,444,503 1,380,613 1,512,545 1,486,389 1,441,750 1,447,872 1,360,488 1,401,221 792,790 Other deposits 462,936 438,307 400,477 371,025 395,352 377,776 179,913 215,964 355,936 190,966 485,147 Total deposits 15.347,08215,377,22115,284,57115,314,673 15,440,896 15,508,660 14,933,22614,918,60715,181,02514,386,66715,194,195 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 62.4 62.3 62.5 62.4 65.! 76.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Dec. 29 100,612 82,972 390 5,200 12,050 Jan. 5 30,800 10,560 2,990 17,250 Jan. 12 46,986 33,641 6,975 ""20 6,350 Jan. 19 41,079 32,677 1,570 745 6,037 50 Jan. 26 24,307 18,525 375 2,820 2,587 Industrial advances: Dec. 29 10,138 8,253 583| 569j 115 253 249 90 Jan. 5 10,169 8,263 985 165 148! 385 115 Jan. 12 10,542 8,647 168 148 404 94 Jan. 19 10,404 8,538 962 168 150 400 93 Jan. 26. 10,116 8,254 955 184 137 388 108 73 U. S. Government securities, direct and guaranteed: Dec. 29 11,614, 1,276,217 973,370 2,736,351 2,270,437 1,221,000 1,235,550 223,500 487,971 1,190,493 Jan. 5 11,650,531 1,247,738 1,305,929 2,477,588 2,890,149 543,900 1,275,850 223,200 487,971 1,198,206 Jan. 12 11,854,829 1,188,433 1,381,738 2,441,456 3,080,600 547,900 1,303,350 223,200 487,971 1,200,181 Jan. 19 11,912,784 1,503,350 1,166,460 2,544,309 3,095,533 341,900 1,347,840 223,200 487,971 1,202,221 Jan. 26 12,026,120 1,587,633 1,241,526 2,545,054 2,989,402 349,400 1,398,840 223,200 489,771 1,201,294 FEBRUARY 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 e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Dec. 29 19,614,765 ,033,5325,830,,133 1,065,6391,475,3831,028,237 884,4613,779,679 647,091380,590 659,253 483,0162,347,751 Jan. 5 19,512,580 ,091,955 4,944,8721,100,5421,656,4941,099,466 1,029,2053,782,081 668,911414,994 744,035 551,9612,428,064 Jan. 12 19,500,570 ,115, ,977,9611,140,7'88 1,699,5791,120,4751,025, 71""8 3,502,777 701,525 ,382 791,403 581,3122,410,021 Jan. 19 19,501,575 ,115,5385,246,0651,131,3661,651,8271,079,8311/024,260 3,396,573 720,072 432,908 785,447 564,076 2,353,612 Jan. 26 19,498,575 ,163,4875,109,636 1,134,6691,647,0681,085,709 1,014, 158 3,487,844 720,594 435,205 769,325 564,6912,366,189 Redemption fund— Federal Reserve notes: Dec. 29 218,495 22,525 22,844 24,238 25,817 22,294 17,055 19,758 19,738 7,633 11,308 9,837 15,448 Jan. 5 251,291 22,45. 52,564 24,111 20,922 23,597 18,972 19,670 19,712 8,625 12,286 9,815 18,564 Jan 12 261,433 22,377 52,254 24,980 20,830 22,705 18,871 30,569 19,681 8,613 12,260 9,792 18,501 J^n. 19 258,574 22,290 41,966 24,836 20,735 23,816 18,772 37,463 19,647 8,606 12,238 9,763 18,442 Jan. 26 258,853 23,175 41,494 24,611 20,590 22,751 18,442 37,311 19,598 8,595 12,203 9,728 20,355 Other cash: Dec. 29 314,728 27,753 72,578 24,495 23,355 19,567 24,469 39,392 13,631 8,659 12,920 10,087 37,822 Jan. 5 336,566 32,600 75,925 26,462 23,317 23,681 23,766 41,823 15,369 9,004 13,313 11,213 40,093 Jan. 12 353,510 34,554 84,893 26,559 26,357 23,542 24,394 42,399 15,879 8,839 13,104 11,818 41,172 Jan. 19 360,061 34,240 85,531 27,084 25,953 24,871 24,976 44,457 15,756 9,113 13,405 11,778 42,897 Jan. 26 366,116 34,512 90,846 26,306 27,506 22,602 24,558 44,812 16,032 8,306 13,686 12,561 44,389 Total reserves: Dec. 29 20,147,988 ,083,810 925,5551,114,3721,524,5551,070,098 925,9853,838,829 680,460 396.,882 683,481 502,940 ,401,021 Jan. 5 20,100,437 ,147,008 073,3611,151,1151,700,7331,146,7441,071,9433,843,574 703, ,623 769,634 572,989 486,721 [an. 12 20,115,513 ,172,560 115,1081,192,3271,746,7661,166,7221,068,9"8"3" 3,575,745 737,085 450,,834 816,767 602,922 ,469,694 Jan. 19 20,120,210 ,172,068 373,5621,183,2861,698,5151,128, 51'8" 1,068,0083,478,493 755,475 450,627 811,090 585,617 ,414,951 Jan. 26 20,123,544 ,221,174 ,241,976 1,185,5"86 1,695,1641,131,0621,057, 158" 3,569,967 756,224 4:52,106 795,214 586,980 ,430,933 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 29 100,612 2,635 60,820 1,175 640 340 500 6,500 11,500 750 14,947 750 Tan. 5 30,800 450 7,645 600 340 140 50 20,000 1,575 Jan. 12 46,986 1,589 32,465 4,455 370 2,210 50 1,000 4,000 25 322 500 Tan. 19 41,079 2,800 28,437 1,230 220 1,460 50 1,050 5,010 322 500 Jan. 26 24,307 2,478 14,042 1,135 640 1,380 50 50 3,510 522 500 Other bills discounted: Dec. 29 Tan. 5 Jan. 12 Tan. 19 Jan. 26 Total bills discounted: 'Dec. 29 100,612 2,635 60,820 1,175 640 340 500 6,500 11,500 750 14,947 55 Jan. 5 30,800 450 7,645 600 340 140 50 20,000 1,575 Jan. 12 46,986 1,589 32,465 4,455 370 2,210 50 1,000 4,000 25 322 500 Jan. 19 41,079 2,800 28,437 1,230 220 1,460 50 1,050 5,010 322 500 Jan. 26 24,307 2,478 14,042 1,135 640 1,380 50 50 3,510 522 500 Industrial advances: Dec. 29 10,138 342 126 4,047 390 235 221 178 4,550 Tan. 5 10,169 342 126 4,085 390 234 220 176 4,550 Ian. 12 10,542 339 126 4,506 390 233 171 181 4,550 Tan. 19 10,404 389 126 4,360 390 233 155 180 4,525 Jan. 26 10,116 387 126 4,10 390 231 120 184 4,525 U. S. Government securities, direct and guaranteed: Bonds: Dec. 29 1,624,664 143,022 166,073 138,124 234,116 128,121 120,595 152,623 78,193 60,597 105,153 101,823 196,224 Jan. 5 1,632,377 125,306 355,750 126,754 180,420 110,783 92,631 173, 80,710 51,864 85,646 77,569 171,062 Jan. 12 1,634,352 125,456 356,245 126,912 180,627 110,902 92,728 174,106 80,802 51,925 85,745 77,653 171,251 -Jan. 19 1,636,392 125,541 358,519 127,228 180,523 110,636 92,414 174,722 80,753 51,952 85,711 77,483 170,910 Jan. 26 1,637,265 125,521 360,943 127,489 180,217 110,203 91,937 175,302 80,611 51,936 85,586 77,197 170,323 Notes: Dec. 29 676,900 59,589 69,193 57,548 97,542 53,380 50,245 63,589 32,578 25,247 43,811 42,423 81,755 Jan. 5 677,900 52,038 147,738 52,639 74,926 46,006 38,468 72,211 33,517 21,538 35,567 32,213 71,039 Tan. 12 677,900 52,037 147,764 52,641 74,921 46,000 38,462 72,216 33,515 21,538 35,565 32,209 71,032 Jan. 19 677,900 52,007 148,522 52,706 74,785 45,833 38,284 72,381 33,453 21,522 35,507 32,098 70,802 Jan. 26.. 677,900 51,971 149,446 52,786 74,618 45,629 38,066 72,583 33,376 21,504 35,437 31,963 70,521 Certificates: Dec. 29 2,407,150 211,906 246,061 204,649 346,875 189,830 178,677 226,130 115,851 89,779 155,801 150,863 290,723 Jan. 5 2,477,300 190,168 539,890 192,361 273,807 168,121 140,577 263,884 122,486 78,705 129,974 117,721 259,606 Jan. 12 2,514,800 193,041 548,157 195,282 277,935 170,647 142,682 267,902 124,332 79,895 131,934 119,490 263,503 Jan. 19 2,578,690 197,834 564,968 200,493 284,475 174,346 145,626 275,336 127,250 81,871 135,067 122,101 269,323 Jan. 26 2,676,690 205,208 590,087 208,423 294,632 180,162 150,302 286,597 131,788 84,909 139,918 126,208 278,456 Bills: Under repurchase option: Dec. 29.. 4,278,424 99,0362,408,853 204,399 113,474 68,664 44,485 711,648 183,220 83,674 64,035 27,455 269,481 Jan. 5... 3,939,763 88,1352,304,246 185,69; 108,935 58,827 28,689 613,983 148,801 63,536 42,205 36,458 260,256 Jan. 12. ..' 4,137,476 104,3512,200,092 170,442 96,061 61,233 22,968 955,898 126,08 47,056 27,496 25,062 300,730 Jan. 19... 3,999,741 101,8931,981,511 169," 100,826 57,883 21,7381,024,198 106,719 50,001 27,123 25,721 332,233 Jan. 26. . 3,860,534 80,9732,093,578 142,994 82,910 55,051 17,057 924,158 88,869 33,610 30,640 21,086 289,608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other bills: Dec. 29 2,627,751 231,326 268,609 223,403 378,662 207,224 195,053 246,854 126,471 98,010 170,076 164,689 317,374 Jan. 5 .: 2,923,191 224,393 637,063 226,986 323,089 198,385 165,879 311,381 144,531 92,876 153,371 138,907 306,330 Jan. 12 2,890,301 221,865 630,008 224,441 319,433 196,127 163,987 307,901 142,896 91,828 151,637 137,327 302,851 Jan. 19 3,020,061 231,693 661,668 234,807 333,167 204,186 170,555 322,461 149,034 95,881 158,185 143,000 315,424 Jan. 26 3,173,731 243,314 699,665 247,129 349,339 213,621 178,214 339,811 156,259 100,674 165,904 149,641 330,160 U. S.^ Government securities, direct and guaranteed—Total: Dec. 29 11,614,889 744,8'9 3,158,789 828,1231,170,669 647,219 589,0551,400,844 536,313357,307 538,876 487,2531,155,562 Jan. 5 11,650,531 680,0403,984,687 784,432 961,177 582,122 466,2441,435,341 530/ ,519 446,763 402,8681,068,293 Jan. 12 11,854,829 696,7503,882,266 769,718 948,977 584,909 460,8271,778,023 507,632292,242 432,377 391,7411,109,367 Jan. 19 11,912,784 708,9"6"8 3,715,188 785,129 973,776 592,884 468,6171,869,098 497,* '" ,227 441,593 400,4031,158,692 Jan. 26 12,026,120 706,9873,893,719 778,821 981,716 604,666 475,576 1,798,451 490,903292,633 457,485 406,0951,139,068 Total bills and securities: Dec. 29 11,725,639 747,8563,219,735 833,3451,171,699 647,794 589,7761,407,348 547,813 358,,235 553,853 487,3231,160,862 Jan. 5 11,691,500 680,8323,992,458 789,117 961,907 582,496 466,5141,435,345 550,045308,695 448,368 4028,"80 11,072,843 Jan. 12 11,912,357 698, 6'78" 3",914,857 778,679 949,737 587,352 461,0481,779,027 511,632292,42. 432,432 392,0751,114,417 Jan. 19 11,964,267 712,1573,743,751 790,719 974,386 594,577 468,8221,870,152 502,219 3"0•,1407 441,623 400,7371,163,717 Jan. 26 12,060,543 709,8523,907,887 784,063 982,746 606,277 475,7461,798,505 494,413292,817 457,515 406,629 1,144,093 Due from foreign banks: Dec. 29 136 11 Jan. 5 136 i55 10 Jan. 12. 136 iI5469 11 Jan. 19 136 I49 11 Jan. 26 136 11 Federal Reserve notes of other banks: Dec. 29 82,686 1,394 13,296 2,749 4,294 10,02: 7,014 9,269 6,990 3,394 5,471 3,559 15,234 Jan. 5 88,437 1,592 13,754 2,913 4,870 12,234 9,077 8,347 6,987 2,489 5,466 4,681 16,027 Jan. 12 89,694 1,559 14,581 2,175 4,168 14,658 8,771 7,927 6,097 2,684 5,361 3,592 18,121 Jan. 19 81,813 2,186 13,321 2,252 3,862 13,197 7,019 8,097 5,086 3,110 4,028 2,478 17,177 Jan. 26 86,307 1,781 13,325 2,489 3,489 14,001 8,115 8,521 6,002 2,959 5,071 3,009 17,545 Uncollected items: Dec. 29 2,198,458 158,775 495,016 124,295 275,619 154,326 124,871 355,952 95,559 34,339 99,840 67,721 212,145 Jan. 5 2,103,305 192,584 421,487 108,965 218,767 137,150 133,416 315,380 90,362 46,160 123,533 74,199 241,302 Jan. 12 1,716,388 154,988 347,329 93,537 176,197 117,544 100,889 266,179 81,688 37,482 88,612 60,811 191,132 Jan. 19 1,901,537 162,040 404,168 119,900 208,783 121,769 130,349 269,277 85,497 36,046 95,685 70,881 197,142 Jan. 26 1,645,859 131,556 340,740 92,756 182,301 121,513 95,391 243,633 74,478 37,058 88,736 59,003 178,694 Bank premises: Dec. 29 38,320 2,666 9,622 4,612 4,214 2,936 1,653 2,948 2,065 1,280 2,737 971 2,616 Jan. 5 35,200 1,666 9,121 3,600 4,214 2,936 1,653 2,948 2,064 1,2; 2,732 963 2,023 Jan. 12 35,200 1,666 9,121 3,600 4,214 2,936 1,653 2,948 2,064 1,280 2,732 963 2,023 Jan. 19 35,201 1,666 9,121 3,600 4,214 2,936 1,653 2,948 2,065 1,280 2,732: 963 2,023 Jan. 26 35,172 1,666 9,121 3,5; 4,205 2,932 1,650 2,r 2,064 1,280 2,732 963 2,023 Other assets: Dec. 29.. 58,840 4,351 9,115 4,298 8,286 4,295 3,844 5,667 2,722 2,163 3,600 3,590 6,909 Jan. 5.. 62,108 4,243 15,081 4,316 7,102 3,949 3,255 6,464 2,978 1,966 3,286 3,004 6,464 Jan. 12.. 63,226 4,365 15,622 4,289 7,213 4,050 3,264 6,617 3,061 1,978 3,180 3,011 6,576 Jan. 19.. 64,393 4,367 15,079 4,397 7,459 4,573 3,393 6,811 3,036 2,051 3,293 3,172 6,762 Jan. 26.. 64,388 4,583 14,898 4,434 7,600 4,178 3,431 7,120 2,999 2,206 3,250 3,241 6,448 Total assets: Dec. 29 34,252,067 998,8559,672,3942,083,6842,988,680 1,889,4771,653,148 620,030 1,335,612796,2951,348,9861,066,1083,798,798 Jan. 5 34,081,123 027,9289,525,3182,060, "" ,897,6061,885,5151,685,863 612,0751,356,431793,2151,353,0231,058, ,825,390 Jan. 12 33,932,514 033,8269,416,667 "2,074,619 2,888,3081,893,2671,644,612 638,4601,341,631786,6841,349, 1,063,3783,801,974 Jan. 19 34,167,557 054,4949,559,0512,104, ,897,232 1,865,5751,679,248 635,7951,353,382794,5241,358,4551,063,852 3",801,783 Jan. 26 34,015,949 ,070,6229,527,9"96 2,072, ,875,sr 1,879,969 1,641,495 630,7111,336,184 788,429 1,352,5221,059',,829 3,779,747 Liabilities Federal Reserve notes in actual circulation: Dec. 29 16,874,807 ,156,4823,750,965 1,151,4381,501,22!'9 1141,806 948,4623,157,038 723 ,646 610,324 412,7611,936,307 Jan. 5 :.... 16,908,109 ,154,9413,763,5431,147,2331,499,6131,140,287 955,1583,167,292 725,445385,798 616,315 415,2111,937,273 Jan. 12 16,896,319 ,151,6043,750,8001,150,4621,504,""" 1,137,937 950,6343,171,534 724,812386,539 615,632 411,460 1,940,097 Jan. 19 16,905,671 ,148,9793,759,2031,150,7711,505,9541,133,980 949,0213,179,673 725,014387,061 616,617 409,8211,939,577 Jan. 26 16,907,0391,146,9433,752,9931,152,1551,510,569 1,132,200 947,1953,188,042 722,708 387,150 615,775 405,8701,945,439 Deposits: Member bank—reserve account: Dec. 29 12,769,189 658,786 4:., 301,343 626,9301,021,890 510,868 506,614 1,894,007 443,650 295,485 573,516 499,099 1,437,001 Jan. 5 12,601,757 641,693 4r, 131,544 616,002 979,175 529,667 534,3031,948,307 448,747289,051 559,266 499,3621,424,639 Jan. 12 12,801,259 622,713 4:, 208,540 646,658 988,106 530,985 531,9581,968,246 458, ,273 580,571 517,290 ,449,693 Jan. 19 13,013,603 650, :, 346,350 652,6941,005,910 524,683 556,8031,963,266 467,961297,660 577,846 512,1711,457,614 Jan. 26 13,002,116 656,675 4,352,378 645,838 997,744 535,708 527,7631,961,146 457,806 294,151 580,925 522,6741,469,308 U. S. Treasurergeneral account: Dec. 29 763,810 40,926 215,095 28,365 83,14' 45,354 41,571 81,573 27,674 32,044 41,693 44,298 82,070 Jan. 5 961,279 87,857 346,849 50,609 91,030 32,926 46,301 56,492 43,744 31,129 39,434 32,039 102,869 Jan. 12 638,332 41,913 187,069 36,706 48,363 20,704 66,197 21,471 18,295 24,930 24,333 66,269 Jan. 19 403,756 29,273 81,825 26,958 45,983 22,727 19,837 45,85. 19,233 23,158 20,416 19,271 49,220 Jan. 26 351,252 19,739 77,272 21,157 32,086 23,141 19,499 50,114 17,771 19,795 18,907 20,200 31,571 1 After deducting $81,000 participations of other Federal Reserve Banks on Dec. 29; $80,000 on Jan. 5; $87,000 on Jan. 12, Jan. 19, and Jan. 26. FEBRUARY 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 ] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u ., is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Foreign: Dec. 29 1,512,545 37,531 ^58,048 135,443 131,166 61,306 49,900 173,93' 42,771 31,366 39,920 42,771 108,386 Jan. 5 1,380,613 34,628 x607,639 122,408 118,543 55,406 45,098 157,198 38,655 28,34r 36,078 38,655 97,958 Jan. 12 1,444,50. 94,903 1584,040 124,432 120,375 54,101 43,281 167,713 41,928 29,756 39,223 39,223 105,528 Jan. 19 1,521,555 100,912 1613,602 131,147 126,870 57,020 45,616 176,763 44,191 31,361 41,340 41,510 111,223 Jan. 26 1,530,778 102,305 131,737 127,441 57,277 45,822 177,559 44,390 31,502 41,526 41,526 111,743 Other deposits: Dec. 29 : 395,352 4,110 286,790 7,100 13,563 1,841 7,994 4,294 11,389 10,120 1,266 2,574 44,311 Jan. 5 371,02. 5,484 257,049 6,020 11,951 3,344 6,350 3,732 12,137 12,920 2,612 2,738 46,688 Jan. 12 400,477 5,286 284,218 4,832 9,019 3,463 5,075 6,336 11,588 12,761 2,550 2,732 52,617 Jan. 19 438,307 5,104 313,819 5,862 8,195 4,708 5,761 7,465 14,634 14,414 4,880 3,286 50,179 Jan. 26 462,936 7,123 328,755 9,797 12,536 5,238 6,948 5,975 16,00' 16,988 2,39 3,131 48,041 Total deposits: Dec. 29 15,440,896 741,,353 5,461,276 797,8381,249,766 619,369 606,079 2,153,811 525,484369,015 656,395 588,7421,671,768 Jan. 5 15,314,673 769>,,662 5,343,081 795, ,200,699 621,343 632,052 2,165,729 543,283361,44" 637,390 572,7941,672,154 Jan. 12 15,284,571 764,,815 5,263,867 812,628 1,199,582 636,912 601,0182,208,492 533,213359,085 647,274 583,5781,674,107 Jan. 19 15,377,221 785,934 5,355,596 816,6611,186,958 609,138 628, ,193,349 546,019366,593 644,482 576,2381,668,236 Jan. 26 15,347,082 785,8425,376,355 808,529 11,169,807 621,364 600,0322,194,794 535,974362,436 643,755 587,5311,660,663 Deferred availability items: 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 Jan. 5 1,422,817 74,009 269,719 79,566 156,439 104,412 82,494 222,714 73,356 34,473 85,143 57,079 183,413 Jan. 12 1,314,173 88,047 252,609 73,218 142,941 98,933 76,421 201,635 69,236 29,527 71,924 54,644 155,038 Jan. 19 1,447,054 90,144 294,851 98,500 163,262 102,841 85,920 205,911 67,992 29,256 83,201 64,031 161,145 Jan. 26 1,321,936 108,280 248,936 73,957 153,963 106,807 77,632 190,892 63,060 27,099 78,073 52,489 140,748 Other liabilities, including accrued dividends Dec. 29 10,156 3,045 870 1,054 414 528 1,189 344 277 410 365 832 Jan. 5 5,375 487 1,452 564 537 257 193 718 204 152 30! 133 371 Jan. 12 6,135 452 1, ""' 612 535 217 524 988 177 165 331 139 387 Jan. 19 5,749 515 1,414 479 537 301 250 1,058 163 166 272 192 402 Jan. 26 7,020 541 1,548 487 570 237 569 989 181 189 965 327 417 Total liabilities: Dec. 29 33,819,9801,969,0329,524,6522,045,1542,948,442 1,870,3501,637,1915,564,3921,321,488 85,0561,335,183 1,052,593 3,766,447 Jan. 5 33,650,974 ,999,099 9",377,7952,022, 4•0"2 2",857,2881,866,2991,669,8975,556,4531,342,288 81,8701,339,155 1,045,2173,793,211 Jan. 12 33,501,1982,004,9189,268,884 "2,036,9202,847,866 1,873,9991,628,5975,582,6491,327,438 75,3161,335,1611,049,8213,769,629 Jan. 19 33,735,6952,025,572 9,411, ,066,4112,856,7111,846,2601,663,208 5,,579,9911,339,188783,076 1,344,5721,050,2"8"2" 3,769,360 Jan. 26 33,583,0772,041,606 9,379,8322,035,1282,834,909 1,860,608 1,625,4285,574,7171,321,923^76,8741,338,568 1,046,2173,747,267 Capital Accounts Capital paid in: Dec. 29 153,938 9,797 57,331 11,686 15,573 6,124 5,453 17,877 4,698 3,236 5,033 4,657 12,473 Jan. 5 154,936 9,808 57,472 11,741 15,707 6,216 5,451 17,962 4,709 3,307 5,043 4,657 12,863 Jan. 12 155,328 9,852 57,530 11,751 15,768 6,232 5,474 18,000 4,725 3,313 5,049 4,681 12,953 Jan. 19 155,576 9,856 57,562 11,760 15,794 6,243 5,478 18,029 4,749 3,381 5,056 4,692 12,976 Jan. 26 155,684 9,856 57,564 11,760 15,819 6,252 5,483 18,055 4,759 3,382 5,062 4,711 12,981 Surplus (section 7): Dec. 29 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Jan. 5 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Jan. 12 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Jan. 19 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Jan. 26 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Surplus (section 13b): 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 Jan. 5 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Jan. 12 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Jan. 19 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Jan. 26 26,968 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,003 1,137 1,307 2,129 Other capital accounts: Dec. 29 90,909 5,992 25,340 6,781 8,891 4,523 4,062 13,407 3,930 3,782 4,020 3,468 6,713 Jan. 5. .• 60,151 2,941 12,947 3,616 7,578 4,474 4,041 9,741 2,574 3,369 3,134 2,708 3,028 Jan. 12 60,926 2,976 13,149 3,668 7,641 4,510 4,067 9,892 2,608 3,386 3,187 2,738 3,104 Jan. 19 61,224 2,986 13,321 3,715 7,694 4,546 4,' 9,856 2,585 3,398 3,136 2,740 3,159 Jan. 26 62,123 3,080 13,496 3,760 7,756 4,583 4,110 10,020 2,642 3,501 3,201 2,763 3,211 Total liabilities and capital accounts: Dec. 29 34,252,0671,998,855 9,,672,394 2,083,684 2:,988,680 1,889,4771,653,1485,620,030 1,335,612 96,2951,348,986 1,066,1083,798,798 Jan. 5 34,081,1232,027,928 9,,525,318 2,,060,039 2:,897,606 1,885,5151,685,8"63 5,612,075 1,356,431793,21 1,353,023 1,058,7203,825,390 Jan. 12 33,932,5142,033,826 9,!416,667 2,074, :, 888,3081,893,2671,644,612 5,638,4601,341,631786,6841,349,088 1,063,3783,801,974 Jan. 19 34,167,5572,054,494 9,,559,051 2,,104,166 21,897,2321,865,5 ~7~5 1,679,248 5,635,7951,353,382794,5241,358,455 1,063,8523,801,783 Jan. 26 34,015,9492,070,622 9,527,,996 2,072,928 2,875,5171,879,969 1,641,495 5,630,7111,336,184 788,4291,352,522 1,059,8"2"9" 3,779,747 Commitments to make industrial advances: Dec. 29 9,438 700 1,998 100 770 33' 3,000 2,524 Jan. 5 9,509 700 2,190 100 670 316 3,000 2,524 Jan. 12 9,278 700 1,963 100 670 316 3,000 2,520 Jan. 19 9,406 700 2,068 100 670 316 3,000 2,543 Jan. 26 9,45! 700 2,115 100 670 316 3,000 2,542 1 After deducting $851,175,000 participations of other Federal Reserve Banks on Dec. 29, 1943; $772,367,000 on Jan. 5; $860,207,000 on Tan. 12; $906,624,000 on Jan. 19; and $910,704,000 on Jan. 26. 156 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 - l A an t- ta Chicago Louis 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: Dec. 29 17,498,1081,203, ,871,7091,185,4491,553,2311,183,475 999,3543,219,843 759,619 392,472 633,052 448,146 2,047,762 Jan. 5 17,524,3121,201,5353,886,2371,183,1541,551,6711,178,1841,001,9673,223,980 757,241 393,483 634,468 448,577 2,063,815 J jJaa a un n .. . .11X 1 99L 2 1 17 7 , , 5 5 7 4 9 9 , , 8 7 6 8 9 71 1 , ,2 2 0 0 4 0 , ,2 " 9 " 13, , 8 8 8 8 6 8 , ,9 1 3 6 6 41 1, , 1 1 8 8 5 8 , , 1 5 1 6 6 91 1 , , 5 5 5 5 2 4 , ,0 5 3 10 3 1 1 , , 1 1 7 7 8 8 , , 1 4 3 35 2 1 1 , , 0 0 0 0 3 5 , , " 3 3" 4 2" 8 8 3 "3 , , 2 2 4 4 6 0 , , 9 5 5 2 1 6 7 7 5 6 9 2 , , 1 6 3 2 5 6 3 3 9 9 5 5 , , 0 2 7 1 3 5 6 6 3 3 6 6 , , 5 2 4 5 1 1 4 4 4 4 6 7, , 3 4 1 2 1 7 2 2 , , 0 0 7 6 5 2 , , 9 0 9 5 0 2 Jan. 2266 17,614,9651,201,065 3,889,"9-7-8 1,184,434 1,556,7211,177,0911,017,7413,260,595 761,011 396,171 639,969 445,351 2,084,838 Held bbyy FF<ederal Reserve Bank: 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 Jan. 5 616,203 46,594 122,694 35,921 52,058 37,897 46,809 56,688 31,796 7,685 18,153 33,366 126,542 Jan. 12 653,468 48,687 135,364 38,107 47,702 40,498 52,694 68,992 34,323 8,676 20,619 35,851 121,955 Jan. 19 674,198 55,717 129,733 34,345 48,079 44,152 56,327 67,278 37,612 8,012 19,924 36,606 136,413 Jan. 26 707,926 54,122 136,985 32,279 46,152 44,891 70,546 72,553 38,303 9,021 24,194 39,481 139,399 In actual circulation:1 Dec. 29 16,874,80!1,156,482 3,750,9651,151,438 1,501,2291,141,806 948,462 3,157,038723,349384,646610,324 412,761 ,936,307 Jan. 5 16,908,1091,154,9413,763,5431,147,233 1,499,6131,140,287 955,1583,167,292725,445385,798616,315 415,211 ,937,273 Jan. 12 16,896,3191,151,6043,750,800 1,150,4621,504,8081,137,937 950,6343,171,534724,812386,539615,632 411,460 ,940,097 Jan. 19 16,905,6711,148,9793,759,2031,150,7711,505,9541,133,980 949,0213,179,673 72155,014387,061616,617409,821 ,939,577 Jan. 26 16,907,0391,146,9433,752,9931,152,1551,510,569 1,132,200 947,195 3,188,042 722,708387,150615,775 40'5 ,870,945,439 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S Treasury: Dec. 29 13,526,000 761,000 3,540,000 715, ,055,000 800,000 675,000 ,860,000 400,000245,000 420,,000261,0001,794,000 Jan. 5 12,946,000 761,000 2,965,000 715,000 1,155,000 775,000 725,0002,860,000380,000 222255,,«000 400,000261,0001,724,000 Jan. 12 12,831,000 761,000 2,965,000 715, ,155,000 775,000 725,0002,650,000 400,000225,000 400,,000336,0001,724,000 Jan. 19 12,861,000 761,000 3,115,000 715,000 1,155,000 775,000 725,0002,530,000 400,000 222255,,0000 400,000 336,0001,724,000 Jan.26 12,896,000 761,0003,115,000 715,000 1,160,000 775,000 750,000 ,530,000 400,000230,000 400\000 336,0001,724,000 Eligible paper: Dec. 29 92,167 2,635 60,820 1,175 340 11,500 75014,947 Jan. 5 30,410 450 7,645 600 140 20,000 1,575 Jan. 12 44,744 1,589 32,465 4,455 2,210 4,000 25 Jan. 19 38,887 2,800 28,437 1,180 1,460 5,010 Jan. 26 22,545 2,478 14,042 1,135 1,380 3,510 U. S. securities: Dec. 29 4,188,220 450,000 350,000 475,000 500,000 400,000 350,000 400,000383,220150,000230,000 200,000 300,000 Jan. 5 4,848,801 450,000 950,000 475,000 400,000 450,000 300,000 400,000 398,!801175,000250,000200,000 400,000 Jan. 12 5,076, 450,000 950,000 475,000 400,000 450,000 300,000 700,000 401,087175,000250,000125,000 400,000 Jan. 19 4,996,719 450,000 800,000 475,000 400,000 450,000 300,000 790, ,719175,f" """,000125,000 400,000 Jan. 26. . 5,003,869 450,000 800,000 475,000 400,000 450,000 300,000 790,000 388,869175,000250,000125,000 400,000 Total collateral: Dec. 29 .7,806,387 ,213,6353,950,820 1,191,1751,555,000 1,200,1,340 1,025,0003,260,000 7944,720395,750 664,' 000 2,094,000 Jan. 5 .7,825,211 ,211,4503,922,645 1,190,6001,555,0001,225,1401,025,0003,260,000 7988,,801400,000 651,575 461000 2,124,000 Jan. 12 7,951,831 ,212,5893,947,465 1,194,4551,555,0001,227, ,025,0003,350,000 805,087 400',,000 653,025 461,000 2,124,000 Jan. 19 .7,896,606 ,213,8003,943,437 1,191,1801,555,0001,226,460 1,025,0003,320,000 786,729 400,000 650,000 461,0002,124,000 Jan. 26... .7,922,414 ,213,4783,929,042 1,191,1351,560,0001,226,3801,050,0003,320,000 792,379 405,000 650,000 461,000 2,124,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE^BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l e D a d s a p n t t e e e r d s i a o d ( y l d a a ) y o s t f or Ap a p p l p i r c o a v ti e o d ns b p p c u r l A o e t o p m t v n - e e - o d d t 1 st v a a o A n n u d d c t i - - e n s g2 C st m o a o m n e u d n m t i - t n s i g t- s P p t a a a o n r t u i t d o t i - i c n n i s g - [ G A u m ar o a u n n t t e s e d in lo th a o n u s sand G s u o a f r a d n o t l e l e a d rs ] loans Additional Number Amount (amount) (amount) (amount) (amount; authorized outstanding amount available to borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Number Amount guaran- ments 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 ' 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 J D u e n c. e 3 2 1 1 9 4 42 3 3 , , 3 4 5 2 2 3 4 3 0 3 8 8 , , 7 8 3 2 7 2 2 4 6 , , 2 3 4 4 8 6 1 1 1 4 , , 2 1 6 2 5 6 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 3 3 0 0 5 S D e ec p . t. 3 3 1 0 2 1, , 6 6 5 6 8 5 2,6 94 8 4 8 , , 2 3 0 9 4 7 8 4 0 2 3 7 , , 7 91 2 8 0 6 3 3 5 2 6, , 6 4 7 7 7 4 1,4 2 3 3 0 0 , , 1 72 2 0 1 1943 1943 f Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 Feb. 27 3,440 446,319 5,882 13,717 12,117 23.177 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Feb. 28 3,198 3,479,172 1,040,828 828,221 1,706,849 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 May 31 3,448 473,399 3,045 13,378 12,950 20,166 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,838 June 30 3,452 475,468 3,203 13,044 12,132 19,070 May 31.... 4,002 4,554,278 1,415,777 1,150,040 2,077,018 July 31 3,455 477,681 2,883 r12,258 11,832 18,832 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,073 Aug. 31 3,458 481,288 4,354 r12,000 11,614 18,400 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,741 Sept. 30 3,460 483,608 2,860 r12,227 11,474 18,928 Aug. 31 4,599 5,153,941 1,646,921 1,366,178 2,482,895 Oct. 30 3,464 486,098 305 12,409 9,978 18,616 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,875 Nov. 30 3.466 488,422 401 11,811 9,920 18,621 Oct. 31 4,948 5,546 555 1,815,162 1,511,847 2,586,583 Dec. 31. 3,471 491,342 926 10,532 9,270 17,930 Nov. 30.... 5,123 6,234,047 rl ,798,272 1,495.910r2,798,303 Dec. 31. 5,347 6,563,048 1,914,040 1,601,518 3,146,306 r Revised. 1 Includes applications approved conditionally by the Federal Reserve r Revised. Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial advances past due 3 months or more, which are not of loans outstanding and amounts available to borrowers under guarantee included in industrial advances outstanding in weekly statement of condi- agreements outstanding represents amounts repaid, guarantees available tion of Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, DECEMBER 1943 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand G U ov . e S r . n- A d d e j m u a st n e d d N m e a t n d d e- T d im e- e bal d a u n e ces Total I b n a te n r k - w m a d r e e l n - o t an Other po d s e it - s2 po d s e i - ts3 posits^ do b m f a r n e o s k n t s r ic Held qu R i e r - ed Excess posits1 AH member banks.. 76,778 10,741 9,59: 56,445 52,921 58,385 15,082 5,47C 12,749 11,702 1,048 Central reserve city banks: New York 22,140 3,628 3,503 15,010 14,031 17,616 838 61 3,601 3,573 28 Chicago 5,108 1,044 723 3,341 3,126 4,007 50: 166 837 832 6 Reserve city banks—Total 29,000 5,017 3,428 20,555 18,780 22,094 6,040 1,802 5,083 4,781 302 Boston district 2,039 304 33^ 1,398 1,313 1,571 103 49 331 320 10 New York district 467 28 47 392 367 376 171 20 89 8. 3 Philadelphia district 2,257 311 325 1,622 1,511 1,755 133 69 369 359 10 Cleveland district 3,772 491 467 2,814 2,608 2,918 799 183 673 632 41 Richmond district 1,669 307 230 1,131 1,048 1,252 268 106 289 267 23 Atlanta district 1,772 503 209 1,060 93' 1,314 219 134 292 276 16 Chicago district 3,665 450 43 2,77; 2,575 2,741 1,008 291 652 609 44 St. Louis district 1,718 550 193 974 862 1,304 189 115 282 272 10 Minneapolis district 953 263 124 566 505 713 93 56 151 148 3 Kansas City district 2,341 820 193 1,328 1,170 1,717 191 282 388 355 34 Dallas district 1,732 430 153 1,149 1,057 1,271 160 221 303 264 39 San Francisco district 6,615 559 713 5,343 4,828 5,160 2,704 275 1,263 1,194 69 Country banks—Total 20,529 1,053 1,938 17,538 16,984 14,668 7,702 3,441 3,228 2,516 712 Boston district 2,067 92 240 1,735 1,661 1,573 684 186 307 261 46 New York district 3,195 72 399 2,723 2,625 2,423 1,809 279 542 448 94 Philadelphia district 1,513 11 169 1,333 1,289 1,126 935 179 266 214 52 Cleveland district 1,758 21 156 1,581 1,539 1,280 924 282 326 235 91 Richmond district 1,646 198 138 1,309 1,240 1,137 473 313 232 188 44 Atlanta district 1,604 176 157 1,271 1,222 1,085 332 329 224 172 52 Chicago district. 2,663 73 271 2,319 2,275 1,869 1,160 483 444 331 113 St. Louis district 1,124 135 77 912 881 788 303 231 161 128 33 Minneapolis district 881 67 75 740 720 626 353 163 142 109 33 Kansas City district 1,316 75 78 1,163 1,146 857 175 370 189 130 58 Dallas district..... 1,554 104 99 1,351 1,317 1,033 103 396 213 151 62 San Francisco district 1,209 29 1,100 1,068 873 451 229 183 149 34 1 Figures do not include certain other demand deposits of the V. 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 dollarsl SMALL CENTERS,1 DECEMBER 1943 [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Coun- In places of 15,000 In places of under mem- serve population and over 15,000 population ber city try banks1 N Y e o w rk Chicago banks Danics Federal Reserve district Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1942—Nov. 12 618 4,086 859 4 990 2,684 bank2 bank2 Dec 13,152 4,303 877 5,122 2,850 1943—Nov 12,313 3,453 820 4,916 3,124 Dec 12,749 3,601 837 5,083 3,228 Total 12,170 4,528 7,306 3,174 Week ending (Friday): 1943—Dec. 3 12,541 3,528 838 5,030 3,144 Boston 1,714 542 261 142 Dec. 10 12,636 3,564 844 5,053 3,175 New York 2,429 1,173 693 636 Dec. 17 12,830 3,621 852 5,124 3,234 Philadelphia 908 433 595 502 Dec. 24 12,838 3,632 840 5,103 3,263 Cleveland 1,054 496 682 429 Dec. 31 12,759 3,609 ' 819 5,050 3,282 1944—Jan. 7 12,792 3,597 816 5,079 3,300 Richmond 929 228 519 245 Jan. 14 12,846 3,619 838 5,125 3,264 Atlanta 1,032 230 396 102 Jan. 21 13,029 3,718 862 5,151 3,298 Chicago 1,577 694 1,013 466 Excess reserves: St. Louis 420 170 569 132 1942—Nov 2,362 455 45 1,035 827 Dec 2,376 416 35 1,020 904 Minneapolis 385 141 430 212 1943—Nov 1,073 20 8 332 712 Kansas City 354 60 887 115 Dec 1,048 28 6 302 712 Dallas 593 65 857 39 Week ending (Friday): San Francisco 775 296 405 155 1943—Dec. 3 1,042 16 8 336 685 D D e e c c . . 1 1 7 0 1,0 9 5 9 9 7 3 1 1 2 9 9 2 2 8 9 9 4 6 7 8 2 7 6 1 Includes any banks in outlying sections of reserve cities which have Dec. 24 1,050 31 6 281 733 been given permission to carry the same reserves as country banks. All 1944— D Ja e n c . . 3 7 1 pl 1 ,1 ,0 1 7 3 6 4 2 2 0 5 3 2 3 8 3 5 3 ^7 7 5 4 7 4 rese 2 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 th 19 a 4 n 3 1 i 5 n ,0 cl 0 u 0 d . ed interbank deposits. Jan. 14 pl,065 17 1 337 ^710 The a/nount of such deposits for the current month at all country banks can Jan. 21... 1,072 23 3 310 ^735 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in this table include war loan deposits, shown separately for all country p Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and smalldenomination currency2 Large denomination currency2 End of year and in cir- Unasmonth c ti u o l n a 1 - Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933 5 519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5^536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6*543 5*021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 . 5^ 856 5^ 147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7* 598 5^553 590 559 36 1,019 1 772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 785 4 526 4,681 4,326 1 159 2 186 319 630 10 23 1 June 17,421 12,960 929 834 61 l]793 4^565 4,778 4,462 l| 195 2^259 329 648 10 21 2 July. 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 2-2 2 September. ... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 W 2 December 20,449 14,871 1,019 909 70 ,973 5,194 5,705 5,580 1,481 2,912 407 749 9 2-2 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency,,only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s o ta ta n l d i o n u g t- A g s a o s g l s i d a e l v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e a F a s d n e o n e d r r k r v a s e l B h F R a a e n e e g l d k s d e s e e n r r b t a v a s y n e l d Dec 1 . 9 4 3 3 1, No 1 v 9 . 4 3 30, De 1 c 9 . 4 3 2 1, certificates agents Gold 21,938 19,821 22,117 Gold certificates ... Z19,821 16,950 2,815 55 55 58 Federal Reserve notes .... 17,512 78 696 16,737 16,205 12,081 Treasury currency—total 44,094 1,837 107 330 3,657 3,658 3,271 Standard silver dollars 497 317 83 2 95 92 76 Silver bullion 1 520 1 520 Silver certificates and Treasury notes of 1890 z 1,837 271 1,567 1,572 1,752 Subsidiary silver coin 699 14 14 671 662 575 Minor coin 263 5 4 254 251 228 United States notes 347 4 25 318 324 317 Federal Reserve Bank notes 639 1 13 624 627 188 National bank notes 130 (5) 1 129 129 135 Total—December 31, 1943 343,544 *21,658 42,303 16,950 3,842 20,449 November 30, 1943 342,978 321,779 42,289 17,082 3,689 19,918 December 31, 1942 339,047 Z22,586 42,193 17,738 3,706 15,410 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table abovfe,>totals by weeks in table on p. 151, and seasonally adjusted figures in table on page 160. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,791,126 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding, since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion. 4 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 151. NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security f•o r T~r easury notes of "1 890—an equal ' do* liar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as bank notes are in process of retirement. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a a u t s i s o o te n n d al ad v s j a u e r a s i s t a e o t d n i o a n l for s a e d s a e j s u r o i s n e t a s e l 1 d ly 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 r g e c o a k l s d e N im et p g o o rt ld g m o o c l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i o m d g n u o e 1 c l s d - - End of year figures: crease (—) 1938 6,856 +306 1939 7,598 +742 1940 8,732 +1,134 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1941 11,160 +2,428 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1942 15,410 +4,250 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1943 20,449 +5,039 1941 22,737 741.8 982.4 -407.7 169.1 1942 22,726 -10.3 (2) -458.4 125.4 Monthly averages of daily 1943 21,938 -788.5 3-803.6 47.8 figures: 1943—January 15,399 15,353 +530 1943—January 22,683 -43.3 -76.1 4.7 February 15,837 15,837 +484 February.. .. 22,644 -39.3 -63.4 4.1 March 16,148 16,197 +360 March 22,576 -68.0 -59.0 4.5 April 16,448 16,581 +384 April 22,473 -103.1 — 101.0 4.9 May 16,815 16,934 +353 May 22,426 -46.3 -45.1 4.1 June 17,217 17,304 +370 June 22,388 -38.9 -51.7 3.9 July 17,681 17,716 +412 July 22,335 -52.7 -63.7 3.9 August 18,196 18,287 +571 August 22,243 -92.0 -91.3 3.6 September 18,729 18,767 +480 September... 22,175 -67.8 -80.6 3.3 October 19,001 19,001 +234 October 22,116 -59.3 -40.6 3.8 November 19,566 19,507 +506 November ... 22,065 -51.0 -44.1 3.4 December 20,243 19,944 +437 December 21,938 -127.0 3-87.0 *>3.5 1944—January 20,428 20,367 +423 J Preliminary. Wed 1 n 9 e 4 s 4 d — ay Ja f n ig . u 2 1 1 r 5 6 9 2 es: 2 2 2 2 0 0 0 0 , , , , 4 3 4 4 3 8 0 0 6 7 4 8 2 2 2 2 0 0 0 0 , , , , 2 4 3 5 6 3 3 6 9 4 1 3 + + + + 1 1 1 6 8 2 0 2 7 9 6 a Is re l 1 2 a T n A t d h h n s o e n s u p e n a r e o l p t d f u i g u g b o c u l l t i r d i s e o h s n i e m a d r r p e e o i c n e r e t s i t v t f i e a m ig d b u a le t r i e n e o s s U n o f f o n r i p t t h . e m e d 2 o U 0 n S 1 n t t , i h a t a s e t e d d s s j u . u S s b t t s a e e t d e q s u t e M o n t i e n x t t. o c l u M D d e e o c n e t P m h h l b y i e l i r f p ig p 1 u i 9 n r 4 e e 1 s have not been released for publication. 3 Gold held under earmark at Federal Reserve Banks for foreign account 1 For end of year figures, represents change computed on absolute amounted to 3,477.4 million dollars on Dec. 31, 1943. amounts in first column. NOTE.—For back figures through 1937, see Annual Report for 1937 NOTE.—For discussion of seasonal adjustment factors and for back (table 29). figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Year and month Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p i o o n v s te e it r r s b o a e f n x k c t e o p ta t l a d e n x e d c p e o p G s t i t o i v n a e c t r e c n r o m b u a e n n n t k s t tur d n i e n G o p t v o e o e v r s b r i e t a r s o n n f k m e x d e a c e n n e m t p d a t nd T re c o p e t o n a r l t , t e i r n a s g ll Y N C o e it r w y k 1 1 c 4 e 0 n o te th rs e 1 r r c e e O p n o t t h r e t e r i r s n 2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o i i e t n h s g er 1935 402 718 184 006 190 165 28 547 178,498 175,902 31.5 22 7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e r r i i e e s s 3 3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 200,337 308,913 18.0 18.4 1943 . . 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1942—January3 51,337 18,489 27,460 5,388 16.2 13.2 16,811 24,505 18.5 19.2 February3 43,867 15 267 23 920 4,680 15.2 12.9 13,801 21,209 16.8 18.4 March3 51,914 18,284 28,208 5,422 15.8 13.5 16,774 25,423 17.9 19.6 April3 49,218 17,176 26,874 5,168 14.8 12.8 15,259 23,845 16.3 18.3 May 51,000 18,172 27,683 5,145 16.3 13.3 16,220 24,386 18.4 18.7 June .. 52,848 18 601 28,751 5,496 16.0 13.2 17,028 26,048 18.1 18.8 July 52,975 18,401 28,968 5,605 15.6 13.0 15,983 25,298 17.0 18.0 August 51,989 18,324 28,286 5,379 15.2 12.3 16,010 24,972 17.1 17.1 September 55,701 19,919 29,990 5,791 17.1 13.2 16,877 26,605 18.1 18.2 October 58,334 19,823 32,131 6,380 15.4 12.7 17,245 28,152 16.8 17.2 November • • 53,773 18,512 29,489 5,772 16.2 13.2 16,704 26,471 18.4 18.4 December 68,822 25,897 36,077 6,848 18.5 13.7 21,625 31,999 22.0 19.6 1943—January . ... 57,972 21,437 30,723 5,812 15.4 11.8 19,519 27,772 20.6 17.5 February 54,872 21,112 28,437 5,323 17.2 11.7 17,490 24,675 19.2 16.3 March 65,782 24,062 35,261 6,459 16.6 12.3 20,988 31,443 18.3 17.1 April 73,661 29,193 37,683 6,784 19.4 13.2 25 381 32 996 23.3 18.7 May 64,246 25,737 32,602 5,908 17.2 11.2 22,732 29,281 23.3 17.6 June 66,894 25,464 34,959 6,472 16.7 11.5 22,022 30,620 20.5 16.8 Tulv 65,347 23,976 34,954 6,417 16.2 11.4 21,261 30,750 19.2 16.4 August • • 60,614 21,221 33,359 6,034 14.3 10.6 18,500 29,130 16.0 15.2 September 75,758 27,913 40,452 7,393 18.2 13.0 24,377 35,850 22.7 19.6 October 66,266 23,990 35,614 6,663 14.3 10.5 20,923 31,390 20.5 17.4 November 65,025 23,327 35,215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17.7 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, and the deposits from which rates of turnover have been computed, have been reported since 1942 for 334 reporting centers. Estimates have been made for banks or centers which did not report deposits. Debits to demand deposit accounts, except interbank and U.S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] End of month c a d o u d b T e u r j a p a o t u r n n s o e t s i d k a n s t d i e l s c e t d y s c a d d o u d T e e u r j p a m o u t r n o s e t s a i d a s n t d n i e l c t e d d s y a d d T e j p u o o s ta s te i l t d s a D d d e e j p m u o s a s t n i e t d d s 1 d G U e S m o p n t v o a e i e t t s n e e r i t d t s n s - 2 Total b m a C e n T o r k c m im s i 3 a - e l 4 dep M s b o a a u s v n i t i t k u n s a s g 4 l s S S P a y o v s s i t n e ta m g l s 5 C o u b u r a t r n s e i k n d s c e y banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 1,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June.. 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,862 85,755 48,916 8,402 28,437 16,349 10,673 1,415 13,946 1943—January 100,900 65,500 86,800 51,400 6,600 28,800 16,600 10,800 1,400 14,100 February 102,000 68,700 87,400 54,100 4,1200 29,100 16,800 10,800 1,500 14,600 March 102,100 69,800 87,300 55,000 3,000 29,300 16,900 10,900 1,500 14,800 April 107,400 67,100 92,300 52,000 10,800 29,500 17,000 11,000 1,500 15,100 May 110,900 69,600 95,300 54,000 11,400 29,900 17,300 11,100 1,500 15,600 June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 July*...., 111,900 74,100 95,600 57,800 7,100 30,700 17,900 11,200 1,600 16,300 August*9 113,500 77,500 96,600 60,600 4,700 31,300 18,300 11,300 1,700 16,900 September2* 120,600 72,800 103,400 55,600 16,300 31,500 18,400 11,400 1,700 17,200 October3' 124,100 74,400 106,500 56,800 17,900 31,800 18,600 11,500 1,700 17,600 November33 123,800 78,200 105,500 59,900 13,300 32,300 18,900 11,600 1,800 18,300 p Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS^ [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks ti N o a n - al State su I r n e - d3 in N s o ur n e - c1 End of month i b to a r l- s' i C n a d sh e- securities C r a e s - h ances1 Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934 57 1 g 48 banks Total rect t a e n e - d etc.2 1 19 9 3 3 6 5 3 4 4 4 4 1 4 2 0 2 8 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec. 1,207 :,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec :,201 ,237 287 853 706 147 98 1940 22 1 18 3 1936—Dec ,260 ,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec ,270 ,308 131 1,097 931 167 80 1942 9 6 3 1938—Dec L,252 ,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec ,279 ,319 53 1,192 1,046 146 74 1940—Dec ,304 ,348 36 1,224 1,078 146 88 Deposits of suspended banks 1941—Dec ,314 ,396 26 1,274 1,128 146 95 (in thousands of dollars) :3 1942—Dec..., ,417 ,464 16 1,345 1,220 126 102 1934 36 937 40 1 912 34 985 1935 10,015 5,313 3,763 939 1943—Jan ,445 ,493 14 1,381 1,255 126 98 1936 11,306 507 10,207 592 Feb ,468 ,517 14 1,378 1,270 109 125 1937 19,723 7,379 "i,'708' 10,156 480 Mar ,493 ,545 13 1,421 1,360 61 111 1938 13,012 36 211 11,721 1,044 Apr ,517 ,569 12 1 450 1,389 61 107 1939 34,998 1,341 24,629 6,589 2,439 May ,546 ,596 12 1,500 1,449 51 83 1940 5,943 256 5,341 346 June 1,577 ,631 12 1,482 1,471 11 137 1941 3,726 3,144 503 79 July L,620 L,678 11 1,527 1,527 140 1942 1,702 1 375 327 Aug 1,660 1,719 11 1,588 1,588 121 1943 6,223 4,982 1,241 Sept 1,683 1,739 10 1,631 1,631 97 Oct 1,716 1,773 10 1,646 1,646 117 Nov V1,753 1 Represents banks which, during the periods shown, closed temporarily Dec p1,788 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation v Preliminary. 1 Outstanding principal, represented by certificates of loans). dep 2 o s I i n t. c lu D de o s e s w n o o r t k i i n n g c lu c d as e h a c w c i r t u h e d p o i s n t t m er a e s s t t e r o s r , o 5 u p ts e t r a n c d en in t g r e s s a e v r i v n e g s f u s n t d am a p n s d . 2 3 F D e e d p e o r s a i l t s d o e f p o m s e it m i b n e s r u r b a a n n c k e s b a e n c d a m in e s u o r p e e d r a n t o iv n e m e J m an b . e 1 r , b 1 a 9 n 3 k 4 s . suspended are miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks interest on bond investments, and accounts due from late postmasters. are based on the latest data available at the time the suspensions were Back figures.—Set BULLETIN for August 1935, pp. 501-502. reported. Back figures.—See Annual Report for 1937 (table 76). FEBRUARY 1944 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES LOANS, INVESTMENTS, DEPOSITS AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Number Class of banks, and call dates Total Loans Total G m U ov . e e n S r t n . - Other Total4 I b n a te n r k - 4 Demand Time of banks obliga- securities tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,569 28,760 14,618 All commercial banks: 1934—June 30 32,742 15,700 17,042 10,307 6,735 36,744 4,560 19,527 12,657 15,353 1937—June 30 39,472 17,432 22,040 14,563 7,477 49,097 6,332 28,118 14,648 14,976 1940—June 29 41,148 17,414 23,734 16,553 7,181 60,139 10,188 34,336 15,615 14,404 December 31 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—June 30 47,625 20,353 27,272 20,095 7,177 67,472 10,948 40,530 15,993 14,305 December 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,649 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,569 17,619 14,073 All insured commercial banks 1934—June 30 31,688 15,190 16,498 10,005 6,493 35,833 4,435 19,013 12,385 13,939 1937—June 30 38,218 17,041 21,177 13,964 7,213 47,824 6,146 27,240 14,438 13,883 1940—June 29 39,830 17,011 22,819 15,900 6,919 58,418 9,795 33,272 15,351 13,479 December 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—June 30 46,186 19,909 26,276 19,370 6,907 65,608 10,545 39,320 15,742 13,422 December 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—June 302 52,642 19,920 32,722 25,934 6,789 71,150 10,076 45,664 15,410 13,399 December 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,482 14,722 5,761 51,729 9,690 30,111 11,928 6,398 December 31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—June 301 40,659 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 302 46,800 16,928 29,872 .24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 16,1 "- 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 All national banks: 1934—June 30 17,011 7,681 9,331 5,847 3,484 19,896 2,767 10,356 6,772 5,417 1937—June 30 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—June 29 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,702 8,228 5,164 December 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31 27,571 11,725 15,845 12,039 3,80b 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 December 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,57O| 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,84. 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 1,234 December 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—June 301 14,840 5,832 9,008 6,967 2,041 21,238 3,847 13,423 3,969 1,426 December 31 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 302 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21, ^ 5,905 15,783 13,802 I,1 27,808 3,600 20,024 4,: 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566' 1,643 1 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks". 2 Decreases in "Noninsured nonmember commercial banks" and "All nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to,membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 3 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. 4 Beginning June 30, 1942, excludes reciprocal bank balances which on that date iaggregated 600 million at all member banks and 614 million at all insured commercial banks. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OFBANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans Total G m U ov e . e n S r t n . - Other Total4 I b n a te n r k - 4 Demand Time of banks obliga- securities tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 1,421 8,410 498 4,225 3,687 8,006 December 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—June 30 6,973 3,627 3,346 2,018 1,328 8,969 512 4,805 3,651 7,752 December 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 3023 6,856 3,334 3,522 2,314 1,208 8,915 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,899 3,834 7,373 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—June 29 ,.. 5,379 3,042 2,337 1,178 1,159 6,689 104 3,161 3,423 7,081 December 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—June 30 5,534 3,183 2,350 1,293 1,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 December 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 Noninsured nonmember commercial banks: 1934—June 30 1,054 510 544 303 241 911 125 514 272 1,414 1937—June 30 1,254 391 863 599 264 1,273 185 878 210 1,093 1940—June 29 1,318 403 915 653 262 1,721 394 1,064 264 925 December 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 302 3 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,060 245 775 All mutual savings banks: 1934—June 30 9,810 5,606 4,204 971 3,233 9,691 9,691 576 1937—June 30 10,093 4,978 5,11 2,391 2,724 10,12: 10,125 563 1940—June 29 10,188 4,926 5,262 3,113 2,149 10,631 10,631 551 December 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—June 301 10,321 4,958 5,363 3,426 1,937 10,648 10,648 550 December 31 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 December 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 Insured mutual savings banks: 1934—June 30 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1,002 56 1940—June 29 1,317 598 719 420 299 1,428 1,428 51 December 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—June 301 1,655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 42: 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 42' 2,739 2,739 61 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,47' 9,123 9,12. 507 1940—June 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 December 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,42- 3,071 1,353 8,74. 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,54 3,568 4,975 4,026 949 8,402 8,402 484 For footnotes see opposite page. 163 FEBRUARY 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 dollars} Loans Investments Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations loans cial, securities D rect of Call date and in- Agri- Real- States i m nv e e n s ts t- Total o e p i l n u e g d n - - t c u a u l r l - - br T o o k- lo t e a a s t n - e s s l C u o m a o n n e s - r O lo th an er s Total Total C ti e fi r - - G a u n a - r- po a c l n a it d l i- O s r e t i h c ti u e e r - s mar- ers To Bills of in- Notes Bonds teed subket and others debt- divipaper deal- ed- sions ers ness Total—All Member Banks 1938—Dec. 31 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 3.192 1939—June 30 32,603 13,141 5,203 788 731 736 2,828 2,855 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,841 730 790 700 2,957 2,944 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940—June 29 34,451 13,969 5,988 736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—June 30 46,800 16,928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685 2,934 2,840 Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30 67,155 14,823 6,554 854 1,120 603 3,351 1,540 801 52,332 46,980 6,278 9,418 5,251 23,545 2,487 2,876 2,476 Oct. 18 78,112 17,716 60,397 55,255 2,818 2,324 Dec. 31P 74,258 16,283 57,974 52,952 2,728 2,294 New York City1 1938—Dec. 31 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30 8,688 2,988 1,602 5 555 215 130 481 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,888 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—June 30 14,019 4,066 2,841 9 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 Dec. 31 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Oct. 18 22,137 5,373 16,764 15,734 486 544 Dec. 3\p 19,994 4,428 15,565 14,563 444 558 City of Chicago1 1938—Dec. 31 1,969 539 335 17 43 70 12 62 1,430 1,114 59 291 655 109 141 176 1939—June 30 2,052 544 344 19 39 71 12 60 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31..... 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—June 30 3,116 906 712 3 29 50 22 90 2,210 1,858 357 "181 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—June 30 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Oct. 18 5,045 1,023 4,022 3,693 164 165 Dec. 31p 4,554 1,004 3,551 3,238 158 155 Reserve City Banks 1938—Dec. 31 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 11,756 5,004 2,022 234 115 221 1,284 1,128 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12,272 5,329 2,256 221 119 222 1,335 1,177 6,943 5,194 63 819 3 339 972 890 860 1940—June 29 12,160 5,365 2,290 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 3,081 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—June 30 16,535 6,564 3,318 152 78 177 1,524 1,315 9,971 8,188 579"*674 981 5,149 806 925 858 Dec. 31 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 Oct. 18 28,826 6,539 22,287 20,616 938 733 Dec. 3lp.... 27,533 6,204 21,328 19,688 914 726 Country Banks 1938—Dec. 31 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1939—June 30 10,109 4,605 1,235 531 22 229 1,402 1,186 5,504 3,127 11 563 1,870 683 1,025 1,351 Dec. 30 10,224 4,768 1,314 495 20 224 1,477 1,238 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,361 546 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Tune 30 11,446 5,607 1,593 555 17 195 1,739 1,507 •5,839 3,627 60 374 2,404 788 1,165 1,047 Dec. 31 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—June 30 13,130 5,393 1,512 562 16 169 1,834 1,299 7,737 5,502 171'* *355 657 3,696 624 1,222 L.013 Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 1,252 '956 1943—June 30 19,164 4,497 1,017 623 17 164 1,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 Oct. 18 22,103 4,780 17,323 15,212 1,229 882 Dec. 31*.... 22,177 4,647 17,530 15,463 1,212 855 p Preliminary. 1 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Call date F s B e s w e e R d R a r r i e n v e e v t r - - h k e e a s s l v C a a in u sh lt m b a B w a d n e n a i o c s t k l - t e h - i s s c 1 j p m u a D o d s a d s t e e n - e i - - t d d s 2 m D e I s o d n t - i e t c e p r o b s a i F e n ts i o k g r n - m U G er e . o n n v S - t - . p v s S o i u a l s t b i n a i t o d d t i e c n i- s a s l c C h c e f o a e e t e i f n c e c r f r . i d d s k t - ' i s - v p an i a s p I t d i d h r n o o t u i d r n n c p a a i e o s s - l - r , s r - - , I b n a t n e k r- P m U G o i e S a n r s . a e o n g n t v n v d S s a - - t - l . 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 - v p a s n a i p t I h d d r i o n i t o u r p n d c n a a s e i o s l - - , r s r - - , B r i o n o w g r s - - c C o t a a u a c l p n - i t - s Total—All Member Banks 1938—Dec. 31... 8,694 746 4,240 22,293 6,510 501 790 2,386 547 21,119. 142 61 462 10,846 6 5,424 1939—June 30... 10,011 712 4,674 23,587 7,097 593 694 2,532 790 22,448 156 59 441 11,063 5 5,496 Dec. 30... 11,604 841 5,506 25,681 8,507 749 743 2,321 563 24,604 154 51 432 11,215 3 5,522 1940—June 29... 13,751 789 5,751 27,877 8,852 696 711 2,529 475 26,397 142 59 410 11,459 3 5,608 Dec. 31... 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—June 30... 12,959 999 6,293 32,678 9,610 681 619 2,940 738 31,429 145 55 397 11,898 3 5,800 Dec. 31... 12,396 1,087 6,246 33,75|4 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—June 30... 12,295 1,022 5,770 36,966 9,110 746 1,724 3,230 711 35,646 114 49 400 11,673 6 5,991 Dec. 31... 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—June 30... 12,093 1,142 5,578 48,957 9,648 832 7,236 3,522 1,050 47,863 71 71 341 13,382 18 6,252 Oct. 18. .. 12,128 1,150 5,789 48,612 9,806 833 17,542 3,206 1,065 47,849 67 109 316 14,176 150 6,389 Dec. 31*.. 51,817 New York City* 1938—Dec. 31... 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,592 1939—June 30... 4,975 61 112 8,012 2,992 516 84 288 472 8,281 9 46 653 1,586 Dec. 30... 5,915 89 125 8,899 3,542 689 74 251 178 9,030 7 43 693 1,592 1940—June 29... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 Dec. 31... 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—June 30... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 ,648 1942—June 30... 4,762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 3 ,698 Dec. 31... 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 L,727 1943—June 30... 3,473 92 52 13 543 2,939 744 2 820 249 404 14,001 4 21 755 11 774 Oct. 18. .. 3,426 100 71 12,750 2,914 757 6,566 215 438 13,149 4 5 26 768 120 1J808 Dec. 31*.. 14,373 City of Chicago^ 1938—Dec. 31... 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 1939—June 30... 897 26 235 1,666 746 12 60 197 22 1,565 471 270 Dec. 30... 993 42 283 1,739 879 9 80 167 24 1,676 3 io 483 250 1940—June 29... 1,187 39 242 1,898 949 7 79 199 17 1,782 5 15 489 260 Dec. 31... 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941—June 30... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 Dec. 31... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—June 30... 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 Dec. 31... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—June 30... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Oct. 18... 785 39 170 2,885 1,104 13 1,241 187 28 2,901 2 497 317 Dec. 3lp.. 3,097 Reserve City Banks 1938—Dec. 31... 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1,777 1939—June 30... 2,735 318 2,210 7,654 2,920 63 415 917 160 7,331 121 19 233 4,320 1,812 Dec. 30... 3 118 348 2,485 8 176 3,516 50 435 813 190 8,002 120 14 240 4,362 1,828 1940—June 29... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 Dec. 31... 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,506 1,904 1941—June 30... 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—June 30... 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12,199 84 18 239 4,454 1,985 Dec. 31... 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 ""l" 2,028 1943—June 30... 4,848 395 1,892 17,403 4,749 71 2,383 1,452 333 17,276 49 31 172 5,265 2,071 Oct. 18... 4,800 393 1,930 17,251 4,843 59 6,223 1,214 329 17,462 46 51 144 5,605 ••••-• 2,112 Dec. 31*\. 18,799 Country Banks 1938—Dec. 31... 1,353 322 1,956 6,224 446 2 143 1,128 154 5,215 23 44 147 5,509 6 1,798 1939—June 30... 1,403 307 2,117 6,255 439 2 136 1,130 135 5,272 26 40 145 5,619 5 1,828 Dec. 30... 1,578 363 2,614 6,866 571 2 154 1,090 172 5,896 26 35 140 5,677 3 1,851 1940—June 29... 1,733 328 2,711 6,969 538 2 143 1,115 164 5,960 29 37 147 5,816 3 1,876 Dec. 31... 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—June 30... 1,914 437 3,106 8,374 652 2 151 1,269 190 7,282 30 31 143 6,049 3 1,956 Dec. 31... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—June 30... 2,306 533 3,168 10,360 747 3 237 1,429 196 9,141 27 31 143 6,042 '3 2,014 Dec. 31... 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—June 30. .. 2,987 616 3,462 15,009 928 4 1,527 1,619 277 13,604 17 37 148 6,886 7 2,094 Oct. 18... 3,116 619 3,618 15,726 945 4 3,512 1,590 271 14,336 16 51 146 7,306 25 2,151 Dec. 3lp.. 15,549 1 35 PPrreelliimmiinnaarryy.. Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000. 2 DDeemmaanndd ddeeppoossiittss outuhiecri tuhiaanu interbank and U. S. Government, less cash items reported as in process of collection. 3 CCeennttrraall rreesseerrvvee cciittyy bbaannkkss.. Back figures—See Annual Report for 1937 (tables 52-58) 165 FEBRUARY 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 dollars] :Loans Investments U.S. Government obligations 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 i t n c a r d i i n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To others e R l s o e t a a a n t l s e - L ba o t n a o k n s s O lo t a h n e s r Total Total Bills o c C t a f i e f i t i n e r - - s - Notes ^Bonds G a u n a - r- O r s i e t t c h ie u e s - r t a c u g u r l r a - i l - G U l o i o . b g S v - a . t - . O c s t u h e r - e i- r G U l o i o . g b S v - a . t - . O c t s u h e r - e i- r d n e e e d b s - t s - teed tions ties tions ties Total—101 Cities 1942—Dec 39,717 10,366 6,382 828 391 1,203 34 1,528 29,351 26,063 3,760 3,729 4,202 12,440 1,932 3,288 1943—Aug 46,903 9,571 5,718 1,026 368 1,150 43 1,266 37,332 34,421 4,041 7,604 4,864 16,116 1,796 2,911 Sept 48,839 10,679 5,966 1,566 621 1,142 68 L,316 38,160 35,211 4,015 8,003 4,898 16,451 1,844 2,949 Oct 52,346 11,944 6,342 1,912 1,054 1,135 78 1,423 40,402 37,480 4,575 8,854 4,940 17,243 1,868 2,922 Nov 52,036 11,440 6,442 1,589 824 1,127 78 1,380 40,596 37,759 4,208 9,201 4,897 17,638 1,815 2,837 Dec 50,379 10,956 6,418 1.406 575 1,117 93 L,347 39,423 36,633 3,505 8,955 4,788 17,624 1,761 2,790 1943—Nov. 3 52,642 11,697 6,458 1,697 936 1,129 79 1,398 40,945 38,071 4,405 9,270 4,916 17,651 1,829 2,874 Nov. 10 52,051 11,483 6,451 L.601 836 1,127 84 1,384 40,568 37,732 4,177 9,190 4,898 17,637 1,830 2,836 Nov. 17 51,989 11,311 6,435 1,487 807 1,128 76 1,378 40,678 37,857 4,340 9,163 4,901 17,642 1,811 2,821 Nov. 24 51,462 11,267 6,423 1,571 717 1,125 71 1,360 40,195 37,377 3,909 9,183 4,873 17,622 1,790 2,818 Dec. 1 51,166 11,025 6,379 L,447 635 1,125 89 1,350 40,141 37,341 3,918 9,165 4,864 17,618 1,776 2,800 Dec. 8 50,535 10,926 6,395 1,411 575 1,123 83 1,339 39,609 36,823 3,554 9,058 4,857 17,597 1,757 2,786 Dec. 15 50,509 10,992 6,410 1,450 547 1,123 121 L,341 39,517 36,722 3,615 8,957 4,766 17,627 1,757 2,795 Dec. 22 49,950 10,997 6,486 1,393 531 1,108 111 1,368 38,953 36,169 3,198 8,844 4,733 17,636 1,758 2,784 Dec. 29 49,734 10,839 r6,421 1,328 r578 1,108 63 r1,341 38,895 36,109 3,238 8,750 4,720 17,643 1,758 2,786 1944—Jan. 5 49,527 10,703 6,335 743 563 337 303 1,107 60 1,255 38,824 36,033 3,179 8,670 4,717 17,718 1,749 2,791 Jan. 12 49,539 10,716 6,360 827 543 298 296 1,104 51 1,237 38,823 36,044 3,090 8,777 4,692 17,745 1,740 2,779 Jan. 19 49,892 10,763 6,349 843 589 290 300 1,107 60 1,225 39,129 36,352 3,154 8,859 4,678 17,876 1,785 2,777 Jan. 26 50,288 10,902 6,369 971 583 278 301 1,106 73 1,221 39,386 36,585 3,089 8,995 4,664 18,049 1,788 2,801 New York City 1942—Dec 15,888 3,893 2,527 699 171 101 27 368 11,995 10,842 L,737 1,478 1,965 4,657 1,005 1,153 1943—Aug 17,383 3,641 2,168 409 467 176 97 27 297 13,742 12,807 L,258 2,868 1,788 5,977 916 935 Sept 18,311 4,308 2,244 801 482 344 96 44 297 14,003 13,020 1,124 3,035 1,771 6,133 957 983 Oct.. 19,631 4,891 2,378 941 520 605 95 54 298 14,740 13,798 1,426 3,238 1,775 6,371 988 942 Nov. 19,216 4,538 2,417 728 497 457 94 50 295 14 678 13,796 1,405 3,315 1,744 6,376 956 882 Dec 18,440 4,259 2,415 641 456 281 94 74 298 14,181 13,309 1,231 3,202 1,692 6,273 911 872 1943—Nov. 3 19,528 4,713 2,422 783 528 535 94 55 296 14,815 13,916 1,406 3,354 1,746 6,439 971 899 Nov. 10 19,236 4,564 2,419 725 508 463 94 58 297 14,672 13,791 L,388 3,296 1,740 6,395 972 881 Nov. 17 19,201 4,426 2,414 654 477 441 94 50 296 14,775 13,902 L,547 3,282 1,751 6,371 951 873 Nov. 24 18,899 4,449 2,411 749 476 388 94 39 292 14,450 13,576 L,279 3,329 1,738 6,298 932 874 Dec. 1 18,785 4,287 2,402 667 456 319 95 54 294 14,498 13,635 L,391 3,301 1,734 6,292 917 863 Dec. 8 18,493 4,230 2,413 649 445 284 94 53 292 14,263 13,402 L,234 3,273 1,734 6,264 897 861 Dec. 15 18,457 4,301 2,403 637 497 263 94 111 296 14,156 13,278 L,237 3,200 1,678 6,254 909 878 Dec. 22 18,251 4,294 2,438 646 449 252 93 101 315 13,957 13,079 1,116 3,123 1,659 6,266 915 878 Dec. 29 18,214 4,184 2,418 607 431 287 93 53 295 14,030 13,151 L, 1793,115 1,653 6,287 917 879 1944—Jan. 5 18,161 4,113 2,388 597 424 162 117 91 46 288 14,048 13,153 L,114 3,131 1,663 6,336 909 895 Jan. 12 18,042 4,172 2,414 685 413 129 115 91 38 287 13,870 12,978 955 3,164 1,643 6,311 905 892 Jan. 19 18,292 4,228 2,414 696 450 126 116 91 51 284 14,064 13,177 L,038 3,203 1,620 6,371 945 887 Jan. 26 18,360 4,381 2,446 815 450 126 115 91 55 283 13,979 13,073 807 3,259 1,612 6,439 956 906 Outside New York City 1942—Dec 23,829 6,473 3,855 129 220 1,102 7 1,160 17,356 15,221 2,023 2,251 2,237 7,783 927 2,135 1943—Aug 29,520 5,930 3,550 150 192 1,053 16 969 23,590 21,614 2,783 4,736 3,076 10,139 880 1,976 Sept 30,528 6,371 3,722 283 277 1,046 24 1,019 24,157 22,191 2,891 4,968 3,127 10,318 887 1,966 Oct 32,715 7,053 3,964 451 449 1,040 24 1,125 25,662 23,682 3,149 5,616 3,165 10,872 880 1,980 Nov 32,820 6,902 4,025 364 367 1,033 28 \,085 25,918 23,963 2,803 5,886 3,153 11,262 859 1,955 Dec 31,939 6,697 4,003 309 294 1,023 19 1,049 25,242 23,324 2,274 5,753 3,096 11,351 850 1,918 1943—Nov. 3 33,114 6,984 4,036 386 401 1,035 24 1,102 26,130 24,155 2,999 5,916 3,170 11,212 858 1,975 Nov. 10 32,815 6,919 4,032 368 373 1,033 26 1,087 25,896 23,941 2,789 5,894 3,158 11,242 858 1,955 Nov. 17 32,788 6,885 4,021 356 366 1,034 26 1,082 25,903 23,955 2,793 5,881 3,150 11,271 860 1,948 Nov. 24 32,563 6,818 4,012 346 329 1,031 32 1,068 25,745 23,801 2,630 5,854 3,135 11,324 858 1,944 Dec. 1 32,381 6,738 3,977 324 316 1,030 35 1,056 25,643 23,706 2,527 5,864 3,130 11,326 859 1,937 Dec. 8 32,042 6,696 3,982 317 291 1,029 30 1,047 25,346 23,421 2,320 5,785 3,123 11,333 860 1,925 Dec. 15 32,052 6,691 4,007 316 284 1,029 10 1,045 25,361 23,444 2,378 5,757 3,088 11,373 848 1,917 Dec. 22 31,699 6,703 4,048 298 279 1,015 10 1,053 24,996 23,090 2,082 5,721 3,074 11,370 843 1,906 Dec. 29 31,520 6,655 r4,003 290 r291 1,015 10 r\ ,046 24,865 22,958 2,059 5,635 3,067 11,356 841 1,907 1944—Jan. 5 31,366 6,590 3,947 146 139 175 186 1,016 14 967 24,776 22,880 2,065 5,539 3,054 11,382 840 1,896 Jan. 12 31,497 6,544 3,946 142 130 169 181 1,013 13 950 24,953 23,066 2,135 5,613 3,049 11,434 835 1,887 Jan. 19 31,600 6,535 3,935 147 139 164 184 1,016 9 941 25,065 23,175 2,116 5,656 3,058 11,505 840 1,890 Jan. 26 31,928 6,521 3,923 156 133 152 186 1,015 18 938 25,407 23,512 2,282 5,736 3,052 11,610 832 1,895 r Revised. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding tables in previous Annual Reports. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n a e d t v k h - l - e s v C a i a n u s l h t m b a w a d n e n i o c s t k t e - h i s s c j p m u a o d s a d s t e n e i - - t d d s 1 s p p u n v c h a o a a o e i n i r d r l p r r d a s t - - - s , - - , S p s d s a i t i o u c i a n o v l a b t d n i e i l t - s - - s c C c h o a e f e e e f i n t f e r r c c i d s d t - . k i ' - s m U G e e r . o n n S v - t . - s p p u h a v n c o a a n i o i e r r p d l r r d a s t s - - - - , - , S p s d s a t i i o u c i a o n v l a b t n d i i e l t - - s - s P m U G S o a e in a r s n o . e n S g v t v n d a - s - . - t l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t a c a n - p l t - s B de a it b n s - k 2 tions tions Total 101 Cities 1942—Dec. 9,704 548 2,741 28,749 28,840 1,782 586 4,746 5,109 100 26 9,315 65 727 4 4,014 11,773 1943—Aug 8,879 520 2,231 34,250 34,159 1,830 614 4,748 5,742 119 41 8,643 48 786 42 4,158 11,092 Sept 9,063 546 2,314 33,418 33,629 1,775 734 7,326 5,781 122 48 8,984 48 783 69 4,171 13,501 Oct. 8,295 553 2,270 31,062 31,459 1,656 693 12,639 5,796 118 58 8,725 49 772 58 4,190 12,042 Nov 8,509 548 2,230 32,416 32,706 1,757 710 10,998 5,889 118 61 8,747 45 785 56 4,218 12,074 Dec. 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 64 8,687 43 802 113 4,245 12,584 1943—Nov 3 8,354 543 2,233 31,774 32,039 1,834 656 12,110 5,859 118 60 8,771 47 793 56 4,211 12,493 Nov 10 8,472 547 2,236 32,039 32,226 1,749 778 11,401 5,882 117 61 8,753 45 784 43 4,218 11,955 Nov 17 8,521 553 2,297 32,649 33,124 1,713 669 10,610 5,902 118 61 8,902 44 111 61 4,222 11,739 Nov 24 8,689 549 2,156 33,201 33,434 1,731 739 9,870 5,913 118 63 8,561 44 792 64 4,222 12,110 Dec. 1 8,785 545 2,194 33,651 33,970 1,766 951 9,068 5,929 114 63 8,710 43 792 76 4,236 11,808 Dec. 8 8,789 575 2,155 34,075 34,147 1,717 721 7,921 5,957 119 64 8,668 44 801 118 4,240 11,624 Dec. 15 8,983 593 2,284 34,750 35,287 1,708 920 7,280 5,982 117 64 8,843 43 782 125 4,255 13,267 Dec. 22 8,788 610 2,171 34,185 34,521 1,716 831 7,088 6,003 116 64 8,667 43 809 131 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 43 824 114 4,249 12,183 1944—Jan. 5 8,716 552 2,229 33,732 33,881 1,734 848 6,894 6,097 118 54 8,853 43 820 49 4,281 14,314 Jan. 12 8,881 569 2,189 34,308 34,516 1,708 711 6,462 6,134 119 54 8,801 44 817 54 4,283 11,758 Jan. 19 9,003 544 2,198 34,862 34,985 1,740 781 6,198 6,153 121 54 8,922 43 825 68 4,282 12,675 Jan. 26 9,031 564 2,247 34,814 34,916 1,849 764 6,669 6,167 121 55 8,982 43 821 55 4,295 13,271 New York City 1942— Dec 3,934 86 29 10,949 11,283 229 290 2,915 637 15 3,174 650 3 1,568 4,794 1943—Aug. 3,360 82 24 13,090 13,379 200 337 1,895 697 20 2,788 1 704 29 1,632 4,317 Sept 3,362 85 24 12,548 12,899 205 371 3,196 698 22 ""2" 2,899 1 704 55 1,632 5,452 Oct. 3,021 89 26 11,431 11,790 195 379 5,444 696 21 4 2,753 1 995 52 1,637 4,822 Nov 3,115 93 26 11,917 12,257 254 402 4,639 710 23 5 2,742 1 709 40 1,649 4,853 Dec. 3,250 98 29 12,592 12,969 211 487 3,213 726 20 5 2,752 1 722 76 1,665 5,158 1943—Nov 3 3,073 92 23 11,642 12,041 281 356 5,129 708 23 4 2,778 1 718 41 1,648 4,940 Nov. 10 3,120 95 25 11,798 12,080 253 471 4,806 714 23 5 2,740 1 707 36 1,649 5,023 Nov. 17 3,101 90 27 12,010 12,362 241 350 4,471 714 23 5 2,794 1 697 40 1,650 4,569 Nov. 24 3,166 94 28 12,219 12,545 239 433 4,150 706 23 5 2,655 1 714 44 1,650 4,881 Dec. 1 3,210 88 25 12,387 12,823 236 585 3,794 712 20 5 2,759 1 713 38 1,656 4,770 Dec. 8 3,198 97 26 12,557 12,834 216 394 3,309 719 20 5 2,702 1 724 91 1,659 4,690 Dec. 15 3,323 100 32 12,809 13,235 212 503 3,023 730 20 5 2,794 1 704 97 1,676 5,544 Dec. 22 3,242 105 30 12.641 12,991 194 442 2,946 732 20 5 2,739 1 729 84 1,668 5,814 Dec. 29 3,275 99 34 12,566 12,964 194 510 2,992 737 21 5 2,764 1 740 70 1,668 4,974 1944—Jan. 5 3,183 88 24 12,521 12,794 207 443 2,849 744 21 5 2,832 1 737 19 1,690 6,174 Jan. 12 3,256 92 30 12,671 12,962 192 372 2,661 746 21 5 2,814 1 737 36 1,693 4,950 Jan. 19 3,365 88 28 13,090 13,345 185 440 2,548 746 24 5 2,844 1 744 52 1,693 5,307 Jan. 26 3,378 91 29 13,084 13,399 207 435 2,632 752 24 5 2,859 1 740 36 1,698 5,552 Outside New York City 1942—Dec. 5,770 462 2,712 17,800 17,557 1,553 296 1,831 4,472 85 26 6,141 65 77 1 2,446 6,979 1943—Aug. 5,519 438 2,207 21,160 20,780 1,630 111 2,853 5,045 99 41 5,855 47 82 13 2,526 6,775 Sept. 5,701 461 2,290 20,870 20,730 1,570 363 4,130 5,083 100 46 6,085 47 79 14 2,539 8,049 Oct. 5,274 464 2,244 19,631 19,669 1,461 314 7,195 5,100 97 54 5,972 48 77 6 2,553 7,220 Nov. 5,394 455 2,204 20,499 20,449 1,503 308 6,359 5,179 95 56 6,005 44 76 16 2,569 7,221 Dec. 5,574 487 2,164 21,519 21,475 1,510 380 4,505 5,255 97 59 5,935 42 80 37 2,580 7,426 1943—Nov. 3 5,281 451 2,210 20,132 19,998 1,553 300 6,981 5,151 95 56 5,993 46 75 15 2,563 7,553 Nov. 10 5,352 452 2,211 20,241 20,146 1,496 307 6,595 5,168 94 56 6,013 44 77 7 2,569 6,932 Nov. 17 5,420 463 2,270 20,639 20,762 1,472 319 6,139 5,188 95 56 6,108 43 75 21 2,572 7,170 Nov. 24 5,523 455 2,128 20,982 20,889 1,492 306 5,720 5,207 95 58 5,906 43 78 20 2,572 7,229 Dec. 1 5,575 457 2,169 21,264 21,147 1,530 366 5,274 5,217 94 58 5,951 42 79 38 2,580 7,038 Dec. 8 5,591 478 2,129 21,518 21,313 1,501 327 4,612 5,238 99 59 5,966 43 77 27 2,581 6,934 Dec. 15 5,660 493 2,252 21,941 22,052 1,496 417 4,257 5,252 97 59 6,049 42 78 28 2,579 7,723 Dec. 22 5,546 505 2,141 21,544 21,530 1,522 389 4,142 5,271 96 59 5,928 42 80 47 2,575 8,222 Dec.29 5,501 502 2,129 21,329 21,333 1,502 402 4,239 5,300 97 59 5,785 42 84 44 2,581 7,209 1944—Jan. 5 5,533 464 2,205 21,211 21,087 1,527 405 4,045 5,353 97 49 6,021 42 83 30 2,591 8,140 Jan. 12 5,625 477 2,159 21,637 21,554 1,516 339 3,801 5,388 98 49 5,987 43 80 18 2,590 6,808 Jan. 19 5,638 456 2,170 21,772 21,640 1,555 341 3,650 5,407 97 49 6,078 42 81 16 2,589 7,368 Jan. 26 5,653 473 2,218 21,730 21,517 1,642 329 4,037 5,415 97 50 6,123 42 81 19 2,597 7,719 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. FEBRUARY 1944 167 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 For purchasing or carry- J. S. Government obligations Total Com- ing securities Federal Reserve loans cial, distr (1 ic 9 t 4 a 3 n -4 d 4 ) date m v a e e i n n n s d - t t - s Total t d a r i u n i n a d s - l - , U T an o . d S . b d ro ea k l e e r r s s U T .S o . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i \Totes Bond? G a u n a - r- r O s i e t t i c h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secur- obli- secur- edtural ga- ities ga- ties ness tions tions Boston Dec. 29 2,649 622 402 22 14 67 2 115 2,027 1,944 164 588 208 930 54 83 Jan. 5 . 2,649 618 399 7 is 4 1Q 66 2 106 2,031 1,951 173 584 208 933 53 80 Jan. 12 2,654 617 398 8 16 4 19 66 2 104 2,037 1,957 161 593 207 942 54 80 Jan. 19 2,675 615 394 10 15 3 19 66 3 105 2,060 1,976 172 594 209 947 54 84 Jan.26 2,727 630 394 26 14 4 21 65 3 103 2,097 2,010 194 599 209 955 53 87 New York* Dec. 29 19,892 4,537 2,575 1049 321 174 53 365 15,355 14,386 1,289 3,355 1,823 6,974 945 969 Jan. 5 19,826 4,462 2,550 600 428 168 141 172 46 357 15,364 14,379 1,207 3,364 1,838 7,029 941 985 Jan. 12 19,730 4,524 2,576 691 418 135 139 172 38 355 15,206 14,224 1,060 3,405 1,817 7,006 936 982 Jan. 19 19,990 4,584 2,577 706 454 132 140 172 51 352 15,406 14,430 1,143 3,453 1,795 7,063 976 976 Jan. 26 20,084 4,735 2,608 823 455 132 139 172 55 351 15,349 14,354 911 3,529 1,785 7,140 989 995 Philadelphia Dec. 29 2,187 451 255 41 10 40 105 1,736 1,561 150 319 156 865 71 175 Jan. 5 2,182 449 252 7 35 1 9 39 3 103 1,733 1,559 164 303 150 871 71 174 Tan. 12 2,185 446 254 5 32 1 9 40 3 102 1,739 1,564 156 304 151 882 71 175 Tan. 19 2,179 444 255 5 32 1 9 39 103 1,735 1,560 152 305 151 881 71 175 Jan. 26 2,228 453 254 5 31 1 9 39 10 104 1,775 1,600 170 323 152 884 71 175 Cleveland Dec. 29 4,009 851 422 88 18 167 156 3,158 2,914 244 632 365 1,574 99 244 Jan. 5 3,982 836 414 73 12 25 13 168 131 3,146 2,903 235 630 365 1,574 99 243 Jan. 12 3,986 833 417 70 11 24 14 168 129 3,153 2,911 241 630 365 1,576 99 242 Jan. 19 3,989 838 415 71 16 23 14 168 131 3,151 2,910 236 632 365 1,578 99 241 Jan. 26 4,011 827 407 71 16 22 14 168 129 3,184 2,942 256 640 365 1,582 99 242 Richmond Dec. 29 1,585 280 138 24 50 2 61 1,305 1,249 118 252 168 670 41 56 Jan. 5 1,566 278 133 1 5 20 12 50 1 56 1,288 1,233 108 248 169 670 38 55 Jan. 12 1,566 275 131 1 4 22 9 50 57 1,291 1,237 101 255 169 674 38 54 Jan 19 1 572 273 130 1 3 22 10 50 56 1,299 1,244 104 251 169 682 38 55 Jan. 26 1,571 265 128 1 4 13 11 49 58 1,306 1,251 103 245 168 696 39 55 Atlanta Dec. 29 1,489 365 221 8 27 29 79 1,124 1,011 33 258 200 471 49 113 Jan. 5 1,486 362 222 3 5 25 6 28 72 1,124 1,010 51 240 198 472 49 114 Jan. 12 1,489 354 217 3 4 24 6 28 71 1,135 1,023 65 240 198 471 49 112 Jan. 19 1,504 353 217 2 4 24 7 28 70 1,151 1,039 79 245 193 473 49 112 Jan. 26 1,512 342 212 2 4 20 6 28 69 1,170 1,058 83 252 191 483 49 112 Chicago* Dec. 29 7,570 1,454 rl,045 81 T30 137 r110 6,116 5,613 508 1,518 767 2,608 212 503 Jan. 5 7,535 1,435 1,028 43 38 38 45 135 107 6,100 5,599 530 1,482 762 2,616 209 501 Jan. 12 7,609 1,421 1,020 42 34 38 45 134 107 6,188 5,693 601 1,506 761 2,616 209 495 Jan. 19 7,609 1,422 1,022 41 37 36 45 139 1 101 6,187 5,690 568 1,514 761 2,638 209 497 Jan. 26 7,703 1,418 1,027 36 34 35 45 139 1 101 6,285 5,788 641 1,535 761 2,654 197 497 St. Louis Dec. 29 1,531 415 258 r 13 64 2 71 1,116 1,005 47 261 143 520 34 111 Jan. 5 1,537 408 248 5 14 9 64 2 66 1,129 1,019 63 257 145 519 35 110 Jan. 12 1,554 409 250 1 5 14 8 64 2 65 1,145 1,036 74 261 145 517 39 109 Jan. 19 1,564 407 250 5 14 9 63 2 64 1 157 1,047 77 263 145 518 44 110 Jan. 26 1,591 407 249 5 15 9 64 1 64 1,184 1,074 90 271 146 521 46 110 Minneapolis Dec. 29 964 192 116 2 4 14 2 54 772 722 44 187 96 366 29 50 Jan. 5 975 193 114 1 2 3 4 19 4 46 782 733 55 188 96 365 29 49 Jan 12 981 193 115 2 3 4 19 3 47 788 738 60 187 96 366 29 50 Jan. 19 980 195 118 2 3 5 19 1 47 785 734 55 188 96 366 29 51 Jan. 26 986 198 119 1 2 4 4 19 1 48 788 738 60 187 94 368 29 50 Kansas City Dec. 29 1,676 354 241 5 11 40 57 1,322 1,198 116 313 226 493 50 124 Jan 5 1,656 349 236 1 3 6 8 40 55 1,307 1,178 109 309 220 489 51 129 Jan. 12 1,680 350 238 1 3 8 40 54 1,330 1,201 117 315 212 505 52 129 Tan 19 1,693 347 235 1 8 40 54 1,346 1,223 117 322 222 508 54 123 Jan. 26 1,715 344 231 1 6 8 41 54 1,247 123 328 220 522 54 124 Dallas Dec. 29 1,338 332 224 26 20 59 1,006 955 93 275 144 398 45 51 Jan. 5 1,323 335 225 1 4 20 16 21 48 988 938 77 272 142 402 45 50 Jan. 12 1,314 325 223 1 3 15 16 20 47 989 939 71 278 142 403 45 50 Jan. 19 1 325 323 222 1 3 14 16 20 47 1,002 952 77 283 142 404 46 50 Jan. 26.. 1,329 324 223 1 3 14 16 20 47 1,005 955 82 278 142 407 46 50 San Francisco Dec. 29 4,844 986 524 17 30 306 109 3,858 3,551 432 792 424 1,774 129 307 Jan. 5 4,810 978 6 11 13 21 305 108 3,832 3,531 407 793 424 1,778 129 301 Jan. 12 4,791 969 521 4 11 12 19 303 99 3,822 3,521 383 803 429 1,787 119 301 Jan. 19 4,812 962 514 5 15 12 18 303 95 3,850 3,547 374 809 430 1,818 116 303 Jan. 26 4,831 959 517 4 12 12 19 302 93 3,872 3,568 376 808 431 1,837 116 304 City of Chicago* Dec. 29 4,613 988 r772 74 r66 24 1 rS\ 3,625 3,310 232 896 493 1,613 76 315 Jan. 5 4,565 975 761 40 33 26 41 23 1 50 3,590 3,276 234 861 488 1,618 75 314 Jan. 12 4,677 965 756 40 29 26 40 23 1 50 3,712 3,403 357 874 486 1,611 75 309 Jan. 19 4,679 968 758 39 32 25 41 23 1 49 3,711 3,400 346 879 485 1,615 75 311 Jan. 26 4,747 963 762 33 29 25 40 23 1 50 3,784 3,473 404 896 485 1,624 64 311 r Revised. * 1\SV- epV 1aOrVa/Ute. figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chhiciacga go, respec"ti ve'ly. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr ( e 1 i r c 9 a t 4 l 3 a R - n 4 e 4 d s ) e d r a v t e e B s w F e a R e r e n i r e t a d v k - h l - e s C va i a n u sh lt m b a w a n d e i n c o s t t e k - h i s s c j p u m a o s d a d t s e e n i - - t d d s 1 s u p h v n a a a i i e n d p l r r d s - t s - , - , S p d s a t i o u i a c n v l b a t i d i e t - l - - s c C h c o a f e e e i f n r c e f r i d k s d t - i ' s - U m G er . e o n S n v - . t - s p u h v n a a a i i e n r p l d r s d t s - - , - , S p d s a t i o u i c a n v l b a t i d i e - t l - - s P U m G e o a r s . o e n n S t n v d a - . t - l De b - ank T s ime b e F a i o n g r n k - s B r in o o g w r s - - c C o i a t u a c a n p - l t - s B d i a e t n b s2 - k cor- sions etc. cor- sions Sav- mand pora- pora- ings tions tions Boston (6 cities) Dec. 29 452 66 125 2,025 2,016 100 36 443 272 1 2 309 18 4 260 619 Jan 5 440 63 125 2,015 2,002 96 31 420 275 2 330 17 3 259 726 Jan. 12 .... 427 63 113 2 025 2*032 93 27 393 276 1 2 322 17 3 259 562 Jan.19 453 59 113 2,060 2,053 94 31 379 277 1 2 340 17 3 262 698 Jan. 26 462 59 120 2,084 2,061 101 44 419 278 2 343 18 262 726 New York (8 cities)* Dec. 29 3,500 136 155 13,843 14,087 378 553 3,177 1,167 22 12 2,831 4 742 70 1,802 5,320 Jan. 5 3,408 122 132 13,780 13,889 401 476 3,021 1,177 23 7 2,902 4 739 19 1,824 6,636 Jan. 12 . . 3,480 127 126 13,948 14,069 399 400 2 823 1,182 23 7 2,883 4 739 36 1,827 5,262 Jan. 19 3,591 121 117 14,379 14,460 400 464 2,704 1,183 26 7 2,911 4 746 52 1,826 5,648 Jan. 26 3,601 125 119 14,390 14,504 451 459 2,796 1,189 26 8 2,925 4 742 36 1,831 5,892 Philadelphia (4 cities) Dec. 29 377 32 90 1,635 1,674 64 34 364 165 328 7 226 509 Jan. 5 ... 375 28 84 1,625 1,673 50 21 340 167 346 7 226 593 Jan 12 394 30 77 1,661 1,697 52 21 319 168 345 6 4 227 529 Jan.19 397 29 82 1,679 1 728 52 21 303 168 347 6 227 507 Jan. 26 392 30 83 1,664 1,712 54 16 322 168 389 6 228 566 Cleveland (10 cities) Dec 29 718 72 206 2,809 2,882 115 62 466 819 48 478 10 2 427 888 Jan. 5 682 69 208 2,749 2,785 110 63 439 827 48 492 10 2 427 965 Jan. 12 681 71 203 2,783 2,837 108 53 410 832 48 481 10 2 427 736 Jan. 19 697 69 . 204 2,812 2,860 108 54 390 834 48 490 10 2 427 848 Jan. 26 686 71 228 2,777 2,841 108 44 458 834 48 493 10 2 427 892 Richmond (12 cities) Dec 29 278 40 130 1,064 1,064 78 20 228 228 8 379 7 1 112 345 Jan. 5 285 34 151 1,057 1^053 79 21 220 229 394 7 1 111 401 Jan. 12 287 37 152 1,084 1,075 79 16 206 232 7 392 7 1 111 320 Jan. 19 282 36 149 1,082 1,065 84 18 196 233 7 395 7 1 1 111 350 Jan. 26 282 37 163 1,086 1,064 90 19 209 233 7 389 7 1 1 111 334 Atlanta (8 cities) Dec 29 278 28 149 974 942 138 8 191 242 4 439 1 4 6 107 320 Jan. 5 297 26 156 972 927 150 12 182 245 4 468 1 6 108 401 Jan. 12 292 27 163 991 947 150 9 173 246 4 463 1 6 108 324 Jan. 19 . . 290 25 158 1,015 955 154 11 161 247 4 458 1 6 108 294 Jan. 26 297 27 146 1,017 949 154 12 163 249 4 452 1 4 9 108 368 Chicago (12 cities)* Dec. 29 1,305 103 383 5,172 5,169 353 67 1,080 1,187 8 1,423 e; 18 6 491 1,943 Jan. 5 1,363 96 396 5,212 5,146 362 69 1,030 1,201 A 1,463 5 18 491 2,168 Jan. 12 1,400 99 392 5,379 5,344 352 55 969 1 208 4 1,458 c 17 1 491 1,829 Jan. 19 1,381 93 395 5,355 5,290 367 57 943 1,210 4 1,484 5 17 1 488 2,032 Jan. 26 1,391 97 404 5,358 5,290 395 54 1,038 1,212 4 1,505 5 16 490 2,081 St. Louis (5 cities) Dec 29 280 20 109 921 982 59 11 177 218 • q 511 1 12 109 328 Jan. 5 285 19 119 917 978 60 11 167 220 5 536 1 20 109 344 Jan. 12 294 20 115 941 1,000 57 11 159 222 e 555 1 / 109 320 Jan.19 297 20 115 955 1,008 60 9 155 223 c 557 1 5 109 358 Jan. 26... 291 20 112 944 999 60 12 178 223 q 563 1 4 110 369 Minneapolis (8 cities) Dec. 29 172 11 74 627 601 78 11 136 129 1 257 1 73 223 Jan 5 167 10 77 630 608 80 12 128 130 1 268 74 223 Jan. 12 177 10 78 649 622 76 1^ 121 "131 1 274 73 239 Jan.19 175 10 77 638 604 75 13 120 132 1 281 73 243 Jan. 26 167 10 83 595 568 80 12 164 131 1 284 74 268 Kansas City (12 cities) Dec. 29 374 23 265 1,110 1,118 116 19 181 172 1 741 15 126 451 Jan 5 360 21 276 1,073 1,099 116 24 175 174 1 771 ^ 1 125 484 Jan. 12 370 21 281 1,125 1,136 113 19 164 175 1 768 6 125 436 Jan. 19..'. 373 21 294 1,134 1^ 156 116 18 161 176 ] 794 125 442 Jan. 26. 371 23 306 1*141 l' 141 125 17 187 176 1 792 126 428 Dallas (9 cities) Dec. 29 280 25 219 1,035 1,045 53 24 161 150 426 101 304 Jan. 5 279 21 239 1^026 l',021 60 34 155 152 440 2 100 410 Jan. 12..! 293 22 232 1,048 1,053 61 20 144 153 \ 429 98 288 Jan 19 285 20 230 1,052 1,065 60 23 135 154 432 99 261 Jan. 26 295 23 219 1,059 1,062 58 19 148 155 \ 416 "2 100 365 San Francisco (7 cities) Dec. 29... 762 45 258 2,680 2,717 164 67 627 1,288 26 18 427 11 24 415 933 Jan. 5... 775 43 266 2,676 2,700 170 74 617 1,300 26 18 443 11 25 427 963 Jan. 12 786 42 257 2,674 2,704 168 67 581 1,309 26 18 431 11 24 428 913 Jan. 19 782 41 264 2,701 2,741 170 62 551 1,316 26 18 433 11 25 427 994 Jan. 26 796 42 264 2,699 2,725 173 56 587 1,319 26 18 431 11 24 428 982 City of Chicago* Dec. 29... 817 42 165 3,101 3,149 165 33 697 513 2 997 16 321 1,162 Jan. 5. 866 41 177 3,116 3,132 166 36 664 518 1,028 14 322 1,269 Jan. 12 867 41 179 3,262 3,291 161 28 624 520 1,034 15 322 1,067 Jan. 19 867 40 173 3,246 3,271 162 28 610 522 1,057 15 318 1,208 Jan. 26 855 40 178 3,228 3,253 163 23 683 522 1,064 14 319 1,224 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. 169 FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accept O in w g n banks Bills Others2 I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge G s o h o i d p p s p o e s d i t n o t b r s e e i d t n w i e n e o n r Total bills bought States States United Foreign States countries 1942—September 282 123 97 64 33 26 66 6 41 10 October 271 119 94 63 31 25 60 6 40 12 November 261 116 90 61 29 26 57 6 39 12 December 230 118 93 60 34 25 57 9 38 14 1943—January 220 120 95 60 35 24 57 12 38 12 February 209 127 102 64 38 25 60 14 41 12 March 201 130 101 62 39 29 69 12 39 10 April 179 128 99 61 38 29 71 9 38 11 May 160 136 105 65 40 31 79 8 37 12 June 143 140 102 62 40 38 82 10 36 12 July •• 150 139 102 64 38 36 81 12 35 10 August 156 130 94 59 36 36 77 10 33 11 September 170 117 84 50 33 33 69 7 30 11 October 188 115 88 48 39 27 67 9 () 29 10 November 203 111 88 53 35 23 59 11 (3) 31 9 December 202 117 90 52 38 27 66 11 (3) 30 9 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (n la et n ) c 1, es a i n n a d v c e c t s o r t a u m d n i e t n s n g t a in n a d v c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O ( t n h e e t r ) i a I n n n a v c d p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c I d e n c s t o f r t u i m a r n d m e t i s n n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 280 December. 906 16 78 207 637 266 69 23 277 1940—June 653 12 58 223 376 267 62 22 269 December.. 677 12 99 204 427 281 54 22 247 1941—June 616 89 186 395 255 65 17 222 December.. 600 86 211 368 289 63 17 213 1942—June 496 86 180 309 240 56 16 189 December. 543 154 160 378 270 54 15 182 1943—January «540 «290 e280 February... e550 e320 e310 March e610 e350 e320 April c670 e57O e330 May e740 e550 c330 June 761 190 167 529 334 66 212 July e78O e530 e340 August e740 c490 e34O September. r820 c77O e32O October... r830 e740 e330 November. r78O e600 e340 December . 788 11 188 181 557 354 65 14 198 r Revised estimate. e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges) NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. mo Y w n e e th e a , k r , or m m 4 p P c - o a e r o n t i p r o m m c t e h i - 6 r e a s , - l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s e - l t , - c S h l n a c o e t r a e o l a x e a n w c l - - n l g k - e m G b o i 3 o l n - l v s th 3 ern d m 9 c m e o - c e n e b t f r a o n o e t t t n t s i i e e f n s 1 t d i s h s - 2 - - e - cu 3 t r n a - y i x o t t e o i a t a e e b r s 5 s l - e 1 1 9 9 3 3 6 5 a a v v e e r r a a g g e e 1 1 . . . . . . [Per ce 1 T n 9 2 2 t o . . c 6 9 t p i a 8 3 t e l i r e s annu Y N m 1 C 1 . . o e i 7 7 ] t w r 2 y 6 k 7 E e N r c a 3 3 n o i O s . . t 0 3 r t i a t t e e 4 9 h h n s r e n - d r 1 W e 1 r c 3 3 n e S i . . t s 4 7 o i a t 0 6 e e u n s , r t d n h- 1937 average1... 2.59 1.73 2.88 3.25 1941 average .54 .44 L.00 .103 .76 1938 average1... 2.53 1.69 2.75 3.26. 1942 average .66 .44 1.00 .326 1.13 1943 average .69 .44 1.00 .373 "'!75'" 1.31 1939 average 2.78 2.07 2.87 3.51 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 L L O .0 O 0 . . 3 3 7 6 1 3 . . 8 8 0 0 C 1 1 . . 3 28 4 1 1 1 9 9 9 4 4 4 0 2 1 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 6 5 6 3 4 1 2 2 1 . . . 0 0 9 7 4 7 2 2 2 . . . 5 5 5 6 8 5 3.26 1943—January .69 .44 LOO .367 .76 1.29 1943 average 2.72 2.30 2.80 3.13 February . .69 .44 LOO .372 .73 1.24 1939—June 2.91 2.15 3.05 3.62 March .69 .44 LOO .373 .75 1.33 September 2.68 2.04 2.78 3.31 A M J S J A u u e u p a n l p g y r y e t i u e l s m t ber . . . . . . 6 6 6 6 6 6 9 9 9 9 9 9 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 • L L L L L L O O O O O O O O O O O O . . . . . . 3 3 3 3 3 3 7 7 7 7 7 7 5 5 4 4 3 3 . . . . . . 7 7 7 6 7 7 7 5 0 8 8 8 1 1 1 1 1 1 . . . . . . 3 2 3 3 3 3 1 9 2 0 6 9 1940— J D D S M u e e e n a p c c e r t e e c e m m h m b b b e e e r r r .' . 2 2 2 2 2 . . . . . 6 5 5 6 5 8 9 9 5 9 2 2 2 2 1 . . . . . 1 0 0 0 9 4 0 0 3 6 2 2 2 2 2 . . . . . 5 4 5 5 6 6 9 9 3 7 3 3 3 3 3 . . . . . 3 3 3 4 3 & 2 6 3 5 October .69 .44 LOO .375 1.31 1941—March 2.58 2.06 2.53 3.25 November .... .69 .44 LOO .375 4.77 1.29 June 2.55 1.95 2.58 3.23 December .69 .44 LOO .375 .77 1.30 September 2.60 1.98 2.62 3.29 December 2.41 1.88 2.45 2.99 Week J J J J e a a a a n n n n n d . . . . i 2 1 n 2 5 g 1 8 : v * % V * A z - - - - % y % % ± 7 % A > L L L L O O O O O O O O . . . . 3 3 3 3 7 7 7 7 4 3 4 4 . . . . 7 7 7 7 7 8 6 7 1 1 1 1 . . . . 2 3 2 3 9 1 9 1 1942— J D S M u e e n a p c r e t e c e m h m b b e e r r 2 2 2 2 . . . . 7 6 6 4 0 3 2 8 2 2 2 1 . . . . 0 0 2 8 9 7 8 5 2 2 2 2 . . . . 4 6 6 5 8 3 6 6 3 3 3 3 . , . . 2 2 2 3 0 5 6 4 Jan.29 %-zA LOO .374 .79 1.32 1943—March 2.76 2.36 2.76 3.24 June 3.00 2.70 2.98 3.38 c Corrected. September 2.48 2.05 2.71 2.73 1 Monthly figures are averages of weekly prevailing rates. December 2.65 2.10 2.76 3.17 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to 1 Prior to March 1939 figures were reported monthly on a basis not strictly March 1941; taxable bills thereafter. comparable with the current quarterly series. 4 Number of issues decreased from 3 to 2 on Nov. 1. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description 5 Number of issues decreased from 2 to 1 on Dec. 15. and for back figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS1 [Per cent per annum] Corporate (Moody's)5 Year, month, or week By rating By groups Total Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c 120 30 30 30 30 40 40 40 1941 average 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1942—December... 2.09 2.36 2.26 2.72 3.32 2.81 2.96 3.23 4.28 2.94 3.96 3.07 1943—January 2.06 2.32 2.27 2.70 3.27 2.79 2.93 3.20 4.16 2.90 3.86 3.05 February... 2.06 2.32 2.22 2.68 3.23 2.77 2.89 3.17 4.08 2.88 3.78 3.02 March 2.08 2.33 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 April 2.02 2.32 2.20 2.68 3.19 2.76 2.88 3.14 3.96 2.87 3.69 3.01 May 1.92 2.30 2.13 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.64 3.00 June 1.85 2.29 2.07 2.63 3.14 2.72 2.85 3.11 3.88 2.84 3.61 2.98 July 1.82 2.27 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 August 1.83 2.28 1.91 2.57 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 September.. 1.80 2.30 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October 1.81 2.30 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 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 December .. 1.86 2.34 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 Week ending: Jan. 1 1.87 2.34 1.98 2.65 3.13 2.74 2.84 3.12 3.81 2.84 3.55 2.99 Jan. 8 1.86 2.33 1.96 2.64 3.12 2.73 2.84 3.12 3.80 2.84 3.54 2.98 Jan.15 1.86 2.34 1.94 2.63 3.11 2.71 2.83 3.11 3.78 2.84 3.51 2.98 Jan.22 1.86 2.34 1.90 2.65 3.10 2.72 2.83 3.10 3.75 2.82 3.50 2.99 Jan.29 1.86 2.34 1.88 2.67 3.11 2.73 2.84 3.11 3.74 2.83 3.49 2.99 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp. 21-24. Figures for U. S. Government bonds available on request. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 = 100) of trad- . ing? Year, month, or week U.S. Munic- (in thou- Gov- ipal Medium and lower-grade Pre- sands of m e e rn n - t* g ( r h a i d g e h )3 H gr i a g d h e - Indus- Rail- Public fau D lt e e - d ferreds Total In tr d i u a s l - R ro a a il d - P u u ti b li l t i y c shares) Total trial road utility Number of issues 15 50 10 20 20 15 402 354 20 28 1941 average 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average..... 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 111.5 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1942—December.. 108.9 127.8 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 1943—January.... 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.7 168.0 82 74 69 820 February... 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 88 78 73 1,247 March 109.1 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 109.9 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 111.4 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 1,593 June 112.4 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 July 112.9 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 88 1,145 August 112.7 134.6 121.1 110.4 117.0 98.6 115.6 44.2 176.4 94 96 91 86 604 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 December.. 112.3 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 Week ending: Jan. 1 112.1 133.2 120.3 112.4 119.4 102.5 115.3 48.6 169.9 92 94 86 85 941 Jan. 8 112.3 133.6 120.6 112.8 119.9 103.1 115.5 50.9 170.7 95 97 89 87 820 Jan. 15 112.3 134.0 120.6 113.2 120.1 104.0 115.7 52.8 171.2 95 96 90 87 870 Jan. 22 112.3 134.8 120.5 113.3 120.0 104.4 115.5 53.3 170.7 95 96 93 87 803 Jan.29 112.3 135.2 120.3 113.3 119.5 104.8 115.5 53.9 172.0 94 96 92 87 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis of a 2% per cent, 16-year bond. Prices expressed in decimals. J Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. • Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN. NEW SECURITY ISSUES [In millions of dollars! For new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e f a e i o n g s r d n - ti ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o n t d e r d s a s te Stocks m e f a i e o g n s r d n t - i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r 2 - 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 •""4" 1942 r2,114 1,075 1,075 342 108 624 506 118 rl 039 rl 039 181 440 r418 r407 11 1943 2,143 611 609 176 59 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1942—December... r146 41 41 9 17 15 13 2 r105 r105 9 34 r62 r62 1943—January 176 7 7 4 3 3 170 80 45 27 8 g 90 February.... 102 58 58 47 11 11 44 44 11 32 2 2 March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 7 April 158 36 36 10 7 19 15 4 122 122 13 35 75 73 2 May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 O Se c p to te b m er ber... 2 1 0 0 1 9 2 5 0 7 2 5 0 7 1 5 0 "ii" 4 1 1 0 3 1 3 0 •••y • 1 8 4 9 4 1 8 4 9 4 1 1 0 1 4 2 6 4 5 8 5 7 5 5 1 9 2 5 7 November... 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1 Includes publicly-ofiered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 172. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsl Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e s d s s-2 pro n c e e t eds3 New money Retirement of securities Repay o m f ent Other Total e P q l u a i n p t m a e n n d t W c o ap rk it in al g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 . 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 .. . . 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 .. 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,112 1,089 285 156 129 721 651 70 54 28 1942—March 125 123 62 58 4 45 40 5 16 April 135 132 75 20 55 21 21 36 i May 124 123 57 25 32 14 14 51 June 152 149 75 57 18 61 56 5"" 10 3 July 61 60 20 17 4 31 31 8 August 43 42 38 33 5 4 4 September 82 80 31 12 19 25 24 2 4 20 October 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 October 130 127 3 3 101 97 4 22 1 November 200 197 122 91 31 69 64 5 6 December 103 100 14 3 10 79 75 4 3 5 PROPOSED USES OF_PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollarsl 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 poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 . 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 . 319 115 186 18 1,180 245 922 13 961 167 738 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 159 46 113 439 8 414 17 468 219 187 62 23 12 7 3 1942—March 6 6 71 31 40 47 26 5 16 April 17 13 4 115 62 17 36 May 30 12 13 5 93 45 1 47 June • •9 " 3 " 6 70 17 50 3 70 55 6 10 1 1 July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 September 1 1 40 6 25 9 38 23 15 October 9 9 29 29 6 4 3 November 17 1 16 17 4 12 1 December 4 4 27 10 17 3 2 1 1943—January 8 1 6 2 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 May 14 14 38 38 17 11 7 12 7 4 June 46 46 1 1 50 25 23 2 July 7 7 26 24 1 40 3 26 11 2 2 A Se u p g t u e s m t ber 6 4 6 4 4 4 6 9 4 4 4 6 1 •"4 4 1 9 4 9 3 35 9 6 3 3 1 i October 28 28 50 49 48 2 24 22 1 1 November 26 3 23 37 37 134 119 9 6 December 3 3 75 70 5 19 7 9 3 3 3 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a e u r o h n t n n i e a s p t r - - - m f p e N u a r e r o c r n o t o t a n d d s u l - - s s O g d b o u t l h o r e a d e - r s t F o b a a o b e g n o v a e d d c e s c s r , - , o pr r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l u a s l s i- - g O d n o u b t o o h r l n e a d e - - s r n s c M e i e e c r l i o e v s l u a - s - s - pr N of e it t s , 1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 . 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1; 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 I51 36 19 32 35 39 39 32 204 21 134 2 3 4 3 5 6 1 4 5 5 2 1 3 3 5 6 4 2 6 5 774 4 8 9 3 3 2 4 2 1 2 8 4 3 2 2 4 2 2 7 4 3 1 5 3 2 5 7 3 5 4 2 2 1 1 7 1 4 2 2 0 3 1 12 3 5 5 4 557 72 49 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 442 53 39 47 '54 t 19 39 36 42 36 42 211 21 127 2 442 48 42 49 752 22 40 42 41 36 38 221 22 132 3 452 50 43 . 52 753 31 19 39 49 40 36 41 225 21 127 PUBLIC UTILITY CORPORATIONS [ In millions of dollars ] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m r m 4 e e e All r N o e a t d s inc I o n m s r o o e l a 1 v d e s nt d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r g n a u t e - inc N o e m t e* d D e i n v d i- s Number of companies... 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,718 959 173 196 848 226 118 98 1,362 163 163 Quarterly 1939—1 898 -38 -43 (6) 21 175 46 39 19 259 44 42 2 906 -43 -47 (6) 23 166 37 32 19 267 49 42 3 1,058 68 58 (6) 21 167 34 30 19 266 47 43 4 1,133 139 126 -4 61 184 43 36 22 274 51 48 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 — 14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 -5 28 201 59 43 18 295 43 44 2 1,272 145 103 0 36 191 48 33 24 308 44 45 3 1,468 267 189 23 34 196 46 25 18 311 45 44 4 1,454 166 138 5 87 211 50 34 19 321 46 40 1942—1 1,483 179 90 12 29 216 63 33 19 324 47 44 2 1,797 389 199 37 35 202 53 25 19 336 48 42 3 2,047 556 283 60 34 208 55 26 19 344 o46 39 4 2,139 594 387 64 98 221 56 35 19 358 822 38 1943—1 . . . 2,091 513 209 52 28 229 71 34 19 366 42 40 2 2,255 605 239 56 49 221 62 29 18 383 44 42 3 2,368 653 249 55 39 225 60 29 19 389 45 43 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. J Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 'Not. ••-• dustrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are utnndd»er renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully Total Total Non- guaran- End of month d g d i r e r o e b s c t s t i b n d e d t i a e e r r r e b i e c n t s t g t- Total2 Tre b a i s ll u s ry in c C d a e n e te r e b t s s i t f s e o i d - f - Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T t s r a a n e x v o a i t a s n e u n g s r d s y S is p s e u c e ia s l i b n e d te a e r r b i e n t s g t- s t e b t e c e e e u r a d e r r s i i i t n t n 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 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—Jan 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,045 4,277 Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 1,173 4,275 Mar 115,507 114,287 79.662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 May 135,913 134,675 95,382 10,853 16,561 9.797 57,975 29,095 20,507 8,163 10,198 1,238 4,082 Tune 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 July 141,524 140,238 98,613 12,460 16,561 11,875 57,520 30,169 22,030 7,678 11,456 1.286 3,782 Aug 144,059 142,721 •99,935 12,846 17,497 11,875 57,520 30,879 22,694 7,703 11,907 1,338 3,934 Sept 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 1,296 3,964 Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4.113 Nov 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 1,377 4,154 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1 Including amounts held by Government agencies and trust funds, which aggregated $3,762,000,000 on Nov. 30 and $3,767,000,000 (preliminary) on Dec. 31,1943. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including special short-term certificates of indebtedness not shown separately amounting to $202,000,000. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, DECEMBER 31, 1943 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- month tions Issue Amount Issue Amount Month standing at end of Tr T e a a n s . u ry 6 , b 19 il 4 ls 4 1,007 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 month1 se A rie ll s Se E ries Se F ries Se G ries se A r l i l es Jan. 13, 1944 1,005 Sept. 15, 1949-51 1,292 Jan. 20, 1944 1,001 Dec. 15, 1949-51 2,098 1942—Sept 12,479 755 510 61 184 34 Tan. 27, 1944 1,008 Dec. 15, 1949-52 491 Oct 13,381 935 665 61 210 40 Feb. 3, 1944 1,003 Dec. 15, 1949-53 1,786 Nov 14,079 735 542 45 148 43 Feb. 10, 1944 1,005 Mar. 15, 1950-52 1,963 Dec 15,050 1,014 726 66 222 55 Feb. 17, 1944 1,001 Sept. 15, 1950-52 1,186 Feb. 24, 1944 1,009 Sept. 15, 1950-52 4,939 1943—Jan 16,246 1,240 815 77 348 63 Mar. 2, 1944 1,006 June 15, 1951-54 1,627 Feb 17,067 887 634 48 205 76 Mar. 9, 1944 1,011 Sept. 15, 1951-53 7,986 Mar 17,891 944 720 44 180 131 Mar. 16, 1944 1,000 Sept. 15, 1951-55 755 Apr 19,267 1,470 1,007 110 353 103 Mar. 23, 1944 1,006 Dec. 15, 1951-53 1,118 May 20,507 1,335 995 86 254 104 Mar. 30, 1944 1,011 Dec. 15, 1951-55 510 June 21,256 876 696 35 144 141 Mar. 15, 1952-54 1,024 July 22,030 890 683 38 169 138 Cert, of indebtedness June 15, 1952-55 1,501 Aug 22,694 802 661 28 112 152 Feb. 1, 1944 2,211 June 15, 1953-55 725 Sept 24,478 1,927 1,400 139 387 155 Apr. 1, 1944 5,251 June 15, 1954-56 681 Oct 26,056 1,708 1,340 93 275 144 May 1, 1944 1,655 Mar. 15, 1955-60 2,611 Nov 26,697 798 665 23 109 170 Aug. 1, 1944 2,545 Mar. 15, 1956-58 1,449 Dec 27,363 853 728 24 101 207 Sept. 1, 1944 4,122 Sept. 15, 1956-59 982 O De c c t. . 1 1 , , 1 1 9 9 4 4 4 4 3 3 , , 5 5 1 4 9 0 J D J u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 6 0 8 2 - - - 6 6 6 5 3 7 2 1 , ,4 1 9 8 1 1 5 8 9 Maturity Date of issue ou A ts m ta o n u d nt ing Treasury notes Dec. 15, 1963-68 2,831 Dec.31, 1943 Mar. 15, 1944 515 June 15, 1964-69 3,762 S S T e e u p n p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 4 4 4 6 4 2 3 1 8 5 6 3 Po D S s e e t p a c t l . . 1 S 1 5 5 a , , v 1 1 i 9 n 9 6 6 g 4 7 - s - 6 7 9 b 2 onds 3 2 , , 8 7 1 1 3 1 6 9 7 S S e e r r i i e e s s B A — — 1 1 9 9 4 4 6 5 F F r r o o m m M Ja a n r . . 1 1 , , 1 1 9 9 3 3 6 5 3 1 1 7 4 7 M M a a r r . . 1 1 5 5 , , 1 1 9 9 4 4 5 5 1,6 7 0 1 6 8 C Pa o n n a v m er a s i C on a n b al o n lo d a s n 2 5 9 0 S S e e r r i i e e s s C C — — 1 1 9 9 4 4 7 8 F F r r o o m m J J a a n n . . 1 1 , , 1 1 9 93 3 7 8 4 4 8 0 7 5 M D D Se e e i p c r c . t . . 1 1 1 1 5 5 5 5 ! , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 5 6 6 3 2 , , 2 7 5 5 6 0 3 0 1 7 1 3 Guar T an o t t e a e l d d ir s e e c c t u i r s i s t u ie e s s 115,230 S S S S e e e e r r r r i i i i e e e e s s s s D D D D — — — — 1 1 1 1 9 9 9 9 4 5 5 5 9 0 1 1 F F F F r r r r o o o o m m m m J M J J a a a n a n n . r . . . 1 1 1 1 , , t o t 1 1 o 9 9 F 3 4 A e 9 0 p b r . . 2 3 8 0 , , 1 1 9 9 4 4 1 1 8 9 3 1 9 0 1 3 2 0 0 1 : Commodity Credit Corp. Series E—1951 From May 1, 1941 1,255 Treasury bonds Feb. 15, 1945 412 Series E—1952 From Jan. 1, 1942 5,495 M D J A D S O T u e u e e p c a n p c c n r t r e . . . . t e . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 7 5 4 4 6 6 6 5 - - - - - - 5 - 5 4 4 5 4 4 2 4 8 6 6 9 7 1 1 1 1 1 , , , , 0 5 2 0 4 5 8 7 3 1 1 3 8 4 1 5 7 9 4 6 9 1 9 9 F F H e e o M M M A F d d m e . . u a a a b e F y t y r . h . a O o 1 1 1 r P 1 m w r 5 , , 5 u i , , 1 t n 1 b y M 9 1 9 e 1 l 4 9 4 i r 9 o c 4 4 4 s 4 r ' 4 - 4 t 5 - L - g 4 2 6 o a 9 4 H g an e o u C C si o o n r r g p p 8 1 7 3 9 1 7 5 5 4 9 S S S S S S S S e e e e e e e e r r r r r r r r i i i i i i i i e e e e e e e e s s s s s s s s F E G F F G G u — — — — — — — nc 1 1 1 1 1 1 1 la 9 9 9 9 9 9 9 s 5 5 5 5 5 5 5 s 4 5 3 3 4 5 3 ified F F F F F F F r r r r r r r o o o o o o o m m m m m m m M M J J J J J a a a a a a a n n n n n y y . . . . . 1 1 1 1 1 1 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 2 2 3 3 3 1 1 9 2 1 2 , , . . 2 5 0 4 6 2 7 1 3 5 3 8 2 2 2 1 0 7 3 0 2 9 8 8 Dec. 15, 1947 701 June 1, 1945-47 755 Mar. 15, 1948-50 1,115 Reconstruction Fin. Corp Total. 27,363 Mar. 15, 1948-51 1,223 Apr. 15, 1944 571 S D T e u e p n c. e t . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 8 8 8 -50 3,0 4 5 6 5 7 2 1 1 Fe J V d a e a n r r . i a o l 1 u , s H 1 o 94 u 5 sing Admin. 43 2 7 2 D "A i 1 f m f A e o re t u n c n c u t e s r r o e b u n e t t t s w t r a e e n e d n d e m in " p g F t " i u o r n n e d p s v r e a r s lu e e c e n e s t s iv e t x e h d c e e " p d i t a f f n S e d r e e r n i m e c s o e n G b th , e tw w to e h e i m c n h o a c n i c s th r u s t e a c d t h e a d in n c g a r e t e s a p s a i e n r s . Total guaranteed issues 4,020 in redemption values and redemptions of bonds during the month. 1 Called for redemption on Apr. 15, 1944. FEBRUARY 1944 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held* ernment agencies Held End of month s i # e b n c e T t u e a o r r r i e t i t a n i s e l g t- s S is p a s e n u c d e i s a t l rust f P i u s u n s b u d l e s i s c F R B e e a b d s n y e e k r r v a s l e Total m b C e a o r n c m k ia s - l M s b av u a i n t n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i a O s a s b r t u k l h e e e e s t r - inv m es N a a to r o b k r n l s e e - tissues 1940—June 47,874 4,775 2,295 2,466 38,338 16,550 3,110 6,500 9,400 2,800 December 50,360 5,370 2,250 2,184 40,556 17,760 3,220 6,900 9,600 3,100 1941—June 54,747 6,120 2,362 2,184 44,081 20,100 3,430 7,000 9,400 4,200 December 63,768 6,982 2,547 2,254 51,985 21,790 3,700 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,390 3,890 8,900 11,100 13,000 December 111,591 9,032 3,207 6,189 93,163 41,340 4,560 11,000 15,200 21,100 1943—April 133,006 9,795 3,557 6,455 113,199 48,920 5,180 12,600 19,900 26,600 May 138,757 10,198 3,562 6,222 118,775 52,840 5,240 12,700 19,700 28,300 June 139,472 10,871 3,440 7,202 117,959 52,460 5,290 12,800 19,000 28,400 July 144,020 11,456 3,401 8,187 120,976 54,800 5,300 12,800 18,800 29,300 August 146,655 11,907 3,425 9,088 122,235 56,000 5,100 12,700 18,400 30,000 September 161,018 11,717 4,073 8,919 136,309 59,200 5,900 14,200 24,100 32,900 October 167,701 11,868 4,125 9,354 142,354 62,600 6,000 14,400 24,700 34,700 November 168,935 12,278 4,157 10,348 142,152 62,000 6,000 14,500 24,200 35,500 l Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 million. Back figures.—See July 1941 BULLETIN, p. 664. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars] U.S. I U.S. Gov- Gov- End of month s T t o i a o n u n g t t d a - l - m a e c a g r i n e e e n d n n s - t - B s F e R e a r e r n e a d v - k l - e s m b C a e o n r m c k i s - a 1 l b M i s t a n u a n g v u a k s l - - s I c a n o n s r c u n e r - - Other End of month T st o i o a n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - B s F e R e a e r r e n a v d - k l e - sb C m a c o n i e a m k r l - s - b M s i t a n u a n g u v a k s l - - s p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total: 2 Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,748 12,237 Total: Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943—June 99,333 3,434 7,202 48,665 5,161 486 22,385 49,268 2,739 2,77719,445 4,055 9,94410,308 July 102,324 3,339 8,187 50,464 5,222 ,557 22,554 1943-June. '.'.'.'.'.'.'.'.'.'.'.57,520 3,045 ,468 24,226 4,725 11,442 12,615 Aug 103,796 3,417 9,088 51,429 5,016 12,42722,419 July 57,520 2,996 ,44524,723 4,68011,,.365 12,312 Sept 115,313 4,065 8,919 54,457 5,811 13,950 28,111 Aug 57,520 2,986 ,47325,168 4,418 11,21112,264 Oct 119,867 4,118 9,354 57,468 5,866 14134 28,927 Sept 65,444 3,614 ,500 25,900 5,39313,10015,936 Nov 119,867 4,150 10,348 56,761 6,100 14228 28,280 Oct 67 3,616 ,506 27,781 5,44713,28016,259 Treasury bills: Nov 67,940 3,609 ,508 27,913 5,66113,36715,882 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: Dec 6,627 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—June 11,864 3,815 6,502 21 154 1,361 Dec 5,830 754 2,565 253 726 1,531 July 12,460 4,896 5,939 31 198 1,386 1943—June 9,474 867 5,122 298 991 2,195 Aug 12,846 5,701 5,233 122 245 1,534 July.... 9,474 854 5,171 294 984 2,170 Sept 13,054 5,351 6,448 9 3 1,242 Aug 9,474 851 5,272 266 927 2,156 Oct 13,064 5,547 6,227 10 2 1,272 Sept 9,925 853 5,831 226 860 2,151 Nov 13,074 6,163 5,643 9 19 1,232 Oct 8,524 668 5,074 214 839 1,728 Certificates: Nov.... 8,524 665 5,068 217 836 1,738 1942—June 3,096 11 66 1,971 74 782 Maturing in 5-10 years: Dec 10,534 17 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—June 16,561 51 1,092 9,823 184 305 5,106 Dec 17,080 1,574 9,353 1,129 2,101 2,920 July.... 16,561 37 1,092 9,890 189 331 5,022 1943—June 17,921 776 10,107 1,308 2,326 3,401 Aug 17,497 38 1,160 11,000 183 315 4,801 July 17,921 768 10,373 1,265 2,296 3,219 Sept 21,136 40 1,347 11,936 169 271 7,373 Aug 17,921 796 10,585 1,094 2,290 3,154 Oct 23,199 51 1,565 13,357 172 277 7,777 Sept 21,883 974 10,606 1, 2,919 5,541 Nov 23,103 48 1,908 13,159 189 280 7,520 Oct 25,430 1,162 13,153 1, 3,024 6,183 Treasury notes: Nov 25,453 1,160 13,390 1,968 3,067 5,866 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Dec 9,863 92 1,324 5,670 167 283 2,327 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 1943—June 9,168 61 774 5,500 155 276 2,402 Dec 16,295 2,165 6,240 1,580 2,778 3,531 July 11,875 53 721 7,506 258 364 2,974 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 Aug 11,875 56 721 7,533 244 362 2,959 July 17,214 1,598 7,745 1,402 2,883 3,585 Sept 11,596 57 687 7,603 198 288 2,762 Aug 17,214 1,587 7,839 1,348 2,809 3,636 Oct 11,596 58 686 7,569 195 289 2,797 Sept 17,214 1,584 7,949 1,315 2,794 3,576 Nov 11,596 63 693 7,546 198 279 2,816 Oct 17,214 1,587 8,015 1,303 2,761 3,547 Guaranteed securities: Nov 17,214 1,591 7,961 1,390 2,740 3,534 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: 4,196 311 37 2,665 108 332 743 1942—June 6,002 593 1,258 512 2,326 1,315 1943—J-unJeu."n.e'..'.".'.!'.'. 4,023 231 54 2,602 76 309 751 Dec 10,065 1,021 1,286 1,095 4,339 2,323 July. 3,711 209 33 2,392 64 298 714 1943—June 12,912 1,221 1,385 1,713 5,229 3,366 Aug... 3,861 292 33 2,481 49 293 713 July 12,912 1,216 1,434 1,720 5,204 3,338 Sept... 3, 318 33 2,556 42 287 651 Aug 12,912 1,222 1,474 1,711 5,188 3,317 Oct.... 3,923 352 50 2,521 42 284 673 Sept 16,422 1,702 1,514 2,014 6,524 4,667 Nov... 3,959 388 76 2,486 42 282 684 Oct 16,720 1,704 1,538 2,020 6,658 4,802 Nov 16,749 1,701 1,495 2,086 6,723 4,743 * Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings by nonrepeating banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companies for certain dates are shown in the table above. 1 On Nov. 30, 1943, commercial banks reporting to the Treasury held $21,777,000,000 of United States Government securities due or callable within one year out of a total of $42,476,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n i r M n n e n e e u v t l a o i e l e s e l u a r 1 - - - - 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 p t - a ts l ce N i r p e e - t t s* I d n e o e t s n e b t r t - ac W t t i i e a v s r i- T c f o e t r e a r r u a t u s c n c n - s . t s t t o s - , Other e b T i x u t p o u d e t r g a n e e l s d t - D c e i f t i- c T e o a r t u c u c - n . s 4 t t s C f h a g b e u n i a e r a n n a n c n l d - l e g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,66? 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—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 1,19C 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 4,565 4,569 609 7,469 1 247 8,327 3,758 -206 -3,180 784 July 19 1,236 512 48 234 2,04? 2,007 68 6 432 344 269 7,112 5,105 —635 —912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 7'232 15 324 7*617 4*896 +131 -2,231 2*534 September.... 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 October... :.. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 -132 +1,139 6,697 November 1,010 449 363 292 255 2,37C 2,099 47 7,541 2 248 7,839 5,740 +290 -4,338 1,112 December 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 7,452 1,716 -667 -2,664 -281 Detail'> 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 in in c g h a e c c - k- De- De- Total c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c a G o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d e -, i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o e p i s n c o i i s t a s i l - O as t s h e e t r s lia ti b e i s li- Total W a b i o n n a r c g l k - e - Banks taries Fiscal year ending: June 1942 2,327 1 705 614 3,625 863 221 533 3,443 603 1679 1,162 452 2 991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 1942—December 75 350 33 548 99 37 11,032 1,516 8,166 1,350 489 10,543 9,780 1943—January 110 43 35 186 74 47 8 8,200 465 6,367 1,368 477 7,724 6,961 February 498 230 35 370 52 40 -3 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 —41 13,152 651 11,117 1,383 465 12,687 11,924 June 169 428 31 —82 152 119 30 10,149 1,038 7,667 1,444 643 9,507 8,744 July 245 179 29 726 315 252 9 9,127 979 6,790 1,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 1,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 1,462 541 19,297 18,534 November 562 277 29 -64 75 96 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December.. .. 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Period Total v C i r i n d e u d n u r i t - a - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - 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 i e t s r s Total C st t t a o a a p x c l k i- E ta s g a t x n i a f e d t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a a x c o c e - o s S t t a a x m es p M re t e a t t u a a a x n r n x i c u e l d i e e f r s s a s e r ' c s' - n c t M a e e x l o i l s e u a - s - s Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1942—December 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 1943—January 296 48 37 69 136 5 379 47 137 81 4 68 42 February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 2 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 i 37 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 June 4,026 1,800 5 970 41 1,203 7 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652 136 48 125 87 4 59 193 August 814 55 1 438 111 44 162 3 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 59 1,006 3 181 50 337 9 421 20 41 122 90 4 59 86 November 1,471 32 1,087 2 84 47 204 16 376 34 117 93 4 56 70 December 4,591 2,151 14 1 1,057 33 1,314 21 388 36 120 87 4 64 76 1 Withheld by employers (Current Tax Payment Act of 1943). FEBRUARY 1944 177 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 Liabilitiis, other than Assets, other than interagency items interaajency items Securities Bonds, notes, U. S. Pri- End of month Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans f s e t r o r c e k d , Cash d G i o re v c t. t G Ot o h v e t r . o a t n h d er p n r e o s p s - h f e o l r d O as t s h e e t r s g F u u a ll r y - lia ti b e i s li- interest interest etc. and agen- receiv- erty sale anteed Other1 guaran- cies1 ables by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 December 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 ,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 ,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 1,284 32 1,205 :,041 5,638 4,147 4,291 ,413 4,829 11,671 439 February.. .. 23,437 8,022 565 590 1,375 27 1,440 ,359 5,883 4,176 4,332 ,383 5,076 12,206 440 March 24,151 8,003 562 597 1,424 26 ,303 ,408 6,074 4,754 4,365 ,375 5,109 12,860 441 April 24,706 8,092 560 536 1,510 24 ,464 ,428 6,081 5,011 4,372 .366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 ,514 ,475 6,167 5,066 4,092 ,340 5,746 13,188 440 Tune 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 July 25,555 7,615 524 538 1,638 16 ,514 ,561 6,750 5,399 3,936 ,276 5,757 14,146 441 August' 26,435 7,580 498 539 1,691 11 ,450 ,966 7,019 5,681 4,046 ,271 5,972 14,706 440 September... 26,284 7,557 497 501 1,722 7 ,487 ,470 7,234 5,809 4,081 1,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 6 ,850 ,602 7,115 6,395 4,125 1,285 5,867 15,501 440 November... 27,788 7,459 492 493 1,833 6 1,963 ,611 7,309 6,622 4,180 1,308 5,788 16,073 439 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r r m a s p n ' n e . - H b F L a e o o a d n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e n b u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M C F g F a a o o e r g r d r m p e t . - . b c m i F r n a a e e e n t t e d d e d k r i i . s - t - o B fo t p a i r v e n r c e k a o s s - - m C C C o r o d e o r i d m p i t - . t y C F r A a e d d r - i m t A S F d r e m a i c t i r u y n m - . tr m t A i i f i o i d n c n - . a- p B p I o o m a r r n t - t k - Other 1941—June 8,106 ,082 1,870 170 65 194 316 1,818 630 255 74 244 263 461 289 114 261 December.. 8,487 ,433 1,777 219 72 207 367 1,764 597 235 113 233 250 467 323 139 291 1942—June 8,379 ,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December . 8,127 ,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January... 8,086 ,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February.. 8,022 ,527 1,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March 8,003 ,530 1,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 April 8,092 ,512 1,480 87 97 204 371 1,520 475 280 106 408 245 457 344 122 384 May 7,949 ,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 344 126 416 Tune 7,685 ,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 ,459 1,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 A Se u p g t u e s m t ber. 7 7, , 5 5 5 8 7 0 1, , 4 46 6 3 0 1 1 , , 4 3 0 8 0 3 1 8 3 1 0 - 1 9 0 9 0 6 67 9 3 3 1 1 7 7 1 1 , , 4 4 5 3 2 1 4 4 4 3 7 7 2 2 8 6 4 9 1 1 1 4 1 8 2 2 2 2 5 2 2 2 4 3 2 7 4 4 4 3 1 3 3 3 4 4 4 5 1 1 3 3 6 6 4 4 6 4 8 3 October... 7,487 1,432 1,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 433 November. 7,459 1,427 1,354 116 99 65 318 1,381 412 240 215 278 229 421 345 136 423 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y ce R C ec o o rp n o st r r a u ti c o ti n on Preferred stockheld Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month L to o a f n i- s Loans R s e tr c u o c n - - O H w o n m e e rs' b F a e n d k . s l a a n n d d m C o o d m it - y st R ru ec c o ti n o - n War m C o o d m it - y O H w o n m e e rs' Total nancial to Other tion Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan Other insti- rail- Finance Corpo- Mortgage Corpo- Corp. and rations Corpo- Corpotutions roads Corp. ration Corp. ration war cor- ration ration porations 1941—June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 December. .. 1,433 165 473 795 401 175 104 219 34 80 241 703 749 288 151 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—January 1,554 161 463 930 364 140 101 203 129 519 354 3,793 1,495 223 127 February.. .. 1,527 159 449 919 361 110 94 205 103 659 473 3,928 1,614 219 122 March 1,530 155 444 931 359 109 94 195 75 677 356 4,041 1,700 216 117 April 1,512 153 437 922 358 109 93 197 209 700 358 4,442 1,316 212 111 May 1,487 150 434 903 355 109 93 192 187 763 372 4,703 1,153 203 108 June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 July 1,459 145 423 891 351 80 93 192 210 825 287 5,241 1,223 182 104 August 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 September... 1,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 October. ... 1,432 136 406 890 343 63 87 186 489 778 397 6,016 865 136 98 November... 1,427 134 405 888 341 63 88 174 533 734 522 6,231 873 111 94 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to 1,915 million dollars on Nov. 30, 1943. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" referto adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e a l o 5 1 n u y m 0 - t e - 3 s 0 ) e 9 ' Tota In l (p d h u 1 y s 9 s tr 3 i i c 5 a a - D l 3 l 9 u p v f M a r r o = - c o l a t u d 1 u n m u 0 r u N c e d 0 - e t s u o ) io 2 r n * - n - M era in ls - To a t w a 1 C l a 9 o r 2 c d n 3 o e R s - d n 2 t d t i e e t r 5 a r u n s ( a l i c - = v - c t a t i 1 s o l 0 u n o e 0 A t ) h 3 l e l r N t a c u g o u r l r n a - i E - l - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o p 3 1 o a l a 9 0 r c l y y 0 s - 4 = c F 1 a = r 9 i r e n 3 l i g o 5 1 g s a - 0 h * 3 d 0 t 9 - D 19 m s ( = e s u v 2 t a p e o e a 3 l ) a 1 n r e l - * - 0 e r 2 s t 5 t 0 5 - p W m r = c i 1 h s o o c 9 a o d e m 2 1 l l e i s 6 0 e - t 4 - y 0 C 1 l = i 9 o v 3 s i 1 5 t n 0 - o 3 g 0 f 9 4 able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95*4 124^0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 106^0 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108 7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87 1 87 83 90 86 37 21 * 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107 7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 109 109 109 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940 113.8 125 139 115 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 162 201 142 125 122 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942 171.9 199 279 158 129 166 82 235 124.2 152.3 242.3 138 124 98.8 116.5 1943 ^361 P176 P132 #92 Pi 98 K P168.7 137 138 103.1 123.6 1940 October 117.1 132 137 156 119 114 95 85 103 106.5 112.0 114.8 126.9 111 94 78.7 100.2 November 117.7 136 138 159 123 119 111 87 130 108.1 114.6 116.0 127.5 116 100 79.6 100.1 December 120.6 140 139 166 126 119 115 90 136 109.7 116.8 117.4 134.1 117 101 80.0 100.7 1941 January 121.3 143 139 172 127 120 103 84 117 110.3 118.8 116.9 132.6 120 101 80.8 100.8 February 123.5 147 144 178 131 119 99 76 118 111.5 120.9 120.0 140.3 122 103 80.6 100.8 March 125.4 152 149 184 133 126 94 74 109 111.7 122.9 122.7 145.9 127 103 81.5 101.2 April 128.2 149 149 186 137 96 103 80 121 111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 133.7 160 160 198 142 121 101 88 111 113.6 129.8 128.6 161.3 129 105 84.9 102.9 June 138.9 164 165 203 144 127 117 101 129 115.3 133.3 132.0 170.5 131 104 87.1 104.6 July 140.3 166 165 208 144 126 139 115 158 117.1 136.6 135.5 172.0 132 115 88.8 105.3 August 143.2 167 170 209 146 128 152 112 184 118.4 137.8 138.4 178.8 136 134 90.3 106.2 September 144.4 169 174 212 146 132 161 105 206 118.9 138.8 141.2 184.8 134 116 91.8 108.1 October 146.3 172 176 219 148 134 145 87 192 119.2 139.5 141.8 190.2 134 105 92.4 109.3 November 147.5 174 175 220 151 133 138 74 189 119.8 139.9 141.3 188.6 137 116 92.5 110.2 December 153.9 176 173 225 150 134 123 69 167 120.3 140.6 141.1 195.1 138 111 93.6 110.5 1942 January 155.2 181 177 235 152 133 118 82 147 120.4 141.6 139.8 200.7 140 138 96.0 112.0 February 157.1 183 180 241 153 133 128 100 151 120.8 143.2 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 144.8 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.0 146.3 221.4 138 117 98.7 115.1 May 165.4 191 192 264 153 126 158 76 226 121.9 148.7 148.0 228.7 136 108 98.8 116.0 June 169.6 193 195 272 152 127 193 76 288 122.5 150.8 149.9 234.5 134 104 98.6 116.4 July 172.8 197 199 278 154 126 206 74 313 124.5 1*3.2 153.4 242.7 137 121 98.7 117 0 August 176.2 204 207 290 158 130 182 65 278 125.8 155.8 157.1 254.8 140 130 99.2 117.5 September 178.4 208 213 299 161 131 179 70 268 126.5 157.4 159.6 261.8 140 123 99.6 117.8 October 183.0 215 218 311 165 129 185 83 269 127.6 159.6 160.7 270.9 140 128 100.0 119.0 November 189.2 220 220 319 168 130 198 90 286 128.8 161.5 161.9 280.4 136 138 100.3 119.8 December 193.4 223 221 328 169 127 175 91 243 130.2 164.2 164.5 287.9 135 125 101.0 120.4 1943 Tanuary 196.5 227 223 336 171 125 145 79 198 130.4 165.8 164.8 290.9 135 143 101.9 120.7 February 200.6 232 229 344 174 131 102 56 140 130.5 167.4 166.4 297.5 139 168 102.5 121.0 ' March 204.4 235 232 351 174 133 85 42 119 129.9 168.1 167.6 304.5 138 136 103.4 122.8 April 207.3 237 235 356 175 131 63 33 87 129.3 168'.4 167*7 309.7 136 128 103.7 124.1 May 208.7 238 239 359 176 129 52 31 68 128.4 167.9 167.2 313.5 135 125 104.1 125.1 June 211.3 236 238 ' 358 177 117 45 32 55 128.9 169.0 168^8 317.1 127 129 103.8 124.8 July 213.1 240 241 361 176 134 60 36 80 128.6 169.7 169.8 315.6 141 142 103.2 123.9 August 215.5 242 245 r366 177 135 59 35 79 127.9 169.6 170.8 322.2 140 142 103.1- 123.4 September. 215.6 245 248 370 r178 138 65 35 89 126.8 168.3 170.1 r328.0 140 132 103.1 123.9 October 218.0 247 249 r375 179 136 49 34 61 127.5 170.1 r170.5 r332.7 137 140 103.0 124.4 November. . P221.4 247 247 377 179 133 60 37 78 128.3 170.7 170.7 336.2 139 158 ' 102.9 r124.2 December.— ^245 ^175 ^139 ^36 ^127.7 P169.4 p169.7 144 130 103.2 124.4 1944 January e145 e151 e103.3 •Average per working day. p Preliminary. r Revised. e Estimated. c Corrected. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 180-183. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 186 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For sales comparisons by cities and by departments see pp. 188-189 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65. FEBRUARY 1944 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 220 223 227 232 235 237 238 236 240 242 245 247 247 *>245 Manufactures—Total 236 240 245 250 253 256 258 258 259 r262 264 r267 268 Durable Manufactures 319 328 336 344 351 356 359 358 361 r366 370 '375 377 2*374 Iron and Steel 204 200 204 208 210 209 208 201 203 209 213 214 209 199 Pig iron 201 197 198 200 202 198 196 190 191 202 205 202 200 198 Steel 224 221 226 231 233 235 233 227 229 235 239 241 235 221 Open hearth 182 179 182 185 188 186 184 177 180 184 189 190 184 176 Electric 527 523 542 560 559 580 584 583 577 598 593 607 592 536 Machinery 392 407 417 426 436 441 443 441' '440 r445 r451 458 '463 P463 Manufacturing Arsenals and Depots*.... .... Transportation Equipment... ... 600 630 651 671 692 718 728 743 756 763 r767 r780 785 P784 Automobiles 185 191 198 203 204 206 211 215 220 232 r239 249 248 p248 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)x Nonferrous Metals and Products. 239 242 250 252 256 257 266 264 266 273 288 295 299 P298 Smelting and refining 237 241 241 253 255 262 270 275 278 279 294 303 308 2*306 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin)1. Fabricating ^ _ 240 243 254 252 257 255 264 260 262 270 285 292 296 2>295 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products* Tin consumption) * Lumber and Products 132 130 123 127 129 130 133 128 128 130 129 128 136 P136 Lumber 126 122 113 117 119 121 126 118 118 119 118 115 127 P129 Furniture 142 146 142 147 149 149 147 148 148 152 149 152 152 P152 Stone, Clay, and Glass Products .... 170 173 180 178 175 175 175 175 173 173 168 171 168 P170 Glass products 135 136 150 149 146 153 159 158 162 162 159 169 165 169 Plate glass 35 35 35 36 35 39 43 41 45 49 53 47 54 55 Glass containers 170 172 191 189 185 194 200 199 203 202 196 212 204 209 Cement 172 171 171 166 154 135 130 127 119 114 112 107 98 Clay products 144 144 148 144 142 142 136 139 132 132 125 124 124 2*126 Gypsum and plaster products 192 191 193 196 202 204 203 204 198 203 194 194 196 Abrasive and asbestos products 270 293 301 305 308 313 320 325 326 327 321 326 329 2>325 Other stone and clay products1 Nondurable Manufactures 168 169 171 174 174 175 176 177 176 177 r178 179 179 2>17S Textiles and Products... 159 157 158 162 158 157 159 155 148 145 150 152 152 P147 Textile fabrics 150 148 149 152 149 147 149 146 139 136 141 r143 142 Cotton consumption 171 163 171 171 166 166 169 160 153 147 156 156 153 142 Rayon deliveries 177 178 180 181 181 181 185 183 183 177 181 186 191 189 Nylon and silk consumption1 Wool textiles 161 163 154 166 163 157 158 160 146 150 151 154 153 Carpet wool consumption 43 44 29 39 40 38 32 30 24 33 29 37 39 Apparel wool consumption 212 218 208 230 228 214 222 226 207 210 206 201 294 Woolen and worsted yarn 179 180 172 184 181 173 177 181 164 168 172 173 172 Woolen yarn 182 184 176 190 187 179 181 186 168 176 178 175 176 Worsted yarn 175 175 167 177 172 165 171 174 159 158 163 171 166 Woolen and worsted cloth 180 185 177 187 182 177 177 179 164 166 169 172 171 Leather and Products 117 117 123 123 117 119 118 114 112 111 110 r110 104 P103 Leather tanning 125 126 130 127 120 122 122 114 111 106 105 104 99 Cattle hide leathers 139 141 141 139 128 131 132 122 116 109 107 102 101 Calf and kip leathers 94 93 95 93 92 91 92 86 85 80 81 r76 67 Goat and kid leathers 81 84 89 89 93 90 90 86 84 82 88 95 92 Sheep and lamb leathers 163 154 185 170 160 166 164 162 169 174 164 173 148 Shoes : 111 110 118 119 115 117 115 114 112 114 114 114 109 2*106 Manufactured Food Products 140 143 141 141 142 141 141 141 •144 144 r143 r143 149 P147 Wheat flour 118 120 134 126 118 109 97 102 103 110 111 117 128 2*132 Cane sugar meltings1 Manufactured dairy products. 164 145 2*137 2*139 2*143 p'ub 2*146 2*159 2*i39 Butter 101 103 103 107 108 106 103 106 104 96 95 87 88 86 Cheese 136 135 144 145 147 147 145 150 154 150 150 144 143 147 Canned and dried milk 145 143 137 141 145 149 150 161 171 157 154 137 132 131 Ice cream 216 176 Meat packing 149 156 143 154 151 147 162 159 186 182 178 168 185 173 Pork and lard 171 189 168 183 183 187 216 222 260 241 221 193 221 206 Beef 123 119 123 131 127 112 111 96 110 119 130 135 145 139 Veal 122 108 79 76 74 62 60 63 73 109 131 151 150 121 Lamb and mutton 152 151 121 115 107 111 123 119 140 154 161 173 166 158 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1942 1943 Industry Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Manufactured Food Products—Continued Other manufactured foods 139 144 144 143 145 144 144 142 141 r141 141 Processed fruits and vegetables.. 122 122 121 121 122 124 121 119 114 126 120 121 Confectionery 123 135 137 139 145 153 152 144 134 123 120 120 Other food products 147 152 151 149 150 148 148 148 149 150 150 150 PI 56' Alcoholic Beverages 121 111 105 121 112 104 106 106 135 130 141 143 Malt liquor 144 131 122 142 133 124 113 127 127 131 164 155 169 172 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 62 42 42 63 35 31 21 22 23 40 77 90 62 42 Rectified liquors 159 159 159 161 157 141 139 144 144 157 156 158 178 189 Industrial Alcohol front Beverage Plants1... Tobacco Products 138 146 132 128 129 132 123 124 134 136 134 148 143 Cigars 117 154 103 101 93 103 104 102 99 96 101 100 101 90 Cigarettes 163 160 159 153 159 160 144 149 166 169 165 173 186 181 Other tobacco products.. 94 94 93 89 85 78 84 92 87 93 100 99 Paper and Paper Products 137 133 135 140 141 141 142 140 135 143 143 r140 140 Paper and pulp 137 132 135 139 139 138 140 136 133 141 140 r138 137 Pulp 161 149 148 153 148 150 154 143 141 153 150 153 147 Groundwood pulp 107 107 103 107 103 101 104 106 111 115 112 112 103 Soda pulp 141 127 96 98 94 93 92 84 87 93 93 93 93 Sulphate pulp 208 192 201 206 203 204 211 184 193 214 211 213 212 Sulphite pulp 151 140 140 146 140 144 147 142 131 139 134 141 131 Paper 133 130 133 137 138 136 137 135 132 139 138 r135 136 Paperboard 137 134 137 143 150 150 150 152 143 151 155 148 151 135 Fine paper 129 124 129 131 129 130 133 123 126 135 124 127 126 Printing paper 127 120 125 131 126 124 122 122 117 126 125 r124 122 Tissue and absorbent paper 174 175 175 172 174 167 168 176 158 169 174 r163 161 Wrapping paper 123 120 125 129 127 125 130 118 127 130 126 128 130 Newsprint 102 100 92 92 90 89 91 91 90 83 86 Paperboard containers (same as Paperboard). Printing and Publishing 116 111 115 116 112 113 112 112 111 115 110 106 P105 Newsprint consumption 106 103 104 101 97 101 102 105 103 97 96 90 89 Printing paper (same as shown under Paper) Petroleum and Coal Products... 157 156 158 165 166 171 173 177 182 193 202 207 p213 P216 Petroleum refining 155 155 157 164 166 171 174 180 185 196 206 212 ^220 P223 Gasoline 110 104 99 102 99 101 104 109 109 116 122 122 123 Fuel oil 138 137 137 143 137 144 137 138 145 153 156 151 159 Lubricating oil 114 113 111 114 118 114 116 120 121 123 123 134 137 Kerosene 110 99 104 117 118 121 122 126 118 107 115 113 117 Other petroleum products1 Coke 166 166 166 169 169 169 166 157 162 170 171 169 163 Byproduct coke 156 156 157 158 158 159 157 152 153 159 161 158 155 Beehive coke 503 501 485 543 551 519 481 318 453 523 538 535 P536 Chemical Products 330 344 355 361 370 382 389 399 402 404 395 398 390 P372 Paints 125 126 125 127 126 129 130 135 139 140 137 138 P139 Soap 121 123 125 127 124 124 122 123 120 124 123 120 P131 Rayon 187 196 196 200 204 210 214 213 222 223 221 225 223 P225 Industrial chemicals 310 319 332 332 341 350 356 366 371 382 383 396 398 P39& Explosives and ammunition1.. Other chemical products1 Rubber Products.. 200 212 215 218 222 222 224 230 229 227 234 P247 Minerals—Total... 130 127 125 131 133 131 129 117 134 135 138 136 PI 39 Fuels 130 126 124 133 131 129 115 136 137 140 138 134 P141 Coal....... 148 136 136 151 154 146 139 97 150 148 150 141 PU7 Bituminous coal... 154 143 145 157 161 151 143 103 155 153 155 144 Anthracite ..... 124 105 102 129 128 129 124 74 129 128 129 127 102 Crude petroleum 121 121 118 121 122 124 125 124 128 131 136 137 139 Metals... 133 133 130 131 131 130 129 128 128 123 124 123 123 P123 Metals other than gold and silver.. 181 187 185 189 188 189 186 187 188 184 188 187 187 P187 Iron ore 211 223 223 223 223 223 223 223 223 223 223 223 223 P223 (Copper; Lead; Zinc)1 Gold 28 27 Silver r70 r Revised v Preliminary. l Series included in total and group indexes'but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. FEBRUARY 1944 181 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 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug.Sept. Oct. Nov. Dec. Industrial Production—Total. 220 221 223 229 232 235 239 238 241 245 248 249 247 P243 Manufactures—Total 236 239 242 247 251 255 258 259 260 r264 267 269 268 V263 Durable Manufactures 319 327 334 342 350 356 360 359 362 367 r371 377 Iron and Steel 200 204 208 210 209 201 203 209 213 214 209 199 Pig iron 201 197 198 200 202 196 190 191 202 205 202 200 198 Steel 224 221 226 231 233 235 233 227 229 235 239 241 235 221 Open hearth. 182 179 182 185 188 186 184 177 180 184 189 190 184 176 Electric 527, 523 542 560 559 580 584 583 577 598 593 607 592 536 Machinery 407 417 426 436 441 443 441 440 r445 r451 458 463 H63 Manufacturing Arsenals and Depots1 .. Transportation Equipment... 600 630 651 671 692 718 728 743 756 763 r767 r780 785 V784 Automobiles 185 191 198 203 204 206 211 215 220 r239 249 248 (Aircraft; Railroad cars; Locomotives; Shipbuilding —Private and Government)1 Nonferrous Metals and Products... 239 243 250 252 256 257 266 264 266 273 295 299 P298 Smelting and refining 238 242 241 253 255 262 271 275 276 279 294 308 2*306 (Copper smelting, Lead refining Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 243 254 252 257 255 264 260 262 270 285 292 296 (Copper products; Lead shipments; Zinc shipments; Aluminum products;Tin consumption)1 Lumber and Products 130 120 112 123 130 136 135 135 137 136 133 P126 Lumber 123 106 96 104 110 120 130 128 128 130 129 124 124 Furniture.. 142 146 142 147 149 149 147 148 148 r152 149 152 152 P152 Stone, Clay, and Glass Products 175 169 170 166 168 172 180 177 173 179 17S P168 Glass products 136 127 147 145 146 153 169 157 156 168 162 174 166 158 Plate glass 35 35 35 36 35 39 43 41 45 49 53 47 54 55 Glass containers 171 160 187 184 185 194 214 197 195 210 200 218 206 195 Cement 186 156 139 126 126 128 137 136 131 129 130 124 105 Clay products 150 149 139 137 136 138 136 137 132 135 12? 131 129 Gypsum and plaster products 194 194 187 188 196 202 205 208 198 204 198 199 198 2*199 A O b th r e a r s i s v t e o n a e n d a n a d sb c e l s a t y o s p p ro ro d d u u c c ts t 1 s 270 293 301 305 308 313 320 325 326 327 321 326 ^325 Nondurable Manufactures. 168 168 168 171 171 173 175 177 177 180 182 r182 180 Textiles and Products 159 157 158 162 158 157 159 155 148 145 150 152 152 P147 Textile fabrics 150 148 149 152 149 147 149 146 139 136 141 r143 142 Cotton consumption 171 163 171 171 166 166 169 160 153 147 156 156 153 142 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumpt;ion1 177 178 180 181 181 181 185 183 183 177 181 186 191 189 Wool textiles 161 163 154 166 163 157 158 160 146 150 151 r154' 153' Carpet wool consumption 43 44 29 39 40 38 32 30 24 33 29 37 39 Apparel wool consumption 212 218 208 230 228 214 222 226 207 210 206 201 204 Woolen and worsted yarn 179 180 172 184 181 173 177 181 164 168 172 173 172 Woolen yarn 182 184 176 190 187 179 181 186 168 176 178 175 176 Worsted yarn 175 175 167 177 172 165 171 174 159 158 163 171 166 Woolen and worsted cloth 180 185 177 187 182 177 177 179 164 166 169 r172 171 Leather and Products... 119 123 126 118 118 113 110 110 110 106 Leather tanning 130 125 130 137 119 121 122 112 105 105 103 104 102 Cattle hide leathers 144 141 144 151 128 131 132 117 109 105 105 103 105 Calf and kip leathers 97 91 93 98 90 88 84 84 80 78 69 Goat and kid leathers 79 85 89 93 93 93 83 80 89 95 Sheep and lamb leathers 172 146 172 188 155 162 177 160 157 180 161 173 Shoes .».„..,..... 111 110 118 119 115 117 115 114 112 114 114 r114 109 P106 Manufactured Food Products.. 141 139 131 127 128 135 141 152 159 r160 P144 Wheat flour 119 118 127 105 93 102 109 121 129 2*130 Cane sugar meltings1 Manufactured dairy products 107 95 v99 P203 P179 ! ^103 Butter 77 81 94 98 108 133 146 127 106 91 75 67 68 Cheese _ 102 97 107 119 132 153 194 213 189 167 153 130 i 101 106 Canned and dried milk 104 110 111 127 142 168 208 223 198 161 142 Ill r95 101 Ice cream 130 98 Meat packing 166 186 171 147 140 162 158 170 154' 160' 168 206 '205' Pork and lard 200 249 221 180 171 170 216 222 229 185 175 181 259 271 Beef 128 119 126 121 115 105 111 94 111 120 140 147 150 139 Veal • 131 101 73 67 69 61 62 63 73 107 144 172 160 113 Lamb and mutton 152 148 128 117 105 108 126 111 134 151 173 180 166 155 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 181 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average - 100] 1942 1943 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Other manufactured foods 129 161 165 Processed fruits and vegetables 67 214 r222 P97 Confectionery 135 133 155 P142 Other food products 144 153 153 PI 59' Alcoholic Beverages 105 122 138 119 120 Malt liquor 123 150 166 130 137 Whiskey 0 0 0 0 0 Other distilled spirits 23 21 105 130 47 Rectified liquors 157 157 156 178 189 Industrial Alcohol from Beverage Plants1 Tobacco Products 132 123 125 123 128 138 140 144 151 132 Cigars 103 99 101 100 90 159 175 176 179 190 167 Cigarettes .... 91 84 93 99 103 87 Other tobacco products 135 141 142 140 134 143 143 r140 140 Paper and Paper Products... 135 139 140 137 132 140 140 r138 138 Paper and pulp 1 1 0 4 7 9 1 1 1 5 2 2 1 1 1 5 3 5 1 1 0 4 7 3 1 9 4 9 0 1 10 5 1 1 1 9 4 9 8 1 1 0 5 4 2 1 1 0 4 9 8 Pulp 96 93 92 84 87 93 93 93 93 Groundwood pulp 201 204 211 184 193 214 211 213 212 Soda pulp 140 144 147 142 131 139 134 141 151 Sulphate pulp 133 137 137 136 131 139 138 r135 1.36 Sulphite pulp 137 150 150 152 143 151 155 148 151 135 Paper 129 130 133 123 126 135 124 127 126 Paperboard 125 124 122 122 117 126 125 r124 122 P W F T r i i n s i r n a s e u p t i p e p n a i g n a p n g e p d r a p p a a e b p r s e o r rbent paper 1 1 9 7 2 2 3 5 1 1 8 2 6 9 5 8 1 1 9 6 3 0 8 0 1 1 9 8 1 2 0 8 1 1 8 5 2 9 2 7 1 1 8 6 3 9 9 0 1 1 7 2 4 6 r1 1 6 8 2 5 3 8 1 1 6 8 3 1 7 0 82 Newsprint Paperboard containers (same as Paperboard) 114 114 111 104 110 112 112 110 Printing and Publishing Newsprint consumption 108 101 101 93 98 101 93 Printing paper (same as shown under Paper) . Petroleum and Coal Products.... 156 158 165 166 171 173 177 182 193 202 r207 P216 Petroleum refining 155 157 164 166 171 174 180 185 196 206 r212 P220 ?>223 Gasoline 104 99 102 99 101 104 109 109 116 122 122 123 PUS Fuel oil 137 137 143 137 144 137 138 145 153 156 151 159 Lubricating oil 112 108 113 117 118 121 120 120 121 123 134 137 Kerosene 102 106 123 120 124 124 119 110 102 114 113 120 Other petroleum products1... Coke 166 166 166 169 169 169 166 157 162 170 171 169 163 PI 73 Byproduct coke 156 156 157 158 158 159 157 152 153 159 161 158 155 P163 Beehive coke 503 501 485 543 551 519 481 318 453 523 538 535 462 ^536 Chemical Products.. 331 346 354 362 372 384 389 396 398 392 P373 Paints 124 126 123 125 126 130 134 139 137 139 135 138 138 P139 Soap 122 123 123 125 124 122 119 120 119 126 128 126 130 p131 Rayon 187 196 196 200 204 210 214 213 222 223 221 225 223 ^225 Industrial chemicals......... 310 319 332 332 341 350 356 366 371 382 383 396 398 Explosives and ammunition1. Other chemical products1.... Rubber Products 200 212 215 218 222 222 224 230 227 231 234 241 P247 Minerals—Total 132 119 119 125 127 127 132 121 140 140 143 140 132 P132 Fuels 130 131 133 131 129 115 136 140 138 134 P141 Coal 148 136 136 151 154 146 139 97 150 148 150 141 125 Bituminous coal. 154 143 145 157 161 151 143 103 155 153 155 144 131 PI 56 Anthracite 124 105 102 129 128 129 124 74 129 128 129 127 102 nn Crude petroleum 121 121 118 121 122 124 125 124 128 131 136 137 139 P139 Metals... 143 79 90 90 105 148 159 163 161 r160 115 P77 Metals other than gold and silver 192 93 114 121 121 147 223 243 250 249 247 228 170 Iron ore 229 19 73 77 79 132 298 341 365 363 351 310 182 (Copper; Lead; Zinc)* Gold....' "31 31 Silver 78 r70 r Revised. v Preliminary. * Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, FEBRUARY 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 group 1942 1943 1943 Nov. Dec Aug. Sept. Oct. Nov. Dec, Oct. Nov. Dec Aug. Sept. Oct. Nov Total 161.9 164.5 170.8 170.1 r 17 0. 170. 169.7 270.9 280.4 287.9 322.2 r328.0 r332.7 336.2 D N u on ra d b u l r e a b go le o d g s oods. 2 1 1 2 0 3 . . 4 8 2 1 1 2 5 4 . . 5 3 2 1 3 2 0 3 . . 4 8 r r 2 1 3 2 0 2 . . 4 6 r2 1 3 2 2 1 . . 2 1 3 2 3 1 . . 6 2 2 1 3 1 3 9 . . 0 8 3 1 6 77 6 . . 7 2 3 1 8 8 2 0 . . 8 3 3 1 9 8 1 6 . . 6 4 1 4 9 4 9 8 . . 0 2 r4 1 6 9 0 8 . .3 7 r4 1 6 9 8 9 . .6 8 4 2 7 0 3 1. . 4 9 Iron and Steel and Products 165. 169.1 173.3 173.6 r174.6 175. 175.3 264. 270.1 275. 308.1 312.8 r318.6 320.1 Blast furnaces, steelworks, etc 133 135 133 132 131 131 201 204 204 230 233 r233 227 Steel castings 269 273 278 271 269 267 435 446 453 484 476 483 486 Tin cans and other tinware 91 89 117 rlll r107 105 139 128 134 187 178 175 169 Hardware 117 118 128 128 131 133 210 211 215 251 254 266 269 Stoves and heating equipment 110 113 121 124 128 132 167 170 179 211 219 232 239 Steam, hot-water heating apparatus.. 183 187 197 195 197 198 308 319 327 351 r364 r365 365 Stamped and enameled ware 136 139 166 165 168 170 227 231 247 306 315 331 340 Structural and ornamental metal work 190 192 202 202 204 208 318 314 320 373 372 384 395 F Sc o r r e g w in g m s a . c .. h .m ine products 2 2 8 4 9 7 2 2 5 9 2 0 2 2 9 5 2 9 2 28 6 9 0 2 2 8 6 9 1 2 2 9 6 1 4 4 4 9 3 2 1 4 50 4 7 2 4 5 7 1 6 6 4 55 8 1 3 5 4 4 8 9 9 5 5 6 1 1 4 5 53 7 1 0 Electrical Machinery 243.0 250.3 276., 279.8 283.4 286.4 287.3 382., 402.8 415. 475.3 487. 494.7 502.2 Machinery, except Electrical 221.0 225.1 236.8 236.2 237.6 239.0 239.6 371.. 381.5 392.9 423.9 435. 441.4 445.7 Machinery and machine shop products 226 230 246 245 246 247 372 382 395 430 441 447 457 Tractors 151 156 173 177 180 184 213 212 223 263 270 279 288 Agricultural, excluding tractors 106 110 142 145 148 151 187 172 181 267 284 288 294 Pumps 285 285 321 323 326 336 531 556 583 657 678 694 695 Refrigerators 131 166 176 202 288 306 123 159 161 171 190 274 296 Transportation Equipment, except Autos.. 1,259.2 1 1,464.3 1,456.6 2,348.0 '2,933.1 3,018.6 ,202.8 ,451.7 ' 1,448.6 1,464.5 ,275.9 ,805.5 "2,947.6 N A o u n to f L P e m C r r i l o r g i o o b m h c u il k t a s e i s r n s y g a M n s e e d m q t a u e w ls l i t p a i t m a n c n g h e d e n a s t P nd ro d re u f c i t n s ing 1 1 1 1 1 0 4 7 4 2 6 7 3 6 8 . . 1 5 1 1 1 1 1 1 2 5 5 7 0 7 2 2 6 . . 5 7 1 1 1 1 1 2 2 7 8 6 0 5 7 0 8 . . 5 9 r1 1 1 1 1 8 2 8 2 6 2 5 1 4 9 . . 5 8 r r 1 1 1 1 1 2 8 3 7 8 3 4 0 0 6 . . 3 7 1 1 1 1 1 8 3 2 7 8 5 1 5 2 9 . . 6 5 1 1 8 8 3 9 . . 6 9 2 2 2 2 16 1 3 2 8 5 5 5 8 2 . . 1 7 2 2 2 2 1 9 6 2 3 8 2 1 8 2 3 . . 2 4 2 3 2 2 1 5 3 0 8 3 5 2 3 9 4 . . 1 2 2 2 3 2 3 1 3 2 9 2 0 4 6 9 5 . . , 4 r 2 3 3 2 3 2 3 0 4 3 3 9 5 2 6 . . 3 8 r3 2 3 3 2 5 2 0 3 4 9 7 1 8 2 . . 5 2 2 3 3 3 2 3 5 0 4 4 3 6 6 3 ? . . 2 9 Lumber and Timber Basic Products., 125.1 122.5 114.6 111.0 110.2 110.1 108.9 198.3 188.7 181.9 206.0 197.7 200.9 197.4 Sawmills 101 98 92 89 88 88 163 153 144 169 162 164 160 Planing and plywood mills 121 119 112 108 109 110 175 174 177 183 176 182 181 Furniture and Lumber Products... 110.5 111.4 110.4 108.6 109.4 110.0 109.5 168.2 165.0 170.6 185.5 183.2 191.0 191.1 Furniture 106 107 107 105 106 106 165 158 164 179 177 184 185 Stone G , la C s l s ay, and Glass Products 1 1 2 1 5 7 .3 1 1 1 2 8 5.4 1 1 2 2 1 8 .8 1 12 1 8 9.8 1 1 1 2 9 9 .3 1 13 1 1 9.5 119.0 1 1 7 6 8 4 .9 1 16 7 1 9.2 1 1 8 6 1 6 .2 1 1 9 9 2 4 .3 r1 1 9 8 3 8.5 2 1 0 9 2 4.0 2 1 0 9 8 5.2 Cement 123 121 100 96 94 91 167 169 156 148 140 141 134 B Po ri t c t k e , r y ti a le n , d a r n e d l a t t e e r d r a p c r o o t d ta ucts.... 1 1 0 3 6 8 1 13 0 7 4 1 8 2 8 9 1 8 2 5 8 r12 8 7 3 1 8 2 2 8 1 1 5 8 5 4 1 18 5 8 2 1 18 5 8 0 1 1 3 9 7 0 r1 1 8 2 6 8 r1 1 9 3 3 0 1 1 2 9 7 5 Textile-Mill and Fiber Products 111.7 112.5 105.2 103.6 103.8 104.0 104.0 173.0 175.4 180.8 173.2 172.0 174.4 176.2 Cotton goods except small wares.. 128 129 121 119 119 120 211 213 218 204 205 205 207 Silk and rayon goods 83 83 79 78 78 79 131 131 134 134 132 136 137 Woolen and worsted manufacture; 118 119 108 107 108 108 198 201 208 198 195 198 199 Hosiery 78 78 72 71 71 71 103 105 107 107 105 109 110 Knitted underwear 116 117 106 102 103 103 177 179 184 177 172 177 180 Dyeing and finishing textiles 107 109 99 97 97 97 152 158 166 152 151 152 154 Carpets and rugs, wool 92 93 83 83 83 138 139 145 135 131 136 138 Apparel and Other Finished Textiles... 112.3 112.2 105.7 104.1 104.6 104.2 103.4 157.0 152.7 154.0 164.1 163.4 164.1 165.6 Men's clothing, n.e.c 108 108 103 101 102 101 148 145 146 154 154 158 162 Shirts, collars, and nightwear 93 93 82 80 80 80 142 143 138 131 130 134 135 Women's clothing, n.e.c 91 91 86 85 86 85 127 123 124 138 136 132 133 Millinery 72 73 82 77 73 103 76 76 122 114 106 92 Leather and Leather Products. 104.7 104.9 93.6 90.8 90.5 90.9 90.3 149.2 153.4 159.5 147. 143.1 143.2 146.1 Leather 104 106 92 89 88 87 146 153 158 138 135 135 134 Boots and shoes 93 94 82 81 82 135 137 145 135 131 130 133 Food and Kindred Products 121.5 119.1 128.4 129.0 122.3 118.5 164.4 160.5 165.4 187.8 184.8 182.2 186.0 Slaughtering and meat packing . 146 155 135 132 132 136 177 181 214 203 192 201 232 Flour 105 108 115 117 120 121 150 148 155 184 180 193 196 Baking 114 114 109 109 112 114 144 144 149 153 155 159 164 Sugar, beet 253 219 51 74 167 195 294 379 300 74 100 206 283 Confectionery 130 129 106 108 r115 121 178 182 184 155 164 178 189 Beverages, nonalcoholic 114 114 144 140 133 129 133 128 128 182 172 161 161 Malt liquors 116 113 135 133 133 131 144 137 136 193 187 184 181 Canning and preserving 101 85 175 r184 r127 92 226 163 138 316 304 r224 164 Tobacco Manufactures 106.8 106.3 94.8 95.5 96.3 96.6 153.7 157.4 159.6 151.1 154.1 160.2 162.5 Cigarettes , 129 130 125 126 128 130 172 179 182 187 180 191 196 Cigars 97 96 79 79 78 78 145 146 148 129 140 141 141 Paper and Allied Products. 114.7 116.4 118.8 118.2 119.3 119.6 158.9 163.5 168.5 181.9 r176.7 r183.2 185.1 Paper and pulp 109 110 109 108 108 109 159 161 164 175 168 174 175 Paper goods, n.e.c 124 127 127 r126 127 127 157 166 173 183 r179 r187 187 Paper boxes 111 114 122 120 123 125 147 154 162 180 177 185 189 r Revised. NOTE.—Figures for December 1943 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics 1939 == 100] Factory employment Factory pay rolls Industry and group 1942 1943 1943 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Printing and Publishing 103.1 104.3 102.9 100.7 102.3 103.9 104.6 116.3 122 A 126.5 128.8 128.9 131.0 133.6 Newspaper periodicals 99 100 94 95 95 95 109 111 113 113 115 114 115 Book and job 105 106 106 102 105 108 119 128 133 135 133 138 142 Chemical and Allied Products 240.3 243.\ 257.0 r256.1 r256.9 253.0 241.1 351.4 365.3 383.4 435.8 438.4 r438.9 428.6 Paints , varnishes, and colors 103 103 107 105 106 106 131 135 139 160 156 160 161 Drugs, medicines, and insecticides 149 152 170 169 172 177 184 190 197 236 242 251 258 Rayon and allied products 105 106 109 109 110 107 145 141 149 168 170 169 166 Chemicals, n.e.c 160 160 169 171 173 174 231 236 241 281 286 290 292 Cottonseed oil 151 143 87 134 144 147 246 243 234 145 r244 r274 281 Fertilizers 104 109 100 105 107 113 164 164 173 198 214 216 223 Products of Petroleum and Coal 117.8 117.4 119.7 119.0 119.3 119.0 160.8 165.4 165.1 197.1 195.0 197.7 197.2 Petroleum refining 107 107 113 113 113 113 146 151 152 185 182 186 187 Coke and byproducts 120 119 112 111 110 108 163 165 164 185 187 183 176 Rubber Products 143., 149.0 160.3 161.2 161.3 164.9 169.1 201.9 213.3 228.6 258.4 273.4 278.0 287.7 Rubber tires and inner tubes 142 147 165 169 166 170 190 205 220 254 277 279 289 Rubber boots and shoes 140 145 150 144 143 146 209 222 238 250 247 244 252 Rubber goods, other 131 135 141 140 144 147 191 196 209 232 239 ^ 248 257 Miscellaneous Industries 151.7 156.7 166.4 165.1 166.0 166.7 164.0 236.3 247.6 262.2 294.5 297.1 301.3 307.6 Photographic apparatus 151 178 178 176 176 209 223 230 269 271 278 284 Games, toys, and dolls 79 84 91 120 129 134 145 142 158 156 I r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 Group and year Nov. Dec. Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Total 161.5 164.2 165.8 167.4 168.1 168.4 167.9 169.0 169.7 169.6 168.3 170.1 170.7 ^169.4 Durable 210.2 215.5 218.6 222.1 224.7 225.8 225.9 228.3 229.4 230.0 r23O.O r232.2 233.5 ^233.0 Nondurable. . 123.2 123.7 124.1 124.3 123.5 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 ^119.2 '"Revised. p Preliminary NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 BUL- LETIN, 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 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. All Manufacturing. 43.6 44.0 44.4 45.1 44.7 45.4 45.5 90.5 96.3 96.5 r99.3 98.9 99.5 Durable Goods 45.8 46.1 46.0 46.8 47.3 47.2 99.0 100.5 106.0 106.0 '109.7 '108.7 109.5 Iron and Steel and Products 44.3 44.8 45.5 46.6 46.1 47.1 47.1 97.9 98.4 103.5 103.7 "106.6 105.7 105.6 Electrical Machinery 46.7 47.0 46.2 46.9 r46.8 r47.1 47.1 93.6 94.2 97.0 97.4 r99.3 r98.6. 99.0 Machinery Except Electrical 49.5 49.5 48.1 48.8 48.6 r49.6 49.6 99.7 100.3 106.3 106.4 "109.5 108.6 109.0 Transportation Equipment Excepr Automobiles 47.1 47.7 46.8 47.0 r47.i r47.5 47.7 113.2 116.3 119.4 119.9 r125.O 123.1 125.0 Automobiles 45.2 45.5 46.0 47.1 r46.3 r48.2 46.9 117.2 120.2 124.3 121.9 r126.2 125.6 125.9 Nonferrous Metals and Products 45.4 46.0 46.1 46.6 r46.7 r46.9 47.1 95.6 95.9 101.5 101.7 104.4 102.9 103.3 Lumber and Timber Basic Products.... 42.5 41.7 42.7 45.2 43.5 44.2 43.5 69.4 68.5 73.8 74.6 76.8 r77.3 77.4 Furniture and Finished Lumber Products. 42.8 42.8 43.6 44.6 r43.5 r44.7 44.4 68.5 68.5 74.5 75.0 r77.2 r77.7 78.0 Stone, Clay, and Glass Products 41.3 41.4 41.8 43.4 r42.4 43.8 43.6 81.2 81.0 84.9 r85.4 87.3 87.0 87.7 Nondurable Goods 40.8 41.3 42.2 42.6 42.2 42.7 43.0 75.1 75.6 80.6 81.1 82.3 82.4 82.9 Textiles—Mill and Fiber Products 40 A 40.8 40.9 41.3 41.0 41.6 41.8 63.9 64.2 66.4 66.5 67.5 67.5 67.8 Apparel and other Finished Products .. 37.1 37.0 37.1 37.8 r37.5 37.8 38.1 65.2 64.8 70.5 72.7 74.3 73.7 74.1 Leather and Manufactures 38.9 39.0 39.1 40.0 39.2 39.5 39.8 70.8 71.3 74.4 75.0 76.5 76.5 76.9 Food and Kindred Products 41.6 42.4 44.3 44.1 r43.3 r44.1 45.5 74.4 75.1 79.9 80.4 80.1 81.5 82.9 Tobacco Manufactures 40.4 40.6 42.1 41.1 r41.3 42.6 42.5 60.2 61.1 65.1 65.8 67.0 67.0 67.3 Paper and Allied Products 43.4 44.0 44.6 45.6 44.6 45.7 45.8 77.1 77.2 79.7 80.4 81.1 81.1 81.2 Printing, Publishing, and Allied Industrie: 38.5 39.5 40.2 40.6 40.4 40.2 40.5 97.3 97.6 99.7 100.2 r103.3 103.2 102.8 Chemicals and Allied Products 43.6 43.9 45.3 45.6 r45.6 r45.8 45.5 86.6 86.7 93.0 92.8 r93.7 r93.1 93.3 Products of Petroleum and Coal 40.5 41.8 44.9 46.2 r45.4 *"46.3 46.0 108.1 109.3 113.9 113.7 115.5 "114.5 115.3 Rubber Products 42.7 43.4 44.1 44.3 44.9 45.4 45.7 94.7 95.5 101.9 101.5 105.7 105.9 106.6 Miscellaneous Industries 44.8 45.3 45.6 45.8 45.6 46.1 46.4 81.1 82.9 88.1 88.5 90.7 90.8 91.7 r Revised. NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 193.) FEBRUARY 1944 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Publicworks Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il pu ti b e l s ic 1942 1943 1942 1943 1942 1943 1942 1943 1942 1943 • 1942 1943 1942 1943 January ... 316.8 350.7 102 8 110.8 75.4 73.1 17.7 7.2 9.1 5.6 21.0 68.2 90.9 85.8 February 433.6 393.5 168.0 93.3 84.5 87.7 21.8 22.7 9.2 4.2 54.2 72.7 95.9 113.0 March . .. 610.8 339 7 219.3 71.8 112.7 63.8 36.8 25.2 10.7 4.5 71.6 51.5 159.7 123.0 April 498.7 303.4 162 1 79.4 145.1 40.7 30.9 6.6 12.4 5.9 46.5 43.0 101.7 127.7 May 673.5 234.4 148.0 63.3 178.0 24.2 23.8 9.3 10.1 5.3 86.0 36.5 227.7 95.8 June 1,190.3 229.6 185.5 61.5 271.8 53.7 46.2 6.9 15.4 7.9 234.9 26.3 436.4 73.3 July 943.8 183.7 127.4 71.8 303.5 31.9 34.7 5.3 26.6 4.8 124.3 19.9 327.3 50.0 August . . 721.0 413.8 100.6 67.5 261.1 234.8 21.3 7.4 17.1 4.2 107.7 26.4 213.2 73.4 September 723.2 175.1 126.7 54.1 377.8 31.1 6.1 5.1 6.2 5.8 76.8 29.0 129.6 50.1 October 780.4 213.5 161.2 69.7 240.3 34.5 18.9 11.2 10.6 5.7 103.3 28.9 246.2 63.5 November 654.2 184.4 156.7 58.4 106.7 29.0 14.1 7.9 11.6 3.3 124.1 26.9 241.0 59.0 December 708.7 252.2 159.7 66.2 70.6 62.0 30.0 6.0 8.9 5.1 168.6 45.7 271.0 67.4 Year 8,255.1 3,274.0 1,817.7 867.8 2,227.5 766.2 302.2 120.7 147.9 62.4 1,219.1 474.9 2,540.6 981.9 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1943 1942 Mouth Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 December November December January 305 317 351 124 198 316 181 119 35 Boston 15,986 9,288 31,149 February 270 434 394 105 310 364 166 123 30 New York 20,052 12,379 32,938 March 480 611 340 269 473 304 211 138 36 Philadelphia 10,466 12,024 57,787 April 407 499 303 184 355 253 223 144 50 Cleveland 24,520 29,707 43,273 May 549 674 234 267 569 192 281 105 42 Richmond 35,324 43,810 86,183 June 539 1,190 230 314 1,105 183 225 85 46 Atlanta 34,401 22,335 117,593 July 577 944 184 348 876 122 229 68 61 Chicago 35,448 27,353 62,785 August 760 721 414 520 633 351 240 88 62 St. Louis 10,461 1,282 86,071 September.... 623 723 175 403 661 120 220 62 56 Minneapolis 1,978 2,685 23,563 October 606 780 214 371 710 157 235 71 56 Kansas City 24,883 16,270 71,437 November— 459 654 184 298 592 135 161 62 50 Dallas 38,704 7,266 95,937 December— 432 709 288 664 144 45 Total (11 districts). 252,223 184,399 708,716 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 Mu- Sav- Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to il y 4- Re a n n t d al War End of month Total C m c o i e a m r l - - s t a u v a - l l i a o n n a g d n s I c a n o n s m c u e r - - a F e g e r e a d n l - - Others im- con- houses group housing banks ings associ- panies cies1 p m ro e v n e t - s t t i r o u n c- (T I i D tle ho (T u I s i D t i l n e g (T V it I l ) e ations 1936—Dec.. . 365 228 8 56 41 5 27 1937—Dec.. . 771 430 27 110 118 32 53 1935 . . . 320 224 94 2 1938—Dec.. . 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 ... . 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 2t 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 2\ 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec 2,409 1,162 130 224 542 201 150 1942—Dec 97 9 1 39 49 1941—Mar 2,598 1,246 146 230 606 210 160 1943—Jan 80 7 31 42 June. . .. 2,755 1,318 157 237 668 220 154 Feb 64 5 20 39 Sept 2,942 1,400 171 246 722 225 178 Mar 73 6 19 47 Dec 3,107 1,465 186 254 789 234 179 Apr 59 7 16 37 May 72 7 t 18 47 1942—Mar 3,307 1,549 201 264 856 237 200 June 78 8 19 51 June 3,491 1,623 219 272 940 243 195 July 84 7 > 21 56 Dec 3,620 1,669 236 276 1,032 245 163 Aug 90 10 20 60 Sept 88 12 20 55 1943—June... 3,700 1,700 252 284 1,071 235 158 Oct 85 8 20 57 Nov 92 10 21 60 Dec 77 9 18 50 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. NOTE.—Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars} Merchandise exports1 Merchandise imports2 Excess of exports Month 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 January 213 370 325 481 p73O 178 242 229 254 p228 35 128 96 228 P5O2 February 219 347 303 480 p72O 158 200 234 254 P234 61 147 69 226 P486 March 268 351 357 628 ^988 190 217 268 111 P249 77 134 89 355 P739 April 231 323 387 717 *>980 186 212 287 235 P255 45 111 100 482 ?725 May 249 324 385 536 pl,085 202 211 297 191 P281 47 112 88 345 *>803 June 236 350 330 648 n,002 179 211 280 215 *>295 57 i 138 50 433 *>706 July 230 317 365 650 PI,251 169 232 278 213 *>300 61 84 87 437 P951 August 250 351 460 703 pl,204 176 221 282 186 P315 74 130 178 517 *889 September 289 295 425 732 pl,233 182 195 262 196 *>280 107 101 162 536 ^953 October 332 344 666 801 pl,186 215 207 304 200 *>329 117 137 362 602 *>857 November 292 328 492 787 PI,036 235 224 281 168 *318 57 104 211 619 P718 December .368 322 653 873 247 253 344 r358 121 69 309 r5l5 January-November 2,809 3,699 4,494 7,163 pll,4l4 2,071 2,372 3,001 2,383 p3,084 73S 1,327 1,493 4,780 p8,330 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Total Net Total Coal Coke Grain L s i to v c e k - pr e o s d t - Ore l c a e n l e - - c d h i a se n- o r p a e i r l a w t a in y g e r x a p il e w n a s y es op r e a r i a l t wa in y g i # n N c e om t e ucts ous l.c.l. revenues income Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939.. 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940.. 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941.. 5,347 4,348 998 500 1942 138 135 181 r120 104 155 206 146 69 1942.. 7,466 5,985 1,481 959 1943 137 138 186 146 117 141 192 145 63 1943. SEASONALLY ADJUSTED SEASONALLY 1942—October 140 138 184 139 110 149 190 150 ADJUSTED1 November... 136 139 186 126 114 140 190 145 1942—October.. 661 533 128 81 December... 135 132 184 139 r118 137 190 144 November. 722 563 159 121 December. 708 554 155 110 1943—January 135 135 184 138 102 130 202 144 February.... 139 145 178 145 113 135 193 146 1943—January... 710 577 134 92 March 138 144 187 142 117 133 193 145 February.. 744 591 153 111 April 136 133 186 140 118 138 163 145 March 740 616 124 82 M.ay 135 132 181 140 112 138 163 143 April 767 623 144 101 June 127 100 166 137 113 140 192 142 May 783 624 159 118 July 141 146 184 143 113 150 202 146 June 749 629 120 78 August 140 145 191 147 117 148 208 145 July 761 653 108 68 September... 140 152 195 137 114 139 209 143 August.... 779 663 115 75 October. ... 137 140 195 167 119 137 191 140 September. 738 655 82 41 November... 139 127 186 161 132 150 191 147 October... 731 658 73 33 December... 144 147 192 153 122 154 209 148 November. 776 684 92 P52 UNADJUSTED 1942—October 150 138 180 139 169 158 260 163 UNADJUSTED November... 140 139 186 124 143 138 206 150 1942—October.... 746 561 185 136 December... 126 132 193 131 r114 122 59 r136 November. 690 541 149 111 December . 703 532 171 137 1943—January 124 135 193 138 98 117 50 132 February 130 145 189 142 90 129 48 137 1943—January.... 671 566 105 63 March 130 144 189 131 92 133 56 138 February... 664 557 106 62 April 132 133 183 124 105 138 106 143 March 756 627 130 85 May 137 132 179 123 101 143 269 145 April 749 622 127 83 June 132 100 162 140 86 145 297 146 May 759 631 128 86 July 146 146 178 172 97 150 323 147 June 747 638 110 71 August 145 145 183 158 111 156 312 147 July 791 671 121 82 September.... 151 152 193 153 151 150 314 154 August 800 676 125 84 October 147 140 191 167 183 144 274 153 September. 777 666 110 70 November 142 127 186 157 166 147 193 153 October 796 683 113 76 December.... 147 202 144 118 138 65 139 November. 762 666 96 m p Preliminary. r Revised. 1 Series in process of revision. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 194*1. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission. with weights derived from revenue data of the Interstate Commerce Commission. 187 FEBEUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted Without £3easonal 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.... .148 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 July 4.... 84 July 3 .116 March 89 103 124 136 86 93 118 121 13 78 12 . 93 11 . .102 10 101 April 89 104 117 128 86 106 115 133 20 72 19 . 89 18.... .. 93 17... .111 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 August 98 134 130 142 77 106 103 112 17... ...81 16 .113 15.... ..113 14.... .118 September.... 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 101 111 125 130 179 197 222 231 14 123 13 . 133 12.. . 129 11 142 21... ...117 20 .131 19.... ..137 18 .161 Year . . . 94 110 124 138 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 .171 February 71 73 102 93 68 69 97 89 26... ...121 25 .130 24 ..153 23 .171 March 70 73 109 91 71 75 111 93 Nov. 2... ...117 Nov. 1 .138 31 ..158 30 .174 April 68 73 118 87 71 76 123 90 9... ...122 8 .139 Nov. 7. ... . .166 Nov. 6.... .183 May 68 74 127 90 70 75 130 92 16... ...130 15 .148 14.... ..167 13.... .191 June 68 76 136 98 64 73 130 93 23 116 22 128 21 166 20 201 July 68 82 142 110 61 74 128 99 30... ...147 29 .169 28.... ..166 27.... .188 August 69 87 138 114 66 84 132 110 Dec. 7... ...197 Dec. 6 .215 Dec. 5.... ..236 Dec. 4. . .. .251 September 70 91 125 110 73 95 130 114 14... ...232 13 .236 12. ... ..274 11. . ...273 October 70 97 115 104 79 108 128 116 21... ...258 20 .277 19. ... ..303 18. ... .289 November 72 95 r106 98 83 110 122 113 28... ...124 27 .174 26. ... ..199 25.... .245 December 71 92 r100 PQS 66 87 r94 2>92 1941 1942 1943 1944 Year 69 82 118 Pgg Jan. 4... ...85 Jan. 3 .107 Jan. 2.... ..112 Jan. 1... . .105 11... ...99 10 .130 9.... ..138 8.... .134 r Revised. 18... ...90 17 .131 16.... ..132 15.... .137 p Preliminary. 25... ...89 24 .119 23.... ..119 22.... .136 Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- Feb. 1... ....94 31 .121 30.... ..121 29.. . quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent 8... ....95 Feb. 7 .114 Feb. 6.... ..136 Feb. 5 issues. 14... .97 14 .116 13.... . .168 12.. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Dec. Nov. Dec. Nov. 12 Dec. Nov. 12 Dec. Nov. 1943 1943 1943 1943 mos. 1943 1943 mos. 1943 1943 1943 1943 1943 United States.. +4 +19 +12 B N P o e h N P B P N S B B U A B N E N T L P S P R S s w i r o p t o e u l y i r l o a h r e c l e t i o o o m a n b r i i a r e w s f n w r w h u i c d Y c i v n t f d g a a t g n l n c l g a e i h a o g i a a o n c e h a a t r g a H d l n Y e h n r e o d a r u l o y a n r f s e k p s k e k p a n i a s e m o t d t n e h c e e o e v e l r l c p i F r t t e k r r d e a o e a t p h n a n d s C i l y a i l e i s . . t . . . . y . . . . . . . . ^ " — * + + - i - - + + + + — — 4 4 9 1 2 1 5 0 7 3 0 0 4 2 0 1 i r ' + + + + + + + + + + + + + + + + + + + + + 1 1 1 + + 1 1 1 + 1 2 1 2 1 1 2 3 1 2 2 2 1 1 9 9 7 1 9 7 3 8 9 3 7 0 4 3 9 0 7 3 7 7 . 7 6 5 + + + + + + • + + + + + 2 + - + - _ + + 1 + 2 1 1 i 1 6 2 0 6 2 6 4 5 t 1 4 6 4 7 9 6 2 0 1 t 1 A ' i l t W Y E P W c e B W G N H L C R C B M M T l C A J v a h a i r y a o i h a o h r i e u l t t h n m a i i i c o c r a e l l t n l u m e a r a n a n m s e t a t k h s a n r e f o a r n c i r m h s e t n k b o m n s n p l t m l i h n i g t l d e g i o s e l u n n v o t a i i n b d s k — s o a b o n o s n g r g i n t g t u n t l u m g g o r v o h C t - l o t e r d r o h e w S o n i a g o e n g l , n n . m a l n r n , W e y l S t e . S . . m V . C C . a . . . . , + + + + + + + + + + + + + + + + + + + + - + + 1 1 2 1 2 1 1 1 1 1 1 1 1 1 1 3 3 6 6 1 8 3 6 8 2 0 1 7 0 9 9 5 5 8 6 8 + + + + + + + + + + + + + + + + + + + + + + + 1 2 1 2 1 2 1 2 3 2 2 2 2 1 3 3 2 1 3 1 3 7 1 6 6 5 8 6 9 9 8 7 7 6 7 8 7 9 8 3 2 3 3 3 + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 2 3 2 2 2 1 1 3 3 2 1 3 1 2 1 1 2 6 5 4 0 0 5 0 5 5 0 3 2 0 7 2 6 1 9 0 8 8 1 8 M K C '/ a F P D M I D F G L S F h L Q . i L M E S S n n n i e o i l o a p L i o e t c v e r u o i i n s d e o . t r n a a s l r r u n t o a a i u t t m w e i i t r r g n s n L l n i t n u s a x i M o a e o i s d W c a a p s g o i S n n v — p i s y u C v f h C t u o g m a R i o a i . R k i l i i i i e C p i l l y l s s n t i o e t i l l e a y t o o n y s e d e e h c p n e l s k t i i . d s .. . s . . . . . . . + + + + + + + + + + + + + + + - + + + 2 1 1 1 3 1 6 1 1 6 9 7 9 3 7 6 3 8 2 9 8 6 0 2 6 2 2 0 1 r r + + + + + + + + + + + + + + + + + + + + U U 2 2 3 1 2 1 3 3 2 2 1 1 2 3 2 2 2 8 6 3 0 5 0 6 5 5 8 2 2 9 3 1 0 8 5 + + + + + + + + + + + + + + + + - + + + + 1 2 2 1 1 2 1 2 1 1 2 2 2 ! 1 1 2 _ 7 8 6 3 7 5 1 7 8 7 5 1 7 3 4 8 8 3 8 3 9 S D a a L B F H T S V F P S S B D S S S O L S n S l a o a r a h a h o u a a t l o o a a o a a N e o a B n n n n k F n n o r c c i r l s l k u s s s l c e t l e g s t e r e a e r l s n e a a k v A A a o r D J F n a r m a j t W s o s m o e k t o n o n i B a r n n f n o i x R p p s e n a e i d n g o t e c e n e a e o l a g o n d o e n i r e a l n . r o s a d n t c s l c y t t d h c e n o a i i h o o s s . d c N o a . p .. a . + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 1 1 2 2 1 2 2 2 2 1 1 6 4 2 7 4 7 3 5 4 4 1 2 5 2 9 8 6 5 6 1 7 6 '+ + + + + + + + + + + + + + + + + + + + + + 3 5 4 3 2 3 3 2 2 1 3 2 2 3 1 1 2 1 1 2 1 2 6 2 1 1 0 7 1 6 9 5 7 3 6 2 9 6 3 4 9 8 3 0 Reading +4 +15 Macon * +22 **+37 Denver +2 +23 +20 Portland +2 +11 Y W o i r l k kes-Barre... + + 1 6 3 + +2 1 , ! + +1 1 0 N Ba ew to n O R rl o ea u n g s e + +1 1 2 3 + + 2 2 9 9 + + 3 2 0 3 T H o u p tc e h k i a nson ... * +6 + + 3 2 5 1 ** + + 2 2 5 9 B Sa e l l t l in L g a h k a e m City.. + + 1 2 2 2 + + 1 1 7 1 Cle A C C ve l k i e n l r a v c o n e i n d n la n n a d ti +8 + + + + 1 1 1 1 9 7 6 8 + + + + 1 1 5 4 1 9 N K J C a a n h c s o a k h x t s t v o v a i n i n l l l l o e e oga.. .. + + + + 4 2 2 3 5 1 0 5 + + + + 2 3 6 3 2 2 5 6 + + + + 2 2 3 3 4 3 4 6 W J O K S o t m a i p . c n l a J h i s o h n a i s a t s a e p C h ity... + + + + + 1 1 5 7 4 5 2 + + + + + 1 3 2 2 3 8 0 0 3 3 + + + + + 1 2 1 2 2 9 9 0 2 7 E T Y S Sp a e v a c a o e k o t k r i t m m e a le n t a t a e + X + - 3 1 I 8 2 + + + + + 1 2 1 1 5 4 9 1 5 Columbus +16 +27 +25 Chicago +2 +16 +8 Oklahoma City +25 +45 +45 Toledo +8 +24 +14 Chicago 0 +18 +7 Tulsa +11 +28 +25 r Revised. * Data notyet available. ** Eleven months 1943. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Number Department of stores Percentage change Percentage change November reporting Nov. 1943 Nov. 1943 Nov. 1942 Nov. 1943 Nov. 1943 Nov. 1942 from from from from from from 1943 1942 Nov. 1942 Oct. 1943 Oct. 1942 Nov. 1942 Oct. 1943 Oct. 1942 GRAND TOTAL—entire store 352 +22 +13 +1 -7 -2 -4 2.3 3.1 MAIN STORE—total 352 +24 +14 +2 -8 -2 -4 2.4 3.2 Women's apparel and accessories 350 +2<) +7 -4 +15 -3 -4 2.1 2.3 Women's and misses' coats and suits 327 +26 -18 —22 +50 -9 -10 1.9 1.6 Women's and misses' dresses 332 +25 -5 -16 +36 -5 -6 1.4 1.3 Blouses, skirts, sportswear, sweaters, knit apparel 310 +31 -4 -14 +48 -1 +1 2.3 2.0 Juniors' and girls' wear 293 +33 -3 -6 +35 -3 -5 1.8 1.8 Infants' wear 301 +34 +7 -2 -4 +1 -4 1.6 2.2 Aprons, housedresses, uniforms 284 +26 +22 0 +45 +13 +9 2.8 2.4 Women's underwear, slips, negligees 321 +42 +54 +30 •? -3 -2 1.8 2.7 Corsets, brassieres 328 +12 -6 -12 -27 +2 -1 2.8 4.3 Hosiery (women's and children's) 344 +9 +16 -5 -6 0 -1 2.3 2.6 Gloves (women's and children's) 324 +37 +40 +22 -24 -12 -11 1.9 3.4 Shoes (women's and children's) 241 +14 -3 -16 0 0 -5 3.5 4.0 Furs 259 +31 +18 +24 +38 -10 -10 2.1 2.0 Men's and boys' wear 320 +23 +25 +13 -20 -i -3 3.0 4.5 Men's clothing 229 +12 +4 -4 -26 -3 -3 3.8 5.8 Men's furnishings, hats, caps 303 +27 +50 +31 -19 -2 -1 2.7 4.2 Boys' clothing and furnishings 278 +31 +10 +2 -12 -2 h 2.4 3.5 Men's and boys' shoes and slippers 172 +4 +15 +3 -12 -4 -5 4.6 5.4 Home furnishings 314 +9 +5 -6 -29 A -6 3.0 4.6 Furniture, beds, mattresses, springs 230 +8 0 -14 -21 -1 -3 3.3 4.5 Domestic floor coverings 238 +13 -9 -11 -49 -12 -8 2.3 5.1 Draperies, curtains, upholstery ' 290 +18 +1 -5 -30 -10 -9 2.1 3.5 Major appliances (refrigerators, washers, stoves, etc.) 193 -58 -15 -26 -72 -8 -8 3.3 4.8 Domestics, blankets, linens, etc 286 +34 +12 0 -26 -3 -5 2.6 4.7 China and glassware 219 +29 +44 +21 -24 -5 -3 3.4 5.9 Housewares 219 -11 +3 -18 • +3 -6 4.3 4.6 Piece goods '(dress and coat yard goods, all materials) 284 +46 -1 -13 -7 -5 -4 2.4 3.8 Cotton wash goods 119 +54 +6 -6 -20 -8 +3 2.1 4.1 Small wares 331 +35 +35 +20 +4 tl 0 2.7 3.5 Notions 219 +17 +4 -6 +16 0 3.7 3.7 Toilet articles, drug sundries, prescriptions 315 +45 +33 +16 -2 +6 +4 2.8 4.1 Jewelry and silverware 270 +28 +39 +23 +5 —1 —3 2,8 3.4 Miscellaneous 293 +26 +56 +34 -14 -5 -9 1.8 2.7 BASEMENT STORE—total . , 216 +8 +7 -3 -1 0 -4 2.4 2.6 Women's apparel and accessories 205 +13 +6 -4 +16 +1 -2 2.0 2.0 Men's and boys' clothing and furnishings 166 +5 +18 +9 -11 -1 -5 2.9 3.4 Home furnishings 123 +2 +1 -5 -26 -4 -7 2.5 3.4 Piece goods 54 +40 +3 -8 -8 -9 -4 2.2 3.4 Shoes 134 -20 +5 -14 +5 +1 -5 4.7 3.6 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month, SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month 1 month Cash Instal- Charge- Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e l n es t ac s c a o le u s nt 1942—October r135 162 92 114 62 82 99 106 57 6 37 November 135 162 90 115 62 84 95 113 58 6 36 December 208 262 112 166 64 109 103 r117 61 5 34 L943—January 100 123 63 82 58 83 96 142 59 5 36 February 116 139 70 98 55 78 89 109 58 5 37 March 119 146 66 99 51 77 91 105 59 5 36 April 128 159 75 103 49 78 85 106 60 5 35 May 117 145 61 96 45 75 79 105 60 4 36 June 120 150 56 100 42 76 72 100 60 4 36 July 96 125 53 72 39 64 70 103 62 5 33 August 107 138 64 82 38 63 67 85 62 5 33 September 131 167 70 104 38 74 67 84 61 5 34 October 147 187 r84 115 40 81 75 104 61 5 34 November 166 210 r92 130 r44 90 81 116 61 5 34 December 217 289 100 159 48 109 82 121 64 4 32 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. FEBRUARY 1944 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,9R> 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 ,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 ,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 .984 1,123 1,650 560 1941 ,. 9,499 5,921 3,747 1,942 1,805 U74 1,204 1,764 610 1942 6,155 2,922 1,494 482 1,012 ,428 1,072 1,513 648 1943 P5.122 PI,874 P814 PI 75 P639 P ,060 PI,059 PI,498 P691 J 1943 Jan 5,703 2,660 1,314 404 910 1,346 1,058 1,333 652 Feb 5,491 2,465 1,190 .'351 839 1,275 1,038 1,333 655 Mar 5,353 2,323 1,071 287 784 1,252 1,031 1,343 656 Apr 5,243 2,226 1,020 260 760 L,206 1,029 1,331 657 May 5,079 2,116 955 235 720 1,161 1,027 1,275 661 Tune 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 1,836 776 181 595 ,060 1,073 1,366 684 Nov p5,058 PI,821 P778 P177 P601 pL,043 PI,084 PI,466 P687 Dec ^5,122 PI,874 P814 P175 P639 P1,060 PI,059 PI,498 P691 p Preliminary. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollarsl End o r o f y e m a o r nth ex m T a c o o u lu t t t o i a d v - l i , e ng D s o m m e t a r o p a n d e r a i n d e e l r r t - s t- F s u t t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s o re t t A o h ta r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e o r n c m k i s a - i l p S c l a o m o n a m i a n e l - s l 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 l o e o a a d p n t 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 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 "xj" 1932 677 103 313 121 30 110 1935... 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 . 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939...." 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1940 1,721 439 599 302 110 271 1943 PI,060 275 372 165 114 P86 P48 1941 1,805 469 619 313 120 284 1942 1,012 254 391 130 77 160 1943 1943 P639 PI 72 P27O P29 P67 P101 Jan 1,346 345 403 193 132 89 184 Feb 1,275 319 387 185 126 88 170 1943 Mar 1,252 312 387 184 127 87 155 Jan. 910 228 359 116 64 143 Apr. 1,206 299 378 179 122 87 141 Feb 839 210 338 103 56 132 May 1,161 290 366 174 118 85 128 Mar 784 196 322 91 51 124 June 1,150 287 371 174 118 86 114 Apr 760 190 319 81 50 120 July 1,118 283 363 170 114 85 103 May 720 178 308 72 48 114 Aug 1,092 278 357 168 112 84 93 June 688 168 301 64 47 108 Sept. 1,083 277 358 169 113 85 81 July . .. 642 155 286 55 45 101 Oct 1,060 273 354 167 111 84 71 Aug 617 149 279 48 44 97 Nov PI,043 270 355 165 109 P84 P60 Sept 600 148 272 42 44 94 Dec PI,060 275 372 165 114 P86 P48 Oct 595 151 269 37 44 94 Nov P601 P160 P266 P32 P48 P95 Dec P639 P172 P27O P29 P67 P101 P 1 T P h re e l s i e m f i i n g a u r r y e . s for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the fol- P Preliminary. lowing page, and a small amount of other retail direct loans (10 million dollars at the end of December 1943), which are not shown separately. I9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollarsl Month or year Total Aut r o e m ta o il tive O r c e p h t t u a h a s r e i - e l r , d R e m e r a n p n o i d a d z - i a r - i s m n P o s e n e t n r a a - l t l - Month or year Co b m a m nk e s rc 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 1931 498 340 38 Outstanding at end of 1932 376 250 34 period: 1933 304 202 33 1939 1,020 210 160 150 220 280 1934 384 234 42 1940 1,340 300 230 210 260 340 1935 423 288 67 1941 1,588 396 303 279 246 364 1936 563 354 105 1942 787 136 122 143 154 232 1937 619 409 148 1943 472 54 82 67 86 183 1938 604 417 179 1939 763 489 257 1942—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 1943 524 809 364 193 February 662 101 100 121 135 205 March 619 87 95 108 125 204 1942 April 580 77 91 100 117 195 June 64 68 36 20 May 551 69 ' 89 93 111 189 July 58 63 34 18 June .* 529 65 85 84 105 190 August 52 60 33 16 July 515 60 82 80 103 190 September 49 60 31 16 August 498 58 82 74 98 186 October 44 59 30 14 September 489 57 82 70 95 185 November 37 59 25 14 October 480 57 82 67 92 182 December 43 82 31 18 November 471 55 82 66 89 179 December 472 54 82 67 183 1943 January 36 45 25 11 Volume extended during February 35 50 26 13 month: March 53 86 38 22 1942—November 14 27 April 41 62 31 15 December 15 32 May 40 58 29 14 June 50 80 35 19 1943—January 14 26 July 44 62 30 15 February 8 25 August 45 64 29 15 March 9 39 September 47 70 32 18 April 10 28 October 43 67 28 16 May 11 27 November 42 70 29 15 June 12 35 December 48 95 32 20 July 9 30 August 8 30 September 9 33 1 These figures for loans made include only personal instalment cash October 11 29 loans and retail automotive direct loans, which are shown elsewhere on November 12 28 this page, and a small amount of other retail direct loans (two million December 13 32 dollars in December 1943), which are not shown separately. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n ge ts change from corresponding preceding month of Month ' Item Dec. m N o o n v th . Oct. De p c r . ece N d o in v g . ye O ar ct. D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e 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 t r s t- 1943 1943 1943 1943 1943 1943 1942 Net sales: September 25 16 14 26 60 Total +16 r0 +10 -8 r+6 -6 October 29 18 15 30 65 C C a re sh d it sa s l a e l s es: +35 *+8 +14 +5 r+22 +8 D N e o c v e e m m b b e e r r 2 3 9 1 1 1 7 8 1 1 5 5 3 4 1 5 r6 6 5 4 Instalment +9 r i +9 -15 r-l -12 Charge account +14 r-10 +15 -7 '+11 +3 January 1943 28 17 16 31 60 Accounts receivable, at end of February 28 17 16 30 61 month: March 31 19 18 30 62 Total +2 -1 0 —29 -30 -33 April 31 20 18 31 63 Instalment +2 0 0 -28 r-30 -32 May 30 22 20 33 63 June 29 21 21 33 62 Collections during month: July 30 22 21 34 62 Total -2 0 +5 -15 r_n -19 August 32 22 21 34 62 Instalment -3 0 +6 -18 -14 -22 September 33 21 21 33 62 October 37 22 22 37 65 Inv re e t n a t i o l r v ie a s l , u e end of month, at -8 -2 -24 r-2\ -23 N D o ec v e e m m b b e e r r .. I 2 2 3 2 r2 2 3 2 r4 5 0 7 6 6 6 3 ' Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. I FEBRUARY 1944 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, 6Y 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 l d l s i - - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g t e h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i a u m ed n c i d t - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 .77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1942—September . 99.6 107.8 102.4 95.5 118.1 97.1 79.0 103.8 110.4 96.2 102.5 October 100.0 109.0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November.. 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99/5 102.5 90.1 December.. 101.0 113.8 104.3 95.9 117.8 97.2 79.2 103.8 110.0 99.5 102.5 90.5 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 N Oc o t v o e b m er ber.... 1 1 0 0 3 2 . . 0 9 1 12 2 1 2 . . 4 2 1 10 0 5 5 . . 8 1 9 9 7 7 . . 4 3 1 1 1 1 7 6. . 5 8 9 97 7 . . 7 6 P8 8 1 1 . . 2 0 1 1 0 0 3 3 . . 7 8 1 1 1 1 2 3 . . 7 1 1 1 0 0 0 0 . . 4 3 1 1 0 0 2 2. . 8 6 9 93 3 . . 2 1 December 103.2 121.8 105.6 97.6 117.0 97.7 2*82.1 103.8 113.4 100.4 102.8 93.3 Week ending 1943—October 2 103.0 123.6 105.0 97.5 118.4 97.0 81.7 103.8 112.5 100.3 104.2 93.1 October 9 102.8 122.7 104.9 97.5 118.4 97.0 81.8 103.8 112.5 100.3 104.2 93.1 October 16.... 102.9 122.8 104.7 97.5 118.4 97.1 81.8 103.8 112.5 100.3 104.2 92.9 October 23.... 102.9 122.7 104.8 97.5 118.4 97.1 81.8 103.8 112.6 100.3 104.2 92.9 October 30... 102.8 122.2 105.0 97.5 118.4 97.2 81.6 103.8 112.8 100.4 104.2 92.9 November 6.. 102.9 122.8 105.7 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 92.9 November 13. 102.8 122.1 105.5 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 93.0 November 20. 102.6 121.2 105.6 97.5 118.4 97.2 81.6 103.8 113.0 100.4 104.2 93.0 November 27. 102.6 121.2 105.8 97.5 116.9 97.2 81.7 103.8 113.0 100.4 104.2 93.0 December 4... 102.8 121.8 105.6 97.6 117.5 97.2 82.1 103.9 113.1 100.4 104.2 93.0 December 11.. 102.9 122.0 105.9 97.8 117.5 97.2 82.4 103.9 113.4 100.3 104.2 93.0 December 18.. 102.9 121.8 105.7 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 1944— anuary 1. 103.0 122.1 105.1 97.8 117.9 97.2 82.6 103.9 113.5 100.3 104.4 93.0 anuary 8. 102.9 121.9 104.6 97.8 117.9 97.2 82.6 103.9 113.4 100.3 104.4 93.0 anuary 15. 103.0 122.1 104.8 97.9 117.9 97.2 82.7 103.8 113.4 100.4 104.4 93.0 anuary 22. 103.0 121.9 104.6 97.9 117.9 97.2 82.8 103.8 113.4 100.4 104.4 93.0 anuary 29. 103.1 122.6 104.7 98.0 117.8 97.2 83.1 103.8 113.5 100.4 104.4 93.0 1942 194* Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 119.7 122.5 123.2 128.2 Agricultural implements.. 96.9 96.9 96.9 96.9 96.9 Livestock and poultry 130.2 126.1 120.5 119.5 Farm machinery 98.0 98.1 98.1 98.1 98.1 Other farm products 118.8 118.9 120.5 120.6 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 108.9 109.1 110.9 110.6 Nonferrous metals 86.0 186.0 86.0 86.0 86.0 Cereal products 94.4 94.7 94.7 95.1 Plumbing and heating 90.4 90.2 90.2 91.8 91.8 Fruits and vegetables 116.7 115.1 118.5 119.3 Building Materials: Meats 106.0 106.2 106.3 105.9 Brick and tile 98.7 99.0 99.0 100.0 100.0 Other foods 99.0 99.6 99.5 98.5 Cement 94.2 93.6 93.6 93.6 93.6 Hides and Leather Products: Lumber 133.3 142.7 143.1 143.9 144.0 Shoes. 126.4 126.4 126.4 126.4 Paint and paint materials. 100.3 102.6 102.8 103.2 103.3 Hides and skins 116.0 116.0 108.5 111.6 Plumbing and heating.... 90.4 90.2 90.2 91.8 91.8 Leather 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 Other building materials.. 103.0 102.0 102.2 102.2 102.8 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 Chemicals 96.1 96.5 96.4 96.3 96.3 Cotton goods 112.9 112.9 112.9 112.9 Drugs and pharmaceutical! 165.4 165.2 165.2 165.2 165.2 Hosiery and underwear 70.5 71,4 71.7 71.7 Fertilizer materials 79.0 80.6 81.3 81.3 81.3 Silk Mixed fertilizers 82.8 85.8 85.8 Rayon "30.3 '30^3 30.3 30^3 Oils and fats 101.5 102.0 102.0 Woolen and worsted goods 112.5 112.5 112.5 112.5 Ilousefurnishing Goods: Other textile products 98.7 99.2 100.5 100.5 Furnishings 107.3 107.1 107.1 107.1 107.1 Fuel and Lighting Materials: Furniture 97.4 98.1 98.1 98.4 98.4 Anthracite 89.9 89.9 *>90.6 ^95.0 Miscellaneous: Bituminous coal 116.4 116.4 '116.6 P118.8 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.4 122.4 124.1 124.5 Cattle feed 142.1 159.6 159.6 159.6 159.6 Electricity 58.1 57.8 58.3 Paper and pulp 99.0 105.6 105.6 105.8 106.0 Gas 77.1 77.2 77.0 Rubber, crude 46.3 46.2 46.2 46.2 46.2 Petroleum products 63.2 63.5 63.5 63.5 Other miscellaneous 94.9 96.3 96.4 96.5 96.7 Back figures.—Bureau of Labor Statistics, Department of Labor. i z FEDERAL RESERVE BULLETIN 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l t g e, o v a e n r d nutilities cellaneous ment SEASONALLY ADJUSTED 1942—December 38,742 15,687 884 1,904 3,535 6,635 4,331 5,766 1943—January 38,791 15,932 870 1,843 3,549 6,513 4,350 5,734 February 38,821 15,975 873 1,748 3,545 6,458 4,356 5,866 March 38,656 16,043 864 1,564 3,551 6,424 4,347 5,863 April 38,478 16,025 858 1,363 3,572 6,433 4,331 5,896 May 38,222 15,998 842 1,213 3,577 6,357 4,302 5,933 June 38,345 16,139 842 1,123 3,610 6,373 4,297 5,961 July 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 37,724 16,029 817 957 3,641 6,248 4,258 5,774 October r37,942 16,171 810 910 3,626 6,345 4,300 r5,780 November 38,166 16 223 801 865 3,673 6,474 4,307 5,823 December 37,987 16,103 807 840 3,698 6,371 4,318 5,850 UNADJUSTED 1942—December 38,942 15,684 885 1,674 3,502 7,107 4,279 5,811 1943—January 37,862 15,743 867 1,470 3,463 6,371 4,259 5,689 February 37,958 15,851 867 1,386 3,456 6,291 4,270 5,837 March 38,115 15,958 861 1,357 3,475 6,328 4,281 5,855 April 38,336 15,956 850 1,328 3,552 6,423 4,337 5,890 May 38,262 15,911 837 1,299 3,587 6,331 4,349 5,948 June 38,484 16,056 835 1,277 3,653 6,371 4,355 5,937 July 38,364 16,136 830 1,218 3,683 6,290 4,359 5,848 August 38,245 16,245 823 1,162 3,695 6,218 4,331 5,771 September 38,227 16,179 825 1,066 3,708 6,285 4,334 5,830 October ... r38,273 16,205 819 974 3,705 6,419 4,300 r5,851 November 38,292 16,229 809 871 3,687 6,569 4,272 5,855 December 38,335 16,128 809 753 3,654 6,822 4,274 5,895 * Includes contract construction and Federal force account construction. r Revised. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for December 1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1943 1944 Chart 1943 book Dec. Jan. Jan. Jan. Jan. b p o ag o e k Oct. Nov. Dec 29 5 12 19 26 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 9.55 10.34 11.91 U. S. Govt. securities, total 2, 4 11.61 11.65 11.85 11.91 12.03 Gold stock 5 22.14 22.09 22.02 Bonds 4 1.62 1.63 1.63 1.64 1.64 Money in circulation 5 19.00 19.57 20.24 Notes 4 .68 .68 .68 .68 .68 Treasury cash 5 2.28 2.29 2.31 Certificates 4 2.41 2.48 2.51 2.58 2.68 Treasury deposits 5 .56 .34 .67 Bills... 4 6.91 6.86 7.03 7.02 7.03 Reserve balances 5, 8 12.04 12.31 12.75 Special certificates 4 Required reserves 8 10.77 11.24 11.70 N M G o o o l n n d m B e y s i e l t m l o i s n c b d k e c . i r i s r c d c o u e u p l n a o t t s i e o i d t n s 2 2 2 2 2 2 " 1 2 0 l . i . . 9 0 4 b 1 0 3 " 2 2 1 1 0 . . . . 7 9 4 0 5 4 4 3 2 2 1 0 1. . . . 8 9 4 0 4 4 0 5 2 2 0 1 1 . . . . 9 9 4 0 6 4 4 1 2 2 1 1 0 . . . . 9 3 9 0 9 9 3 2 Exce N R C ss e e h w s i r e c e r a s Y v g e e o r o v r . c k . e i . s ty C , , t i b o ty a ta n l k s 8, 9 1. . . . 2 3 0 0 6 9 3 1 1 . . . . . 0 3 0 0 7 3 2 1 1. . . . 0 3 0 0 5 0 3 1 T M r e e m as b u e r r y b d a e n p k o s re it s s e rves 2 3 12. . 7 76 7 12. . 6 96 0 12. . 8 64 0 13. . 0 40 1 13. . 0 3 0 5 Mon C ey o u i n n t r c y ir c b u a l n a k ti s on, total 19. . 2 84 5 19. . 9 7 2 1 20. . 4 7 5 1 Excess reserves'5 • 3 1.13 .97 1.13 1.12 1.02 Bills of $50 and over 5.12 5.32 5.58 Excess reserves (weekly average), total6 3 1.08 2*1.11 2*1.07 2*1.07 $10 and #20 bills 10.31 10.69 10.90 New York City 3 2°4 !02 .02 .02 Coins, $1, $2, and $5 bills 3.83 3.91 3.97 Chicago 3 Reserve city banks 3 .29 .33 .34 .31 ALL BANKS IN U. S.4 Country banks6 .• 3 .74 P.76 2*.71 T D o e t m al a n d d e p d o e s p it o s s i a t n s d a d c j u u r s r t e e n d cy 1 5 2 6 4 . . 8 1 0 0 1 5 2 9 3 . . 9 8 0 0 Time deposits. 31.80 32.30 Currency outside banks 17.60 18.30 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 49.73 49.53 49.54 49.89 50.29 Consumer credit, total 18 4.96 ?5.06 5.12 Demand deposits adjusted 14 33.90 33.73 34.31 34.86 34.81 Single-payment loans 18 1.07 ^1.08 1.06 U. S. Govt. obligations , 14 36.11 36.03 36.04 36.35 36.59 Charge accounts 18 1.37 nAi I. 50 Total loans .. 14 10.84 10.70 10.72 10.76 10.90 Service credit 18 .68 P. 69 Commercial loans, total 15 r6.42 6.34 6.36 6.35 6.37 Instalment credit, total... 18, 19 1.84 ?1.82 New York City 15 2.42 2.39 2.41 2.41 2.45 Instalment loans 19 1.06 2*1.04 ^1.06 100 cities outside New York 15 r4.00 3.95 3.95 3.94 3.92 Instalment sale credit, total 19 .78 P. 78 P. 81 Brokers' loans—New York City 15 1.04 1.02 1.10 1.15 1.27 Automotive 19 .18 P.1S P. 18 U. S. Govt. obligations: Other 19 .60 p. 60 P.64 New York City, total 15 13.15 13.15 12.98 13.18 13.07 Bonds 17 6.29 6.34 6.31 6.37 6.44 TREASURY FINANCE Notes and guar. securities 17 2.57 2.57 2.55 2.57 2.57 U. S. Govt. obligations outstand- 100 c B N B B C C i i i o t e e o l l i r r n l l t e t t s s e d s i i s f f s i i o c c a u a a n t t t s d e e i s s d g e u a N r e . w se Y cu o r r i k ti , e s to tal.. . " 1 1 1 1 1 1 1 7 5 7 7 7 7 7 2 1 3 3 5 2 2 1 1 . . . . . . . 1 1 6 0 9 9 3 2 8 4 6 1 6 6 2 1 3 1 3 5 2 8 1 . . . . . . . 1 1 5 8 0 8 3 1 3 4 9 7 8 8 2 1 3 3 5 3 2 1 . . . . . . . 1 0 6 8 1 9 4 6 7 1 6 8 4 3 2 1 3 1 3 5 3 2 1 . . . . . . . 2 0 6 9 1 1 5 0 4 6 0 8 2 1 2 1 3 3 5 3 2 1 . . . . . . . 2 8 7 5 8 2 6 6 8 4 1 1 8 1 " t B N i S g a o o , v n t t e i d o N B C n s s t g , i a e o l s l r c ( l t t s m e e i i b s n f r a i o t t c r . e n , k a r d t e e a e s t s n s a , t d b - t b l a b e e x i a l T l n r s r i o , n e t t g a e o s s t u , a r l e y t . c ) . . . . . . 1 6 4 3 2 6 1 1 7 7 5 3 7 3 1 . . . . . . . 8 8 7 2 7 0 6 9 6 0 0 8 6 0 1 4 6 3 2 6 1 1 7 7 6 3 8 3 1 . . . . . . . 7 9 9 1 5 0 6 7 4 3 0 9 7 0 1 4 6 3 2 6 1 1 7 7 6 2 8 3 1 . . . . . . . 0 9 5 0 8 7 1 9 4 7 7 4 3 7 Savings bonds 26.06 26.70 27.36 Per cent per annum Spec T ia a l x is n s o u t e e s s 1 9 1 . . 1 8 1 7 1 9 2 . . 2 2 8 8 1 8 2 . . 5 7 9 0 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 15.99 16.44 16.93 Treasury bills (new issues) 25 .373 374 374 374 .374 Federal Reserve Banks 9.35 10.35 11.54 Treasury notes (taxable) 25 1.31 i 29 i.29 i.31 1.32 Commercial banks 62.60 62.00 U C C . o o r r S p p T P . o o a a G r r r x a a o t a t t i v e e b a t l l . A B e l y b a a a o a t a n b b x d o o - s e n n : x d d e s s mpt 2 2 5 5 , , 3 3 3 3 3 3 3 3 3 2 2 1 3 8 8 7 4 1 7 4 3 2 2 l .8 3 8 7 0 3 6 3 3 2 2 1 . . . . 3 7 7 8 4 8 1 6 3 2 2 1 . . . . 7 7 3 8 2 5 4 6 3 2 2 1 . . . . 7 3 8 7 4 4 6 3 Pr c iv o O M I a m n t t e m s u h u t e e u r r r a h a c i n o l n i c a l s v d e l a e e v b s r i a s t c n o n o g r k m s s o s , t p , b h t a o a t e n o n t r a i t k e a l s s l than 5 7 1 6 9 9 4 . . . . 0 4 7 4 0 0 5 0 8 5 1 6 0 9 4 . . . . 0 1 7 5 0 5 0 0 Marketable issues 24.70 24.20 In unit indicated Per cent per annum MONEY RATES, ETC. S V t o o l c u T k P I R m n u o a p d e b t i r u l a l r i o l i s c o c f t e a r s u d t i r a t a ( i l 1 l d i 9 i t 3 n y 5 g - 3 ( 9 m = il l, 1 s 0 h 0 a ) r : es) 3 3 3 3 3 5 5 5 5 5 9 9 8 8 1 3 5 5 .9 . . . . 9 7 7 3 4 9 9 8 8 5 7 7 8 .8 . . . . 0 1 1 9 2 9 9 9 8 4 0 6 6 .8 . . . . 5 2 7 3 7 9 9 9 8 4 6 2 6 .8 . . . . 4 6 7 6 0 9 8 2 6 .6 . . 2 5 9 T F T C U . r r o . e e R m S a a P . s s m . u a u B G e r r r a t y r y o i c n a v i k b n a l t l . i o l y l d t l b p e s i o t s a s a c n p ( x o n ( e d - t e u r s e a w n : x x t e a i m b r s a s l p e u te ) t e , s ) N . Y.... 2 3 2 2 2 7 3 9 7 7 1 1 .3 . . . . 3 8 7 5 6 1 1 0 9 5 1 1 .3 . . . . 2 8 7 5 6 9 5 0 9 5 1 1 .3 . . . . 3 8 5 7 6 0 6 0 9 5 Taxable. 33 2.30 2.32 2.34 Corporate Aaa bonds 29, 33 2.70 2.71 2.74 Corporate Baa bonds 33 3.82 3.83 3.82 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 86.3 95.9 99.6 99.0 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,337 4,568 4,539 4,532 Freight carloadings (thous. cars): Stock prices (1935-39 - 100): Total.... 51 643.5 763.0 780.2 798.7 811. Total 35 94.8 91.4 91.8 Miscellaneous 51 298.8 346.3 356.2 367.4 376.C Industrial 35 96.6 93.0 93.6 Department store sales (1935-39 = 100)... 52 105 134 137 136 13' Railroad 35 92.0 86.5 85.6 F.H.A. home mortgages, new construc- Public utility 35 86.8 85.1 85.2 tion (thous.)3 52 Volume of trading (mill, shares)... 35 .63 .89 .81 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): T F O a o th r t m a e l r p t r h o a d n u c f t a s r m and food 6 6 6 3 3 3 1 1 9 0 2 3 7 2 ^ . . 8 1 0 1 1 9 0 2 2 7 1 ^ . . 8 9 9 1 1 9 0 2 7 3 2 . . . 9 0 1 1 1 9 0 2 3 7 1 ^ . . 9 9 0 M C C r u o e s n d t e o i y t m e b e x o r t s r e ' r n o fr d w e e e e d d c r c e u d s i t t o b m a e la rs n ces. 3 3 3 7 7 7 r e c 8 3 7 3 3 4 0 0 0 r e e 7 6 3 8 0 4 0 0 0 3 5 7 5 5 8 4 7 8 For footnotes see following page. 194. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart Chart book book Oct. I Nov. | Dec. page Oct. I Nov. J Dec. MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. I C I n n a c d s o u h O S L C G m s a f i t r t o e v a r l h o v a i r e p e p a m r t s r s a l . i t e y o p s i p m c n a r k a c y e o o n n m d a d m t u n s e e d c w n t ( t a i ( p s m o g m r n e i o i l s : l l d 5 l , , u d d c o o t l s l l l a a r r s s ) ) , , t t o o : t t a . a . l: l .. 5 . 3 3 3 3 3 3 3 8 9 8 9 8 9 9 1 8 3 2 2 1 1 : , , , , , , • 0 2 6 5 2 2 4 0 9 0 0 8 2 5 8 4 5 9 2 9 pl 2 p8 2 * 2 1 , 3 . , , , 8 3 0 9 0 5 3 9 5 4 3 4 6 0 4 9 3 6 8 4 P P P 9 7 4 7 2 9 2 5 F D r e e p ig T G a S h r a o r t t l o t m e a u M s A c C l e p a o n l i s r ( l s a t 1 l o c o l 9 ( s e t p a 3 h t l d o 5 o l e a i - i r r 3 n n n e 9 g t e s s s o = : ( u i 5 1 n s 9 1 2 t 0 o 3 0 - t 2 a ) l 5 i = nd e 1 x 0 ) 0) r> 5 5 5 5 5 7 7 7 9 7 r3 2 7 0 1 9 6 . 4 . . 2 7 9 0 3 8 2 1 1 7 0 3 . . . 0 6 1 9 3 3 8 1 1 1 0 1 4 3 . . . 9 3 3 4 0 Total (1935-39 = 100) 41, 42 247 247 Stocks.... 59 104 j Groups (points in total index) Exports and imports (mill, dollars): N D o u n ra d O T M I b r u e t o l a h r x e n c a e t h b i r m a l i l e n n e a d s d e n u m r u a r y s a a n f , t a b n d e c e l e u e t l t l f u c e a r a c e t t s h u e r r e s 4 4 4 4 4 4 2 2 2 1 2 1 r1 r r r 4 9 8 1 2 1 2 9 9 3 3 9 . . . . . . 3 6 7 7 6 0 1 10 4 2 8 1 1 4 0 2 3 9 9 . . . . . . 1 5 9 0 4 4 ^1 P P P 0 2 1 8 1 0 1 9 2 S . . . . . 5 Q S 4 9 Who E I E F l m e a x x s r c p p a m e o l o E e s r r x s p t t p s c s r o r o l f u i d c e d u e x i s c n p , t g o s t r o t L s t e a n l d ( - 1 L 9 e 2 a 6 s e = e 1 x 0 p 0 o ) r . t . s . . 6 6 6 6 6 6 3 1 3 1 1 1 ' p 1 * , - 1 \ 1 1 u 3 8 0 2 2 ' 6 3 2 . 8 s . . . . 0 0 2 6 , P ^1 - P P 1 ,0 1 1 3 7 0 3 0 2 1 1 2 6 2 1 7 S . . . A . A 2 3 9 9 1 1 0 2 3 1 . . 2 8 Paper and printing 42 r11.4 11.2 P11.0 Other than farm and food 63 97.3 97 A 97.6 Mine F O r o t a h o ls e d r s , n l o i n q d uo u r r , a b a l n e d tobacco 41, 4 4 4 2 2 2 r r 3 1 2 3 9 0 . . . 0 7 7 2 2 3 0 0 2 . . . 2 7 7 P P P 2 2 3 Q 1 1 A . . 7 5 Cost F C o o lo f o t d l h i v in in g g , ." a ll items (1935-39 = 100) 6 6 6 5 5 5 r1 1 1 3 2 3 3 4 8 . . . 4 3 2 1 r r 1 1 1 2 3 3 3 4 7 . . .3 5 2 1 i 1 1 1 2 3 3 4 7 4 . . . 4 6 1 Primary products (1935-39 = 100): Rent 65 108.0 108.01 108.1 S C t e e m el e nt 4 4 3 3 2 1 4 0 1 7 2 9 3 8 5 221 Apr.- July- Oct.- Lumber 43 115 127 '"^129 June Sept. Dec. Coal 43 141 125 P147 1943 1943 1943 Crude petroleum 43 137 139 139 Cotton consumption 43 156 153 142 QUARTERLY FIGURES In millions of dollars Wool yarn 43 173 172 M P L a e e p a a e t t h r s e a r nd dairy products 4 4 4 3 3 3 r r 1 1 1 3 0 5 5 4 7 1 1 9 3 7 9 6 2 156 Budg E e x t p r W e e n c a d e r i i t p a u t c r s e t i s a v , n i d t t i o e t e s a x l p enditures: 2 2 4 4 2 21 3 , , 5 2 3 2 5 8 2 2 2 0 , ,6 2 1 6 6 4 2 2 2 1 , , 7 2 4 4 7 8 Other manufactured foods 43 Net receipts 24 7,563 10,176 9,866 Labor force and employment (mill, Internal revenue collections, total 24 6,834 7,877 8,890 persons) :6 Corporate income taxes 24 2,781 2,806 3,293 No p n e L a E rs g a m o r b i n p o c M N A F s l r u o ) e o g a , l m y f t n r l o u e m t i a a o r c r g c l e u a t e e r a n l l i t l t c 5 u , u r t a e l o t l m u ta r p l a l l o yment (mill. 4 4 4 4 4 4 4 5 4 4 4 4 4 4 3 3 5 4 5 1 1 5 7 1 2 1 6 0 . . . . . . . 5 9 2 9 6 7 4 4 3 3 5 5 1 1 5 8 9 1 1 6 . . . . . . . 5 3 2 3 9 0 8 P38.0 Corp M N N I o n e e i r d w s t a i c t P v R I p e . n m i u r a i d d o s b n i o u l u e c l t n r a i e c e s o c e l e u t r a y r n d r u i d i , i s n a a t t l y c l t i o l o r i t m i t e a s y v l s e e u n t e a u s x e :7 e s 3 2 3 3 2 3 3 6 4 6 6 4 6 6 3 1 , ,0 0 2 4 6 4 0 6 1 6 7 6 1 1 6 7 3 1 , , 4 6 2 3 4 4 2 1 1 1 0 4 5 9 4 0 4 1 , , 4 1 4 1 1 1 8 2 3 2 2 5 4 9 8 7 1 Manufacturing and mining 45 17.0 17.0 P16.9 Per cent per annum Trade 45 6.3 6.5 P6A Fa ( c 1 t 9 T G C o 3 r r o o 9 y a n v n = s e s t r e p r n m u 1 o m c 0 p r t 0 t e l i a ) o n o : t t y n i o m n e n a t n d a u nd ti lit p i a e y s rolls 4 4 4 5 5 5 0 5 3 . . . 9 8 6 0 5 3 . . . 9 8 7 ^0.8 Bank T N O S o o e t r h w u a ta e t t e h l r Y , s e N r o 1 o n 9 r o n k r a c t c n i C h t u d i e i s e t r W t s y n o m e a s e n t r d e 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 3 2 3 2 . . . . 0 3 9 7 0 8 8 0 2 2 2 2. . . . 7 0 7 4 3 5 1 8 2 3 2 2 . . . . 1 7 1 6 7 6 0 5 Pay rolls 47 r332.7 336.2 Employment 47 r170.5 170.7 ^169.7 June 30,Oct. 18, Dec. 31, Hours and earnings at factories: 1943 1943 1943 Weekly earnings (dollars) 48 44.90 45.27 CALL DATE FIGURES Hourly earnings (cents) 48 98.9 99.5 In billions of dollars Hours worked (per week) 48 45.4 45.5 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 67.16 78.11 *>74.26 (1939 = 100): U. S. Govt. obligations 12 46.98 55.25 PS2.9S New orders, total 49 250 P246 Other securities 12 5.35 5.14 PS. 02 Durable 49 340 P331 State and local obligations 13 2.88 2.82 P2.73 Ship N m o e n n d ts u , r a to b t le a l 4 4 9 9 2 1 7 8 0 4 ^ ^ 1 2 8 6 3 8 O Fo th r e ei r g d n o s m e e c s u t r i i c t i s e e s c urities 1 1 3 3 2.48 2.32 P2.29 Durable 49 371 P37O Loans, total 12 14.82 17.72 ^16.28 Nondurable 49 191 ^188 Commercial loans 13 7.41 (8) Inventories, total 49 179 PI 80 Real-estate loans 13 3.35 (8) Durable 49 214 2>214 Street loans (brokers' loans) 13 .96 (8) Nondurable 49 148 ^150 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 67 60 New York City , 16 13.89 15.73 PU.56 Public 53 29 25 Chicago 16 3.17 3.69 ^3.24 Private, total 53 38 35 Reserve city banks 16 17.42 20.62 1- and 2-family dwellings 53 31 27 Country banks 16 12.51 15.21 2*15.46 Other 53 7 8 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 23.55 (8) av., mill, dollars):5 Notes 16 5.25 Total 55 201 244 P25S Certificates.. 16 9.42 (8) Residential 55 63 67 P66 Bills 16 6.28 (8) Other 55 139 177 ^189 Guaranteed 16 2.49 (8) e Estimated. v Preliminary. r Revised. Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Publication discontinued. 4 Figures on deposits and currency hereafter will be shown monthly instead of for call dates; monthly figures for 1943 appear on p. 161. 5 Adjusted for seasonal variation. 6 Series in process of revision; December figures not yet available. 7 Annual totals of corporate security issues published by the Commercial and Financial Chronicle for 1942 and 1943, respectively, are (in millions of dollars): Total issues: rl,042.1, 1,059.1; new capital: r624.5, 374.1; new capital, by industrial groups: railroad—33.1, 61.3; public utility—r157.3, 18.2; industrial—r 406.0, 287.2. 8 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1943 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounted bills $151,915 $11,568 $86,003 $9,947 $4,101 $6,742 $8,135 U. S. Government securities 68,089,456 4,857,424 17,766,396 5,122,053 6,643,854 4,072,265 3,339,535 Industrial advances 414,281 30,118 18,623 174,568 28,384 20,568 12 064 Commitments to make industrial advances 48,904 3,022 236 206 2,274 8,906 648 All other 601,159 16,387 127,023 32,461 71,971 4,614 14,035 Total current earnings 69,305,715 4,918,519 17,998,281 5,339,235 6,750,584 4,113,095 3,374,417 Current Expenses Operating expenses: Salaries: Officers 2,505 826 111,601 543,751 127,143 215,705 162,186 143 871 Employees 41,950,755 2,228,206 9,189,941 2,496,052 4,213,204 2,341,180 1,982,726 Retirement System contributions for current service 2,512,998 123,995 557,657 144,067 217,591 144,358 136,573 Legal fees 54,770 14,512 2,562 10,349 20,245 69 25 Directors' fees and expenses 130,781 9,887 10,808 9,516 10,730 7,883 14,452 Federal Advisory Council, fees and expenses 14,827 950 1,036 794 949 581 1,063 Traveling expenses (other than of directors and members of Federal Advisory Council 557,728 26,698 62,264 32,543 56,567 32,348 46,789 Postage and expressage 8,666,419 724,550 1,220,180 684,053 966,677 666,815 574,129 Telephone and telegraph 779,582 37,873 120,793 42,890 80,807 42,746 62,652 Printing, stationery, and supplies 3,679,571 280,088 687,784 233,762 495,707 176,902 169,297 Insurance on currency and security shipments 282,450 37,986 40,454 18,109 21,718 29,178 24,304 Other insurance 218,879 13,574 52,180 15,964 20,209 14,656 10,549 Taxes on bank premises 1,475,344 131,200 452,215 91,436 128,270 77,245 62,755 Depreciation on bank building 1,050,828 55,832 219,960 143,275 112,476 88,625 42,549 Light, heat power, and water 559,387 44,465 124,582 33,148 64,825 39,649 37,116 Repairs and alterations to bank building 263,741 8,831 55,314 5,694 40,470 14,348 23,243 Rent 751,693 14,542 157,901 21,703 170,399 7,576 46,765 Furniture and equipment 1,149,479 38,419 179,942 46,850 99,858 58,106 77,797 All other 1,873,265 170,976 310,983 152,077 206,621 69,564 110,147 Total operating expenses 68,478,323 4,074,185 13,990,307 4,309,425 7,143,028 3,974,015 3,566,802 Less reimbursements for certain fiscal agency and other expenses 32,684,507 1,538,277 5,721,834 1,811,474 3,617,977 1,683,782 1,746,018 Net operating expenses 35,793,816 2,535,908 8,268,473 2,497,951 3,525,051 2,290,233 1,820,784 Assessment for expenses of Board of Governors 2,415,630 169,983 862,086 229,359 223,201 104,021 84,336 Federal Reserve currency: Original cost 4,968,676 331,219 840,957 386,479 417,525 365,288 401,206 Cost of redemption 367,442 16,184 62,679 22,682 26,620 39,579 35,393 Total current expenses 43,545,564 3,053,294 10,034,195 3,136,471 4,192,397 2,799,121 2,341,719 Profit and Loss Current earnings (above) 69,305,715 4,918,519 17,998,281 5,339,235 6,750,584 4,113,095 3,374,417 Current expenses (above) 43,545,564 3,053,294 10,034,195 3,136,471 4,192,397 2,799,121 2,341,719 Current net earnings 25,760,151 1,865,225 7,964,086 2,202,764 2,558,187 1,313,974 1,032,698 Additions to current net earnings: Profits on sales of U. S. Government securities 35,902,055 2,629,096 10,216,982 2,927,686 3,537,441 1,974,305 1,537,926 Recoveries of and withdrawals from allowances for losses on industrial advances (net) 180,452 27,060 24,969 114,534 50,624 37,500 All other 511,416 107,166 3,035 il3*535 413 264,540 12,102 Total additions 36,593,923 2,763,322 10,244,986 3,041,221 3,523,320 2,289,469 1,587,528 Deductions from current net earnings: Charge-offs and special depreciation on bank premises.. 3,332,292 1,000,099 482,312 1,012,225 243,691 Retirement System (interest base and increased benefits adjustments) 9,363,778 542,442 2,388,556 624,295 803,689 528,506 470,507 All other 129,571 11,024 7,159 5,851 96,044 5,386 311 Total deductions 12,825,641 1,553,565 2,878,027 1,642,371 899,733 777,583 470,818 Net additions 23,768,282 1,209,757 7,366,959 1,398,850 2,623,587 1,511,886 1,116,710 Net earnings .• 49,528,433 3,074,982 15,331,045 3,601,614 5,181,774 2,825,860 2,149,408 Paid U. S. Treasury (Sec. 13b) 244,726 55,807 17,878 83,968 599 24,307 15,139 Dividends paid 8,911,342 573,065 3,280,516 701,272 922,163 359,650 319,356 Transferred to surplus (Sec. 13b) 135,003 22,153 27,822 45,557 31,369 Transferred to surplus (Sec. 7) 40,237,362 ""l, 446,110 12,010,498 2,788,552" '4,'259,'012 2,396,346 1,783,544 Surplus (Sec. 7), January 1 160,410,339 11,159,938 58,001,539 15,670,086 14,766,685 5,235,966 5,724,628 Addition as above 40,237,362 2,446,110 12,010,498 2,788,552 4,259,012 2,396,346 1 783,544 Transferred to reserves for contingencies -12,550,890 -400,000 -600,000 -3,000,000 -2,396,346 — 1,783,544 Surplus (Sec. 7), December 31.. 188,096,811 13,206,048 70,012,037 17,858,638 ' 16,025,697 5,235,966 5,724,628 1 Net losses. I96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1943—Continued San Chicago St. Louis Minneapolis Kansas City Dallas Francisco Current Earnings $3,918 $14,766 $564 $3,367 $1,666 $1,138 Discounted bills 8,606,032 3,135,787 1,977,717 ,128,584 2,798,224 6,641,585 U. S. Government securities 2,453 139 5,669 8,365 1,075 112,255 Industrial advances 5,591 78 27,943 Commitments to make industrial advances 125^922 24,351 11,5 155,932 5,303 All other 8,738,325 3,180,634 1,995,458 3,296,326 2,812,617 6,788,224 Total current earnings Current Expenses Operating expenses: Salaries: 166,978 153,829 160,423 149,248 282,099 Officers 2,233,480 1,407,426 2,244,275 2,358,531 4,758,096 Employees 147,791 89,056 142,913 145,534 271,192 Retirement System contributions for current service 4,648 2,029 11 207 Legal fees 8^577" 11,051 15,834 9,319 13,073 Directors' fees and expenses 1,350 1,423 1,289 600 3,350 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 39,849 30,336 35,542 39,067 66,778 bers of Federal Advisory Council) 388,500 269,484 475,363 413,885 933,184 Postage and expressage 61,886 35,635 64,578 55,744 99,828 Telephone and telegraph 180,257 149,569 177,361 199,586 367,128 Printing, stationery, and supplies 7,693 6,807 13,197 13,509 41,408 Insurance on currency and security shipments 11,555 9,252 14,620 10,860 22,406 Other insurance 51,588 65,330 92,075 31,676 93,387 Taxes on bank premises 44,482 28,847 70,312 93,125 74,854 Depreciation on bank building 33,627 23,233 22,516 36,402 33,953 Light, heat, power, and water 18,108 7,379 25,836 23,226 9,886 Repairs and alterations to bank building 18,856 8,262 9,390 19,675 98,850 Rent 77,457 18,759 53,805 82,492 105,133 Furniture and equipment 92,584 97,173 106,357 90,680 130,257 All other 3,584,618 2,417,499 3,727,715 3,773,170 7,405,069 Total operating expenses Less reimbursements for certain fiscal agency and other 1,744,862 1,318,401 1,784,797 2,150,546 3,848,067 expenses 4,794,018 1,839,756 1,099,098 1,942,918 1,622,624 3,557,002 Net operating expenses 294,209 72,801 53,062 68,718 71,271 182,583 Assessment for expenses of Board of Governors Federal Reserve currency: 714,038 237,505 102,992 183,664 194,461 793,342 Original cost 47,969 25,342 6,857 18,745 23,314 42,078 Cost of redemption 5,850,234 2,175,404 1,262,009 2,214,045 1,911,670 4,575,005 Total current expenses Profit and Loss 8,738,325 3,180,634 1,995,458 3,296,326 2,812,617 6,788,224 Current earnings (above) 5,850,234 2,175,404 1,262,009 2,214,045 1,911,670 4,575,005 Current expenses (above) 2,888,091 1,005,230 733,449 1,082,281 900,947 2,213,219 Current net earnings Additions to current net earnings: 4,135,904 1,658,200 1,083,198 1,718,824 1,387,780 3,094,713 Profits on sales of U. S. Government securities Recoveries of and withdrawals from allowances for H, 773 59,606 losses on industrial advances (net) '"1,788' 1,249 4,337 845 1,928 478 All other 4,137,692 1,659,449 1,082,762 1,719,669 1,389,708 3,154,797 Total additions Deductions from current net earnings: 593,965 Charge-offs and special depreciation on bank premises Retirement System (interest base and increased bene- 1,266,073 521,905 331,041 542,451 468,031 876,282 fits adjustments) 357 110 879 93 660 1,697 All other 1,266,430 522,015 331,920 542,544 468,691 1,471,944 Total deductions 2,871,262 1,137,434 750,842 1,177,125 921,017 1,682,853 Net additions 5,759,353 2,142,664 1,484,291 2,259,406 1,821,964 3,896,072 Net earnings 50 1,115 148 1,842 738 43,135 Paid U. S. Treasury (Sec. 13b) 993,684 277,796 190,924 290,875 271,378 730,663 Dividends paid -25 2 8,125 Transferred to surplus (Sec. 13b) 4,765,619 1,863,778 1,293,217 1,966,689 1,549,848 3,114,149 Transferred to surplus (Sec. 7) 22,924,752 4,966,322 3,220,823 3,612,681 4,082,593 11,044,326 Surplus (Sec. 7), January 1 4,765,619 1,863,778 1,293,217 1,966,689 1,549,848 3,114,149 Addition, as above -1,200,000 -500,000 -845,000 -1,025,000 -801,000 Transferred to reserves for contingencies 26,490,371 6,330,100 3,669,040 4,554,370 4,831,441 14,158,475 Surplus (Sec. 7), December 31 FEBRUARY 1944 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks M sa u vi t n u g a s l Private1 Insured Noninsured Number of Banks {Head Offices) December 31, 1933 15,029 5,154 857 28,341 579 98 December 31, 1934 16,063 5,462 980 7,693 1,108 579 241 December 31, 1941 14,825 5,117 3l,502 6,809 800 545 52 December 31, 1942 14,680 '5,081 31,598 6,666 741 543 December 31, 1943 14,579 5,040 31,698 6,534 716 4542 549 Number of Branches and Additional Offices December 31, 1933 2,911 1,121 960 27()0 125 5 December 31, 1934 3,133 1,243 981 67IS 126 5 December 31, 1941 3,699 1,565 1,015 932 46 135 6 D D e e c c e e m m b b e e r r 3 3 1 1 , 1 1 9 9 4 4 2 3 total. 3 3 , , 7 9 3 1 9 3 1 1 , , 7 59 2 2 9 1 1, , 0 0 4 2 6 3 9 95 3 0 5 4 4 6 6 4136 4 In head-office cities ' 1,733 697 781 128 11 115 1 Outside head-office cities 2,180 1,032 265 822 35 21 5 Analysts of Bank Changes during 1943 Increases in number of banks: Primary organizations (new banks)7 +49 +3 +4 +31 +11 Unclassified +1 +2 Decreases in number of banks: Suspensions —4 -2 -2 Consolidations and absorptions -86 -34 -7 -35 —10 V Un o c lu la n s t s a i r f y ie d liquidations -62 < -11 -2 -32 —16 -1 Inter-class bank changes: Conversions— National into State -7 +7 State into national +10 -5 -5 Private into State +1 Federal Reserve membership9— Admissions of State banks +113 -112 -1 Fede W ra i l t h d d e r p a o w s a it l s i n o s f u r S a t n a c te e 1 b 0— anks -3 +2 +1 Admissions of State banks +13 -13 Withdrawals of State banks Net increase or decrease in number of banks.... -101 -41 +100 -132 -25 -1 -2 Analysis of Branch Changes during 1943n Increases in number of branches: De novo branches +25 +3 +3 +14 +2 +3 Banks converted into branches +24 +8 +9 +7 Decrease in number of branches: Branches discontinued .... -47 -11 -14 -18 —4 Inter-class branch changes: From national to State -1 +1 From State member to national +2 —2 From State member to nonmember -1 +1 From nonmember to State member +5 From noninsured to insured nonmember +2 2 Branches and additional offices established at military reservations +172 +136 +23 +13 Net increase or decrease in number of branches +174 +137 +23 +15 -1 - U2.l ii F .^ e jiJ d ' e j r y a Ji l .l i. d Jf e O p U o U s l i t J J i l n l s V u C r t a ll. n U c C e L ll d J^ i J d C n Li o D t It b je f c vl o m I I e A / o K p J l e et r a Lt t i U v C e L lJ u .J n V. t ll i lg l U J C a J n JC . tl 1 IU , 1C 1 1 9 1 3 L 4 » . tX s Includes 3 mutual savings banks. 4 Number of banks comprises 181 insured and 361 noninsured; number of branches comprises 95 insured and 41 noninsured. The figures beginning with 1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 5 Number of banks comprises 1 insured and 48 noninsured; all branches were noninsured. J Separate figures not available for branches of insured and noninsured banks. 7 Exclusive of new banks organized to succeed operating banks. 8 Exclusive of liquidation incident to the succession, conversion, and absorption of banks. 9 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." ,o utyuoituiii-a auu unan^iai agcuia <J1 tllC UUVCllUilCllt. I'UUI Ul IHCSC DCHAK.U1& lUV-lllLlCS ing separate tellers windows; each of these facilities is counted as one banking office only, Back figures.—See Annual Report for 1942 (Tables 17 and 18). 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAQB Gold reserves of central banks and governments..., 2.00 Gold production . . 1.01 Gold movements.. 101 Net capital movements to United States since January l, 1935... xoz Central banks 103 -2.06 Money rates in foreign countries.... 107 Commercial banks - zo8 Foreign exchange rates ... 109 Price movements: Wholesale prices 2.10 Retail food prices and cost of living.... in Security prices. .. zn Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. FEBRUARY 1944 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A e in n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b : ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec. 22,726 2658 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Jan.. 22,683 354 734 120 274 25 7 38 27 61 44 52 2,000 Feb.. 22,644 354 734 121 274 6 42 28 61 44 52 2,000 Mar. 22,576 354 734 127 274 6 46 30 61 44 52 2,000 Apr.. 22,473 355 734 143 274 5 47 42 61 44 52 2,000 May. 22,426 354 734 153 274 5 48 43 61 44 52 2,000 June. 22,388 354 734 166 274 6 49 45 61 44 52 2,000 July. 22,335 353 734 182 274 7 50 51 61 44 52 2,000 Aug.. 22,243 353 734 202 274 7 54 53 61 44 52 2,000 Sept. 22,175 353 734 223 274 6 54 55 61 44 52 Oct.. 22,116 243 274 5 54 56 Nov. 22,065 254 7 58 Dec. 21,938 5 59 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o ay r- Peru Poland Po g r a t l u- Ruma- A So fr u ic th a Spain 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 5525 1 1 9 9 3 4 9 0 — — D D e e c c . . 2 2 4 4 2 2 6 6 1 1 4 2 4 0 1 1 6 6 4 4 1 9 4 0 0 3 4 2 7 6 6 1 9 7 2 2 2 3 3 4 9 8 4 4 2 2 0 0 4 84 5 6 9 9 t ' 1 1 5 5 2 8 2 3 4 6 9 7 1941—Dec. 24 26 6164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 734 4216 39 506 23 25 59 241 634 42 1943—Jan.. 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 July. 24 125 *>500 23 26 59 271 611 Aug.. 24 174 ^500 23 26 59 282 628 Sept. 24 200 23 26 644 85 Oct.. 200 26 667 Nov. 202 31 685 Dec. 203 31 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g v o i - a B.I.S. c O tr o i t u e h n s e 9 - r End of month United U K n i i n t g e - d France2 Bel- States dom gium 1938—Dec... 321 701 29 2,690 69 52 57 14 142 1937—June ... 169 3 934 115 1939—Dec... 308 549 29 »1 68 52 59 7 153 Dec 4 1,395 81 1940—Dec... 160 502 88 1 90 "29 82 12 145 1938—Mar.... 1,489 1941—Dec... 223 665 92 1 100 41 483 12 142 June... ""44" ""62" 1942—Dec... 335 824 114 1 89 68 21 160 1939— D M e a c r . . . . . . . . 1 8 5 0 4 1 4 ,7 7 3 5 2 9" 3 5 3 5 1 9 44 1943—J M J M F A a u e p a a n b r n r y . . . e . . . . . . . . . . . . 3 3 3 3 3 3 4 4 4 4 4 4 4 2 0 7 6 4 8 8 8 8 8 8 5 4 5 6 6 3 1 2 9 7 6 2 1 1 1 1 1 1 5 2 4 2 2 5 8 4 5 4 4 8 1 8 8 9 8 0 8 9 9 6 9 1 9 6 7 7 7 8 0 2 6 2 2 2 2 2 2 2 4 5 5 6 5 , 12 o 1 1 1 1 1 8 8 8 8 60 2 2 4 5 1940— M D J S J M u u e e a a n n c p y r t e e . . . . . . . . . . . . . . . . . . "•" 1 1 1 8 8 6 5 4 6 4 6 5 5" "5876' 477 1 1 7 7 July.. 368 876 158 101 26 13192 Sept.... 105 Aug... 371 161 103 84 26 192 Dec. ... 48 '"'292' Sept.. 374 161 ^108 84 26 192 1941—Mar. ... 88 Oct... 378 900 161 84 27 192 June... 89 Nov.. 384 p903 84 27 r193 Sept.... 24 "6151 Dec... 89 193 Dec 25 17 1942—Mar.... 12 June... 8 v Preliminary. r Revised. Sept.... 7 1 Figures through March 1940 and figure for December 1942 include, in addition to gold of the Dec 12 Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine 1943—Mar.. .. 14 Stabilization Fund. June.'... 11 2 Change from previous December due largely to inclusion of gold formerly not reported. Sept.... 7 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. .4 Figures relate to last official report dates for the respective countries, as follows: Greece— 1 Reported at infrequent intervals or on de- Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia layed basis: U. S.—Exchange Stabilization Fund —Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- B Figure for December 1938 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization J Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Fund and Rentes Fund; Belgium—Treasury. Beginning December 1942, includes gold reserves abroad, formerly not reported. 2 For complete monthly series from October 1938- 8 Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time May 1939, see BULLETIN for February 1941, of gold held for Foreign Exchange Institute. p. 170- 9 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, 3 Figure for end of March 1937, first date reported. Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, 4 Figure for end of September; Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, Reported figure for total British gold reserves on and Thailand (Siam). Figures for certain of these countries have been carried forward from last Aug. 31, 1939, less reported holdings of Bank of Engprevious official report. land 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 gold 11 Beginning December 1940, figures refer to gold reserves of new Central Bank only. transfers in 1939-40 between the British E. E. A. 12 Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland. and the Bank of England, and between the French 13 Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica. E. S. F. and the Bank of France, see BULLETIN 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. XOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . 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 ia - A W fri e c s a t 2 I | B C e o l n g g ia p n a U St n a i t t e e s d * Canada 5 Mexico( Co b l i o a m - | I Chile IN g ic u a a r 7 a- Au li s a tr 8 a-1 1 B In r d it ia is * h * $1 = 15Z 5! grains of gold i0fine; i.e.,an ounce of fine gold — $35 1934.. 823,003 708,453 366795 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 377090 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 396768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937.. 1,041,576 893,384 410710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.. 1,136,360 958,770 425649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939.. 1,208,705 1,020297 448753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940.. 1,297,349 1,094264 491628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941.. 1,288,945 1,089395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942.. 968112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1942—Nov 70386 39144 2,095 2,240 7,831 12,801 1,614 432 659 3,045 525 Dec 68374 38616 2,149 2,135 6,212 12,704 1,433 544 906 2,940 735 1943—Jan 64862 37687 1,985 2,135 4,654 11,708 2,055 440 672 2,827 700 Feb 63904 38,835 1,902 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar 61871 35,489 1,987 1,610 4,520 12,169 1,661 558 622 2,450 805 Apr 63551 37,604 2,004 1,645 4,891 11,309 1,648 548 646 2^450 805 May 62984 38,367 1,987 1,645 4,065 10,975 1,599 566 700 2,345 735 Tune *>62107 37,424 1,956 1,645 3,945 11,442 1,540 455 724 p2,240 735 July P61660 37,962 1,907 1,540 3,945 10,246 1,763 454 622 P2.450 770 Aug P60259 37,297 1,862 1,540 3,634 10,268 1,704 549 430 p2,240 735 Sept P59396 36,783 1,928 1,540 3,306 9,898 ^549 770 P2,240 735 Oct ^60,070 37,162 Pi,928 1,540 3,814 9,802 Pi 672 •^549 628•fP2,240 735 Nov P58,675 36,889 PI,928 1,540 3,374 9,373 PI ,'512 •^549 605 665 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, Tsut data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. f Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual, figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for 1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1943 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1942, pp. 103-104, and 1936, pp. 108-109, GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- P s p h l i a i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c t o r t A h i u e l e n l s r - 19341 ,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 ,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23', 280 8 77,892 39,735 1 1 1 9 9 9 3 3 3 7 8 9 1 3 1 , , , 5 5 9 7 8 7 4 5 3 , , , 1 5 5 5 6 0 1 9 3 , , 2 8 8 0 2 9 8 6 1 , , , 7 4 5 2 3 0 8 1 3 -1 8 3 3 1 , , 7 , 1 7 1 3 9 0 5 8 1 9 1 6 0 5 5 , , , 8 4 1 5 8 2 9 8 2 3 1 4 6 6 1 3 , , , 4 6 0 6 4 1 1 9 8 6 2 0 8 , ,7 1 1 46 5 6 5 8 4 1 6 , , , 4 9 3 5 8 6 2 7 3 1 6 7 1 1 6 1 2 , , , 3 4 9 1 8 4 5 0 9 3 3 3 8 6 3 , , , 4 4 6 8 7 1 2 2 0 1 2 1 8 3 0 , , , 3 5 2 9 5 3 7 7 9 2 3 2 5 5 7 , , , 4 6 8 2 3 8 7 6 0 3 3 7 4 9 4 , , , 7 1 2 1 6 5 3 2 0 22, 4 1 8 0 8 6 1 1 2 2 1 1 4 6 6 6 8 5 , , , 4 6 7 0 6 4 5 4 0 5 5 1 0 0 6 , , , 7 9 1 6 5 5 2 6 9 31 26 0 2 2 7 9 , , ,9 9 4 9 7 0 8 5 4 1 1 9 9 4 4 0 1 4,7 9 4 8 4 2 , , 4 3 7 7 2 8 63 3 3 , , 7 0 7 8 9 3 241,778 1 977 1 63,260 16 1 1 , , 7 4 4 89 7 90,3 8 2 9 0 9 , 4 6 1 2 2 2 , , 0 3 5 3 6 0 2 1 9 6 , , 8 7 8 9 0 1 2 2 3 4 , , 9 4 9 4 9 8 4 3 2 8 , , 6 62 7 7 8 1 6 0 7 3 , ,7 4 7 9 7 2 2 1 9 8 2 4 , , 8 7 9 5 3 6 11 9 1, ,4 7 4 3 4 9 4 9 9, , 9 6 8 6 9 5 5 43 1 8 0 8 0 , ,4 4 8 68 5 1941 Feb 2 1 3 0 4 8 , , 2 6 4 0 : ' 1,21 3' 8 1,746 5 3 6 3 3 7 4 8 6 1 , , 8 5 7 2 6 9 1,1 8 4 1 7 4 3,16 1 8 1 3 2 , , 1 7 8 7 5 2 1 6 1 , , 7 1 3 3 8 6 149,73 9 5 6 6,085 4,501 615 6 , , 0 0 9 6 3 2 Mar 118,56i 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,83C 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,71 47- 17,514 800 7 2,114 4,593 69 131 5,009 July 37,04: 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,97; 79 10,84: 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,70; 250 42,56: 495 2,488 3,107 2,064 3,694 611,041 Oct 40,44( 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5,506 3,713 190 ni 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. FEBRUARY 1944 XOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) ... 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939).. 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747".6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 - 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan.14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb. 4.. 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11.. 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18.. 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25.. 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4... 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11... 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18... 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25... 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1... 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8... 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15... 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22... 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29... 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10. . 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 Tune 17.. 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24.. 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June302.. 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31... 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31... 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30.. 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31... 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30... 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 . 5,835.0 3,320.3 1,412.0 1,908.3 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,47-1.1 1,536.6 1,934.5 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 34,284.4 32,312.9 31,971.5 3870.5 928.3 707.4 3 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). , 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain signifi- " cant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Oct. 30, in millions of dollars: total foreign banking funds in United States 4,941.8, including official funds, 2,950.5, and other funds, 1,991.3; United States banking funds abroad, 265.0; and brokerage balances (net due "foreigners") 37.2. lis pp. 284-296; and May 1937, pp. 394-431. " 2.O2L FEDERAL RESERVE BULLETIN 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 s t s h e e ts r 2 Cash reserves a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits 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. *.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Jan. 27. .2 950.0 .5 42.2 4.4 208.0 908.1 175.9 4.7 56.6 17.9 Feb. 24. .2 950.0 .8 32.8 5.1 218.5 917.4 178.2 7.1 53.9 18.0 Mar. 31 .2 950.0 1.2 15.7 9.9 198.4 934.5 144.3 5.9 56.8 18.1 Apr. 28. .2 51,000.0 1.0 46.8 5,3 196.2 953.4 170.1 8.3 53.1 17.7 May 26. .2 1,000.0 .9 55.3 4.6 185.3 945.0 174.1 3.2 51.0 17.8 June 30. .2 1,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 July 28. .2 1,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Aug. 25. .2 1,000.0 1.4 25.3 3.4 218.3 974.9 166.8 7.2 56.6 18.0 Sept. 29 .2 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Oct. 27 .2 51,050.0 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 Dec. 29. .2 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed S t h e o rm rt s - 6 ecuritie O s ther , a O ss th e e ts r irc N ul o a t t e ion7 Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other li O ab th il e it r ies 1935—Dec.31. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec.31. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec.31. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec.31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec.30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 J 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 1243—Jan.30 .3 768.0 231.8 17.6 677.6 237.7 14.8 61.3 26.3 Feb. 27 .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 Mar.31 .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4 Apr. 30 .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 May 31 11.8 826.1 302.5 24.9 746.8 313.1 46.8 34.2 24.4 June30 47.2 816.7 313.0 20.8 758.4 301.1 90.1 19.2 28.9 July31 .5 800.7 333.1 22.1 776.1 295.0 48.4 13.2 23.7 Aug.31 37.6 798.8 340.8 29.2 796.7 308.6 59.7 10.3 31.0' Sept..30 31.0 786.7 360.7 19.0 815.1 305.7 36.2 11.4 29.1 Oct. 30 68.5 787.4 434.0 22.1 836.6 339.2 88.9 15.6 31.7 Nov.30 26.5 797.1 466.7 30.6 844.6 360.6 66.1 16.1 33.6 Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset and liability items shown separately in the statements. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 a O s t s h e e ts r ci N r t c i o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3 971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400* 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Nov. 26 84,598 37 44,562 212 6,509 198,868 68,700 20,457 364,768 677 19,769 35,181 3,547 Dec. 31 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Jan. 28 84,598 37 43,448 108 5,061 216,334 62,600 20,698 387,748 725 9,051 30,654 4,705 Feb. 25 84,598 37 43,103 105 7,533 230,911 57,800 21,458 397,319 1,521 9,521 32,886 4,299 Mar. 25 84,598 37 42,938 23 6,108 230,740 69,250 20,181 405,416 698 8,429 33,776 5,556 Apr. 29 84,598 37 42,884 26 6,686 248,320 57,650 21,072 413,567 713 8,749 34,186 4,058 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 Sept. 30 84,598 37 43,412 4,968 295,807 69,500 23,519 468,015 649,470 4,355 Oct. 28 84,598 37 44,591 4,799 306,689 65,500 21,000 475,868 627 12,191 "34,'lir 4,417 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 78 71 15,419 38 32 357 2,066 14,033 2,561 ,396 1 1 9 9 4 4 1 2 — —D D e e c c . . 3 31 1. 7 7 6 7 7 7 1 1 2 2 1 9 , , 6 2 5 8 6 3 3 2 2 5 1 8 0 7 7 2 2 8 1 3 0 2 1 , , 3 6 1 6 1 4 2 1 4 9 , ,3 3 2 7 5 5 5 3 , , 2 6 9 4 2 9 , , 6 4 8 9 0 3 1943—Jan. 30. 77 26,270 22 51 185 2,477 23,664 3,892 ,526 Feb. 27. 77 26,758 21 49 180 2,370 24,266 3,820 ,369 Mar. 31 77 27,869 18 41 85 2,345 24,697 4,340 ,397 Apr. 30. 77 28,603 18 1 78 2,319 25,442 4,226 ,427 May 31 77 29,592 16 17 121 2,268 25,922 4,606 ,563 June 30. 77 30,890 29 1 67 2,178 26,650 4,881 ,711 July 31 77 32,317 34 1 100 2,003 27,597 5,199 ,735 Aug. 31. 77 34,570 17 1 107 1,569 29,029 5,456 ,857 Sept. 30 77 35,010 22 1 105 2,436 30,099 5,601 ,951 Oct. 30 77 36,117 17 1 136 2,583 30,922 5,967 2,040 Nov. 30 77 37,870 66 1 79 2,733 31,772 6,951 2,104 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29: September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 8,1943, advances of 291,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Total deposits—distribution not available. ' 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. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): (Sept.)2 Gold reported separately 1,074 1,07' Gold 9 97 Other gold and foreign exchange.. 1,977 934 Foreign exchange 20 18 Negotiable Government bonds.... 386 366 Clearing accounts (net) 1,658 1,105 Rediscounted paper Loans and discounts 46 56 Other assets ' 153 '"283 Securities 56 88 Note circulation 1,798 1,62' Govt. compensation account4 125 125 Deposits—Member bank 1,088 764 Other assets 2,065 1,375 Government 47' 135 Note circulation 1,193 983 Other 10' 34 Deposits—Government 833 600 Foreign exchange sold forward Other 1,718 1,004 Other liabilities "l20 " "99 Other liabilities 322 278 Commonwealth Bank of Australia Central Bank of Ecuador (thou- (thousands of pounds): sands of sucres): (June)2 Issue department: Gold 148,652 133,445 Gold and English sterling.... 40,543 40,231 31,39: Foreign exchange (net) 122,092 73,412 Securities 123,927 123,419 101,142 Loans and discounts 81,560 76,124 Banking department: Other assets 64,310 38,963 Coin, bullion, and cash 7,823 7,301 5,280 Note circulation 200,076 169,340 London balances 45,544 50,177 47,625 Demand deposits 185,158 125,461 Loans and discounts 17,761 19,104 20,091 Other liabilities 31,380 27,143 Securities 240,080 223,65. 158,020 National Bank of Egypt5 (thousands Deposits 171,923 168,338 154,493 of pounds): (Sept.)2 Note circulation 156,012 155,262 123,356 Gold. 6,241 6,251 National Bank of Belgium and Foreign exchange 12,69; 8,604 Bank of Issue of Brussels (mil- Loans and discounts 2,471 5,983 lions of belga) r1 British, Egyptian, and other Gov- Gold 4,331 4,338 ernment securities 194,27, 140,090 Foreign exchange, 9,130 5,456 Other assets 6,905 5,853 Credits to State and public bodies. 3,503 4,259 Note circulation 87,663 75,347 Credits to private economy 193 149 Deposits—Government 39,448 26,551 Reichskreditkasse 721 771 Other... 80,881 52,908 Other assets , 1,125 543 Other liabilities 14,592 11,975 Note circulation 16,135 13,576 Central Reserve Bank of El Salva- "Demand deposits 1,123 905 dor (thousands of colones): Postal Checking Office 1,413 806 Gold 26,983 24,206 Other liabilities 329 228 Foreign exchange. 25,355 10,499 National Bank of Bohemia and Mo- Loans and discounts 1,359 1,516 ravia (millions of koruny): (Sept.)2 Government debt and securities.. 6,781 6,943 Gold 1,515 1,515 Other assets 787 554 Foreign exchange 772 728 Note circulation 33,844 27,853 Discounts 1,202 845 Deposits 21,463 10,072 Loans Other liabilities 5,957 5,793 Other assets "26," 727 i7,791 Bank of Finland3 Note circulation 20,086 14,089 Bank of Greece3 Demand deposits 4,392 3,441 NationallBank of Hungary (millions Other liabilities 5,738 3,349 of pengo): (Sept.)2 Central Bank of Bolivia (millions of 100 100 bolivianos): Foreign exchange reserve 4 2 Gold at home and abroad 556 497 Discounts 2,919 2,107 Foreign exchange 371 438 Loans—To Treasury 666 724 Loans and discounts 373 231 To foreign countries 933 506 Securities—Government 537 537 Other 13 32 Other 41 41 Other assets 1,176 707 Other assets.. 82 59 Note circulation 3,974 2,958 Note circulation 1,041 818 Demand deposits 649 559 Deposits 807 798 Consolida ted foreign credi ts of 1931. 15 21 Other liabilities 111 186 Other liabilities 1,173 640 National Bank of Bulgaria3 Reserve Bank of India (millions of Central Bank of Chile (millions of rupees): (Sept.)2 pesos): Issue department: Gold 264 175 Gold at home and abroad.... 444 444 Discounts for member banks 31 258 Sterling securities 6,418 4,048 Loans to Government 721 725 Indian Govt. securities 734 1,224 Other loans and discounts 857 967 Rupee coin 149 142 Other assets 1,024 299 Note circulation 7,597 5,704. Note circulation 2,060 1,856 Banking department: Deposits—Bank 389 186 Notes of issue department.... 148 154- Other 156 148 Balances abroad^ 1,082 710 Other liabilities 292 234 Treasury bills discounted 4 Bank of the Republic of Colombia Loans to Government 6 (thousands of pesos): Other assets 105 87 Gold 100,952 98,425 43,756 Deposits 1,177 795 Foreign exchange 93,354 88,560 64,317 Other liabilities 158 166 L G o o a v n e s r n a m n e d n d t is lo c a o n u s n t a s nd securities... 56 2 , , 5 3 1 7 2 2 5 3 7 , , 5 1 2 00 7 5 1 9 3 , , 7 9 7 3 6 8 C o e f n p t o r u al n d B s a ): n 6 k of Ireland (thousands Other assets 27,777 27,571 32,733 Gold ,646 2,646 Note circulation 113,179 111,292 103,600 Sterling funds ,911 24,080 D Ot e h p e o r s i l t i s a b .. il . i . t ; ies 1 4 1 9 8 , , 4 3 5 3 2 6 1 4 1 8 5 , , 8 0 1 7 6 5 4 6 1 9 , ,3 6 1 0 5 4 B B a a N n n k k o t o e o f f c i J J r a c a u v p l a a a 3 t n io 3 n ,557 26,725 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by theGerman Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (December 1942), see BUL- LETIN for October 1943, p. 1039; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, pp. 281-282; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 4 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 6 Items for issue and banking departments consolidated. 6 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. FEBRUARY 1944 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Bank of Mexico (millions of pesos): lank of Spain (millions of pesetas): (Sept.)2 Metallic reserve1 456 436 291 Gold 927 493 "Authorized" holdings of securi- Silver 626 624 ties, etc 1,289 1,246 811 Government loans and securities... 16,117 15,673 Bills and discounts 163 159 119 Other loans and discounts 3,074 Other assets 65 50 6' Other assets.. 2,282 3^151 Note circulation 1,082 1,051 753 Note circulation.. 15,610 15,738 Demand liabilities 742 694 409 Deposits—Government.. 3,114 1,072 Other liabilities 149 147 126 Other 3,500 4,243 Netherlands Bank (millions of guil- Other liabilities 802 1,979 ders): (Sept.)2 Bank of Sweden (millions of kronor): Gold 932 903 Gold .. 846 833 738 Silver (including subsidiary coin).. 1 Foreign assets (net) 609 601 551 Foreign bills 2,778 1,742 Swedish Govt. securities and ad- Discounts 208 vances to National Debt Office5 1,174 1,118 1,223 Loans 139 171 Other domestic bills and advances 84 95 144 Other assets 76 216 Other assets.. 866 1,003 845 Note circulation 3,041 3,034 Note circulation 2,085 2,142 2,015 Deposits—Government 100 Demand deposits—Government.. 734 364 744 Other 675 141 Other 136 526 187 Other liabilities 110 69 Other liabilities 625 618 556 Reserve Bank of New Zealand (thou Iwiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold. 4,173 3,908 3,896 3,565 Sterling exchange reserve 30,432 28,623 26,574 Foreign exchange 53 91 77 62 Advances to State or State under- Loans and discounts 111 61 247 takings 38,402 39,159 28,823 Other assets (6) () 351 333 Investments 10,324 10,324 4,461 Note circulation 3,048 2,922 2,873 2,637 Other assets 2,062 2,912 2,006 Other sight liabilities 1,239 1,189 1,233 1,290 Note circulation 35,423 34,418 30,820 Other liabilities (6) (6) 280 Demand deposits 44,342 46,116 29,975Central Bank of the Republic of Other liabilities 4,257 3,287 3,871 Turkey (thousands of pounds): Bank of Norway3 Gold... 201,697 .43,070 Ba g n u L G F N k O G a o o o o t o y h r a l t v o e d e n e f e ( i r s g m r c n n a a i i t m r l s n h l c e s d i e e u x e o n l t c n d s a t h s R i t a s i l o o o n c e f n a o g p n e u p u s n e b t a s s l n o i d c s ): s o e f c ur P it a ie r s a . - .. 2 2 2 1 , , , , 9 5 2 0 1 5 3 2 6 1 9 1 0 1 2 5 2 2 2 1 2 , , , ,2 5 9 0 1 1 3 2 1 1 7 4 0 1 2 4 9 Ban L F O N D O S k o o e t t o e o h h c r a p t e f u e e n e o i r r r s g t s i c h n i t a a l i t i e i r s e n s a c c — s s d b u R l e e i l t O G l d e a a s i r t p i t t o i i s i h o u l n e c e d n s g b o r . . u l a i n c c t c s o o .. f u n U ts ruguay 6 7 1 1 1 8 7 7 6 2 9 7 7 8 5 9 0 3 3 1 1 , , , , , , , , 8 0 7 4 3 3 6 3 9 3 7 7 2 5 2 6 1 2 6 9 2 8 7 8 r . 6 6 4 2 6 7 9 5 0 3 0 6 2 0 9 5 , , , , , , , , 5 8 5 9 0 3 3 4 4 1 0 6 5 5 9 7 1 4 6 5 9 8 0 6 O D t e h m er a n l d i ab d i e l p it o ie si s ts—G O o th v e e r rnment — 1 1 , , 6 8 4 2 5 3 0 2 8 1 1 , , 6 7 4 1 0 8 8 1 8 (th Is o s u u s e G a n o d d l e d s p o a a f n r t d m p e s e s i n o lv t s : e ): r. (Se 9 p 0 t , . 1 ) 9 2 7 90,875 Central Reserve Bank of Peru (thou- Note circulation 119,422 12,764 sands of soles): Banking department: Gold and foreign exchange 141,994124,182 Gold and silver 84,182 55,451 Discounts 11,002 12,63= Notes and coin 29,578 36,805 Government loans 336,610258,31 Advances to State and to Other assets 20,490 25,029 government bodies. 34,226 41,135 Note circulation 329,686283,04 Other loans and discounts. 94,436102,301 Deposits 155,650115,395 Other assets. 177,161113,316 Other liabilities 24,760 21,71 Deposits 169,286130,584 Bank of Portugal (millions of Other liabilitie: 250,299218,425 escudos): (May)2 Central Bank of Venezuela (thou- Gold4: 1,398 1,39: sands of bolivares): Other reserves (net) 3,509 3,143 Gold. 273,314 257,864 257,864206,879 Nonreserve exchange 6,762 6,06? Foreign exchange (net). 40,244 42,329 36,665 20,847 Loans and discounts 227 245 Credits to national banks 27,870 31,230 31,230 32,230 Government debt 1,025 1,02? Other assets 10,721 14,587 12,92." 12,462 Other assets.. 1,03= 1.04C Note circulation—Central Bank 246,015 234,063 224,638168,574 N O o th te e r c s i i r g c h u t l a l t i i a o b n i . l . i t v ies 5 7 , , 5 5 0 6 2 0 5 6 , , 4 5 8 3 1 8 Deposits National banks 2 7 6 3 , , 2 7 5 4 8 8 2 7 6 7 , , 8 75 1 5 4 2 80 7 , , 2 3 8 9 8 8 6 3 0 7 , , 0 5 9 2 9 6 Other liabilities 893 896 Other liabilities 6,128 7,37" 6,360 6,220 National Bank of Rumania (millions National Bank of the Kingdom of of G S L l p o e o e a i ld ) c n : i s a l an e d x c d h i a s n c g o e u n ac ts counts (A 5 3 4 u 3 0 6 g , , , 2 6 4 .) 6 4 4 2 . i 4 3 3 8 5 0 , , , 8 5 5 8 0 5 ' 6 5 Ba Y ( n t u h k C G o g a o f u o s o l s s d h r a l a n i I o n d v n n s i t a b e h * o a r a f r n n s S a d w ti a i o s n s n d a g o l o n l S d c e u f t r r t r a l e e n n m c t s 7 e 'a ) n : c- ts 81,494 81,494 65,351 S G O p t o h e v c e e i r a r n l a m s l s o e e a n t n t s s d ( e in b t liquidation) 2 5 0 7 , , 7 0 2 5 1 5 2 t 4 2 5 0 , , 5 9 3 9 5 4 . ' ! R Si e c g d o h i u t s n c f t o u u n w d n i s t t a h b a l t b e a i n n b k t il e s l r s e s a t n . d accept- 3 2 8 2 , ,7 8 2 8 4 4 2 1 0 5 , , 2 4 0 1 9 3 3 1 2 6 , , 7 2 8 9 2 8 D N O e t o h m te e r a n c l d i i r a c b d u i e l l a p i t t o i i e o s s i n ts 1 5 2 3 0 4 3 , , , 5 0 7 7 9 1 : ' 1 3 2 1 8 5 7 , , , 7 7 3 7 2 5 ( ! T Su i a m n n d e c r e y f s u n b ( d i a l s t l s c a a t o n s i d t n ) t i . e n . r . v e e st stments. 1 1 2 9 2 1 5 6 , , , 6 0 2 8 7 3 7 5 2 1 19 2 5 5 1 1 , , , 8 0 2 8 7 0 ' 5 1 1 2 4 9 1 4 8 , , , 6 0 9 3 9 6 5 4 4 South African Reserve Bank (thou- Other assets 65 63 75 sands of pounds): Demand deposits (gold). 49,905 50,62? 35,357 Gold . 83,10? 80,96. 76,99 Short-term deposits (various cur- Foreign bills 13,22: 11,98! 946 rencies): Other bills and loans 1,154 74' 2,912 Central banks for own accoun t 6,306 5,94? 16,587 Other assets 88,652 90,71 72,715 Other 3,058 2,49, 3,134 Note circulation 47,72i 49,06' 39,629 Long-term deposits: Special ac- Deposits 133,882 130, 108,464 counts 229,00: 229,00 229,001 Other liabilities 4,522 4,53: 5,475 Other liabilities 197,89 197,27 195,119 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. L Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942 pp.281-282. J Valued at average cost beginning October 1940. 8 Includes small amount of non-Government bonds. J Figure not available. 7 See BULLETIN for December 1936, p. 1025. zo6 FFDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K n in it g e - d France Ger- Bel- Ne er t - h- Swe- Sw er it - z- b C an e k n t o r f a — l R J 3 a a 1 t n e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R J 3 a a 1 t n e . ef D fe a ct t i e ve dom many gium lands den land In effect Oct. 2, 1936 2 3 4 2 3 2V£ 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 2V> Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 1 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 "m" Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 • yy Moravia Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 2 Jan. 28, 1937 ."i"" June 15 6 July 7 5 Bolivia Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India. Nov. 28, 1935 New Zea- Sept. 3 3V£ Bulgaria Dec. 1, 1940 land July 26, 1941 Nov. 13 3 ...... Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 Chile... Dec. 16, 1936 Peru Aug. 1, 1940 May 13 2}/i Colombia.... July 18, 1933 Portugal.... Jan. 12, 1944 May 30 "3"" Sept. 28 " 3" Oct. 27 Nov. 25 iy2 Denmark Oct. 16, 1940 Rumania. Sept. 12, 1940 Tan. 4, 1939 2 Ecuador May 26, 1938 South Africa June 2, 1941 Apr. 17 "4" •" El Salvador.. Mar. 30, 1939 Spain Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 VA Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 • — • •• Aug. 29 "3 " Sept. 28 •••-•• Oct. 26 2 France Mar. 17, 1941 Turkey...... July 1, 1938 Dec. 15 "3"" Germany.... Apr. 9, 1940 United King- Jan. 25, 1940 "2 "" Greece Mar. 1, 1942 dom Oct. 26, 1939 M Ap a r y . 1 9 7 3y2 H Ita u l n y gary M Oc a t y . 2 1 2 8 , , 1 1 9 9 4 3 0 6 Y U. u g S o . s S la . v R ia . . .. F Ju e l b y . 1 1 , , 1 1 9 9 3 3 5 6 Mar. 17, 1941 May 29 3 Tune 27 NOTE.—Changes since Dec. 31: Portugal—Jan. 12, down from 3 to In effect Dec. 31, per cent. 1943 2 i*hi 3y2 2 VA 3 11/ OPEN-MARKET RATES [ Per cent per annum ] Switzer- United Kingdom Germany Netherlands Sweden land Month ac B 3 c a e m n p o k ta n e n t r c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to n - e d y ay d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s 3 s d P i r s r i c a v o te a u t n e t 1929—Nov 5.35 5.30 5.15 6.89 7.79 4.26 4.17 3.32 1930—Nov 2.18 2.15 2.01 1 4.79 5.48 1.31 1.29 .16 1931—Nov 5.75 5.55 4.96 4 8.00 8.69 1.59 1.73 .77 1932—Nov .89 .82 .73 3.88 4.80 .37 1.00 .50 1933—Nov 1.05 .94 .75 3.88 5.18 .45 1.00 .50 1934—Nov .45 .29 .68 y2 3.63 4.21 .63 1.00 .50 1935—Nov .57 .55 .75 3.01 3.07 3.15 3.00 .44 1936—Nov .56 .55 .75 3.00 2.79 .85 1.55 .46 1937—Nov .59 .58 .75 y2 2.88 2.65 .13 .50 .00 1938-Nov .66 .67 .75 2.88 2.58 .14 .50 .00 1939—Nov 1.96 .18 1.00 2.65 2.19 1.75 2.41 .25 1940—Nov 1.03 .02 1.00 y2 2.25 1.93 2.25 2.75 .25 1941—Nov 1.03 .00 1.00 2.13 1.75 .25 1942—Nov 1.03 .00 1.00 2.13 1.75 .25 1942—Dec 1.03 .01 1.00 2.13 1.96 .25 1943—Jan 1.03 .01 1.08 2.13 1.84 .25 Feb 1.03 .00 1.10 2.13 1.82 .25 Mar 1.03 .00 .90 2.13 1.94 .25 Apr 1.03 .01 1.03 2.13 1.81 .25 May 1.03 .00 1.07 2.13 1.91 1.25 June 1.03 .00 1.06 2.13 1.90 1.25 July 1.03 .00 1.04 2.13 1.86 1.25 Aug 1.03 .00 1.11 2.13 1.89 1.25 Sept 1.03 .00 1.07 2.13 1.93 1.25 Oct 1.03 .00 1.00 2.13 Nov 1.03 1.00 1.00 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. FEBRUARY 1944 XO7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o d r u e o n s n d i s n c l s e m t a e i r r l i l l n i i o g n n g b s ) a o n f ks. re C se a r s v h es M c o a n s l n o h l t e o i y a r c n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—January... 379 146 197 935 1,112 773 271 3,577 2,369 1,207 237 February.. 373 154 148 933 1,109 775 272 3,525 2,324 1,201 237 March 377 139 173 884 1,132 789 283 3,542 2,362 1,180 235 April 375 142 128 964 1,137 767 268 3,545 2,350 1,195 235 May 377 158 154 924 1,150 769 268 3,566 2,380 1,185 234 June 387 165 236 859 1,159 758 305 3,630 2,432 1,199 238 July 375 160 244 900 1,162 753 279 3,628 2,428 1,200 245 August.... 383 156 232 957 1,162 739 285 3,670 2,456 1,214 244 September 389 148 209 1,045 1,160 741 293 3,737 2,504 1,233 248 October... 394 151 181 1,135 1,158 749 289 3,813 2,556 1,256 245 November. 403 155 184 1,187 1,167 732 283 3,865 2,588 1,277 245 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable ir Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in k d o s m . l l i a l E r l s i n o ) d ns of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 L,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 L,673 1,049 1943—January... 347 29 1,100 242 2,302 582 58 3,494 1,772 1,723 1,050 February.. 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 1,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 1,890 1,044 April...".. 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 1,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 1,826 1,094 August.... 434 35 1,121 242 2,681 641 46 3,978 2,062 1,916 1,131 September 427 34 1,045 198 2,881 679 46 4,085 2,096 L,989 1,133 October.. . 460 38 1,038 202 2,870 659 45 4,107 2,146 L.961 1,115 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 ,883 1,141 France Assets Liabilities (4 larg f e i g b u a r o e n f s k s i f . n r a n m E c i n s l ) l d i o o n f s |month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1936—December. . 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December.. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. . 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December .. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December... 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—February... 6,321 3,367 62,308 9,301 1,237 77,759 76,873 887 377 4,398 March 6,166 3,122 63,506 9,674 1,297 78,777 78,382 395 298 4,691 April 6,085 3,153 64,463 9,570 1,371 79,430 79,051 379 302 4,910 May 5,928 3,236 67,539 9,496 1,421 82,239 81,879 361 344 5,037 June 6,061 3,211 68,897 10,185 1,550 84,405 84,044 362 349 5,150 July 6,200 3,221 70,427 10,259 1,784 86,180 85,835 346 392 5,318 August 6,224 3,272 71,963 10,265 1,842 87,753 87,423 330 383 5,429 September.. 5,998 3,325 74,016 10,158 1,990 89,462 89,151 312 370 5,654 October 6,331 3,320 75,722 10,751 2,269 91,856 91,552 304 465 6,071 November.. 6,579 3,515 73,078 10,493 2,393 89,387 89,078 309 455 6,215 December .. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—January 7,538 3,672 76,928 11,054 1,525 94,996 94,665 331 451 5,270 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certifiednoon buying rates in New "¥brk for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China (peso) (pound) Bel- (cruzeiro1) British Bul- (yuan Year or month gium India garia Shang- Official S E p x e p c o ia rt l Official Free belga) Official Free (rupee) (lev) Official Free Official Export hai) 1936 33.137 395.94 16.917 8.5681 5.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.6666 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1 1 9 9 3 4 9 0 3 2 0 9 . . 8 7 5 7 0 3 2322!80' 3 30 5 5 3 . . 1 3 6 8 21 1 6 6. . 8 8 5 8 2 0 6 6 . . 0 0 0 5 2 6 7 2 5 5 ^ .0 1 2 2 1 4 4 8' 3 3 3 0 . . 2 1 7 5 9 5 9 8 6 5 . . 0 1 1 4 8 1 5 5 . . 1 1 7 6 2 6 7 8 4 4 . . 0 0 0 0 0 0 0 0 1 6 1 . . 0 8 0 7 0 9 1941 29.773 223!704' 322.80 321.27 6.0575 5.0705 30.137 90!909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—jan 29.773 23.704 322.80 321.50 6.0586 5.1316 30.122 90.909 89.640 Feb 29.773 23.704 322.80 321.50 6.0586 5.1292 30.122 90.909 90.037 Mar 29.773 23.704 322.80 6.0586 5.1275 30.122 90.909 89.923 Apr 29.773 24.332 322.80 6.0586 5.1275 30.122 90.909 90.199 May 29.773 25.188 322.80 6.0587 5.1276 30.123 90.909 90.137 June 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.099 July 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.585 Aug 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.638 Sept 29.773 25.147 322.80 6.0586 5.1275 30.122 90.909 90.150 Oct 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.426 Nov 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.422 Dec 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.404 Year or month C ( o p b l e i o s a m o) - s ( C k lo o z v e ru a ch n k o a ia ) - ( m D kr a e o n r n k - e) ( F l m a k i a a n n r ) - d k- P (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a t r i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 2l9.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943—Jan 57.222 20.573 322.78 Feb. 57.220 20 573 323.30 Mar 57.233 20 573 324.42 Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 June 57.280 20.580 324.42 TUly 57.278 20.577 324.42 AUK 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 Dec 57.277 20.582 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e e o r t a l n t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree Con- (peso) N co o n n - - Y ( s d u la i g n v o a i r - a ) trolled trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 ,24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00" 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246 919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—Jan 398.00 403.50 403.50 65.830 52.754 Feb. 398.00 403.50 403.50 65.830 52.803 Mar... 398.00 403.50 65.830 52.805 Apr 398.00 403.50 65.830 52.749 May 398.00 403.50 65.830 52.710 June 398.00 403.50 65.830 52.829 July 398.00 403.50 65.830 52.866 Aug 398.00 403 50 65.830 52.871 Sept 398.00 403.50 65.830 52.929 Oct 398.00 403.50 65.830 52.978 Nov. 398.00 403.50 65.830 53.003 Dec 398.00 403.50 65.830 52.969 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—Developments affecting averages during 1943: . Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 1. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943, see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. FEBRUARY 1944 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913=100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 P100 ^163 196 1942—December 101 97 161 115 ^358 195 215 1943—January 102 97 162 116 196 215 February 103 98 162 116 *>365 197 217 March 103 99 162 116 197 217 April 104 99 163 116 197 218 May 104 99 163 116 197 218 June 104 100 163 116 197 218 July 103 100 164 117 196 218 August 103 100 162 117 P381 195 218 September 103 101 163 116 195 220 October 103 102 163 195 ^220 November 103 102 163 116 195 P220 December 103 P103 2*163 195 p Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January*,1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month 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 ly e - d Foods pr I o n tr d d i u u a c s l t - s p A r t g o u r d r i u c a c u l t l s - a t f n r i i d n a i l s s r e h a m e w d i- p tr i r s i o a h d l e u f d i c n ts goods goods products 1926 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1943 123 107 97 P99 1942—December 114 104 96 87 93 93 159 162 117 102 134 1943—January 117 105 96 88 93 93 160 163 119 102 134 February 119 106 96 89 94 93 160 163 118 103 134 March 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May 126 111 97 93 98 93 162 163 119 102 134 Tune 126 110 97 94 99 93 161 164 119 102 135 July 125 107 97 96 100 93 164 164 121 102 135 August 124 106 97 98 101 93 158 164 121 102 136 September 123 105 97 98 101 94 159 165 119 102 136 October 122 105 97 104 103 94 157 t65 November 121 106 97 104 104 94 157 165 103" 136 December 122 106 P94 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. ilO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 i 1 5 t t 0 e - e 0 3 d s ) 9 (1 C = 9 a a 3 d 1 n 5 a 0 - - 0 3 ) 9 U K d ( 1 n J i o 9 n u i 1 m t l g 4 y e - d (1 m = G 9 a 1 1 e 3 0 n r - 0 - y 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 1 s r ) 3 -S er = 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 = n 9 t a 1 3 i 0 t 5 t e 0 e -3 ) d s 9 (1 C = a 9 a 1 3 d 0 5 n a 0 - - 3 ) 9 U K d ( n 1 J i o 9 i u n 1 m t l g e 4 y d - m 1 = G 9 a e 1 1 n r 3 0 - y - 0 1 ) 4 N 1 e l = 9 t a 1 h 1 n 1 0 e d - 0 r s 1 ) - 3 S e = ( r w 1 J l 9 u a 1 i 1 t 0 n n z 4 0 e d - ; = 100) = 100) 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937. . . 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 166 1943 124 199 1942—December .. 133 133 164 129 208 1942—December. 120 119 200 136 200 1943—January .... 133 127 164 131 209 1943—January... 121 117 199 137 201 February ... 134 127 164 132 210 February.. 121 117 199 137 201 March 137 128 165 133 210 March.... 123 117 199 138 201 April 141 129 165 133 210 April 124 118 198 138 203 May, 143 130 165 134 210 <May 125 118 199 139 203 June 142 131 165 136 211 June 125 119 198 139 203 July 139 132 168 140 211 July 124 119 200 142 204 August 137 133 167 139 211 August. . . 123 119 199 141 204 September... 137 134 166 133 212 September. 124 119 198 138 204 October 138 133 168 132 October... 124 119 199 138 ^205 November... 137 133 168 133 November. 124 119 199 138 December. 137 v\33 168 December. 124 PU9 199 pr Pjrrreeliiimmimnaarryy.. 11 RReviids edi dindex from March 1936 (see BULLETIN for April 1937, p.. 3^7,^3j).. 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g i d te o d m France Germany Nether- U St n a it t e e d s (1926 = 100) Nether- ( p d r e i r c i e v ) e x d ( 1 D 92 e 1 c e = m 1 b 0 e 0 r ) (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 3 1 5 0 - 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 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 5 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 1 110.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 . . 115.9 118.3 6 84.7 100.7 7 77.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 *>98.7 103.0 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 69.4 75.3 2*476 142.1 131.5 1943 120.3 127.8 91.9 84.5 1942—December 118.9 127.3 75.9 80.1 143.5 135.9 1943—January 119.5 129.0 79.7 82.4 145.1 143.5 February 120.0 128.9 84.8 82.2 145.3 156.2 March 119.8 128.8 88.2 82.6 145.1 155.0 April 119.9 129.0 91.3 83.7 144.9 156.7 Mav 120.1 127.1 95.2 84.3 145.1 157.5 jane 120.5 127.0 96.7 84.1 145.1 July 121.1 127.8 98.5 85.6 144.9 ^151.9 August 121.1 127.2 94.4 86.0 144.6 September 120.8 126.9 95.6 86.6 144.7 October 120.9 127.4 94.8 86.3 November 120.4 127.1 91.4 85.0 145.0 December 120.0 127.2 91.8 85.3 P Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average Apr .-Dec. only. Average Jan .-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF TME 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, Director LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Director S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Director FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Director WALTER WYATT, General Counsel DIVISION OF PERSONNEL ADMINISTRA- J. P. DREIBELBIS, General Attorney TION GEORGE B. VEST, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman WM. A. DAY JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. M. EVANS M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT W. S. MCLARIN, JR. W. W. PADDOCK KEEHN W. BERRY, ATLANTA DISTRICT RONALD RANSOM EDWARD E. BROWN, CHICAGO DISTRICT M. S, SZYMCZAK President CHESTER MORRILL, Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist A. E. BRADSHAW, KANSAS CITY DISTRICT MALCOLM H. BRYAN, Associate Economist KENNETH H. MACKENZIE, Associate Economist ED. H. WINTON, DALLAS DISTRICT OLIVER P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 2.12. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton W. W. Paddock K. K. Carrick J. C. Hunter2 Henry S, Dennison William Willctt E. G. Hult Carl B. Pitman New York Beardsley Ruml Allan Sproul R. M. Gidney A. Phelan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams V. Willis Philadelphia Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny3 Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland Geo. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klages R. B. Hays J. W. Kossin K. H. MacKenzic A. H. Laning3 W. F. Taylor Richmond Robt. Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo. H. Keesee2 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. Black2 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. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery C. M. Stewart Douglas W. Brooks F. Guy Hitt Henry H. Edmiston W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Minneapolis Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemer Kansas City R. B. Caldwell H. G. Leedy L. H. Earhart Jos. E. Olson Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C. O. Hardy D. W. Woolley3 Dallas Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford J. R. Parten E. B. Stroud R. B. Coleman W. D. Gentry3 W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels2 Harry R. Well man Ira Clerk W. M. Hale R. B. West OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo R. B. Wiltse4 Minneapolis.... Helena R. E. Towle4 Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin* Kansas City. . . . Denver Jos. E. Olson5 Richmond Baltimore W. R. Milford4 Oklahoma City G. H. Pipkin5 Charlotte W. T. Clements4 Omaha L. H. Earhart5 Atlanta Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardeman, Jr.4 Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.4 Houston E. B. Austin5 New Orleans E. P. Paris4 San Antonio L. G. Pondrom5 Chicago Detroit E. C. Harris5 San Francisco... Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey4 Portland D. L. Davis4 Louisville C. A. Schacht4 Salt Lake City W. L. Partner4 Memphis W. H. Glasgow4 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. 6 Manager. FEBRUARY 1944 2.13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 9 I g=g BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES m J^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM P* <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES 0 O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 BOARD OF GOvEffiiOftS OF i'HL FEDERAL RESERVE SfSTEM S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The publications listed below may be obtained from the Board of Governors of the Federal Reserve System, Washington, D. C. Federal Reserve Bulletin. Released about the izth of the month. The subscription price is $x.oo per annum, or zo cents per single copy, in the United States (including insular possessions), Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. In all other countries the subscription price is $z.6o yearly, or Z5 cents per single copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for n months. The Federal Reserve System—Its Purposes and Functions. Obtainable in cloth cover at 50 cents per copy. iz8 pages. Digest of Rulings—to October 1, 1937. Digests of Board rulings, opinions of the Attorney General and court decisions construing the Federal Reserve Act, with compilation showing textual changes in the Act. $1.2.5 P^ copy* 683 pages. Chart Book I, Federal Reserve Charts on Bank Credit, Money Rates, and Business. New edition, revised March 1943. 71 pages. Space for plotting through 1944. 50 cents per single copy; in quantities of 10 or more, 45 cents per copy. Chart Book II, Federal Reserve Charts on Industrial Production. February 1941 edition. 2.33 pages. Space for plotting through 1946. $1.00 per single copy; in quantities of 10 or more, 85 cents per copy. Banking Studies—Comprising 17 papers on banking and monetary subjects by members of the Board's staff. August 1941. 496 pages. $1.50 per single copy; in quantities of 10 or more, 75 cents per copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis